# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0001133228-25-005868
**Filing Date:** 2025-6
**Character Count:** 4047879
**Document Hash:** dc0539950dedae0e21cb64d46b1bd769
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-005868.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001133228-25-005868

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 193

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23124
- **FILM NUMBER:** 251013099

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Franklin FTSE Hong Kong ETF (Series ID: S000059512)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000194946 | Franklin FTSE Hong Kong ETF | FLHK            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Martin Currie Sustainable International Equity ETF (Series ID: S000075790)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000235082 | Martin Currie Sustainable International Equity ETF | SINE            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-04-10FTLB_FranklinEmergingMarketCoreDividendTiltIndexETF_SingleClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Franklin Templeton ETF Trust** 

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

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

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Franklin Emerging Market Core Dividend Tilt Index** **ETF**  | ![image](a92812_202410031339225.jpg) |
| DIEM \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Emerging Market Core Dividend Tilt Index ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Emerging Market Core Dividend Tilt Index ETF | $20 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Emerging Market Core Dividend Tilt Index ETF returned 10.79%. The Fund compares its performance to the Morningstar Emerging Markets Target Market Exposure Index-NR, the Linked Morningstar Emerging Markets Target Market Exposure Index-NR†, the Morningstar Emerging Markets Dividend Enhanced Select Index-NR and the Linked Morningstar Emerging Markets Dividend Enhanced Select Index-NR††, which returned 6.88%, 6.88%, 11.07% and 11.32%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, communication services and consumer discretionary. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Tencent Holdings, Taiwan Semiconductor Manufacturing and Alibaba Group Holding. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials, information technology and energy. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Samsung Electronics, Grupo Financiero Banorte and Bank Rakyat Indonesia Persero. |

---

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 1 DIEM-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Emerging Market Core Dividend Tilt Index ETF** 6/1/2016 — 3/31/2025

![image](ts3862img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin Emerging Market Core Dividend Tilt Index ETF** **(NAV)**  | 10.79 | 8.80 | 4.71 |
| **Morningstar Emerging Markets Target Market Exposure** **Index-NR**  | 6.88 | 8.58 | 6.56 |
| **Linked Morningstar Emerging Markets Target Market** **Exposure Index-NR**<sup>†</sup>  | 6.88 | 7.94 | 6.12 |
| **Morningstar Emerging Markets Dividend Enhanced** **Select Index-NR**  | 11.07 | 10.44 | 6.86 |
| **Linked Morningstar Emerging Markets Dividend** **Enhanced Select Index-NR**<sup>††</sup>  | 11.32 | 9.39 | 5.29 |

---

† The Linked Morningstar Emerging Markets Target Market Exposure Index-NR reflects the performance of the Fund's old primary benchmark, the MSCI Emerging Markets Index-NR, from inception through July 31, 2022, followed by the performance of the Parent Index thereafter.

†† The Linked Morningstar Emerging Markets Dividend Enhanced Select Index-NR reflects the performance of the Fund's old underlying index, LibertyQ Emerging Markets Index-NR, from inception through July 31, 2022, followed by the performance of the Underlying Index thereafter.

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

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

Effective August 1, 2022, the Fund adopted its current investment strategy.

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

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

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 2 DIEM-ATSR-0525

------

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

---

| | |
|:---|:---|
| **Total Net Assets** | $13518453 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 583 |
| **Total Management Fee Paid (based on a unitary fee)** | $25576 |
| **Portfolio Turnover Rate** | 53.28% |

---

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

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

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

![image](ts3862img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On August 1, 2024, the Fund's principal investment strategies were revised to reflect the Underlying Index's (and therefore the Fund's) increased exposure to the information technology sector.

Related disclosure regarding the risks of investing in the information technology sector, such as the sector's historical volatility and the impact of competition and the rapid pace of product development on companies in the sector.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 3 DIEM-ATSR-0525

10000114551339712391984414035134441205113546150081000012199150361417611628185281675515064164211755110000121101512914008115301826316187145031580916898100001245814970141151096016432157721432716212180061000011550136081267010099144701397612584142071581528.724.69.97.46.86.04.84.54.42.00.90.0 ------

---

| | |
|:---|:---|
| **Franklin International Core Dividend Tilt Index ETF**  | ![image](a92812_202410031339225.jpg) |
| DIVI \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin International Core Dividend Tilt Index ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin International Core Dividend Tilt Index ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin International Core Dividend Tilt Index ETF returned 5.24%. The Fund compares its performance to the Morningstar Developed Markets ex-North America Target Market Exposure Index-NR, the Linked Morningstar Developed Markets ex-North America Target Market Exposure Index-NR†, the Morningstar Developed Markets ex-North America Dividend Enhanced Select Index-NR and the Linked Morningstar Developed Markets ex-North America Dividend Enhanced Select Index-NR††, which returned 4.71%, 4.71%, 5.06% and 5.13%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, utilities and industrials. |
| ↑ | Individual holdings that lifted the Fund's absolute return included HSBC Holdings, SAP and Intesa Sanpaolo. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer discretionary, information technology and materials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Novo Nordisk, ASML Holding and Toyota Motor. |

---

Franklin International Core Dividend Tilt Index ETF PAGE 1 DIVI-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin International Core Dividend Tilt Index ETF**

6/1/2016 — 3/31/2025

![image](ts3834img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin International Core Dividend Tilt Index ETF (NAV)**  | 5.24 | 12.92 | 8.50 |
| **Morningstar Developed Markets ex-North America** **Target Market Exposure Index-NR**  | 4.71 | 11.84 | 7.05 |
| **Morningstar Developed Markets ex-North America** **Dividend Enhanced Select Index-NR**  | 5.06 | 12.07 | 6.44 |
| **Linked Morningstar Developed Markets ex-North** **America Target Market Exposure Index-NR**  | 4.71 | 13.86 | 9.60 |
| **Linked Morningstar Developed Markets ex-North** **America Dividend Enhanced Select Index-NR**  | 5.13 | 13.06 | 8.80 |

---

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

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

Effective August 1, 2022, the Fund adopted its current investment strategy.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1269148012 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 439 |
| **Total Management Fee Paid (based on a unitary fee)** | $854715 |
| **Portfolio Turnover Rate** | 26.28% |

---

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

Franklin International Core Dividend Tilt Index ETF PAGE 2 DIVI-ATSR-0525

------

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

---

| | |
|:---|:---|
| **Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup>  | **% of Total** **Investments** |
|  Financials  | 27.5% |
|  Industrials  | 13.2% |
|  Health Care  | 11.7% |
|  Consumer Discretionary  | 10.1% |
|  Information Technology  | 8.0% |
|  Consumer Staples  | 6.8% |
|  Materials  | 5.8% |
|  Utilities  | 5.4% |
|  Communication Services  | 5.0% |
|  Energy  | 3.6% |
|  Real Estate  | 2.9% |
|  Short-Term Investments  | 0.0% |

---

---

| | |
|:---|:---|
| **Geographic Composition**<sup>\*</sup><sup>,</sup><sup>†</sup>  | **% of Total** **Investments** |
|  Europe  | 61.5% |
|  Asia  | 26.5% |
|  Australia & New Zealand  | 10.8% |
|  North America  | 0.7% |
|  Middle East & Africa  | 0.5% |
|  Short-Term Investments  | 0.0% |

---

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Core Dividend Tilt Index ETF PAGE 3 DIVI-ATSR-0525

------

---

| | |
|:---|:---|
| **Franklin International Dividend Multiplier Index ETF**  | ![image](a92812_202410031339225.jpg) |
| XIDV \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin International Dividend Multiplier Index ETF for the period January 21, 2025, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin International Dividend Multiplier Index ETF<sup>1</sup>  | $4 | 0.19% |

---

---

| | |
|:---|:---|
| 1 | Amounts are for the period January 21, 2025 through March 31, 2025. Expenses for the full reporting period would have been higher. |

---

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

For the period January 21, 2025, to March 31, 2025, Franklin International Dividend Multiplier Index ETF returned 9.57%. The Fund compares its performance to the VettaFi Developed World ex United States Index and the VettaFi New Frontier International Dividend Select Index, which returned 3.25% and 9.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, utilities and consumer staples. |
| ↑ | Individual holdings that lifted the Fund's absolute return included CaixaBank, BNP Paribas and Poste Italiane. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted from absolute performance were information technology and materials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Fortescue, BE Semiconductor Industries and Porsche Automobil. |

---

Franklin International Dividend Multiplier Index ETF PAGE 1 XIDV-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin International Dividend Multiplier Index ETF**

1/21/2025 — 3/31/2025

![image](ts3868img003.jpg)

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

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(1/21/2025)** |
| **Franklin International Dividend Multiplier Index ETF (NAV)**  | 9.57 |
| **VettaFi Developed World ex United States Index**  | 3.25 |
| **VettaFi New Frontier International Dividend Select Index**  | 9.60 |

---

Returns for less than one year have not been annualized.

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

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

Franklin International Dividend Multiplier Index ETF is not issued, sponsored, endorsed, sold or promoted by Vetali LLC or its affiliates (collectively, "VettaFi"). VettaFi's only relationship to Franklin Templeton is the licensing of the Index which is determined, composed and calculated without regard to Franklin Templeton or Franklin International Dividend Multiplier Index ETF.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $5557249 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 93 |
| **Total Management Fee Paid (based on a unitary fee)** | $1991 |
| **Portfolio Turnover Rate** | 25.27% |

---

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

Franklin International Dividend Multiplier Index ETF PAGE 2 XIDV-ATSR-0525

------

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

---

| | |
|:---|:---|
| **Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup>  | **% of Total** **Investments** |
|  Financials  | 31.8% |
|  Consumer Discretionary  | 11.2% |
|  Consumer Staples  | 10.5% |
|  Utilities  | 9.4% |
|  Energy  | 9.2% |
|  Industrials  | 8.7% |
|  Materials  | 7.0% |
|  Communication Services  | 6.3% |
|  Health Care  | 3.4% |
|  Real Estate  | 2.4% |
|  Information Technology  | 0.1% |
|  Short-Term Investments  | 0.0% |

---

---

| | |
|:---|:---|
| **Geographic Composition**<sup>\*</sup><sup>,</sup><sup>†</sup>  | **% of Total** **Investments** |
|  Europe  | 65.1% |
|  Asia  | 18.2% |
|  Australia & New Zealand  | 8.4% |
|  North America  | 7.8% |
|  Middle East & Africa  | 0.5% |
|  Short-Term Investments  | 0.0% |

---

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Dividend Multiplier Index ETF PAGE 3 XIDV-ATSR-0525

------

---

| | |
|:---|:---|
| **Franklin U.S. Core Dividend Tilt Index ETF**  | ![image](a92812_202410031339225.jpg) |
| UDIV \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Core Dividend Tilt Index ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Core Dividend Tilt Index ETF | $6 | 0.06% |

---

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

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

For the twelve months ended March 31, 2025, Franklin U.S. Core Dividend Tilt Index ETF returned 10.64%. The Fund compares its performance to the Morningstar US Target Market Exposure Index, the Linked Morningstar US Target Market Exposure Index†, the Morningstar US Dividend Enhanced Select Index and the Linked Morningstar US Dividend Enhanced Select Index††, which returned 8.14%, 8.14%, 10.71% and 10.71%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were information technology, financials and communication services. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Apple, NVIDIA and Philip Morris International. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from the Fund's absolute performance. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Microsoft, Merck and Advanced Micro Devices. |

---

Franklin U.S. Core Dividend Tilt Index ETF PAGE 1 UDIV-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Core Dividend Tilt Index ETF** 6/1/2016 — 3/31/2025

![image](ts3828img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin U.S. Core Dividend Tilt Index ETF (NAV)**  | 10.64 | 16.48 | 9.52 |
| **Morningstar US Target Market Exposure Index**  | 8.14 | 18.49 | 13.71 |
| **Linked Morningstar US Target Market Exposure Index**<sup>†</sup>  | 8.14 | 16.26 | 11.08 |
| **Morningstar US Dividend Enhanced Select Index**  | 10.71 | 18.81 | 13.12 |
| **Linked Morningstar US Dividend Enhanced Select** **Index**<sup>††</sup>  | 10.71 | 16.52 | 9.53 |

---

† The Linked Morningstar US Target Market Exposure Index reflects the performance of the Fund's old primary benchmark, the MSCI All Country World Index (ACWI) ex REITs Index-NR, from inception through July 31, 2022, followed by the performance of the Parent Index thereafter. The Parent Index reflects no deduction for fees, expenses or taxes. The MSCI ACWI ex REITs Index-NR reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding.

---

| | |
|:---|:---|
| †† | The Linked Morningstar US Dividend Enhanced Select Index reflects the performance of the Fund's old underlying index, LibertyQ Global Dividend Index, from inception through July 31, 2022, followed by the performance of the Underlying Index thereafter. The Underlying Index reflects no deduction for fees, expenses or taxes. The LibertyQ Global Dividend Index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. |

---

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

Effective August 1, 2022, the Fund adopted its current investment strategy.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $50222723 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 287 |
| **Total Management Fee Paid (based on a unitary fee)** | $28285 |
| **Portfolio Turnover Rate** | 17.55% |

---

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

Franklin U.S. Core Dividend Tilt Index ETF PAGE 2 UDIV-ATSR-0525

------

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

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

![image](ts3828img004.jpg)

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Dividend Tilt Index ETF PAGE 3 UDIV-ATSR-0525

100001097911738121501040715320171801579020167223131000011488131271436713340212092416222102288063115010000113541307513381118951845119749179252336125263100001152612788139991255319602228292100126840297151000010987117331214810400152981715515787201762233732.112.810.38.78.76.75.25.04.94.41.10.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Dividend Multiplier Index ETF**  | ![image](a92812_202410031339225.jpg) |
| XUDV \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Dividend Multiplier Index ETF for the period January 21, 2025, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin U.S. Dividend Multiplier Index ETF<sup>1</sup>  | $2 | 0.09% |

---

---

| | |
|:---|:---|
| 1 | Amounts are for the period January 21, 2025 through March 31, 2025. Expenses for the full reporting period would have been higher. |

---

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

For the period January 21, 2025, to March 31, 2025, Franklin U.S. Dividend Multiplier Index ETF returned -2.72%. The Fund compares its performance to the VettaFi U.S. Equity Large-Cap 500 Index and the VettaFi New Frontier U.S. Dividend Select Index, which returned -7.34% and -2.72%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were communication services, consumer staples and health care. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Altria, AT&T and Verizon Communications. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were financials, industrials and information technology. |
| ↓ | Individual holdings that hindered the Fund's absolute return included MicroStrategy, United Parcel Service and Coinbase Global. |

---

Franklin U.S. Dividend Multiplier Index ETF PAGE 1 XUDV-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Dividend Multiplier Index ETF** 1/21/2025 — 3/31/2025

![image](ts3869img003.jpg)

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

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(1/21/2025)** |
| **Franklin U.S. Dividend Multiplier Index ETF (NAV)**  | -2.72 |
| **VettaFi U.S. Equity Large-Cap 500 Index**  | -7.34 |
| **VettaFi New Frontier U.S. Dividend Select Index**  | -2.72 |

---

Returns for less than one year have not been annualized.

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

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

Franklin U.S. Dividend Multiplier Index ETF is not issued, sponsored, endorsed, sold or promoted by VettaFi LLC or its affiliates (collectively, "VettaFi"). VettaFi's only relationship to Franklin Templeton is the licensing of the Index which is determined, composed and calculated without regard to Franklin Templeton or Franklin U.S. Dividend Multiplier Index ETF.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1235295 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 107 |
| **Total Management Fee Paid (based on a unitary fee)** | $213 |
| **Portfolio Turnover Rate** | 17.83% |

---

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

Franklin U.S. Dividend Multiplier Index ETF PAGE 2 XUDV-ATSR-0525

------

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

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

![image](ts3869img004.jpg)

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Dividend Multiplier Index ETF PAGE 3 XUDV-ATSR-0525

10000982899379728100009995984192661000098309938972820.814.210.910.68.78.57.97.76.54.00.2 ------

---

| | |
|:---|:---|
| **Franklin U.S. Large Cap Multifactor Index ETF**  | ![image](a92812_202410031339225.jpg) |
| FLQL \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Large Cap Multifactor Index ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Large Cap Multifactor Index ETF | $16 | 0.15% |

---

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

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

For the twelve months ended March 31, 2025, Franklin U.S. Large Cap Multifactor Index ETF returned 7.25%. The Fund compares its performance to the Russell 1000 Index and the LibertyQ U.S. Large Cap Equity Index, which returned 7.82% and 7.41%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were information technology, communication services and consumer staples. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Apple, NVIDIA and Arista Networks. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were energy, materials and industrials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Microsoft, Merck (not held at period-end) and Intel (not held at period-end). |

---

Franklin U.S. Large Cap Multifactor Index ETF PAGE 1 FLQL-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Large Cap Multifactor Index ETF** 4/26/2017 — 3/31/2025

![image](ts3826img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/26/2017)** |
| **Franklin U.S. Large Cap Multifactor Index ETF (NAV)**  | 7.25 | 17.45 | 12.56 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.58 |
| **Russell 1000 Index**  | 7.82 | 18.47 | 13.03 |
| **LibertyQ U.S. Large Cap Equity Index**  | 7.41 | 17.61 | 12.76 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1397183067 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 215 |
| **Total Management Fee Paid (based on a unitary fee)** | $2064795 |
| **Portfolio Turnover Rate** | 53.07% |

---

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

Franklin U.S. Large Cap Multifactor Index ETF PAGE 2 FLQL-ATSR-0525

------

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

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

![image](ts3826img004.jpg)

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Large Cap Multifactor Index ETF PAGE 3 FLQL-ATSR-0525

10000113841274711437169521935718237238312555810000113811237911249182842046418708241882593410000113981245811458184002084219093247952673410000115481296411652172951977218651244062621531.113.412.111.710.67.37.12.71.91.01.00.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Mid Cap Multifactor Index ETF**  | ![image](a92812_202410031339225.jpg) |
| FLQM \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Mid Cap Multifactor Index ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Mid Cap Multifactor Index ETF | $30 | 0.30% |

---

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

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

For the twelve months ended March 31, 2025, Franklin U.S. Mid Cap Multifactor Index ETF returned 0.41%. The Fund compares its performance to the Russell Midcap Index and the LibertyQ U.S. Mid Cap Equity Index, which returned 2.59% and 0.69%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, information technology and real estate. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Texas Pacific Land, Fair Isaac and Garmin. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials, consumer discretionary and industrials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included CDW, Ulta Beauty and Builders FirstSource (not held at period-end). |

---

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 1 FLQM-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Mid Cap Multifactor Index ETF** 4/26/2017 — 3/31/2025

![image](ts3824img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/26/2017)** |
| **Franklin U.S. Mid Cap Multifactor Index ETF (NAV)**  | 0.41 | 17.74 | 11.12 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.58 |
| **Russell Midcap Index**  | 2.59 | 16.28 | 9.44 |
| **LibertyQ U.S. Mid Cap Equity Index**  | 0.69 | 18.08 | 11.43 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1466652837 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 205 |
| **Total Management Fee Paid (based on a unitary fee)** | $3072026 |
| **Portfolio Turnover Rate** | 19.00% |

---

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

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 2 FLQM-ATSR-0525

------

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

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

![image](ts3824img004.jpg)

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 3 FLQM-ATSR-0525

1000011009122111019616894187841837622978230721000011381123791124918284204641870824188259341000011220119469759169451811816527202202074410000111851244310414173081929618922237352389922.117.013.211.010.88.96.54.12.92.11.30.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Small Cap Multifactor Index ETF**  | ![image](a92812_202410031339225.jpg) |
| FLQS \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Small Cap Multifactor Index ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Small Cap Multifactor Index ETF | $35 | 0.35% |

---

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

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

For the twelve months ended March 31, 2025, Franklin U.S. Small Cap Multifactor Index ETF returned -1.52%. The Fund compares its performance to the Russell 2000 Index and the LibertyQ U.S. Small Cap Equity Index, which returned -4.01% and -1.17%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were health care, consumer staples and financials. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Corcept Therapeutics, Sprouts Farmers Market and Commvault Systems. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer discretionary, industrials and energy. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Atkore, Bloomin' Brands and PBF Energy. |

---

Franklin U.S. Small Cap Multifactor Index ETF PAGE 1 FLQS-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Small Cap Multifactor Index ETF** 4/26/2017 — 3/31/2025

![image](ts3823img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/26/2017)** |
| **Franklin U.S. Small Cap Multifactor Index ETF (NAV)**  | -1.52 | 15.51 | 7.13 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.58 |
| **Russell 2000 Index**  | -4.01 | 13.27 | 5.92 |
| **LibertyQ U.S. Small Cap Equity Index**  | -1.17 | 15.89 | 7.47 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $43303205 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 492 |
| **Total Management Fee Paid (based on a unitary fee)** | $144261 |
| **Portfolio Turnover Rate** | 24.22% |

---

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

Franklin U.S. Small Cap Multifactor Index ETF PAGE 2 FLQS-ATSR-0525

------

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

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

![image](ts3823img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Small Cap Multifactor Index ETF PAGE 3 FLQS-ATSR-0525

10000106341117083961517515178145391753217265100001138112379112491828420464187082418825934100001117911409867216896159191407116845161701000011023116098747158711591815287185041828821.414.013.712.511.57.15.44.74.63.02.10.0 ------

---

| | |
|:---|:---|
| **Franklin Disruptive Commerce ETF**  | ![image](a92812_202410031339225.jpg) |
| BUYZ \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Disruptive Commerce ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Disruptive Commerce ETF | $52 | 0.50% |

---

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

For the twelve months ended March 31, 2025, Franklin Disruptive Commerce ETF Fund returned 6.17%. The Fund compares its performance to the Russell 3000 Index, which returned 7.22% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The consumer discretionary sector led with strong absolute gains for DoorDash and Booking Holdings in the hotels, restaurants, and leisure industry, along with e-commerce stocks MercadoLibre and Amazon.com. Lesser contributors were in the broadline retail industry. |
| ↑ | The consumer staples sector contributed to absolute performance with overall gains driven foremost by the advance in Costco Wholesale. An even larger one-year gain in the communication services sector was fueled in part by the rallies in Netflix and Roblox (entertainment industry). |
| ↑ | The information technology (IT) sector contributed to absolute performance as Shopify's contribution led to overall gains in IT services as the Fund continued to build up smaller new positions in this industry. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | E-commerce and fintech companies detracted from absolute performance towards the end of the period as they struggled to gain traction during a volatile time for consumer- and finance-focused stocks as new tariffs and trade uncertainties introduced business headwinds which tempered investor enthusiasm. The Fund's fintech holdings also began to show sensitivity to changing interest-rate expectations and increased competitive pressures. |
| ↓ | IT, industrials, materials and real estate sector holdings detracted from absolute performance as they gave up most or all of their earlier gains in the latter half of the period as market sentiment deteriorated. |
| ↓ | The ground transportation industry detracted from absolute performance as Uber Technologies and all other related holdings declined. Widespread losses also impacted nearly all software industry stocks including standout detractors Manhattan Associates and HubSpot (purchased during the period). |

---

Franklin Disruptive Commerce ETF PAGE 1 BUYZ-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Disruptive Commerce ETF** 2/25/2020 — 3/31/2025

![image](ts3864img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/25/2020)** |
| **Franklin Disruptive Commerce ETF (NAV)**  | 6.17 | 10.13 | 6.55 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 13.14 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $10277639 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 71 |
| **Total Management Fee Paid (based on a unitary fee)** | $58513 |
| **Portfolio Turnover Rate** | 38.02% |

---

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

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

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

![image](ts3864img004.jpg)

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

Franklin Disruptive Commerce ETF PAGE 2 BUYZ-ATSR-0525

------

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Disruptive Commerce ETF PAGE 3 BUYZ-ATSR-0525

100008528196841248296931301413818100007919128701440513169170261825639.717.015.311.09.96.10.50.5 ------

---

| | |
|:---|:---|
| **Franklin Dynamic Municipal Bond ETF**  | ![image](a92812_202410031339225.jpg) |
| FLMI \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Dynamic Municipal Bond ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Dynamic Municipal Bond ETF | $31 | 0.30% |

---

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

For the twelve months ended March 31, 2025, Franklin Dynamic Municipal Bond ETF returned 3.97%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 1.57% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to the industrial development sector |
| ↑ | Security selection in special tax securities |
| ↑ | Security selection in health care-related bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to duration particularly in the 10 to 20 year portion of the muni yield curve |
| ↓ | Overweight exposure to the special tax segment |

---

Franklin Dynamic Municipal Bond ETF PAGE 1 FLMI-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Dynamic Municipal Bond ETF** 8/31/2017 — 3/31/2025

![image](ts3863img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(8/31/2017)** |
| **Franklin Dynamic Municipal Bond ETF (NAV)**  | 3.97 | 2.83 | 2.52 |
| **Bloomberg Municipal Bond Index**  | 1.22 | 1.07 | 1.79 |
| **Bloomberg Municipal 1-15 Year Index**  | 1.57 | 1.26 | 1.76 |

---

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

Effective March 1, 2024, the Fund adopted its current investment strategy.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $610889363 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 775 |
| **Total Management Fee Paid (based on a unitary fee)** | $1033840 |
| **Portfolio Turnover Rate** | 49.83% |

---

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

Franklin Dynamic Municipal Bond ETF PAGE 2 FLMI-ATSR-0525

------

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

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

![image](ts3863img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Dynamic Municipal Bond ETF PAGE 3 FLMI-ATSR-0525

10000984710339105051143411010109201161612076100009913104461084811446109341096311305114431000098781038110724112511077810951112381141526.017.815.812.68.88.35.71.31.20.90.80.80.0 ------

---

| | |
|:---|:---|
| **Franklin Exponential Data ETF**  | ![image](a92812_202410031339225.jpg) |
| XDAT \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Exponential Data ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Exponential Data ETF | $50 | 0.50% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Exponential Data ETF returned -1.20%. The Fund compares its performance to the Russell 3000 Index, which returned 7.22% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The communication services sector contributed to absolute returns as T-Mobile U.S., Netflix (purchased during the period) and Meta Platforms posted strong one-year gains. |
| ↑ | In the financials sector, all five of the Fund's capital markets industry stocks ended the year in positive territory, including robust returns for key contributors S&P Global (sold by period-end) and Tradeweb Markets (purchased during the period). |
| ↑ | Within the information technology (IT) sector, individual contributors included Arista Networks, a key contributor within communications equipment, along with software companies Fair Isaac, Palo Alto Networks, ServiceNow, Fortinet and CrowdStrike Holdings. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | After a strong start to the fiscal year, the Fund was impacted by waning investor enthusiasm for AI and data themes as some software firms, data analytics providers and AI developers missed earnings expectations, faced slower adoption, or encountered regulatory scrutiny. This weakness also suggested a lack of catalysts (e.g., blockbuster product launches or M&A) to drive momentum. |
| ↓ | IT services industry stocks were also impacted during the early 2025 selloff including MongoDB, Snowflake, Wix.com and Cloudflare. |
| ↓ | Software stocks barely advanced as Microsoft, AppLovin, GitLab, Confluent, Datadog detracted from absolute performance. A much smaller exposure to data-oriented health care sector companies also fared poorly as Dexcom (not held at period-end) and others traded substantially lower. |

---

Franklin Exponential Data ETF PAGE 1 XDAT-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Exponential Data ETF** 1/12/2021 — 3/31/2025

![image](ts3861img003.jpg)

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/12/2021)** |
| **Franklin Exponential Data ETF (NAV)**  | -1.20 | -2.53 |
| **Russell 3000 Index**  | 7.22 | 9.72 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $4481792 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 59 |
| **Total Management Fee Paid (based on a unitary fee)** | $28696 |
| **Portfolio Turnover Rate** | 27.91% |

---

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

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

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

![image](ts3861img004.jpg)

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

Franklin Exponential Data ETF PAGE 2 XDAT-ATSR-0525

------

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Exponential Data ETF PAGE 3 XDAT-ATSR-0525

100009336911267449084897510000106351190310882140691508567.218.94.73.51.71.61.11.3 ------

---

| | |
|:---|:---|
| **Franklin Focused Growth ETF**  | ![image](a92812_202410031339225.jpg) |
| FFOG \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Focused Growth ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Focused Growth ETF | $56 | 0.55% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Focused Growth ETF returned 2.92%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 7.76% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The consumer discretionary sector led with strong absolute returns driven by MercadoLibre and Amazon.com in the e-commerce space, and by Tesla in the automobiles industry. |
| ↑ | Sector-level gains were further supported by Costco Wholesale in consumer staples, Meta Platforms in communication services, Tradeweb Markets and Mastercard in financials, and Axon Enterprise in industrials. |
| ↑ | Information technology (IT) sector stocks had several outliers to the upside in both the semiconductor and semiconductor equipment industry, led by NVIDIA and Analog Devices, and in the software industry with ServiceNow, which contributed to absolute performance. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | IT sector stocks hindered overall results, pressured by widespread losses in the software industry, where core IT holdings Microsoft, Cadence Design Systems, AppLovin and Salesforce (not held at period-end) were the major absolute detractors. |
| ↓ | MongoDB (sold by period-end), Cloudflare (purchased during the period) within the IT services industry and ASML Holding, Broadcom (purchased during the period) and Advanced Micro Devices (sold by period-end) within the semiconductor industry also detracted from absolute performance. |
| ↓ | Health care sector holdings detracted from absolute performance mainly by positions in IDEXX Laboratories (sold by period-end), Danaher (also sold), Thermo Fisher Scientific and Natera (purchased during the period). |

---

Franklin Focused Growth ETF PAGE 1 FFOG-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Focused Growth ETF** 4/13/2016 — 3/31/2025

![image](ts3860img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/13/2016)** |
| **Franklin Focused Growth ETF (NAV)**  | 2.92 | 16.32 | 16.02 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 13.14 |
| **Russell 1000 Growth Index**  | 7.76 | 20.09 | 16.54 |

---

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

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

The Fund acquired the assets and liabilities of a predecessor mutual fund after the market close on November 3, 2023. Performance shown for periods ending on or prior to November 6, 2023, is the performance of the Advisor Class Shares of the predecessor mutual fund. Performance for the predecessor mutual fund has not been adjusted to reflect the Fund's shares' lower expenses than those of the predecessor mutual fund's Advisor Class Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $108187383 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 31 |
| **Total Management Fee Paid (based on a unitary fee)** | $585856 |
| **Portfolio Turnover Rate** | 30.04% |

---

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

Franklin Focused Growth ETF PAGE 2 FFOG-ATSR-0525

------

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

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

![image](ts3860img004.jpg)

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Focused Growth ETF PAGE 3 FFOG-ATSR-0525

10000116821497417152177972961829694249933682737902100001180713438146161328221587241612208828558306201000011576140361582515969259892988226624370073988042.517.115.38.66.64.52.33.1 ------

---

| | |
|:---|:---|
| **Franklin Genomic Advancements ETF**  | ![image](a92812_202410031339225.jpg) |
| HELX \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Genomic Advancements ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Genomic Advancements ETF | $46 | 0.50% |

---

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

For the twelve months ended March 31, 2025, Franklin Genomic Advancements ETF returned -17.67%. The Fund compares its performance to the Russell 3000 Index, which returned 7.22% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Among the Fund's eight industry allocations, the overall advance in pharmaceuticals was aided foremost by key contributors AstraZeneca and Eli Lilly. In the fertilizers and agricultural chemicals industry, a solitary position in Corteva was among the portfolio's largest contributors to absolute performance. |
| ↑ | Natera, Insmed, Alnylam Pharmaceuticals, Vertex Pharmaceuticals, Avid Bioservices (sold by period-end) and BridgeBio Pharma in biotechnology also contributed at the industry level to absolute performance. |
| ↑ | Samsung Biologics within the life sciences tools and services industry, contributed to absolute performance. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Bruker, Sartorius, Medpace Holdings, Charles River Laboratories and Icon in the life sciences tools and services industry were notable detractors from absolute performance. A combination of macroeconomic pressures, industry-specific challenges and shifting investor sentiment was behind the lackluster performance. |
| ↓ | Rocket Pharmaceuticals, Sarepta Therapeutics, 4D Molecular Therapeutics, Moderna (sold by period-end) and Voyager Therapeutics detracted from absolute performance in the biotechnology industry; most of these companies faced financing difficulties, clinical trial setbacks and/or regulatory turbulence. |
| ↓ | Schrodinger in health care technology, Cadence Design Systems in application software, and Guardant Health in health care services also detracted from absolute performance. |

---

Franklin Genomic Advancements ETF PAGE 1 HELX-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Genomic Advancements ETF** 2/25/2020 — 3/31/2025

![image](ts3839img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/25/2020)** |
| **Franklin Genomic Advancements ETF (NAV)**  | -17.67 | 3.69 | 1.57 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 13.14 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $10787111 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Total Management Fee Paid (based on a unitary fee)** | $53386 |
| **Portfolio Turnover Rate** | 32.60% |

---

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

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

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

![image](ts3839img004.jpg)

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

Franklin Genomic Advancements ETF PAGE 2 HELX-ATSR-0525

------

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Genomic Advancements ETF PAGE 3 HELX-ATSR-0525

1000090321732514854122051315210828100007919128701440513169170261825694.52.92.00.6 ------

---

| | |
|:---|:---|
| **Franklin High Yield Corporate ETF**  | ![image](a92812_202410031339225.jpg) |
| FLHY \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Corporate ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin High Yield Corporate ETF | $41 | 0.40% |

---

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

For the twelve months ended March 31, 2025, Franklin High Yield Corporate ETF returned 7.16%. The Fund compares its performance to the ICE BofA U.S. High Yield Constrained Index, which returned 7.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Ratings-quality tilt |
| ↑ | Security selection in finance, chemical and industrial segments |
| ↑ | Underweight allocation to retail and packaging industries and overweight to health care |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight allocation to media cable and wired industries and overweight to industrials |
| ↓ | Security selection in the health care, automotive and building industries |

---

Franklin High Yield Corporate ETF PAGE 1 FLHY-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin High Yield Corporate ETF** 5/30/2018 — 3/31/2025

![image](ts3838img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/30/2018)** |
| **Franklin High Yield Corporate ETF (NAV)**  | 7.16 | 7.27 | 5.51 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 1.63 |
| **ICE BofA U.S. High Yield Constrained Index**  | 7.60 | 7.20 | 4.82 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $614552493 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 264 |
| **Total Management Fee Paid (based on a unitary fee)** | $1866360 |
| **Portfolio Turnover Rate** | 27.14% |

---

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

Franklin High Yield Corporate ETF PAGE 2 FLHY-ATSR-0525

------

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

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

![image](ts3838img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Bryant Dieffenbacher, CFA was added as a portfolio manager of the Fund and Thomas Runkel and Pururav Thoutireddy stepped down as portfolio managers of the Fund.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Corporate ETF PAGE 3 FLHY-ATSR-0525

1000010707101581242212337120071346314427100001052611467115481106910539107181124110000105239738119991196411536128121378597.90.90.30.10.00.8 ------

---

| | |
|:---|:---|
| **Franklin Income Equity Focus ETF**  | ![image](a92812_202410031339225.jpg) |
| INCE \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Income Equity Focus ETF (previously known as Franklin U.S. Low Volatility ETF) for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Income Equity Focus ETF | $30 | 0.29% |

---

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

For the twelve months ended March 31, 2025, Franklin Income Equity Focus ETF returned 7.33%. The Fund compares its performance to the MSCI USA High Dividend Yield Index and the S&P 500 Index, which returned 7.93% and 8.25%, respectively, for the same period. The Fund previously compared its performance to the Russell 1000 Index, which returned 7.82% for the same period. Effective May 31, 2024, the MSCI USA High Dividend Yield Index replaced the Russell 1000 Index as the Fund's benchmark to better align with the Fund's principal investment strategy.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The financials, utilities, and industrials sectors led absolute performance during the period. |
| ↑ | On an individual issuer basis, returns were driven by Philip Morris International, Southern and Morgan Stanley. |
| ↑ | Relative returns benefited from stock selection and underweight positioning within the energy and industrials sectors, in addition to an overweight allocation within real estate. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within the Fund's equity allocation, returns were hindered by the materials sector. |
| ↓ | Microchip Technology, Albemarle, and Freeport-McMoRan were among the Fund's leading detractors. |
| ↓ | Stock selection within the information technology sector, as well as an overweight allocation to materials, weakened relative returns. Moreover, underweight positioning and selection within the health care sector detracted from performance. |

---

Franklin Income Equity Focus ETF PAGE 1 INCE-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Income Equity Focus ETF** 9/20/2016 — 3/31/2025

![image](ts3825img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(9/20/2016)** |
| **Franklin Income Equity Focus ETF (NAV)**  | 7.33 | 15.17 | 12.18 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 13.30 |
| **MSCI USA High Dividend Yield Index**<sup>†</sup>  | 7.93 | 13.58 | 9.78 |
| **S&P 500 Index**  | 8.25 | 18.60 | 13.93 |
| **Russell 1000 Index**  | 7.82 | 18.47 | 13.69 |

---

† Effective May 31, 2024, the MSCI USA High Dividend Yield Index replaced the Russell 1000 Index as the Fund's benchmark to better align with the Fund's principal investment strategy.

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

Effective May 31, 2024, the Fund changed its name and adopted the Fund's current investment strategies.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $92832596 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 77 |
| **Total Management Fee Paid (based on a unitary fee)** | $295386 |
| **Portfolio Turnover Rate** | 25.97% |

---

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

Franklin Income Equity Focus ETF PAGE 2 INCE-ATSR-0525

------

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

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

![image](ts3825img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective May 31, 2024 (the "Effective Date"), the Fund's name was changed from Franklin U.S. Low Volatility ETF to Franklin Income Equity Focus ETF. In addition, the Fund's ticker symbol was changed from "FLLV" to "INCE."

On the Effective Date, the Fund changed its investment goal to seek income and capital appreciation with an emphasis on lower volatility.

In addition, the Fund changed its 80% investment policy to invest, under normal market conditions, at least 80% of its net assets in equity securities, and in derivatives and other instruments that have economic characteristics and provide investment exposure similar to equity securities. The Fund's principal investment strategies also changed such that the Fund seeks income by investing in equity securities and equity-related instruments, including common stocks with dividend yields that the Fund's investment manager believes are attractive, while seeking capital appreciation and a lower level of volatility than the broader equity market as measured by the S&P 500<sup>®</sup> Index. In addition, the Fund is permitted to invest up to 50% of its assets in equity-linked notes and up to 25% of its assets in foreign securities, either directly or through depositary receipts.

In connection with the changes to the Fund's principal investment strategies and 80% investment policy, disclosure was added for the Fund to reflect the additional principal risks of investing in equity-linked notes, dividend-oriented companies, derivative instruments, foreign securities, value style investing, convertible securities and strategy-specific risks. The principal risks of investing in mid-capitalization companies and using quantitative screening techniques and volatility strategies were removed for the Fund.

Also on the Effective Date, Brendan Circle, CFA and Edward D. Perks, CFA were added as portfolio managers of the Fund.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Income Equity Focus ETF PAGE 3 INCE-ATSR-0525

100001084012257140941314518865215022102424816266351000011037125611366212416201792258520647266962862310000108461201913275115671610417945174092025621863100001101412555137481278819995231232133627712299981000011017125581372612624202722296221035273182945437.610.47.77.66.46.25.65.34.94.83.30.2 ------

---

| | |
|:---|:---|
| **Franklin Income Focus ETF**  | ![image](a92812_202410031339225.jpg) |
| INCM \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Income Focus ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Income Focus ETF | $39 | 0.38% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Income Focus ETF returned 7.85%. The Fund compares its performance to the Blended Benchmark<sup>†</sup>, which returned 7.09% for the same period. The Fund previously compared its performance to the Blended 50% Standard & Poor's 500 (S&P 500) Index + 50% Bloomberg U.S. Aggregate Index<sup>††</sup>, which returned 6.71% for the same period. Effective January 1, 2025, the new blended benchmark replaced the prior blended benchmark as the Fund's investment manager believes the new blended benchmark better reflects the investment universe of INCM and is a better measure for performance comparison purposes.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.S. Treasuries (UST), along with the health care, industrials, and financials sectors, led absolute fixed income returns. Community Health Systems and Bausch Health were the top contributors within health care, while CommScope Holding assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by S&P 500 index-linked notes, as well as the financials, utilities, and industrials sectors. On an individual issuer basis, Philip Morris International and JPMorgan Chase added value. |
| ↑ | Underweight fixed income allocation to securitized products and USTs assisted relative results. Equity returns benefited from selection and an underweight allocation to industrials. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, DexKo Global and Claritev weakened returns within the consumer discretionary and health care sectors, respectively. |
| ↓ | Equity returns were hindered by performance within the materials and IT sectors. By issuer, Intel, Albemarle, and Merck were the leading detractors during the period. |
| ↓ | Relative fixed income returns were weakened by overweight allocations to the health care and consumer discretionary sectors. Stock selection and underweight allocations to the IT and consumer discretionary sectors detracted from equity returns. |

---

Franklin Income Focus ETF PAGE 1 INCM-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Income Focus ETF** 6/6/2023 — 3/31/2025

![image](ts3837img003.jpg)

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(6/6/2023)** |
| **Franklin Income Focus ETF (NAV)**  | 7.85 | 8.96 |
| **Russell 3000 Index**  | 7.22 | 16.89 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | 3.99 |
| **Blended Benchmark**<sup>†</sup>  | 7.09 | 10.69 |
| **Blended 50% S&P 500 Index + 50% Bloomberg U.S. Aggregate Index**<sup>††</sup><sup>,</sup><sup>†††</sup>  | 6.71 | 10.81 |

---

† The Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index.

---

| | |
|:---|:---|
| †† | The Fund's Blended Benchmark is comprised of 50% S&P 500 Index + 50% Bloomberg U.S. Aggregate Index. |

---

---

| | |
|:---|:---|
| ††† | Effective January 1, 2025, the Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index replaced the Blended 50% S&P 500 Index + 50% Bloomberg US Aggregate Index. The Fund's investment manager believes the new Blended Benchmark better reflects the investment universe of INCM and is a better measure for performance comparison purposes. |

---

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

Effective January 1, 2025, the Fund adopted its current investment strategy.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $561442953 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 285 |
| **Total Management Fee Paid (based on a unitary fee)** | $1283288 |
| **Portfolio Turnover Rate** | 68.09% |

---

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

Franklin Income Focus ETF PAGE 2 INCM-ATSR-0525

------

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

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

![image](ts3837img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective January 1, 2025, the Fund increased its ability to invest in equity-linked notes. Effective August 1, 2024 the Fund no longer invests in futures on equity securities and equity indices, and options on equity index futures and equity volatility futures and equity index linked notes as a principal strategy.

Risk disclosure related to the reduction of such instruments was removed from the principal investment risks.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Income Focus ETF PAGE 3 INCM-ATSR-0525

10000108401169110000127431366310000102201071810000113761218210000114251219133.730.817.312.72.20.42.9 ------

---

| | |
|:---|:---|
| **Franklin Intelligent Machines ETF**  | ![image](a92812_202410031339225.jpg) |
| IQM \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Intelligent Machines ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Intelligent Machines ETF | $49 | 0.50% |

---

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

For the twelve months ended March 31, 2025, Franklin Intelligent Machines ETF returned -2.79%. The Fund compares its performance to the Russell 3000 Index, which returned 7.22% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Industrials sector holdings contributed to absolute performance, led by Axon Enterprise in the aerospace and defense industry, Siemens Energy in electrical equipment, and Valmont Industries in construction and engineering. |
| ↑ | Health care sector holdings contributed to absolute performance with double digit gains for robotic surgery specialist Intuitive Surgical and PROCEPT BioRobotics in the health care equipment and supplies industry. |
| ↑ | Information Technology (IT) sector key contributors to absolute performance included tech bellwether Apple; NVIDIA, Taiwan Semiconductor Manufacturing in the semiconductors and semiconductor equipment industry; and Altair Engineering (sold by period-end), Palantir Technologies (purchased during the period), Constellation Software and Descartes Systems Group in software. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The Fund's overall decline stemmed from a combination of broader market dynamics and sector-specific challenges, including fading enthusiasm for tech innovation and AI plays, macroeconomic and geopolitical (trade) headwinds, pockets of weaker-than-expected earnings, and constrained financing for some portfolio companies. High interest rates and elevated bond yields also played a role as the Fund invests in many growth-oriented firms with high capital needs and long timelines to profitability. |
| ↓ | The largest absolute detractors in the IT sector included ASML Holding, Advanced Micro Devices, Entegris, Applied Materials and Marvell Technology in semiconductors and semiconductor equipment. In the software industry, most holdings sold off including Synopsys and Cadence Design Systems, both of which provide electronic design automation software tools. |
| ↓ | Celestica, Zebra Technologies (not held at period-end) in the electronic equipment, instruments and components industry and Arista Networks, a newly initiated position in the communications equipment industry, also detracted from absolute performance. |

---

Franklin Intelligent Machines ETF PAGE 1 IQM-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Intelligent Machines ETF** 2/25/2020 — 3/31/2025

![image](ts3836img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/25/2020)** |
| **Franklin Intelligent Machines ETF (NAV)**  | -2.79 | 22.42 | 17.48 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 13.14 |

---

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $25526252 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 67 |
| **Total Management Fee Paid (based on a unitary fee)** | $131248 |
| **Portfolio Turnover Rate** | 44.12% |

---

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

Franklin Intelligent Machines ETF PAGE 2 IQM-ATSR-0525

------

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

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

![image](ts3836img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On August 1, 2024, disclosure was added to the Fund's principal risks to reflect the risks associated with securities in the semiconductors and semiconductor equipment industries and the software industry.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Intelligent Machines ETF PAGE 3 IQM-ATSR-0525

1000082681729818555176972338422731100007919128701440513169170261825663.617.28.88.02.4 ------

---

| | |
|:---|:---|
| **Franklin International Aggregate Bond ETF**  | ![image](a92812_202410031339225.jpg) |
| FLIA \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin International Aggregate Bond ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin International Aggregate Bond ETF | $25 | 0.25% |

---

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

For the twelve months ended March 31, 2025, Franklin International Aggregate Bond ETF returned 2.91%. The Fund compares its performance to the Bloomberg Global Aggregate ex-USD Index Hedged USD, which returned 4.19% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Duration positioning in Japanese bonds |
| ↑ | Security selection in Italian government bonds |
| ↑ | Overweight allocation to the Swedish market |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration positioning in eurozone bonds |
| ↓ | Overweight allocation to the U.S. market |
| ↓ | Duration positioning in Mexican bonds |

---

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

The Fund utilized currency forwards to hedge the portfolio, as it is benchmarked against a US-dollar-hedged index, which contributed to performance.

Franklin International Aggregate Bond ETF PAGE 1 FLIA-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin International Aggregate Bond ETF** 5/30/2018 — 3/31/2025

![image](ts3835img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/30/2018)** |
| **Franklin International Aggregate Bond ETF (NAV)**  | 2.91 | 0.35 | 0.84 |
| **Bloomberg Global Aggregate Index**  | 3.05 | -1.38 | -0.08 |
| **Bloomberg Global Aggregate ex-USD Index Hedged USD**  | 4.19 | 0.87 | 2.14 |

---

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

Effective March 1, 2020, the Fund adopted its current investment strategy.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $625492295 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 77 |
| **Total Management Fee Paid (based on a unitary fee)** | $1436468 |
| **Portfolio Turnover Rate** | 19.26% |

---

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

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

---

| | |
|:---|:---|
| **Portfolio Composition**<sup>\*</sup>  | **% of Total** **Investments** |
|  Foreign Government and Agency Securities  | 96.1% |
|  Corporate Bonds & Notes  | 2.4% |
|  Short-Term Investments  | 1.5% |

---

---

| | |
|:---|:---|
| **Geographic Composition**<sup>\*</sup>  | **% of Total** **Investments** |
|  Europe  | 43.3% |
|  Asia  | 43.3% |
|  Supranationals  | 5.5% |
|  Australia & New Zealand  | 2.7% |
|  North America  | 1.8% |
|  Latin America & Caribbean  | 1.1% |
|  Middle East & Africa  | 0.8% |
|  Short-Term Investments  | 1.5% |

---

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

Franklin International Aggregate Bond ETF PAGE 2 FLIA-ATSR-0525

------

**HOW HAS THE FUND CHANGED?**

On August 1, 2024, disclosure was added to the Fund's principal risks to reflect the risks associated with European and Chinese securities.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Aggregate Bond ETF PAGE 3 FLIA-ATSR-0525

------

---

| | |
|:---|:---|
| **Franklin Investment Grade Corporate ETF**  | ![image](a92812_202410031339225.jpg) |
| FLCO \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Investment Grade Corporate ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Investment Grade Corporate ETF | $36 | 0.35% |

---

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

For the twelve months ended March 31, 2025, Franklin Investment Grade Corporate ETF returned 4.85%. The Fund compares its performance to the Bloomberg U.S. Corporate - Investment Grade Index, which returned 4.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security Selection in banking-related bonds |
| ↑ | Security Selection in insurance securities |
| ↑ | Underweight to the information technology sector |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight U.S. Treasury Bonds |
| ↓ | Exposure to the two- to five-year portion of the yield curve |
| ↓ | Exposure to the 30-year portion of the yield curve |

---

Franklin Investment Grade Corporate ETF PAGE 1 FLCO-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Investment Grade Corporate ETF** 10/3/2016 — 3/31/2025

![image](ts3833img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/3/2016)** |
| **Franklin Investment Grade Corporate ETF (NAV)**  | 4.85 | 1.35 | 1.85 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 1.18 |
| **Bloomberg U.S. Corporate - Investment Grade Index**  | 4.90 | 1.51 | 2.17 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $564838821 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 208 |
| **Total Management Fee Paid (based on a unitary fee)** | $1668546 |
| **Portfolio Turnover Rate** | 47.04% |

---

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

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

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

![image](ts3833img004.jpg)

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

Franklin Investment Grade Corporate ETF PAGE 2 FLCO-ATSR-0525

------

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, George Bailey, CFA, Andrew C. Benson and Michael Cho, CFA were added as portfolio managers of the Fund and Shawn Lyons, Thomas Runkel, and Pururav Thoutireddy stepped down as portfolio managers of the Fund. Effective December 13, 2024, George Bailey, CFA stepped down as a portfolio manager of the Fund.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Investment Grade Corporate ETF PAGE 3 FLCO-ATSR-0525

1000098171005110498109211195111437106981114011681100009782989910343112671134710876103561053111045100009836101011060011127120991159110948114331199397.62.00.4 ------

---

| | |
|:---|:---|
| **Franklin Municipal Green Bond ETF**  | ![image](a92812_202410031339225.jpg) |
| FLMB \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Municipal Green Bond ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin Municipal Green Bond ETF | $30 | 0.30% |

---

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

For the twelve months ended March 31, 2025, Franklin Municipal Green Bond ETF returned 1.45%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 1.22% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight industrial revenue-related issues |
| ↑ | Security selection in education bonds |
| ↑ | Security selection in special tax securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight duration exposure particularly in the 10 to 20 year portion of the muni yield curve |
| ↓ | Security selection within the utility sector |
| ↓ | Security selection in industrial revenue-related issues |

---

Franklin Municipal Green Bond ETF PAGE 1 FLMB-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Municipal Green Bond ETF** 8/31/2017 — 3/31/2025

![image](ts3832img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(8/31/2017)** |
| **Franklin Municipal Green Bond ETF (NAV)**  | 1.45 | 0.68 | 1.85 |
| **Bloomberg Municipal Bond Index**  | 1.22 | 1.07 | 1.79 |

---

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

Effective May 3, 2022, the Fund adopted its current investment strategy.

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $98630101 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 121 |
| **Total Management Fee Paid (based on a unitary fee)** | $319740 |
| **Portfolio Turnover Rate** | 23.53% |

---

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

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

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

![image](ts3832img004.jpg)

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

Franklin Municipal Green Bond ETF PAGE 2 FLMB-ATSR-0525

------

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Municipal Green Bond ETF PAGE 3 FLMB-ATSR-0525

100009855104831110411677110421085611324114881000099131044610848114461093410963113051144315.514.814.714.211.210.27.05.54.91.90.1 ------

---

| | |
|:---|:---|
| **Franklin Senior Loan ETF**  | ![image](a92812_202410031339225.jpg) |
| FLBL \| Cboe BZX Exchange, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Senior Loan ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Senior Loan ETF | $46 | 0.45% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Senior Loan ETF Fund returned 6.01%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan 100 Index, which returned 7.06% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight allocation in the information technology industry contributed to relative performance. |
| ↑ | Underweight in upper-tier loans relative to the benchmark. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight in the land transportation segment and underweight in the wireless communication, financial and cable/wireless video segments. |
| ↓ | Security selection in health care, land transportation and chemical issuers. |
| ↓ | Underweight in lower-tier loans relative to the benchmark. |

---

Franklin Senior Loan ETF PAGE 1 FLBL-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Senior Loan ETF** 5/30/2018 — 3/31/2025

![image](ts3831img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/30/2018)** |
| **Franklin Senior Loan ETF (NAV)**  | 6.01 | 6.92 | 4.77 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 1.63 |
| **Morningstar LSTA U.S. Leveraged Loan 100 Index**  | 7.06 | 7.72 | 5.18 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1067207110 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 290 |
| **Total Management Fee Paid (based on a unitary fee)** | $2814465 |
| **Portfolio Turnover Rate** | 12.68% |

---

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

Franklin Senior Loan ETF PAGE 2 FLBL-ATSR-0525

------

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

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

![image](ts3831img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Senior Loan ETF PAGE 3 FLBL-ATSR-0525

100001024498421101311317116031297213752100001052611467115481106910539107181124110000102629734112211147911777132091414290.33.21.40.20.04.9 ------

---

| | |
|:---|:---|
| **Franklin Systematic Style Premia ETF**  | ![image](a92812_202410031339225.jpg) |
| FLSP \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Systematic Style Premia ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Systematic Style Premia ETF | $63 | 0.62% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Systematic Style Premia ETF returned 3.86%. The Fund compares its performance to the ICE BofA U.S. 3-Month Treasury Bill Index, which returned 4.97% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The long-short single stock equities strategy and positive exposure to the Momentum factor was a key driver of gains. The Quality factor also bolstered performance. The portfolio was long lower-volatility stocks and short in exposure to higher-volatility stocks, which also contributed to returns. |
| ↑ | Foreign exchange (FX) was a notable contributor, as long positioning in the U.S. dollar—especially against the Canadian dollar, the Australian dollar, Czech crown and the Hungarian forint—outweighed some detraction from U.S. dollar shorts against the Brazilian real and the South African rand, and shorts against the New Zealand dollar. |
| ↑ | The equity index futures strategy contributed meaningfully, led by long positions in the IBEX 35 Index (Spain) and the FTSE/JSE Top 40 Index (South Africa), as well as short positioning against the CAC 40 Index (France). |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The commodities sub-strategy was a key detractor. Broad commodity indexes rose during the period, led higher by surging gold prices, which repeatedly set record highs. |
| ↓ | The largest single-stock detractors included long positions in semiconductor equipment firm Applied Materials, refiner Marathon Petroleum, cloud-based software firm Salesforce and integrated downstream energy firm Phillips 66. |
| ↓ | Within the long-short single stock equities strategy, the Value factor weighed modestly on returns. High exposure to stocks with high earnings yields had a negative impact as risk-on investor sentiment dominated across much of the period. |

---

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

The Fund utilized interest rate futures, FX forwards and equity index futures contracts to positively position the portfolio and minimize risk in accordance with the Fund's strategy. The use of these derivatives contributed to performance. The Fund also utilized commodity futures contracts for the same purpose, however use of these derivatives detracted from performance.

Franklin Systematic Style Premia ETF PAGE 1 FLSP-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Systematic Style Premia ETF** 12/18/2019 — 3/31/2025

![image](ts3830img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/18/2019)** |
| **Franklin Systematic Style Premia ETF (NAV)**  | 3.86 | 3.96 | 2.26 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 12.30 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 0.26 |
| **ICE BofA U.S. 3-Month Treasury Bill Index**  | 4.97 | 2.56 | 2.54 |

---

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $312747473 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 380 |
| **Total Management Fee Paid (based on a unitary fee)** | $1404564 |
| **Portfolio Turnover Rate** | 88.00% |

---

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

Franklin Systematic Style Premia ETF PAGE 2 FLSP-ATSR-0525

------

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

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

![image](ts3830img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective June 3, 2024, K2/D&S Management Co., L.L.C., was appointed as the sub-advisor to the Fund.

In addition, effective June 3, 2024, Robert Christian was added as a co-lead portfolio manager of the Fund.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Systematic Style Premia ETF PAGE 3 FLSP-ATSR-0525

10000926684609313960410833112511000081381322714805135341749918762100001030810381995094749635101051000010072100841009010343108851142621.215.814.312.78.46.56.54.94.33.22.20.0 ------

---

| | |
|:---|:---|
| **Franklin U.S. Core Bond ETF**  | ![image](a92812_202410031339225.jpg) |
| FLCB \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Core Bond ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Core Bond ETF | $15 | 0.15% |

---

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

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

For the twelve months ended March 31, 2025, Franklin U.S. Core Bond ETF returned 4.99%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.88% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to and security selection in investment-grade corporate bonds |
| ↑ | Overweight exposure to agency mortgage-backed securities |
| ↑ | Exposure to commercial mortgage-backed securities |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to the two- and five-year portions of the U.S. Treasury yield curve |
| ↓ | Underweight to the 10-year portion of the U.S. Treasury yield curve |

---

Franklin U.S. Core Bond ETF PAGE 1 FLCB-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Core Bond ETF** 9/17/2019 — 3/31/2025

![image](ts3829img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(9/17/2019)** |
| **Franklin U.S. Core Bond ETF (NAV)**  | 4.99 | -0.25 | 0.33 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.40 | 0.39 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2426517051 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 396 |
| **Total Management Fee Paid (based on a unitary fee)** | $3127591 |
| **Portfolio Turnover Rate** | 35.11% |

---

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

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

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

![image](ts3829img004.jpg)

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

Franklin U.S. Core Bond ETF PAGE 2 FLCB-ATSR-0525

------

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Bond ETF PAGE 3 FLCB-ATSR-0525

1000010313105261002995399701101851000010278103519922944796071007667.728.01.50.80.60.31.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Treasury Bond ETF**  | ![image](a92812_202410031339225.jpg) |
| FLGV \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Treasury Bond ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Treasury Bond ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin U.S. Treasury Bond ETF returned 4.58%. The Fund compares its performance to the Bloomberg U.S. Treasury Index, which returned 4.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to the five-year portion of the U.S. Treasury (UST) yield curve |
| ↑ | Overweight exposure to the 20-year portion of the UST yield curve |
| ↑ | Out-of-Index exposure to U.S. Treasury Inflation-Protected Securities (TIPS) |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight exposure to UST with 30- or more-years to maturity |

---

Franklin U.S. Treasury Bond ETF PAGE 1 FLGV-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Treasury Bond ETF** 6/9/2020 — 3/31/2025

![image](ts3822img003.jpg)

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(6/9/2020)** |
| **Franklin U.S. Treasury Bond ETF (NAV)**  | 4.58 | -1.31 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -0.85 |
| **Bloomberg U.S. Treasury Index**  | 4.51 | -1.61 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $964368945 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 29 |
| **Total Management Fee Paid (based on a unitary fee)** | $729132 |
| **Portfolio Turnover Rate** | 133.96% |

---

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

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

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

![image](ts3822img004.jpg)

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

Franklin U.S. Treasury Bond ETF PAGE 2 FLGV-ATSR-0525

------

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2024, principal risk disclosure was added for the Fund regarding the risks associated with inflation-indexed securities. Also effective August 1, 2024, portfolio turnover risk was removed as a principal risk of the Fund.

Effective September 30, 2024, Michael V. Salm was added as a portfolio manager of the Fund.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Treasury Bond ETF PAGE 3 FLGV-ATSR-0525

10000966493408972897393841000098499440898991419587100009521917187588762915898.41.6 ------

---

| | |
|:---|:---|
| **Franklin Ultra Short Bond ETF**  | ![image](a92812_202410031339225.jpg) |
| FLUD \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin Ultra Short Bond ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Ultra Short Bond ETF | $14 | 0.14% |

---

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

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

For the twelve months ended March 31, 2025, Franklin Ultra Short Bond ETF returned 5.39%. The Fund compares its performance to the ICE BofA U.S. 3-Month Treasury Bill Index, which returned 4.97% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Investment-grade (IG) corporate holdings in the banking industry contributed to relative performance |
| ↑ | IG holdings in consumer non-cyclical and cyclical segments |
| ↑ | IG holdings in insurance and electric industries |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight allocation to cash |

---

Franklin Ultra Short Bond ETF PAGE 1 FLUD-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Ultra Short Bond ETF** 7/14/2020 — 3/31/2025

![image](ts3821img003.jpg)

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(7/14/2020)** |
| **Franklin Ultra Short Bond ETF (NAV)**  | 5.39 | 2.92 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | -1.17 |
| **ICE BofA U.S. 3-Month Treasury Bill Index**  | 4.97 | 2.71 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $101261419 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 254 |
| **Total Management Fee Paid (based on a unitary fee)** | $36748 |
| **Portfolio Turnover Rate** | 21.84% |

---

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

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

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

![image](ts3821img004.jpg)

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

Franklin Ultra Short Bond ETF PAGE 2 FLUD-ATSR-0525

------

**HOW HAS THE FUND CHANGED?**

Effective December 9, 2024, the Fund changed its principal investment strategies to remove references to the Fund principally investing in mortgage- and asset-backed securities, collateralized debt obligations, inflation-indexed securities, securities purchased or sold on a delayed delivery or forward commitment basis through the "to-be-announced" market, and derivative instruments.

In connection with the changes to the Fund's principal investment strategies, effective December 9, 2024, the Fund is no longer subject to the principal risks of investing in mortgage- and asset-backed securities, collateralized debt obligations, inflation-indexed securities, derivative instruments, extension, prepayment, and when-issued and delayed delivery transactions.

Effective September 30, 2024, Andrew C. Benson, Joanne Driscoll, CFA, and Michael J. Lima were added as portfolio managers of the Fund and Shawn Lyons, CFA, Thomas Runkel, CFA, Kent Burns, CFA, and Johnson Ng, CFA stepped down as portfolio managers of the Fund.

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

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ultra Short Bond ETF PAGE 3 FLUD-ATSR-0525

100001009110012102121086611452100009788938189329084952710000100091001610267108051134280.419.6 ------

---

| | |
|:---|:---|
| **Franklin FTSE Asia Ex Japan ETF**  | ![image](a92812_202410031339225.jpg) |
| FLAX \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Asia Ex Japan ETF for the period April 1, 2024, to March 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Asia Ex Japan ETF | $20 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Asia Ex Japan ETF returned 10.74%. The Fund compares its performance to the FTSE Asia ex Japan Capped Index-NR, which returned 11.23% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, consumer discretionary and communication services. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Tencent Holdings, Alibaba Group Holding and Taiwan Semiconductor Manufacturing. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were energy, materials and information technology. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Samsung Electronics, Reliance Industries and Samsung SDI. |

---

Franklin FTSE Asia Ex Japan ETF PAGE 1 FLAX-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Asia Ex Japan ETF** 2/6/2018 — 3/31/2025

![image](ts3859img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE Asia Ex Japan ETF (NAV)**  | 10.74 | 7.49 | 2.21 |
| **FTSE Asia Pacific ex Japan Australia and New Zealand** **Index-NR**  | 10.90 | 8.06 | 2.58 |
| **FTSE Asia ex Japan Capped Index-NR**  | 11.23 | 8.05 | 2.62 |

---

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

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

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

The Franklin FTSE Asia Ex Japan ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $28082180 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1530 |
| **Total Management Fee Paid (based on a unitary fee)** | $55218 |
| **Portfolio Turnover Rate** | 4.50% |

---

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

Franklin FTSE Asia Ex Japan ETF PAGE 2 FLAX-ATSR-0525

------

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

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

![image](ts3859img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Asia Ex Japan ETF PAGE 3 FLAX-ATSR-0525

100009979946181481288611167101501056011694100009347884276161211210563960310116112191000093338867763712142105899627101121124723.422.115.59.78.14.44.14.03.32.82.60.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Australia ETF**  | ![image](a92812_202410031339225.jpg) |
| FLAU \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Australia ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Australia ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Australia ETF returned -2.25%. The Fund compares its performance to the FTSE Australia Capped Index-NR, which returned -2.24% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, industrials and consumer discretionary. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Commonwealth Bank of Australia, Westpac Banking and Aristocrat Leisure. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials, health care and energy. |
| ↓ | Individual holdings that hindered the Fund's absolute return included BHP Group, CSL and Fortescue. |

---

Franklin FTSE Australia ETF PAGE 1 FLAU-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Australia ETF** 11/2/2017 — 3/31/2025

![image](ts3858img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Australia ETF (NAV)**  | -2.25 | 14.06 | 5.15 |
| **FTSE Australia Index-NR**  | -2.24 | 14.08 | 5.14 |
| **FTSE Australia Capped Index-NR**  | -2.24 | 14.08 | 5.14 |

---

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

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

The Franklin FTSE Australia ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $57367173 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 106 |
| **Total Management Fee Paid (based on a unitary fee)** | $45372 |
| **Portfolio Turnover Rate** | 6.07% |

---

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

Franklin FTSE Australia ETF PAGE 2 FLAU-ATSR-0525

------

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

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

![image](ts3858img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On August 1, 2024, the Fund's principal investment strategies were revised to reflect the Underlying Index's (and therefore the Fund's) decreased exposure to the materials sector. Also, effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Related disclosure regarding the risks of concentration in the materials sector was removed as a principal risk of the Fund and disclosure describing the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Australia ETF PAGE 3 FLAU-ATSR-0525

10000979510187751512906147041324814842145081000098961028675871302014834133711499114656100009896102867587130201483413371149911465637.118.18.77.57.46.44.13.92.62.41.70.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Brazil ETF**  | ![image](a92812_202410031339225.jpg) |
| FLBR \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Brazil ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Brazil ETF | $18 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Brazil ETF returned -10.19%. The Fund compares its performance to the FTSE Brazil Capped Index-NR, which returned -9.88% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The only sector that contributed to the Fund's absolute performance was information technology. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Embraer, JBS, and Petroleo Brasileiro. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials, financials and consumer staples. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Vale, Localiza Rent A Car, and Raia Drogasil. |

---

Franklin FTSE Brazil ETF PAGE 1 FLBR-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Brazil ETF** 11/3/2017 — 3/31/2025

![image](ts3857img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/3/2017)** |
| **Franklin FTSE Brazil ETF (NAV)**  | -10.19 | 10.74 | 0.93 |
| **FTSE Brazil Index-NR**  | -9.88 | 11.09 | 1.15 |
| **FTSE Brazil Capped Index-NR**  | -9.88 | 11.09 | 1.23 |

---

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

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

The Franklin FTSE Brazil ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $175516021 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 82 |
| **Total Management Fee Paid (based on a unitary fee)** | $307802 |
| **Portfolio Turnover Rate** | 13.55% |

---

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

Franklin FTSE Brazil ETF PAGE 2 FLBR-ATSR-0525

------

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

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

![image](ts3857img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Brazil ETF PAGE 3 FLBR-ATSR-0525

10000114861102864319443116179344119251071010000113161082463289307114769272118801070610000113161088763649359115419324119461076526.020.715.111.710.19.32.11.81.70.80.70.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Canada ETF**  | ![image](a92812_202410031339225.jpg) |
| FLCA \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Canada ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Canada ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Canada ETF returned 9.67%. The Fund compares its performance to the FTSE Canada Capped Index-NR, which returned 9.46% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, materials and energy. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Agnico Eagle Mines, Royal Bank of Canada and Enbridge. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were industrials, information technology and consumer discretionary. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Canadian National Railway, Canadian Pacific Kansas City and Canadian Natural Resources. |

---

Franklin FTSE Canada ETF PAGE 1 FLCA-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Canada ETF** 11/2/2017 — 3/31/2025

![image](ts3856img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Canada ETF (NAV)**  | 9.67 | 16.53 | 8.12 |
| **FTSE Canada Index-NR**  | 9.46 | 16.26 | 7.87 |
| **FTSE Canada Capped Index-NR**  | 9.46 | 16.26 | 7.87 |

---

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

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

The Franklin FTSE Canada ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $398979963 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 52 |
| **Total Management Fee Paid (based on a unitary fee)** | $361965 |
| **Portfolio Turnover Rate** | 3.53% |

---

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

Franklin FTSE Canada ETF PAGE 2 FLCA-ATSR-0525

------

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

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

![image](ts3856img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Canada ETF PAGE 3 FLCA-ATSR-0525

10000959410024829513197160941403016255178271000096361004882951314916014139241609717619100009636100488295131491601413924160971761940.218.510.510.410.34.33.11.80.70.2 ------

---

| | |
|:---|:---|
| **Franklin FTSE China ETF**  | ![image](a92812_202410031339225.jpg) |
| FLCH \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE China ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE China ETF | $23 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE China ETF returned 39.30%. The Fund compares its performance to the FTSE China Capped Index-NR, which returned 39.57% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most from the Fund's absolute performance were consumer discretionary, communication services and financials. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Tencent Holdings, Alibaba Group Holding and Xiaomi. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were energy and consumer staples. |
| ↓ | Individual holdings that hindered the Fund's absolute return included New Oriental Education & Technology Group, Li Auto and Baidu. |

---

Franklin FTSE China ETF PAGE 1 FLCH-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE China ETF** 11/2/2017 — 3/31/2025

![image](ts3855img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE China ETF (NAV)**  | 39.30 | 1.34 | -0.16 |
| **FTSE China Index-NR**  | 39.38 | 1.51 | -0.02 |
| **FTSE China Capped Index-NR**  | 39.57 | 1.51 | 0.02 |

---

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

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

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

The Franklin FTSE China ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $173977828 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 954 |
| **Total Management Fee Paid (based on a unitary fee)** | $252128 |
| **Portfolio Turnover Rate** | 9.30% |

---

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

Franklin FTSE China ETF PAGE 2 FLCH-ATSR-0525

------

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

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

![image](ts3855img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE China ETF PAGE 3 FLCH-ATSR-0525

1000010417979892461337691458626709598831000010555989393571357892978767723610086100001050498979360135839300877072291008930.819.517.38.25.84.54.03.32.62.11.90.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Europe ETF**  | ![image](a92812_202410031339225.jpg) |
| FLEE \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Europe ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Europe ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Europe ETF returned 7.31%. The Fund compares its performance to the FTSE Developed Europe Capped Index-NR, which returned 7.20% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, industrials and utilities. |
| ↑ | Individual holdings that lifted the Fund's absolute return included SAP, HSBC Holdings and Roche Holding. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer discretionary, information technology and health care. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Novo Nordisk, ASML Holding and LVMH Moet Hennessy Louis Vuitton. |

---

Franklin FTSE Europe ETF PAGE 1 FLEE-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Europe ETF** 11/2/2017 — 3/31/2025

![image](ts3854img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Europe ETF (NAV)**  | 7.31 | 13.52 | 5.92 |
| **FTSE Developed Europe Index-NR**  | 7.20 | 13.22 | 5.67 |
| **FTSE Developed Europe Capped Index-NR**  | 7.20 | 13.22 | 5.67 |

---

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

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

The Franklin FTSE Europe ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $85934295 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 516 |
| **Total Management Fee Paid (based on a unitary fee)** | $69545 |
| **Portfolio Turnover Rate** | 6.56% |

---

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

Franklin FTSE Europe ETF PAGE 2 FLEE-ATSR-0525

------

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

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

![image](ts3854img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Europe ETF PAGE 3 FLEE-ATSR-0525

10000997496078123118791227012432142681531210000998896058106118321219812282140651507810000998896058106118321219812282140651507823.017.814.39.98.67.05.84.84.23.51.00.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Eurozone ETF**  | ![image](a92812_202410031339225.jpg) |
| FLEU \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Eurozone ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Eurozone ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Eurozone ETF returned 7.41%. The Fund compares its performance to the FTSE Developed Eurozone Index-NR and the Linked FTSE Developed Eurozone Index-NR†, which both returned 7.23% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, industrials and utilities. |
| ↑ | Individual holdings that lifted the Fund's absolute return included SAP, Deutsche Telekom and Rheinmetall. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer discretionary, information technology and consumer staples. |
| ↓ | Individual holdings that hindered the Fund's absolute return included ASML Holding, LVMH Moet Hennessy Louis Vuitton and Stellantis. |

---

Franklin FTSE Eurozone ETF PAGE 1 FLEU-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Eurozone ETF** 11/2/2017 — 3/31/2025

![image](ts3853img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Eurozone ETF (NAV)**  | 7.41 | 14.39 | 8.14 |
| **FTSE Developed Eurozone Index-NR**  | 7.23 | 14.24 | 5.40 |
| **Linked FTSE Developed Eurozone Index-NR**<sup>†</sup>  | 7.23 | 14.24 | 8.03 |

---

† The Linked FTSE Developed Eurozone Index-NR reflects the performance of the Fund's previous underlying index (the FTSE Developed Europe Capped Hedged Index-NR) from Fund inception through July 31, 2023 followed by the performance of the Fund's Underlying Index thereafter.

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

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

The Franklin FTSE Eurozone ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $21690336 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 268 |
| **Total Management Fee Paid (based on a unitary fee)** | $18547 |
| **Portfolio Turnover Rate** | 4.22% |

---

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

Franklin FTSE Eurozone ETF PAGE 2 FLEU-ATSR-0525

------

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

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

![image](ts3853img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Eurozone ETF PAGE 3 FLEU-ATSR-0525

10000953910205911612482135751459616625178561000095961026891581252513600145741662017821100009596102689158125251360014574166201782124.218.812.011.97.26.16.04.84.73.31.00.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Germany ETF**  | ![image](a92812_202410031339225.jpg) |
| FLGR \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Germany ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

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

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Germany ETF returned 19.56%. The Fund compares its performance to the FTSE Germany Capped Index-NR, which returned 19.29% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most from the Fund's absolute performance were financials, industrials and information technology. |
| ↑ | Individual holdings that lifted the Fund's absolute return included SAP, Deutsche Telekom and Rheinmetall. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer discretionary, health care and consumer staples. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Mercedes-Benz Group, Bayerische Motoren Werke and Bayer. |

---

Franklin FTSE Germany ETF PAGE 1 FLGR-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Germany ETF** 11/2/2017 — 3/31/2025

![image](ts3852img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Germany ETF (NAV)**  | 19.56 | 14.88 | 4.44 |
| **FTSE Germany Index-NR**  | 19.29 | 14.56 | 4.24 |
| **FTSE Germany Capped Index-NR**  | 19.29 | 14.56 | 4.24 |

---

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

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

The Franklin FTSE Germany ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $27496501 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 68 |
| **Total Management Fee Paid (based on a unitary fee)** | $23784 |
| **Portfolio Turnover Rate** | 3.49% |

---

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

Franklin FTSE Germany ETF PAGE 2 FLGR-ATSR-0525

------

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

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

![image](ts3852img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Germany ETF PAGE 3 FLGR-ATSR-0525

1000096288307689511017973099651153713794100009803846570071117098471004611590138261000098038465700711170984710046115901382622.721.719.89.27.95.95.93.51.91.5 ------

---

| | |
|:---|:---|
| **Franklin FTSE Hong Kong ETF**  | ![image](a92812_202410031339225.jpg) |
| FLHK \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Hong Kong ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

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

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Hong Kong ETF returned 14.95%. The Fund compares its performance to the FTSE Hong Kong Capped Index-NR, which returned 14.95% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most from the Fund's absolute performance were financials, industrials and real estate. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Hong Kong Exchanges & Clearing, AIA Group and BOC Hong Kong Holdings. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer discretionary, health care and materials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Galaxy Entertainment Group, Sands China and Samsonite Group. |

---

Franklin FTSE Hong Kong ETF PAGE 1 FLHK-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Hong Kong ETF** 11/2/2017 — 3/31/2025

![image](ts3851img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Hong Kong ETF (NAV)**  | 14.95 | 1.26 | -1.17 |
| **FTSE Hong Kong Index-NR**  | 15.04 | 1.09 | -1.25 |
| **FTSE Hong Kong Capped Index-NR**  | 14.95 | 1.31 | -1.13 |

---

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

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

The Franklin FTSE Hong Kong ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $12626892 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Total Management Fee Paid (based on a unitary fee)** | $11237 |
| **Portfolio Turnover Rate** | 60.79% |

---

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

Franklin FTSE Hong Kong ETF PAGE 2 FLHK-ATSR-0525

------

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

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

![image](ts3851img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Hong Kong ETF PAGE 3 FLHK-ATSR-0525

100001037010886861012152104029842797591671000010476109968714123011053810001799591981000010476109968696122971053199668073928040.416.615.89.19.04.72.90.70.40.30.10.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE India ETF**  | ![image](a92812_202410031339225.jpg) |
| FLIN \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE India ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE India ETF | $19 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE India ETF returned 2.52%. The Fund compares its performance to the FTSE India Capped Index-NR, which returned 3.31% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, materials and communication services. |
| ↑ | Individual holdings that lifted the Fund's absolute return included HDFC Bank, Bharti Airtel and ICICI Bank. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were energy, information technology and utilities. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Reliance Industries, Tata Motors and Jio Financial Services. |

---

Franklin FTSE India ETF PAGE 1 FLIN-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE India ETF** 2/6/2018 — 3/31/2025

![image](ts3850img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE India ETF (NAV)**  | 2.52 | 19.68 | 7.57 |
| **FTSE India Index-NR**  | 3.31 | 22.33 | 9.27 |
| **FTSE India Capped Index-NR**  | 3.31 | 22.32 | 9.27 |

---

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

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

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

The Franklin FTSE India ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $1781738862 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 259 |
| **Total Management Fee Paid (based on a unitary fee)** | $2921081 |
| **Portfolio Turnover Rate** | 9.15% |

---

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

Franklin FTSE India ETF PAGE 2 FLIN-ATSR-0525

------

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

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

![image](ts3850img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE India ETF PAGE 3 FLIN-ATSR-0525

10000958799386859119941388312266164241683910000903194496480117081385312152171791774810000903194496480117081385112151171771774527.711.210.59.69.28.46.36.14.54.31.40.8 ------

---

| | |
|:---|:---|
| **Franklin FTSE Japan ETF**  | ![image](a92812_202410031339225.jpg) |
| FLJP \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Japan ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Japan ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Japan ETF returned -1.09%. The Fund compares its performance to the FTSE Japan Capped Index-NR, which returned -1.08% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most from the Fund's absolute performance were financials, communication services and industrials. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Sony, Mitsubishi UFJ Financial and Hitachi. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were information technology, consumer discretionary and materials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Toyota Motor, Tokyo Electron and Shin-Etsu Chemical. |

---

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

The Fund utilized equity index futures contracts to enable more efficient cash management, which minimally detracted from performance.

Franklin FTSE Japan ETF PAGE 1 FLJP-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Japan ETF** 11/2/2017 — 3/31/2025

![image](ts3849img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Japan ETF (NAV)**  | -1.09 | 8.77 | 4.02 |
| **FTSE Japan Index-NR (USD)**  | -1.62 | 8.73 | 3.97 |
| **FTSE Japan Capped Index-NR**  | -1.08 | 8.73 | 3.97 |

---

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

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

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

The Franklin FTSE Japan ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $2064075104 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 490 |
| **Total Management Fee Paid (based on a unitary fee)** | $1796265 |
| **Portfolio Turnover Rate** | 4.26% |

---

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

Franklin FTSE Japan ETF PAGE 2 FLJP-ATSR-0525

------

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

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

![image](ts3849img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Japan ETF PAGE 3 FLJP-ATSR-0525

10000102349475879812337114481092013541133931000010474961289151248711598110571377213549100001040096128915124871159811057136961354923.318.515.712.06.96.75.94.83.91.30.90.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Japan Hedged ETF**  | ![image](a92812_202410031339225.jpg) |
| FLJH \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Japan Hedged ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Japan Hedged ETF | $9 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Japan Hedged ETF returned 2.58%. The Fund compares its performance to the FTSE Japan Capped Hedged Index-NR, which returned 2.49% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most from the Fund's absolute performance were financials, communication services and industrials. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Sony Group, Mitsubishi UFJ Financial Group and Hitachi. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were information technology, consumer discretionary and materials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Toyota Motor, Tokyo Electron and Shin-Etsu Chemical. |

---

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

The Fund utilized equity index futures contracts to enable more efficient cash management, which minimally detracted from performance. Currency forwards were used in accordance with the Fund target benchmark to reduce risk and minimize FX impact in returns, which detracted from performance.

Franklin FTSE Japan Hedged ETF PAGE 1 FLJH-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Japan Hedged ETF** 11/2/2017 — 3/31/2025

![image](ts3848img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Japan Hedged ETF (NAV)**  | 2.58 | 19.28 | 10.58 |
| **FTSE Japan Index-NR**  | -2.79 | 16.06 | 7.86 |
| **FTSE Japan Capped Hedged Index-NR**  | 2.49 | 19.28 | 10.63 |

---

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

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

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

The Franklin FTSE Japan Hedged ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $85384002 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 494 |
| **Total Management Fee Paid (based on a unitary fee)** | $65382 |
| **Portfolio Turnover Rate** | 22.39% |

---

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

Franklin FTSE Japan Hedged ETF PAGE 2 FLJH-ATSR-0525

------

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

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

![image](ts3848img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Japan Hedged ETF PAGE 3 FLJH-ATSR-0525

100009623944587211254512788138302053121060100001047496128915124871159811057137721354910000981396308909128071306614160209832150623.418.415.611.96.96.65.84.83.91.30.90.5 ------

---

| | |
|:---|:---|
| **Franklin FTSE Latin America ETF**  | ![image](a92812_202410031339225.jpg) |
| FLLA \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Latin America ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Latin America ETF | $18 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Latin America ETF returned -12.60%. The Fund compares its performance to the FTSE Latin America Capped Index-NR, which returned -12.53% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The only sector that contributed to the Fund's absolute performance was information technology. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Embraer, JBS and Petroleo Brasileiro. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials, consumer staples and financials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Grupo Financiero Banorte, Vale and Wal-Mart de Mexico. |

---

Franklin FTSE Latin America ETF PAGE 1 FLLA-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Latin America ETF** 10/9/2018 — 3/31/2025

![image](ts3847img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/9/2018)** |
| **Franklin FTSE Latin America ETF (NAV)**  | -12.60 | 11.69 | 0.74 |
| **FTSE Latin America Index**  | -12.02 | 12.45 | 1.38 |
| **FTSE Latin America Capped Index-NR**  | -12.53 | 11.90 | 0.91 |

---

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

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

The Franklin FTSE Latin America ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $29076958 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 145 |
| **Total Management Fee Paid (based on a unitary fee)** | $92425 |
| **Portfolio Turnover Rate** | 14.31% |

---

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

Franklin FTSE Latin America ETF PAGE 2 FLLA-ATSR-0525

------

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

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

![image](ts3847img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On August 1, 2024, the Fund's principal investment strategies were revised to reflect the Underlying Index's (and therefore the Fund's) increased exposure to the financial services sector.

Related disclosure regarding the risks of investing in the financial services sector, such as how changes in government regulation and changes in interest rates can impact financial services companies and the Fund, was added as a principal risk of the Fund.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Latin America ETF PAGE 3 FLLA-ATSR-0525

1000010142603591011102498061200110489100001087364999843119801075713285116881000010853646397601183010558129621133824.616.015.913.011.18.44.02.62.41.30.50.2 ------

---

| | |
|:---|:---|
| **Franklin FTSE Mexico ETF**  | ![image](a92812_202410031339225.jpg) |
| FLMX \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Mexico ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Mexico ETF | $17 | 0.19% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Mexico ETF returned -23.44%. The Fund compares its performance to the FTSE Mexico Capped Index-NR, which returned -23.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The industrials was the only sector that contributed to the Fund's absolute performance. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Grupo Aeroportuario del Pacifico, Industrias Penoles and Alfa. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer staples, financials and communication services. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Grupo Financiero Banorte, Wal-Mart de Mexico and America Movil. |

---

Franklin FTSE Mexico ETF PAGE 1 FLMX-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Mexico ETF** 11/3/2017 — 3/31/2025

![image](ts3846img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/3/2017)** |
| **Franklin FTSE Mexico ETF (NAV)**  | -23.44 | 15.25 | 2.96 |
| **FTSE Mexico Index-NR**  | -24.02 | 14.91 | 2.84 |
| **FTSE Mexico Capped Index-NR**  | -23.86 | 15.23 | 2.94 |

---

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

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

The Franklin FTSE Mexico ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $45081768 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 37 |
| **Total Management Fee Paid (based on a unitary fee)** | $139450 |
| **Portfolio Turnover Rate** | 10.58% |

---

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

Franklin FTSE Mexico ETF PAGE 2 FLMX-ATSR-0525

------

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

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

![image](ts3846img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Mexico ETF PAGE 3 FLMX-ATSR-0525

1000010063912961049580122941366516215124141000099949025611497161236013620161191224810000100229093607895491225213629162141234532.119.017.414.310.15.81.30.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Saudi Arabia ETF**  | ![image](a92812_202410031339225.jpg) |
| FLSA \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Saudi Arabia ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Saudi Arabia ETF | $38 | 0.39% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE Saudi Arabia ETF returned -3.63%. The Fund compares its performance to the FTSE Saudi Arabia Capped Index-NR, which returned -3.23% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, communication services and real estate. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Al Rajhi Bank, Saudi Telecom and Etihad Etisalat. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials, health care and energy. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Saudi Basic Industries, Saudi Arabian Oil and Bupa Arabia For Cooperative Insurance. |

---

Franklin FTSE Saudi Arabia ETF PAGE 1 FLSA-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Saudi Arabia ETF** 10/9/2018 — 3/31/2025

![image](ts3844img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/9/2018)** |
| **Franklin FTSE Saudi Arabia ETF (NAV)**  | -3.63 | 14.85 | 8.34 |
| **FTSE All World Index-NR**  | 7.29 | 15.16 | 9.51 |
| **FTSE Saudi Arabia Capped Index-NR**  | -3.23 | 15.26 | 8.72 |

---

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

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

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

The Franklin FTSE Saudi Arabia ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $17786787 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 67 |
| **Total Management Fee Paid (based on a unitary fee)** | $69956 |
| **Portfolio Turnover Rate** | 15.71% |

---

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

Franklin FTSE Saudi Arabia ETF PAGE 2 FLSA-ATSR-0525

------

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

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

![image](ts3844img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Saudi Arabia ETF PAGE 3 FLSA-ATSR-0525

100001000011287112878408840812958129581801018010149411494117434174341680216802100001000097779777867786771341613416143751437513314133141637916379175731757310000100001132811328846584651310513105182721827215186151861779317793172181721841.614.312.69.36.83.63.62.52.21.91.60.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE South Korea ETF**  | ![image](a92812_202410031339225.jpg) |
| FLKR \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE South Korea ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE South Korea ETF | $8 | 0.09% |

---

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

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

For the twelve months ended March 31, 2025, Franklin FTSE South Korea ETF returned -17.50%. The Fund compares its performance to the FTSE South Korea Capped Index-NR, which returned -17.48% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | There were no sectors that contributed to the Fund's absolute performance. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Hanwha Aerospace, Alteogen and Hanwha Ocean. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were information technology, materials and consumer discretionary. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Samsung Electronics, Samsung SDI and Posco Holdings. |

---

Franklin FTSE South Korea ETF PAGE 1 FLKR-ATSR-0525

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE South Korea ETF** 11/2/2017 — 3/31/2025

![image](ts3843img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE South Korea ETF (NAV)**  | -17.50 | 4.89 | -2.05 |
| **FTSE South Korea Index-NR**  | -20.51 | 4.32 | -2.05 |
| **FTSE South Korea Capped Index-NR**  | -17.48 | 4.90 | -2.07 |

---

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

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

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

The Franklin FTSE South Korea ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $116687771 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 147 |
| **Total Management Fee Paid (based on a unitary fee)** | $143663 |
| **Portfolio Turnover Rate** | 25.57% |

---

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

Franklin FTSE South Korea ETF PAGE 2 FLKR-ATSR-0525

------

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

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

![image](ts3843img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

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

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

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE South Korea ETF PAGE 3 FLKR-ATSR-0525

10000101838470675613008107789161103958575100001022685427073135991121995431099487391000010348860268421318510930928510530868935.417.213.510.27.86.44.92.81.20.60.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Switzerland ETF**  | ![image](a92812_202410031339225.jpg) |
| FLSW \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Switzerland ETF for the period April 1, 2024, to March 31, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Switzerland ETF | $9 | 0.09% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Franklin FTSE Switzerland ETF returned 10.22%. The Fund compares its performance to the FTSE Switzerland Capped Index-NR, which returned 9.73% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were health care, financials and consumer discretionary. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Roche, Novartis and Zurich Insurance Group. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were consumer staples, materials and communication services. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Nestle, Sika and Straumann. |

---

Franklin FTSE Switzerland ETF PAGE 1 FLSW-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Switzerland ETF** 2/6/2018 — 3/31/2025

![image](ts3842img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE Switzerland ETF (NAV)**  | 10.22 | 10.18 | 8.17 |
| **FTSE Switzerland Index-NR**  | 10.43 | 9.22 | 7.54 |
| **FTSE Switzerland Capped Index-NR**  | 9.73 | 9.75 | 7.70 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

The Franklin FTSE Switzerland ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $49748850 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 53 |
| **Total Management Fee Paid (based on a unitary fee)** | $48636 |
| **Portfolio Turnover Rate** | 10.82% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin FTSE Switzerland ETF PAGE 2 FLSW-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts3842img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Switzerland ETF PAGE 3 FLSW-ATSR-0525

100009809104101079513768157261474615905175311000091789813101541260914374134081429215783100009185971710015127001446713517145311594434.019.915.811.29.45.91.21.21.10.30.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Taiwan ETF**  | ![image](a92812_202410031339225.jpg) |
| FLTW \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Taiwan ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Taiwan ETF | $19 | 0.19% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Franklin FTSE Taiwan ETF returned -1.01%. The Fund compares its performance to the FTSE Taiwan Capped Index-NR, which returned -0.77% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, communication services and consumer staples. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Taiwan Semiconductor Manufacturing, Mediatek and Fubon Financial Holding. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were information technology, materials and consumer discetionary. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Quanta Computer, Unimicron Technology and Nan Ya Plastics. |

---

Franklin FTSE Taiwan ETF PAGE 1 FLTW-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Taiwan ETF** 11/2/2017 — 3/31/2025

![image](ts3841img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Taiwan ETF (NAV)**  | -1.01 | 15.77 | 9.54 |
| **FTSE Taiwan Index-NR**  | -0.77 | 15.94 | 9.70 |
| **FTSE Taiwan Capped Index-NR**  | -0.77 | 15.94 | 9.70 |

---

Total return information is based on net asset values calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at the beginning of the period for financial reporting purposes. Accordingly, adjusted total returns have been disclosed in the Financial Highlights and differ from those reported here.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

The Franklin FTSE Taiwan ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $302455505 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 130 |
| **Total Management Fee Paid (based on a unitary fee)** | $616213 |
| **Portfolio Turnover Rate** | 195.53% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin FTSE Taiwan ETF PAGE 2 FLTW-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3841img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Taiwan ETF PAGE 3 FLTW-ATSR-0525

10000102279763944217123186171627919840196391000010322982298661891520282176612253323270100001022297889469171421869316379199871983364.119.04.93.53.32.41.80.50.20.20.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE United Kingdom ETF**  | ![image](a92812_202410031339225.jpg) |
| FLGB \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE United Kingdom ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE United Kingdom ETF | $10 | 0.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Franklin FTSE United Kingdom ETF returned 14.06%. The Fund compares its performance to the FTSE UK Capped Index-NR, which returned 14.22% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, consumer staples and industrials. |
| ↑ | Individual holdings that lifted the Fund's absolute return included HSBC Holdings, Rolls-Royce Holdings and Shell. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from the Fund's absolute performance were materials and real estate. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Diageo, Glencore and GSK. |

---

Franklin FTSE United Kingdom ETF PAGE 1 FLGB-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE United Kingdom ETF** 11/2/2017 — 3/31/2025

![image](ts3840img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE United Kingdom ETF (NAV)**  | 14.06 | 13.79 | 5.62 |
| **FTSE UK Index-NR**  | 14.22 | 13.89 | 5.70 |
| **FTSE UK Capped Index-NR**  | 14.22 | 13.89 | 5.70 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

The Franklin FTSE United Kingdom ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $712491694 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 102 |
| **Total Management Fee Paid (based on a unitary fee)** | $631459 |
| **Portfolio Turnover Rate** | 10.13% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin FTSE United Kingdom ETF PAGE 2 FLGB-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3840img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE United Kingdom ETF PAGE 3 FLGB-ATSR-0525

10000101801012878581070211802117181314614994100001009910065781410643117421166813104149681000010099100657814106431174211668131041496822.916.214.813.211.57.05.44.22.71.01.00.1 ------

---

| | |
|:---|:---|
| **BrandywineGLOBAL-Dynamic US Large Cap Value ETF**  | ![image](a179773_202411121350995.jpg) |
| DVAL \| The Nasdaq Stock Market LLC  | ![image](a179773_202411121350995.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a179773_202411121350995.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about BrandywineGLOBAL-Dynamic US Large Cap Value ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| BrandywineGLOBAL-Dynamic US Large Cap Value ETF | $49 | 0.49% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, BrandywineGLOBAL-Dynamic US Large Cap Value ETF returned 1.62%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 7.18% and 8.25%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Positive stock selection in software services and underweight semiconductor & semiconductor equipment within the technology sector. |
| ↑ | Underweight health care. |
| ↑ | Overweight wireless telecommunications within communication services. |
| ↑ | From a factor perspective, being net overweight low price-to-earning (PE) stocks was the largest contributor as high PE companies underperformed. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Poor selection in oil, gas exploration & production and overweight energy. |
| ↓ | Poor selection in building products and overweight ground transportation within industrials. |
| ↓ | Underweight financials. |
| ↓ | From a factor perspective, quality factors (return on equity, share change and decrease in book growth) were the largest detractors as low quality outperformed high quality. |

---

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 1 DVAL-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **BrandywineGLOBAL-Dynamic US Large Cap Value ETF**

3/31/2015 — 3/31/2025

![image](ts3866img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **BrandywineGLOBAL-Dynamic US Large Cap Value ETF** **(NAV)**  | 1.62 | 16.54 | 8.89 |
| **Russell 3000 Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 1000 Value Index**  | 7.18 | 16.15 | 8.79 |
| **S&P 500 Index**  | 8.25 | 18.59 | 12.50 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund acquired the assets and liabilities of a predecessor mutual fund after the market close on October 28, 2022. Performance shown for periods ending on or prior to October 31, 2022, is the performance of the IS Class Shares of the predecessor mutual fund. Performance for the predecessor mutual fund has not been adjusted to reflect the Fund's shares' lower expenses than those of the predecessor mutual fund's IS Class Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $110853051 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 116 |
| **Total Management Fee Paid (based on a unitary fee)** | $633783 |
| **Portfolio Turnover Rate** | 77.56% |

---

\* Does not include derivatives, except purchased options, if any.

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 2 DVAL-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3866img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On August 1, 2024, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to securities in the energy sector and decreased exposure to the financials sector.

Related disclosure regarding the risks of investing in securities in the energy sector, including that such securities are greatly affected by the prices and supplies of raw materials and that the earnings and dividends of energy companies can fluctuate significantly as a result of international economics, politics and regulation, was added to the Fund's principal risks and disclosure regarding the risks of investing in securities in the financials sector was removed from the Fund's principal risks.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 3 DVAL-ATSR-0525

100009497106741234212969108971851120066191502305223425100009966117661339214566132362151324078220122846030515100009846117391255413267109891715219154180212167423230100001017811926135951488613847216502503823103300063248227.312.812.011.58.66.86.54.84.54.30.9 ------

---

| | |
|:---|:---|
| **BrandywineGLOBAL - U.S. Fixed Income ETF**  | ![image](a179773_202411121350995.jpg) |
| USFI \| The Nasdaq Stock Market LLC  | ![image](a179773_202411121350995.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a179773_202411121350995.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about BrandywineGLOBAL - U.S. Fixed Income ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| BrandywineGLOBAL - U.S. Fixed Income ETF | $40 | 0.39% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, BrandywineGLOBAL - U.S. Fixed Income ETF returned 5.27%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.88% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to structured credit was accretive, as our allocation to higher-coupon, shorter-duration pass-throughs performed well amid elevated rate volatility and benefited from heightened demand. |
| ↑ | Overweight to U.S. Treasury duration as yields declined in the second half of the period following U.S. Federal Reserve (Fed) rate cuts and rising uncertainty and recession concerns after the November 2024 election. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to corporate credit as this segment of the index benefited from a strong yield tailwind that the Fund was unable to capture. Credit spreads narrowed, supported by solid fundamentals and strong investor demand for the sector. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized interest rate futures, for hedging and alpha purposes and to manage its duration. In aggregate, these derivatives contributed to performance.

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 1 USFI-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **BrandywineGLOBAL - U.S. Fixed Income ETF** 7/25/2023 — 3/31/2025

![image](ts3867img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(7/25/2023)** |
| **BrandywineGLOBAL - U.S. Fixed Income ETF (NAV)**  | 5.27 | 3.10 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | 4.27 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $12250916 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 45 |
| **Total Management Fee Paid (based on a unitary fee)** | $47218 |
| **Portfolio Turnover Rate** | 156.86% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts3867img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 2 USFI-ATSR-0525

------

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 3 USFI-ATSR-0525

10000100011052810000102561075788.411.60.0 ------

---

| | |
|:---|:---|
| **ClearBridge Sustainable Infrastructure ETF**  | ![image](a179775_202411121352409.jpg) |
| INFR \| The Nasdaq Stock Market LLC  | ![image](a179775_202411121352409.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a179775_202411121352409.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about ClearBridge Sustainable Infrastructure ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| ClearBridge Sustainable Infrastructure ETF | $60 | 0.59% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, ClearBridge Sustainable Infrastructure ETF returned 3.47%. The Fund compares its performance to the FTSE Global Core Infrastructure 50/50 - Net Tax Index and the OECD G7 CPI + 5.5%, which returned 13.04% and 8.39%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Entergy, a regulated electric utility company in the Gulf Region, continued to see robust load growth, helping with sentiment. Its generation business also saw a boost amid data center buildouts. The company signed a deal with Meta to construct new gas-fired plants to power META's data center facilities which increased the investment and earnings outlook for the company. |
| ↑ | Enel, an integrated utility headquartered in Italy operating renewable generation and regulated distribution assets across Europe, Latin America and the U.S., performed strongly due to a combination of moderating bond yields as well as a catch-up trade driven by comfort on the company's 2026 guidance. Its shares benefited from solid performance and execution over the period. |
| ↑ | Redeia, a Spanish electric utility engaged in the supply and transmission of electricity in Spain, saw shares gain amid early indications that there could be improvements in Spanish regulation with potentially higher allowed returns during the next regulatory period. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | XPLR Infrastructure, formerly NextEra Energy Partners, is a growth-oriented contracted renewables company formed by its sponsor and general partner NextEra Energy (NEE) to own, operate and acquire contracted renewable energy generation assets located in North America. XIFR's share price fell due to a capital restructuring that was viewed as disappointing by the market (not held at period-end). |
| ↓ | CSX, a leading North American rail company, engages in the transportation of rail freight in the Southeast, East and Midwest via interchange with other rail carriers, to and from the rest of the U.S. and Canada. Rail stocks were weaker in the period, impacted by broader industrial weakness, continued lower freight volumes and tariff fears following the U.S. election, which would crimp trade and transportation needs. |
| ↓ | Orsted, a Danish renewables utility, is the global industry leader in the offshore wind industry. The U.S. 2024 Presidential election results put into question the fundamentals of renewables businesses, causing weakness in that sector. In addition, the prospect of interest rates remaining elevated further pressured renewables. |

---

ClearBridge Sustainable Infrastructure ETF PAGE 1 INFR-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **ClearBridge Sustainable Infrastructure ETF** 12/14/2022 — 3/31/2025

![image](ts3865img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/14/2022)** |
| **ClearBridge Sustainable Infrastructure ETF (NAV)**  | 3.47 | 0.53 |
| **MSCI All Country World Index-NR**  | 7.15 | 14.59 |
| **FTSE Global Core Infrastructure 50/50 - Net Tax Index**  | 13.04 | 5.89 |
| **OECD G7 CPI + 5.5%**  | 8.39 | 8.52 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $9597070 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 30 |
| **Total Management Fee Paid (based on a unitary fee)** | $52088 |
| **Portfolio Turnover Rate** | 24.89% |

---

\* Does not include derivatives, except purchased options, if any.

ClearBridge Sustainable Infrastructure ETF PAGE 2 INFR-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3865img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2024, the sub-advisor's proprietary environmental, social and governance rating system for the Fund was revised.

This is a summary of a change to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and the Fund's next prospectus, which we expect to be available by August 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Sustainable Infrastructure ETF PAGE 3 INFR-ATSR-0525

10000100889782101211000010308127021361010000983310150114741000010262111731211067.923.03.83.22.1 ------

---

| | |
|:---|:---|
| **Western Asset Bond ETF**  | ![image](a179774_202411121351553.jpg) |
| WABF \| The Nasdaq Stock Market LLC  | ![image](a179774_202411121351553.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a179774_202411121351553.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Western Asset Bond ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Western Asset Bond ETF | $36 | 0.35% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Western Asset Bond ETF returned 4.77%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.88% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Emerging market debt positioning |
| ↑ | High-yield credit positioning |
| ↑ | Investment-grade credit positioning |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Long duration position |
| ↓ | Yield curve positioning |

---

**Use of derivatives and the impact on performance:**

The Fund utilized U.S. Treasury and SOFR and interest rate futures, options and swaps to manage its overall duration and yield curve exposure. Credit default swaps on investment-grade and high-yield indices and issuers were used as an efficient, low-cost way of adjusting exposures to these sectors. In aggregate, these derivatives detracted from performance.

Western Asset Bond ETF PAGE 1 WABF-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Western Asset Bond ETF** 9/19/2023 — 3/31/2025

![image](ts3819img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(9/19/2023)** |
| **Western Asset Bond ETF (NAV)**  | 4.77 | 6.62 |
| **Bloomberg U.S. Aggregate Index**  | 4.88 | 6.23 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $18961552 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 461 |
| **Total Management Fee Paid (based on a unitary fee)** | $134003 |
| **Portfolio Turnover Rate** | 67.07% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts3819img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

Western Asset Bond ETF PAGE 2 WABF-ATSR-0525

------

**HOW HAS THE FUND CHANGED?**

Effective May 1, 2024, John Bellows stepped down as portfolio manager of the Fund and effective August 21, 2024, S. Kenneth Leech stepped down as portfolio manager of the Fund.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Bond ETF PAGE 3 WABF-ATSR-0525

10000105291103210000103301083437.834.712.310.62.30.90.50.30.00.6 ------

---

| | |
|:---|:---|
| **Martin Currie Sustainable International Equity ETF**  | ![image](a179780_202411121358686.jpg) |
| MCSE \| The Nasdaq Stock Market LLC  | ![image](a179780_202411121358686.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a179780_202411121358686.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Martin Currie Sustainable International Equity ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Martin Currie Sustainable International Equity ETF | $54 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Martin Currie Sustainable International Equity ETF returned -15.93%. The Fund compares its performance to the MSCI All Country World ex-U.S. Index-NR, which returned 6.09% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Nemetschek, a German software developer and distributor, saw strong operating results and outlook, driven by the company's transition into a subscription model. |
| ↑ | Assa Abloy, a Swedish door company that offers locks, doors and door automation products, reported strong earnings and sales in key regions in a challenging market environment. |
| ↑ | ResMed, a developer, manufacturer and distributor of medical products, saw its stock lift as the company's management changed their view on the impact of the GLP-1 weight loss drug to its sleep apnea/CPAP business to be a tailwind versus neutral impact. The company also reported strong quarterly results. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Novo Nordisk, a Danish manufacturer and distributor of pharmaceutical products, due to an underwhelming new drug trial result, and more recently, intensified competitive pressure from compounded versions of the company's drugs during a period of supply shortage. |
| ↓ | ASML Holding, a Dutch multinational company specializing in lithography solutions for semiconductor equipment, as macro softness weighed on its demand. Sentiment was also weak amid ongoing uncertainty in the semiconductor industry and concerns over stricter U.S. export controls, tariffs and the future of CHIPS Act funding. |
| ↓ | Sartorius Stedim Biotech, an international pharmaceutical and laboratory equipment supplier, faced pressure from a weak bioprocessing end market. |

---

Martin Currie Sustainable International Equity ETF PAGE 1 MCSE-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Martin Currie Sustainable International Equity ETF**

11/30/2015 — 3/31/2025

![image](ts3820img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2015)** |
| **Martin Currie Sustainable International Equity ETF (NAV)**  | -15.93 | 4.01 | 4.67 |
| **MSCI All Country World ex-U.S. Index-NR**  | 6.09 | 10.92 | 6.18 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund acquired the assets and liabilities of a predecessor mutual fund after the market close on October 28, 2022. Performance shown for periods ending on or prior to October 31, 2022, is the performance of the IS Class Shares of the predecessor mutual fund. Performance for the predecessor mutual fund has not been adjusted to reflect the Fund's shares' lower expenses than those of the predecessor mutual fund's IS Class Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $27067742 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 24 |
| **Total Management Fee Paid (based on a unitary fee)** | $181889 |
| **Portfolio Turnover Rate** | 18.47% |

---

\* Does not include derivatives, except purchased options, if any.

Martin Currie Sustainable International Equity ETF PAGE 2 MCSE-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup>  | **% of Total** **Investments** |
|  Health Care  | 26.4% |
|  Information Technology  | 23.6% |
|  Industrials  | 17.4% |
|  Consumer Discretionary  | 15.2% |
|  Financials  | 7.4% |
|  Materials  | 6.0% |
|  Consumer Staples  | 4.0% |
|  Short-Term Investments  | 0.0% |

---

---

| | |
|:---|:---|
| **Geographic Composition**<sup>\*</sup><sup>,</sup><sup>†</sup>  | **% of Total** **Investments** |
|  Europe  | 74.6% |
|  North America  | 21.7% |
|  Australia & New Zealand  | 3.7% |
|  Short-Term Investments  | 0.0% |

---

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective July 1, 2024, Robbie McNab, CFA and Sam Cottrell, CFA were added as portfolio managers of the Fund and Ken Hughes, CFA stepped down as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Martin Currie Sustainable International Equity ETF PAGE 3 MCSE-ATSR-0525

------

---

| | |
|:---|:---|
| **Franklin U.S. Equity Index ETF**  | ![image](a92812_202410031339225.jpg) |
| USPX \| NYSE Arca, Inc.  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Equity Index ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin U.S. Equity Index ETF | $3 | 0.03% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2025, Franklin U.S. Equity Index ETF returned 8.10%. The Fund compares its performance to the Morningstar US Target Market Exposure Index and the Linked Morningstar US Target Market Exposure Index†, which both returned 8.14% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to the Fund's absolute performance were financials, information technology and communication services. |
| ↑ | Individual holdings that lifted the Fund's absolute return included Apple, NVIDIA and Tesla. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from the Fund's absolute performance was materials. |
| ↓ | Individual holdings that hindered the Fund's absolute return included Microsoft, Advanced Micro Devices and Intel. |

---

Franklin U.S. Equity Index ETF PAGE 1 USPX-ATSR-0525

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin U.S. Equity Index ETF** 6/1/2016 — 3/31/2025

![image](ts3827img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin U.S. Equity Index ETF (NAV)**  | 8.10 | 15.19 | 10.40 |
| **Morningstar US Target Market Exposure Index**  | 8.14 | 18.49 | 13.71 |
| **Linked Morningstar US Target Market Exposure Index**<sup>†</sup>  | 8.14 | 15.20 | 10.42 |

---

† The Linked Morningstar US Target Market Exposure Index reflects the performance of the Fund's previous underlying index, the LibertyQ Global Equity Index-NR, through July 31, 2022, followed by the performance of the Underlying Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1226389682 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 560 |
| **Total Management Fee Paid (based on a unitary fee)** | $347421 |
| **Portfolio Turnover Rate** | 3.37% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin U.S. Equity Index ETF PAGE 2 USPX-ATSR-0525

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3827img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective February 28, 2025, the Fund updated its diversification policy to reflect that the Fund intends to be diversified in approximately the same proportion as its Underlying Index is diversified. Therefore, under the revised policy, the Fund will continue to track its Underlying Index even if the Fund operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index.

Disclosure regarding the risks of non-diversification was added to the Fund's prospectus to reflect that, when a fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares and greater risk of loss.

This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Equity Index ETF PAGE 3 USPX-ATSR-0525

10000109951251713205118151707818615170092216923964100001148813127143671334021209241622210228806311501000010996125301321611831170821862717032221982400529.614.611.110.39.38.65.93.72.42.32.10.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Russia ETF**  | ![image](a92812_202410031339225.jpg) |
| FLRU  | ![image](a92812_202410031339225.jpg) |
| Annual Shareholder Report \| March 31, 2025  | ![image](a92812_202410031339225.jpg) |
| ![image](a92811_202410080910641.jpg) | ![image](a92811_202410080910641.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Russia ETF for the period April 1, 2024, to March 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin FTSE Russia ETF | $0 | 0.00% |

---

\* Effective March 1, 2022, Franklin Advisory Services, LLC (the Fund's investment manager) implemented a waiver of its management fee for the Fund, which will continue in effect while the Fund liquidates.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund sought to track the investment results of an index composed of Russian equities, as represented by the FTSE Russia RIC Capped Index-NR (the FTSE Russia Capped Index-NR or the Underlying Index). Effective February 28, 2024, the Fund's Underlying Index was discontinued by the index provider FTSE Russell. Due to the discontinuation of the Fund's underlying index and ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin FTSE Russia ETF** 2/6/2018 — 3/31/2025

![image](ts3845img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE Russia ETF (NAV)**<sup>†</sup>  | -- | -79.55 | -67.71 |
| **FTSE Russia Capped Index-NR**<sup>††</sup>  | -- | -- | -- |

---

† Total return information is based on unadjusted net asset value. During the 12-month period ended March 31, 2025, the Fund's unrounded NAV per share decreased from $0.005946 as of March 31, 2024, to $0.005939 as of March 31, 2025. Certain adjustments were made to the net asset value of the Fund at the end of the period for financial reporting purposes. Accordingly, adjusted total return of 1.65% has been disclosed in the Financial Highlights and differs from that which is reported here.

---

| | |
|:---|:---|
| †† | Effective February 28, 2024, the Underlying Index was discontinued by the index provider, FTSE Russell. The Fund's returns based on net asset value include the Fund's valuation of its Russian securities based on fair value prices. The value of the Underlying Index, on the other hand, is based on securities' last closing prices on local foreign markets (i.e., the value of the Underlying Index is not based on fair value prices). As disclosed in the latest prospectus dated August 1, 2024, the 5 Year and Since Inception Underlying Index returns were -2.06% and -3.71%, respectively as of December 31, 2023. |

---

Franklin FTSE Russia ETF PAGE 1 FLRU-ATSR-0525

------

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

The Franklin FTSE Russia ETF (the "Fund") is managed by Franklin Advisory Services, LLC (Advisory Services). The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name and "FTSE<sup>®</sup>" is a trademark of the LSE Group companies. All rights in the Benchmarks vest in the relevant LSE Group company that owns the Benchmark. Each Benchmark is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. LSE Group accepts no liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Benchmark or (b) investment in or operation of the Fund. LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Benchmark for the purpose to which it is being put by Advisory Services.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets**<sup>\*</sup>  | $4835 |
| **Total Number of Portfolio Holdings** | 36 |
| **Total Management Fee Paid (based on a unitary fee)** | $0 |
| **Portfolio Turnover Rate** | 0.00% |

---

\* As of March 31, 2025, the Fund's portfolio was comprised of Russian equity securities (fair valued at $0) and USD cash.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Net Assets)**

![image](ts3845img004.jpg)

\* As of March 31, 2025, the Fund's portfolio was comprised of Russian equity securities (fair valued at $0) and USD cash.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](a92817_202410031526690.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](a92817_202410031526690.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](a92817_202410031526690.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Russia ETF PAGE 2 FLRU-ATSR-0525

1000010142100798678132140000100009756968983431270587317043000.00.00.00.00.00.00.00.0100.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the registrant has determined that Deborah D. McWhinney, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial expert," and has designated Deborah D. McWhinney as the Audit Committee's financial expert. Deborah D. McWhinney, is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending March 31, 2024 and March 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $998,129 in March 31, 2024 and $1,167,743 in March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in March 31, 2024 and $0 in March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in March 31, 2024 and $334,000 in March 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $5,991 in March 31, 2024 and $0 in March 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $411,591 in March 31, 2024 and $1,500,152 in March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) *The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act*. The Audit Committee consists of the following Board members:

Rohit Bhagat

Deborah D. McWhinney

Anantha K. Pradeep

Alison J. Baumann

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Not applicable *.* 

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](img0f83bdb31.jpg)

---

| |
|:---|
| **Franklin Emerging Market Core Dividend Tilt Index ETF** |
| **Franklin International Core Dividend Tilt Index ETF** |
| **Franklin International Dividend Multiplier Index ETF** |
| **Franklin U.S. Core Dividend Tilt Index ETF** |
| **Franklin U.S. Dividend Multiplier Index ETF** |
| **Franklin U.S. Large Cap Multifactor Index ETF** |
| **Franklin U.S. Mid Cap Multifactor Index ETF** |
| **Franklin U.S. Small Cap Multifactor Index ETF** |

---

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedules of Investments](#xx_af67a5f8-febb-4c55-8fcd-a4cc4b7cd69c_1) | &nbsp;&nbsp;**1** |
| [Statements of Assets and Liabilities](#xx_a65c9a5c-aae5-482c-b59b-3f77f4e5559d_1) | &nbsp;&nbsp;**66** |
| [Statements of Operations](#xx_29389364-8162-4fa1-afbb-858debd3284d_1) | &nbsp;&nbsp;**69** |
| [Statements of Changes in Net Assets](#xx_87b88402-060d-4a9a-9483-cad01fce879a_1) | &nbsp;&nbsp;**71** |
| [Notes to Financial Statements](#xx_6f90209f-a802-4a3c-acc5-b2385a79acfe_1) | &nbsp;&nbsp;**75** |
| [Report of Independent Registered Public Accounting Firm](#xx_e7f62100-72f1-4758-b82a-7d47939f41ad_1) | &nbsp;&nbsp;**94** |
| [Tax Information](#xx_ebb41d59-572f-4209-b624-fe18df22f43d_1) | &nbsp;&nbsp;**96** |
| [Changes In and Disagreements with Accountants](#xx_c922fc06-3f23-450c-af9f-f2f5f8202cf8_1) | &nbsp;&nbsp;**97** |
| [Results of Meeting(s) of Shareholders](#xx_c922fc06-3f23-450c-af9f-f2f5f8202cf8_1) | &nbsp;&nbsp;**97** |
| [Remuneration Paid to Directors, Officers and Others](#xx_c922fc06-3f23-450c-af9f-f2f5f8202cf8_1) | &nbsp;&nbsp;**97** |
| [Board Approval of Management and Subadvisory Agreements](#xx_c922fc06-3f23-450c-af9f-f2f5f8202cf8_2) | &nbsp;&nbsp;**98** |

---

Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Emerging Market Core Dividend Tilt Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $25.68 | $23.88 | $28.33 | $30.78 | &nbsp;&nbsp;$22.20 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;(4.42) | &nbsp;&nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;&nbsp;8.55 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;9.39 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| Net asset value, end of year | &nbsp;&nbsp;$27.04 | &nbsp;&nbsp;$25.68 | &nbsp;&nbsp;$23.88 | &nbsp;&nbsp;$28.33 | &nbsp;&nbsp;$30.78 |
| Total return<sup>c</sup> | 10.53% | 12.67% | (10.36)% | (4.21)% | &nbsp;&nbsp;42.57% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.29%<sup>d</sup> | &nbsp;&nbsp;0.45%<sup>d</sup> | &nbsp;&nbsp;0.45%<sup>d</sup> |
| Net investment income | 3.99% | 4.47% | 5.83% | 4.28% | &nbsp;&nbsp;3.15% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$13518 | &nbsp;&nbsp;$12838 | &nbsp;&nbsp;$11939 | &nbsp;&nbsp;$17000 | &nbsp;&nbsp;$24627 |
| Portfolio turnover rate<sup>e</sup> | 53.28%<sup>f</sup> | 51.44%<sup>f</sup> | 110.78%<sup>f</sup> | 34.27%<sup>f</sup> | &nbsp;&nbsp;40.22%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 53.28% | 51.44% | 110.78% | 34.27% | &nbsp;&nbsp;36.91% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Emerging Market Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 96.9%** |  |  |  |
|  | **Brazil 3.6%** |  |  |  |
|  | Alupar Investimento SA, UNIT | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 500 | &nbsp;&nbsp;$2537 |
|  | Ambev SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 49497 |
|  | Banco do Brasil SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 41835 |
|  | Banco Santander Brasil SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 9330 |
|  | BB Seguridade Participacoes SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 24626 |
|  | Caixa Seguridade Participacoes SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 7810 |
|  | Cia Energetica de Minas Gerais | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035 |
|  | Cosan SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387 |
|  | CPFL Energia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 |
|  | CSN Mineracao SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 |
|  | Energisa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 |
|  | Itausa SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10161 |
|  | Klabin SA | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14660 |
|  | Localiza Rent a Car SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23458 |
|  | Lojas Renner SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10676 |
|  | Natura & Co. Holding SA | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721 |
|  | Petroleo Brasileiro SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81959 |
|  | Telefonica Brasil SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 |
|  | Vale SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133641 |
|  | Vibra Energia SA | Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483614 |
|  | **Chile 0.4%** |  |  |  |
|  | Banco de Chile | &nbsp;&nbsp;Banks | &nbsp;&nbsp;216075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28485 |
|  | Cia Sud Americana de Vapores SA | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;69825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 |
|  | Enel Americas SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221 |
|  | Enel Chile SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;121755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7986 |
|  | Quinenco SA | Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54810 |
|  | **China 31.0%** |  |  |  |
|  | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 |
|  | Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81205 |
| <sup>a</sup> | Alibaba Group Holding Ltd., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296133 |
|  | Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 |
|  | Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;6170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17447 |
|  | Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 |
|  | Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872 |
|  | ANTA Sports Products Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61907 |
|  | AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 |
|  | Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 |
|  | Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 |
|  | Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 |
|  | Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150701 |
|  | Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14867 |
|  | Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35783 |
|  | Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975 |
|  | Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 |
|  | Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398 |
|  | Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456 |
|  | Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 |
|  | Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7927 |
|  | Beijing Enterprises Holdings Ltd., Class H | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9447 |
|  | BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70627 |
|  | BYD Co. Ltd., Class H | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 |

---

2 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | BYD Electronic International Co. Ltd. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;$12949 |
|  | C&D International Investment Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 10411 |
|  | China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 35224 |
|  | China Coal Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
|  | China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10192 |
|  | China Construction Bank Corp., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2431 |
|  | China Construction Bank Corp., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216650 |
|  | China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9624 |
|  | China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 |
| <sup>b</sup> | China Feihe Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15089 |
|  | China Hongqiao Group Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20565 |
|  | China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71334 |
|  | China Longyuan Power Group Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 |
|  | China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12011 |
|  | China Medical System Holdings Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703 |
|  | China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35748 |
|  | China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82593 |
|  | China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 |
|  | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467 |
|  | China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11488 |
|  | China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 |
|  | China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745 |
|  | China Overseas Land & Investment Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35731 |
|  | China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426 |
|  | China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12570 |
|  | China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 |
|  | China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63237 |
| <sup>b</sup> | China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13245 |
| <sup>b</sup> | China Resources Pharmaceutical Group Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6504 |
|  | China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23727 |
|  | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898 |
|  | China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13195 |
|  | China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66909 |
|  | China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 |
| <sup>b</sup> | China Tourism Group Duty Free Corp. Ltd., Class H | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 |
| <sup>b</sup> | China Tower Corp. Ltd., Class H | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26888 |
|  | China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36361 |
|  | China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 |
|  | China Zheshang Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 |
|  | Chongqing Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 |
|  | Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 |
|  | Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6786 |
|  | Chow Tai Fook Jewellery Group Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926 |
|  | CITIC Ltd., Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37017 |
|  | CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317 |
|  | COFCO Sugar Holding Co. Ltd., Class A | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 |

---

franklintempleton.com Annual Report 3

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | COSCO SHIPPING Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;$2316 |
|  | COSCO SHIPPING Energy Transportation Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4049 |
|  | COSCO SHIPPING Holdings Co. Ltd., Class A | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 9011 |
|  | COSCO SHIPPING Holdings Co. Ltd., Class H | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 19665 |
|  | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 27937 |
|  | Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 6751 |
|  | DaShenLin Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 |
|  | Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 |
|  | Dongfang Electric Corp. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
|  | ENN Energy Holdings Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28881 |
|  | Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 |
|  | Flat Glass Group Co. Ltd., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
|  | Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 |
|  | Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 |
|  | Fujian Sunner Development Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 |
|  | GD Power Development Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 |
|  | Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 |
|  | Goneo Group Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 |
|  | Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12513 |
|  | Guangdong HEC Technology Holding Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 |
|  | Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 |
|  | Guangzhou Development Group, Inc., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 |
|  | Guotai Junan Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9469 |
| <sup>b</sup> | Guotai Junan Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14498 |
| <sup>a</sup> | H World Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504 |
| <sup>a,b</sup> | Haidilao International Holding Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18056 |
|  | Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644 |
|  | Haier Smart Home Co. Ltd., Class H | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22493 |
|  | Hangzhou Oxygen Plant Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 |
|  | Hangzhou Robam Appliances Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 |
|  | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 |
|  | Heilongjiang Agriculture Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 |
|  | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582 |
|  | Henan Shuanghui Investment & Development Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 |
|  | Hengan International Group Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 |
|  | Hengdian Group DMEGC Magnetics Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  | Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 |
|  | Hisense Home Appliances Group Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
|  | Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709 |
|  | Hisense Visual Technology Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 |
|  | HLA Group Corp. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 |
|  | Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 |
|  | Huadian Power International Corp. Ltd., Class H | Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 |

---

4 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;$1796 |
|  | Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 |
| <sup>b</sup> | Huatai Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 9624 |
|  | Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 7005 |
|  | Huaxin Cement Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
|  | Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 3728 |
|  | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 |
|  | Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 |
|  | Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 |
|  | Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156652 |
|  | Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22296 |
|  | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 |
|  | Inner Mongolia ERDOS Resources Co. Ltd., Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 |
|  | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 |
|  | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |
|  | Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9662 |
|  | Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10880 |
|  | JA Solar Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 |
|  | Jason Furniture Hangzhou Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 |
| <sup>a</sup> | JD.com, Inc., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93004 |
|  | Jiangsu Financial Leasing Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 |
|  | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
|  | Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247 |
|  | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 |
|  | Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 |
|  | Jinko Solar Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 |
|  | Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
|  | Jointown Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| <sup>a</sup> | KE Holdings, Inc., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34060 |
|  | Kingboard Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117 |
|  | Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 |
|  | Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107420 |
|  | LB Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 |
|  | Lenovo Group Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52533 |
|  | Li Ning Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25577 |
|  | Livzon Pharmaceutical Group, Inc., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 |
|  | Livzon Pharmaceutical Group, Inc., Class H | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419 |
| <sup>a,b</sup> | Longfor Group Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;9920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12508 |
|  | Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7141 |
|  | Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 |
| <sup>a,b,c</sup> | Meituan, Class B | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110137 |
|  | Ming Yang Smart Energy Group Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 |
|  | Nanjing Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 |
|  | NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 |
| <sup>a</sup> | NetEase, Inc. | Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87668 |

---

franklintempleton.com Annual Report 5

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>a</sup> | New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;$9396 |
|  | Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 |
|  | Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 2035 |
|  | Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 3975 |
| <sup>b</sup> | Nongfu Spring Co. Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 8676 |
|  | People's Insurance Co. Group of China Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 20668 |
|  | Perfect World Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
|  | PetroChina Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84079 |
|  | PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59144 |
|  | Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848 |
|  | Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17764 |
|  | Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120209 |
|  | Pingdingshan Tianan Coal Mining Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 |
|  | Poly Developments & Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 |
| <sup>a,b</sup> | Pop Mart International Group Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023 |
|  | Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11114 |
| <sup>b</sup> | Postal Savings Bank of China Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24729 |
|  | Qingdao Port International Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
| <sup>b</sup> | Qingdao Port International Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139 |
|  | Sailun Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 |
|  | Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9543 |
|  | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 |
|  | Shandong Hi-speed Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 |
|  | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 |
|  | Shandong Linglong Tyre Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 |
|  | Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd., Class H | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12257 |
|  | Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196 |
|  | Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212 |
|  | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 |
|  | Shanghai International Port Group Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794 |
|  | Shanghai M&G Stationery, Inc., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 |
|  | Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 |
|  | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 |
|  | Shanxi Coal International Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
|  | Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 |
|  | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 |
|  | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14746 |
|  | Shenergy Co. Ltd., Class A | Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453 |

---

6 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;$3745 |
|  | Shenzhen Huaqiang Industry Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
|  | Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp; 5153 |
|  | Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 30025 |
|  | Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 2218 |
|  | Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2732 |
|  | Sinoma International Engineering Co., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 |
|  | Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  | Sinomine Resource Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208 |
|  | Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13912 |
|  | Sinotrans Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 |
|  | Sinotrans Ltd., Class H | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820 |
|  | Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780 |
|  | SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 |
|  | Sun Art Retail Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468 |
|  | SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 |
|  | Tasly Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 |
|  | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 |
| <sup>a</sup> | Tencent Holdings Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396052 |
|  | Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 |
|  | Tianqi Lithium Corp., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 |
|  | Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 |
|  | Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 |
|  | Tongwei Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 |
|  | Trina Solar Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328 |
|  | Uni-President China Holdings Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752 |
|  | Want Want China Holdings Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596 |
|  | Weichai Power Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 |
|  | Weichai Power Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21053 |
|  | Western Mining Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 |
|  | Western Superconducting Technologies Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |
|  | Wuchan Zhongda Group Co. Ltd., Class A | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 |
|  | Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27116 |
|  | WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 |
|  | Wuxi Autowell Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
|  | Xiamen C & D, Inc., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 |
| <sup>a,b,c</sup> | Xiaomi Corp., Class B | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88531 |
|  | Xinyi Solar Holdings Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326 |
| <sup>b</sup> | Yadea Group Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11645 |
|  | Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 |
|  | Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699 |
|  | Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 |
|  | Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 |
|  | Yuexiu Property Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 |
|  | Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 |
|  | Yunnan Energy New Material Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 |
|  | Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 |
|  | Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649 |
|  | Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466 |
|  | Zhejiang China Commodities City Group Co. Ltd., Class A | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192 |
|  | Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 |
|  | Zhejiang Longsheng Group Co. Ltd., Class A | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 |

---

franklintempleton.com Annual Report 7

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Zhejiang Weixing New Building Materials Co. Ltd., Class A | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 500 | &nbsp;&nbsp;$824 |
|  | Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2746 |
|  | Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 3873 |
|  | Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 4396 |
|  | Zhuzhou Kibing Group Co. Ltd., Class A | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
|  | Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3105 |
|  | Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
|  | ZTE Corp., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064 |
|  | ZTE Corp., Class H | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12262 |
| <sup>a</sup> | ZTO Express Cayman, Inc. | Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39459 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193693 |
|  | **Colombia 0.4%** |  |  |  |
|  | Bancolombia SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15583 |
|  | Ecopetrol SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;23795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11777 |
|  | Grupo Energia Bogota SA ESP | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;14420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9802 |
|  | Interconexion Electrica SA ESP | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48620 |
|  | **Czech Republic 0.4%** |  |  |  |
|  | CEZ AS | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36562 |
|  | Komercni Banka AS | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16899 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53461 |
|  | **Greece 0.5%** |  |  |  |
|  | Hellenic Telecommunications Organization SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15312 |
|  | Jumbo SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5744 |
|  | Metlen Energy & Metals SA | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20174 |
|  | Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 |
|  | National Bank of Greece SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 |
|  | OPAP SA | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17226 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72228 |
|  | **Hong Kong 1.7%** |  |  |  |
|  | Beijing Enterprises Water Group Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5758 |
|  | Bosideng International Holdings Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10257 |
|  | China Everbright Environment Group Ltd., Class B | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 |
|  | China Gas Holdings Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935 |
|  | China Mengniu Dairy Co. Ltd., Class B | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37016 |
|  | China Power International Development Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9415 |
|  | China Resources Beer Holdings Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27088 |
|  | China Resources Gas Group Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11927 |
|  | China Resources Land Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49741 |
|  | Far East Horizon Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094 |
|  | Geely Automobile Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 |
|  | Guangdong Investment Ltd. | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11028 |
|  | Kunlun Energy Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19511 |
|  | Orient Overseas International Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115 |
|  | Xinyi Glass Holdings Ltd. | Building Products | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228652 |

---

8 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Hungary 0.2%** |  |  |  |
|  | MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1825 | &nbsp;&nbsp;$14331 |
|  | Richter Gedeon Nyrt | Pharmaceuticals | &nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp; 19936 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34267 |
|  | **India 14.1%** |  |  |  |
|  | Ashok Leyland Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 7985 | &nbsp;&nbsp;&nbsp;&nbsp; 19079 |
|  | Asian Paints Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 6709 |
|  | Bank of Baroda | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13690 |
|  | Bank of India | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 |
|  | Bharat Forge Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10191 |
|  | Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;9095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29632 |
|  | Bosch Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14930 |
|  | Britannia Industries Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30035 |
|  | Canara Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;9025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9398 |
|  | Coal India Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;11255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52435 |
|  | Colgate-Palmolive India Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19292 |
|  | Container Corp. of India Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10964 |
|  | Cummins India Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23566 |
| <sup>d</sup> | Dixon Technologies India Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28526 |
|  | GAIL India Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;14460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30966 |
|  | Godrej Consumer Products Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27465 |
|  | HCL Technologies Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103872 |
| <sup>b</sup> | HDFC Asset Management Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20898 |
|  | HDFC Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131651 |
|  | Hero MotoCorp Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29837 |
|  | Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18550 |
|  | Hindustan Unilever Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34356 |
|  | Indian Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771 |
|  | Indian Oil Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;17820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26624 |
| <sup>b</sup> | Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815 |
|  | Indraprastha Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888 |
|  | Info Edge India Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18064 |
|  | Infosys Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;11125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204434 |
|  | ITC Ltd. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;14625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70111 |
|  | Larsen & Toubro Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086 |
| <sup>b</sup> | LTIMindtree Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925 |
|  | Mahindra & Mahindra Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23392 |
|  | Marico Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527 |
|  | Maruti Suzuki India Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 |
|  | Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192 |
|  | Mphasis Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12578 |
|  | NHPC Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;13845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13315 |
|  | NMDC Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;17235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13891 |
|  | NTPC Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;22785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95328 |
|  | Oberoi Realty Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 |
|  | Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;21435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61788 |
|  | Oil India Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13484 |
|  | Oracle Financial Services Software Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11482 |
|  | Page Industries Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14985 |
|  | Patanjali Foods Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
|  | Persistent Systems Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26126 |
|  | Petronet LNG Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13053 |
|  | Power Finance Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30049 |
|  | Power Grid Corp. of India Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;21685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73664 |
|  | Punjab National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293 |
|  | REC Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26614 |
|  | Shriram Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;6485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49772 |
|  | State Bank of India | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905 |

---

franklintempleton.com Annual Report 9

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | Steel Authority of India Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 3415 | &nbsp;&nbsp;$4602 |
|  | Tata Communications Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 9878 |
|  | Tata Consultancy Services Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 52949 |
|  | Tata Elxsi Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 4881 |
|  | Tata Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 15095 | &nbsp;&nbsp;&nbsp;&nbsp; 27240 |
|  | Tata Technologies Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 3301 |
|  | Tech Mahindra Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55670 |
|  | Torrent Power Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 |
|  | UltraTech Cement Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31645 |
|  | Union Bank of India Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11013 |
|  | Vedanta Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;7695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41719 |
|  | Voltas Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15786 |
|  | Wipro Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;15080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46269 |
| <sup>c</sup> | Zomato Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;21295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50252 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911802 |
|  | **Indonesia 1.8%** |  |  |  |
|  | Alamtri Resources Indonesia Tbk. PT, Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;74500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 |
|  | Aneka Tambang Tbk. PT | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 |
|  | Astra International Tbk. PT, Class H | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;87500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25996 |
| <sup>c</sup> | Bank Mandiri Persero Tbk. PT, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55266 |
| <sup>c</sup> | Bank Negara Indonesia Persero Tbk. PT, Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17155 |
|  | Bank Rakyat Indonesia Persero Tbk. PT, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69456 |
|  | Golden Energy Mines Tbk. PT | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 |
|  | Indofood Sukses Makmur Tbk. PT | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8789 |
|  | Indosat Tbk. PT | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 |
| <sup>b</sup> | Pertamina Geothermal Energy PT | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 |
|  | Sarana Menara Nusantara Tbk. PT | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;103500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 |
|  | Telkom Indonesia Persero Tbk. PT, Class B | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33618 |
|  | Trimegah Bangun Persada Tbk. PT | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 |
|  | Unilever Indonesia Tbk. PT | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  | United Tractors Tbk. PT | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244614 |
|  | **Kuwait 0.1%** |  |  |  |
|  | Kuwait Finance House KSCP | Banks | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15467 |
|  | **Malaysia 2.5%** |  |  |  |
|  | AMMB Holdings Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15144 |
|  | Axiata Group Bhd., Class A | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664 |
|  | CIMB Group Holdings Bhd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74141 |
|  | Genting Malaysia Bhd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6172 |
|  | KLCCP Stapled Group | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 |
|  | Malayan Banking Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79820 |
|  | Maxis Bhd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12223 |
|  | MISC Bhd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18581 |
|  | Petronas Dagangan Bhd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8239 |
|  | Petronas Gas Bhd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 |
|  | RHB Bank Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30828 |
|  | Sime Darby Bhd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210 |
|  | Tenaga Nasional Bhd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54274 |
|  | Westports Holdings Bhd. | Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332789 |
|  | **Mexico 2.2%** |  |  |  |
|  | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;13850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16187 |
|  | Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;10425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101828 |
| <sup>b</sup> | GMexico Transportes SAB de CV, Class C | Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 |

---

10 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Mexico (continued)** |  |  |  |
|  | Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 290 | &nbsp;&nbsp;$5364 |
|  | Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 14150 | &nbsp;&nbsp;&nbsp;&nbsp; 98166 |
|  | Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 4725 | &nbsp;&nbsp;&nbsp;&nbsp; 23632 |
|  | Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp;Household Products | &nbsp;&nbsp; 7170 | &nbsp;&nbsp;&nbsp;&nbsp; 11758 |
|  | Wal-Mart de Mexico SAB de CV, Class V | Consumer Staples Distribution & Retail | &nbsp;&nbsp; 13225 | &nbsp;&nbsp;&nbsp;&nbsp; 36433 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297814 |
|  | **Peru 0.5%** |  |  |  |
|  | Credicorp Ltd. | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62364 |
|  | **Philippines 0.2%** |  |  |  |
|  | Aboitiz Power Corp., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 |
|  | Manila Electric Co. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14417 |
| <sup>b</sup> | Monde Nissin Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 |
|  | PLDT, Inc. | Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32706 |
| <sup>c,e,f</sup> | **Russia 0.0%** |  |  |  |
|  | Alrosa PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;54971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Gazprom PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;44709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | GMK Norilskiy Nickel PAO | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;69300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Inter RAO UES PJSC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;811741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | LUKOIL PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;21224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Novolipetsk Steel PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;35119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | PhosAgro PJSC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | PhosAgro PJSC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>d</sup> | PhosAgro PJSC, GDR | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Polyus PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;7560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Rosneft Oil Co. PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;20055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Severstal PAO | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;6090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Surgutneftegas PAO | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;132846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Tatneft PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;29792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | United Co. RUSAL International PJSC | Metals & Mining | &nbsp;&nbsp;&nbsp;24749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Saudi Arabia 4.5%** |  |  |  |
|  | Arab National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27958 |
|  | Arabian Drilling Co. | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 |
|  | Banque Saudi Fransi | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31264 |
|  | Etihad Etisalat Co. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32442 |
|  | Jarir Marketing Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177 |
|  | Nahdi Medical Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7831 |
|  | Riyad Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65441 |
|  | SABIC Agri-Nutrients Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33769 |
|  | Sahara International Petrochemical Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10092 |
| <sup>b</sup> | Saudi Arabian Oil Co. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;15025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107147 |
|  | Saudi Aramco Base Oil Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 |
|  | Saudi Awwal Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51285 |
|  | Saudi Basic Industries Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76587 |
|  | Saudi Investment Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12846 |
|  | Saudi National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;12425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118748 |
|  | Yanbu National Petrochemical Co. | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12720 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610313 |
|  | **Singapore 0.1%** |  |  |  |
| <sup>b</sup> | BOC Aviation Ltd., Class A | Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7802 |

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franklintempleton.com Annual Report 11

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **South Africa 3.1%** |  |  |  |
|  | Absa Group Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 4275 | &nbsp;&nbsp;$41140 |
|  | Bidvest Group Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 21448 |
|  | FirstRand Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 26325 | &nbsp;&nbsp;&nbsp;&nbsp; 102827 |
|  | Kumba Iron Ore Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 5938 |
|  | Mr. Price Group Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 16084 |
|  | Naspers Ltd., Class N | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 19652 |
|  | Nedbank Group Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34968 |
|  | Old Mutual Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;24665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15959 |
|  | Sanlam Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;9290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41798 |
|  | Standard Bank Group Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87085 |
|  | Vodacom Group Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19303 |
|  | Woolworths Holdings Ltd. | Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13740 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419942 |
|  | **South Korea 5.5%** |  |  |  |
|  | Coway Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10727 |
|  | DB Insurance Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12636 |
|  | GS Holdings Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247 |
|  | Hana Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58284 |
|  | Hyundai Motor Co. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81023 |
|  | Industrial Bank of Korea | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12264 |
| <sup>c</sup> | Kangwon Land, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506 |
|  | Kia Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70831 |
|  | Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10907 |
|  | KT&G Corp. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40509 |
|  | NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6712 |
|  | Samsung Card Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;6420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252004 |
|  | Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283 |
|  | Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29275 |
|  | Samsung Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9834 |
|  | SK Hynix, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60868 |
|  | SK Telecom Co. Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19976 |
|  | Woori Financial Group, Inc. | Banks | &nbsp;&nbsp;&nbsp;&nbsp;3265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36586 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738872 |
|  | **Taiwan 18.3%** |  |  |  |
|  | Acer, Inc., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16015 |
|  | Alchip Technologies Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15927 |
|  | ASE Technology Holding Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64604 |
|  | Asia Cement Corp. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14065 |
|  | Asustek Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 |
|  | AUO Corp., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14259 |
|  | Catcher Technology Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23788 |
|  | Chailease Holding Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;8730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 |
|  | Cheng Shin Rubber Industry Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18143 |
|  | Chicony Electronics Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 |
|  | CTBC Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77231 |
|  | Elite Material Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 |
|  | Eva Airways Corp., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18319 |
|  | Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33205 |
|  | Far Eastern New Century Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954 |
|  | Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19615 |
|  | Formosa Petrochemical Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716 |
|  | Gigabyte Technology Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14577 |
|  | Globalwafers Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529 |
|  | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87945 |
|  | Hua Nan Financial Holdings Co. Ltd., Class C | Banks | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12559 |

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12 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** |  |  |  |
| **Taiwan (continued)** |  |  |  |
| Innolux Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;$18191 |
| Inventec Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 19065 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 10285 |
| Lite-On Technology Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 32032 |
| Lotes Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 10767 |
| MediaTek, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4450 | &nbsp;&nbsp;&nbsp;&nbsp; 186296 |
| momo.com, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 |
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11273 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50885 |
| Pegatron Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27796 |
| Phison Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15842 |
| Powertech Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12861 |
| Quanta Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81139 |
| Radiant Opto-Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10843 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35772 |
| Sino-American Silicon Products, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11317 |
| Synnex Technology International Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15053 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24561 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;43115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181678 |
| Teco Electric & Machinery Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11806 |
| Tripod Technology Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15348 |
| Unimicron Technology Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16716 |
| United Microelectronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80687 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12498 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912 |
| Walsin Lihwa Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 |
| Wistron Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481 |
| Wiwynn Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25607 |
| WPG Holdings Ltd. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16806 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476670 |
| **Thailand 1.3%** |  |  |  |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44584 |
| Home Product Center PCL, NVDR | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211 |
| Intouch Holdings PCL, NVDR | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10811 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25755 |
| PTT Global Chemical PCL, NVDR | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 |
| PTT PCL, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;50500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47634 |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 |
| Siam Cement PCL, NVDR | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6898 |
| Thai Oil PCL, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 |
| TMBThanachart Bank PCL, NVDR | Banks | &nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172967 |
| **Turkey 0.5%** |  |  |  |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9346 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 |
| KOC Holding AS | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14308 |
| Tofas Turk Otomobil Fabrikasi AS | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14486 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214 |
| Yapi ve Kredi Bankasi AS | Banks | &nbsp;&nbsp;&nbsp;14950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68331 |

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franklintempleton.com Annual Report 13

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United Arab Emirates 3.8%** |  |  |  |
|  | Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 15915 | &nbsp;&nbsp;$47229 |
|  | Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 7420 | &nbsp;&nbsp;&nbsp;&nbsp; 32403 |
|  | Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 15560 | &nbsp;&nbsp;&nbsp;&nbsp; 14403 |
|  | ADNOC Drilling Co. PJSC | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp; 9700 | &nbsp;&nbsp;&nbsp;&nbsp; 13574 |
|  | Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 48300 | &nbsp;&nbsp;&nbsp;&nbsp; 32480 |
|  | Dubai Islamic Bank PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 15165 | &nbsp;&nbsp;&nbsp;&nbsp; 29603 |
|  | Emaar Development PJSC | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14724 |
|  | Emaar Properties PJSC | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;15565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56572 |
|  | Emirates Integrated Telecommunications Co. PJSC | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;4815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566 |
|  | Emirates NBD Bank PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;13865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76251 |
|  | Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;17430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80197 |
|  | Fertiglobe PLC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;6685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 |
|  | First Abu Dhabi Bank PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;22995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86520 |
|  | Salik Co. PJSC | Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;9615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13167 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511547 |
|  | **United States 0.2%** |  |  |  |
|  | JBS SA | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21532 |
|  | **Total Common Stocks (Cost $12,779,604)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13094877 |
|  | **Preferred Stocks 2.7%** |  |  |  |
|  | **Brazil 2.1%** |  |  |  |
| <sup>g</sup> | Cia Energetica de Minas Gerais, 12.456%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17913 |
| <sup>g</sup> | Itau Unibanco Holding SA, 7.014%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120646 |
| <sup>g</sup> | Itausa SA, 8.942%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51147 |
| <sup>g</sup> | Petroleo Brasileiro SA, 15.875%, pfd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283779 |
|  | **Colombia 0.2%** |  |  |  |
| <sup>g</sup> | Bancolombia SA, 9.255%, pfd. | Banks | &nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22817 |
| <sup>c,e,f</sup> | **Russia 0.0%** |  |  |  |
|  | Surgutneftegas PAO, pfd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;162582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **South Korea 0.4%** |  |  |  |
| <sup>g</sup> | Hyundai Motor Co., 8.159%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16114 |
| <sup>g</sup> | Hyundai Motor Co., 8.181%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003 |
| <sup>g</sup> | Samsung Electronics Co. Ltd., 2.301%, pfd. | Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34779 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60896 |
|  | **Total Preferred Stocks (Cost $436,985)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367492 |
|  | **Total Investments before Short-Term Investments (Cost $13,216,589)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13462369 |

---

14 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Emerging Market Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>h,i</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 7 | &nbsp;&nbsp;$7 |
|  | **Total Short-Term Investments (Cost $7)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
|  | **Total Investments (Cost $13,216,596) 99.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13462376 |
|  | **Other Assets, less Liabilities 0.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56077 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$13518453 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Variable interest entity (VIE). See Note 6 regarding investments made through a VIE structure. At March 31, 2025, the value of these securities was $1,194,531, representing 8.8% of net assets. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $536,724, representing 4.0% of net assets. |
| <sup>c</sup>Non-income producing. |
| <sup>d</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the aggregate value of these securities was $28,526, representing 0.2% of net assets. |
| <sup>e</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>f</sup>See Note 6 regarding investments in Russian securities. |
| <sup>g</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>h</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>i</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;1 | &nbsp;&nbsp;$55540 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(1897) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 93.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 15

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin International Core Dividend Tilt Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $32.06 | $28.63 | $28.65 | $26.52 | &nbsp;&nbsp;$22.55 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.12) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;(2.03) |
| Net asset value, end of year | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$32.06 | &nbsp;&nbsp;$28.63 | &nbsp;&nbsp;$28.65 | &nbsp;&nbsp;$26.52 |
| Total return<sup>c</sup> | 5.14% | 15.64% | 6.56% | 11.13% | &nbsp;&nbsp;27.54% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.11%<sup>e</sup> | &nbsp;&nbsp;0.12% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d,f</sup> | &nbsp;&nbsp;0.11%<sup>e,f</sup> | &nbsp;&nbsp;0.12%<sup>f</sup> | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% |
| Net investment income | 3.72% | 3.64% | 4.49% | 3.54% | &nbsp;&nbsp;2.97% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$1269148 | &nbsp;&nbsp;$766199 | &nbsp;&nbsp;$240459 | &nbsp;&nbsp;$17192 | &nbsp;&nbsp;$13260 |
| Portfolio turnover rate<sup>g</sup> | 26.28%<sup>h</sup> | 21.29%<sup>h</sup> | 49.07%<sup>h</sup> | 30.20%<sup>h</sup> | &nbsp;&nbsp;42.33%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Expense ratios are including European Union tax reclaim contingent fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would not have changed for the year ended March 31, 2025. |
| <sup>e</sup>Expense ratios include European Union tax reclaims contingent fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 26.10% | 21.29% | 49.07% | 30.20% | &nbsp;&nbsp;41.62% |

---

16 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin International Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 98.5%** |  |  |  |
|  | **Australia 10.6%** |  |  |  |
|  | ANZ Group Holdings Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 472779 | &nbsp;&nbsp;$8570270 |
|  | APA Group | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 284925 | &nbsp;&nbsp;&nbsp;&nbsp; 1402653 |
|  | ASX Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 42444 | &nbsp;&nbsp;&nbsp;&nbsp; 1722886 |
|  | Atlas Arteria Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 257808 | &nbsp;&nbsp;&nbsp;&nbsp; 779167 |
|  | BHP Group Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 518760 | &nbsp;&nbsp;&nbsp;&nbsp; 12348735 |
|  | Brambles Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp; 65633 | &nbsp;&nbsp;&nbsp;&nbsp; 819211 |
|  | Cochlear Ltd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130762 |
|  | Coles Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;299859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649320 |
|  | Commonwealth Bank of Australia | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;120651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11347472 |
|  | CSL Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968131 |
|  | Dexus | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;242088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068069 |
|  | Endeavour Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;313614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750446 |
|  | Fortescue Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;372957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572113 |
|  | Goodman Group | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453309 |
|  | GPT Group | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;456273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239664 |
|  | Insurance Australia Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;348591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674801 |
|  | Lottery Corp. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;503040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492114 |
|  | Macquarie Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274658 |
|  | Medibank Pvt Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;627621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736493 |
|  | Mirvac Group | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;900363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172618 |
|  | National Australia Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;209862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448983 |
|  | Northern Star Resources Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484545 |
|  | Origin Energy Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;386319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534936 |
|  | Pro Medicus Ltd. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663558 |
|  | REA Group Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397951 |
|  | Rio Tinto Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317254 |
|  | Rio Tinto PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;184317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911617 |
|  | Santos Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;740363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072639 |
|  | Scentre Group | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;1203366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519589 |
|  | SEEK Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429747 |
|  | Sonic Healthcare Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;111255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785904 |
|  | Stockland | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;561204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713600 |
|  | Suncorp Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;259380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108196 |
|  | Telstra Group Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;927480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433208 |
|  | TPG Telecom Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295654 |
|  | Transurban Group | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;731373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102561 |
|  | Treasury Wine Estates Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;133227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809449 |
|  | Vicinity Ltd. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;846129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159984 |
|  | Wesfarmers Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;162702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300932 |
|  | Westpac Banking Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;241302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747097 |
|  | WiseTech Global Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551659 |
|  | Woodside Energy Group Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;470421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777463 |
|  | Woolworths Group Ltd. | Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251955 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133991373 |
|  | **Austria 0.7%** |  |  |  |
|  | ANDRITZ AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812062 |
| <sup>a</sup> | BAWAG Group AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734160 |
|  | Erste Group Bank AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407480 |
|  | Mondi PLC | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431933 |
|  | OMV AG | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532513 |
|  | Verbund AG | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395915 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314063 |
|  | **Belgium 0.5%** |  |  |  |
|  | Ageas SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067746 |
|  | Colruyt Group NV | Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209713 |

---

franklintempleton.com Annual Report 17

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Belgium (continued)** |  |  |  |
|  | KBC Group NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 23187 | &nbsp;&nbsp;$2103915 |
|  | UCB SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 4716 | &nbsp;&nbsp;&nbsp;&nbsp; 829085 |
|  | Warehouses De Pauw CVA | Industrial REITs | &nbsp;&nbsp; 36549 | &nbsp;&nbsp;&nbsp;&nbsp; 865407 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075866 |
|  | **China 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Budweiser Brewing Co. APAC Ltd., Class H | Beverages | &nbsp;&nbsp; 393000 | &nbsp;&nbsp;&nbsp;&nbsp; 473804 |
|  | **Denmark 2.5%** |  |  |  |
|  | AP Moller - Maersk AS, Class A | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300948 |
|  | AP Moller - Maersk AS, Class B | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489347 |
|  | Coloplast AS, Class B | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456684 |
|  | Danske Bank AS | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;147375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803178 |
|  | DSV AS | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909851 |
|  | Novo Nordisk AS, Class B | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;288855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19648179 |
|  | Tryg AS | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643400 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31251587 |
|  | **Finland 2.0%** |  |  |  |
|  | Elisa OYJ | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473573 |
|  | Fortum OYJ | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539475 |
|  | Kesko OYJ, Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388987 |
|  | Kesko OYJ, Class B | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153231 |
|  | Kone OYJ, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143847 |
|  | Metso OYJ | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;148066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519759 |
|  | Neste OYJ | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822385 |
|  | Nordea Bank Abp | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;651594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283497 |
|  | Orion OYJ, Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343860 |
|  | Orion OYJ, Class B | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397346 |
|  | UPM-Kymmene OYJ | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;116328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103742 |
|  | Wartsila OYJ Abp | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113598 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25283300 |
|  | **France 9.3%** |  |  |  |
|  | Air Liquide SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263954 |
|  | Airbus SE | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967444 |
| <sup>a</sup> | Amundi SA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008657 |
|  | AXA SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;193749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245939 |
|  | BNP Paribas SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;154842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12863999 |
|  | Bouygues SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684784 |
|  | Bureau Veritas SA | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099407 |
|  | Capgemini SE | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703258 |
|  | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490130 |
|  | Credit Agricole SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;264882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799758 |
|  | Danone SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518531 |
|  | Dassault Systemes SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017245 |
|  | Engie SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;405576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901195 |
|  | EssilorLuxottica SA | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267352 |
|  | Hermes International SCA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312902 |
|  | Kering SA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241965 |
|  | Legrand SA | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825604 |
|  | L'Oreal SA | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202018 |
|  | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11649476 |
|  | Orange SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;378459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903695 |
|  | Pernod Ricard SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634428 |
|  | Sanofi SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;124581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715626 |
|  | Schneider Electric SE | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215136 |
|  | TotalEnergies SE | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;116721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522058 |

---

18 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **France (continued)** |  |  |  |
|  | Veolia Environnement SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 34977 | &nbsp;&nbsp;$1199584 |
|  | Vinci SA | Construction & Engineering | &nbsp;&nbsp; 31047 | &nbsp;&nbsp;&nbsp;&nbsp; 3900352 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118154497 |
|  | **Germany 7.2%** |  |  |  |
|  | adidas AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3144 | &nbsp;&nbsp;&nbsp;&nbsp; 735946 |
|  | Allianz SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 31047 | &nbsp;&nbsp;&nbsp;&nbsp; 11808373 |
|  | BASF SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;178422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845414 |
|  | Bayerische Motoren Werke AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879453 |
|  | Daimler Truck Holding AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057079 |
|  | Deutsche Post AG | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;140301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983321 |
|  | Deutsche Telekom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;163488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043246 |
|  | E.ON SE | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343725 |
|  | Infineon Technologies AG | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890328 |
|  | Mercedes-Benz Group AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;149340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8741777 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741719 |
|  | Rheinmetall AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359642 |
|  | SAP SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19090442 |
|  | Siemens AG | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694220 |
| <sup>b</sup> | Siemens Energy AG | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737063 |
|  | Vonovia SE | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890063 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90841811 |
|  | **Hong Kong 2.7%** |  |  |  |
|  | AIA Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845302 |
|  | CK Asset Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;411300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662582 |
|  | CK Infrastructure Holdings Ltd., Class A | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868476 |
|  | CLP Holdings Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;415400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385006 |
|  | Hang Seng Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167526 |
|  | Henderson Land Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;284500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817266 |
|  | HKT Trust & HKT Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;800521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070064 |
|  | Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123864 |
|  | Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074953 |
|  | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664748 |
|  | Link REIT | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;550200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574101 |
|  | MTR Corp. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;335500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097448 |
|  | Power Assets Holdings Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;305500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829788 |
|  | Sino Land Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800997 |
|  | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;393398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736631 |
|  | Swire Pacific Ltd., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154300 |
|  | Swire Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;235800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517043 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;170600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044709 |
| <sup>a</sup> | WH Group Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;1677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538987 |
|  | Wharf Real Estate Investment Co. Ltd. | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;393270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956347 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34930138 |
|  | **Ireland 0.2%** |  |  |  |
|  | DCC PLC | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208790 |
|  | Experian PLC | Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755624 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964414 |
|  | **Isle Of Man 0.0%<sup>†</sup>** |  |  |  |
|  | Entain PLC | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638953 |
|  | **Israel 0.5%** |  |  |  |
|  | Azrieli Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367888 |
|  | Bank Hapoalim BM | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;134013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800768 |
|  | Bank Leumi Le-Israel BM | Banks | &nbsp;&nbsp;&nbsp;&nbsp;110433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476213 |

---

franklintempleton.com Annual Report 19

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Israel (continued)** |  |  |  |
|  | Israel Discount Bank Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 158477 | &nbsp;&nbsp;$1093663 |
|  | Mizrahi Tefahot Bank Ltd. | Banks | &nbsp;&nbsp; 28296 | &nbsp;&nbsp;&nbsp;&nbsp; 1264112 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6002644 |
|  | **Italy 5.2%** |  |  |  |
|  | A2A SpA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 326583 | &nbsp;&nbsp;&nbsp;&nbsp; 784925 |
|  | Banca Mediolanum SpA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 44409 | &nbsp;&nbsp;&nbsp;&nbsp; 713323 |
|  | Banco BPM SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;282932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856355 |
|  | Enel SpA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;1419909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11498797 |
|  | Eni SpA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;466491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204817 |
|  | Ferrari NV | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830437 |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;103359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031444 |
|  | Generali | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;124188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343711 |
| <sup>a</sup> | Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842132 |
|  | Intesa Sanpaolo SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2370576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12122342 |
|  | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;128904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404016 |
|  | Moncler SpA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153333 |
| <sup>a</sup> | Poste Italiane SpA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715812 |
|  | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110117 |
|  | Snam SpA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;477495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473215 |
|  | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;279030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520979 |
|  | UniCredit SpA | Banks | &nbsp;&nbsp;&nbsp;&nbsp;167025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297068 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65902823 |
|  | **Japan 20.8%** |  |  |  |
|  | ABC-Mart, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111703 |
|  | Advantest Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;103300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470761 |
|  | AGC, Inc. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385930 |
|  | Asahi Kasei Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201263 |
|  | Asics Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808680 |
|  | Astellas Pharma, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;413500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999784 |
|  | Bridgestone Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;117900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726565 |
|  | Brother Industries Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048487 |
|  | Canon, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;105759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285078 |
|  | Capcom Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737602 |
|  | Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114173 |
|  | Daifuku Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916227 |
|  | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221082 |
|  | Daikin Industries Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906277 |
|  | Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379927 |
|  | Daiwa Securities Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089412 |
|  | Denso Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;196500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423071 |
|  | Dentsu Group, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071439 |
|  | Disco Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821138 |
|  | Eisai Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245496 |
|  | FANUC Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928527 |
|  | Fast Retailing Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074244 |
|  | Fuji Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849417 |
|  | FUJIFILM Holdings Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257553 |
|  | Fujikura Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021452 |
|  | Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588592 |
|  | Hitachi Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;346288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8007649 |
|  | Honda Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;295400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651963 |
|  | Hoshizaki Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459321 |
|  | Hoya Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505667 |
|  | Hulic Co. Ltd. | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;117900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132956 |

---

20 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Isuzu Motors Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 136500 | &nbsp;&nbsp;$1840660 |
|  | ITOCHU Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 42100 | &nbsp;&nbsp;&nbsp;&nbsp; 1942839 |
|  | Japan Exchange Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 66300 | &nbsp;&nbsp;&nbsp;&nbsp; 677232 |
|  | Japan Post Bank Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 157200 | &nbsp;&nbsp;&nbsp;&nbsp; 1583143 |
|  | Japan Real Estate Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1148054 |
|  | Japan Tobacco, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp; 243300 | &nbsp;&nbsp;&nbsp;&nbsp; 6693435 |
|  | JFE Holdings, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632507 |
|  | Kajima Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815912 |
|  | Kansai Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184907 |
|  | Kao Corp. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161371 |
|  | Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420934 |
| <sup>c</sup> | Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349090 |
|  | Keyence Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408051 |
|  | Kirin Holdings Co. Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;132900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846327 |
|  | Komatsu Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240685 |
|  | Kyocera Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896349 |
|  | Lasertec Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395190 |
|  | LY Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;235800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798352 |
|  | M3, Inc. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511032 |
|  | Makita Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589525 |
|  | Marubeni Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;128300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041526 |
|  | Minebea Mitsumi, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571209 |
|  | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788552 |
|  | Mitsubishi Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690260 |
|  | Mitsubishi Electric Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762525 |
|  | Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077972 |
|  | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;223700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778696 |
|  | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;589500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7927541 |
|  | Mitsui & Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615600 |
|  | Mitsui OSK Lines Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889932 |
|  | Mizuho Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;216700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870347 |
|  | MonotaRO Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503977 |
|  | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110462 |
|  | Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;196500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029495 |
|  | NEC Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998980 |
|  | NIDEC Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309825 |
|  | Nintendo Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4773077 |
|  | Nippon Building Fund, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022335 |
|  | Nippon Steel Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;106300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271155 |
|  | Nippon Yusen KK | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582464 |
|  | Nissan Chemical Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413077 |
|  | Niterra Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378612 |
|  | Nitto Denko Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;106110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940690 |
|  | Nomura Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909443 |
|  | Nomura Research Institute Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478620 |
|  | NTT Data Group Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197248 |
|  | Obayashi Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;157200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085628 |
|  | Obic Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596471 |
|  | Omron Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975993 |
|  | Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023397 |
|  | ORIX Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;157200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241974 |
|  | Otsuka Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115310 |
|  | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508087 |
|  | Panasonic Holdings Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947706 |
|  | Recruit Holdings Co. Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;101300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186934 |
|  | Renesas Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;142800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897920 |
|  | SBI Holdings, Inc. | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901740 |

---

franklintempleton.com Annual Report 21

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | SCREEN Holdings Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 19860 | &nbsp;&nbsp;$1274286 |
|  | Seiko Epson Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 44600 | &nbsp;&nbsp;&nbsp;&nbsp; 711769 |
|  | Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378257 |
|  | Sekisui House Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp; 133350 | &nbsp;&nbsp;&nbsp;&nbsp; 2978394 |
|  | Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 60700 | &nbsp;&nbsp;&nbsp;&nbsp; 877986 |
|  | SG Holdings Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 410164 |
|  | Shimadzu Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82312 |
|  | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;196500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566230 |
|  | SMC Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468807 |
|  | SoftBank Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;5698500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941470 |
|  | SoftBank Group Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350896 |
|  | Sompo Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526548 |
|  | Sony Group Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;319300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039083 |
|  | Subaru Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183951 |
|  | Sumitomo Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;115100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595407 |
|  | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;174700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880903 |
|  | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;205552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216463 |
|  | Suzuki Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280808 |
|  | Sysmex Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764552 |
|  | Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9278101 |
|  | TDK Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;291100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009500 |
|  | Terumo Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589177 |
|  | Tokio Marine Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;126311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844991 |
|  | Tokyo Century Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400706 |
|  | Tokyo Electron Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7668265 |
|  | Toray Industries, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534022 |
|  | TOTO Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119753 |
|  | Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182302 |
|  | Toyota Industries Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180116 |
|  | Toyota Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;825300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14437507 |
|  | Toyota Tsusho Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497067 |
|  | Yamaha Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637689 |
|  | Yaskawa Electric Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207128 |
|  | Yokogawa Electric Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532015 |
|  | Zensho Holdings Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91525 |
|  | ZOZO, Inc. | Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827085 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264557046 |
|  | **Netherlands 4.6%** |  |  |  |
| <sup>a,b</sup> | Adyen NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178114 |
|  | Akzo Nobel NV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275272 |
| <sup>b</sup> | Argenx SE | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606464 |
|  | ASM International NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703248 |
|  | ASML Holding NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22124223 |
|  | ING Groep NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;446448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675738 |
|  | Koninklijke KPN NV | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;854775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616678 |
|  | Koninklijke Philips NV | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381041 |
|  | NN Group NV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330707 |
|  | Shell PLC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;150519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488480 |
|  | Universal Music Group NV | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835237 |
|  | Wolters Kluwer NV | Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62025 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58277227 |
|  | **New Zealand 0.1%** |  |  |  |
|  | Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360696 |
|  | Mercury NZ Ltd. | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;153663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487351 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848047 |

---

22 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Norway 1.0%** |  |  |  |
|  | Aker BP ASA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 68775 | &nbsp;&nbsp;$1628850 |
|  | DNB Bank ASA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 160737 | &nbsp;&nbsp;&nbsp;&nbsp; 4203561 |
|  | Equinor ASA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 25545 | &nbsp;&nbsp;&nbsp;&nbsp; 675686 |
|  | Gjensidige Forsikring ASA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 35763 | &nbsp;&nbsp;&nbsp;&nbsp; 820862 |
|  | Kongsberg Gruppen ASA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp; 114528 |
|  | Norsk Hydro ASA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 221259 | &nbsp;&nbsp;&nbsp;&nbsp; 1266899 |
|  | Salmar ASA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846088 |
|  | Telenor ASA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;137157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959451 |
|  | Var Energi ASA | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;184710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594563 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12110488 |
|  | **Poland 0.6%** |  |  |  |
|  | Bank Polska Kasa Opieki SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050033 |
|  | ING Bank Slaski SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547849 |
|  | LPP SA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249755 |
|  | ORLEN SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;122223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145048 |
|  | Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;124188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793329 |
|  | Santander Bank Polska SA | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029314 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815328 |
|  | **Portugal 0.1%** |  |  |  |
|  | EDP SA | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;486141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634204 |
|  | **Singapore 2.6%** |  |  |  |
|  | CapitaLand Ascendas REIT, Class A | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;864600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717493 |
|  | CapitaLand Integrated Commercial Trust, Class A | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;1021843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596511 |
|  | CapitaLand Investment Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060040 |
|  | DBS Group Holdings Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;264600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148101 |
|  | Genting Singapore Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;1375500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767521 |
|  | Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312535 |
|  | Keppel Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;314400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613987 |
|  | Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520795 |
|  | Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;527200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785626 |
|  | Singapore Airlines Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616546 |
|  | Singapore Exchange Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;177100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761645 |
|  | Singapore Telecommunications Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;235800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601736 |
|  | United Overseas Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;172500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888420 |
|  | Wilmar International Ltd. | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979503 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33370459 |
|  | **Spain 3.1%** |  |  |  |
| <sup>a</sup> | Aena SME SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563163 |
|  | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;594216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052290 |
|  | Banco Santander SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;520725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485172 |
|  | CaixaBank SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;760455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893039 |
|  | Endesa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799323 |
|  | Iberdrola SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;374529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044223 |
|  | Industria de Diseno Textil SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381957 |
|  | Naturgy Energy Group SA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742466 |
|  | Redeia Corp. SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646726 |
|  | Repsol SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;269205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576783 |
| <sup>c</sup> | Telefonica SA | Diversified Telecommunication Services | &nbsp;&nbsp;1051668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946198 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39131340 |
|  | **Sweden 2.6%** |  |  |  |
|  | Assa Abloy AB, Class B | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539725 |
|  | Atlas Copco AB, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;145803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313665 |
|  | Atlas Copco AB, Class B | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251946 |

---

franklintempleton.com Annual Report 23

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Sweden (continued)** |  |  |  |
|  | Axfood AB | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 22011 | &nbsp;&nbsp;$494777 |
|  | EQT AB | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 70740 | &nbsp;&nbsp;&nbsp;&nbsp; 2142249 |
|  | Essity AB, Class B | &nbsp;&nbsp;Household Products | &nbsp;&nbsp; 15327 | &nbsp;&nbsp;&nbsp;&nbsp; 435469 |
| <sup>a</sup> | Evolution AB | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 38907 | &nbsp;&nbsp;&nbsp;&nbsp; 2889431 |
|  | H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 123795 | &nbsp;&nbsp;&nbsp;&nbsp; 1624909 |
|  | Nordnet AB publ | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 35370 | &nbsp;&nbsp;&nbsp;&nbsp; 816900 |
|  | Sandvik AB | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238262 |
| <sup>b</sup> | Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;160344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625816 |
| <sup>b</sup> | SKF AB, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798989 |
|  | SSAB AB, Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320187 |
|  | SSAB AB, Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;124974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757674 |
|  | Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;222438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505586 |
|  | Svenska Handelsbanken AB, Class B | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87691 |
|  | Swedbank AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;213399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841528 |
|  | Tele2 AB, Class B | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;118686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601566 |
|  | Telefonaktiebolaget LM Ericsson, Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51745 |
|  | Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;404004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124213 |
|  | Telia Co. AB | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;475923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719370 |
| <sup>b</sup> | Volvo AB, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137277 |
| <sup>b</sup> | Volvo AB, Class B | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296226 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32615201 |
|  | **Switzerland 8.8%** |  |  |  |
|  | ABB Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358753 |
|  | Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473330 |
|  | DSM-Firmenich AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784066 |
|  | Givaudan SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047636 |
|  | Julius Baer Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019804 |
|  | Kuehne & Nagel International AG | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531013 |
|  | Lonza Group AG | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649258 |
|  | Nestle SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;182352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18413481 |
|  | Novartis AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;165453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18296605 |
|  | Partners Group Holding AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7045762 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17420150 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831150 |
|  | SGS SA | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202385 |
|  | Sika AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189404 |
|  | STMicroelectronics NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93394 |
|  | Swiss Life Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287155 |
|  | Swiss Re AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6263125 |
|  | Swisscom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942114 |
|  | UBS Group AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780965 |
|  | Zurich Insurance Group AG | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8741724 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112371274 |
|  | **United Kingdom 12.2%** |  |  |  |
|  | 3i Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504102 |
|  | Admiral Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127650 |
|  | Anglo American PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742305 |
|  | Ashtead Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640434 |
|  | AstraZeneca PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;118686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17240456 |
|  | Aviva PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;610722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376585 |
|  | B&M European Value Retail SA | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;208683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701407 |
|  | BAE Systems PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;132048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658028 |
|  | Barratt Redrow PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253136 |
|  | BP PLC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;722727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068204 |
|  | British American Tobacco PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;299859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12315714 |
|  | BT Group PLC | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;108444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232147 |

---

24 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United Kingdom (continued)** |  |  |  |
|  | CK Hutchison Holdings Ltd., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 494500 | &nbsp;&nbsp;$2780661 |
| <sup>a</sup> | ConvaTec Group PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 51090 | &nbsp;&nbsp;&nbsp;&nbsp; 169609 |
|  | Croda International PLC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 22008 | &nbsp;&nbsp;&nbsp;&nbsp; 830332 |
|  | Diageo PLC | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 105324 | &nbsp;&nbsp;&nbsp;&nbsp; 2738653 |
|  | GSK PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 440946 | &nbsp;&nbsp;&nbsp;&nbsp; 8320992 |
|  | Halma PLC | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 18471 | &nbsp;&nbsp;&nbsp;&nbsp; 615348 |
|  | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835480 |
|  | HSBC Holdings PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;1565712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17661027 |
|  | Imperial Brands PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;112398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156479 |
|  | Intermediate Capital Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784152 |
|  | J Sainsbury PLC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;328548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997421 |
|  | Kingfisher PLC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;403611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319595 |
|  | Land Securities Group PLC | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;158379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124353 |
|  | Legal & General Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;1363710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273789 |
|  | Lloyds Banking Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2833923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636606 |
|  | London Stock Exchange Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871988 |
|  | M&G PLC | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;499503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279797 |
|  | National Grid PLC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;751023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785925 |
|  | NatWest Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;527013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073335 |
|  | Persimmon PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120120 |
|  | Phoenix Group Holdings PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;168597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243679 |
|  | Reckitt Benckiser Group PLC | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767254 |
|  | RELX PLC | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382091 |
|  | Rentokil Initial PLC | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;408327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832020 |
| <sup>b</sup> | Rolls-Royce Holdings PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;143445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386786 |
|  | Sage Group PLC | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028612 |
|  | Schroders PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;198072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889191 |
|  | Segro PLC | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;277851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477460 |
|  | Severn Trent PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977187 |
|  | Smith & Nephew PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212871 |
|  | Spirax Group PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829591 |
|  | SSE PLC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776237 |
|  | Taylor Wimpey PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;800541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116996 |
|  | Unilever PLC | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;192177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11435224 |
|  | United Utilities Group PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;148161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928644 |
|  | Vodafone Group PLC | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;4531683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264120 |
|  | WPP PLC | Media | &nbsp;&nbsp;&nbsp;&nbsp;245232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839692 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154623485 |
|  | **United States 0.6%** |  |  |  |
|  | Holcim AG, Class B | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392647 |
|  | Stellantis NV | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;486534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393238 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7785885 |
|  | **Total Common Stocks (Cost $1,166,232,324)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1249965257 |
|  | **Preferred Stocks 0.4%** |  |  |  |
|  | **Germany 0.4%** |  |  |  |
| <sup>d</sup> | Bayerische Motoren Werke AG, 8.737%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994478 |
| <sup>a,d</sup> | Dr. Ing hc F Porsche AG, 5.027%, pfd. | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370626 |

---

franklintempleton.com Annual Report 25

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Preferred Stocks (continued)** |  |  |  |
|  | **Germany (continued)** |  |  |  |
| <sup>d</sup> | Volkswagen AG, 9.684%, pfd. | Automobiles | &nbsp;&nbsp; 41658 | &nbsp;&nbsp;$4210106 |
|  | **Total Preferred Stocks (Cost $6,517,943)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575210 |
|  | **Total Investments before Short-Term Investments (Cost $1,172,750,267)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1255540467 |
|  | **Short-Term Investments 0.3%** |  |  |  |
|  | **Investments from Cash Collateral<br> Received for Loaned Securities 0.3%** |  |  |  |
|  | **United States 0.3%** |  |  |  |
| <sup>e,f</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;3560250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560250 |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>e,f</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;441748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441748 |
|  | **Total Short-Term Investments (Cost $4,001,998)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001998 |
|  | **Total Investments (Cost $1,176,752,265) 99.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1259542465 |
|  | **Other Assets, less Liabilities 0.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605547 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$1269148012 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $16,484,495, representing 1.3% of net assets. |
| <sup>b</sup>Non-income producing. |
| <sup>c</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>d</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>e</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>f</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MSCI EAFE | &nbsp;&nbsp;Long | &nbsp;&nbsp;104 | &nbsp;&nbsp;$12564760 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(325390) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 93.

26 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin International Dividend Multiplier Index ETF**

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Period Ended<br> March 31, 2025\*** |
| **Per share operating performance** |  |
| (for a share outstanding throughout the period) |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$25.38 |
| Income from investment operations<sup>a</sup>: |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net asset value, end of period | &nbsp;&nbsp;$27.79 |
| Total return<sup>c</sup> | &nbsp;&nbsp;9.57% |
| **Ratios to average net assets<sup>d</sup>** |  |
| Expenses | &nbsp;&nbsp;0.19% |
| Net investment income | &nbsp;&nbsp;5.94% |
| **Supplemental data** |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$5557 |
| Portfolio turnover rate<sup>e</sup> | &nbsp;&nbsp;25.27%<sup>f</sup> |

---

---

| |
|:---|
| \*For the period January 21, 2025 (commencement of operations) to March 31, 2025. |
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Ratios are annualized for periods less than one year. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | |
|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | &nbsp;&nbsp;25.27% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 27

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin International Dividend Multiplier Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 95.7%** |  |  |  |
|  | **Australia 8.3%** |  |  |  |
|  | APA Group | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;21286 | &nbsp;&nbsp;$104788 |
|  | Fortescue Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 8701 | &nbsp;&nbsp;&nbsp;&nbsp; 83337 |
| <sup>a</sup> | Glencore PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 8619 | &nbsp;&nbsp;&nbsp;&nbsp; 31183 |
|  | Rio Tinto Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 962 | &nbsp;&nbsp;&nbsp;&nbsp; 69233 |
|  | Rio Tinto PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1466 | &nbsp;&nbsp;&nbsp;&nbsp; 86788 |
|  | Santos Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;13188 | &nbsp;&nbsp;&nbsp;&nbsp; 54733 |
|  | Woodside Energy Group Ltd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30716 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460778 |
|  | **Austria 1.5%** |  |  |  |
|  | OMV AG | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81941 |
|  | **Belgium 1.5%** |  |  |  |
|  | Ageas SA | Insurance | &nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85199 |
|  | **Canada 7.7%** |  |  |  |
|  | Bank of Nova Scotia | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50156 |
|  | BCE, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92877 |
|  | Emera, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39628 |
|  | Enbridge, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46288 |
|  | Keyera Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37077 |
|  | Magna International, Inc. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57307 |
|  | TC Energy Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32345 |
|  | TELUS Corp. | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71847 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427525 |
|  | **China 1.9%** |  |  |  |
|  | SITC International Holdings Co. Ltd. | Marine Transportation | &nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107377 |
|  | **Denmark 1.9%** |  |  |  |
|  | Danske Bank AS | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70235 |
|  | Tryg AS | Insurance | &nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34047 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104282 |
|  | **Finland 1.7%** |  |  |  |
|  | Kesko OYJ, Class B | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38413 |
|  | UPM-Kymmene OYJ | Paper & Forest Products | &nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53682 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92095 |
|  | **France 11.2%** |  |  |  |
| <sup>b</sup> | Amundi SA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41843 |
| <sup>b</sup> | Ayvens SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;11714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102177 |
|  | BNP Paribas SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26419 |
|  | Bouygues SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88807 |
|  | Carrefour SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140046 |
|  | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39770 |
|  | Credit Agricole SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23122 |
|  | Engie SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;3818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74380 |
|  | Orange SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39402 |
|  | Renault SA | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620668 |
|  | **Germany 1.8%** |  |  |  |
| <sup>b</sup> | DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35679 |
|  | Mercedes-Benz Group AG | Automobiles | &nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64858 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100537 |
|  | **Hong Kong 2.7%** |  |  |  |
|  | Henderson Land Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61762 |
|  | HKT Trust & HKT Ltd. | Diversified Telecommunication Services | &nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36091 |

---

28 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Dividend Multiplier Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Hong Kong (continued)** |  |  |  |
|  | Sino Land Co. Ltd. | Real Estate Management & Development | &nbsp;&nbsp;54000 | &nbsp;&nbsp;$54067 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151920 |
|  | **Israel 0.5%** |  |  |  |
|  | ICL Group Ltd. | Chemicals | &nbsp;&nbsp; 5119 | &nbsp;&nbsp;&nbsp;&nbsp; 28693 |
|  | **Italy 8.5%** |  |  |  |
|  | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;11495 | &nbsp;&nbsp;&nbsp;&nbsp; 90668 |
|  | Banco BPM SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;7327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73970 |
|  | BPER Banca SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;6474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50421 |
|  | Enel SpA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28603 |
|  | Eni SpA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41392 |
|  | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34017 |
| <sup>b</sup> | Poste Italiane SpA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104570 |
|  | Snam SpA | Gas Utilities | &nbsp;&nbsp;&nbsp;9289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471754 |
|  | **Japan 10.9%** |  |  |  |
|  | AGC, Inc. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75983 |
|  | Astellas Pharma, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88992 |
|  | Honda Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66434 |
|  | Isuzu Motors Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75514 |
|  | Japan Tobacco, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100415 |
|  | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40976 |
|  | Nippon Steel Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34398 |
|  | Niterra Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66814 |
|  | Takeda Pharmaceutical Co. Ltd. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55480 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605006 |
|  | **Macau 0.1%** |  |  |  |
| <sup>a</sup> | Sands China Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812 |
|  | **Netherlands 2.7%** |  |  |  |
|  | ASR Nederland NV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45783 |
|  | BE Semiconductor Industries NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 |
|  | NN Group NV | Insurance | &nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102034 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152857 |
|  | **Norway 2.2%** |  |  |  |
|  | Telenor ASA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19429 |
|  | Var Energi ASA | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;31302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100758 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120187 |
|  | **Portugal 1.5%** |  |  |  |
|  | EDP SA | Electric Utilities | &nbsp;&nbsp;24446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82177 |
|  | **Singapore 2.5%** |  |  |  |
|  | DBS Group Holdings Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41488 |
|  | Keppel Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64683 |
|  | Wilmar International Ltd. | Food Products | &nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35142 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141313 |
|  | **Spain 4.4%** |  |  |  |
|  | CaixaBank SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29634 |
|  | Endesa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67671 |
|  | Mapfre SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42991 |
|  | Repsol SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;6089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80901 |
|  | Telefonica SA | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;5066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23826 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245023 |

---

franklintempleton.com Annual Report 29

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Dividend Multiplier Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Sweden 3.9%** |  |  |  |
|  | Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 8018 | &nbsp;&nbsp;$90316 |
|  | Swedbank AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 2858 | &nbsp;&nbsp;&nbsp;&nbsp; 64841 |
|  | Tele2 AB, Class B | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp;&nbsp; 21780 |
| <sup>a</sup> | Volvo AB, Class B | Machinery | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 42323 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219260 |
|  | **Switzerland 2.8%** |  |  |  |
|  | Banque Cantonale Vaudoise | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41404 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42028 |
|  | Swiss Prime Site AG | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16203 |
|  | Swiss Re AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27126 |
|  | Zurich Insurance Group AG | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27109 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153870 |
|  | **United Kingdom 15.5%** |  |  |  |
|  | Admiral Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75449 |
|  | Aviva PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58942 |
|  | British American Tobacco PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135003 |
|  | HSBC Holdings PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24455 |
|  | Imperial Brands PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;2447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90490 |
|  | Legal & General Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;29959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93890 |
|  | M&G PLC | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;34851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89293 |
|  | Phoenix Group Holdings PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;18221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134410 |
|  | Reckitt Benckiser Group PLC | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39019 |
|  | United Utilities Group PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74458 |
|  | WPP PLC | Media | &nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44861 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860270 |
|  | **Total Common Stocks (Cost $5,204,309)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5317544 |
|  | **Preferred Stocks 3.6%** |  |  |  |
|  | **Germany 3.6%** |  |  |  |
| <sup>c</sup> | Porsche Automobil Holding SE, 7.407%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110987 |
| <sup>c</sup> | Volkswagen AG, 9.684%, pfd. | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87622 |
|  | **Total Preferred Stocks (Cost $214,225)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198609 |
|  | **Total Investments before Short-Term Investments (Cost $5,418,534)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5516153 |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  | **Total Short-Term Investments (Cost $13)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  | **Total Investments (Cost $5,418,547) 99.3%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5516166 |
|  | **Other Assets, less Liabilities 0.7%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41083 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$5557249 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $284,269, representing 5.1% of net assets. |
| <sup>c</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

30 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Dividend Multiplier Index ETF (continued)

See Abbreviations on page 93.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 31

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Core Dividend Tilt Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $40.34 | $32.29 | $36.29 | $33.29 | &nbsp;&nbsp;$23.32 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;10.87 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) |
| Net asset value, end of year | &nbsp;&nbsp;$43.67 | &nbsp;&nbsp;$40.34 | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$36.29 | &nbsp;&nbsp;$33.29 |
| Total return<sup>c</sup> | 10.64% | 27.72% | (8.09)% | 12.14% | &nbsp;&nbsp;47.20% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.06%<sup>d</sup> | &nbsp;&nbsp;0.06%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45%<sup>d</sup> |
| Net investment income | 1.96% | 2.36% | 2.58% | 2.92% | &nbsp;&nbsp;3.21% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$50223 | &nbsp;&nbsp;$62534 | &nbsp;&nbsp;$24219 | &nbsp;&nbsp;$30851 | &nbsp;&nbsp;$26632 |
| Portfolio turnover rate<sup>e</sup> | 17.55%<sup>f</sup> | 18.11%<sup>f</sup> | 130.60%<sup>f</sup> | 28.73%<sup>f</sup> | &nbsp;&nbsp;42.38%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 17.55% | 18.11% | 130.60% | 27.86% | &nbsp;&nbsp;42.38% |

---

32 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.8%** |  |  |  |
|  | **Brazil 0.3%** |  |  |  |
| <sup>a</sup> | MercadoLibre, Inc. | Broadline Retail | &nbsp;&nbsp; 70 | &nbsp;&nbsp;$136561 |
|  | **Ireland 0.1%** |  |  |  |
|  | TE Connectivity PLC | Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 71508 |
|  | **Netherlands 0.3%** |  |  |  |
|  | NXP Semiconductors NV | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp;&nbsp; 148627 |
|  | **Russia 0.0%** |  |  |  |
| <sup>a,b,c</sup> | Tatneft PJSC | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;15990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **United Kingdom 0.1%** |  |  |  |
|  | CNH Industrial NV | Machinery | &nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32763 |
|  | **United States 99.0%** |  |  |  |
|  | 3M Co. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97956 |
|  | Abbott Laboratories | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274585 |
|  | AbbVie, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;2714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568637 |
|  | Accenture PLC, Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215308 |
| <sup>a</sup> | Adobe, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97033 |
| <sup>a</sup> | Advanced Micro Devices, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111062 |
|  | AES Corp. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25995 |
|  | Air Products & Chemicals, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54265 |
|  | Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42555 |
|  | Alliant Energy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50322 |
|  | Allstate Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52389 |
|  | Alphabet, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;5359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828716 |
|  | Alphabet, Inc., Class C | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733031 |
|  | Altria Group, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285755 |
| <sup>a</sup> | Amazon.com, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;9384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785400 |
|  | Amcor PLC | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41497 |
|  | American Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173411 |
|  | American Tower Corp. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205197 |
|  | Amgen, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408442 |
|  | Amphenol Corp., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89006 |
|  | Analog Devices, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278305 |
|  | Annaly Capital Management, Inc. | &nbsp;&nbsp;Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 |
|  | Apollo Global Management, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113386 |
|  | Apple, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;15295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397478 |
|  | Applied Materials, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173563 |
| <sup>a</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79226 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108395 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66254 |
|  | ARES Management Corp., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91045 |
| <sup>a</sup> | Arista Networks, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124743 |
|  | AT&T, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;17158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485228 |
| <sup>a</sup> | Atlassian Corp., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39047 |
| <sup>a</sup> | Autodesk, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24086 |
|  | Automatic Data Processing, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70272 |
|  | AvalonBay Communities, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93789 |
| <sup>a</sup> | Axon Enterprise, Inc. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48387 |
|  | Baker Hughes Co. | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35380 |
|  | Bank of America Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;8211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342645 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160108 |
|  | Baxter International, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50387 |
|  | Bentley Systems, Inc., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16287 |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52484 |
|  | Blackrock, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370074 |
|  | Blackstone, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315064 |
| <sup>a</sup> | Block, Inc. | Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24992 |

---

franklintempleton.com Annual Report 33

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 5750 | &nbsp;&nbsp;$350692 |
|  | Broadcom, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4876 | &nbsp;&nbsp;&nbsp;&nbsp; 816389 |
|  | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 33459 |
|  | BXP, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp;&nbsp; 32453 |
| <sup>a</sup> | Cadence Design Systems, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 64345 |
|  | Camden Property Trust | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 39381 |
|  | Campbell's Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23872 |
|  | Carlyle Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33085 |
| <sup>a</sup> | Carvana Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33662 |
|  | CDW Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18430 |
|  | Celanese Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16974 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36009 |
|  | Chevron Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;3289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550217 |
| <sup>a</sup> | Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19632 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71349 |
|  | Cisco Systems, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459863 |
|  | Citigroup, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414724 |
|  | Citizens Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59366 |
|  | Clorox Co. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57575 |
| <sup>a</sup> | Cloudflare, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44062 |
|  | CME Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274575 |
|  | CMS Energy Corp. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62191 |
|  | Coca-Cola Co. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;5842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418404 |
| <sup>a</sup> | Coinbase Global, Inc., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43574 |
|  | Comcast Corp., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168891 |
|  | Conagra Brands, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36191 |
|  | ConocoPhillips | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125604 |
|  | Consolidated Edison, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109373 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27825 |
|  | Corebridge Financial, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24688 |
|  | Corning, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113717 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152271 |
|  | Coterra Energy, Inc., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61817 |
|  | CRH PLC | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12140 |
| <sup>a</sup> | Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145968 |
|  | Crown Castle, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129454 |
|  | Cummins, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136973 |
|  | CVS Health Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201014 |
|  | Darden Restaurants, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76456 |
| <sup>a</sup> | Datadog, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41073 |
|  | Dell Technologies, Inc., Class C | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41929 |
|  | Devon Energy Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73977 |
|  | Diamondback Energy, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95608 |
|  | Digital Realty Trust, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141714 |
|  | Discover Financial Services | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82448 |
|  | Dollar General Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26291 |
|  | Dominion Energy, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;2553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143147 |
| <sup>a</sup> | DoorDash, Inc., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88278 |
|  | Dow, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75497 |
|  | DTE Energy Co. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85866 |
|  | Duke Energy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274920 |
| <sup>a</sup> | Dynatrace, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760 |
|  | East West Bancorp, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39225 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32424 |
|  | Eaton Corp. PLC | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162554 |
|  | eBay, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59196 |
|  | Edison International | Electric Utilities | &nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65048 |

---

34 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Eli Lilly & Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 828 | &nbsp;&nbsp;$683853 |
|  | Emerson Electric Co. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp;&nbsp; 103391 |
|  | Entegris, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 28169 |
|  | Entergy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 1288 | &nbsp;&nbsp;&nbsp;&nbsp; 110111 |
|  | EOG Resources, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 29495 |
|  | Equinix, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 98657 |
|  | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35284 |
|  | Equity Residential | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77378 |
|  | Essex Property Trust, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63460 |
|  | Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48576 |
|  | Evergy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47575 |
|  | Eversource Energy | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69998 |
|  | Exelon Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137779 |
|  | Extra Space Storage, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92212 |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716672 |
|  | Fastenal Co. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128423 |
|  | FedEx Corp. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39249 |
|  | Ferguson Enterprises, Inc. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7371 |
|  | Fidelity National Financial, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50893 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87455 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61358 |
|  | Ford Motor Co. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113961 |
| <sup>a</sup> | Fortinet, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35424 |
|  | Franklin Resources, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16824 |
|  | Garmin Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84898 |
|  | Gen Digital, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23196 |
|  | General Dynamics Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25077 |
|  | General Mills, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97637 |
|  | Genuine Parts Co. | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49324 |
|  | Gilead Sciences, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298949 |
|  | Goldman Sachs Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238729 |
|  | Healthpeak Properties, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42786 |
|  | Hershey Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74740 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;4945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76301 |
|  | Home Depot, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522615 |
|  | Honeywell International, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97405 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25618 |
|  | Host Hotels & Resorts, Inc. | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;2208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31376 |
|  | HP, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82156 |
|  | Hubbell, Inc., Class B | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60887 |
| <sup>a</sup> | HubSpot, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52559 |
|  | Huntington Bancshares, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;4738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71117 |
|  | Illinois Tool Works, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222465 |
|  | Intel Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;6256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142074 |
|  | International Business Machines Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337432 |
|  | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495 |
|  | International Paper Co. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89575 |
|  | Interpublic Group of Cos., Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31859 |
|  | Intuit, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211827 |
| <sup>a</sup> | Intuitive Surgical, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91130 |
|  | Invitation Homes, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59315 |
|  | Iron Mountain, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79157 |
|  | J.M. Smucker Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35405 |
|  | Johnson & Johnson | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648434 |
|  | Johnson Controls International PLC | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117922 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784224 |
|  | Juniper Networks, Inc. | Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34960 |

---

franklintempleton.com Annual Report 35

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Kellanova | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 759 | &nbsp;&nbsp;$62610 |
|  | Kenvue, Inc. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp; 5152 | &nbsp;&nbsp;&nbsp;&nbsp; 123545 |
|  | KeyCorp | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 3243 | &nbsp;&nbsp;&nbsp;&nbsp; 51856 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp;&nbsp; 140656 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp; 2093 | &nbsp;&nbsp;&nbsp;&nbsp; 44455 |
|  | Kinder Morgan, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 5842 | &nbsp;&nbsp;&nbsp;&nbsp; 166672 |
|  | KKR & Co., Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71794 |
|  | KLA Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171989 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79088 |
|  | Lam Research Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162194 |
|  | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18388 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23989 |
|  | Lowe's Cos., Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101921 |
|  | LyondellBasell Industries NV, Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56672 |
|  | M&T Bank Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94559 |
|  | Marvell Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72222 |
|  | Mastercard, Inc., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63034 |
|  | McDonald's Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122137 |
|  | Medtronic PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297616 |
|  | Merck & Co., Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423218 |
|  | Meta Platforms, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153296 |
|  | MetLife, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64633 |
|  | Microchip Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84621 |
|  | Micron Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89931 |
|  | Microsoft Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840576 |
| <sup>a</sup> | MicroStrategy, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59672 |
|  | Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57815 |
|  | Molson Coors Beverage Co., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 |
| <sup>a</sup> | MongoDB, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24205 |
|  | Monolithic Power Systems, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71918 |
|  | Morgan Stanley | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;3496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407878 |
|  | MSCI, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117058 |
|  | NetApp, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56569 |
| <sup>a</sup> | Netflix, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352496 |
|  | Newmont Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773 |
|  | NextEra Energy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52175 |
|  | NIKE, Inc., Class B | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58402 |
|  | NiSource, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55324 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65371 |
|  | Northern Trust Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63531 |
|  | NVIDIA Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;25047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714594 |
| <sup>a</sup> | Okta, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 |
|  | Omnicom Group, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49580 |
|  | ONEOK, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191693 |
|  | Oracle Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;1794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250819 |
|  | Packaging Corp. of America | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54654 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201885 |
| <sup>a</sup> | Palo Alto Networks, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121666 |
|  | Paychex, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152583 |
|  | PepsiCo, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424180 |
|  | Pfizer, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;15387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389907 |
|  | Philip Morris International, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423492 |
|  | Phillips 66 | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116442 |
|  | PNC Financial Services Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226392 |
|  | PPL Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80561 |
|  | Principal Financial Group, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62096 |
|  | Procter & Gamble Co. | Household Products | &nbsp;&nbsp;&nbsp;2346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399805 |

---

36 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Progressive Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 322 | &nbsp;&nbsp;$91129 |
|  | Prologis, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp; 2599 | &nbsp;&nbsp;&nbsp;&nbsp; 290542 |
|  | Prudential Financial, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 125863 |
|  | Public Storage | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 137673 |
|  | QUALCOMM, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 2691 | &nbsp;&nbsp;&nbsp;&nbsp; 413364 |
|  | Realty Income Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp; 2553 | &nbsp;&nbsp;&nbsp;&nbsp; 148100 |
|  | Regency Centers Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37323 |
|  | Regions Financial Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65972 |
| <sup>a</sup> | ROBLOX Corp., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20110 |
|  | Rockwell Automation, Inc. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95084 |
|  | Royalty Pharma PLC, Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37231 |
|  | RTX Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109677 |
|  | Salesforce, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246891 |
|  | Schlumberger NV | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31726 |
|  | Seagate Technology Holdings PLC | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58615 |
|  | Sempra | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116531 |
| <sup>a</sup> | ServiceNow, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183112 |
|  | Simon Property Group, Inc. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168073 |
|  | Skyworks Solutions, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29730 |
|  | Smurfit WestRock PLC | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76692 |
|  | Snap-on, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54259 |
| <sup>a</sup> | Snowflake, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40340 |
|  | Southern Co. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;2553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234748 |
|  | Southern Copper Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23739 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57153 |
|  | Stanley Black & Decker, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37133 |
|  | Starbucks Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205302 |
|  | State Street Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88545 |
|  | Sun Communities, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50298 |
| <sup>a</sup> | Super Micro Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688 |
| <sup>a</sup> | Synopsys, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49318 |
|  | Sysco Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84570 |
|  | T. Rowe Price Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67616 |
|  | Target Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160819 |
|  | Teradyne, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26597 |
| <sup>a</sup> | Tesla, Inc. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786810 |
|  | Texas Instruments, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433975 |
|  | Tractor Supply Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21544 |
| <sup>a</sup> | Trade Desk, Inc., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21396 |
|  | Trane Technologies PLC | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 |
|  | Truist Financial Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;4416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181718 |
|  | Tyson Foods, Inc., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52835 |
|  | U.S. Bancorp | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214604 |
| <sup>a</sup> | Uber Technologies, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152496 |
|  | UDR, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41556 |
|  | Union Pacific Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163006 |
|  | United Parcel Service, Inc., Class B | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240328 |
|  | UnitedHealth Group, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421619 |
|  | Valero Energy Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88091 |
|  | Ventas, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83818 |
|  | Verizon Communications, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;10005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453827 |
|  | Vertiv Holdings Co., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54800 |
|  | Viatris, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30250 |
|  | VICI Properties, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101285 |
|  | Visa, Inc., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209575 |
|  | Walt Disney Co. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49942 |
|  | Watsco, Inc. | Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46764 |

---

franklintempleton.com Annual Report 37

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Dividend Tilt Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | WEC Energy Group, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 943 | &nbsp;&nbsp;$102768 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp;&nbsp; 216303 |
|  | Williams Cos., Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 3634 | &nbsp;&nbsp;&nbsp;&nbsp; 217168 |
| <sup>a</sup> | Workday, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 26856 |
|  | WP Carey, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp; 42094 |
|  | Xcel Energy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 1656 | &nbsp;&nbsp;&nbsp;&nbsp; 117228 |
| <sup>a</sup> | Zscaler, Inc. | Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31946 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;49730058 |
|  | **Total Common Stocks (Cost $47,357,733)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;50119517 |
|  | **Total Investments before Short-Term Investments (Cost $47,357,733)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;50119517 |
|  | **Short-Term Investments 0.1%** |  |  |  |
|  | **Money Market Funds 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 |
|  | **Total Short-Term Investments (Cost $34,773)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 |
|  | **Total Investments (Cost $47,392,506) 99.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;50154290 |
|  | **Other Assets, less Liabilities 0.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68433 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$50222723 |

---

---

| |
|:---|
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>c</sup>See Note 6 regarding investments in Russian securities. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;Long | &nbsp;&nbsp;3 | &nbsp;&nbsp;$84799 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(409) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 93.

38 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Dividend Multiplier Index ETF**

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Period Ended<br> March 31, 2025\*** |
| **Per share operating performance** |  |
| (for a share outstanding throughout the period) |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$25.55 |
| Income from investment operations<sup>a</sup>: |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net asset value, end of period | &nbsp;&nbsp;$24.71 |
| Total return<sup>c</sup> | &nbsp;&nbsp;(2.72)% |
| **Ratios to average net assets<sup>d</sup>** |  |
| Expenses | &nbsp;&nbsp;0.09% |
| Net investment income | &nbsp;&nbsp;4.82% |
| **Supplemental data** |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$1235 |
| Portfolio turnover rate<sup>e</sup> | &nbsp;&nbsp;17.83%<sup>f</sup> |

---

---

| |
|:---|
| \*For the period January 21, 2025 (commencement of operations) to March 31, 2025. |
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Ratios are annualized for periods less than one year. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | |
|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | &nbsp;&nbsp;17.83% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 39

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Dividend Multiplier Index ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.6%** |  |  |
|  | **Communication Services 7.8%** |  |  |
|  | AT&T, Inc. | &nbsp;&nbsp;1140 | &nbsp;&nbsp;$32239 |
|  | Comcast Corp., Class A | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
|  | Omnicom Group, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
|  | Verizon Communications, Inc. | &nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp; 62234 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97008 |
|  | **Consumer Discretionary 8.7%** |  |  |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16562 |
| <sup>a</sup> | Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11290 |
|  | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11427 |
|  | Ford Motor Co. | &nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61925 |
|  | Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 |
|  | Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 |
|  | Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 |
|  | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |
|  | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107245 |
|  | **Consumer Staples 10.9%** |  |  |
|  | Altria Group, Inc. | &nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61460 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8834 |
|  | Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 |
|  | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 |
|  | Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 |
|  | General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28422 |
|  | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 |
|  | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19524 |
|  | Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134971 |
|  | **Energy 10.5%** |  |  |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18402 |
|  | Coterra Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 |
|  | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 |
|  | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9105 |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 |
|  | Kinder Morgan, Inc. | &nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54293 |
|  | ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10914 |
|  | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 |
|  | Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 |
|  | Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25876 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130297 |
|  | **Financials 20.8%** |  |  |
| <sup>a</sup> | Affirm Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745 |
|  | ARES Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063 |
|  | Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8666 |
|  | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 |
|  | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701 |
|  | CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38998 |
| <sup>a</sup> | Coinbase Global, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8095 |
|  | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587 |

---

40 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Dividend Multiplier Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Financials (continued)** |  |  |
|  | Huntington Bancshares, Inc. | &nbsp;&nbsp;1732 | &nbsp;&nbsp;$25997 |
|  | KeyCorp | &nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp; 22674 |
|  | M&T Bank Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
|  | Morgan Stanley | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 |
|  | Northern Trust Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
|  | Prudential Financial, Inc. | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 18427 |
|  | Regions Financial Corp. | &nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 22708 |
| <sup>a</sup> | Robinhood Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 |
| <sup>a</sup> | SoFi Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 |
|  | T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21222 |
|  | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32262 |
|  | U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13173 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256787 |
|  | **Health Care 14.2%** |  |  |
|  | AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 |
|  | Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 |
|  | Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32751 |
|  | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 |
|  | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23645 |
|  | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 |
|  | Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 |
|  | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 |
|  | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 |
|  | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |
| <sup>a</sup> | Moderna, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763 |
|  | Pfizer, Inc. | &nbsp;&nbsp;2346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59448 |
|  | Viatris, Inc. | &nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37383 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175100 |
|  | **Industrials 6.5%** |  |  |
|  | Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 |
|  | Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 |
|  | PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13340 |
|  | RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 |
|  | Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16068 |
| <sup>a</sup> | United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 |
|  | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39816 |
|  | Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79733 |
|  | **Information Technology 7.7%** |  |  |
| <sup>a</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359 |
|  | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
|  | Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 |
|  | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 |
|  | HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 |
|  | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230 |
| <sup>a</sup> | MicroStrategy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15855 |
|  | NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 |
|  | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 |
|  | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760 |
| <sup>a</sup> | Super Micro Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12566 |

---

franklintempleton.com Annual Report 41

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Dividend Multiplier Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Information Technology (continued)** |  |  |
|  | Texas Instruments, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;$1258 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95016 |
|  | **Materials 4.0%** |  |  |
|  | Amcor PLC | &nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 5093 |
|  | Dow, Inc. | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp; 23222 |
|  | LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; 19571 |
|  | Newmont Corp. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49141 |
|  | **Utilities 8.5%** |  |  |
|  | Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30166 |
|  | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50907 |
|  | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20683 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 |
|  | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104770 |
|  | **Total Common Stocks (Cost $1,274,041)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1230068 |
|  | **Total Investments before Short-Term Investments<br> (Cost $1,274,041)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1230068 |
|  | **Short-Term Investments 0.2%** |  |  |
|  | **Money Market Funds 0.2%** |  |  |
| <sup>b,c</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 |
|  | **Total Short-Term Investments (Cost $2,958)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 |
|  | **Total Investments (Cost $1,276,999) 99.8%** |  | &nbsp;&nbsp;&nbsp;&nbsp;1233026 |
|  | **Other Assets, less Liabilities 0.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 |
|  | **Net Assets 100.0%** |  | &nbsp;&nbsp;$1235295 |

---

<sup>a</sup>Non-income producing. <br> <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. <br> <sup>c</sup>See Note 3(c) regarding investments in affiliated management investment companies.

See Abbreviations on page 93.

42 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Large Cap Multifactor Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $53.27 | $41.37 | $44.86 | $40.04 | &nbsp;&nbsp;$27.61 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;12.49 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;13.21 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| Net asset value, end of year | &nbsp;&nbsp;$56.45 | &nbsp;&nbsp;$53.27 | &nbsp;&nbsp;$41.37 | &nbsp;&nbsp;$44.86 | &nbsp;&nbsp;$40.04 |
| Total return<sup>c</sup> | 7.25% | 30.68% | (5.79)% | 14.19% | &nbsp;&nbsp;48.22% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.15%<sup>d</sup> | &nbsp;&nbsp;0.15%<sup>d</sup> | &nbsp;&nbsp;0.15%<sup>d</sup> | &nbsp;&nbsp;0.15%<sup>d</sup> | &nbsp;&nbsp;0.15%<sup>d</sup> |
| Net investment income | 1.29% | 1.50% | 2.02% | 1.77% | &nbsp;&nbsp;2.06% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$1397183 | &nbsp;&nbsp;$1283815 | &nbsp;&nbsp;$860419 | &nbsp;&nbsp;$966737 | &nbsp;&nbsp;$1353407 |
| Portfolio turnover rate<sup>e</sup> | 53.07%<sup>f</sup> | 56.10%<sup>f</sup> | 51.95%<sup>f</sup> | 68.37%<sup>f</sup> | &nbsp;&nbsp;25.05%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 53.07% | 56.10% | 51.95% | 68.37% | &nbsp;&nbsp;25.05% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 43

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Large Cap Multifactor Index ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.9%** |  |  |
|  | **Communication Services 10.6%** |  |  |
|  | Alphabet, Inc., Class A | &nbsp;&nbsp;168300 | &nbsp;&nbsp;$26025912 |
|  | Alphabet, Inc., Class C | &nbsp;&nbsp;139590 | &nbsp;&nbsp;&nbsp;&nbsp; 21808146 |
|  | AT&T, Inc. | &nbsp;&nbsp;708840 | &nbsp;&nbsp;&nbsp;&nbsp; 20045995 |
|  | Fox Corp., Class A | &nbsp;&nbsp; 27225 | &nbsp;&nbsp;&nbsp;&nbsp; 1540935 |
|  | Fox Corp., Class B | &nbsp;&nbsp; 27720 | &nbsp;&nbsp;&nbsp;&nbsp; 1461121 |
|  | Meta Platforms, Inc., Class A | &nbsp;&nbsp; 67320 | &nbsp;&nbsp;&nbsp;&nbsp; 38800555 |
| <sup>a</sup> | Spotify Technology SA | &nbsp;&nbsp;&nbsp;13365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351151 |
|  | T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;47520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12674059 |
|  | Verizon Communications, Inc. | &nbsp;&nbsp;399960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18142186 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147850060 |
|  | **Consumer Discretionary 12.1%** |  |  |
| <sup>a</sup> | Amazon.com, Inc. | &nbsp;&nbsp;224730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42757130 |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457478 |
|  | Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16041261 |
|  | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542618 |
|  | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297039 |
|  | Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591994 |
| <sup>a</sup> | DoorDash, Inc., Class A | &nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804606 |
| <sup>a</sup> | Dutch Bros, Inc., Class A | &nbsp;&nbsp;&nbsp;19305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191891 |
|  | eBay, Inc. | &nbsp;&nbsp;&nbsp;45045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050898 |
|  | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248142 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;16830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654298 |
|  | General Motors Co. | &nbsp;&nbsp;&nbsp;97020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562850 |
| <sup>a</sup> | Grand Canyon Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455963 |
|  | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;20790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730764 |
|  | Home Depot, Inc. | &nbsp;&nbsp;&nbsp;61875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22676569 |
| <sup>a</sup> | Lululemon Athletica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401147 |
| <sup>a</sup> | O'Reilly Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673017 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201929 |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;20790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271098 |
|  | Starbucks Corp. | &nbsp;&nbsp;&nbsp;48015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709791 |
|  | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;22275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568383 |
| <sup>a</sup> | Tesla, Inc. | &nbsp;&nbsp;&nbsp;62865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16292093 |
|  | Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319710 |
|  | TJX Cos., Inc. | &nbsp;&nbsp;109890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13384602 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;44055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427430 |
|  | Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;26730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237332 |
|  | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426044 |
|  | Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254469 |
|  | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;12870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169255769 |
|  | **Consumer Staples 7.1%** |  |  |
|  | Altria Group, Inc. | &nbsp;&nbsp;217800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13072356 |
| <sup>a</sup> | BellRing Brands, Inc. | &nbsp;&nbsp;&nbsp;20790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548023 |
| <sup>a</sup> | BJ's Wholesale Club Holdings, Inc. | &nbsp;&nbsp;&nbsp;14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694385 |
|  | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503949 |
|  | Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336500 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;25194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23827981 |
|  | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539366 |
|  | Kellanova | &nbsp;&nbsp;&nbsp;23760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959963 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;28215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012737 |
|  | Kroger Co. | &nbsp;&nbsp;&nbsp;47025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183122 |
|  | Philip Morris International, Inc. | &nbsp;&nbsp;132660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21057122 |
| <sup>a</sup> | Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;27720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511017 |

---

44 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Large Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Consumer Staples (continued)** |  |  |
|  | Walmart, Inc. | &nbsp;&nbsp;258390 | &nbsp;&nbsp;$22684058 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98930579 |
|  | **Energy 1.1%** |  |  |
|  | APA Corp. | &nbsp;&nbsp; 72270 | &nbsp;&nbsp;&nbsp;&nbsp; 1519115 |
|  | Civitas Resources, Inc. | &nbsp;&nbsp; 39105 | &nbsp;&nbsp;&nbsp;&nbsp; 1364373 |
|  | Devon Energy Corp. | &nbsp;&nbsp; 51480 | &nbsp;&nbsp;&nbsp;&nbsp; 1925352 |
|  | DT Midstream, Inc. | &nbsp;&nbsp; 15345 | &nbsp;&nbsp;&nbsp;&nbsp; 1480486 |
|  | EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;24255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110461 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;13365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679282 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586381 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14665450 |
|  | **Financials 11.7%** |  |  |
|  | Aon PLC, Class A | &nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531387 |
|  | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538183 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;52965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442175 |
| <sup>a</sup> | Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;38115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20299287 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;16830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017619 |
|  | Citigroup, Inc. | &nbsp;&nbsp;197505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14020880 |
|  | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;41085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683252 |
|  | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;27225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418150 |
| <sup>a</sup> | Fiserv, Inc. | &nbsp;&nbsp;&nbsp;42075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291422 |
|  | Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;25245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13791091 |
|  | Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359023 |
|  | Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557374 |
|  | Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;36135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306280 |
|  | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;22770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219789 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;70785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17363560 |
|  | Lincoln National Corp. | &nbsp;&nbsp;&nbsp;38610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386485 |
|  | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295474 |
|  | M&T Bank Corp. | &nbsp;&nbsp;&nbsp;10395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858106 |
|  | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;46035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25232704 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;60885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508730 |
|  | Moody's Corp. | &nbsp;&nbsp;&nbsp;16335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607046 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;49995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832917 |
|  | Northern Trust Corp. | &nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367289 |
|  | Rithm Capital Corp. | &nbsp;&nbsp;123255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411270 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;18810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460220 |
|  | Synchrony Financial | &nbsp;&nbsp;&nbsp;47025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489504 |
| <sup>a</sup> | Toast, Inc., Class A | &nbsp;&nbsp;&nbsp;38610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280694 |
|  | Unum Group | &nbsp;&nbsp;&nbsp;20295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653231 |
|  | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408662 |
|  | Western Union Co. | &nbsp;&nbsp;138105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461151 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164092955 |
|  | **Health Care 13.4%** |  |  |
|  | Abbott Laboratories | &nbsp;&nbsp;125730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16678084 |
|  | AbbVie, Inc. | &nbsp;&nbsp;114840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24061277 |
| <sup>a</sup> | Boston Scientific Corp. | &nbsp;&nbsp;153450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15480036 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;155925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9509866 |
|  | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568511 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533377 |
| <sup>a</sup> | DaVita, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514403 |
| <sup>a</sup> | Doximity, Inc., Class A | &nbsp;&nbsp;&nbsp;22275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292618 |
|  | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;22098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18250959 |
|  | Encompass Health Corp. | &nbsp;&nbsp;&nbsp;14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504008 |
| <sup>a</sup> | Exelixis, Inc. | &nbsp;&nbsp;&nbsp;38610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425481 |
|  | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;99990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11203880 |

---

franklintempleton.com Annual Report 45

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Large Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Health Care (continued)** |  |  |
| <sup>a</sup> | Globus Medical, Inc., Class A | &nbsp;&nbsp; 18810 | &nbsp;&nbsp;$1376892 |
| <sup>a</sup> | Insulet Corp. | &nbsp;&nbsp; 5445 | &nbsp;&nbsp;&nbsp;&nbsp; 1429911 |
| <sup>a</sup> | Intra-Cellular Therapies, Inc. | &nbsp;&nbsp; 11880 | &nbsp;&nbsp;&nbsp;&nbsp; 1567210 |
| <sup>a</sup> | Intuitive Surgical, Inc. | &nbsp;&nbsp; 34650 | &nbsp;&nbsp;&nbsp;&nbsp; 17161105 |
| <sup>a</sup> | Jazz Pharmaceuticals PLC | &nbsp;&nbsp; 10395 | &nbsp;&nbsp;&nbsp;&nbsp; 1290539 |
|  | Johnson & Johnson | &nbsp;&nbsp;149490 | &nbsp;&nbsp;&nbsp;&nbsp; 24791422 |
|  | Labcorp Holdings, Inc. | &nbsp;&nbsp; 5940 | &nbsp;&nbsp;&nbsp;&nbsp; 1382476 |
| <sup>a</sup> | Masimo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319472 |
| <sup>a</sup> | Medpace Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357394 |
|  | Medtronic PLC | &nbsp;&nbsp;&nbsp;54450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4892877 |
|  | Organon & Co. | &nbsp;&nbsp;100485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496222 |
|  | Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;82170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584238 |
|  | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;10890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842588 |
|  | ResMed, Inc. | &nbsp;&nbsp;&nbsp;12870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880950 |
|  | Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;44550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386842 |
|  | Stryker Corp. | &nbsp;&nbsp;&nbsp;33660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529935 |
| <sup>a</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;11880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597860 |
| <sup>a</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373343 |
| <sup>a</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186925755 |
|  | **Industrials 7.3%** |  |  |
|  | 3M Co. | &nbsp;&nbsp;&nbsp;44550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542613 |
|  | Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303583 |
|  | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420699 |
|  | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394712 |
|  | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074241 |
|  | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;45045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14855841 |
|  | Cintas Corp. | &nbsp;&nbsp;&nbsp;33148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812908 |
|  | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276427 |
|  | Cummins, Inc. | &nbsp;&nbsp;&nbsp;13365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189126 |
|  | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;59895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611422 |
|  | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646702 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;64350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990342 |
|  | Genpact Ltd. | &nbsp;&nbsp;&nbsp;28215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421472 |
|  | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137308 |
|  | Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;20790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5156128 |
|  | Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943276 |
|  | PACCAR, Inc. | &nbsp;&nbsp;&nbsp;52965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157202 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920372 |
|  | Paychex, Inc. | &nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367427 |
|  | Republic Services, Inc. | &nbsp;&nbsp;&nbsp;18810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555030 |
|  | Rollins, Inc. | &nbsp;&nbsp;&nbsp;28710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551201 |
|  | Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281347 |
|  | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501380 |
|  | SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;20295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695241 |
| <sup>a</sup> | United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;27225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879886 |
|  | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271323 |
|  | WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342501 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102299710 |
|  | **Information Technology 31.0%** |  |  |
|  | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;16830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539945 |
|  | Amphenol Corp., Class A | &nbsp;&nbsp;114345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499889 |
|  | Apple, Inc. | &nbsp;&nbsp;464805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103247135 |
| <sup>a</sup> | Arista Networks, Inc. | &nbsp;&nbsp;106425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8245809 |
|  | Avnet, Inc. | &nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428273 |
|  | Broadcom, Inc. | &nbsp;&nbsp;135649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22711712 |
|  | Cisco Systems, Inc. | &nbsp;&nbsp;283140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17472569 |

---

46 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Large Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Information Technology (continued)** |  |  |
|  | Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 47025 | &nbsp;&nbsp;$3597413 |
|  | Corning, Inc. | &nbsp;&nbsp; 77715 | &nbsp;&nbsp;&nbsp;&nbsp; 3557793 |
| <sup>a</sup> | Docusign, Inc. | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp;&nbsp; 1611720 |
| <sup>a</sup> | F5, Inc. | &nbsp;&nbsp; 5940 | &nbsp;&nbsp;&nbsp;&nbsp; 1581644 |
| <sup>a</sup> | Fair Isaac Corp. | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp; 3651437 |
| <sup>a</sup> | Fortinet, Inc. | &nbsp;&nbsp; 52965 | &nbsp;&nbsp;&nbsp;&nbsp; 5098411 |
| <sup>a</sup> | GoDaddy, Inc., Class A | &nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 1783386 |
| <sup>a</sup> | Guidewire Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391148 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;133650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062220 |
|  | HP, Inc. | &nbsp;&nbsp;&nbsp;98505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727603 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;80685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20063132 |
|  | Microsoft Corp. | &nbsp;&nbsp;189585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71168313 |
|  | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;16335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151626 |
|  | NetApp, Inc. | &nbsp;&nbsp;&nbsp;22770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000117 |
|  | NVIDIA Corp. | &nbsp;&nbsp;686565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74409915 |
|  | Oracle Corp. | &nbsp;&nbsp;133650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18685606 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;159885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13494294 |
|  | QUALCOMM, Inc. | &nbsp;&nbsp;107910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16576055 |
|  | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;10890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132124 |
|  | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;88605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15922318 |
| <sup>a</sup> | Twilio, Inc., Class A | &nbsp;&nbsp;&nbsp;12375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211636 |
|  | Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432404917 |
|  | **Materials 1.9%** |  |  |
|  | Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;16335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817518 |
|  | Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;20790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451350 |
|  | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;18315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431317 |
|  | CRH PLC | &nbsp;&nbsp;&nbsp;59400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225418 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352048 |
|  | International Paper Co. | &nbsp;&nbsp;&nbsp;44550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376743 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401964 |
|  | Newmont Corp. | &nbsp;&nbsp;&nbsp;48015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318164 |
|  | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764358 |
|  | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618749 |
|  | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;16830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572932 |
|  | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857438 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27187999 |
|  | **Real Estate 2.7%** |  |  |
|  | Agree Realty Corp. | &nbsp;&nbsp;&nbsp;20790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604780 |
|  | AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;10890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337212 |
|  | Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460250 |
|  | EPR Properties | &nbsp;&nbsp;&nbsp;28215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484391 |
|  | Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821026 |
|  | Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511730 |
|  | Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;51480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525867 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;41580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362161 |
| <sup>b</sup> | Medical Properties Trust, Inc. | &nbsp;&nbsp;253935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531228 |
| <sup>a</sup> | Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;65373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733038 |
|  | NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;35145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498934 |
|  | Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;40590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545667 |
|  | Park Hotels & Resorts, Inc. | &nbsp;&nbsp;123255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316364 |
|  | Realty Income Corp. | &nbsp;&nbsp;&nbsp;66330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847803 |
|  | Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;33660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590253 |
|  | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;88605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890295 |
|  | Welltower, Inc. | &nbsp;&nbsp;&nbsp;29205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474498 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37535497 |

---

franklintempleton.com Annual Report 47

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Large Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Utilities 1.0%** |  |  |
|  | Atmos Energy Corp. | &nbsp;&nbsp; 11385 | &nbsp;&nbsp;$1759893 |
|  | Entergy Corp. | &nbsp;&nbsp; 41085 | &nbsp;&nbsp;&nbsp;&nbsp; 3512357 |
|  | Evergy, Inc. | &nbsp;&nbsp; 22275 | &nbsp;&nbsp;&nbsp;&nbsp; 1535861 |
|  | MDU Resources Group, Inc. | &nbsp;&nbsp; 86625 | &nbsp;&nbsp;&nbsp;&nbsp; 1464829 |
|  | National Fuel Gas Co. | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp;&nbsp; 1567962 |
|  | NRG Energy, Inc. | &nbsp;&nbsp; 14355 | &nbsp;&nbsp;&nbsp;&nbsp; 1370328 |
|  | UGI Corp. | &nbsp;&nbsp; 44055 | &nbsp;&nbsp;&nbsp;&nbsp; 1456899 |
|  | Vistra Corp. | &nbsp;&nbsp;&nbsp;16830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14644644 |
|  | **Total Common Stocks (Cost $1,171,568,012)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1395793335 |
|  | **Total Investments before Short-Term Investments<br> (Cost $1,171,568,012)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1395793335 |
|  | **Short-Term Investments 0.1%** |  |  |
|  | **Investments from Cash Collateral Received for Loaned Securities 0.1%** |  |  |
|  | **Money Market Funds 0.1%** |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;796250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796250 |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;401882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401882 |
|  | **Total Short-Term Investments (Cost $1,198,132)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198132 |
|  | **Total Investments (Cost $1,172,766,144) 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;1396991467 |
|  | **Other Assets, less Liabilities 0.0%<sup>†</sup>** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191600 |
|  | **Net Assets 100.0%** |  | &nbsp;&nbsp;$1397183067 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;Long | &nbsp;&nbsp;1 | &nbsp;&nbsp;$282663 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(3900) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 93.

48 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Mid Cap Multifactor Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $53.45 | $43.31 | $44.90 | $40.84 | &nbsp;&nbsp;$24.94 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;15.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;16.31 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| Net asset value, end of year | &nbsp;&nbsp;$52.95 | &nbsp;&nbsp;$53.45 | &nbsp;&nbsp;$43.31 | &nbsp;&nbsp;$44.90 | &nbsp;&nbsp;$40.84 |
| Total return<sup>c</sup> | 0.41% | 25.04% | (2.17)% | 11.18% | &nbsp;&nbsp;65.69% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.30%<sup>d</sup> | &nbsp;&nbsp;0.30%<sup>d</sup> | &nbsp;&nbsp;0.30%<sup>d</sup> | &nbsp;&nbsp;0.30%<sup>d</sup> | &nbsp;&nbsp;0.30%<sup>d</sup> |
| Net investment income | 1.56% | 1.74% | 1.69% | 1.21% | &nbsp;&nbsp;1.30% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$1466653 | &nbsp;&nbsp;$611988 | &nbsp;&nbsp;$166748 | &nbsp;&nbsp;$62855 | &nbsp;&nbsp;$36759 |
| Portfolio turnover rate<sup>e</sup> | 19.00%<sup>f</sup> | 19.41%<sup>f</sup> | 24.07%<sup>f</sup> | 22.76%<sup>f</sup> | &nbsp;&nbsp;25.02%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 19.00% | 19.41% | 24.07% | 22.76% | &nbsp;&nbsp;25.02% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 49

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Mid Cap Multifactor Index ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.8%** |  |  |
|  | **Communication Services 2.1%** |  |  |
|  | Electronic Arts, Inc. | &nbsp;&nbsp; 98058 | &nbsp;&nbsp;$14171342 |
|  | Fox Corp., Class A | &nbsp;&nbsp; 91964 | &nbsp;&nbsp;&nbsp;&nbsp; 5205163 |
|  | Fox Corp., Class B | &nbsp;&nbsp; 32686 | &nbsp;&nbsp;&nbsp;&nbsp; 1722879 |
|  | Omnicom Group, Inc. | &nbsp;&nbsp; 121880 | &nbsp;&nbsp;&nbsp;&nbsp; 10105071 |
|  | Playtika Holding Corp. | &nbsp;&nbsp; 40442 | &nbsp;&nbsp;&nbsp;&nbsp; 209085 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31413540 |
|  | **Consumer Discretionary 17.0%** |  |  |
| <sup>a</sup> | AutoNation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601407 |
|  | Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695402 |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11336823 |
|  | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968971 |
|  | Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996978 |
|  | Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133243 |
|  | Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467629 |
| <sup>a</sup> | Crocs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530088 |
| <sup>a</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9167526 |
|  | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7258176 |
|  | Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520721 |
|  | eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17185268 |
|  | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567721 |
|  | Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701438 |
|  | Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16479733 |
|  | Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9504513 |
| <sup>a</sup> | Grand Canyon Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588033 |
|  | H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867222 |
| <sup>b</sup> | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512084 |
|  | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268865 |
|  | Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303177 |
|  | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465770 |
|  | Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652527 |
| <sup>a</sup> | NVR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10294278 |
|  | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349172 |
|  | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11674996 |
|  | Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625338 |
| <sup>a</sup> | Skechers USA, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340945 |
|  | Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568357 |
|  | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10921999 |
|  | Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7661981 |
|  | Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;283094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15598479 |
| <sup>a</sup> | Ulta Beauty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11168474 |
|  | Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191438 |
|  | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14013984 |
|  | Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374226 |
|  | Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18220085 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248777067 |
|  | **Consumer Staples 8.9%** |  |  |
|  | Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;310879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836229 |
| <sup>a</sup> | BellRing Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475050 |
| <sup>a</sup> | BJ's Wholesale Club Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355287 |
|  | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416036 |
|  | Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600739 |
|  | Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10523369 |
|  | Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739500 |
|  | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719666 |
|  | Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495975 |

---

50 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Mid Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Consumer Staples (continued)** |  |  |
|  | General Mills, Inc. | &nbsp;&nbsp; 144594 | &nbsp;&nbsp;$8645275 |
|  | Hershey Co. | &nbsp;&nbsp; 69804 | &nbsp;&nbsp;&nbsp;&nbsp; 11938578 |
|  | Ingredion, Inc. | &nbsp;&nbsp; 16620 | &nbsp;&nbsp;&nbsp;&nbsp; 2247190 |
|  | Kellanova | &nbsp;&nbsp; 104152 | &nbsp;&nbsp;&nbsp;&nbsp; 8591499 |
|  | Kroger Co. | &nbsp;&nbsp; 263150 | &nbsp;&nbsp;&nbsp;&nbsp; 17812624 |
|  | Sysco Corp. | &nbsp;&nbsp; 208304 | &nbsp;&nbsp;&nbsp;&nbsp; 15631132 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131028149 |
|  | **Energy 6.5%** |  |  |
|  | Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008744 |
|  | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;210520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425130 |
|  | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16537232 |
|  | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059897 |
|  | Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353034 |
|  | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;332954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12452480 |
|  | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13551748 |
|  | DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275994 |
|  | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659466 |
|  | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639136 |
|  | Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10772857 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13293625 |
|  | Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700891 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94730234 |
|  | **Financials 13.1%** |  |  |
|  | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258102 |
|  | Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16060349 |
|  | Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253139 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;142932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747200 |
|  | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440370 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13830433 |
|  | CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647166 |
|  | Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183048 |
|  | Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965099 |
|  | Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460386 |
|  | FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281799 |
|  | Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735125 |
|  | Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16108409 |
|  | Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;156228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369979 |
|  | Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583496 |
|  | Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6471296 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;203872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051948 |
|  | MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15037776 |
|  | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127780 |
|  | OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924588 |
|  | Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716664 |
|  | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;506910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11015154 |
|  | Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;256798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940337 |
|  | SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461892 |
|  | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;238220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12611367 |
|  | T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444512 |
|  | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123191 |
|  | Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;272568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883769 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192734374 |
|  | **Health Care 10.8%** |  |  |
| <sup>a</sup> | Acadia Healthcare Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746917 |
|  | Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17717114 |
|  | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772422 |

---

franklintempleton.com Annual Report 51

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Mid Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Health Care (continued)** |  |  |
| <sup>a</sup> | DaVita, Inc. | &nbsp;&nbsp; 26038 | &nbsp;&nbsp;$3983033 |
|  | Encompass Health Corp. | &nbsp;&nbsp; 76452 | &nbsp;&nbsp;&nbsp;&nbsp; 7743059 |
| <sup>a</sup> | Exelixis, Inc. | &nbsp;&nbsp; 80884 | &nbsp;&nbsp;&nbsp;&nbsp; 2986237 |
| <sup>a</sup> | IDEXX Laboratories, Inc. | &nbsp;&nbsp; 38226 | &nbsp;&nbsp;&nbsp;&nbsp; 16053009 |
| <sup>a</sup> | Incyte Corp. | &nbsp;&nbsp; 116340 | &nbsp;&nbsp;&nbsp;&nbsp; 7044387 |
| <sup>a</sup> | Inspire Medical Systems, Inc. | &nbsp;&nbsp; 8310 | &nbsp;&nbsp;&nbsp;&nbsp; 1323617 |
| <sup>a</sup> | Mettler-Toledo International, Inc. | &nbsp;&nbsp; 11396 | &nbsp;&nbsp;&nbsp;&nbsp; 13457650 |
| <sup>a</sup> | Neurocrine Biosciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7659050 |
|  | Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;174510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598454 |
|  | ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14385496 |
|  | Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;257610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019399 |
| <sup>a</sup> | Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959859 |
| <sup>a</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568995 |
| <sup>a</sup> | United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368297 |
|  | Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182665 |
|  | Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;676988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5896566 |
| <sup>a</sup> | Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14905708 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158371934 |
|  | **Industrials 22.1%** |  |  |
|  | Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063814 |
|  | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577010 |
|  | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724127 |
|  | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419473 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10139031 |
| <sup>a</sup> | CACI International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862200 |
|  | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6807552 |
|  | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109684 |
|  | Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13370724 |
|  | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6151865 |
|  | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10966098 |
|  | Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755359 |
|  | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13431087 |
|  | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10059393 |
|  | Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;192238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908057 |
|  | Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11894834 |
|  | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637925 |
|  | Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356062 |
|  | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400919 |
|  | Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11806593 |
|  | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182884 |
|  | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539145 |
|  | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013233 |
|  | MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495692 |
|  | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11824050 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16065557 |
|  | Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16923282 |
|  | Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415010 |
|  | Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414939 |
|  | Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9488641 |
|  | Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266500 |
| <sup>a</sup> | Saia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646021 |
|  | Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696240 |
|  | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828805 |
|  | Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151261 |
| <sup>a</sup> | United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9792947 |
|  | Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11553282 |
|  | Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16323267 |
|  | Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9409650 |

---

52 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Mid Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Industrials (continued)** |  |  |
|  | WW Grainger, Inc. | &nbsp;&nbsp; 13328 | &nbsp;&nbsp;$13165798 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323638011 |
|  | **Information Technology 11.0%** |  |  |
|  | Amdocs Ltd. | &nbsp;&nbsp; 63710 | &nbsp;&nbsp;&nbsp;&nbsp; 5829465 |
| <sup>a</sup> | Appfolio, Inc., Class A | &nbsp;&nbsp; 9418 | &nbsp;&nbsp;&nbsp;&nbsp; 2071018 |
|  | Avnet, Inc. | &nbsp;&nbsp; 39334 | &nbsp;&nbsp;&nbsp;&nbsp; 1891572 |
|  | CDW Corp. | &nbsp;&nbsp; 65372 | &nbsp;&nbsp;&nbsp;&nbsp; 10476517 |
| <sup>a</sup> | Cirrus Logic, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815652 |
| <sup>a</sup> | Docusign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4644847 |
|  | Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802980 |
| <sup>a</sup> | Dropbox, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746086 |
| <sup>a</sup> | F5, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8850815 |
| <sup>a</sup> | Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12446236 |
| <sup>a</sup> | Gartner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13022014 |
| <sup>a</sup> | GoDaddy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14670241 |
|  | Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;659814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180930 |
|  | HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;447078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12379590 |
|  | Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7538278 |
|  | Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556108 |
| <sup>a</sup> | Manhattan Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7956725 |
|  | NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11435889 |
| <sup>a</sup> | Nutanix, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370246 |
|  | Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808796 |
| <sup>a</sup> | Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597788 |
| <sup>a</sup> | VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908262 |
|  | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093813 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161093868 |
|  | **Materials 2.9%** |  |  |
|  | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479203 |
|  | LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;134622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477389 |
|  | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882880 |
|  | Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9438083 |
|  | RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7946753 |
|  | Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545685 |
|  | Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42387089 |
|  | **Real Estate 4.1%** |  |  |
|  | AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14624636 |
|  | BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062363 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249699 |
|  | Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732358 |
|  | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688276 |
|  | Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019729 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869351 |
|  | Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034184 |
|  | NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536595 |
|  | Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658136 |
|  | STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281719 |
|  | WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59700746 |

---

franklintempleton.com Annual Report 53

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Mid Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Utilities 1.3%** |  |  |
|  | American Water Works Co., Inc. | &nbsp;&nbsp; 104706 | &nbsp;&nbsp;$15446229 |
|  | National Fuel Gas Co. | &nbsp;&nbsp; 49306 | &nbsp;&nbsp;&nbsp;&nbsp; 3904542 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19350771 |
|  | **Total Common Stocks (Cost $1,441,424,238)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1463225783 |
|  | **Total Investments before Short-Term Investments<br> (Cost $1,441,424,238)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1463225783 |
|  | **Short-Term Investments 0.1%** |  |  |
|  | **Investments from Cash Collateral Received for Loaned Securities 0.0%<sup>†</sup>** |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;&nbsp;&nbsp;490875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490875 |
|  | **Money Market Funds 0.1%** |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;1731422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731422 |
|  | **Total Short-Term Investments (Cost $2,222,297)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222297 |
|  | **Total Investments (Cost $1,443,646,535) 99.9%** |  | &nbsp;&nbsp;&nbsp;&nbsp;1465448080 |
|  | **Other Assets, less Liabilities 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204757 |
|  | **Net Assets 100.0%** |  | &nbsp;&nbsp;$1466652837 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P MidCap 400 E-Mini | &nbsp;&nbsp;Long | &nbsp;&nbsp;9 | &nbsp;&nbsp;$2644740 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$26860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 93.

54 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Small Cap Multifactor Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $40.57 | $34.10 | $36.16 | $36.53 | &nbsp;&nbsp;$20.48 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;16.15 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;16.43 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| Net asset value, end of year | &nbsp;&nbsp;$39.37 | &nbsp;&nbsp;$40.57 | &nbsp;&nbsp;$34.10 | &nbsp;&nbsp;$36.16 | &nbsp;&nbsp;$36.53 |
| Total return<sup>c</sup> | (1.52)% | 20.59% | (4.21)% | 0.02% | &nbsp;&nbsp;80.74% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.35%<sup>d</sup> | &nbsp;&nbsp;0.35%<sup>d</sup> | &nbsp;&nbsp;0.35%<sup>d</sup> | &nbsp;&nbsp;0.35%<sup>d</sup> | &nbsp;&nbsp;0.35%<sup>d</sup> |
| Net investment income | 1.32% | 1.53% | 1.60% | 1.00% | &nbsp;&nbsp;0.99% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$43303 | &nbsp;&nbsp;$36510 | &nbsp;&nbsp;$17048 | &nbsp;&nbsp;$16273 | &nbsp;&nbsp;$14613 |
| Portfolio turnover rate<sup>e</sup> | 24.22%<sup>f</sup> | 23.57%<sup>f</sup> | 28.79%<sup>f</sup> | 27.64%<sup>f</sup> | &nbsp;&nbsp;34.77%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 24.22% | 23.57% | 28.79% | 27.64% | &nbsp;&nbsp;34.77% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 55

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Small Cap Multifactor Index ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.9%** |  |  |
|  | **Communication Services 3.0%** |  |  |
| <sup>a</sup> | AMC Networks, Inc., Class A | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;$13622 |
| <sup>a</sup> | Cargurus, Inc. | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; 143553 |
|  | Cinemark Holdings, Inc. | &nbsp;&nbsp; 3586 | &nbsp;&nbsp;&nbsp;&nbsp; 89255 |
| <sup>a</sup> | EverQuote, Inc., Class A | &nbsp;&nbsp; 1254 | &nbsp;&nbsp;&nbsp;&nbsp; 32842 |
| <sup>a</sup> | Gambling.com Group Ltd. | &nbsp;&nbsp; 946 | &nbsp;&nbsp;&nbsp;&nbsp; 11938 |
| <sup>a</sup> | Ibotta, Inc., Class A | &nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 25067 |
|  | IDT Corp., Class B | &nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54183 |
|  | John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119599 |
| <sup>a</sup> | Liberty Latin America Ltd., Class A | &nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12951 |
| <sup>a</sup> | Liberty Latin America Ltd., Class C | &nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35931 |
| <sup>a</sup> | Playstudios, Inc. | &nbsp;&nbsp;&nbsp;5192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 |
|  | Scholastic Corp. | &nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29491 |
|  | Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29920 |
|  | Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20616 |
|  | TEGNA, Inc. | &nbsp;&nbsp;11308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206032 |
|  | Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260798 |
| <sup>a</sup> | Yelp, Inc. | &nbsp;&nbsp;&nbsp;4642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171893 |
| <sup>a</sup> | ZipRecruiter, Inc., Class A | &nbsp;&nbsp;&nbsp;5082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29933 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294218 |
|  | **Consumer Discretionary 14.0%** |  |  |
| <sup>a</sup> | 1-800- Flowers.com, Inc., Class A | &nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826 |
| <sup>a</sup> | Abercrombie & Fitch Co., Class A | &nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246981 |
|  | Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203694 |
|  | Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161626 |
| <sup>a</sup> | Adtalem Global Education, Inc. | &nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234692 |
|  | American Eagle Outfitters, Inc. | &nbsp;&nbsp;11396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132422 |
| <sup>a</sup> | American Public Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14731 |
| <sup>a</sup> | BARK, Inc. | &nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504 |
|  | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;6908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49530 |
|  | Buckle, Inc. | &nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91048 |
|  | Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35981 |
|  | Caleres, Inc. | &nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41697 |
|  | Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201258 |
|  | Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71739 |
|  | Cricut, Inc., Class A | &nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364 |
|  | Designer Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191 |
| <sup>a</sup> | Despegar.com Corp. | &nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35964 |
| <sup>a</sup> | Destination XL Group, Inc. | &nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268 |
| <sup>a</sup> | Dorman Products, Inc. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151157 |
|  | Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 |
|  | Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48752 |
| <sup>a</sup> | Figs, Inc., Class A | &nbsp;&nbsp;&nbsp;9284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42614 |
|  | Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032 |
| <sup>a</sup> | Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69175 |
| <sup>a</sup> | Frontdoor, Inc. | &nbsp;&nbsp;&nbsp;5258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202012 |
| <sup>a</sup> | Genesco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15413 |
| <sup>a</sup> | G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68594 |
|  | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319310 |
|  | Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8122 |
|  | Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22994 |
| <sup>a</sup> | Helen of Troy Ltd. | &nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70607 |
|  | Hooker Furnishings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743 |
|  | Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264048 |
|  | J Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875 |
|  | Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29909 |
|  | JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398 |

---

56 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Consumer Discretionary (continued)** |  |  |
|  | Johnson Outdoors, Inc., Class A | &nbsp;&nbsp; 286 | &nbsp;&nbsp;$7104 |
|  | Kontoor Brands, Inc. | &nbsp;&nbsp; 4268 | &nbsp;&nbsp;&nbsp;&nbsp; 273707 |
|  | La-Z-Boy, Inc. | &nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp;&nbsp; 116097 |
|  | LCI Industries | &nbsp;&nbsp; 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 125025 |
|  | Lifetime Brands, Inc. | &nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 3145 |
| <sup>a</sup> | Lincoln Educational Services Corp. | &nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp;&nbsp; 27582 |
| <sup>a</sup> | Lovesac Co. | &nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp;&nbsp; 15598 |
| <sup>a</sup> | M/I Homes, Inc. | &nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160765 |
|  | Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5537 |
|  | Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75262 |
|  | Monro, Inc. | &nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27696 |
|  | Movado Group, Inc. | &nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19128 |
|  | Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19082 |
| <sup>a</sup> | ODP Corp. | &nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33102 |
| <sup>a</sup> | ONE Group Hospitality, Inc. | &nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 |
|  | Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65828 |
|  | Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91280 |
|  | Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159987 |
|  | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;5456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137382 |
| <sup>a</sup> | Portillo's, Inc., Class A | &nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39760 |
| <sup>a</sup> | Potbelly Corp. | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14436 |
| <sup>a</sup> | RealReal, Inc. | &nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23953 |
| <sup>a</sup> | Revolve Group, Inc. | &nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61934 |
|  | Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8025 |
| <sup>a</sup> | Sally Beauty Holdings, Inc. | &nbsp;&nbsp;&nbsp;8404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75888 |
| <sup>a</sup> | Savers Value Village, Inc. | &nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 |
|  | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23705 |
|  | Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162220 |
|  | Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108294 |
| <sup>a</sup> | Sleep Number Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998 |
|  | Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25425 |
|  | Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55137 |
| <sup>a</sup> | Sonos, Inc. | &nbsp;&nbsp;&nbsp;7458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79577 |
|  | Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37844 |
|  | Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;5192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138315 |
|  | Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125604 |
| <sup>a</sup> | Stride, Inc. | &nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378488 |
|  | Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40626 |
|  | Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980 |
| <sup>a</sup> | Target Hospitality Corp. | &nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12594 |
| <sup>a</sup> | Tile Shop Holdings, Inc. | &nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13543 |
| <sup>a,b</sup> | Torrid Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305 |
| <sup>a</sup> | Universal Technical Institute, Inc. | &nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63840 |
|  | Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;3806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91192 |
| <sup>a</sup> | Vera Bradley, Inc. | &nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019 |
| <sup>a</sup> | Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42920 |
|  | Weyco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12741 |
|  | Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;4972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69161 |
| <sup>a</sup> | XPEL, Inc. | &nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43952 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055282 |
|  | **Consumer Staples 7.1%** |  |  |
|  | Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;2816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255974 |
| <sup>a</sup> | Central Garden & Pet Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24196 |
| <sup>a</sup> | Central Garden & Pet Co., Class A | &nbsp;&nbsp;&nbsp;3564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116650 |
|  | Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89947 |
|  | Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130332 |
|  | Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 |
|  | Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65912 |

---

franklintempleton.com Annual Report 57

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Consumer Staples (continued)** |  |  |
|  | Interparfums, Inc. | &nbsp;&nbsp; 1452 | &nbsp;&nbsp;$165339 |
|  | J&J Snack Foods Corp. | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 115914 |
|  | John B Sanfilippo & Son, Inc. | &nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 42091 |
|  | Lancaster Colony Corp. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp; 211750 |
| <sup>a</sup> | Lifeway Foods, Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 5379 |
| <sup>a</sup> | Mama's Creations, Inc. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp;&nbsp; 11171 |
| <sup>a</sup> | Medifast, Inc. | &nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp;&nbsp; 9786 |
|  | National Beverage Corp. | &nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71283 |
|  | Natural Grocers by Vitamin Cottage, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25648 |
| <sup>a</sup> | Nature's Sunshine Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9940 |
|  | Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28590 |
|  | Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26266 |
|  | PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150751 |
|  | Primo Brands Corp., Class A | &nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175675 |
|  | SpartanNash Co. | &nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53486 |
| <sup>a</sup> | Sprouts Farmers Market, Inc. | &nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493638 |
|  | Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49692 |
| <sup>a</sup> | United Natural Foods, Inc. | &nbsp;&nbsp;&nbsp;3564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97618 |
|  | Universal Corp. | &nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91249 |
| <sup>a</sup> | USANA Health Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23140 |
|  | Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28431 |
| <sup>a</sup> | Vita Coco Co., Inc. | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53944 |
| <sup>a</sup> | Vital Farms, Inc. | &nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50275 |
|  | WD-40 Co. | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246928 |
|  | Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93230 |
|  | WK Kellogg Co. | &nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39023 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084448 |
|  | **Energy 4.7%** |  |  |
|  | Archrock, Inc. | &nbsp;&nbsp;&nbsp;8382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219944 |
|  | Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25415 |
|  | Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53770 |
|  | California Resources Corp. | &nbsp;&nbsp;&nbsp;4488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197337 |
|  | Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259519 |
|  | Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;6512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73195 |
|  | CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36278 |
|  | DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66297 |
|  | Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36861 |
| <sup>a</sup> | Drilling Tools International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 |
|  | Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345 |
|  | Granite Ridge Resources, Inc. | &nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18058 |
| <sup>a</sup> | Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125583 |
|  | International Seaways, Inc. | &nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76692 |
|  | Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50877 |
|  | Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;10120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255631 |
|  | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;5808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175576 |
|  | Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92411 |
|  | Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19252 |
|  | Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100865 |
|  | SFL Corp. Ltd. | &nbsp;&nbsp;&nbsp;7986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65485 |
|  | Teekay Tankers Ltd., Class A | &nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50516 |
|  | VAALCO Energy, Inc. | &nbsp;&nbsp;&nbsp;6424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24154 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034573 |
|  | **Financials 12.4%** |  |  |
|  | 1st Source Corp. | &nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72370 |
|  | ARES Commercial Real Estate Corp. | &nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334 |
|  | Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;3058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119568 |
|  | Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62000 |

---

58 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Financials (continued)** |  |  |
|  | Bank of Marin Bancorp | &nbsp;&nbsp; 902 | &nbsp;&nbsp;$19907 |
|  | Bank7 Corp. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 8523 |
|  | Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;12452 | &nbsp;&nbsp;&nbsp;&nbsp; 249040 |
| <sup>a</sup> | Bowhead Specialty Holdings, Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; 14309 |
|  | Brookline Bancorp, Inc. | &nbsp;&nbsp; 5698 | &nbsp;&nbsp;&nbsp;&nbsp; 62108 |
|  | Cass Information Systems, Inc. | &nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp; 33303 |
|  | Central Pacific Financial Corp. | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 35693 |
|  | Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10465 |
|  | Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11642 |
|  | Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15492 |
|  | City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98205 |
|  | Claros Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;4048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15099 |
|  | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210749 |
|  | Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65324 |
| <sup>a</sup> | Consumer Portfolio Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959 |
|  | Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12570 |
| <sup>a</sup> | Donnelley Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66352 |
|  | Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36960 |
|  | Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77215 |
| <sup>a</sup> | Enova International, Inc. | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146578 |
|  | ESSA Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10782 |
|  | Essent Group Ltd. | &nbsp;&nbsp;&nbsp;7238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417777 |
|  | First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22821 |
|  | First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29021 |
|  | First of Long Island Corp. | &nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17661 |
|  | FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243528 |
|  | GCM Grosvenor, Inc., Class A | &nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26195 |
| <sup>a</sup> | Genworth Financial, Inc., Class A | &nbsp;&nbsp;26026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184524 |
|  | German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70950 |
|  | Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85712 |
|  | Granite Point Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264 |
|  | Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21136 |
| <sup>a</sup> | Hamilton Insurance Group Ltd., Class B | &nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32836 |
|  | Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29531 |
|  | Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17741 |
|  | Home BancShares, Inc. | &nbsp;&nbsp;11132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314702 |
| <sup>a</sup> | International Money Express, Inc. | &nbsp;&nbsp;&nbsp;2618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33039 |
|  | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403652 |
|  | Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14323 |
|  | KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42055 |
|  | Mercury General Corp. | &nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91005 |
|  | NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122694 |
| <sup>a</sup> | NerdWallet, Inc., Class A | &nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19711 |
|  | Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6728 |
| <sup>a</sup> | NMI Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197482 |
|  | Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17017 |
|  | Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25922 |
|  | Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;7304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87794 |
|  | OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;3278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55759 |
|  | Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96593 |
|  | Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020 |
|  | Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63294 |
|  | Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20545 |
|  | PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148635 |
|  | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60737 |
|  | Radian Group, Inc. | &nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147691 |
|  | Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548 |
|  | Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316179 |
|  | Seven Hills Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419 |

---

franklintempleton.com Annual Report 59

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Financials (continued)** |  |  |
|  | Southern Missouri Bancorp, Inc. | &nbsp;&nbsp; 528 | &nbsp;&nbsp;$27467 |
|  | Stock Yards Bancorp, Inc. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp;&nbsp; 85082 |
|  | Tompkins Financial Corp. | &nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp;&nbsp; 52651 |
|  | TPG RE Finance Trust, Inc. | &nbsp;&nbsp; 4092 | &nbsp;&nbsp;&nbsp;&nbsp; 33350 |
|  | TrustCo Bank Corp. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp;&nbsp;&nbsp; 35540 |
|  | Value Line, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  | Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp;&nbsp; 122221 |
| <sup>a</sup> | World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33409 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387359 |
|  | **Health Care 11.5%** |  |  |
| <sup>a</sup> | ACADIA Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;8514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141417 |
| <sup>a</sup> | Alkermes PLC | &nbsp;&nbsp;12034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397363 |
| <sup>a</sup> | AMN Healthcare Services, Inc. | &nbsp;&nbsp;&nbsp;2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62422 |
| <sup>a</sup> | Ardent Health Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747 |
| <sup>a</sup> | Artivion, Inc. | &nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48668 |
| <sup>a</sup> | AtriCure, Inc. | &nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100070 |
| <sup>a</sup> | Axogen, Inc. | &nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50468 |
| <sup>a</sup> | Biote Corp., Class A | &nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 |
| <sup>a</sup> | Catalyst Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;7788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188859 |
| <sup>a</sup> | Ceribell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184 |
| <sup>a</sup> | Collegium Pharmaceutical, Inc. | &nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44656 |
| <sup>a</sup> | Community Health Systems, Inc. | &nbsp;&nbsp;&nbsp;7414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20018 |
|  | Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70178 |
|  | CONMED Corp. | &nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123558 |
| <sup>a</sup> | Corcept Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;5786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660877 |
| <sup>a</sup> | CorVel Corp. | &nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194604 |
| <sup>a</sup> | Cross Country Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32758 |
|  | Embecta Corp. | &nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55539 |
| <sup>a</sup> | Fennec Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833 |
| <sup>a</sup> | Harmony Biosciences Holdings, Inc. | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67177 |
| <sup>a</sup> | Harvard Bioscience, Inc. | &nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 |
|  | HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22655 |
| <sup>a</sup> | Hims & Hers Health, Inc. | &nbsp;&nbsp;&nbsp;9636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284744 |
| <sup>a</sup> | InfuSystem Holdings, Inc. | &nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6391 |
| <sup>a</sup> | Inmode Ltd. | &nbsp;&nbsp;&nbsp;5104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90545 |
| <sup>a</sup> | Innoviva, Inc. | &nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65014 |
|  | iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32328 |
| <sup>a</sup> | Ironwood Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;8338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12257 |
| <sup>a</sup> | Joint Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11266 |
| <sup>a</sup> | Kiniksa Pharmaceuticals International PLC | &nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45930 |
| <sup>a</sup> | Lantheus Holdings, Inc. | &nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201837 |
|  | LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110748 |
| <sup>a</sup> | Merit Medical Systems, Inc. | &nbsp;&nbsp;&nbsp;3432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362797 |
| <sup>a</sup> | MiMedx Group, Inc. | &nbsp;&nbsp;&nbsp;7986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60694 |
|  | National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77581 |
|  | National Research Corp. | &nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14925 |
| <sup>a</sup> | Niagen Bioscience, Inc. | &nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17153 |
| <sup>a</sup> | Option Care Health, Inc. | &nbsp;&nbsp;&nbsp;7678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268346 |
| <sup>a</sup> | Organogenesis Holdings, Inc. | &nbsp;&nbsp;&nbsp;4598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19863 |
|  | Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;6182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193126 |
| <sup>a</sup> | Pediatrix Medical Group, Inc. | &nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86071 |
| <sup>a</sup> | Performant Healthcare, Inc. | &nbsp;&nbsp;&nbsp;5104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15108 |
|  | Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31485 |
| <sup>a</sup> | Prestige Consumer Healthcare, Inc. | &nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296940 |
| <sup>a</sup> | Puma Biotechnology, Inc. | &nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 |
| <sup>a</sup> | Quipt Home Medical Corp. | &nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 |
| <sup>a</sup> | Rigel Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17414 |
| <sup>a</sup> | Semler Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12742 |

---

60 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Health Care (continued)** |  |  |
| <sup>a</sup> | SIGA Technologies, Inc. | &nbsp;&nbsp; 3388 | &nbsp;&nbsp;$18566 |
| <sup>a</sup> | Sonida Senior Living, Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 5124 |
| <sup>a</sup> | Surmodics, Inc. | &nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp;&nbsp; 22165 |
| <sup>a</sup> | Tactile Systems Technology, Inc. | &nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp;&nbsp; 21231 |
| <sup>a</sup> | Treace Medical Concepts, Inc. | &nbsp;&nbsp; 2882 | &nbsp;&nbsp;&nbsp;&nbsp; 24180 |
| <sup>a</sup> | UFP Technologies, Inc. | &nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp; 84315 |
| <sup>a</sup> | Vanda Pharmaceuticals, Inc. | &nbsp;&nbsp; 3784 | &nbsp;&nbsp;&nbsp;&nbsp; 17369 |
| <sup>a</sup> | Vericel Corp. | &nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112889 |
| <sup>a</sup> | Viemed Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15375 |
| <sup>a</sup> | Y-mAbs Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407 |
| <sup>a,b</sup> | Zynex, Inc. | &nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985268 |
|  | **Industrials 21.4%** |  |  |
|  | ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;5962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24981 |
|  | Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109777 |
|  | Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19826 |
|  | Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58098 |
|  | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411471 |
|  | Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;3916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143835 |
|  | Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71519 |
| <sup>a</sup> | Bowman Consulting Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14888 |
| <sup>a</sup> | BrightView Holdings, Inc. | &nbsp;&nbsp;&nbsp;2486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31920 |
|  | Brink's Co. | &nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252104 |
| <sup>a</sup> | Cimpress PLC | &nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58709 |
|  | CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 |
|  | Costamare, Inc. | &nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26844 |
|  | Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28327 |
|  | CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76208 |
|  | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135695 |
|  | CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307845 |
|  | Deluxe Corp. | &nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47999 |
| <sup>a</sup> | DXP Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70579 |
|  | Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112509 |
|  | Ennis, Inc. | &nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38452 |
|  | ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266049 |
| <sup>a</sup> | ExlService Holdings, Inc. | &nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223303 |
|  | Exponent, Inc. | &nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287115 |
|  | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189318 |
| <sup>a</sup> | Forrester Research, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 |
| <sup>a</sup> | Franklin Covey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22483 |
|  | Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291216 |
| <sup>a</sup> | GEO Group, Inc. | &nbsp;&nbsp;&nbsp;7348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214635 |
|  | Global Industrial Co. | &nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24640 |
| <sup>a</sup> | GMS, Inc. | &nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214095 |
|  | Golden Ocean Group Ltd. | &nbsp;&nbsp;&nbsp;5390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43012 |
|  | Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44015 |
|  | Griffon Corp. | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114829 |
|  | H&E Equipment Services, Inc. | &nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175172 |
|  | Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;3476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32049 |
|  | Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66900 |
|  | Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96126 |
|  | HNI Corp. | &nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150258 |
| <sup>a</sup> | Huron Consulting Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132548 |
|  | Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25589 |
| <sup>a</sup> | IBEX Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13928 |
|  | ICF International, Inc. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106552 |
| <sup>a</sup> | IES Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79913 |
| <sup>a</sup> | Innodata, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30802 |

---

franklintempleton.com Annual Report 61

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Industrials (continued)** |  |  |
|  | Insperity, Inc. | &nbsp;&nbsp; 2244 | &nbsp;&nbsp;$200232 |
|  | Interface, Inc. | &nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp;&nbsp; 52378 |
|  | Kadant, Inc. | &nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp; 259421 |
|  | Karat Packaging, Inc. | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 11695 |
|  | Kelly Services, Inc., Class A | &nbsp;&nbsp; 1958 | &nbsp;&nbsp;&nbsp;&nbsp; 25787 |
|  | Kforce, Inc. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp;&nbsp; 74215 |
|  | Korn Ferry | &nbsp;&nbsp; 3938 | &nbsp;&nbsp;&nbsp;&nbsp; 267115 |
| <sup>a</sup> | L.B. Foster Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793 |
| <sup>a</sup> | Legalzoom.com, Inc. | &nbsp;&nbsp;&nbsp;9614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82777 |
| <sup>a</sup> | Liquidity Services, Inc. | &nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45709 |
|  | LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27676 |
|  | Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19308 |
|  | Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47389 |
| <sup>a</sup> | Masterbrand, Inc. | &nbsp;&nbsp;&nbsp;6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89069 |
|  | Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39142 |
|  | McGrath RentCorp | &nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166654 |
|  | Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28896 |
|  | MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;4422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84637 |
| <sup>a</sup> | Mistras Group, Inc. | &nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15362 |
|  | Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305096 |
|  | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;6204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472373 |
|  | Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237677 |
|  | National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27076 |
|  | NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693 |
| <sup>a</sup> | NV5 Global, Inc. | &nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72918 |
|  | Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947 |
| <sup>a</sup> | PAMT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075 |
|  | Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21574 |
|  | Primoris Services Corp. | &nbsp;&nbsp;&nbsp;2266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130091 |
| <sup>a</sup> | Proficient Auto Logistics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 |
| <sup>a</sup> | Radiant Logistics, Inc. | &nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14207 |
| <sup>a</sup> | Resideo Technologies, Inc. | &nbsp;&nbsp;&nbsp;7436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131617 |
| <sup>a</sup> | Resolute Holdings Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729 |
|  | Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16834 |
|  | REV Group, Inc. | &nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74386 |
|  | Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202103 |
|  | Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31086 |
|  | Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;4004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14775 |
|  | Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117169 |
|  | Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;6094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66790 |
|  | Tennant Co. | &nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105270 |
| <sup>a</sup> | Titan Machinery, Inc. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21368 |
|  | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153120 |
|  | Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10968 |
| <sup>a</sup> | Upwork, Inc. | &nbsp;&nbsp;&nbsp;5962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77804 |
|  | Virco Mfg. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 |
|  | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358899 |
|  | Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141812 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276852 |
|  | **Information Technology 13.7%** |  |  |
|  | A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91667 |
| <sup>a</sup> | ACI Worldwide, Inc. | &nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288869 |
| <sup>a</sup> | Agilysys, Inc. | &nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76602 |
| <sup>a</sup> | AvePoint, Inc. | &nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61312 |
| <sup>a</sup> | Aviat Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13917 |
| <sup>a</sup> | Axcelis Technologies, Inc. | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99439 |
|  | Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393437 |
|  | Belden, Inc. | &nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238194 |

---

62 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Information Technology (continued)** |  |  |
|  | Benchmark Electronics, Inc. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;$57730 |
| <sup>a</sup> | Blackbaud, Inc. | &nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 170638 |
| <sup>a</sup> | BlackLine, Inc. | &nbsp;&nbsp; 1694 | &nbsp;&nbsp;&nbsp;&nbsp; 82023 |
| <sup>a</sup> | Box, Inc., Class A | &nbsp;&nbsp; 9812 | &nbsp;&nbsp;&nbsp;&nbsp; 302798 |
| <sup>a</sup> | Calix, Inc. | &nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp;&nbsp; 119291 |
|  | Clear Secure, Inc., Class A | &nbsp;&nbsp; 4994 | &nbsp;&nbsp;&nbsp;&nbsp; 129395 |
|  | Climb Global Solutions, Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 24367 |
| <sup>a</sup> | Commvault Systems, Inc. | &nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461606 |
|  | CompoSecure, Inc., Class A | &nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15544 |
| <sup>a</sup> | Consensus Cloud Solutions, Inc. | &nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26404 |
| <sup>a</sup> | Couchbase, Inc. | &nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29799 |
| <sup>a</sup> | CPI Card Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343 |
| <sup>a</sup> | Daily Journal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26248 |
| <sup>a</sup> | Domo, Inc., Class B | &nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365 |
| <sup>a</sup> | eGain Corp. | &nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6082 |
| <sup>a</sup> | Enfusion, Inc., Class A | &nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34342 |
| <sup>a</sup> | ePlus, Inc. | &nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112783 |
|  | Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52070 |
| <sup>a</sup> | Harmonic, Inc. | &nbsp;&nbsp;&nbsp;6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64138 |
|  | Immersion Corp. | &nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14008 |
|  | Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;2288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946 |
|  | InterDigital, Inc. | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332041 |
|  | Logility Supply Chain Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27921 |
| <sup>a</sup> | Mitek Systems, Inc. | &nbsp;&nbsp;&nbsp;2266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18695 |
|  | Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51657 |
|  | NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21034 |
|  | OneSpan, Inc. | &nbsp;&nbsp;&nbsp;2706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41267 |
| <sup>a</sup> | Ooma, Inc. | &nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24478 |
| <sup>a</sup> | OSI Systems, Inc. | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196672 |
|  | PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45317 |
| <sup>a</sup> | Plexus Corp. | &nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194501 |
|  | Progress Software Corp. | &nbsp;&nbsp;&nbsp;2816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145052 |
| <sup>a</sup> | PROS Holdings, Inc. | &nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46890 |
| <sup>a</sup> | Qualys, Inc. | &nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346308 |
| <sup>a</sup> | Rambus, Inc. | &nbsp;&nbsp;&nbsp;6996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362218 |
|  | Richardson Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 |
| <sup>a</sup> | Rimini Street, Inc. | &nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14240 |
|  | Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51254 |
| <sup>a</sup> | SEMrush Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16421 |
| <sup>a</sup> | Silvaco Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 |
| <sup>a</sup> | SPS Commerce, Inc. | &nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321207 |
| <sup>a</sup> | Varonis Systems, Inc. | &nbsp;&nbsp;&nbsp;5390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218026 |
| <sup>a</sup> | Vertex, Inc., Class A | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56226 |
| <sup>a</sup> | Viant Technology, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733 |
| <sup>a</sup> | Viavi Solutions, Inc. | &nbsp;&nbsp;&nbsp;6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74839 |
| <sup>a</sup> | Vishay Precision Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16959 |
| <sup>a</sup> | WM Technology, Inc. | &nbsp;&nbsp;&nbsp;4576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 |
| <sup>a</sup> | Workiva, Inc. | &nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207082 |
| <sup>a</sup> | Yext, Inc. | &nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909895 |
|  | **Materials 2.1%** |  |  |
| <sup>a</sup> | Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79910 |
|  | Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11266 |
|  | Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88314 |
|  | Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19562 |
|  | Hawkins, Inc. | &nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114182 |
|  | Innospec, Inc. | &nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145915 |
|  | Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;2398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28608 |

---

franklintempleton.com Annual Report 63

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Materials (continued)** |  |  |
|  | Ramaco Resources, Inc., Class A | &nbsp;&nbsp; 1430 | &nbsp;&nbsp;$11769 |
|  | Ramaco Resources, Inc., Class B | &nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 2191 |
|  | Ryerson Holding Corp. | &nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp;&nbsp; 36874 |
|  | Sensient Technologies Corp. | &nbsp;&nbsp; 2684 | &nbsp;&nbsp;&nbsp;&nbsp; 199770 |
|  | SunCoke Energy, Inc. | &nbsp;&nbsp; 4818 | &nbsp;&nbsp;&nbsp;&nbsp; 44326 |
|  | Sylvamo Corp. | &nbsp;&nbsp; 2046 | &nbsp;&nbsp;&nbsp;&nbsp; 137225 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919912 |
|  | **Real Estate 4.6%** |  |  |
|  | Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18406 |
|  | American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60702 |
|  | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010 |
|  | Broadstone Net Lease, Inc. | &nbsp;&nbsp;11528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196437 |
|  | CareTrust REIT, Inc. | &nbsp;&nbsp;10846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309979 |
|  | Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31162 |
| <sup>a</sup> | Compass, Inc., Class A | &nbsp;&nbsp;11506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100447 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;4004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69670 |
|  | Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;8008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261381 |
| <sup>a</sup> | Forestar Group, Inc. | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21394 |
|  | Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;6336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181843 |
|  | Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95198 |
|  | LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91248 |
| <sup>a</sup> | NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19330 |
|  | One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19072 |
|  | Orion Properties, Inc. | &nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392 |
|  | Paramount Group, Inc. | &nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37556 |
|  | Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23008 |
|  | Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;7964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58695 |
| <sup>a</sup> | RE/MAX Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11969 |
|  | RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19048 |
|  | SITE Centers Corp. | &nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20339 |
|  | Tanger, Inc. | &nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254979 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33341 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978606 |
|  | **Utilities 5.4%** |  |  |
|  | American States Water Co. | &nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197329 |
|  | Avista Corp. | &nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202651 |
|  | California Water Service Group | &nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181240 |
|  | Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485 |
|  | MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208602 |
|  | Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101503 |
|  | Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225346 |
|  | Portland General Electric Co. | &nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137368 |
|  | SJW Group | &nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109489 |
|  | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;4114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295385 |
|  | Spire, Inc. | &nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259947 |
|  | TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329437 |
|  | Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54575 |
|  | York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34333 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344690 |
|  | **Total Common Stocks (Cost $42,147,181)** |  | &nbsp;&nbsp;&nbsp;&nbsp;43271103 |
|  | **Total Investments before Short-Term Investments<br> (Cost $42,147,181)** |  | &nbsp;&nbsp;&nbsp;&nbsp;43271103 |

---

64 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Small Cap Multifactor Index ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |
|  | **Investments from Cash Collateral Received for Loaned Securities 0.0%<sup>†</sup>** |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp;&nbsp; 7400 |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
|  | **Total Short-Term Investments (Cost $7,558)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 |
|  | **Total Investments (Cost $42,154,739) 99.9%** |  | &nbsp;&nbsp;&nbsp;&nbsp;43278661 |
|  | **Other Assets, less Liabilities 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24544 |
|  | **Net Assets 100.0%** |  | &nbsp;&nbsp;$43303205 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 93.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 65

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> Emerging Market<br> Core Dividend<br> Tilt Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> International<br> Core Dividend<br> Tilt Index<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> International<br> Dividend Multiplier<br> Index ETF** |
| Assets: |  |  |  |
| Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$13216589 | &nbsp;&nbsp;&nbsp;$1172750267 | &nbsp;&nbsp;&nbsp;$5418534 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$13462369 | &nbsp;&nbsp;&nbsp;$1255540467<sup>+</sup> | &nbsp;&nbsp;&nbsp;$5516153 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Foreign currency, at value (cost $49,624, $2,613,390 and $24,095, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24020 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8758627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48730 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims receivable (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deposits with brokers for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13585841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272992037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5588916 |
| Liabilities: |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims contingent fees payable (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30695 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred taxes on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $13518453 | $1269148012 | &nbsp;&nbsp;&nbsp;$5557249 |
| Net assets consist of: |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$43917962 | &nbsp;&nbsp;&nbsp;$1209631645 | &nbsp;&nbsp;&nbsp;$5435089 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30399509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59516367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$13518453 | &nbsp;&nbsp;&nbsp;$1269148012 | &nbsp;&nbsp;&nbsp;$5557249 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| Net asset value per share | $27.04 | $32.29 | &nbsp;&nbsp;&nbsp;$27.79 |
| <sup>+</sup>Includes securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

66 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Core<br> Dividend Tilt<br> Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Dividend<br> Multiplier<br> Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Large Cap<br> Multifactor Index<br> ETF** |
| Assets: |  |  |  |
| Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$47357733 | &nbsp;&nbsp;&nbsp;$1274041 | &nbsp;&nbsp;&nbsp;$1171568012 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198132 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$50119517 | &nbsp;&nbsp;&nbsp;$1230068 | &nbsp;&nbsp;&nbsp;$1395793335<sup>+</sup> |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198132 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645183 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156564 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 |
| Deposits with brokers for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50226064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403810401 |
| Liabilities: |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637968 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182923 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10193 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6627334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $50222723 | $1235295 | &nbsp;&nbsp;&nbsp;$1397183067 |
| Net assets consist of: |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$48310235 | &nbsp;&nbsp;&nbsp;$1277343 | &nbsp;&nbsp;&nbsp;$1300270416 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96912651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$50222723 | &nbsp;&nbsp;&nbsp;$1235295 | &nbsp;&nbsp;&nbsp;$1397183067 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24750000 |
| Net asset value per share | $43.67 | $24.71 | &nbsp;&nbsp;&nbsp;$56.45 |
| <sup>+</sup>Includes securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769496 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 67

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Mid Cap<br> Multifactor<br> Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Small Cap<br> Multifactor<br> Index ETF** |
| Assets: |  |  |
| Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1441424238 | &nbsp;&nbsp;&nbsp;$42147181 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1463225783<sup>+</sup> | &nbsp;&nbsp;&nbsp;$43271103<sup>+</sup> |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46648 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deposits with brokers for: |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470239469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43325309 |
| Liabilities: |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12938 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $1466652837 | &nbsp;&nbsp;&nbsp;$43303205 |
| Net assets consist of: |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$1468952694 | &nbsp;&nbsp;&nbsp;$44989273 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2299857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1686068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$1466652837 | &nbsp;&nbsp;&nbsp;$43303205 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 |
| Net asset value per share | $52.95 | &nbsp;&nbsp;&nbsp;$39.37 |
| <sup>+</sup>Includes securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956 |

---

68 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Emerging Market<br> Core Dividend<br> Tilt Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> International<br> Core Dividend<br> Tilt Index<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> International<br> Dividend Multiplier<br> Index ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Core<br> Dividend Tilt<br> Index ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$565926 | &nbsp;&nbsp;&nbsp;$36287880 | &nbsp;&nbsp;&nbsp;$64185 | &nbsp;&nbsp;&nbsp;$950985 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 |
| European Union tax reclaims (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |
| Interest from securities loaned (Note 1d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of fees and rebates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36351004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955126 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28322 |
| European Union tax reclaim contingent fees (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35494570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926841 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16892585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232797) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095641 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8427390) | &nbsp;&nbsp;&nbsp;&nbsp;279450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860501 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18044322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6695795) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4785) |
| &nbsp;&nbsp;&nbsp;Change in deferred taxes on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17711407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97475 | &nbsp;&nbsp;&nbsp;&nbsp;(6700708) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284017 | &nbsp;&nbsp;&nbsp;&nbsp;376925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159793 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$1337824 | $44778587 | $439151 | &nbsp;&nbsp;&nbsp;$3086634 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$71237 | $3829730 | $7478 | &nbsp;&nbsp;&nbsp;$434 |
| <sup>b</sup>Includes capital gains taxes paid | &nbsp;&nbsp;$36543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp; $— |

---

\*For the period January 21, 2025 (commencement of operations) to March 31, 2025.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 69

------

[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> U.S. Dividend<br> Multiplier<br> Index ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Large Cap<br> Multifactor Index<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Mid Cap<br> Multifactor<br> Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Small Cap<br> Multifactor<br> Index ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$11606 | &nbsp;&nbsp;&nbsp;$19798173 | &nbsp;&nbsp;&nbsp;$18908246 | &nbsp;&nbsp;&nbsp;$687484 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 |
| Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Interest from securities loaned (Note 1d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of fees and rebates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;11626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19890133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19087231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690554 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;11413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17825338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16015205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546293 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9772266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20540516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329018) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115218777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56185240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254195 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2230) | &nbsp;&nbsp;&nbsp;&nbsp;105350161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35484031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925172 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(43973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33033164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69811030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4402294) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(43973) | &nbsp;&nbsp;&nbsp;&nbsp;(33093150) | &nbsp;&nbsp;&nbsp;&nbsp;(69822862) | &nbsp;&nbsp;&nbsp;&nbsp;(4402823) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(46203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72257011 | &nbsp;&nbsp;&nbsp;&nbsp;(34338831) | &nbsp;&nbsp;&nbsp;&nbsp;(1477651) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(34790) | $90082349 | $(18323626) | &nbsp;&nbsp;&nbsp;$(931358) |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;$833 |

---

\*For the period January 21, 2025 (commencement of operations) to March 31, 2025.

70 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Emerging Market Core<br> Dividend Tilt Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin Emerging Market Core<br> Dividend Tilt Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin International Core<br> Dividend Tilt Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin International Core<br> Dividend Tilt Index ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$540580 | &nbsp;&nbsp;&nbsp;$537365 | &nbsp;&nbsp;&nbsp;$35494570 | &nbsp;&nbsp;&nbsp;$17469267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8427390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10627738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17711407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52179554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44778587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80276559 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38523649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14817600) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496694277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460280490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502949215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525739449 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12838212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11939403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766198797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240459348 |
| End of year | $13518453 | $12838212 | $1269148012 | &nbsp;&nbsp;&nbsp;$766198797 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 71

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;**Franklin U.S. Core Dividend<br> Tilt Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Core Dividend<br> Tilt Index ETF** |
| | &nbsp;&nbsp;&nbsp;**Franklin International Dividend<br> Multiplier Index ETF** <br>**Period Ended<br> March 31, 2025<sup>\*</sup>**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$62226 | &nbsp;&nbsp;&nbsp;$926841 | &nbsp;&nbsp;&nbsp;$894859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6700708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10127794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13614696 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868418) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14423047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25568686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12311044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38314964 |
| Net assets: |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62533767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24218803 |
| End of year | $5557249 | $50222723 | &nbsp;&nbsp;&nbsp;$62533767 |

---

\*For the period January 21, 2025 (commencement of operations) to March 31, 2025.

72 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;**Franklin U.S. Large Cap<br> Multifactor Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Large Cap<br> Multifactor Index ETF** |
| | &nbsp;&nbsp;&nbsp;**Franklin U.S. Dividend<br> Multiplier Index ETF** <br>**Period Ended<br> March 31, 2025<sup>\*</sup>**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$11413 | &nbsp;&nbsp;&nbsp;$17825338 | &nbsp;&nbsp;&nbsp;$15098675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105350161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61945894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33093150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220672653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90082349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297717222 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17114556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15243065) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140921518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113368480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423395675 |
| Net assets: |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283814587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860418912 |
| End of year | $1235295 | $1397183067 | &nbsp;&nbsp;&nbsp;$1283814587 |

---

\*For the period January 21, 2025 (commencement of operations) to March 31, 2025.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 73

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin U.S. Mid Cap<br> Multifactor Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Mid Cap<br> Multifactor Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Small Cap<br> Multifactor Index ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Small Cap<br> Multifactor Index ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$16015205 | &nbsp;&nbsp;&nbsp;$5467567 | &nbsp;&nbsp;&nbsp;$546293 | &nbsp;&nbsp;&nbsp;$422300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35484031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69822862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85031301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4402823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18323626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93591831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(931358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955751 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14786439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4562908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392866) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887775248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356211158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13899110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854665183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445240081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6793649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19461995 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611987654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166747573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36509556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17047561 |
| End of year | $1466652837 | $611987654 | $43303205 | &nbsp;&nbsp;&nbsp;$36509556 |

---

74 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, eight of which are included in this report (each a "Fund", collectively referenced as "Funds"). The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946") and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Funds are exchange traded funds (ETF) and seek to provide the investment results that closely correspond, before fees and expenses, to the performance of Fund's corresponding underlying index.

The following summarizes the Funds' significant accounting policies.

a. Financial Instrument Valuation

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Funds' Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, exchange trade funds and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the

day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Investments in open-end mutual funds are valued at the closing NAV.

The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Funds' business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Funds' portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time on March 31, 2025. At March 31, 2025, certain securities may have been fair valued using these procedures, in which case the securities were categorized as Level 2 inputs within the fair value hierarchy (referred to as "market level fair value").

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Funds' NAV is not calculated, which could result in differences between the value of the Funds' portfolio

franklintempleton.com Annual Report 75

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Funds for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Funds may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statements of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Derivative Financial Instruments

Certain or all Funds invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional

amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Fund to gains or losses in excess of the amounts shown in the Statements of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statements of Operations.

Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. The Funds attempt to reduce their exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, events of default, or early termination. Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty.

Termination events applicable to the Funds include failure of the Funds to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. However, absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by the Funds of any net liability owed to that counterparty under the ISDA agreement.

Collateral requirements differ by type of derivative. Collateral terms are contract specific for OTC derivatives. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of agreement. Generally, collateral is determined at the close of Fund business each day and any additional

76 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments (continued)

collateral required due to changes in derivative values may be delivered by the Fund or the counterparty the next business day, or within a few business days. Collateral pledged and/or received by the Fund, if any, is held in segregated accounts with the Fund's custodian/counterparty broker and can be in the form of cash and/or securities. Unrestricted cash may be invested according to the Funds' investment objectives. To the extent that the amounts due to the Fund from its counterparties are not subject to collateralization or are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance.

Certain or all Funds entered into exchange traded futures contracts primarily to manage and/or gain exposure to equity price risk. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed in the Funds' Schedules of Investments.

See Note 7 regarding other derivative information.

d. Securities Lending

Certain or all Funds participate in an agency based securities lending program to earn additional income. The Fund receives cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The collateral is deposited into a joint cash account with other funds and is used to invest in a money market fund managed by Franklin Advisers, Inc., an affiliate of the Funds. These securities received as collateral are held in segregated accounts with the Funds' custodian. The Fund cannot repledge or resell these securities received as collateral. As such, the non-cash collateral is excluded from the Statements of Assets and Liabilities. The Fund may receive income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported

separately in the Statements of Operations. The Fund bears the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Fund. If the borrower defaults on its obligation to return the securities loaned, the Fund has the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Fund in the event of default by a third party borrower.

e. Income and Deferred Taxes

It is the Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required.

The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Funds invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, certain or all Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

Each Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, each Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

As a result of several court cases, in certain countries across the European Union the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU reclaims). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statements of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Any fees associated with these filings are reflected as Professional fees in the Statements of Operations. When uncertainty exists as to the

franklintempleton.com Annual Report 77

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

e. Income and Deferred Taxes (continued)

ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

f. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest Income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Funds. Distributions from realized capital gains and other distributions, if any, are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated among the Funds based on the ratio of net assets of each Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

g. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

h. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Funds are issued and redeemed at their respective NAV only in aggregations of a specific number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Funds. Once created, shares of the Funds generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Funds' shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized Participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Funds regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Funds.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other

78 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Funds' shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Emerging Market Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin Emerging Market Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin Emerging Market Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin Emerging Market Core Dividend Tilt Index ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; — | $— |
| Net increase (decrease) | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; — | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin International Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin International Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin International Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin International Core Dividend Tilt Index ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;16200000 | $523258748 | &nbsp;&nbsp;&nbsp;17500000 | $521070020 |
| Shares redeemed | &nbsp;&nbsp; (800000) | &nbsp;&nbsp;&nbsp;&nbsp; (26564471) | &nbsp;&nbsp;&nbsp;(2000000) | &nbsp;&nbsp;&nbsp;&nbsp; (60789530) |
| Net increase (decrease) | &nbsp;&nbsp;15400000 | $496694277 | &nbsp;&nbsp;&nbsp;15500000 | $460280490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin International Dividend Multiplier Index ETF** | &nbsp;&nbsp;**Franklin International Dividend Multiplier Index ETF** |
|  | &nbsp;&nbsp;**Period Ended<br> March 31, 2025<sup>\*</sup>** | &nbsp;&nbsp;**Period Ended<br> March 31, 2025<sup>\*</sup>** |
| | &nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 300000 | $7926353 |
| Shares redeemed | &nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (2802723) |
| Net increase (decrease) | &nbsp;&nbsp; 200000 | $5123630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin U.S. Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin U.S. Core Dividend Tilt Index ETF** | &nbsp;&nbsp;**Franklin U.S. Core Dividend Tilt Index ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 550000 | $24873761 | &nbsp;&nbsp;&nbsp; 1150000 | $38219857 |
| Shares redeemed | &nbsp;&nbsp; (950000) | &nbsp;&nbsp;&nbsp;&nbsp; (39296808) | &nbsp;&nbsp;&nbsp; (350000) | &nbsp;&nbsp;&nbsp;&nbsp; (12651171) |
| Net increase (decrease) | &nbsp;&nbsp; (400000) | $(14423047) | &nbsp;&nbsp;&nbsp; 800000 | $25568686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Dividend Multiplier Index ETF** | &nbsp;&nbsp;**Franklin U.S. Dividend Multiplier Index ETF** |
|  | &nbsp;&nbsp;**Period Ended<br> March 31, 2025<sup>\*</sup>** | &nbsp;&nbsp;**Period Ended<br> March 31, 2025<sup>\*</sup>** |
| | &nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 50000 | $1277343 |
| Net increase (decrease) | &nbsp;&nbsp; 50000 | $1277343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Large Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Large Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Large Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Large Cap Multifactor Index ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 7250000 | $415707272 | &nbsp;&nbsp;&nbsp; 7450000 | $342804051 |
| Shares redeemed | &nbsp;&nbsp;(6600000) | &nbsp;&nbsp;&nbsp;&nbsp; (375306585) | &nbsp;&nbsp;&nbsp;(4150000) | &nbsp;&nbsp;&nbsp;&nbsp;(201882533) |
| Net increase (decrease) | &nbsp;&nbsp; 650000 | $40400687 | &nbsp;&nbsp;&nbsp; 3300000 | $140921518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Mid Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Mid Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Mid Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Mid Cap Multifactor Index ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;20900000 | $1134557591 | &nbsp;&nbsp;&nbsp; 8700000 | $403696701 |
| Shares redeemed | &nbsp;&nbsp;(4650000) | &nbsp;&nbsp;&nbsp;&nbsp; (246782343) | &nbsp;&nbsp;&nbsp;(1100000) | &nbsp;&nbsp;&nbsp;&nbsp; (47485543) |
| Net increase (decrease) | &nbsp;&nbsp;16250000 | $887775248 | &nbsp;&nbsp;&nbsp; 7600000 | $356211158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Small Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Small Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Small Cap Multifactor Index ETF** | &nbsp;&nbsp;**Franklin U.S. Small Cap Multifactor Index ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 450000 | $18229373 | &nbsp;&nbsp;&nbsp; 500000 | $17435236 |
| Shares redeemed | &nbsp;&nbsp; (250000) | &nbsp;&nbsp;&nbsp;&nbsp; (9897829) | &nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (3536126) |
| Net increase (decrease) | &nbsp;&nbsp; 200000 | $8331544 | &nbsp;&nbsp;&nbsp; 400000 | $13899110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

\*For the period January 21, 2025 (commencement of operations) to March 31, 2025.

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Funds are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Institutional, LLC (FT Institutional) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Advisory Services, LLC (FASL) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

---

a. Management fees

The Funds pay a unified management fee to FASL whereby FASL has agreed to reimburse the Funds' acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Funds, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Funds' Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement. The gross effective investment management fees are based on the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
| | **Gross Effective Investment<br> Management Fee Rate** |
| Franklin Emerging Market Core Dividend Tilt Index ETF | 0.19% |
| Franklin International Core Dividend Tilt Index ETF | 0.09% |
| Franklin International Dividend Multiplier Index ETF | 0.19% |
| Franklin U.S. Core Dividend Tilt Index ETF | 0.06% |
| Franklin U.S. Dividend Multiplier Index ETF | 0.09% |
| Franklin U.S. Large Cap Multifactor Index ETF | 0.15% |
| Franklin U.S. Mid Cap Multifactor Index ETF | 0.30% |
| Franklin U.S. Small Cap Multifactor Index ETF | 0.35% |

---

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Funds. The subadvisory fee is paid by FASL based on the Fund's average daily net assets, and is not an additional expense of the Funds.

b. Administrative Fees

Under an agreement with FASL, FT Services provides administrative services to the Fund. The fee is paid by FASL based on the Fund's average daily net assets, and is not an additional expense of the Fund.

c. Investments in Affiliated Management Investment Companies

Certain or all Funds invests in one or more affiliated management investment companies. As defined in the 1940 Act, an investment is deemed to be a "Controlled Affiliate" of a fund when a fund owns, either directly or indirectly, 25% or more of the affiliated fund's outstanding shares or has the power to exercise control over management or policies of such fund. The Fund does not invest for purposes of exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment companies, as noted in the Statements of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate.

franklintempleton.com Annual Report 81

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

During the year ended March 31, 2025, investments in affiliated management investment companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin Emerging Market Core<br> Dividend Tilt Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576401 | &nbsp;&nbsp; $(576394) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp; $230 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2935500 | &nbsp;&nbsp; $(2935500) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3511901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3511894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$230 |
| **Franklin International Core<br> Dividend Tilt Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$58969503 | &nbsp;&nbsp;$(58527755) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$441748 | &nbsp;&nbsp;&nbsp;&nbsp;441748 | &nbsp;&nbsp;$34391 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$4095900 | &nbsp;&nbsp;$32053132 | &nbsp;&nbsp;$(32588782) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3560250 | &nbsp;&nbsp;3560250 | &nbsp;&nbsp;$6614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4095900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91022635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91116537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4001998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41005 |
| **Franklin International Dividend<br> Multiplier Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$43263 | &nbsp;&nbsp;$(43250) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;$32 |

---

82 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin U.S. Core Dividend<br> Tilt Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $164064 | &nbsp;&nbsp; $1537174 | &nbsp;&nbsp;$(1666465) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 | &nbsp;&nbsp;$2954 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34650 | &nbsp;&nbsp; $(34650) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$164064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1571824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1701115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2999 |
| **Franklin U.S. Dividend<br> Multiplier Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13685 | &nbsp;&nbsp;$(10727) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;$20 |
| **Franklin U.S. Large Cap<br> Multifactor Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$2867178 | &nbsp;&nbsp;$31045008 | &nbsp;&nbsp;$(33510304) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$401882 | &nbsp;&nbsp;&nbsp;&nbsp;401882 | &nbsp;&nbsp;$82919 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5234202 | &nbsp;&nbsp;$(4437952) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$796250 | &nbsp;&nbsp;&nbsp;&nbsp;796250 | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2867178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36279210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(37948256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1198132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82969 |

---

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin U.S. Mid Cap<br> Multifactor Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $1346815 | &nbsp;&nbsp; $26803898 | &nbsp;&nbsp;$(26419291) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1731422 | &nbsp;&nbsp;1731422 | &nbsp;&nbsp;$81350 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $717750 | &nbsp;&nbsp;$156750567 | &nbsp;&nbsp;$(156977442) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $490875 | &nbsp;&nbsp;&nbsp;&nbsp;490875 | &nbsp;&nbsp;$65696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2064565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$183554465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(183396733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2222297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$147046 |
| **Franklin U.S. Small Cap<br> Multifactor Index ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$78668 | &nbsp;&nbsp;$1703542 | &nbsp;&nbsp;$(1782052) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;$1587 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$167840 | &nbsp;&nbsp;$2772329 | &nbsp;&nbsp;$(2932769) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;$1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4475871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4714821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3002 |

---

d. Other Affiliated Transactions

At March 31, 2025, the shares of Franklin U.S. Large Cap Multifactor Index ETF were owned by the following entities:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Franklin U.S. Large Cap Multifactor Index ETF** |  |  |
| Franklin Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;1553442 | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| Franklin Growth Allocation Fund | 1701526 | &nbsp;&nbsp;&nbsp;&nbsp;6.9% |
|  | 3254968 | &nbsp;&nbsp;&nbsp;13.2% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Funds.

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains, if any. At March 31, 2025, the capital loss carryforwards were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin Emerging<br> Market Core Dividend<br> Tilt Index ETF** | **Franklin<br> International<br> Core Dividend Tilt<br> Index ETF** | **Franklin<br> International<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S.<br> Core Dividend Tilt<br> Index ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $13381464 | $11117118 | $— | $565468 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp;17128458 | &nbsp;&nbsp;&nbsp;&nbsp; 14191223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31404 | &nbsp;&nbsp;&nbsp;&nbsp; 343107 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $30509922 | $25308341 | $31404 | $908575 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin U.S.<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** | **Franklin U.S. Mid<br> Cap Multifactor<br> Index ETF** | **Franklin U.S.<br> Small Cap Multifactor<br> Index ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $— | $— | $8042731 | $1707337 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128720031 | &nbsp;&nbsp;&nbsp;&nbsp;18255618 | &nbsp;&nbsp;&nbsp;&nbsp;1043350 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $1989 | $128720031 | $26298349 | $2750687 |

---

For tax purposes, capital losses may be carried over to offset future capital gains. During the year ended March 31, 2025, the utilized capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Franklin Emerging<br> Market Core Dividend<br> Tilt Index ETF** | **Franklin U.S.<br> Core Dividend Tilt<br> Index ETF** | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** |
| Capital loss carryforwards utilized | $207708 | $92228 | $12375569 |

---

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Franklin Emerging Market Core<br> Dividend Tilt Index ETF** | **Franklin Emerging Market Core<br> Dividend Tilt Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $657583 | $565964 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin International Core<br> Dividend Tilt Index ETF** | **Franklin International Core<br> Dividend Tilt Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $38523649 | $14817600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | |
|:---|:---|
|  | **Franklin International Dividend<br> Multiplier Index ETF** |
|  | **Period Ended<br> March 31,<br> 2025** |
| Distributions paid from Ordinary income | $5532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin U.S. Core Dividend<br> Tilt Index ETF** | **Franklin U.S. Core Dividend<br> Tilt Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $974631 | $868418 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Franklin U.S. Dividend<br> Multiplier Index ETF** |
|  | **Period Ended<br> March 31,<br> 2025** |
| Distributions paid from Ordinary income | $7258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin U.S. Large Cap<br> Multifactor Index ETF** | **Franklin U.S. Large Cap<br> Multifactor Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $17114556 | $15243065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin U.S. Mid Cap<br> Multifactor Index ETF** | **Franklin U.S. Mid Cap<br> Multifactor Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $14786439 | $4562908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin U.S. Small Cap<br> Multifactor Index ETF** | **Franklin U.S. Small Cap<br> Multifactor Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $606537 | $392866 |

---

86 Annual Report franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

At March 31, 2025, the cost of investments, net unrealized appreciation (depreciation) and undistributed ordinary income for income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Emerging<br> Market Core Dividend<br> Tilt Index ETF** | **Franklin<br> International<br> Core Dividend Tilt<br> Index ETF** | **Franklin<br> International<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S.<br> Core Dividend Tilt<br> Index ETF** |
| Cost of investments | &nbsp;&nbsp;$13387210 | $1185253545 | $5428275 | $47406946 |
| Unrealized appreciation | &nbsp;&nbsp;$2395917 | $136861525 | $214525 | $4364237 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2320751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62572605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126634) | &nbsp;&nbsp;&nbsp;&nbsp;(1616893) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$75166 | $74288920 | $87891 | $2747344 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$84586 | $10301620 | $65817 | $72864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin U.S.<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** | **Franklin U.S. Mid<br> Cap Multifactor<br> Index ETF** | **Franklin U.S.<br> Small Cap Multifactor<br> Index ETF** |
| Cost of investments | &nbsp;&nbsp;$1277240 | $1173112228 | $1444568490 | $42228126 |
| Unrealized appreciation | &nbsp;&nbsp;$48612 | $239443088 | $99634841 | $5984607 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15563849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78755251) | &nbsp;&nbsp;&nbsp;&nbsp;(4934072) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(44214) | $223879239 | $20879590 | $1050535 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$4155 | $1753441 | $3118907 | $14087 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of passive foreign investment company shares, EU reclaims, wash sales, and in-kind shareholder redemptions.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the period ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Emerging<br> Market Core Dividend<br> Tilt Index ETF** | **Franklin<br> International<br> Core Dividend Tilt<br> Index ETF** | **Franklin<br> International<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S.<br> Core Dividend Tilt<br> Index ETF** |
| Purchases | &nbsp;&nbsp;$7167474 | $260496918 | $1700630 | $8526845 |
| Sales | &nbsp;&nbsp;$7334564 | $250940029 | $1350140 | $8458277 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin U.S.<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** | **Franklin U.S. Mid<br> Cap Multifactor<br> Index ETF** | **Franklin U.S.<br> Small Cap Multifactor<br> Index ETF** |
| Purchases | &nbsp;&nbsp;$225319 | $731124964 | $199384856 | $10027551 |
| Sales | &nbsp;&nbsp;$222633 | $726919410 | $196196601 | $10095138 |

---

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

5. Investment Transactions (continued)

In-kind transactions associated with creation and redemptions for the period ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Emerging<br> Market Core Dividend<br> Tilt Index ETF** | **Franklin<br> International<br> Core Dividend Tilt<br> Index ETF** | **Franklin<br> International<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S.<br> Core Dividend Tilt<br> Index ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$— | $502807819 | $7605041 | $24752579 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$— | $26391194 | $2817114 | $39080544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin U.S.<br> Dividend Multiplier<br> Index ETF** | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** | **Franklin U.S. Mid<br> Cap Multifactor<br> Index ETF** | **Franklin U.S.<br> Small Cap Multifactor<br> Index ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$1276543 | $404917088 | $1121277708 | $18206502 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$— | $365544887 | $237339723 | $9816833 |

---

<sup>a</sup>Realized gains and losses from in-kind redemptions, as shown on the Statements of Operations, are not recognized by the Funds for tax purposes.

At March 31, 2025, in connection with securities lending transactions, certain or all Funds loaned investments and received cash collateral as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> International<br> Core Dividend Tilt<br> Index ETF** | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** | **Franklin U.S. Mid<br> Cap Multifactor<br> Index ETF** | **Franklin U.S.<br> Small Cap Multifactor<br> Index ETF** |
| **Securities lending transactions<sup>a</sup><sup>:</sup>** |  |  |  |  |
| Equity Investments<sup>b</sup> | &nbsp;&nbsp;$3560250 | $796250 | $490875 | $7400 |

---

---

| |
|:---|
| <sup>a</sup>The agreements can be terminated at any time. |
| <sup>b</sup>The gross amount of recognized liability for such transactions is included in payable upon return of securities loaned in the Statements of Assets and Liabilities. |

---

6. Concentration of Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Funds have exposure to Russian investments or investments in countries affected by the invasion, the Funds' ability to price, buy, sell, receive or deliver such investments was impaired. The Funds could determine at any time that certain of the most affected securities have little or no value. In addition, any exposure that the Funds may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Funds' portfolio. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and

88 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

6. Concentration of Risk (continued)

may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact each Fund's performance and the value of an investment in the Funds, even beyond any direct exposure the Funds may have to Russian issuers or issuers in other countries affected by the invasion. The Valuation Committee determined that based on their analysis of the market and access to market participants, the Russian financial instruments held by the Franklin Emerging Market Core Dividend Tilt Index ETF and Franklin U.S. Core Dividend Tilt Index ETF had no value at March 31, 2025.

Certain investments in Chinese companies are made through a special structure known as a variable interest entity (VIE). In a VIE structure, foreign investors, such as Franklin Emerging Market Core Dividend Tilt Index ETF will only own stock in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in a restricted or prohibited sector in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, the structure historically has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

7. Other Derivative Information

At March 31, 2025, the Funds' investments in derivative contracts are reflected in the Statements of Assets and Liabilities as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statements of Assets and<br> Liabilities Location** | **Fair Value** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **Franklin Emerging Market Core Dividend Tilt Index ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $1897<sup>a</sup> |
| Totals |  | $— |  | $1897 |
| **Franklin International Core Dividend Tilt Index ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $325390<sup>a</sup> |
| Totals |  | $— |  | $325390 |
| **Franklin U.S. Core Dividend Tilt Index ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $409<sup>a</sup> |
| Totals |  | $— |  | $409 |
| **Franklin U.S. Large Cap Multifactor Index ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $3900<sup>a</sup> |
| Totals |  | $— |  | $3900 |

---

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statements of Assets and<br> Liabilities Location** | **Fair Value** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **Franklin U.S. Mid Cap Multifactor Index ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $26860<sup>a</sup> | Variation margin on futures contracts | $— |
| Totals |  | $26860 |  | $— |

---

<sup>a</sup>This amount reflects the cumulative appreciation (depreciation) of future contracts as reported in the Schedule of Investments. Only the variation margin receivable/payable at year end is separately reported within the Statements of Assets and Liabilities. Prior variation margin movements were recorded to cash upon receipt or payment.

For the year ended March 31, 2025, the effect of derivative contracts in the Funds' Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
| **Franklin Emerging Market Core Dividend Tilt Index ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $3280 | Futures contracts | $(2050) |
| **Franklin International Core Dividend Tilt Index ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(306491) | Futures contracts | $(361089) |
| **Franklin U.S. Core Dividend Tilt Index ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(2672) | Futures contracts | $(4785) |
| **Franklin U.S. Large Cap Multifactor Index ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(96350) | Futures contracts | $(59986) |
| **Franklin U.S. Mid Cap Multifactor Index ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(160693) | Futures contracts | $(11832) |
| **Franklin U.S. Small Cap Multifactor Index ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(5) | Futures contracts | $(529) |

---

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

For the year ended March 31, 2025, the average month end notional amount of futures contracts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Franklin Emerging<br> Market Core Dividend<br> Tilt Index ETF** | **Franklin<br> International<br> Core Dividend Tilt<br> Index ETF** | **Franklin U.S.<br> Core Dividend Tilt<br> Index ETF** |
| Futures contracts | $37409 | $4997858 | $98653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **Franklin U.S. Large<br> Cap Multifactor<br> Index ETF** | **Franklin U.S. Mid<br> Cap Multifactor<br> Index ETF** | **Franklin U.S.<br> Small Cap Multifactor<br> Index ETF** |
| Futures contracts | $1385373 | $1359703 | $9837 |

---

See Note 1(c) regarding derivative financial instruments.

8. Fair Value Measurements

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Funds' assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin Emerging Market Core Dividend Tilt Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$13462369 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$13462369 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $13462376 | $— | $— | &nbsp;&nbsp;&nbsp;$13462376 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $1897 | $— | $— | &nbsp;&nbsp;&nbsp;$1897 |
| **Franklin International Core Dividend Tilt Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$1255540467 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1255540467 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001998 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1259542465 | $— | $— | &nbsp;&nbsp;&nbsp;$1259542465 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $325390 | $— | $— | &nbsp;&nbsp;&nbsp;$325390 |

---

franklintempleton.com Annual Report 91

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin International Dividend Multiplier Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$5516153 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5516153 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $5516166 | $— | $— | &nbsp;&nbsp;&nbsp;$5516166 |
| **Franklin U.S. Core Dividend Tilt Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$50119517 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$50119517 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34773 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $50154290 | $— | $— | &nbsp;&nbsp;&nbsp;$50154290 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $409 | $— | $— | &nbsp;&nbsp;&nbsp;$409 |
| **Franklin U.S. Dividend Multiplier Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$1230068 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1230068 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1233026 | $— | $— | &nbsp;&nbsp;&nbsp;$1233026 |
| **Franklin U.S. Large Cap Multifactor Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$1395793335 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1395793335 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198132 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1396991467 | $— | $— | &nbsp;&nbsp;&nbsp;$1396991467 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $3900 | $— | $— | &nbsp;&nbsp;&nbsp;$3900 |
| **Franklin U.S. Mid Cap Multifactor Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$1463225783 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1463225783 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222297 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1465448080 | $— | $— | &nbsp;&nbsp;&nbsp;$1465448080 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $26860 | $— | $— | &nbsp;&nbsp;&nbsp;$26860 |

---

92 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin U.S. Small Cap Multifactor Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$43271103 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$43271103 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7558 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $43278661 | $— | $— | &nbsp;&nbsp;&nbsp;$43278661 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedules of Investments. <br> <sup>b</sup>Includes common and preferred stocks, warrants. <br> <sup>c</sup>Includes financial instruments determined to have no value.

9. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

10. Operating Segments

The Funds have adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Funds' financial position or results of operations.

The Funds operate as a single operating segment, which is an investment portfolio. The Funds' Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. Each Fund's portfolio holdings provide details of each Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

11. Subsequent Events

The Funds have evaluated subsequent events through the issuance of these financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **Selected Portfolio** | **Selected Portfolio** |
| **GDR** | &nbsp;&nbsp;Global Depositary Receipt |
| **NVDR** | &nbsp;&nbsp;Non-Voting Depositary Receipt |
| **REIT** | &nbsp;&nbsp;Real Estate Investment Trust |
| **SPA** | &nbsp;&nbsp;Standby Purchase Agreement |

---

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FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Franklin Emerging Market Core Dividend Tilt Index ETF, Franklin International Core Dividend Tilt Index ETF, Franklin International Dividend Multiplier Index ETF, Franklin U.S. Core Dividend Tilt Index ETF, Franklin U.S. Dividend Multiplier Index ETF, Franklin U.S. Large Cap Multifactor Index ETF, Franklin U.S. Mid Cap Multifactor Index ETF and Franklin U.S. Small Cap Multifactor Index ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Franklin Emerging Market Core Dividend Tilt Index ETF, Franklin International Core Dividend Tilt Index ETF, Franklin International Dividend Multiplier Index ETF, Franklin U.S. Core Dividend Tilt Index ETF, Franklin U.S. Dividend Multiplier Index ETF, Franklin U.S. Large Cap Multifactor Index ETF, Franklin U.S. Mid Cap Multifactor Index ETF and Franklin U.S. Small Cap Multifactor Index ETF (eight of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Franklin Emerging Market Core Dividend Tilt Index ETF<sup>(1)</sup>

Franklin International Core Dividend Tilt Index ETF<sup>(1)</sup>

Franklin International Dividend Multiplier Index ETF<sup>(2)</sup>

Franklin U.S. Core Dividend Tilt Index ETF<sup>(1)</sup>

Franklin U.S. Dividend Multiplier Index ETF<sup>(2)</sup>

Franklin U.S. Large Cap Multifactor Index ETF<sup>(1)</sup>

Franklin U.S. Mid Cap Multifactor Index ETF<sup>(1)</sup>

Franklin U.S. Small Cap Multifactor Index ETF<sup>(1)</sup>

<sup>(1)</sup> Statements of operations for the year ended March 31, 2025 and statements of changes in net assets for each of the two years in the period ended March 31, 2025

<sup>(2)</sup> Statements of operations and of changes in net assets for the period January 21, 2025 (commencement of operations) to March 31, 2025

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm (continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

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Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Funds below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> Emerging<br> Market<br> Core Dividend<br> Tilt Index ETF** | &nbsp;&nbsp;**Franklin<br> International<br> Core Dividend<br> Tilt Index<br> ETF** | &nbsp;&nbsp;**Franklin<br> International<br> Dividend<br> Multiplier Index<br> ETF** | &nbsp;&nbsp;**Franklin<br> U.S. Core<br> Dividend Tilt<br> Index ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | $— | $— | $— | &nbsp;&nbsp;$838098 |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | $298378 | $34823561 | $8394 | &nbsp;&nbsp;$864521 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> U.S. Dividend<br> Multiplier<br> Index ETF** | &nbsp;&nbsp;**Franklin<br> U.S. Large Cap<br> Multifactor<br> Index ETF** | &nbsp;&nbsp;**Franklin<br> U.S. Mid Cap<br> Multifactor<br> Index ETF** | &nbsp;&nbsp;**Franklin<br> U.S. Small Cap<br> Multifactor<br> Index ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | $7258 | $17114556 | $14786439 | &nbsp;&nbsp;$561612 |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | $7258 | $17114556 | $14786439 | &nbsp;&nbsp;$567282 |

---

Under Section 853 of the Internal Revenue Code, the Funds below intend to elect to pass through to their shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Funds during the fiscal year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Emerging<br> Market<br> Core Dividend<br> Tilt Index ETF** | &nbsp;&nbsp;**Franklin<br> International<br> Core Dividend<br> Tilt Index<br> ETF** | &nbsp;&nbsp;**Franklin<br> International<br> Dividend<br> Multiplier Index<br> ETF** |
| Foreign Taxes Paid | $104917 | $2660787 | &nbsp;&nbsp;$2862 |
| Foreign Source Income | $610031 | $38111772 | &nbsp;&nbsp;$66159 |

---

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FRANKLIN TEMPLETON ETF TRUST

---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and

not paid directly by the fund.

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FRANKLIN TEMPLETON ETF TRUST

---

| | |
|:---|:---|
| **Board Approval of Management and Subadvisory Agreements** | For the period covered in the report |

---

------

**FRANKLIN TEMPLETON ETF TRUST**

**Franklin International Dividend Multiplier Index ETF (Fund)**

At a meeting held on September 5, 2024 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved (i) an investment management agreement between Franklin Advisory Services, LLC (FASL) and the Trust; and (ii) an investment sub-advisory agreement between FASL and Franklin Templeton Institutional, LLC (FT Institutional), on behalf of the Fund, for an initial two-year period (each a Management Agreement). The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve each Management Agreement. FASL and FT Institutional are each referred to herein as a Manager.

In considering the approval of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board reviewed and considered all of the factors it deemed relevant in approving each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by each Manager; (ii) the costs of the services to be provided by each Manager; and (iii) the extent to which economies of scale may be realized as the Fund grows. The Board also reviewed and considered the form of each Management Agreement and the terms of each Management Agreement which were explained at the Meeting. The Board noted that FASL would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby FASL would reimburse the Fund for all acquired fund fees and expenses and pay all of the ordinary operating expenses of the Fund, except for certain excluded items (Unified Fee). The Board also noted that the Unified Fee was consistent with the current management fee structure for the existing Franklin Templeton (FT) exchange-traded funds.

In approving each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the proposed Management Agreements are fair and reasonable and that such Management Agreements are in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed and considered information regarding the nature, extent and quality of investment management services to be provided by the Managers and their affiliates to the Fund and its shareholders. This information included, among other things, the Fund's proposed investment strategies and the ability of the Managers to implement such investment strategies; the qualifications, background and experience of the investment personnel that will be responsible for the day-to-day portfolio management of the Fund; each Manager's experience as the Manager of other funds and accounts, including other series of the Trust and other funds in the FT family of funds; each Manager's strength and reputation within the industry; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of each Manager; and each Manager's compliance capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the Investment Company Act of 1940). Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by each Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board noted that, as the Fund had not yet commenced investment operations, there was no investment performance for the Fund. The Board also considered the proposed performance benchmark for the Fund and how such benchmark would be utilized to measure performance of each Manager.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's proposed total expense ratio, noting that the Fund will pay a Unified Fee. The Board considered the proposed total expense ratio and, separately, the proposed contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure as the Fund (Expense Group) as selected by Broadridge Financial Solutions, Inc. (Broadridge), an

98 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

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| | |
|:---|:---|
| **Board Approval of Management and Subadvisory Agreements** | For the period covered in the report (continued) |

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independent provider of investment company data. Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report (excluding the Fund), which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of strategic beta exchange-traded funds, which included the Fund, which is currently classified as an international large-cap value fund, and six international equity income funds. The Board noted that the proposed Management Rate and estimated total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that pursuant to the proposed Unified Fee arrangement FASL would reimburse the Fund for all of its acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The Board also noted that FT Institutional would be paid by FASL out of the Unified Fee FASL receives from the Fund and that the allocation of the fee between FASL and FT Institutional reflects the services to be provided by FT Institutional to the Fund. After consideration of the above, the Board concluded that the Management Rate to be charged to the Fund and the sub-advisory fee to be paid to FT Institutional are reasonable.

**Profitability**

The Board noted that the Managers (and their affiliates) could not report any financial results from their relationships with the Fund because the Fund has not yet commenced investment operations, and thus, the Board could not evaluate each Manager's (or its affiliates') profitability with respect to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's proposed management fee structure reflects any economies of scale for the benefit of shareholders. With respect to possible economies of scale in the future, the Board noted that it is not anticipated that the Fund will generate significant, if any, profit for the Managers and/or their affiliates for some time.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved each Management Agreement for the Fund for an initial two-year period.

**FRANKLIN TEMPLETON ETF TRUST**

**Franklin U.S. Dividend Multiplier Index ETF (Fund)**

At a meeting held on September 5, 2024 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved (i) an investment management agreement between Franklin Advisory Services, LLC (FASL) and the Trust; and (ii) an investment sub-advisory agreement between FASL and Franklin Templeton Institutional, LLC (FT Institutional), on behalf of the Fund, for an initial two-year period (each a Management Agreement). The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve each Management Agreement. FASL and FT Institutional are each referred to herein as a Manager.

In considering the approval of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board reviewed and considered all of the factors it deemed relevant in approving each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by each Manager; (ii) the costs of the services to be provided by each

franklintempleton.com Annual Report 99

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

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| | |
|:---|:---|
| **Board Approval of Management and Subadvisory Agreements** | For the period covered in the report (continued) |

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Manager; and (iii) the extent to which economies of scale may be realized as the Fund grows. The Board also reviewed and considered the form of each Management Agreement and the terms of each Management Agreement which were explained at the Meeting. The Board noted that FASL would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby FASL would reimburse the Fund for all acquired fund fees and expenses and pay all of the ordinary operating expenses of the Fund, except for certain excluded items (Unified Fee). The Board also noted that the Unified Fee was consistent with the current management fee structure for the existing Franklin Templeton (FT) exchange-traded funds.

In approving each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of the proposed Management Agreements are fair and reasonable and that such Management Agreements are in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed and considered information regarding the nature, extent and quality of investment management services to be provided by the Managers and their affiliates to the Fund and its shareholders. This information included, among other things, the Fund's proposed investment strategies and the ability of the Managers to implement such investment strategies; the qualifications, background and experience of the investment personnel that will be responsible for the day-to-day portfolio management of the Fund; each Manager's experience as the Manager of other funds and accounts, including other series of the Trust and other funds in the FT family of funds; each Manager's strength and reputation within the industry; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of each Manager; and each Manager's compliance capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the Investment Company Act of 1940). Following consideration of such information, the Board was satisfied with the nature, extent and quality of services to be provided by each Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board noted that, as the Fund had not yet commenced investment operations, there was no investment performance for the Fund. The Board also considered the proposed performance benchmark for the Fund and how such benchmark would be utilized to measure performance of each Manager.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's proposed total expense ratio, noting that the Fund will pay a Unified Fee. The Board considered the proposed total expense ratio and, separately, the proposed contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure as the Fund (Expense Group) as selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report (excluding the Fund), which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of strategic beta exchange-traded funds, which included the Fund, one other large-cap value fund, one multi-cap value fund and seven equity income funds. The Board noted that the proposed Management Rate and estimated total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that pursuant to the proposed Unified Fee arrangement FASL would reimburse the Fund for all of its acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, except for (i) the Fund's Unified Fee, (ii) payments under the Fund's Rule 12b-1 plan (if any), (iii) brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), (iv) taxes, (v) interest (including borrowing costs and dividend expenses on

100 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

FRANKLIN TEMPLETON ETF TRUST

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| | |
|:---|:---|
| **Board Approval of Management and Subadvisory Agreements** | For the period covered in the report (continued) |

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------

securities sold short and overdraft charges), (vi) litigation expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses. The Board also noted that FT Institutional would be paid by FASL out of the Unified Fee FASL receives from the Fund and that the allocation of the fee between FASL and FT Institutional reflects the services to be provided by FT Institutional to the Fund. After consideration of the above, the Board concluded that the Management Rate to be charged to the Fund and the sub-advisory fee to be paid to FT Institutional are reasonable.

**Profitability**

The Board noted that the Managers (and their affiliates) could not report any financial results from their relationships with the Fund because the Fund has not yet commenced investment operations, and thus, the Board could not evaluate each Manager's (or its affiliates') profitability with respect to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's proposed management fee structure reflects any economies of scale for the benefit of shareholders. With respect to possible economies of scale in the future, the Board noted that it is not anticipated that the Fund will generate significant, if any, profit for the Managers and/or their affiliates for some time.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved each Management Agreement for the Fund for an initial two-year period.

franklintempleton.com Annual Report 101

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[**Table of Contents**](#JOB_FT_AR_b95cc08b-7b56-416e-9927-d6ee5e3c7995_TOC)

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![](imge7fcafbe2.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

ETF-AFSOI 05/25

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](img087734f71.jpg)

---

| |
|:---|
| **Franklin Disruptive Commerce ETF** |
| **Franklin Dynamic Municipal Bond ETF** |
| **Franklin Exponential Data ETF** |
| **Franklin Focused Growth ETF** |
| **Franklin Genomic Advancements ETF** |
| **Franklin High Yield Corporate ETF** |

---

---

| |
|:---|
| **Franklin Income Equity Focus ETF** |
| **Franklin Income Focus ETF** |
| **Franklin Intelligent Machines ETF** |
| **Franklin International Aggregate Bond ETF** |
| **Franklin Investment Grade Corporate ETF** |
| **Franklin Municipal Green Bond ETF** |

---

------

**Franklin Senior Loan ETF** 

**Franklin Systematic Style Premia ETF** 

---

| |
|:---|
| **Franklin U.S. Core Bond ETF** |
| **Franklin U.S. Treasury Bond ETF** |

---

**Franklin Ultra Short Bond ETF** 

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedules of Investments](#xx_edbaf92e-92e3-4ba7-9501-3b9f0bb550d2_1) | &nbsp;&nbsp;**1** |
| [Statements of Assets and Liabilities](#xx_efda1e6c-2625-4746-a8c3-21cd3ce308f1_1) | &nbsp;&nbsp;**142** |
| [Statements of Operations](#xx_bbc08f97-54d6-4cb1-a452-e8df6948f32b_1) | &nbsp;&nbsp;**147** |
| [Statements of Changes in Net Assets](#xx_0dc2aa06-ef25-496b-a40f-40cfac1ae647_1) | &nbsp;&nbsp;**152** |
| [Notes to Financial Statements](#xx_1dd2ec24-a89b-4eee-a458-24cd179b91dc_1) | &nbsp;&nbsp;**161** |
| [Report of Independent Registered Public Accounting Firm](#xx_4574997a-6b0b-4579-b8cc-602bebe9599c_1) | &nbsp;&nbsp;**191** |
| [Tax Information](#xx_d37f2518-6c9c-445e-89cc-da9f38c58bec_1) | &nbsp;&nbsp;**193** |
| [Changes In and Disagreements with Accountants](#xx_f3ec70a4-faeb-4d89-a521-94f9b23521b4_1) | &nbsp;&nbsp;**195** |
| [Results of Meeting(s) of Shareholders](#xx_f3ec70a4-faeb-4d89-a521-94f9b23521b4_1) | &nbsp;&nbsp;**195** |
| [Remuneration Paid to Directors, Officers and Others](#xx_f3ec70a4-faeb-4d89-a521-94f9b23521b4_1) | &nbsp;&nbsp;**195** |
| [Board Approval of Management and Subadvisory Agreements](#xx_f3ec70a4-faeb-4d89-a521-94f9b23521b4_2) | &nbsp;&nbsp;**196** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Disruptive Commerce ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $32.29 | $24.05 | $30.97 | $49.21 | &nbsp;&nbsp;$21.32 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income (loss)<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;&nbsp;(6.94) | &nbsp;&nbsp;&nbsp;(17.73) | &nbsp;&nbsp;&nbsp;28.10 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;(6.92) | &nbsp;&nbsp;&nbsp;(17.92) | &nbsp;&nbsp;&nbsp;27.89 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$34.26 | &nbsp;&nbsp;$32.29 | &nbsp;&nbsp;$24.05 | &nbsp;&nbsp;$30.97 | &nbsp;&nbsp;$49.21 |
| Total return<sup>c</sup> | 6.17% | 34.26% | (22.34)% | (36.59)% | &nbsp;&nbsp;130.82% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.87% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% |
| Net investment income (loss) | (0.16)% | 0.11% | 0.07% | (0.40)% | &nbsp;&nbsp;(0.44)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$10278 | &nbsp;&nbsp;$11302 | &nbsp;&nbsp;$9619 | &nbsp;&nbsp;$18584 | &nbsp;&nbsp;$41827 |
| Portfolio turnover rate<sup>d</sup> | 38.02%<sup>e</sup> | 12.69%<sup>e</sup> | 47.01%<sup>e</sup> | 89.85%<sup>e</sup> | &nbsp;&nbsp;45.81%<sup>e</sup> |

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| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 37.71% | 12.69% | 47.01% | 89.79% | &nbsp;&nbsp;45.81% |

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1 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Disruptive Commerce ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 98.9%** |  |  |  |
|  | **Broadline Retail 20.1%** |  |  |  |
| <sup>a</sup> | Alibaba Group Holding Ltd., Class A | &nbsp;&nbsp;China | &nbsp;&nbsp;6801 | &nbsp;&nbsp;$111889 |
| <sup>b</sup> | Amazon.com, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp; 896125 |
| <sup>b</sup> | Coupang, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp; 111865 |
|  | eBay, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 129297 |
| <sup>b</sup> | Etsy, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; 15050 |
| <sup>b</sup> | Global-e Online Ltd. | &nbsp;&nbsp;Israel | &nbsp;&nbsp;4579 | &nbsp;&nbsp;&nbsp;&nbsp; 163241 |
| <sup>b</sup> | MercadoLibre, Inc. | &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444798 |
|  | Naspers Ltd., Class N | &nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62641 |
| <sup>a,b</sup> | PDD Holdings, Inc., ADR | &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62489 |
|  | Prosus NV | Netherlands | &nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66409 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063804 |
|  | **Capital Markets 0.4%** |  |  |  |
| <sup>b</sup> | Coinbase Global, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36341 |
|  | **Commercial Services & Supplies 3.6%** |  |  |  |
| <sup>b</sup> | ACV Auctions, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38987 |
| <sup>b</sup> | Copart, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147304 |
| <sup>b</sup> | Liquidity Services, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;4153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128785 |
|  | RB Global, Inc. | Canada | &nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58274 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373350 |
|  | **Consumer Staples Distribution & Retail 5.5%** |  |  |  |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466270 |
| <sup>b</sup> | Maplebear, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75631 |
|  | Walmart, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27303 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569204 |
|  | **Containers & Packaging 0.4%** |  |  |  |
|  | Packaging Corp. of America | United States | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45941 |
|  | **Diversified Consumer Services 0.5%** |  |  |  |
| <sup>b</sup> | Duolingo, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52171 |
|  | **Entertainment 7.9%** |  |  |  |
| <sup>b</sup> | Netflix, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358091 |
|  | Nintendo Co. Ltd., ADR | &nbsp;&nbsp;Japan | &nbsp;&nbsp;4156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71358 |
| <sup>b</sup> | ROBLOX Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100667 |
| <sup>b</sup> | Sea Ltd., ADR | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161286 |
| <sup>b</sup> | Spotify Technology SA | United States | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122107 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813509 |
|  | **Financial Services 10.5%** |  |  |  |
| <sup>b</sup> | Adyen NV, ADR | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;7986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121946 |
| <sup>b</sup> | Affirm Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115777 |
| <sup>b</sup> | Block, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33630 |
|  | Jack Henry & Associates, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72310 |
|  | Mastercard, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264742 |
| <sup>b</sup> | PayPal Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43652 |
| <sup>b</sup> | Shift4 Payments, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82200 |
| <sup>b</sup> | Toast, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98017 |
|  | Visa, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248126 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080400 |
|  | **Food Products 0.5%** |  |  |  |
| <sup>b</sup> | Freshpet, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47656 |
|  | **Ground Transportation 2.5%** |  |  |  |
| <sup>b</sup> | Lyft, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18541 |
| <sup>b</sup> | Uber Technologies, Inc. | United States | &nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189727 |

---

franklintempleton.com Annual Report 2

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Disruptive Commerce ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Ground Transportation (continued)** |  |  |  |
| <sup>b</sup> | XPO, Inc. | United States | &nbsp;&nbsp; 422 | &nbsp;&nbsp;$45399 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253667 |
|  | **Hotels, Restaurants & Leisure 16.5%** |  |  |  |
| <sup>b</sup> | Airbnb, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; 80874 |
|  | Booking Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 414622 |
| <sup>b,c</sup> | Delivery Hero SE | &nbsp;&nbsp;Germany | &nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; 16541 |
| <sup>b</sup> | DoorDash, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;4105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750271 |
|  | Expedia Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99179 |
| <sup>b</sup> | MakeMyTrip Ltd. | &nbsp;&nbsp;India | &nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236450 |
| <sup>a,b,c</sup> | Meituan, Class B | China | &nbsp;&nbsp;4617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92455 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690392 |
|  | **Industrial REITs 0.3%** |  |  |  |
|  | Prologis, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26718 |
|  | **Interactive Media & Services 6.7%** |  |  |  |
|  | Alphabet, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187114 |
|  | Meta Platforms, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404605 |
| <sup>a</sup> | Tencent Holdings Ltd. | &nbsp;&nbsp;China | &nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69245 |
| <sup>b,c</sup> | Trustpilot Group PLC | United Kingdom | &nbsp;&nbsp;8368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23870 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684834 |
|  | **IT Services 9.6%** |  |  |  |
| <sup>b</sup> | GoDaddy, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149156 |
| <sup>b</sup> | Shopify, Inc., Class A | &nbsp;&nbsp;Canada | &nbsp;&nbsp;7541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719298 |
| <sup>b</sup> | Wix.com Ltd. | Israel | &nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117470 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985924 |
|  | **Media 0.6%** |  |  |  |
| <sup>b</sup> | Trade Desk, Inc., Class A | United States | &nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61669 |
|  | **Professional Services 0.4%** |  |  |  |
|  | TransUnion | United States | &nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44566 |
|  | **Real Estate Management & Development 0.2%** |  |  |  |
| <sup>b</sup> | CoStar Group, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20917 |
|  | **Software 7.2%** |  |  |  |
| <sup>b</sup> | Agilysys, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9358 |
| <sup>b</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173555 |
| <sup>b</sup> | Autodesk, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47386 |
| <sup>b</sup> | Descartes Systems Group, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211743 |
| <sup>b</sup> | Fair Isaac Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16597 |
| <sup>b</sup> | HubSpot, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85693 |
| <sup>b</sup> | Life360, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48832 |
| <sup>b</sup> | Manhattan Associates, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111957 |
| <sup>b</sup> | Samsara, Inc., Class A | United States | &nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38867 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743988 |
|  | **Specialty Retail 2.3%** |  |  |  |
| <sup>b</sup> | Carvana Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100986 |
| <sup>b</sup> | Chewy, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98733 |
| <sup>b</sup> | Revolve Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15043 |
|  | ZOZO, Inc. | Japan | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25873 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240635 |

---

3 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Disruptive Commerce ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** |  |  |  |
| **Trading Companies & Distributors 3.2%** |  |  |  |
| Fastenal Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;1579 | &nbsp;&nbsp;$122452 |
| WW Grainger, Inc. | United States | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 207444 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329896 |
| **Total Common Stocks (Cost $9,983,441)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10165582 |
| **Total Investments (Cost $9,983,441) 98.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10165582 |
| **Other Assets, less Liabilities 1.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112057 |
| **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$10277639 |

---

---

| |
|:---|
| <sup>a</sup>Variable interest entity (VIE). See Note 7 regarding investments made through a VIE structure. At March 31, 2025, the value of these securities was $336,078, representing 3.3% of net assets. |
| <sup>b</sup>Non-income producing. |
| <sup>c</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $132,866, representing 1.3% of net assets. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 4

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Dynamic Municipal Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $24.42 | $23.88 | $24.81 | $26.32 | &nbsp;&nbsp;$24.72 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| Net asset value, end of year | &nbsp;&nbsp;$24.39 | &nbsp;&nbsp;$24.42 | &nbsp;&nbsp;$23.88 | &nbsp;&nbsp;$24.81 | &nbsp;&nbsp;$26.32 |
| Total return<sup>c</sup> | 3.97% | 6.37% | (0.82)% | (3.70)% | &nbsp;&nbsp;8.84% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;1.01% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% |
| Net investment income | 4.22% | 4.07% | 3.12% | 2.32% | &nbsp;&nbsp;2.29% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$610889 | &nbsp;&nbsp;$196593 | &nbsp;&nbsp;$101497 | &nbsp;&nbsp;$76908 | &nbsp;&nbsp;$42112 |
| Portfolio turnover rate<sup>d</sup> | 49.83%<sup>e</sup> | 82.59%<sup>e</sup> | 64.13%<sup>e</sup> | 27.62%<sup>e</sup> | &nbsp;&nbsp;14.05%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 49.83% | 82.59% | 64.13% | 27.62% | &nbsp;&nbsp;14.05% |

---

5 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Dynamic Municipal Bond ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Corporate Bonds & Notes 1.2%** |  |  |
|  | **Arizona 1.2%** |  |  |
|  | Grand Canyon University, 5.125%, 10/01/28 | 7500000 | $7108937 |
|  | **Puerto Rico 0.0%<sup>†</sup>** |  |  |
| <sup>a,b</sup> | AES Puerto Rico LP, 12.50%, 12/15/25 | 89627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89627 |
|  | **Total Corporate Bonds & Notes (Cost $7,138,445)** |  | &nbsp;&nbsp;&nbsp;&nbsp;7198564 |
|  | **Municipal Bonds 97.8%** |  |  |
|  | **Alabama 10.6%** |  |  |
|  | Black Belt Energy Gas District, |  |  |
|  | <sup>c</sup> Gas Project No 8, VRDN, Series A, 4.00%, 12/01/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496832 |
|  | <sup>c</sup> Gas Project, VRDN, Series E, 5.00%, 5/01/53 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 543085 |
|  | <sup>c</sup> VRDN, Refunding, 4.00%, 6/01/51 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240251 |
|  | <sup>c</sup> VRDN, Series A, 5.25%, 5/01/55 | &nbsp;&nbsp; 8840000 | &nbsp;&nbsp; 9459553 |
| <sup>d</sup> | County of Mobile, Gomesa Projects, 4.00%, 11/01/45 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90382 |
|  | Energy Southeast A Cooperative District, |  |  |
|  | <sup>c</sup> VRDN, Series A-1, 5.50%, 11/01/53 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2588900 |
|  | <sup>c</sup> VRDN, Series B, 5.25%, 7/01/54 | &nbsp;&nbsp; 9850000 | &nbsp;&nbsp; 10481529 |
|  | <sup>c</sup> VRDN, Series B-1, 5.75%, 4/01/54 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 720246 |
|  | Homewood Educational Building Authority, CHF - Horizons II LLC, 5.50%, 10/01/44 | &nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;1117579 |
|  | MidCity Improvement District, |  |  |
|  | Special Assessment Area, Series 2022, 4.25%, 11/01/32 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 561995 |
|  | <sup>d</sup> Special Assessment Area, Series 2024, 6.50%, 11/01/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239166 |
| <sup>c</sup> | Southeast Alabama Gas Supply District, Project No.1, Refunding, VRDN, Series A, 5.00%, 8/01/54 | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5614310 |
|  | Southeast Energy Authority A Cooperative District, |  |  |
|  | Refunding, Series A-1, 5.00%, 11/01/35 | &nbsp;&nbsp; 6215000 | &nbsp;&nbsp; 6418791 |
|  | <sup>c</sup> VRDN, Refunding, Series A-1, 5.00%, 11/01/55 | &nbsp;&nbsp;11030000 | &nbsp;&nbsp; 11733786 |
|  | <sup>c</sup> VRDN, Series A, 5.00%, 1/01/56 | &nbsp;&nbsp; 5510000 | &nbsp;&nbsp; 5743207 |
|  | <sup>c</sup> VRDN, Series A-1, 5.50%, 1/01/53 | &nbsp;&nbsp; 1470000 | &nbsp;&nbsp; 1560715 |
|  | <sup>c</sup> VRDN, Series B, 5.25%, 3/01/55 | 6585000 | &nbsp;&nbsp; 6915594 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;64525921 |
|  | **Alaska 0.2%** |  |  |
|  | Northern Tobacco Securitization Corp., Series A, 4.00%, 6/01/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957096 |
|  | **Arizona 1.1%** |  |  |
| <sup>c</sup> | Arizona Health Facilities Authority, Banner Health Obligated Group, VRDN, Series C, 3.55%, 1/01/46 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| <sup>c</sup> | Chandler Industrial Development Authority, Intel Corp, AMT, VRDN, 5.00%, 9/01/42 | &nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;1463625 |
|  | Glendale Industrial Development Authority, People of Faith Inc Obligated Group, 4.00%, 5/15/31 | &nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153366 |
| <sup>d</sup> | Maricopa County Industrial Development Authority, Grand Canyon University Obligated Group, 7.375%, 10/01/29 | &nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;3019989 |
|  | Sierra Vista Industrial Development Authority, |  |  |
|  | <sup>d</sup> American Leadership Academy Inc, 5.00%, 6/15/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1473491 |
|  | <sup>d</sup> Georgetown Community Development Authority, 9.00%, 10/01/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241950 |
|  | Tempe Industrial Development Authority, Tempe Life Care Village Obligated Group, Refunding, 4.00%, 12/01/31 | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222405 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6974826 |
|  | **Arkansas 0.3%** |  |  |
|  | Arkansas Development Finance Authority, |  |  |
|  | Washington Regional Medical Center, 5.00%, 2/01/35 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1500139 |
|  | Washington Regional Medical Center, 5.00%, 2/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp; 162181 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1662320 |
|  | **California 10.1%** |  |  |
|  | California Community Choice Financing Authority, |  |  |
|  | <sup>c</sup> VRDN, 5.25%, 1/01/54 | &nbsp;&nbsp; 8765000 | &nbsp;&nbsp; 9163208 |
|  | <sup>c</sup> VRDN, 5.50%, 10/01/54 | 1825000 | &nbsp;&nbsp; 1966414 |

---

franklintempleton.com Annual Report 6

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **California (continued)** |  |  |
| <sup>d</sup> | California Community College Financing Authority, NCCD-Napa Valley Properties LLC, Series 2022A, 4.25%, 7/01/32 | &nbsp;&nbsp;500000 | $461725 |
|  | California Community Housing Agency, |  |  |
|  | <sup>d</sup> Arbors Apartments, Series A, 5.00%, 8/01/50 | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp; 1854017 |
|  | <sup>d</sup> Aster Apartments, Series A-2, 4.00%, 2/01/43 | &nbsp;&nbsp; 2630000 | &nbsp;&nbsp; 2338331 |
|  | <sup>d</sup> Brio Apartments & Next on Lex Apartments, Series A, 4.00%, 8/01/47 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 1054652 |
|  | <sup>d</sup> Fountains at Emerald Park, 4.00%, 8/01/46 | &nbsp;&nbsp; 2510000 | &nbsp;&nbsp; 2122411 |
|  | <sup>d</sup> K Street Flats, 4.00%, 8/01/50 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 876356 |
|  | <sup>d</sup> Verdant at Green Valley Apartments, 5.00%, 8/01/49 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 1787506 |
|  | California Health Facilities Financing Authority, Episcopal Communities & Services for Seniors Obligated Group, Series A, 3.85%, 11/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002352 |
| <sup>c</sup> | California Infrastructure & Economic Development Bank, Desertxpress Enterprises LLC, AMT, Refunding, VRDN, Series A, 9.50%, 1/01/65 | &nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1450015 |
|  | California Municipal Finance Authority, |  |  |
|  | Caritas Corp, Refunding Series 2021B, 3.00%, 8/15/31 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 137117 |
|  | LAX Integrated Express Solutions LLC, AMT, 3.50%, 12/31/35 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137432 |
|  | LAX Integrated Express Solutions LLC, AMT, Series A-P3, 5.00%, 6/30/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128198 |
|  | LAX Integrated Express Solutions LLC, AMT, Series A-P3, 5.00%, 6/30/29 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 433694 |
|  | LAX Integrated Express Solutions LLC, AMT, Series A-P3, 5.00%, 12/31/43 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110277 |
|  | Series C, 5.50%, 9/01/34 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64415 |
|  | Series C, 5.75%, 9/01/37 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429498 |
|  | Series C, 6.00%, 9/01/42 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 677168 |
|  | Series D, 6.00%, 9/01/42 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 284841 |
| <sup>d,e</sup> | California Pollution Control Financing Authority, CalPlant I LLC, AMT, 7.50%, 7/01/32 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
|  | California School Finance Authority, |  |  |
|  | <sup>d</sup> 5.00%, 6/01/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50840 |
|  | <sup>d</sup> Aspire Public Schools Obligated Group, Refunding, 5.00%, 8/01/36 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1450227 |
|  | <sup>d</sup> Classical Academy Obligated Group, Series 2020A, 3.00%, 10/01/30 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 150551 |
|  | <sup>d</sup> John Adams Academies Obligated Group, Series 2022A, 4.50%, 7/01/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249289 |
|  | <sup>d</sup> Summit Public Schools Obligated Group, 5.00%, 6/01/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51850 |
| <sup>d</sup> | City & County of San Francisco Special Tax District No., 4.00%, 9/01/36 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96448 |
| <sup>d</sup> | CMFA Special Finance Agency, Solana at Grand, Series A-2, 4.00%, 8/01/45 | &nbsp;&nbsp;2585000 | &nbsp;&nbsp;&nbsp;&nbsp;2214408 |
| <sup>d</sup> | CMFA Special Finance Agency VII, The Breakwater Apartments, 4.00%, 8/01/47 | &nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;2016036 |
| <sup>d</sup> | CMFA Special Finance Agency VIII, Junior-Elan Huntington Beach, 4.00%, 8/01/47 | &nbsp;&nbsp;2905000 | &nbsp;&nbsp;&nbsp;&nbsp;2459083 |
| <sup>d</sup> | CMFA Special Finance Agency XII, Allure Apartments, 4.375%, 8/01/49 | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1346054 |
|  | CSCDA Community Improvement Authority, |  |  |
|  | <sup>d</sup> Jefferson Anaheim Social Bonds, 2.875%, 8/01/41 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 138398 |
|  | <sup>d</sup> Parallel-Anaheim, Series A, 4.00%, 8/01/56 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88350 |
|  | <sup>d</sup> Renaissance at City Center, 5.00%, 7/01/51 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1254645 |
|  | <sup>d</sup> Towne at Glendale Apartments, 5.00%, 9/01/37 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 892220 |
|  | <sup>d</sup> Waterscape Apartments, Series B, 4.00%, 9/01/46 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1147829 |
| <sup>d</sup> | Elsinore Valley Municipal Water District, Community Facilities District No 2020, Series 2021A, 4.00%, 9/01/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99989 |
| <sup>c</sup> | Long Beach Bond Finance Authority, VRDN, Series B, 3 mo. USD Term SOFR + 1.45%, 4.521%, 11/15/27 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3034094 |
|  | Los Angeles Department of Water & Power, |  |  |
|  | <sup>c</sup> Refunding, VRDN, Series A, 3.85%, 7/01/48 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
|  | <sup>c</sup> Refunding, VRDN, Series A-7, 3.75%, 7/01/35 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
|  | <sup>c</sup> Refunding, VRDN, Series F-1, 3.82%, 7/01/35 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
|  | <sup>c</sup> VRDN, Series C-1, 3.85%, 7/01/57 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp; 5600000 |
|  | Perris Joint Powers Authority, Refunding, Series 2017B, 5.00%, 9/01/25 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100795 |
|  | River Islands Public Financing Authority, |  |  |
|  | Community Facilities District No 2003, 5.00%, 9/01/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 522120 |
|  | Series 2023-1, 5.00%, 9/01/38 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 446853 |
| <sup>c</sup> | Southern California Public Power Authority, Libor-Project No 1, VRDN, Series A, 3 mo. USD Term SOFR + 1.47%, 4.52%, 11/01/38 | 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;1206785 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61996494 |

---

7 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Colorado 3.3%** |  |  |
|  | Bradburn Metropolitan District No. 2, Bradburn Metropolitan District No 2, Refunding, Series A, 5.00%, 12/01/38 | &nbsp;&nbsp;600000 | $602339 |
|  | Colorado Educational & Cultural Facilities Authority, Golden View Classical Academy, Refunding, 4.00%, 1/01/32 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195955 |
|  | Colorado Health Facilities Authority, |  |  |
|  | <sup>c</sup> Children's Hospital Colorado Obligated Group, Refunding, VRDN, Series A, 3.55%, 12/01/52 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
|  | Christian Living Neighborhoods Obligated Group, Refunding, 4.00%, 1/01/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99386 |
|  | CommonSpirit Health Obligated Group, Refunding, Series A-1, 4.00%, 8/01/38 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 647576 |
|  | CommonSpirit Health Obligated Group, Series A, 4.00%, 8/01/37 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1430099 |
|  | CommonSpirit Health Obligated Group, Series A, 4.00%, 8/01/39 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1341043 |
|  | CommonSpirit Health Obligated Group, Series A, Refunding, 5.00%, 8/01/39 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 2000125 |
|  | <sup>c</sup> Intermountain Healthcare Obligated Group, VRDN, Series E, 3.55%, 5/15/64 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | Denver Health & Hospital Authority, |  |  |
|  | <sup>d</sup> Refunding, Series A, 4.00%, 12/01/36 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 99708 |
|  | Refunding, Series A, 4.00%, 12/01/37 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 996163 |
|  | Refunding, Series A, 4.00%, 12/01/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 930534 |
|  | Refunding, Series A, 4.00%, 12/01/39 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1671688 |
| <sup>c</sup> | E-470 Public Highway Authority, Refunding, Series B, VRDN, 1 day USD SOFR + 0.75%, 3.658%, 9/01/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000910 |
| <sup>d</sup> | Karl's Farm Metropolitan District No. 2, Series A, 5.625%, 12/01/50 | &nbsp;&nbsp;1695000 | &nbsp;&nbsp;&nbsp;&nbsp;1764200 |
|  | Southglenn Metropolitan District, Refunding, 5.00%, 12/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100006 |
|  | Southlands Metropolitan District No. 1, |  |  |
|  | Refunding, Series 2017A-1, 3.50%, 12/01/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98475 |
|  | Refunding, Series A-1, 5.00%, 12/01/37 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 310438 |
|  | Series A-2, 3.50%, 12/01/27 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 157521 |
|  | Sterling Ranch Community Authority Board, Special Assessment, Special Improvement District N, 5.625%, 12/01/43 | 1314000 | &nbsp;&nbsp;&nbsp;&nbsp;1339599 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20285765 |
|  | **Connecticut 0.8%** |  |  |
|  | Connecticut State Health & Educational Facilities Authority, |  |  |
|  | Masonicare Corp Obligated Group, Refunding, Series F, 5.00%, 7/01/37 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1148120 |
|  | Masonicare Corp Obligated Group, Refunding, Series F, 5.00%, 7/01/43 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3838691 |
|  | <sup>d</sup> McLean Affiliates Obligated Group, Series A, 5.00%, 1/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99273 |
|  | Sacred Heart University Inc, 5.00%, 7/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 5176 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5091260 |
|  | **Delaware 0.2%** |  |  |
|  | County of Kent, CHF-Dover LLC, 5.00%, 7/01/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101793 |
|  | Delaware State Economic Development Authority, Newark Charter School Inc, Refunding, 4.00%, 9/01/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890206 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991999 |
|  | **Florida 12.8%** |  |  |
|  | Abbott Square Community Development District, 2022 Project, Special Assessment, 5.00%, 6/15/32 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203889 |
| <sup>c</sup> | Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics Obligated Group, VRDN, Series A, 1 day USD SOFR + 0.87%, 3.778%, 12/01/37 | &nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394703 |
|  | Antillia Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/31 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215786 |
| <sup>d</sup> | Artisan Lakes East Community Development District, Special Assessment, Series 2021-2, 2.30%, 5/01/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98051 |
| <sup>d</sup> | Astonia Community Development District, Assessment Area One Project, Special Assessment, Series 2020, 3.375%, 5/01/30 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140946 |
|  | Avalon Groves Community Development District, Assessment Area 3, Special Assessment, 2.375%, 5/01/26 | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63912 |
| <sup>d</sup> | Avalon Park West Community Development District, 2020 Project Area, Special Assessment, Refunding, 3.25%, 5/01/30 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95612 |

---

franklintempleton.com Annual Report 8

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
|  | Aventura Isles Community Development District, Special Assessment, Refunding, 5.00%, 5/01/43 | &nbsp;&nbsp;1210000 | $1198873 |
|  | Babcock Ranch Community Independent Special District, |  |  |
|  | Assessment Area 2C, Special Assessment, 3.00%, 5/01/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47836 |
|  | Assessment Area 3B, Special Assessment, 3.00%, 5/01/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 138080 |
|  | Assessment Area, Special Assessment, Refunding, Series 2022, 4.125%, 5/01/27 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 769297 |
|  | Belmond Reserve Community Development District, 2020 Project, Special Assessment, 3.25%, 5/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95966 |
|  | Berry Bay Community Development District, Assessment Area One, Special Assessment, 3.125%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93127 |
|  | Black Creek Community Development District, Expansion Area Project, Special Assessment, Series 2022, 5.125%, 6/15/32 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102923 |
| <sup>d</sup> | Brightwater Community Development District, Assessment Area Two, Special Assessment, 5.35%, 5/01/44 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249149 |
|  | Buena Lago Community Development District, Assessment Area One Project, Special Assessment, 5.25%, 5/01/42 | &nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672975 |
|  | Capital Projects Finance Authority, |  |  |
|  | Florida University Project, Refunding, Series A-1, 5.00%, 10/01/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050230 |
|  | Florida University Project, Refunding, Series A-1, 5.00%, 10/01/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030306 |
|  | Florida University Project, Series 2020A-1, 5.00%, 10/01/32 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp; 1618509 |
|  | <sup>d</sup> PRG - UnionWest Properties LLC, Series 2024A-1, 5.25%, 6/01/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017913 |
|  | Series A-1, 5.00%, 10/01/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026410 |
|  | Capital Trust Agency, Inc., |  |  |
|  | <sup>d</sup> AcadeMir Charter School West, 3.00%, 7/01/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 115083 |
|  | <sup>d</sup> Educational Growth Fund LLC, 3.375%, 7/01/31 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 85580 |
|  | Liza Jackson Preparatory School Inc, 4.00%, 8/01/30 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 242293 |
|  | <sup>d</sup> South Tech Schools Obligated Group, Series A, 5.00%, 6/15/40 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1074226 |
|  | <sup>d</sup> WFCS Holdings II LLC, Series 2021A, 3.30%, 1/01/31 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 271485 |
| <sup>d,f</sup> | Capital Trust Authority, 5.31%, 3/01/29 | &nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697988 |
|  | Caymas Community Development District, Assessment Area One, Special Assessment, 4.45%, 5/01/31 | &nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269768 |
| <sup>d</sup> | Cedar Crossings Community Development District, 2025 Project, Special Assessment, 5.30%, 5/01/45 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486527 |
|  | Celebration Community Development District, Assessment Area One Project, Special Assessment, Series 2021, 3.125%, 5/01/41 | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41205 |
|  | Central Parc Community Development District, Special Assessment, Series 2024, 5.70%, 5/01/44 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247455 |
|  | Chaparral Palm Bay Community Development District, Assessment Area Two, Special Assessment, 4.50%, 5/01/31 | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407711 |
|  | City of Jacksonville, Genesis Health Inc Obligated Group, Refunding, 4.00%, 11/01/40 | &nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;1450956 |
| <sup>d</sup> | City of Venice, Refunding, Series B-2, 4.50%, 1/01/30 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548743 |
|  | Coddington Community Development District, Special Assessment, Series 2022, 5.00%, 5/01/32 | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284576 |
|  | Connerton East Community Development District, Assessment Area One, Special Assessment, Series 2023, 4.25%, 6/15/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201692 |
|  | Coral Bay Lee County Community Development District, Assessment Area One, Special Assessment, 5.50%, 5/01/42 | &nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286322 |
|  | Coral Keys Homes Community Development District, Special Assessment, Series 2020, 3.125%, 5/01/30 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158065 |
|  | Cordoba Ranch Community Development District, Special Assessment, Refunding, 3.00%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94772 |
|  | Cordova Palms Community Development District, |  |  |
|  | Assessment Area 1, Special Assessment, 4.80%, 5/01/27 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75414 |
|  | Special Assessment, Series 2021, 2.80%, 5/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 91010 |

---

9 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
| <sup>f</sup> | County of Osceola Transportation Revenue, 3.12%, 10/01/32 | &nbsp;&nbsp;150000 | $111686 |
|  | Creekview Community Development District, Phase 2, Special Assessment, Series 2024, 5.375%, 5/01/44 | &nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461002 |
| <sup>d</sup> | Curiosity Creek Community Development District, Assessment Area One, Special Assessment, 4.65%, 5/01/31 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298332 |
|  | Cypress Bluff Community Development District, |  |  |
|  | Assessment Area One, Special Assessment, 5.30%, 5/01/45 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 650878 |
|  | <sup>d</sup> Special Assessment, Series 2020A, 3.125%, 5/01/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 53353 |
|  | Cypress Park Estates Community Development District, Special Assessment, Series 2022, 4.375%, 5/01/27 | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80001 |
|  | Cypress Ridge Community Development District, Assessment Area One Project, Special Assessment, 4.875%, 5/01/30 | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444309 |
|  | Darby Community Development District, Special Assessment, Series A-2, 5.875%, 5/01/35 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506129 |
|  | Del Webb Oak Creek Community Development District, 2023 Project, Special Assessment, 4.125%, 5/01/30 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120292 |
| <sup>d</sup> | Downtown Doral South Community Development District, Assessment Area 2, Special Assessment, 4.25%, 12/15/28 | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215305 |
| <sup>d</sup> | DW Bayview Community Development District, Special Assessment, Series 2021, 3.00%, 5/01/32 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94347 |
|  | East 547 Community Development District, Assessment Area 2, Special Assessment, 5.50%, 5/01/30 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173501 |
|  | East Bonita Beach Road Community Development District, Assessment Area Two, Special Assessment, 3.00%, 5/01/32 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93933 |
|  | Edgewater East Community Development District, |  |  |
|  | Assessment Area One, Special Assessment, 3.10%, 5/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93503 |
|  | Assessment Area Two, Special Assessment, 3.00%, 5/01/27 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 176152 |
| <sup>d</sup> | Enbrook Community Development District, Special Assessment, Series 2020, 3.00%, 5/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93476 |
|  | Entrada Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290722 |
|  | Epperson North Community Development District, |  |  |
|  | Assessment Area Four, Special Assessment, 4.50%, 5/01/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 134459 |
|  | Assessment Area Two, Special Assessment, 3.00%, 5/01/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 73812 |
|  | Escambia County Health Facilities Authority, Baptist Hospital Inc Obligated Group, Refunding, 5.00%, 8/15/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2081037 |
|  | Everlands Community Development District, Assessment Area Two, Special Assessment, 5.25%, 6/15/44 | &nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275668 |
|  | Everlands II Community Development District, Special Assessment, Series 2024, 5.20%, 6/15/44 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122385 |
|  | Florida Development Finance Corp., |  |  |
|  | <sup>c</sup> AAF Operations Holdings LLC, AMT, Refunding, VRDN, 12.00%, 7/15/32 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 848755 |
|  | <sup>c</sup> Brightline Florida Holdings LLC, AMT, VRDN, Series A, 8.25%, 7/01/57 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 726945 |
|  | <sup>d</sup> Glenridge on Palmer Ranch Obligated Group, Refunding, 5.00%, 6/01/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204221 |
|  | <sup>d</sup> Mayflower Retirement Community, Refunding, 4.00%, 6/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96016 |
|  | Refunding, Series A, 5.00%, 2/01/39 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2648584 |
|  | Florida Municipal Loan Council, AMT, Special Assessment, 5.15%, 5/01/44 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221285 |
|  | Flow Way Community Development District, Special Assessment, Series 2024, Refunding, 5.00%, 5/01/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994081 |
| <sup>d</sup> | Forest Lake Community Development District, Assessment Area 1 Project, Special Assessment, 3.25%, 5/01/30 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140119 |
|  | Fox Branch Ranch Community Development District, Assessment Area One, Special Assessment, 5.20%, 5/01/45 | &nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520689 |
|  | Gardens at Hammock Beach Community Development District, Special Assessment, Assessment Area One, 5.375%, 5/01/44 | &nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298809 |
|  | Grand Oaks Community Development District, Assessment Area 2, Special Assessment, 4.00%, 5/01/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147640 |
|  | Grande Pines Community Development District, Assessment Area Two, Special Assessment, 4.65%, 5/01/34 | 515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515227 |

---

franklintempleton.com Annual Report 10

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
|  | Hacienda North Community Development District, Special Assessment, Series 2023, 5.50%, 5/01/33 | &nbsp;&nbsp;135000 | $139963 |
|  | Hammock Oaks Community Development District, Special Assessment, Assessment Area Two, 5.00%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100396 |
|  | Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 3.25%, 5/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96143 |
|  | Harmony on Lake Eloise Community Development District, Assessment Area Two, Special Assessment, 5.45%, 11/01/45 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497751 |
|  | Harvest Ridge Community Development District, Special Assessment, Series 2024, 5.125%, 5/01/44 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490827 |
|  | Hawkstone Community Development District, Assessment Area 4, Special Assessment, 4.375%, 5/01/30 | &nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95301 |
|  | Herons Glen Recreation District, Special Assessment, Refunding, 3.00%, 5/01/32 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94937 |
|  | Hickory Tree Community Development District, Assessment Area One, Special Assessment, 4.50%, 5/01/31 | &nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450795 |
|  | Highland Trails Community Development District, Assessment Area One, Special Assessment, 4.70%, 5/01/31 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220609 |
| <sup>d</sup> | Hillcrest Preserve Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238790 |
|  | Hills of Minneola Community Development District, South Parcel Assessment Area, Special Assessment, 2.375%, 5/01/26 | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44200 |
|  | Holly Hill Road East Community Development District, Assessment Area 3 Project, Special Assessment, 4.00%, 11/01/25 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24982 |
|  | Hunt Club Grove Community Development District, |  |  |
|  | Assessment Area One, Special Assessment, 4.85%, 6/15/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 209485 |
|  | Assessment Area One, Special Assessment, 5.375%, 6/15/44 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 182579 |
|  | Indigo Community Development District, 2021 Assessment Area, Phase A1, Special Assessment, 2.70%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91838 |
|  | Juniper Cove Community Development District, 5.45%, 5/01/45 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499169 |
|  | Kelly Park Community Development District, |  |  |
|  | Assessment Area One Project, Special Assessment, 5.125%, 11/01/30 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187615 |
|  | Assessment Area Two Project, Special Assessment, 5.30%, 5/01/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 641016 |
|  | Keys Edge Community Development District, Assessment Area One Project, Special Assessment, 5.10%, 5/01/44 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462085 |
|  | Kindred Community Development District II, |  |  |
|  | Special Assessment, 5.65%, 5/01/43 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 325545 |
|  | Special Assessment, Series 2020, 3.00%, 5/01/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 148153 |
|  | Special Assessment, Series 2021, 2.20%, 5/01/26 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24549 |
|  | Kingman Gate Community Development District, |  |  |
|  | Special Assessment, Series 2020, 3.125%, 6/15/30 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 106518 |
|  | Special Assessment, Series 2021, 2.50%, 6/15/26 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 44323 |
|  | Lakes at Bella Lago Community Development District, Special Assessment, 5.75%, 5/01/43 | &nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168431 |
|  | Lakes by the Bay South Community Development District, Special Assessment, Refunding, Series 2024, 5.00%, 5/01/34 | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461270 |
|  | Lakes of Sarasota Community Development District, |  |  |
|  | Assessment Area One, Special Assessment, 3.40%, 5/01/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 127890 |
|  | Assessment Area Two, Special Assessment, 3.00%, 5/01/26 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 79245 |
|  | Special Assessment, Series A, 5.30%, 5/01/44 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 415585 |
|  | Lakes of Sarasota Community Development District 2, Special Assessment, Series A, 5.50%, 5/01/45 | &nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624427 |
|  | Lakewood Ranch Stewardship District, |  |  |
|  | Azario Project, Special Assessment, Series 2020, 3.20%, 5/01/30 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 167465 |
|  | <sup>d</sup> Lorraine Lakes Project, Special Assessment, Series 2020, 3.125%, 5/01/30 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 56869 |
|  | <sup>d</sup> Northeast Sector Project, Special Assessment, Refunding, 3.20%, 5/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95165 |
|  | Special Assessment, Series 2024, 5.25%, 5/01/44 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 573203 |
|  | Star Farms at Lakewood Ranch Proj-Phase 1/2, Special Assessment, 2.70%, 5/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90733 |
|  | Taylor Ranch Project, Special Assessment, 6.125%, 5/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 525871 |

---

11 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
|  | Villages Lakewood Ranch South, Special Assessment, Series 2016, 4.25%, 5/01/26 | &nbsp;&nbsp; 940000 | $941245 |
|  | Langley South Community Development District, Assessment Area One, Special Assessment, 5.125%, 5/01/44 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245119 |
|  | Lawson Dunes Community Development District, Special Assessment, Series 2022, 4.375%, 5/01/27 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100153 |
|  | Lee County Industrial Development Authority, Shell Point Obligated Group, 4.375%, 11/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001599 |
|  | Longleaf Community Development District, |  |  |
|  | <sup>d</sup> Neighborhood 4 Assessment Area One, Special Assessment, 4.50%, 5/01/31 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 140599 |
|  | Special Assessment, Series A, 4.375%, 5/01/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246442 |
|  | Los Cayos Community Development District, 2024 Project, Special Assessment, 4.40%, 6/15/31 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300498 |
|  | LT Ranch Community Development District, Phase IIA Assessment Area, Special Assessment, 5.00%, 5/01/27 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105857 |
|  | LTC Ranch West Residential Community Development District, Assessment Area Four Project, Refunding, Special Assessment, Series AA4, 5.375%, 5/01/44 | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495332 |
|  | Madeira Community Development District, Assessment Area No 2, Special Assessment, 5.50%, 5/01/45 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491428 |
|  | Magnolia Island Community Development District, Assessment Area One, Special Assessment, 5.55%, 5/01/45 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248392 |
| <sup>d</sup> | Magnolia Park Community Development District, Special Assessment, Refunding, 4.00%, 5/01/31 | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47634 |
|  | Marion Ranch Community Development District, |  |  |
|  | 5.70%, 5/01/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100287 |
|  | Special Assessment, 5.10%, 5/01/31 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215721 |
|  | Meadow View at Twin Creeks Community Development District, Phase 4, Special Assessment, 3.00%, 5/01/31 | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68860 |
|  | Miami Health Facilities Authority, Miami Jewish Health Systems Obligated Group, Refunding, 5.00%, 7/01/28 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149013 |
|  | Middleton Community Development District A, Special Assessment, Series 2022, 5.45%, 5/01/32 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211532 |
|  | Mirada II Community Development District, 2021 Project Area, Special Assessment, 3.125%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91223 |
|  | Newport Isles Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | &nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426908 |
|  | Normandy Community Development District, |  |  |
|  | <sup>d</sup> Assessment Area One, Special Assessment, 4.625%, 5/01/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 492936 |
|  | <sup>d</sup> Assessment Area One, Special Assessment, 5.30%, 5/01/44 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 322216 |
| <sup>d</sup> | North Powerline Road Community Development District, Special Assessment, Series 2022, 4.75%, 5/01/27 | &nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125641 |
|  | North River Ranch Improvement Stewardship District, Special Assessment, Series A, 5.70%, 5/01/29 | &nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147511 |
|  | North-1 Pasco Community Development District, Assessment Area Two, Special Assessment, Series A, 3.25%, 5/01/31 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23333 |
|  | Old Hickory Community Development District, Special Assessment, Series 2020, 3.00%, 6/15/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94976 |
|  | Pacific Ace Community Development District, Assessment Area Two, Special Assessment, 5.20%, 5/01/44 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495896 |
|  | Palermo Community Development District, |  |  |
|  | 2023 Project, Special Assessment, 4.125%, 6/15/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75205 |
|  | Assessment Area Two, Special Assessment, 5.35%, 6/15/45 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 729709 |
|  | Palm Beach County Health Facilities Authority, |  |  |
|  | Jupiter Medical Center Obligated Group, 5.00%, 11/01/32 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 319089 |
|  | Jupiter Medical Center Obligated Group, 5.00%, 11/01/40 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 291513 |
|  | Jupiter Medical Center Obligated Group, Refunding, Series A, 5.00%, 11/01/36 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 784711 |
|  | Jupiter Medical Center Obligated Group, Refunding, Series A, 5.00%, 11/01/37 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 605282 |
|  | Jupiter Medical Center Obligated Group, Series A, 5.00%, 11/01/42 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146821 |
|  | Lifespace Communities Inc Obligated Group, Refunding, Series C, 4.00%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 509619 |

---

franklintempleton.com Annual Report 12

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
|  | Lifespace Communities Inc Obligated Group, Refunding, Series C, 5.00%, 5/15/27 | &nbsp;&nbsp; 292000 | $292171 |
|  | Lifespace Communities, Inc., 5.00%, 5/15/41 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 555575 |
|  | Palm Coast Park Community Development District, |  |  |
|  | Sawmill Branch Phase 2, Special Assessment, 4.15%, 5/01/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200123 |
|  | Sawmill Branch Phase 7, Special Assessment, 5.00%, 5/01/44 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 260076 |
|  | Palm Gate Community Development District, 2025 Project, Special Assessments, 5.30%, 6/15/45 | &nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579192 |
|  | Parkview at Long Lake Ranch Community Development District, Special Assessment, Series 2020, 3.125%, 5/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93778 |
|  | Parrish Lakes Community Development District, |  |  |
|  | Assessment Area One Project, Special Assessment, 4.00%, 5/01/30 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 202695 |
|  | Assessment Area Three, Special Assessment, 5.00%, 5/01/31 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 278892 |
|  | Parrish Lakes II Community Development District, Assessment Area One, Special Assessment, 5.125%, 5/01/44 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480941 |
|  | Parrish Plantation Community Development District, |  |  |
|  | Assessment Area Four Project-S, Special Assessment, 4.75%, 5/01/31 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90685 |
|  | Assessment Area One, Special Assessment, 3.125%, 5/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93381 |
|  | Assessment Area Three Project, Special Assessment, 5.80%, 5/01/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204115 |
|  | Pasadena Ridge Community Development District, Assessment Area One, Special Assessment, 5.05%, 5/01/44 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243469 |
|  | Peace Creek Village Community Development District, Special Assessment, Series 2024, 4.625%, 5/01/31 | &nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370966 |
|  | Peace Crossing Community Development District, Assessment Area One, Special Assessment, 5.00%, 5/01/31 | &nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370623 |
|  | Pine Ridge Plantation Community Development District, Subordinate Lien, Special Assessment, Refunding, Series 2020A-2, 3.30%, 5/01/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145494 |
|  | Pioneer Ranch Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | &nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539017 |
|  | Preserve at South Branch Community Development District, Phase 3, Special Assessment, Series 2021, 3.00%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95398 |
|  | Regal Village Community Development District, Special Assessment Area, 5.20%, 5/01/44 | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188893 |
|  | Reserve at Van Oaks Community Development District, Special Assessment, Series 2023 Project, 5.125%, 5/01/43 | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181855 |
|  | Reunion East Community Development District, Special Assessment, Series 2021, 2.85%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91524 |
|  | River Hall Community Development District, |  |  |
|  | <sup>d</sup> Assessment Area 5, Special Assessment, 5.35%, 5/01/44 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 589533 |
|  | Special Assessment, Series A, 6.25%, 5/01/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 178912 |
|  | River Landing Community Development District, 5.20%, 5/01/45 | &nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629530 |
|  | Rivers Edge II Community Development District, Special Assessment, Series 2021, 3.00%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92014 |
| <sup>d</sup> | Rivers Edge III Community Development District, Special Assessment, Series 2021, 2.40%, 5/01/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98177 |
| <sup>d</sup> | Rolling Oaks Community Development District, 2022 Assessment Area, Special Assessment, 6.25%, 5/01/42 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229397 |
| <sup>d</sup> | Rye Ranch Community Development District, Assessment Area One, Special Assessment, Refunding, 5.00%, 11/01/30 | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40463 |
|  | Saddle Creek Preserve of Polk County Community Development District, Assessment Area One, Special Assessment, 3.00%, 6/15/30 | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76089 |
|  | Sanctuary Cove Community Development District, Special Assessment, Series 2018, 2.125%, 5/01/26 | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132150 |
|  | Sandmine Road Community Development District, |  |  |
|  | <sup>d</sup> Assessment Area One, Special Assessment, 3.125%, 5/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96960 |
|  | Assessment Area Two, Special Assessment, 2.30%, 11/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24443 |

---

13 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
|  | Sandridge Community Development District, Special Assessment, Series 2021A1, 2.875%, 5/01/26 | &nbsp;&nbsp;100000 | $98925 |
|  | Sawgrass Village Community Development District, Assessment Area Two, Special Assessment, 6.125%, 11/01/43 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161567 |
|  | Sawyers Landing Community Development District, Special Assessment, Series 2021, 3.75%, 5/01/31 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145031 |
|  | Scenic Terrace North Community Development District, 2023 Assessment Area, Special Assessment, 5.125%, 5/01/30 | &nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359178 |
| <sup>d</sup> | Seaton Creek Reserve Community Development District, Assessment Area One, Special Assessment, 4.625%, 6/15/30 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25220 |
|  | Sebastian Isles Community Development District, Special Assessment, Series 2024, 5.00%, 5/01/44 | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170204 |
|  | Sherwood Manor Community Development District, Assessment Area Two, Special Assessment, 4.625%, 5/01/30 | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110963 |
|  | Shingle Creek at Bronson Community Development District, Special Assessment, Series 2021, 3.10%, 6/15/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95545 |
|  | Silver Oaks Community Development District, Special Assessment, 4.70%, 5/01/31 | &nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235793 |
|  | Six Mile Creek Community Development District, |  |  |
|  | Assessment Area 2, Phase 3, Special Assessment, 3.10%, 5/01/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69557 |
|  | Project Area, Special Assessment, Series 2024, 5.10%, 5/01/44 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 470442 |
| <sup>d</sup> | Somerset Bay Community Development District, Special Assessment, Assessment Area One, 4.85%, 5/01/31 | &nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315019 |
|  | Sorrento Pines Community Development District, |  |  |
|  | Assessment Area One, 4.375%, 5/01/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50363 |
|  | Assessment Area One, 5.25%, 5/01/43 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 182620 |
|  | South Fork East Community Development District, Special Assessment, Refunding, Series 2005, 4.00%, 5/01/31 | &nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1352265 |
|  | Southern Groves Community Development District No. 5, |  |  |
|  | Special Assessment, Series 2022, 5.80%, 5/01/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526476 |
|  | Special Assessment, Series 2024, 5.45%, 5/01/44 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359356 |
|  | Springs at Lake Alfred Community Development District, Assessment Area One, Special Assessment, 5.25%, 5/01/44 | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361584 |
|  | St. Augustine Lakes Community Development District, |  |  |
|  | 2022 Project, Special Assessment, 4.70%, 6/15/29 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 362741 |
|  | 2022 Project, Special Assessment, 5.375%, 6/15/42 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96389 |
| <sup>d</sup> | Stillwater Community Development District, 2021 Project, Special Assessment, 3.00%, 6/15/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91774 |
| <sup>d</sup> | Stuart Crossing Community Development District, Assessment Area One Project, Special Assessment, 4.375%, 5/01/31 | &nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194678 |
|  | Summer Woods Community Development District, Assessment Area Three Project, Special Assessment, 3.15%, 5/01/31 | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69565 |
|  | Summit View Community Development District, Assessment Area Two, Special Assessment, 4.75%, 5/01/31 | &nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476737 |
|  | Sunbridge Stewardship District, Special Assessment, Series 2022, 4.50%, 5/01/27 | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135636 |
|  | Tamarindo Community Development District, Special Assessment, Series 2021, 3.00%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91913 |
|  | Terreno Community Development District, 2025 Assessment Area, Special Assessment, 5.40%, 5/01/45 | &nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551104 |
|  | Timber Creek Southwest Community Development District, Special Assessment, Series 2020, 3.00%, 6/15/30 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140317 |
|  | Tohoqua Community Development District, |  |  |
|  | Phase 2 Project, Special Assessment, 2.875%, 5/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93947 |
|  | Phase 4A/5A Project, Special Assessment, Series 2021, 2.50%, 5/01/26 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 113131 |
|  | Tradition Community Development District No. 9, Special Assessment, Series 2021, 2.70%, 5/01/31 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90533 |
| <sup>d</sup> | Trevesta Community Development District, Assessment Area Two, Special Assessment, 3.25%, 5/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96813 |
|  | Twisted Oaks Pointe Community Development District, Assessment Area Two Project, Special Assessment, 5.875%, 5/01/43 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174240 |

---

franklintempleton.com Annual Report 14

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Florida (continued)** |  |  |
| <sup>d</sup> | Two Lakes Community Development District, Special Assessment, Series 2017, 4.00%, 12/15/28 | &nbsp;&nbsp;275000 | $273200 |
|  | Two Rivers West Community Development District, |  |  |
|  | Special Assessment, Series 2, 5.25%, 5/01/28 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 324045 |
|  | Special Assessment, Series 2, 5.375%, 5/01/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155083 |
|  | V-Dana Community Development District, |  |  |
|  | Assessment Area One-2021 Project, Special Assessment, Series 2021P, 3.125%, 5/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93381 |
|  | Assessment Area Two-2025 Project, Special Assessment, 5.375%, 5/01/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495231 |
|  | Venetian Parc Community Development District, Assessment Area Two, Refunding, 5.00%, 5/01/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994081 |
|  | Veranda Community Development District II, |  |  |
|  | Assessment Area 5, Special Assessment, Refunding, 4.50%, 5/01/31 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 361767 |
|  | <sup>d</sup> Special Assessment, Refunding, 3.10%, 5/01/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 64673 |
|  | Verano No. 2 Community Development District, Special Assessment, Series 2024, 5.35%, 5/01/44 | &nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555143 |
|  | Viera Stewardship District, Village 2, Special Assessment, Series 2021, 2.80%, 5/01/31 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117602 |
|  | Village Community Development District No. 13, Limited Offering, Special Assessment, Series 2019, 3.00%, 5/01/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96480 |
|  | Village Community Development District No. 5, |  |  |
|  | Refunding, Special Assessment, 4.00%, 5/01/33 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1049622 |
|  | Refunding, Special Assessment, 4.00%, 5/01/34 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp; 1512267 |
|  | Villamar Community Development District, |  |  |
|  | Assessment Area Five Project, Special Assessment, 5.625%, 5/01/43 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 199783 |
|  | Assessment Area Six Project, Special Assessment, 4.625%, 5/01/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 211374 |
|  | Waterford Community Development District, Assessment Area Two, Special Assessment, 5.20%, 5/01/44 | &nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630214 |
|  | Waterset South Community Development District, |  |  |
|  | 5.90%, 5/01/42 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155651 |
|  | Special Assessment, Series 2022, 5.375%, 5/01/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103206 |
| <sup>d</sup> | Wellness Ridge Community Development District, Assessment Area Two, Special Assessment, 5.00%, 6/15/44 | &nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344512 |
|  | West Villages Improvement District, |  |  |
|  | Unit of Development No 7, Special Assessment, 3.125%, 5/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92420 |
|  | Unit of Development No 8, Special Assessment, 4.625%, 5/01/29 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 328086 |
|  | Willowbrook Community Development District, Special Assessment, Assessment Area One Project, 4.95%, 5/01/31 | &nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205222 |
|  | Winding Oaks Community Development District, Assessment Area One, Special Assessment, 5.40%, 5/01/44 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492468 |
|  | Windsor Cay Community Development District, Assessment Area One Project, Special Assessment, 4.60%, 5/01/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252130 |
|  | Windward Community Development District, |  |  |
|  | Special Assessment, Series 2020A-1, 3.65%, 5/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96139 |
|  | Special Assessment, Series A-1, 3.00%, 5/01/25 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59929 |
|  | Wiregrass II Community Development District, Assessment Area Two, Special Assessment, 4.50%, 5/01/27 | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225405 |
|  | Woodcreek Community Development District, Assessment Area Two, Special Assessment, 5.35%, 5/01/45 | &nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558218 |
| <sup>d</sup> | Woodland Preserve Community Development District, Assessment Area One, Special Assessment, 5.30%, 5/01/45 | &nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621293 |
|  | Woodland Ranch Estates Community Development District, 5.55%, 5/01/45 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497380 |
|  | Yarborough Lane Community Development District, |  |  |
|  | Special Assessment, Series 2024, 4.75%, 5/01/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248354 |
|  | Special Assessment, Series 2024, 5.35%, 5/01/44 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 239594 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;78328150 |

---

15 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Georgia 2.2%** |  |  |
|  | DeKalb County Housing Authority, HADC Avenues LLC, Refunding, 4.125%, 12/01/34 | &nbsp;&nbsp;2000000 | $1953697 |
| <sup>d</sup> | Development Authority of Rockdale County, AHPC Terraces at Fieldstone LLC, Series 2021B-S, 4.50%, 12/01/36 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86638 |
| <sup>d</sup> | George L Smith II Congress Center Authority, Signia Hotel Management LLC, 3.625%, 1/01/31 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330129 |
|  | Georgia Housing & Finance Authority, Georgia Housing & Finance Authority, Refunding, Series C, 4.40%, 12/01/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980051 |
|  | Main Street Natural Gas, Inc., |  |  |
|  | <sup>c</sup> Gas Supply Revenue, VRDN, Series C, 4.00%, 8/01/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998280 |
|  | <sup>c</sup> VRDN, Series A, 5.00%, 6/01/53 | &nbsp;&nbsp; 4980000 | &nbsp;&nbsp; 5203067 |
|  | <sup>c</sup> VRDN, Series B, 5.00%, 12/01/54 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1316601 |
|  | <sup>c</sup> VRDN, Series E, 5.00%, 12/01/53 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1402697 |
|  | <sup>c</sup> VRDN, Series E-2, 1 day USD SOFR + 1.70%, 4.607%, 12/01/53 | 1280000 | &nbsp;&nbsp; 1310522 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13581682 |
|  | **Idaho 0.1%** |  |  |
|  | Idaho Housing & Finance Association, |  |  |
|  | <sup>d</sup> College of Idaho Inc, Refunding, 5.00%, 11/01/25 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 381867 |
|  | White Pine Charter School Project, 5.25%, 5/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 311839 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693706 |
|  | **Illinois 7.2%** |  |  |
|  | Chicago Board of Education, |  |  |
|  | <sup>f</sup> Refunding, Series A, 9.475%, 12/01/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 487190 |
|  | Series A, 5.00%, 12/01/38 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2105962 |
|  | Series A, 5.00%, 12/01/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1492729 |
|  | Series A, 5.50%, 12/01/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2129436 |
|  | Chicago Board of Education Dedicated Capital Improvement Tax, |  |  |
|  | 5.00%, 4/01/38 | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp; 2278004 |
|  | 5.00%, 4/01/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102119 |
|  | 5.25%, 4/01/34 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp; 979695 |
|  | 5.25%, 4/01/37 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 652222 |
|  | 5.25%, 4/01/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059653 |
|  | Chicago Midway International Airport, AMT, Refunding, Series A, 5.50%, 1/01/38 | &nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816409 |
|  | City of Chicago, |  |  |
|  | Refunding, Series A, 5.00%, 1/01/33 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 277261 |
|  | Refunding, Series A, 5.00%, 1/01/34 | &nbsp;&nbsp; 1470000 | &nbsp;&nbsp; 1531586 |
|  | Refunding, Series B, 4.00%, 1/01/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3703828 |
|  | Series A, 5.50%, 1/01/40 | &nbsp;&nbsp; 7335000 | &nbsp;&nbsp; 7730619 |
|  | Series A, 5.50%, 1/01/49 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 1340713 |
|  | Illinois Finance Authority, |  |  |
|  | <sup>d</sup> Acero Charter Schools, Inc. Obligated Group, 4.00%, 10/01/31 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 955514 |
|  | Chicago School - California, Inc., 5.25%, 4/01/44 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1091255 |
|  | <sup>c</sup> Field Museum of Natural History, Refunding, VRDN, 1 day USD SOFR + 1.20%, 4.238%, 11/01/34 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 379786 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lawndale Educational & Regional Network Charter School Obligated Group, Refunding, 4.00%, 11/01/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Lawndale Educational & Regional Network Charter School Obligated Group, Refunding, 4.00%, 11/01/31 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255034 |
|  | <sup>c</sup> OSF Healthcare System Obligated Group, VRDN, Refunding, 5.00%, 5/15/50 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 894240 |
|  | <sup>d</sup> Rosalind Franklin University of Medicine and Science, 5.25%, 8/01/35 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 2855741 |
|  | The Chicago School, 5.00%, 4/01/35 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211651 |
|  | The Chicago School, 5.25%, 4/01/37 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138523 |
|  | The Chicago School, 5.25%, 4/01/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1057717 |
|  | Westminster Village Inc Obligated Group, Series A, Refunding, 5.25%, 5/01/38 | 1110000 | &nbsp;&nbsp; 1090255 |

---

franklintempleton.com Annual Report 16

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Illinois (continued)** |  |  |
|  | Illinois Housing Development Authority, Refunding, Series H-1, 4.00%, 1/01/42 | &nbsp;&nbsp;2560000 | $2408422 |
|  | Metropolitan Pier & Exposition Authority, |  |  |
|  | <sup>f</sup> 4.64%, 12/15/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 241762 |
|  | McCormick Place Expansion, Refunding, 3.00%, 6/15/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois McCormick Place Expansion Project Fund, Refunding, Series A, 4.00%, 12/15/42 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 356541 |
|  | Northern Illinois University, 4.25%, 4/01/44 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1155597 |
|  | State of Illinois, |  |  |
|  | 6.00%, 11/01/26 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 674729 |
|  | Series A, 4.00%, 3/01/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 933221 |
| <sup>d</sup> | Village of Lincolnwood Il, North Lincoln Redevelopment Project Area, Series A, 4.82%, 1/01/41 | &nbsp;&nbsp;1535000 | &nbsp;&nbsp;&nbsp;&nbsp;1498035 |
|  | Village of Villa Park, Garden Station Redevelopment Area, 0.158%, 12/31/38 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81944 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;44217434 |
|  | **Indiana 0.6%** |  |  |
| <sup>d</sup> | City of Goshen, Green Oaks Of Goshen LLC, Refunding, Series A, 5.00%, 8/01/41 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852272 |
| <sup>d</sup> | City of Jeffersonville, Vivera Senior Living of Columbus LLC, Series 2020A, 4.75%, 11/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95104 |
| <sup>d</sup> | City of Valparaiso, Green Oaks of Valparaiso LLC, 5.375%, 12/01/41 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450783 |
|  | Indiana Finance Authority, |  |  |
|  | Ohio Valley Electric Corp, Series 2012C, 3.00%, 11/01/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143008 |
|  | University of Evansville, 7.00%, 9/01/32 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 164198 |
| <sup>d</sup> | Indiana Housing & Community Development Authority, Vita of Marion LLC, Series 2021A, 5.00%, 4/01/31 | &nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726580 |
|  | Indianapolis Local Public Improvement Bond Bank, Convention Center Hotel, 5.50%, 3/01/38 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1063496 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3495441 |
|  | **Iowa 1.5%** |  |  |
|  | Crawford County Memorial Hospital, Inc., 5.00%, 6/15/27 | &nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520857 |
|  | Iowa Finance Authority, |  |  |
|  | Altru Health System Obligated Group, Refunding, Series B, 6.60%, 5/15/28 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124658 |
|  | <sup>c</sup> Iowa Fertilizer Co LLC, VRDN, Refunding, 5.00%, 12/01/50 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp; 2736464 |
|  | Lifespace Communities Inc Obligated Group, Refunding, 6.75%, 5/15/33 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 863013 |
|  | Lifespace Communities Inc Obligated Group, Refunding, Series B, 7.25%, 5/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 566658 |
|  | Lifespace Communities Inc Obligated Group, Series A, 4.125%, 5/15/38 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 398317 |
|  | Lifespace Communities Inc Obligated Group, Series A, 5.00%, 5/15/32 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 569231 |
|  | Lifespace Communities Inc Obligated Group, Series A, 5.00%, 5/15/41 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1061098 |
|  | <sup>c</sup> Lifespace Communities Inc Obligated Group, VRDN, Series B, 1 day USD SOFR + 0.55%, 3.602%, 5/15/56 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 481221 |
|  | Lifespace Communities, Inc., Series A, 5.00%, 5/15/43 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 269334 |
|  | Iowa Higher Education Loan Authority, University of Dubuque Project, 5.00%, 10/01/45 | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1307419 |
|  | Iowa Tobacco Settlement Authority, Refunding, Series 2021B-1, 4.00%, 6/01/49 | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75605 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8973875 |
|  | **Kansas 0.1%** |  |  |
|  | Wyandotte County-Kansas City Unified Government, Legends Apartments Garage & West Law, 4.50%, 6/01/40 | 740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715056 |
|  | **Kentucky 1.0%** |  |  |
| <sup>c</sup> | City of Berea, Berea College, VRDN, Series A, 3.63%, 6/01/32 | &nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 |
|  | Kentucky Public Energy Authority, |  |  |
|  | <sup>c</sup> Kentucky Public Energy Authority, VRDN, Series A-2, 1 day USD SOFR + 1.20%, 4.108%, 8/01/52 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 1275755 |
|  | <sup>c</sup> Refunding, VRDN, Series B, 5.00%, 1/01/55 | 3810000 | &nbsp;&nbsp; 4001649 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6127404 |

---

17 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Louisiana 0.5%** |  |  |
|  | Lakeshore Villages Master Community Development District, Special Assessment, Series 2022, 5.00%, 6/01/32 | &nbsp;&nbsp;245000 | $246351 |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority, |  |  |
|  | <sup>d</sup> Parish of St John the Baptist LA, 3.90%, 11/01/44 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 142664 |
|  | Westlake Corp, Refunding, 3.50%, 11/01/32 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1553408 |
|  | New Orleans Aviation Board, AMT, Refunding, Series A, 5.00%, 1/01/38 | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;1054958 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2997381 |
|  | **Maine 0.2%** |  |  |
|  | Maine State Housing Authority, Series D, 4.50%, 11/15/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984760 |
|  | **Maryland 0.5%** |  |  |
|  | City of Baltimore, |  |  |
|  | Harbor Point Special Taxing District, 4.25%, 6/01/26 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 375564 |
|  | <sup>d</sup> Harbor Point Special Taxing District, Refunding, 3.25%, 6/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94977 |
|  | County of Frederick, Oakdale-Lake Linganore Development District, 3.25%, 7/01/29 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133663 |
|  | Maryland Economic Development Corp., |  |  |
|  | Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 6/30/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 670626 |
|  | Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 12/31/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 442284 |
|  | Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 12/31/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257951 |
|  | Purple Line Transit Partners LLC, AMT, Series B, 5.00%, 6/30/39 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 529096 |
| <sup>d</sup> | Town of La Plata MD, Heritage Green Special Taxing District, 5.75%, 2/15/35 | 680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3178792 |
|  | **Massachusetts 0.3%** |  |  |
|  | Massachusetts Development Finance Agency, |  |  |
|  | <sup>d</sup> CHF Merrimack Inc, Series A, 5.00%, 7/01/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015136 |
|  | Foxborough Regional Charter School, Refunding, 5.00%, 7/01/27 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60471 |
|  | Salem Community Corp Obligated Group, Refunding, 5.00%, 1/01/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201946 |
|  | Massachusetts Educational Financing Authority, AMT, Series B, 4.25%, 7/01/44 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485769 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1763322 |
|  | **Michigan 0.9%** |  |  |
|  | City of Detroit, |  |  |
|  | Series A, 5.00%, 4/01/35 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 368402 |
|  | Series C, 6.00%, 5/01/43 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 412270 |
|  | Grand Rapids Economic Development Corp., |  |  |
|  | Michigan Christian Home Obligated Group, Refunding, 4.00%, 11/01/27 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 214620 |
|  | Michigan Christian Home Obligated Group, Refunding, Series A, 4.25%, 11/01/38 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 39377 |
|  | Kalamazoo Economic Development Corp., |  |  |
|  | <sup>d</sup> Friendship Village of Kalamazoo Obligated Group, Refunding, 5.00%, 8/15/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 107316 |
|  | Heritage Community of Kalamazoo Obligated Group, Series A, 5.00%, 5/15/43 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1074755 |
|  | Michigan Finance Authority, |  |  |
|  | Lawrence Technological University Obligated Group, Refunding, 4.00%, 2/01/27 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 94337 |
|  | Lawrence Technological University Obligated Group, Refunding, 4.00%, 2/01/32 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 276953 |
|  | Provident Group - HFH Energy LLC, 4.125%, 2/29/44 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 831902 |
|  | University of Detroit Mercy Obligated Group, 5.25%, 11/01/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 830772 |
|  | University of Detroit Mercy Obligated Group, Refunding, 5.25%, 11/01/39 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp; 601766 |
|  | Michigan Strategic Fund, |  |  |
|  | I-75 Improvement Project, AMT, 5.00%, 12/31/33 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51085 |
|  | Improvement Project-P3, AMT, 4.125%, 6/30/35 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 650888 |
|  | State of Michigan Department of Transportation, AMT, 5.00%, 6/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 99997 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5654440 |
|  | **Minnesota 0.6%** |  |  |
|  | City of Ramsey, PACT Charter School, Refunding, Series A, 5.00%, 6/01/32 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1929983 |
|  | Duluth Economic Development Authority, Benedictine Health System Obligated Group, Refunding, 4.00%, 7/01/31 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118108 |

---

franklintempleton.com Annual Report 18

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Minnesota (continued)** |  |  |
| <sup>c</sup> | Minnesota Municipal Gas Agency, VRDN, Series B, 1 day USD SOFR + 1.00%, 3.921%, 12/01/52 | 1400000 | $1395390 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3443481 |
|  | **Mississippi 0.3%** |  |  |
| <sup>d</sup> | Mississippi Development Bank, Magnolia Regional Health Center, Refunding, 5.00%, 10/01/31 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152312 |
|  | Mississippi Home Corp., Series C, 4.65%, 12/01/44 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1491457 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1643769 |
|  | **Missouri 0.9%** |  |  |
|  | City of Maryland Heights, Westport Plaza Redevelopment, 3.625%, 11/01/31 | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19513 |
| <sup>c</sup> | Health & Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, VRDN, Series F, 3.50%, 6/01/44 | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;4300000 |
|  | Missouri Housing Development Commission, First Place Homeownership Loan Series E, 4.125%, 11/01/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985728 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5305241 |
|  | **Nebraska 0.2%** |  |  |
|  | Nebraska Investment Finance Authority, Series E, 4.50%, 9/01/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981830 |
|  | **Nevada 0.8%** |  |  |
|  | City of Las Vegas, Special Improvement District No. 815, Special Assessment, 4.75%, 12/01/40 | &nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933832 |
|  | City of Las Vegas Special Improvement District No. 611, Special Improvement District No 611, Special Assessment, 3.50%, 6/01/31 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144962 |
|  | City of Las Vegas Special Improvement District No. 816, Special Assessment, 2.50%, 6/01/29 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182878 |
| <sup>d</sup> | City of North Las Vegas, NV Special Improvement District No 66, Special Assessment, 5.00%, 6/01/28 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142512 |
|  | Nevada Housing Division, Series E, 4.10%, 10/01/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985084 |
|  | Reno-Tahoe Airport Authority, |  |  |
|  | Reno-Tahoe Airport Authority, AMT, Series A, 5.25%, 7/01/42 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 684736 |
|  | Reno-Tahoe Airport Authority, AMT, Series A, 5.25%, 7/01/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042118 |
|  | Tahoe-Douglas Visitors Authority, |  |  |
|  | 4.00%, 7/01/26 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 774088 |
|  | 5.00%, 7/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 263678 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5153888 |
|  | **New Jersey 0.3%** |  |  |
|  | New Jersey Economic Development Authority, |  |  |
|  | <sup>c</sup> American Water Co Inc, AMT, Refunding, VRDN, 2.20%, 10/01/39 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87212 |
|  | Provident Group-Kean Properties LLC, 5.00%, 7/01/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100515 |
|  | Provident Group-Kean Properties LLC, 5.00%, 7/01/37 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49557 |
|  | United Airlines Inc, 5.25%, 9/15/29 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 215224 |
|  | New Jersey Higher Education Student Assistance Authority, AMT, Series B, 4.00%, 12/01/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923873 |
|  | Passaic County Improvement Authority, Series 2024A, 5.00%, 1/01/34 | 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1664396 |
|  | **New Mexico 0.5%** |  |  |
|  | New Mexico Hospital Equipment Loan Council, |  |  |
|  | <sup>c</sup> Presbyterian Healthcare Services Obligated Group, Refunding, Series B, 3.55%, 8/01/34 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1400000 |
|  | San Juan Regional Medical Center Inc, Refunding, 4.00%, 6/01/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 970682 |
|  | New Mexico Mortgage Finance Authority, Series E, 4.125%, 9/01/39 | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688674 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3059356 |
|  | **New York 6.9%** |  |  |
| <sup>c</sup> | City of New York, VRDN, Series B3, 3.65%, 10/01/46 | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1300000 |
|  | Metropolitan Transportation Authority, |  |  |
|  | Green Bond, Series 2017C-1, 5.00%, 11/15/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 528019 |
|  | Green Bond, Series 2017C-1, 5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 555491 |

---

19 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **New York (continued)** |  |  |
| <sup>c</sup> | Nassau County Industrial Development Agency, Cold Spring Harbor Laboratory, VRDN, Refunding, 3.55%, 1/01/34 | &nbsp;&nbsp;3000000 | $3000000 |
|  | New York City Housing Development Corp., 8 Spruce NY Owner LLC, Refunding, Series E, 4.375%, 12/15/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253466 |
| <sup>c</sup> | New York City Municipal Water Finance Authority, VRDN, 3.65%, 6/15/33 | &nbsp;&nbsp;10100000 | &nbsp;&nbsp;&nbsp;&nbsp;10100000 |
|  | New York State Dormitory Authority, St Joseph's College, 5.00%, 7/01/30 | &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65005 |
| <sup>c</sup> | New York State Environmental Facilities Corp., Casella Waste Systems Inc, AMT, VRDN, 5.125%, 9/01/50 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261067 |
|  | New York Transportation Development Corp., |  |  |
|  | American Airlines Inc, AMT, Refunding, 2.25%, 8/01/26 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58836 |
|  | American Airlines Inc, AMT, Refunding, 3.00%, 8/01/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 193686 |
|  | American Airlines Inc, AMT, Refunding, 5.25%, 8/01/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72515 |
|  | Delta Air Lines Inc, AMT, 4.00%, 1/01/36 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1418275 |
|  | Delta Air Lines Inc, AMT, 5.00%, 10/01/40 | &nbsp;&nbsp; 4735000 | &nbsp;&nbsp; 4816915 |
|  | Delta Air Lines Inc, AMT, 5.625%, 4/01/40 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp; 824726 |
|  | Delta Air Lines Inc, AMT, 6.00%, 4/01/35 | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp; 1967287 |
|  | JFK International Air Terminal LLC, AMT, 5.00%, 12/01/41 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 2927925 |
|  | JFK International Air Terminal LLC, AMT, Refunding, 5.00%, 12/01/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258483 |
|  | JFK International Air Terminal LLC, AMT, Refunding, 5.00%, 12/01/37 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359772 |
|  | JFK International Air Terminal LLC, AMT, Refunding, 5.00%, 12/01/39 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127151 |
|  | JFK International Air Terminal LLC, AMT, Refunding, Series A, 4.00%, 12/01/39 | &nbsp;&nbsp; 2685000 | &nbsp;&nbsp; 2495722 |
|  | JFK International Air Terminal LLC, AMT, Refunding, Series A, 4.00%, 12/01/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 461551 |
|  | JFK International Air Terminal LLC, AMT, Refunding, Series A, 4.00%, 12/01/41 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp; 1256168 |
|  | JFK International Air Terminal LLC, AMT, Refunding, Series A, 5.00%, 12/01/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 436111 |
|  | JFK International Air Terminal LLC, AMT, Refunding, Series A, 5.00%, 12/01/37 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 321781 |
|  | JFK NTO LLC, AMT, 5.25%, 6/30/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519183 |
|  | JFK NTO LLC, AMT, 5.50%, 6/30/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267072 |
|  | JFK NTO LLC, AMT, Refunding, 4.25%, 6/30/42 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3581852 |
|  | Oneida Indian Nation of New York, |  |  |
|  | <sup>d</sup> Oneida Indian Nation of New York, Series A, 8.00%, 9/01/40 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2547834 |
|  | <sup>d</sup> Series B, 6.00%, 9/01/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270102 |
|  | Suffolk Regional Off-Track Betting Co., 5.75%, 12/01/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1022505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42268500 |
|  | **North Carolina 0.1%** |  |  |
|  | North Carolina Medical Care Commission, |  |  |
|  | Penick Village Obligated Group, Refunding, Series B, 4.75%, 9/01/29 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 404974 |
|  | United Methodist Retirement Homes Inc Obligated Group, 4.25%, 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 350220 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755194 |
|  | **North Dakota 1.7%** |  |  |
|  | City of Grand Forks, |  |  |
|  | Altru Health System Obligated Group, Refunding, 4.00%, 12/01/38 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2103194 |
|  | Altru Health System Obligated Group, Refunding, 4.00%, 12/01/41 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp; 1651531 |
|  | Altru Health System Obligated Group, Refunding, 5.00%, 12/01/31 | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp; 1407512 |
|  | Altru Health System Obligated Group, Refunding, 5.00%, 12/01/33 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93201 |
|  | City of Horace, Series B, 4.85%, 8/01/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000651 |
|  | County of Burleigh, University of Mary, 5.10%, 4/15/36 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248839 |
|  | North Dakota Housing Finance Agency, |  |  |
|  | Series C, 4.65%, 7/01/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996451 |
|  | Series D, 4.50%, 7/01/44 | 3215000 | &nbsp;&nbsp; 3164912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10666291 |
|  | **Ohio 3.5%** |  |  |
|  | Akron Bath Copley Joint Township Hospital District, |  |  |
|  | Summa Health System Obligated Group, Refunding, 4.00%, 11/15/33 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 539947 |
|  | Summa Health System Obligated Group, Refunding, 4.00%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp; 126704 |

---

franklintempleton.com Annual Report 20

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Ohio (continued)** |  |  |
|  | Cleveland-Cuyahoga County Port Authority, 5.00%, 11/15/39 | &nbsp;&nbsp;1865000 | $1913465 |
|  | Columbus Metropolitan Housing Authority, |  |  |
|  | 4.00%, 12/01/34 | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp; 1869228 |
|  | Cobblestone Manor Project, 4.625%, 8/01/42 | &nbsp;&nbsp; 2220000 | &nbsp;&nbsp; 2225012 |
|  | Waldren Woods project, 4.00%, 6/01/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 493562 |
|  | County of Cuyahoga, Eliza Jennings Obligated Group, Refunding, 5.00%, 5/15/32 | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501546 |
|  | County of Franklin, |  |  |
|  | Ohio Living Obligated Group, Refunding, 4.00%, 7/01/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 192096 |
|  | Ohio Living Obligated Group, Series B, 4.00%, 7/01/28 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 224469 |
|  | Wesley Communities Obligated Group, Refunding, 5.00%, 11/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101157 |
| <sup>c</sup> | County of Hamilton, TriHealth Obligated Group, VRDN, Refunding, Series B, 3.70%, 8/15/51 | &nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;5200000 |
|  | Franklin County Convention Facilities Authority, Hotel Project Revenue, 5.00%, 12/01/30 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101505 |
| <sup>c</sup> | Ohio Air Quality Development Authority, Duke Energy Corp, AMT, Refunding, VRDN, 4.25%, 11/01/39 | &nbsp;&nbsp;2965000 | &nbsp;&nbsp;&nbsp;&nbsp;2995067 |
|  | Ohio Higher Educational Facility Commission, Cleveland Institute of Music/The, 5.00%, 12/01/32 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312728 |
|  | Ohio Housing Finance Agency, |  |  |
|  | Middletown Phase I Project, 8.00%, 8/01/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102087 |
|  | Series B, 4.50%, 9/01/44 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp; 1458017 |
|  | State of Ohio, |  |  |
|  | Premier Health Partners Obligated Group, Refunding, 4.00%, 11/15/39 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1229596 |
|  | Premier Health Partners Obligated Group, Refunding, 4.00%, 11/15/40 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 777003 |
|  | Premier Health Partners Obligated Group, Refunding, 5.00%, 11/15/35 | 1015000 | &nbsp;&nbsp; 1047911 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21411100 |
|  | **Pennsylvania 2.1%** |  |  |
|  | Adams County General Authority, Brethren Home Community Obligated Group/The, Refunding, Series 2024A, 5.00%, 6/01/44 | &nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;2385594 |
|  | Allegheny County Higher Education Building Authority, Robert Morris University, 5.00%, 10/15/26 | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39947 |
|  | Allentown Commercial & Industrial Development Authority, |  |  |
|  | <sup>d</sup> Executive Education Academy Charter School, Refunding, 5.00%, 7/01/40 | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp; 2079423 |
|  | <sup>d</sup> Executive Education Academy Charter School, Refunding, 5.00%, 7/01/45 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 473649 |
|  | Allentown Neighborhood Improvement Zone Development Authority, |  |  |
|  | <sup>d</sup> City Center Project, 5.00%, 5/01/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102220 |
|  | <sup>d</sup> City Center Project, 5.25%, 5/01/42 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196995 |
|  | Berks County Municipal Authority, |  |  |
|  | Series A, 8.00%, 6/30/34 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 85985 |
|  | Series A-2A, 6.00%, 6/30/34 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 45292 |
|  | Series A-3, 5.00%, 6/30/39 | &nbsp;&nbsp; 761000 | &nbsp;&nbsp; 737567 |
|  | <sup>f</sup> Series B-1, 1.426%, 6/30/44 | &nbsp;&nbsp; 283000 | &nbsp;&nbsp; 209006 |
|  | Chester County Industrial Development Authority, Avon Grove Charter School, 5.00%, 3/01/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1015960 |
|  | Franklin County Industrial Development Authority, Menno-Haven Inc Obligated Group, Refunding, 5.00%, 12/01/28 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101076 |
|  | Pennsylvania Economic Development Financing Authority, |  |  |
|  | Philadelphia Water Department, Refunding, 4.00%, 1/01/31 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 488154 |
|  | <sup>c</sup> Talen Energy Supply LLC, Refunding, VRDN, 5.25%, 12/01/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007682 |
|  | UPMC Obligated Group, Series 2017A, 3.375%, 11/15/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143798 |
|  | Pennsylvania Economic Development Financing Authority Parking System Revenue, Refunding, 5.00%, 1/01/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506814 |
|  | Pennsylvania Housing Finance Agency, |  |  |
|  | Series 146A, 4.50%, 10/01/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1476726 |
|  | Series 148A, 4.625%, 10/01/45 | 1500000 | &nbsp;&nbsp; 1498537 |

---

21 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Pennsylvania (continued)** |  |  |
| <sup>e</sup> | Philadelphia Authority for Industrial Development, Beech International LLC, Series A, 5.625%, 6/15/42 | &nbsp;&nbsp;100000 | $85000 |
|  | Redevelopment Authority of the City of Philadelphia, Social Bond, Series 2021A, 2.799%, 9/01/33 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433906 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13113331 |
|  | **Puerto Rico 1.3%** |  |  |
|  | Commonwealth of Puerto Rico, |  |  |
|  | <sup>f</sup> 4.38%, 7/01/33 | &nbsp;&nbsp; 12391 | &nbsp;&nbsp; 8506 |
|  | Series 2021A1, 4.00%, 7/01/33 | &nbsp;&nbsp; 663628 | &nbsp;&nbsp; 650350 |
|  | Series 2021A1, 4.00%, 7/01/35 | &nbsp;&nbsp; 1028772 | &nbsp;&nbsp; 983836 |
|  | Series 2021A1, 4.00%, 7/01/37 | &nbsp;&nbsp; 552885 | &nbsp;&nbsp; 523184 |
|  | Series 2021A1, 4.00%, 7/01/41 | &nbsp;&nbsp; 664263 | &nbsp;&nbsp; 608215 |
|  | Series 2021A1, 5.625%, 7/01/27 | &nbsp;&nbsp; 113932 | &nbsp;&nbsp; 118003 |
|  | Series 2021A1, 5.625%, 7/01/29 | &nbsp;&nbsp; 626556 | &nbsp;&nbsp; 671536 |
|  | Series 2021A1, 5.75%, 7/01/31 | &nbsp;&nbsp; 1992198 | &nbsp;&nbsp; 2190326 |
|  | <sup>c,f</sup> VRDN, 3.044%, 11/01/43 | &nbsp;&nbsp; 39833 | &nbsp;&nbsp; 24996 |
|  | GDB Debt Recovery Authority of Puerto Rico, 7.50%, 8/20/40 | &nbsp;&nbsp;1530997 | &nbsp;&nbsp;&nbsp;&nbsp;1498417 |
|  | Puerto Rico Electric Power Authority, |  |  |
|  | Refunding, 5.25%, 7/01/32 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 172547 |
|  | Refunding, Series V, 5.25%, 7/01/27 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170284 |
|  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, |  |  |
|  | Hospital Auxilio Mutuo Obligated Group, Refunding, 4.00%, 7/01/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91651 |
|  | Hospital Auxilio Mutuo Obligated Group, Refunding, 4.00%, 7/01/39 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90161 |
|  | Hospital Auxilio Mutuo Obligated Group, Refunding, 4.00%, 7/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 89328 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7891340 |
|  | **South Carolina 1.1%** |  |  |
|  | County of Dorchester, SC Summers Corner Improvement District, Special Assessment, 4.50%, 10/01/33 | &nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406940 |
| <sup>d</sup> | County of Richland, Village at Sandhill Improvement District, Special Assessment, Refunding, 3.00%, 11/01/26 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96706 |
|  | Patriots Energy Group Financing Agency, |  |  |
|  | <sup>c</sup> VRDN, Refunding, 1 day USD SOFR + 1.90%, 4.815%, 2/01/54 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103121 |
|  | <sup>c</sup> VRDN, Series A1, 5.25%, 10/01/54 | &nbsp;&nbsp; 4965000 | &nbsp;&nbsp; 5267800 |
|  | South Carolina Jobs-Economic Development Authority, |  |  |
|  | AHPC Vista Towers 2021 LLC, 3.65%, 12/01/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84852 |
|  | <sup>d,f</sup> Columbia Portfolio Obligated Group, 1.958%, 6/01/37 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 251105 |
|  | <sup>d</sup> FAH Pelham LLC, Series B, 7.50%, 8/01/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150717 |
|  | <sup>d</sup> Orchard Pk and Willowbrook Apartment, 3.65%, 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 84852 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6446093 |
|  | **South Dakota 0.2%** |  |  |
|  | South Dakota Housing Development Authority, Refunding, Series C, 4.50%, 11/01/44 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1473047 |
|  | **Tennessee 2.6%** |  |  |
|  | Chattanooga Health Educational & Housing Facility Board, |  |  |
|  | CommonSpirit Health Obligated Group, Refunding, Series A-1, 4.00%, 8/01/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 483142 |
|  | CommonSpirit Health Obligated Group, Series A, 4.00%, 8/01/38 | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp; 1544589 |
|  | Cleveland Housing Authority, |  |  |
|  | <sup>d</sup> Cleveland Forward Phase One LLC, 6.25%, 4/01/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 293907 |
|  | <sup>d</sup> Cleveland Forward Phase Two LLC, 6.25%, 4/01/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97969 |
|  | Knox County Health Educational & Housing Facility Board, 5.00%, 7/01/38 | &nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453885 |
| <sup>c</sup> | Tennergy Corp., VRDN, Series A, 5.50%, 10/01/53 | &nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;5627615 |
| <sup>c</sup> | Tennessee Energy Acquisition Corp., VRDN, Series A, 5.00%, 5/01/52 | 6880000 | &nbsp;&nbsp;&nbsp;&nbsp;7193612 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15694719 |

---

franklintempleton.com Annual Report 22

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Texas 12.4%** |  |  |
| <sup>d</sup> | Arlington Higher Education Finance Corp., BASIS Texas Charter Schools Inc, 4.50%, 6/15/44 | &nbsp;&nbsp;830000 | $769867 |
|  | Cedar Port Navigation & Improvement District, |  |  |
|  | 4.00%, 9/01/37 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 674044 |
|  | 4.00%, 9/01/38 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1433480 |
|  | City of Anna, |  |  |
|  | <sup>d</sup> Hurricane Creek Public Improvement District Improvement Area No 2, Special Assessment, 5.00%, 9/01/28 | &nbsp;&nbsp; 432000 | &nbsp;&nbsp; 434013 |
|  | <sup>d</sup> Meadow Vista Public Improvement District Improvement Area 1, Special Assessment, 4.875%, 9/15/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 270199 |
|  | City of Aubrey, Jackson Ridge Public Improvement District, Special Assessment, 5.00%, 9/01/25 | &nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508385 |
| <sup>d</sup> | City of Austin, Whisper Valley Public Improvement District Improvement Area 2, Special Assessment, 4.75%, 11/01/29 | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134265 |
| <sup>d,g</sup> | City of Bastrop, Valverde Public Improvement District Improvement Area #1, Special Assessment, 5.375%, 9/01/45 | &nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619680 |
| <sup>d</sup> | City of Boyd, Public Improvement District No 1 Improvement Area No 1, Special Assessment, 4.25%, 9/15/30 | &nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107379 |
|  | City of Celina, |  |  |
|  | <sup>d</sup> Celina Hills Public Improvement District, Special Assessment, 4.375%, 9/01/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49707 |
|  | <sup>d</sup> Chalk Hill Public Improvement District No 2, Special Assessment, 5.00%, 9/01/30 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187970 |
|  | <sup>d</sup> Creeks of Legacy Public Improvement District Phase No 3, Special Assessment, 3.625%, 9/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92283 |
|  | <sup>d</sup> Cross Creek Meadows Public Improvement District Area No 1, Special Assessment, 4.50%, 9/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100193 |
|  | <sup>d</sup> Edgewood Creek Public Improvement District, Special Assessment, 3.75%, 9/01/31 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 167955 |
|  | <sup>d</sup> Lakes at Mustang Ranch Public Improvement District Phases 8-9, Special Assessment, 5.50%, 9/01/45 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 449503 |
|  | <sup>d</sup> Mosaic Public Improvement District Area No 2, Special Assessment, 4.50%, 9/01/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247923 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;North Sky Public Improvement District Improvement Area No 1, Special Assessment, 5.00%, 9/01/44 | &nbsp;&nbsp; 289000 | &nbsp;&nbsp; 273295 |
|  | <sup>d</sup> Pravin Public Improvement District, Special Assessment, 6.50%, 9/01/43 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp; 103004 |
|  | <sup>d</sup> Sutton Fields II Public Improvement District, Special Assessment, 2.875%, 9/01/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47956 |
|  | <sup>d</sup> The Parks at Wilson Creek Public Improvement District, Special Assessment, 3.25%, 9/01/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 100959 |
|  | <sup>d</sup> Wells North Public Improvement District, Special Assessment, 3.25%, 9/01/30 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 165120 |
|  | City of Corpus Christi, Whitecap Public Improvement District No 1 Improvement Area 1, Special Assessment, 5.375%, 9/15/31 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250291 |
|  | City of Crandall, |  |  |
|  | <sup>d</sup> Cartwright Ranch Public Improvement District Major Improvement Area, Special Assessment, 4.75%, 9/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99538 |
|  | <sup>d</sup> River Ridge Public Improvement District Improvement Area 2, Special Assessment, 5.25%, 9/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 683639 |
| <sup>d</sup> | City of Decatur, Paloma Trails Public Improvement District Improvement Area No 1, Special Assessment, 4.75%, 9/15/35 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394974 |
|  | City of Fate, |  |  |
|  | <sup>d</sup> Monterra Public Improvement District, Special Assessment, 2.75%, 8/15/26 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 13652 |
|  | <sup>d</sup> Williamsburg East Public Improvement District, Special Assessment, 3.375%, 8/15/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 132431 |
|  | <sup>d</sup> Williamsburg Public Improvement District No 1 Phase 3B, Special Assessment, 5.125%, 8/15/43 | &nbsp;&nbsp; 582000 | &nbsp;&nbsp; 560466 |
|  | City of Horseshoe Bay, Escondido Public Improvement District, Special Assessment, Refunding, 3.00%, 10/01/30 | &nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124812 |
|  | City of Houston Airport System Revenue, |  |  |
|  | United Airlines Inc, AMT, Refunding, Series B, 5.50%, 7/15/38 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1991210 |
|  | United Airlines Inc, AMT, Series B, 5.50%, 7/15/37 | 4000000 | &nbsp;&nbsp; 4204492 |

---

23 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Texas (continued)** |  |  |
|  | City of Hutto, |  |  |
|  | <sup>d</sup> Cottonwood Creek Public Improvement District Improvement Area No 2,Special Assessment, 5.125%, 9/01/45 | &nbsp;&nbsp; 702000 | $680064 |
|  | <sup>d</sup> Emory Crossing Public Improvement District Improvement Area No 2, Special Assessment, 4.50%, 9/01/30 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 271819 |
| <sup>d</sup> | City of Justin, Timberbrook Public Improvement District No. 2 Area No. 1, Special Assessment, 4.50%, 9/01/31 | &nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153948 |
|  | City of Kyle, |  |  |
|  | <sup>d</sup> 6 Creeks Public Improvement District Improvement Area No 4, Special Assessment, 4.50%, 9/01/33 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 643975 |
|  | <sup>d</sup> 6 Creeks Public Improvement District Improvement Area No 5, Special Assessment, 4.50%, 9/01/35 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp;&nbsp; 357619 |
|  | <sup>d</sup> City of Kyle TX 6 Creeks Public Improvement District Improvement Area No 4, Special Assessment, 4.375%, 9/01/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200505 |
|  | Kyle 57 Public Improvement District, Series 2022, 4.75%, 9/01/32 | &nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 133127 |
|  | <sup>d</sup> Limestone Creek Public Improvement District Improvement Area #1, Special Assessment, 5.50%, 9/01/44 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 547573 |
|  | <sup>d</sup> Plum Creek North Public Improvement District Improvement Area No 2, Special Assessment, 5.00%, 9/01/44 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp;&nbsp; 517126 |
|  | <sup>d</sup> Plum Creek North Public Improvement District, Special Assessment, 4.375%, 9/01/32 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 211458 |
|  | <sup>d</sup> Southwest Kyle Public Improvement District No 1 Improvement Area No 2, Special Assessment, 5.75%, 9/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101565 |
|  | City of Lago Vista, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tessera on Lake Travis Public Improvement Dist Improvement Area No 1, Special Assessment, Refunding, 3.125%, 9/01/30 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 119946 |
|  | <sup>d</sup> Tessera on Lake Travis Public Improvement District Major Improvement Area, Special Assessment, Refunding, 5.00%, 9/01/30 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 107916 |
|  | City of Lavon, |  |  |
|  | <sup>d</sup> Elevon Public Improvement District Improvement Area No 1, Special Assessment, 5.00%, 9/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 496958 |
|  | <sup>d</sup> Lakepointe Public Improvement District, Special Assessment, 5.25%, 9/15/28 | &nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp; 311053 |
|  | <sup>d</sup> Lakepointe Public Improvement District, Special Assessment, 5.875%, 9/15/42 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 583181 |
|  | City of Leander, Oak Creek Public Improvement District, Special Assessment, Refunding, 3.25%, 9/01/32 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90074 |
| <sup>d</sup> | City of Liberty Hill, Summerlyn West Public Improvement District, Special Assessment, 3.125%, 9/01/30 | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69539 |
| <sup>d</sup> | City of Manor, Manor Heights Public Improvement District Area No 3, Special Assessment, 5.25%, 9/15/43 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200420 |
| <sup>d</sup> | City of Marble Falls, Thunder Rock Public Improvement District Improvement Area 2A, Special Assessment, 6.375%, 9/01/44 | &nbsp;&nbsp;1004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965936 |
| <sup>d</sup> | City of Mclendon-Chisholm, Sonoma Public Improvement District, Special Assessment, 5.375%, 9/15/32 | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155970 |
|  | City of Mesquite, |  |  |
|  | <sup>d</sup> Heartland Town Center Public Improvement District Phase 2, Special Assessment, 4.00%, 9/01/30 | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 106756 |
|  | <sup>d</sup> Solterra Public Improvement District Improvement Area C-1, Special Assessment, 5.375%, 9/01/43 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 102797 |
|  | <sup>d</sup> Solterra Public Improvement District Improvement Area C-3, Special Assessment, 5.00%, 9/01/44 | &nbsp;&nbsp; 506000 | &nbsp;&nbsp;&nbsp;&nbsp; 489081 |
| <sup>d</sup> | City of Oak Point, Chaparral Park Public Improvement District Improvement Area No 1, Special Assessment Area, 4.25%, 9/15/31 | &nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302275 |
|  | City of Pilot Point, |  |  |
|  | <sup>d</sup> Creekview Public Improvement District, Special Assessment, Series 2022, 5.25%, 9/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150906 |
|  | <sup>d</sup> Creekview Public Improvement District, Special Assessment, Series 2022, 5.75%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 149030 |

---

franklintempleton.com Annual Report 24

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Texas (continued)** |  |  |
|  | City of Princeton, |  |  |
|  | <sup>d</sup> Eastridge Public Improvement District Improvement Area 1, Special Assessment, 5.125%, 9/01/42 | &nbsp;&nbsp; 850000 | $826947 |
|  | <sup>d</sup> Southbridge Public Improvement District Improvement Area 2, Special Assessment, 5.25%, 9/01/44 | &nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 372058 |
|  | <sup>d,g</sup> Westridge Public Improvement District Improvement Area No, Special Assessment, 5.375%, 9/01/45 | &nbsp;&nbsp; 544000 | &nbsp;&nbsp;&nbsp;&nbsp; 539729 |
|  | <sup>d</sup> Winchester Crossing Public Improvement District No 3, Special Assessment, 4.375%, 9/01/31 | &nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 314333 |
|  | <sup>d</sup> Winchester Public Improvement District No 2, Project, Special Assessment, 5.125%, 9/01/42 | &nbsp;&nbsp; 1011000 | &nbsp;&nbsp;&nbsp;&nbsp; 984696 |
|  | <sup>d</sup> Winchester Public Improvement District, Special Assessment, 2.875%, 9/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88858 |
|  | <sup>d</sup> Winchester Public Improvement District, Special Assessment, 3.25%, 9/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92226 |
|  | City of Royse City, |  |  |
|  | <sup>d</sup> Clearview Ranch Public Improvement District South Zone Improvement Area 1, Special Assessment, Series 2024, 5.25%, 9/15/44 | &nbsp;&nbsp; 397000 | &nbsp;&nbsp;&nbsp;&nbsp; 383876 |
|  | <sup>d</sup> Creekshaw Public Improvement District, Special Assessment, 3.125%, 9/15/25 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 119501 |
|  | City of Sachse, |  |  |
|  | <sup>d</sup> Sachse Public Improvement District No 1 Improvement Area No 1, Special Assessment, 5.00%, 9/15/28 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 204303 |
|  | <sup>d</sup> Sachse Public Improvement District No 1 Improvement Area No 1, Special Assessment, 5.625%, 9/15/42 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 473408 |
|  | <sup>d</sup> Sachse Public Improvement District No 1, Special Assessment, 6.00%, 9/15/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101850 |
|  | <sup>d</sup> Sachse Public Improvement District No 1, Special Assessment, 6.875%, 9/15/42 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 336980 |
|  | City of Tomball, |  |  |
|  | <sup>d</sup> Raburn Reserve Public Improvement District Area No 2, Special Assessment, 4.875%, 9/15/33 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145406 |
|  | <sup>d</sup> Raburn Reserve Public Improvement District, Special Assessment, 3.375%, 9/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92842 |
| <sup>d</sup> | City of Uhland, Watermill Public Improvement District, Special Assessment, 5.75%, 9/01/27 | &nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141056 |
| <sup>d</sup> | Club Municipal Management District No. 1, Improvement Area No 3, Special Assessment, 5.10%, 9/01/44 | &nbsp;&nbsp;326000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314046 |
|  | County of Bastrop, Double Eagle Ranch Public Improvement District Improvement Area 2, Special Assessment, 4.50%, 9/01/31 | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218895 |
|  | County of Denton, |  |  |
|  | <sup>d</sup> Green Meadows Public Improvement District Improvement Area 1, Special Assessment, 5.375%, 12/31/45 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 509827 |
|  | <sup>d</sup> Green Meadows Public Improvement District Major Improvement Area, Special Assessment, 5.875%, 12/31/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 269835 |
|  | <sup>d</sup> Tabor Ranch Public Improvement District Improvement Area No 1, Special Assessment, Series A, 5.25%, 12/31/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242343 |
|  | County of Hays, |  |  |
|  | <sup>d</sup> La Cima Public Improvement District Neighborhood Improvement Area 3, Special Assessment, 4.75%, 9/15/27 | &nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 371224 |
|  | <sup>d</sup> La Cima Public Improvement District Neighborhood Improvement Area 3, Special Assessment, 4.875%, 9/15/32 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 431558 |
|  | <sup>d</sup> La Cima Public Improvement District, Special Assessment, 3.25%, 9/15/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137092 |
|  | <sup>d</sup> Special Assessment Area, 5.50%, 9/15/42 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 493402 |
|  | County of Montgomery, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Crockett Meadows Public Improvement District Improvement Area, Special Assessment, 4.50%, 9/15/32 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 656146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Meadow Park Public Improvement District Improvement Area No 1, Special Assessment, 5.125%, 9/15/45 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 659469 |
|  | East Montgomery County Municipal Utility District No. 5, 4.00%, 12/01/39 | &nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093966 |
|  | EP Cimarron Ventanas PFC, 4.125%, 12/01/39 | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140040 |
|  | EP Essential Housing WF PFC, 4.25%, 12/01/34 | &nbsp;&nbsp;3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073350 |
|  | EP La Privada PFC, La Privada Apartments Project, 4.50%, 6/01/40 | &nbsp;&nbsp;4335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146883 |
|  | EP Royal Estates PFC, 4.25%, 10/01/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945362 |
|  | Fulshear Municipal Utility District No. 3A, 4.25%, 9/01/41 | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976655 |

---

25 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Texas (continued)** |  |  |
|  | Harris County Municipal Utility District No. 171, |  |  |
|  | 4.75%, 12/01/40 | &nbsp;&nbsp; 1215000 | $1235430 |
|  | 6.75%, 12/01/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073236 |
|  | Series A, 4.00%, 12/01/40 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 916876 |
|  | Harris County Municipal Utility District No. 490, 4.00%, 9/01/40 | &nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770711 |
|  | Harris County Municipal Utility District No. 502, 4.75%, 9/01/37 | &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085820 |
|  | Harris County Municipal Utility District No. 540, |  |  |
|  | 5.00%, 9/01/39 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 222505 |
|  | 5.375%, 9/01/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 336387 |
|  | Harris-Waller Counties Municipal Utility District No. 4, |  |  |
|  | 5.00%, 11/01/34 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 274140 |
|  | 5.00%, 11/01/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 633640 |
|  | 5.00%, 11/01/38 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 187231 |
|  | 5.50%, 11/01/44 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 757293 |
|  | Lakes Fresh Water Supply District of Denton County, 4.375%, 9/01/42 | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342647 |
|  | Matagorda County Navigation District No. 1, CenterPoint Energy Inc, Refunding, 5.125%, 11/01/28 | &nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148189 |
|  | New Hope Cultural Education Facilities Finance Corp., |  |  |
|  | CHF-Collegiate Housing College Station I LLC, 5.00%, 4/01/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100054 |
|  | CHF-Collegiate Housing Corpus Christi II LLC, 5.00%, 4/01/31 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30625 |
|  | NCCD-College Station Properties LLC, Series A, 5.00%, 7/01/30 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 156992 |
|  | NCCD-College Station Properties LLC, Series A, 5.00%, 7/01/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 129490 |
|  | Wesleyan Homes Obligated Group, Refunding, 4.00%, 1/01/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 81736 |
|  | North Parkway Municipal Management District No. 1, |  |  |
|  | <sup>d</sup> Legacy Hills Public Improvement District, Special Assessment, 3.625%, 9/15/31 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46629 |
|  | <sup>d</sup> Major Improvements Project, Special Assessment, 4.25%, 9/15/31 | &nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 149941 |
|  | Northlake Municipal Management District No. 1, 5.00%, 3/01/40 | &nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939216 |
| <sup>d</sup> | Northwood Municipal Utility District No. 1, Refunding, 4.00%, 8/01/31 | &nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391247 |
|  | Sienna Municipal Utility District No. 6, |  |  |
|  | 4.125%, 9/01/41 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054693 |
|  | 4.125%, 9/01/42 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 971961 |
|  | South Manvel Development Authority, City of Manvel TX Tax Increment Reinvestment Zone Number 3, 5.00%, 4/01/38 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592987 |
|  | Southeast Regional Management District, Series A, 4.00%, 4/01/43 | &nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768423 |
|  | Texas Municipal Gas Acquisition & Supply Corp. III, Refunding, 5.00%, 12/15/32 | &nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561163 |
| <sup>c</sup> | Texas Municipal Gas Acquisition & Supply Corp. IV, VRDN, Series B, 5.50%, 1/01/54 | &nbsp;&nbsp;2735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003428 |
| <sup>c</sup> | Texas Municipal Gas Acquisition & Supply Corp. V, VRDN, 5.00%, 1/01/55 | &nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839118 |
|  | Town of Providence Village, |  |  |
|  | <sup>d</sup> Foree Ranch Public Improvement District Improvement Area 1, Special Assessment, 5.00%, 9/01/44 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 134007 |
|  | <sup>d</sup> Foree Ranch Public Improvement District Improvement Area 1, Special Assessment, Series C, 4.375%, 9/01/31 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 252244 |
|  | <sup>d</sup> Foree Ranch Public Improvement District Improvement Area 2, Special Assessment, 5.35%, 9/01/45 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 763736 |
|  | Travis County Development Authority, Special Assessment, 5.00%, 9/01/44 | &nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277835 |
|  | Travis County Municipal Utility District No. 22, |  |  |
|  | Series A, 5.75%, 9/01/38 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 366567 |
|  | Series B, 6.00%, 9/01/42 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455986 |
|  | Viridian Municipal Management District, |  |  |
|  | 5.00%, 12/01/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101054 |
|  | Special Assessment, 2.875%, 12/01/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90192 |
|  | Viridian Public Improvement District, Special Assessment, 2.375%, 12/01/25 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13859 |
|  | Walden Pond Fresh Water Supply District, |  |  |
|  | 6.00%, 9/01/32 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161844 |
|  | 6.25%, 9/01/47 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225934 |
|  | Westpointe Special Improvement District, 5.00%, 8/15/41 | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566647 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;75723177 |

---

franklintempleton.com Annual Report 26

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **U. S. Virgin Islands 0.1%** |  |  |
|  | Matching Fund Special Purpose Securitization Corp., United States Virgin Islands Federal Excise Tax, Refunding, Series A, 5.00%, 10/01/30 | 750000 | $781710 |
|  | **Utah 0.8%** |  |  |
| <sup>d</sup> | Mida Mountain Village Public Infrastructure District, Military Installation Development Auth Military Recreation Fac Project Area, Series 1, 5.125%, 6/15/54 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1903233 |
|  | Military Installation Development Authority, Series 2021A-2, 4.00%, 6/01/36 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232281 |
| <sup>d</sup> | Utah Charter School Finance Authority, Wallace Stegner Academy, Series 2022A, 5.25%, 6/15/32 | &nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233727 |
|  | Utah Infrastructure Agency, |  |  |
|  | 4.00%, 10/15/36 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 803958 |
|  | 5.00%, 10/15/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263080 |
|  | 5.25%, 10/15/39 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 596742 |
|  | Refunding, Series 2021, 4.00%, 10/15/38 | 1000000 | &nbsp;&nbsp; 938104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4971125 |
|  | **Virginia 0.9%** |  |  |
| <sup>d</sup> | Peninsula Town Center Community Development Authority, Special Assessment, Refunding, 4.50%, 9/01/28 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100382 |
|  | Virginia Beach Development Authority, Westminster-Canterbury on Chesapeake Bay Obligated Group, 5.75%, 9/01/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1022986 |
|  | Virginia Small Business Financing Authority, National Senior Communities Inc Obligated Group, Refunding, Series A, 4.00%, 1/01/36 | 4185000 | &nbsp;&nbsp;&nbsp;&nbsp;4090916 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5214284 |
|  | **Washington 3.0%** |  |  |
|  | County of Spokane Airport Revenue, AMT, Refunding, Series B, 5.25%, 1/01/41 | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1696932 |
|  | Jefferson County Public Hospital District No. 2, Refunding, Series A, 5.75%, 12/01/33 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490675 |
|  | King County Housing Authority, 5.50%, 5/01/38 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1001051 |
|  | Skagit County Public Hospital District No. 1, Refunding, 5.00%, 12/01/29 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101435 |
|  | Vancouver Housing Authority, |  |  |
|  | 2200 Norris LLLP, Refunding, 4.125%, 12/01/39 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1193696 |
|  | Cascara Vancouver LLLP, Refunding, Series A, 5.00%, 12/01/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1507326 |
|  | Esther Cougar Rehab LLLP, Refunding, Series A, 4.50%, 10/01/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1211492 |
|  | Jens Pointe Project, 4.25%, 2/01/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2937669 |
|  | Navalia and Alena Projects, 4.00%, 8/01/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988674 |
|  | Series A, 4.25%, 12/01/42 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1559104 |
|  | Washington Health Care Facilities Authority, |  |  |
|  | <sup>d</sup> Fred Hutchinson Cancer Center Obligated Group, 3.00%, 12/01/34 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 112449 |
|  | <sup>d</sup> Fred Hutchinson Cancer Center Obligated Group, 5.00%, 12/01/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266105 |
|  | Washington State Housing Finance Commission, |  |  |
|  | <sup>d</sup> Eliseo Obligated Group, Series 2021A, 4.00%, 1/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94407 |
|  | Emerald Heights Project, Refunding, Series A, 5.00%, 7/01/38 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp; 2129842 |
|  | <sup>d</sup> Madison at Rivers Edge Apartments LLC, 3.65%, 1/01/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 83550 |
|  | <sup>d</sup> Presbyterian Retirement Communities Northwest Obligated Group, Series 2019A, 5.00%, 1/01/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100670 |
|  | <sup>d</sup> Seattle Academy of Arts & Sciences, Refunding, 5.625%, 7/01/38 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 464838 |
|  | <sup>d</sup> Spokane United Methodist Homes Obligated Group, 5.00%, 1/01/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100994 |
|  | Whatcom County Public Utility District No. 1, |  |  |
|  | AMT, Series A, 5.25%, 12/01/36 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 858148 |
|  | AMT, Series A, 5.25%, 12/01/39 | 1240000 | &nbsp;&nbsp; 1319301 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18218358 |
|  | **West Virginia 0.2%** |  |  |
|  | County of Ohio, Refunding, 5.25%, 6/01/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1009815 |
| <sup>c</sup> | West Virginia Economic Development Authority, Appalachian Power Co., VRDN, 3.75%, 12/01/42 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250128 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1259943 |

---

27 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Dynamic Municipal Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Wisconsin 2.8%** |  |  |
|  | Public Finance Authority, |  |  |
|  | BlueHub Loan Fund Inc, Refunding, Series B, 5.25%, 7/01/44 | &nbsp;&nbsp; 1000000 | $1046666 |
|  | Coral Academy of Science Las Vegas, Series 2017A, 5.00%, 7/01/45 | &nbsp;&nbsp; 1805000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773429 |
|  | <sup>d</sup> Coral Academy of Science Reno, 5.375%, 6/01/37 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 675847 |
|  | <sup>d</sup> Dominium Holdings I LLC, Series 1, 6.81%, 4/28/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 511367 |
|  | <sup>d</sup> Estancia Valley Classical Academy, Refunding, 4.00%, 7/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91464 |
|  | <sup>d</sup> FAH Tree House LLC, Series B, 6.625%, 2/01/46 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 235492 |
|  | <sup>d</sup> Foundation Academy Charter School A NJ Nonprofit Corp, 4.75%, 7/01/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1401552 |
|  | <sup>d</sup> Foundation Academy Charter School A NJ Nonprofit Corp, 5.00%, 7/01/35 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 716480 |
|  | <sup>d</sup> Friends Homes Obligated Group, Refunding, 4.00%, 9/01/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98301 |
|  | KSU Bixby Real Estate Foundation LLC, Series 2025A, 5.25%, 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516345 |
|  | KSU Bixby Real Estate Foundation LLC, Series 2025B, 5.25%, 6/15/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 279117 |
|  | <sup>d</sup> Masonic & Eastern Star Home of NC Inc Obligated Group, Refunding, 4.00%, 3/01/27 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19776 |
|  | NC A&T Real Estate Foundation LLC, Refunding, Series B, 5.00%, 6/01/39 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 981639 |
|  | North East Carolina Preparatory School, Inc., Refunding, 4.25%, 6/15/34 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 789765 |
|  | <sup>d</sup> Ocean Academy Charter School, 4.00%, 10/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94533 |
|  | <sup>d</sup> Patriot Services Group Obligated Group, Refunding, Series A-1, 4.50%, 12/01/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 494323 |
|  | <sup>d,f</sup> Patriot Services Group Obligated Group, Refunding, Series B, 5.827%, 12/01/35 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 506051 |
|  | <sup>d</sup> Series 2023-B, 7.125%, 7/25/34 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 444572 |
|  | <sup>d</sup> Signature Preparatory, 5.00%, 6/15/31 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115099 |
|  | Triad Math & Science Academy Co, 4.00%, 6/15/30 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 332593 |
|  | <sup>g</sup> Triad Math & Science Academy Co, Refunding, 5.25%, 6/15/45 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174613 |
|  | <sup>d</sup> UMA Education Inc, Refunding, 5.00%, 10/01/29 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 613183 |
|  | <sup>d</sup> Whitestone-Retirement Facilities, Refunding, 5.00%, 3/01/37 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 374771 |
|  | Wisconsin Health & Educational Facilities Authority, |  |  |
|  | Chiara Communities Inc, Project, Series C, 7.00%, 7/01/43 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 453843 |
|  | St John's Communities Inc Obligated Group, Refunding, 4.00%, 9/15/41 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 949615 |
|  | St John's Communities Inc Obligated Group, Refunding, 4.00%, 9/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 649354 |
|  | St John's Communities Inc Obligated Group, Refunding, Series B, 4.00%, 9/15/41 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 461242 |
|  | Wisconsin Masonic Home Obligated Group, 4.20%, 8/15/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248252 |
|  | Wisconsin Masonic Home Obligated Group, 5.50%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 320838 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17370122 |
|  | **Total Municipal Bonds (Cost $599,419,349)** |  | &nbsp;&nbsp;&nbsp;&nbsp;597707419 |
| <sup>b</sup> | **Senior Floating Rate Interest 0.1%** |  |  |
|  | **Health Care Equipment & Supplies 0.1%** |  |  |
| <sup>a</sup> | Centennial Gardens LP, 1 mo. USD Term SOFR + 1.55%, 5.88%, 4/01/25 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500021 |
|  | **Total Floating Rate Loans (Cost $500,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500021 |
|  | **Total Investments (Cost $607,057,794) 99.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;605406004 |
|  | **Other Assets, less Liabilities 0.9%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483359 |
|  | **Net Assets 100.0%** |  | $610889363 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements. |
| <sup>b</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>c</sup>Variable rate demand notes (VRDN) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| <sup>d</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $92,503,613, representing 15.1% of net assets. |
| <sup>e</sup>Defaulted security or security for which income has been deemed uncollectible. See Note 8. |
| <sup>f</sup>The rate shown represents the yield at period end. |
| <sup>g</sup>Security purchased on a when-issued basis. See Note 1(d). |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 28

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Exponential Data ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Period Ended March 31,<br> 2021<sup>a</sup>** |
| | **2025** | **2024** | **2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**Period Ended March 31,<br> 2021<sup>a</sup>** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the period) |  |  |  |  |  |
| Net asset value, beginning of period | $22.71 | $16.86 | $22.78 | $23.34 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |  |  |  |
| Net investment income (loss)<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>d</sup> |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;(5.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(1.66) |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$22.41 | &nbsp;&nbsp;$22.71 | &nbsp;&nbsp;$16.86 | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;$23.34 |
| Total return<sup>e</sup> | (1.20)% | 34.70% | (25.99)% | (2.40)% | &nbsp;&nbsp;(6.64)% |
| **Ratios to average net assets<sup>f</sup>** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;1.73% | &nbsp;&nbsp;5.95% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.50%<sup>g</sup> | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.50%<sup>g</sup> | &nbsp;&nbsp;0.38% | &nbsp;&nbsp;0.25% |
| Net investment income (loss) | (0.05)% | 0.16% | (0.07)% | (0.20)% | &nbsp;&nbsp;(0.07)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$4482 | &nbsp;&nbsp;$6814 | &nbsp;&nbsp;$3372 | &nbsp;&nbsp;$3417 | &nbsp;&nbsp;$2334 |
| Portfolio turnover rate<sup>h</sup> | 27.91%<sup>i</sup> | 6.63%<sup>i</sup> | 20.94%<sup>i</sup> | 49.72%<sup>i</sup> | &nbsp;&nbsp;23.20%<sup>i</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period January 12, 2021 (commencement of operations) to March 31, 2021. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Amount rounds to less than $0.01 per share. |
| <sup>e</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>f</sup>Ratios are annualized for periods less than one year. |
| <sup>g</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>h</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>i</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 27.91% | 6.63% | 20.94% | 49.72% | &nbsp;&nbsp;23.20% |

---

29 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Exponential Data ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 98.6%** |  |  |  |
|  | **Biotechnology 0.2%** |  |  |  |
| <sup>a</sup> | Recursion Pharmaceuticals, Inc., Class A | United States | &nbsp;&nbsp; 1691 | &nbsp;&nbsp;$8945 |
|  | **Capital Markets 4.4%** |  |  |  |
|  | FactSet Research Systems, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 39099 |
|  | Moody's Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 49829 |
|  | MSCI, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 47502 |
|  | Tradeweb Markets, Inc., Class A | United States | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; 62650 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199080 |
|  | **Communications Equipment 0.9%** |  |  |  |
| <sup>a</sup> | Arista Networks, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39515 |
|  | **Diversified Consumer Services 1.6%** |  |  |  |
| <sup>a</sup> | Duolingo, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69871 |
|  | **Electrical Equipment 0.7%** |  |  |  |
|  | Vertiv Holdings Co., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32346 |
|  | **Entertainment 2.8%** |  |  |  |
| <sup>a</sup> | Netflix, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124026 |
|  | **Health Care Technology 0.8%** |  |  |  |
| <sup>a</sup> | Veeva Systems, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27564 |
| <sup>a</sup> | Waystar Holding Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38473 |
|  | **Insurance 0.3%** |  |  |  |
| <sup>a</sup> | Root, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12410 |
|  | **Interactive Media & Services 12.2%** |  |  |  |
|  | Alphabet, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208609 |
|  | Meta Platforms, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325067 |
| <sup>a</sup> | Reddit, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14057 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547733 |
|  | **IT Services 16.4%** |  |  |  |
|  | Accenture PLC, Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45558 |
| <sup>a</sup> | Akamai Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22621 |
| <sup>a</sup> | Cloudflare, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218957 |
| <sup>a</sup> | Gartner, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94861 |
| <sup>a</sup> | GoDaddy, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92232 |
| <sup>a</sup> | Kyndryl Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10770 |
| <sup>a</sup> | MongoDB, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73317 |
| <sup>a</sup> | Snowflake, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105674 |
| <sup>a</sup> | Wix.com Ltd. | Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69436 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733426 |
|  | **Media 1.1%** |  |  |  |
| <sup>a</sup> | Trade Desk, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48701 |
|  | **Professional Services 1.0%** |  |  |  |
|  | TransUnion | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20748 |
|  | Verisk Analytics, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45748 |
|  | **Software 49.9%** |  |  |  |
| <sup>a</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99894 |
| <sup>a</sup> | Aurora Innovation, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27061 |
| <sup>a</sup> | Clearwater Analytics Holdings, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25192 |
| <sup>a</sup> | Confluent, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61389 |
|  | Constellation Software, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50664 |
| <sup>a</sup> | Crowdstrike Holdings, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199560 |

---

franklintempleton.com Annual Report 30

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Exponential Data ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Software (continued)** |  |  |  |
| <sup>a</sup> | Datadog, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1074 | &nbsp;&nbsp;$106552 |
| <sup>a</sup> | Fair Isaac Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 123559 |
| <sup>a</sup> | Fortinet, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1143 | &nbsp;&nbsp;&nbsp;&nbsp; 110025 |
| <sup>a</sup> | Gitlab, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1121 | &nbsp;&nbsp;&nbsp;&nbsp; 52687 |
| <sup>a</sup> | HubSpot, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 81695 |
| <sup>a</sup> | Life360, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp; 22497 |
|  | Microsoft Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299937 |
| <sup>a</sup> | Monday.com Ltd. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103829 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39077 |
| <sup>a</sup> | Palo Alto Networks, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216542 |
| <sup>a</sup> | Q2 Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22323 |
| <sup>a</sup> | Qualys, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14356 |
|  | Salesforce, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80776 |
| <sup>a</sup> | Samsara, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20123 |
| <sup>a</sup> | SentinelOne, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46704 |
| <sup>a</sup> | ServiceNow, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232473 |
| <sup>a</sup> | ServiceTitan, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25109 |
|  | Trend Micro, Inc. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80835 |
| <sup>a</sup> | Tyler Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| <sup>a</sup> | Vertex, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16105 |
| <sup>a</sup> | Zscaler, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52581 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2236545 |
|  | **Specialized REITs 3.5%** |  |  |  |
|  | Crown Castle, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29497 |
|  | Equinix, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97842 |
|  | SBA Communications Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27721 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155060 |
|  | **Wireless Telecommunication Services 2.8%** |  |  |  |
|  | T-Mobile U.S., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127221 |
|  | **Total Common Stocks (Cost $4,091,605)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4419100 |
|  | **Total Investments before Short-Term Investments<br> (Cost $4,091,605)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4419100 |
|  | **Short-Term Investments 1.3%** |  |  |  |
|  | **Money Market Funds 1.3%** |  |  |  |
| <sup>b,c</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | United States | &nbsp;&nbsp;56007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 |
|  | **Total Short-Term Investments (Cost $56,007)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 |
|  | **Total Investments (Cost $4,147,612) 99.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4475107 |
|  | **Other Assets, less Liabilities 0.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6685 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$4481792 |

---

<sup>a</sup>Non-income producing. <br> <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. <br> <sup>c</sup>See Note 3(d) regarding investments in affiliated management investment companies.

See Abbreviations on page 190.

31 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Focused Growth ETF\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended<br> March 31,<br> 2024<sup>†</sup>** | &nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended<br> March 31,<br> 2024<sup>†</sup>** | **2023** | **2022** | **2021** | &nbsp;&nbsp;**2020** |
| **Per share operating performance** |  |  |  |  |  |  |
| (for a share outstanding throughout the period) | (for a share outstanding throughout the period) |  |  |  |  |  |
| Net asset value, beginning of period | $33.92 | $24.99 | $19.43 | $31.75 | $25.10 | &nbsp;&nbsp;$17.62 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |  |
| Net investment income (loss)<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;(12.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;(12.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(1.09) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(1.09) |
| Net asset value, end of period | &nbsp;&nbsp;$34.92 | &nbsp;&nbsp;$33.92 | &nbsp;&nbsp;$24.99 | &nbsp;&nbsp;$19.43 | &nbsp;&nbsp;$31.75 | &nbsp;&nbsp;$25.10 |
| Total return<sup>c</sup> | 2.95% | 35.73%<sup>d</sup> | 28.55% | (38.44)% | 27.47% | &nbsp;&nbsp;51.20% |
| **Ratios to average net assets<sup>e</sup>** |  |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;1.11% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;2.04% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.55%<sup>f</sup> | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;0.85%<sup>g</sup> | &nbsp;&nbsp;0.85%<sup>g</sup> | &nbsp;&nbsp;0.85%<sup>g</sup> | &nbsp;&nbsp;0.88% |
| Net investment income (loss) | (0.14)% | 0.14% | (0.18)% | (0.47)% | (0.53)% | &nbsp;&nbsp;(0.41)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$108187 | &nbsp;&nbsp;$67785 | &nbsp;&nbsp;$14135 | &nbsp;&nbsp;$9519 | &nbsp;&nbsp;$25041 | &nbsp;&nbsp;$16747 |
| Portfolio turnover rate<sup>h</sup> | 30.04%<sup>i</sup> | 9.87%<sup>i</sup> | 27.22% | 39.93% | 22.77% | &nbsp;&nbsp;33.93% |

---

---

| |
|:---|
| \*Effective after the market close on November 3, 2023, the Fund's predecessor mutual fund, Franklin Focused Growth Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. |
| <sup>†</sup>For the period October 1, 2023 through March 31, 2024. |
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 3, 2023, are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Advisor Class Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Benefit of expense reduction rounds to less than 0.01%. |
| <sup>h</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | |
|:---|:---|:---|
| <sup>i</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 30.04% | 9.82% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 32

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Focused Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 96.9%** |  |  |  |
|  | **Aerospace & Defense 2.3%** |  |  |  |
| <sup>a</sup> | Axon Enterprise, Inc. | United States | &nbsp;&nbsp; 4810 | &nbsp;&nbsp;$2529819 |
|  | **Automobiles 4.0%** |  |  |  |
| <sup>a</sup> | Tesla, Inc. | United States | &nbsp;&nbsp; 16698 | &nbsp;&nbsp;&nbsp;&nbsp; 4327454 |
|  | **Biotechnology 1.6%** |  |  |  |
| <sup>a</sup> | Argenx SE, ADR | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp;&nbsp; 585354 |
| <sup>a</sup> | Natera, Inc. | United States | &nbsp;&nbsp; 8131 | &nbsp;&nbsp;&nbsp;&nbsp; 1149805 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735159 |
|  | **Broadline Retail 11.0%** |  |  |  |
| <sup>a</sup> | Amazon.com, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10381537 |
| <sup>a</sup> | MercadoLibre, Inc. | Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513875 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11895412 |
|  | **Capital Markets 1.8%** |  |  |  |
|  | Tradeweb Markets, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957742 |
|  | **Consumer Staples Distribution & Retail 4.5%** |  |  |  |
|  | Costco Wholesale Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911436 |
|  | **Diversified Consumer Services 0.4%** |  |  |  |
| <sup>a</sup> | Duolingo, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432582 |
|  | **Entertainment 2.0%** |  |  |  |
| <sup>a</sup> | Netflix, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161605 |
|  | **Financial Services 4.8%** |  |  |  |
|  | Mastercard, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176445 |
|  | **Health Care Equipment & Supplies 3.0%** |  |  |  |
| <sup>a</sup> | Intuitive Surgical, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300479 |
|  | **Hotels, Restaurants & Leisure 1.7%** |  |  |  |
| <sup>a</sup> | DoorDash, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847074 |
|  | **Interactive Media & Services 13.3%** |  |  |  |
|  | Alphabet, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001367 |
|  | Meta Platforms, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350864 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14352231 |
|  | **IT Services 2.7%** |  |  |  |
| <sup>a</sup> | Cloudflare, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710398 |
| <sup>a</sup> | Shopify, Inc., Class A | Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223901 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934299 |
|  | **Life Sciences Tools & Services 0.9%** |  |  |  |
|  | Thermo Fisher Scientific, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925536 |
|  | **Pharmaceuticals 3.1%** |  |  |  |
|  | Eli Lilly & Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307770 |
|  | **Semiconductors & Semiconductor Equipment 18.6%** |  |  |  |
|  | Analog Devices, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168678 |
|  | ASML Holding NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728230 |
|  | Broadcom, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156784 |
|  | NVIDIA Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;105307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11413173 |
|  | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638902 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20105767 |
|  | **Software 21.2%** |  |  |  |
| <sup>a</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823788 |
| <sup>a</sup> | Cadence Design Systems, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626746 |
| <sup>a</sup> | HubSpot, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925490 |

---

33 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Focused Growth ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Software (continued)** |  |  |  |
|  | Intuit, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2064 | &nbsp;&nbsp;$1267275 |
|  | Microsoft Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 29881 | &nbsp;&nbsp;&nbsp;&nbsp; 11217029 |
| <sup>a</sup> | ServiceNow, Inc. | United States | &nbsp;&nbsp; 5113 | &nbsp;&nbsp;&nbsp;&nbsp; 4070664 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22930992 |
|  | **Total Common Stocks (Cost $89,619,835)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;104831802 |
|  | **Total Investments before Short-Term Investments<br> (Cost $89,619,835)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;104831802 |
|  | **Short-Term Investments 3.1%** |  |  |  |
|  | **Money Market Funds 3.1%** |  |  |  |
| <sup>b,c</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | United States | &nbsp;&nbsp;3386667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386667 |
|  | **Total Short-Term Investments (Cost $3,386,667)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386667 |
|  | **Total Investments (Cost $93,006,502) 100.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;108218469 |
|  | **Other Assets, less Liabilities (0.0)%<sup>†</sup>** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31086) |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$108187383 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>c</sup>See Note 3(d) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 34

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Genomic Advancements ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $32.75 | $30.40 | $37.00 | $43.26 | &nbsp;&nbsp;$22.58 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income (loss)<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(5.72) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;(6.55) | &nbsp;&nbsp;&nbsp;&nbsp;(5.99) | &nbsp;&nbsp;&nbsp;20.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(5.78) | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;(6.60) | &nbsp;&nbsp;&nbsp;&nbsp;(6.14) | &nbsp;&nbsp;&nbsp;20.74 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net asset value, end of year | &nbsp;&nbsp;$26.97 | &nbsp;&nbsp;$32.75 | &nbsp;&nbsp;$30.40 | &nbsp;&nbsp;$37.00 | &nbsp;&nbsp;$43.26 |
| Total return<sup>c</sup> | (17.67)% | 7.76% | (17.84)% | (14.26)% | &nbsp;&nbsp;91.81% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;1.84% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% |
| Net investment income (loss) | (0.19)% | (0.15)% | (0.16)% | (0.32)% | &nbsp;&nbsp;(0.45)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$10787 | &nbsp;&nbsp;$9826 | &nbsp;&nbsp;$10641 | &nbsp;&nbsp;$14799 | &nbsp;&nbsp;$15140 |
| Portfolio turnover rate<sup>d</sup> | 32.60%<sup>e</sup> | 19.19%<sup>e</sup> | 32.63%<sup>e</sup> | 61.43%<sup>e</sup> | &nbsp;&nbsp;46.58%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 30.89% | 18.18% | 31.65% | 59.54% | &nbsp;&nbsp;44.75% |

---

35 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Genomic Advancements ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 95.6%** |  |  |  |
|  | **Biotechnology 48.2%** |  |  |  |
| <sup>a</sup> | 4D Molecular Therapeutics, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1552 | &nbsp;&nbsp;$5013 |
| <sup>a</sup> | Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp; 298372 |
| <sup>a</sup> | Argenx SE | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 110368 |
| <sup>a</sup> | Bavarian Nordic AS | &nbsp;&nbsp;Denmark | &nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 28738 |
| <sup>a</sup> | Beam Therapeutics, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4531 | &nbsp;&nbsp;&nbsp;&nbsp; 88490 |
| <sup>a</sup> | BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1949 | &nbsp;&nbsp;&nbsp;&nbsp; 137775 |
| <sup>a</sup> | BioNTech SE, ADR | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270903 |
| <sup>a</sup> | Bridgebio Pharma, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176065 |
| <sup>a</sup> | CareDx, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23998 |
| <sup>a</sup> | Catalyst Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58079 |
| <sup>a</sup> | CRISPR Therapeutics AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25080 |
| <sup>a</sup> | Dynavax Technologies Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89311 |
| <sup>a</sup> | Exact Sciences Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165671 |
| <sup>a</sup> | GRAIL, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58206 |
| <sup>a</sup> | Insmed, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278611 |
| <sup>a</sup> | Intellia Therapeutics, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752 |
| <sup>a</sup> | Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54970 |
| <sup>a</sup> | Krystal Biotech, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557488 |
| <sup>a</sup> | Natera, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598023 |
| <sup>a</sup> | Neurocrine Biosciences, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113033 |
| <sup>a</sup> | Neurogene, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11745 |
| <sup>a</sup> | PTC Therapeutics, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55801 |
| <sup>a</sup> | Recursion Pharmaceuticals, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;16594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87782 |
|  | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408444 |
| <sup>a</sup> | Rocket Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11659 |
| <sup>a</sup> | Sarepta Therapeutics, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84051 |
| <sup>a</sup> | Travere Therapeutics, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25590 |
| <sup>a</sup> | Twist Bioscience Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233322 |
| <sup>a</sup> | Ultragenyx Pharmaceutical, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210127 |
| <sup>a</sup> | United Therapeutics Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282067 |
| <sup>a</sup> | Veracyte, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83702 |
| <sup>a</sup> | Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542514 |
| <sup>a</sup> | Voyager Therapeutics, Inc. | United States | &nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9985 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193735 |
|  | **Chemicals 2.9%** |  |  |  |
|  | Corteva, Inc. | United States | &nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311252 |
|  | **Health Care Providers & Services 3.7%** |  |  |  |
| <sup>a</sup> | GeneDx Holdings Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50394 |
| <sup>a</sup> | Guardant Health, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217643 |
|  | Labcorp Holdings, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134989 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403026 |
|  | **Health Care REITs 0.5%** |  |  |  |
|  | Alexandria Real Estate Equities, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58559 |
|  | **Health Care Technology 1.4%** |  |  |  |
| <sup>a</sup> | Doximity, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93892 |
| <sup>a</sup> | Schrodinger, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47672 |
|  | Simulations Plus, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10078 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151642 |
|  | **Life Sciences Tools & Services 28.0%** |  |  |  |
| <sup>a</sup> | Adaptive Biotechnologies Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;15706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116696 |
|  | Agilent Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143885 |
| <sup>a</sup> | Avantor, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 |
| <sup>a</sup> | Azenta, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87709 |
| <sup>a</sup> | Bio-Rad Laboratories, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69902 |

---

franklintempleton.com Annual Report 36

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Genomic Advancements ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Life Sciences Tools & Services (continued)** |  |  |  |
|  | Bio-Techne Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1668 | &nbsp;&nbsp;$97795 |
|  | Bruker Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp;&nbsp; 64071 |
| <sup>a</sup> | Charles River Laboratories International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp; 145703 |
|  | Danaher Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp;&nbsp; 215865 |
| <sup>a</sup> | Evotec SE | &nbsp;&nbsp;Germany | &nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp;&nbsp; 7940 |
| <sup>a</sup> | ICON PLC | &nbsp;&nbsp;Ireland | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 25199 |
| <sup>a</sup> | IQVIA Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109306 |
|  | Lonza Group AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153207 |
| <sup>a</sup> | Medpace Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379948 |
| <sup>a,b</sup> | OmniAb, Inc., 12.5 Earnout | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>a,b</sup> | OmniAb, Inc., 15.0 Earnout | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>a</sup> | Qiagen NV | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164495 |
| <sup>a</sup> | Repligen Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135002 |
|  | Revvity, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217736 |
| <sup>a,c</sup> | Samsung Biologics Co. Ltd. | &nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395959 |
| <sup>a</sup> | Tempus AI, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116548 |
|  | Thermo Fisher Scientific, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364243 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024825 |
|  | **Pharmaceuticals 9.0%** |  |  |  |
|  | AstraZeneca PLC, ADR | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324723 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74408 |
|  | Eli Lilly & Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379093 |
| <sup>a</sup> | Ligand Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164544 |
| <sup>a</sup> | WaVe Life Sciences Ltd. | United States | &nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22236 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965004 |
|  | **Software 1.9%** |  |  |  |
| <sup>a</sup> | Cadence Design Systems, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209313 |
|  | **Total Common Stocks (Cost $11,301,743)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10317356 |
|  | **Preferred Stock 2.3%** |  |  |  |
|  | **Life Sciences Tools & Services 2.3%** |  |  |  |
| <sup>d</sup> | Sartorius AG, 0.346%, pfd. | Germany | &nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246190 |
|  | **Total Preferred Stocks (Cost $577,345)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246190 |
|  | **Total Investments (Cost $11,879,088) 97.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10563546 |
|  | **Other Assets, less Liabilities 2.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223565 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$10787111 |

---

---

| |
|:---|
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements. |
| <sup>c</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the value of this security was $395,959, representing 3.7% of net assets. |
| <sup>d</sup>Variable rate security. The rate shown represents the yield at period end. |

---

See Abbreviations on page 190.

37 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin High Yield Corporate ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $23.72 | $22.63 | $24.76 | $26.16 | &nbsp;&nbsp;$22.67 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;4.96 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(1.47) |
| Net asset value, end of year | &nbsp;&nbsp;$23.82 | &nbsp;&nbsp;$23.72 | &nbsp;&nbsp;$22.63 | &nbsp;&nbsp;$24.76 | &nbsp;&nbsp;$26.16 |
| Total return<sup>c</sup> | 7.16% | 12.13% | (2.68)% | (0.69)% | &nbsp;&nbsp;22.28% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.64% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;0.40% |
| Net investment income | 6.50% | 6.39% | 5.51% | 4.62% | &nbsp;&nbsp;4.84% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$614552 | &nbsp;&nbsp;$269196 | &nbsp;&nbsp;$208167 | &nbsp;&nbsp;$334286 | &nbsp;&nbsp;$346586 |
| Portfolio turnover rate<sup>d</sup> | 27.14%<sup>e</sup> | 30.40%<sup>e</sup> | 17.13%<sup>e</sup> | 43.83%<sup>e</sup> | &nbsp;&nbsp;53.18%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 27.14% | 30.40% | 17.13% | 43.83% | &nbsp;&nbsp;53.18% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 38

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin High Yield Corporate ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 95.9%** |  |  |  |
|  | **Advertising 0.8%** |  |  |  |
| <sup>a</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/30 | United States | &nbsp;&nbsp;5100000 | &nbsp;&nbsp;$4668185 |
|  | **Aerospace/Defense 1.9%** |  |  |  |
|  | Boeing Co., 6.528%, 5/01/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3216183 |
| <sup>a</sup> | Bombardier, Inc., 7.00%, 6/01/32 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp; 4137236 |
| <sup>a</sup> | Efesto Bidco SpA Efesto U.S. LLC, 7.50%, 2/15/32 | Italy | &nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4149466 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11502885 |
|  | **Airlines 0.7%** |  |  |  |
| <sup>a</sup> | OneSky Flight LLC, 8.875%, 12/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694497 |
| <sup>a</sup> | United Airlines, Inc., 4.375%, 4/15/26 | United States | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363685 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058182 |
|  | **Apparel 0.2%** |  |  |  |
| <sup>a</sup> | Hanesbrands, Inc., 9.00%, 2/15/31 | United States | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371261 |
|  | **Auto Parts & Equipment 0.3%** |  |  |  |
|  | IHO Verwaltungs GmbH, |  |  |  |
|  | <sup>a</sup> 8.00%, 11/15/32 | &nbsp;&nbsp;Germany | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 780639 |
|  | <sup>a</sup> 7.75%, 11/15/30 | Germany | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1380834 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161473 |
|  | **Automobiles & Components 2.1%** |  |  |  |
|  | Adient Global Holdings Ltd., |  |  |  |
|  | <sup>a</sup> 8.25%, 4/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 776093 |
|  | <sup>a</sup> 7.00%, 4/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 827390 |
|  | <sup>a</sup> 7.50%, 2/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 843515 |
| <sup>a</sup> | Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694074 |
| <sup>a</sup> | Jaguar Land Rover Automotive PLC, 5.50%, 7/15/29 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024062 |
| <sup>a</sup> | ZF North America Capital, Inc., 6.875%, 4/23/32 | Germany | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530043 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12695177 |
|  | **Beverages 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.375%, 4/30/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287370 |
|  | **Capital Goods 0.6%** |  |  |  |
| <sup>a</sup> | ATS Corp., 4.125%, 12/15/28 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789238 |
| <sup>a</sup> | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 | United States | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100241 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889479 |
|  | **Chemicals 1.7%** |  |  |  |
| <sup>a</sup> | Avient Corp., 6.25%, 11/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280310 |
| <sup>a</sup> | Cerdia Finanz GmbH, 9.375%, 10/03/31 | &nbsp;&nbsp;Germany | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205001 |
| <sup>a</sup> | Rain Carbon, Inc., 12.25%, 9/01/29 | United States | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828766 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314077 |
|  | **Coal 0.6%** |  |  |  |
| <sup>a</sup> | Coronado Finance Pty. Ltd., 9.25%, 10/01/29 | Australia | &nbsp;&nbsp;4150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847712 |
|  | **Commercial & Professional Services 1.5%** |  |  |  |
| <sup>a</sup> | Gartner, Inc., senior note, 4.50%, 7/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785050 |
|  | Grand Canyon University, 5.125%, 10/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654003 |
| <sup>a</sup> | Prime Security Services Borrower LLC/Prime Finance, Inc., first lien, 3.375%, 8/31/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319608 |
| <sup>a</sup> | PROG Holdings, Inc., 6.00%, 11/15/29 | United States | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680113 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9438774 |
|  | **Commercial Services 3.8%** |  |  |  |
| <sup>a</sup> | Allied Universal Holdco LLC, 7.875%, 2/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317641 |
| <sup>a</sup> | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 1/15/30 | United States | &nbsp;&nbsp;2725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660614 |

---

39 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Commercial Services (continued)** |  |  |  |
|  | EquipmentShare.com, Inc., |  |  |  |
|  | <sup>a</sup> 8.625%, 5/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;$2476848 |
|  | <sup>a</sup> 9.00%, 5/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3111825 |
| <sup>a</sup> | Herc Holdings, Inc., 6.625%, 6/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405835 |
| <sup>a</sup> | RR Donnelley & Sons Co., 9.50%, 8/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;5375000 | &nbsp;&nbsp;&nbsp;&nbsp; 5329399 |
|  | United Rentals North America, Inc., |  |  |  |
|  | 5.50%, 5/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 698075 |
|  | <sup>a</sup> 6.125%, 3/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5410127 |
| <sup>a</sup> | Veritiv Operating Co., 10.50%, 11/30/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980569 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23390933 |
|  | **Construction Materials 2.7%** |  |  |  |
| <sup>a</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404064 |
| <sup>a</sup> | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859588 |
|  | Quikrete Holdings, Inc., |  |  |  |
|  | <sup>a</sup> 6.75%, 3/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 597816 |
|  | <sup>a</sup> 6.375%, 3/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158240 |
| <sup>a</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800105 |
| <sup>a</sup> | Standard Building Solutions, Inc., 6.50%, 8/15/32 | United States | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004290 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16824103 |
|  | **Consumer Discretionary Distribution & Retail 0.2%** |  |  |  |
| <sup>a</sup> | FirstCash, Inc., 4.625%, 9/01/28 | United States | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146875 |
|  | **Consumer Durables & Apparel 0.3%** |  |  |  |
| <sup>a</sup> | Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/01/30 | United States | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629550 |
|  | **Consumer Services 0.5%** |  |  |  |
| <sup>a,b,c</sup> | 24 Hour Fitness Worldwide, Inc., senior note, 8.00%, 6/01/22 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>a</sup> | Station Casinos LLC, 4.50%, 2/15/28 | United States | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354932 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354932 |
|  | **Distribution/Wholesale 0.5%** |  |  |  |
| <sup>a</sup> | Gates Corp., 6.875%, 7/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037148 |
| <sup>a</sup> | Ritchie Bros Holdings, Inc., 6.75%, 3/15/28 | Canada | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818035 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855183 |
|  | **Diversified Financial Services 6.2%** |  |  |  |
|  | Encore Capital Group, Inc., |  |  |  |
|  | <sup>a</sup> 9.25%, 4/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468001 |
|  | <sup>a</sup> 8.50%, 5/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2167434 |
|  | Freedom Mortgage Holdings LLC, |  |  |  |
|  | <sup>a</sup> 8.375%, 4/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 904599 |
|  | <sup>a</sup> 9.25%, 2/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4471936 |
| <sup>a</sup> | GGAM Finance Ltd., 8.00%, 6/15/28 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524724 |
|  | Jane Street Group/JSG Finance, Inc., |  |  |  |
|  | <sup>a</sup> 4.50%, 11/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323347 |
|  | <sup>a</sup> 7.125%, 4/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1542023 |
|  | <sup>a</sup> 6.125%, 11/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2658643 |
| <sup>a</sup> | Jefferson Capital Holdings LLC, 9.50%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449891 |
| <sup>a</sup> | Macquarie Airfinance Holdings Ltd., 6.50%, 3/26/31 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459091 |
| <sup>a</sup> | Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503126 |
|  | OneMain Finance Corp., |  |  |  |
|  | 6.625%, 5/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003119 |
|  | 5.375%, 11/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047365 |
|  | 7.125%, 11/15/31 | United States | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308832 |

---

franklintempleton.com Annual Report 40

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Diversified Financial Services (continued)** |  |  |  |
| <sup>a</sup> | PHH Escrow Issuer LLC/PHH Corp., 9.875%, 11/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;$4540294 |
| <sup>a</sup> | PRA Group, Inc., 8.875%, 1/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148535 |
| <sup>a</sup> | StoneX Group, Inc., 7.875%, 3/01/31 | United States | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4492336 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38013296 |
|  | **Electric 1.8%** |  |  |  |
| <sup>a</sup> | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.375%, 2/15/32 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1553219 |
| <sup>a</sup> | NRG Energy, Inc., 5.75%, 7/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465527 |
| <sup>a</sup> | Talen Energy Supply LLC, 8.625%, 6/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971982 |
| <sup>a</sup> | Vistra Operations Co. LLC, 7.75%, 10/15/31 | United States | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878099 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868827 |
|  | **Electrical Components & Equipment 0.6%** |  |  |  |
| <sup>a</sup> | Energizer Holdings, Inc., 4.375%, 3/31/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305115 |
| <sup>a</sup> | WESCO Distribution, Inc., 6.375%, 3/15/33 | United States | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514733 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819848 |
|  | **Energy 4.4%** |  |  |  |
| <sup>a</sup> | Antero Resources Corp., 7.625%, 2/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1801000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847769 |
| <sup>a</sup> | Atlantica Sustainable Infrastructure PLC, 4.125%, 6/15/28 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634801 |
| <sup>a</sup> | Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.125%, 1/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940688 |
| <sup>a</sup> | CrownRock LP/CrownRock Finance, Inc., 5.00%, 5/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117768 |
| <sup>a</sup> | DT Midstream, Inc., 4.125%, 6/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413066 |
| <sup>a</sup> | Enerflex Ltd., 9.00%, 10/15/27 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246442 |
| <sup>a</sup> | Expand Energy Corp., 6.75%, 4/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748944 |
| <sup>a</sup> | Harbour Energy PLC, 5.50%, 10/15/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407135 |
|  | Kinetik Holdings LP, |  |  |  |
|  | <sup>a</sup> 6.625%, 12/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 813314 |
|  | <sup>a</sup> 5.875%, 6/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2772865 |
| <sup>a</sup> | Nabors Industries, Inc., 7.375%, 5/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777301 |
|  | Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999002 |
|  | Venture Global Calcasieu Pass LLC, |  |  |  |
|  | <sup>a</sup> 3.875%, 8/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204372 |
|  | <sup>a</sup> 4.125%, 8/15/31 | United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273034 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27196501 |
|  | **Entertainment 4.4%** |  |  |  |
| <sup>a</sup> | Allwyn Entertainment Financing U.K. PLC, 7.875%, 4/30/29 | &nbsp;&nbsp;Czech Republic | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857499 |
| <sup>a</sup> | Banijay Entertainment SAS, 8.125%, 5/01/29 | &nbsp;&nbsp;France | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426764 |
|  | Caesars Entertainment, Inc., |  |  |  |
|  | <sup>a</sup> 7.00%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1622918 |
|  | <sup>a</sup> 6.50%, 2/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994985 |
|  | <sup>a</sup> 4.625%, 10/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2483816 |
| <sup>a</sup> | Great Canadian Gaming Corp., 8.75%, 11/15/29 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117703 |
| <sup>a,d</sup> | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655212 |
| <sup>a</sup> | Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.625%, 5/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513639 |
| <sup>a</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.125%, 2/15/31 | United States | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141940 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26814476 |
|  | **Environmental Control 1.1%** |  |  |  |
| <sup>a</sup> | Waste Pro USA, Inc., 7.00%, 2/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005874 |
| <sup>a</sup> | Wrangler Holdco Corp., 6.625%, 4/01/32 | Canada | &nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809189 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815063 |

---

41 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Financial Services 4.6%** |  |  |  |
| <sup>a</sup> | Apollo Commercial Real Estate Finance, Inc., 4.625%, 6/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;$2541855 |
| <sup>a</sup> | Global Net Lease, Inc./Global Net Lease Operating Partnership LP, senior note, 3.75%, 12/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2166637 |
|  | Iron Mountain, Inc., |  |  |  |
|  | <sup>a</sup> 7.00%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2661150 |
|  | <sup>a</sup> 5.625%, 7/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3540142 |
| <sup>a</sup> | MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 2/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3160307 |
| <sup>a</sup> | Necessity Retail REIT, Inc./American Finance Operating Partner LP, 4.50%, 9/30/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943509 |
| <sup>a</sup> | Pebblebrook Hotel LP/PEB Finance Corp., 6.375%, 10/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692655 |
| <sup>a</sup> | PRA Group, Inc., 5.00%, 10/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567409 |
|  | RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |
|  | <sup>a</sup> 7.25%, 7/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049400 |
|  | <sup>a</sup> 6.50%, 4/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097907 |
| <sup>a</sup> | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229074 |
| <sup>a</sup> | VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485902 |
| <sup>a</sup> | XHR LP, 6.625%, 5/15/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958416 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28094363 |
|  | **Food 1.1%** |  |  |  |
| <sup>a</sup> | Chobani Holdco II LLC, 8.75%, 10/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961031 |
| <sup>a</sup> | Chobani LLC/Chobani Finance Corp., Inc., 7.625%, 7/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114767 |
| <sup>a</sup> | U.S. Foods, Inc., 5.75%, 4/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877784 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6953582 |
|  | **Hand/Machine Tools 0.4%** |  |  |  |
|  | Regal Rexnord Corp., |  |  |  |
|  | 6.30%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040466 |
|  | 6.40%, 4/15/33 | United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453827 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494293 |
|  | **Health Care Equipment & Services 1.4%** |  |  |  |
|  | CHS/Community Health Systems, Inc., |  |  |  |
|  | <sup>a</sup> 6.875%, 4/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 649489 |
|  | <sup>a</sup> senior secured note, 6.00%, 1/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3203092 |
| <sup>a</sup> | DaVita, Inc., 4.625%, 6/01/30 | United States | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975515 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828096 |
|  | **Healthcare-Products 1.7%** |  |  |  |
| <sup>a</sup> | Bausch & Lomb Corp., 8.375%, 10/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051125 |
| <sup>a</sup> | Insulet Corp., 6.50%, 4/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762866 |
| <sup>a</sup> | Neogen Food Safety Corp., 8.625%, 7/20/30 | United States | &nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479406 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293397 |
|  | **Healthcare-Services 2.3%** |  |  |  |
| <sup>a</sup> | CHS/Community Health Systems, Inc., 10.875%, 1/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156547 |
| <sup>a</sup> | Concentra Escrow Issuer Corp., 6.875%, 7/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769399 |
| <sup>a</sup> | Fortrea Holdings, Inc., 7.50%, 7/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910572 |
|  | MPH Acquisition Holdings LLC, |  |  |  |
|  | <sup>a</sup> 5.75%, 12/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 180055 | &nbsp;&nbsp;&nbsp;&nbsp; 130751 |
|  | <sup>a</sup> 11.50%, 12/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 275573 | &nbsp;&nbsp;&nbsp;&nbsp; 239612 |
|  | <sup>a</sup> 6.75%, 3/31/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1544370 | &nbsp;&nbsp;&nbsp;&nbsp; 927618 |
|  | Tenet Healthcare Corp., |  |  |  |
|  | 6.75%, 5/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015242 |
|  | 6.125%, 10/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1792889 |
|  | 6.125%, 6/15/30 | United States | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092915 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035545 |

---

franklintempleton.com Annual Report 42

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Home Builders 1.5%** |  |  |  |
| <sup>a</sup> | Dream Finders Homes, Inc., 8.25%, 8/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;$2275634 |
| <sup>a</sup> | Forestar Group, Inc., 6.50%, 3/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4801790 |
| <sup>a</sup> | LGI Homes, Inc., 8.75%, 12/15/28 | United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981326 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058750 |
|  | **Hotels, Restaurants & Leisure 1.3%** |  |  |  |
| <sup>a</sup> | 1011778 BC ULC/New Red Finance, Inc., 6.125%, 6/15/29 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2921135 |
|  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |
|  | <sup>a</sup> 4.625%, 1/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474889 |
|  | <sup>a</sup> 6.75%, 1/15/30 | United States | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3895368 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8291392 |
|  | **Household & Personal Products 0.7%** |  |  |  |
| <sup>a</sup> | VM Consolidated, Inc., 5.50%, 4/15/29 | United States | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273772 |
|  | **Household Products 1.0%** |  |  |  |
| <sup>a</sup> | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.625%, 7/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254943 |
|  | Opal Bidco, 6.50%, 3/31/32 | France | &nbsp;&nbsp;3925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179943 |
|  | **Insurance 2.5%** |  |  |  |
|  | Acrisure LLC/Acrisure Finance, Inc., |  |  |  |
|  | <sup>a</sup> 7.50%, 11/06/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2341527 |
|  | <sup>a</sup> 8.50%, 6/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2814831 |
|  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, |  |  |  |
|  | <sup>a</sup> 7.375%, 10/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1508463 |
|  | <sup>a</sup> 6.75%, 4/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1707710 |
|  | <sup>a</sup> 7.00%, 1/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2610031 |
| <sup>a</sup> | HUB International Ltd., 7.25%, 6/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649082 |
| <sup>a</sup> | Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 | Canada | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679582 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15311226 |
|  | **Internet 1.2%** |  |  |  |
| <sup>a</sup> | Cogent Communications Group, Inc./Cogent Communications Finance, Inc., 7.00%, 6/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813804 |
| <sup>a</sup> | Gen Digital, Inc., 6.25%, 4/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898157 |
| <sup>a</sup> | Snap, Inc., 6.875%, 3/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401161 |
|  | Wayfair LLC, |  |  |  |
|  | <sup>a</sup> 7.75%, 9/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258328 |
|  | <sup>a</sup> 7.25%, 10/31/29 | United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1824197 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195647 |
|  | **Iron/Steel 1.2%** |  |  |  |
|  | ATI, Inc., 7.25%, 8/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959898 |
| <sup>a</sup> | Cleveland-Cliffs, Inc., 7.00%, 3/15/32 | United States | &nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668827 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7628725 |
|  | **IT Services 0.8%** |  |  |  |
| <sup>a</sup> | Fortress Intermediate 3, Inc., 7.50%, 6/01/31 | United States | &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945795 |
|  | **Leisure Time 4.2%** |  |  |  |
|  | Carnival Corp., |  |  |  |
|  | <sup>a</sup> 7.625%, 3/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201102 |
|  | <sup>a</sup> senior note, 5.75%, 3/01/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4305391 |
|  | <sup>a</sup> 5.75%, 3/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4485285 |
|  | NCL Corp. Ltd., |  |  |  |
|  | <sup>a</sup> 5.875%, 3/15/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 458000 | &nbsp;&nbsp;&nbsp;&nbsp; 457326 |
|  | <sup>a</sup> 7.75%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981398 |
|  | <sup>a</sup> 6.75%, 2/01/32 | United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2273545 |

---

43 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Leisure Time (continued)** |  |  |  |
|  | Royal Caribbean Cruises Ltd., |  |  |  |
|  | <sup>a</sup> 5.625%, 9/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;$982633 |
|  | <sup>a</sup> 5.50%, 8/31/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100742 |
|  | <sup>a</sup> 6.00%, 2/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4600698 |
|  | Viking Cruises Ltd., |  |  |  |
|  | <sup>a</sup> 9.125%, 7/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 855205 |
|  | <sup>a</sup> 5.875%, 9/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095121 |
|  | <sup>a</sup> 7.00%, 2/15/29 | United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2710819 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26049265 |
|  | **Machinery-Construction & Mining 0.7%** |  |  |  |
| <sup>a</sup> | Manitowoc Co., Inc., 9.25%, 10/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955461 |
| <sup>a</sup> | Terex Corp., 6.25%, 10/15/32 | United States | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136512 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4091973 |
|  | **Machinery-Diversified 0.4%** |  |  |  |
| <sup>a</sup> | Esab Corp., 6.25%, 4/15/29 | United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336441 |
|  | **Materials 3.2%** |  |  |  |
|  | Arcosa, Inc., |  |  |  |
|  | <sup>a</sup> 6.875%, 8/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2232228 |
|  | <sup>a</sup> 4.375%, 4/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2824342 |
| <sup>a</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., senior note, 5.25%, 8/15/27 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92581 |
| <sup>a</sup> | Constellium SE, 3.75%, 4/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267518 |
| <sup>a</sup> | GPD Cos., Inc., senior secured note, 10.125%, 4/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734060 |
| <sup>a</sup> | Magnera Corp., 4.75%, 11/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686822 |
| <sup>a</sup> | Novelis Corp., 4.75%, 1/30/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333337 |
| <sup>a</sup> | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919000 |
| <sup>a</sup> | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 |
| <sup>a</sup> | Trivium Packaging Finance BV, senior note, 5.50%, 8/15/26 | Netherlands | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379530 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19491418 |
|  | **Media 1.6%** |  |  |  |
| <sup>a</sup> | CSC Holdings LLC, 3.375%, 2/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793148 |
| <sup>a</sup> | McGraw-Hill Education, Inc., 7.375%, 9/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630020 |
| <sup>a</sup> | Sinclair Television Group, Inc., 8.125%, 2/15/33 | United States | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209145 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9632313 |
|  | **Media & Entertainment 2.8%** |  |  |  |
|  | CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |
|  | <sup>a</sup> 5.375%, 6/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002222 |
|  | <sup>a</sup> 4.50%, 8/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3644708 |
|  | Clear Channel Outdoor Holdings, Inc., |  |  |  |
|  | <sup>a</sup> 7.50%, 6/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 827097 |
|  | <sup>a</sup> 7.875%, 4/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4219996 |
| <sup>a</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200937 |
| <sup>a</sup> | Sirius XM Radio LLC, 4.00%, 7/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054489 |
| <sup>a</sup> | Virgin Media Secured Finance PLC, 4.50%, 8/15/30 | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264273 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213722 |
|  | **Mining 0.8%** |  |  |  |
| <sup>a</sup> | Constellium SE, 6.375%, 8/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421144 |
| <sup>a</sup> | Novelis, Inc., 6.875%, 1/30/30 | United States | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319447 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740591 |

---

franklintempleton.com Annual Report 44

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Miscellaneous Manufacturing 0.7%** |  |  |  |
|  | Axon Enterprise, Inc., |  |  |  |
|  | <sup>a</sup> 6.25%, 3/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;$962148 |
|  | <sup>a</sup> 6.125%, 3/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264656 |
| <sup>a</sup> | Calderys Financing LLC, 11.25%, 6/01/28 | France | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003412 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230216 |
|  | **Office/Business Equipment 0.4%** |  |  |  |
| <sup>a</sup> | Zebra Technologies Corp., 6.50%, 6/01/32 | United States | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430996 |
|  | **Oil & Gas 6.0%** |  |  |  |
| <sup>a</sup> | Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.25%, 7/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447250 |
| <sup>a</sup> | Chord Energy Corp., 6.75%, 3/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290036 |
| <sup>a</sup> | CITGO Petroleum Corp., 8.375%, 1/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018601 |
|  | Civitas Resources, Inc., |  |  |  |
|  | <sup>a</sup> 8.75%, 7/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 616917 |
|  | <sup>a</sup> 8.375%, 7/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2169797 |
| <sup>a</sup> | Kraken Oil & Gas Partners LLC, 7.625%, 8/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007073 |
|  | Matador Resources Co., |  |  |  |
|  | <sup>a</sup> 6.25%, 4/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3129375 |
|  | <sup>a</sup> 6.50%, 4/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3273097 |
|  | Nabors Industries, Inc., |  |  |  |
|  | <sup>a</sup> 9.125%, 1/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1902459 |
|  | <sup>a</sup> 8.875%, 8/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2086288 |
|  | PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931046 |
| <sup>a</sup> | Sunoco LP, 7.25%, 5/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790752 |
| <sup>a</sup> | Transocean Titan Financing Ltd., 8.375%, 2/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1719048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757339 |
|  | Transocean, Inc., |  |  |  |
|  | <sup>a</sup> 8.25%, 5/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076081 |
|  | 6.80%, 3/15/38 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227865 |
|  | <sup>a</sup> 8.75%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2577263 |
| <sup>a</sup> | Viper Energy, Inc., 7.375%, 11/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721776 |
|  | Vital Energy, Inc., 9.75%, 10/15/30 | United States | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730736 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36753751 |
|  | **Oil & Gas Services 1.0%** |  |  |  |
| <sup>a</sup> | Aris Water Holdings LLC, 7.25%, 4/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429065 |
| <sup>a</sup> | Kodiak Gas Services LLC, 7.25%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060456 |
|  | Oceaneering International, Inc., 6.00%, 2/01/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891113 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6380634 |
|  | **Packaging & Containers 1.2%** |  |  |  |
| <sup>a,d</sup> | Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131683 |
| <sup>a</sup> | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 9/15/28 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631223 |
| <sup>a</sup> | Mauser Packaging Solutions Holding Co., 9.25%, 4/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566714 |
| <sup>a</sup> | Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 2/01/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901886 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231506 |
|  | **Pharmaceuticals 2.2%** |  |  |  |
| <sup>a</sup> | 1375209 BC Ltd., 9.00%, 1/30/28 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;3261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260513 |
| <sup>a</sup> | Endo Finance Holdings, Inc., 8.50%, 4/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696992 |
| <sup>a</sup> | Grifols SA, 4.75%, 10/15/28 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883480 |
| <sup>a,c</sup> | Par Pharmaceutical, Inc., 7.50%, 4/01/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Teva Pharmaceutical Finance Netherlands III BV, |  |  |  |
|  | 7.875%, 9/15/29 | &nbsp;&nbsp;Israel | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 969177 |
|  | 8.125%, 9/15/31 | Israel | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004202 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13814364 |

---

45 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Pharmaceuticals, Biotechnology & Life Sciences 1.3%** |  |  |  |
| <sup>a</sup> | Kedrion SpA, 6.50%, 9/01/29 | &nbsp;&nbsp;Italy | &nbsp;&nbsp;6200000 | &nbsp;&nbsp;$5883777 |
|  | Teva Pharmaceutical Finance Netherlands III BV, 4.75%, 5/09/27 | Israel | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872793 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756570 |
|  | **Pipelines 2.9%** |  |  |  |
|  | Hess Midstream Operations LP, |  |  |  |
|  | <sup>a</sup> 5.875%, 3/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1910074 |
|  | <sup>a</sup> 6.50%, 6/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2347709 |
| <sup>a</sup> | Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 2/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614458 |
| <sup>a</sup> | Northriver Midstream Finance LP, 6.75%, 7/15/32 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535546 |
|  | Venture Global LNG, Inc., |  |  |  |
|  | <sup>a</sup> 8.125%, 6/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431439 |
|  | <sup>a</sup> 8.375%, 6/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928322 |
|  | <sup>a</sup> 9.50%, 2/01/29 | United States | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3218808 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17986356 |
|  | **Real Estate Management & Development 0.2%** |  |  |  |
| <sup>a</sup> | Greystar Real Estate Partners LLC, 7.75%, 9/01/30 | United States | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150861 |
|  | **Retail 0.8%** |  |  |  |
| <sup>a</sup> | Evergreen Acqco 1 LP/TVI, Inc., 9.75%, 4/26/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;999000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040681 |
| <sup>a</sup> | FirstCash, Inc., 6.875%, 3/01/32 | United States | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054812 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095493 |
|  | **Software & Services 0.1%** |  |  |  |
| <sup>a</sup> | Rocket Software, Inc., 6.50%, 2/15/29 | United States | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943737 |
|  | **Technology Hardware & Equipment 0.5%** |  |  |  |
| <sup>a</sup> | McAfee Corp., 7.375%, 2/15/30 | United States | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834964 |
|  | **Telecommunication Services 2.2%** |  |  |  |
| <sup>a</sup> | Altice France Holding SA, senior note, 10.50%, 5/15/27 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176179 |
| <sup>a</sup> | Altice France SA, first lien, 8.125%, 2/01/27 | &nbsp;&nbsp;France | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894984 |
| <sup>a</sup> | CommScope LLC, 7.125%, 7/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328792 |
| <sup>a</sup> | CommScope Technologies LLC, 5.00%, 3/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147417 |
| <sup>a</sup> | Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 9/15/29 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469320 |
| <sup>a</sup> | Zegona Finance PLC, 8.625%, 7/15/29 | United Kingdom | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774973 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13791665 |
|  | **Telecommunications 0.6%** |  |  |  |
| <sup>a</sup> | Iliad Holding SASU, 7.00%, 4/15/32 | France | &nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659388 |
|  | **Transportation 1.8%** |  |  |  |
| <sup>a</sup> | First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 7/31/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468428 |
| <sup>a</sup> | Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233816 |
| <sup>a</sup> | XPO, Inc., 7.125%, 2/01/32 | United States | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614720 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11316964 |
|  | **Utilities 1.7%** |  |  |  |
|  | Calpine Corp., |  |  |  |
|  | <sup>a</sup> first lien, 4.50%, 2/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291075 |
|  | <sup>a</sup> senior note, 5.125%, 3/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 689366 |
| <sup>a</sup> | Leeward Renewable Energy Operations LLC, 4.25%, 7/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450039 |
| <sup>a</sup> | TTM Technologies, Inc., 4.00%, 3/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690116 |
| <sup>a</sup> | Vistra Operations Co. LLC, senior note, 5.50%, 9/01/26 | United States | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100273 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220869 |
|  | **Total Corporate Bonds & Notes (Cost $597,843,031)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;589702745 |

---

franklintempleton.com Annual Report 46

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp; **Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 0.0%<sup>†</sup>** |  |  |  |
|  | **IT Services 0.0%<sup>†</sup>** |  |  |  |
| <sup>e</sup> | DSG TopCo, Inc. | United States | &nbsp;&nbsp; 442 | &nbsp;&nbsp;$7514 |
|  | **Pharmaceuticals 0.0%<sup>†</sup>** |  |  |  |
| <sup>e</sup> | Endo, Inc. | United States | &nbsp;&nbsp; 5615 | &nbsp;&nbsp;&nbsp;&nbsp; 134760 |
|  | **Total Common Stocks (Cost $102,541)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142274 |
|  |  |  | &nbsp;&nbsp;**Principal Amount\*** |  |
|  | **Municipal Bonds 0.3%** |  |  |  |
|  | **Arizona 0.3%** |  |  |  |
| <sup>a</sup> | Maricopa County Industrial Development Authority, Grand Canyon University Obligated Group, 7.375%, 10/01/29 | United States | &nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595174 |
|  | **Total Municipal Bonds (Cost $1,554,101)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595174 |
|  |  |  | &nbsp;&nbsp; **Shares** |  |
|  | **Preferred Stock 0.1%** |  |  |  |
|  | **Aerospace/Defense 0.1%** |  |  |  |
|  | Boeing Co., 6.00%, pfd., 10/15/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658130 |
|  | **Total Preferred Stocks (Cost $550,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658130 |
|  |  |  | &nbsp;&nbsp;**Principal Amount\*** |  |
| <sup>f</sup> | **Senior Floating Rate Interests 0.9%** |  |  |  |
|  | **Software 0.2%** |  |  |  |
|  | Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.325%, 2/15/29 | United States | &nbsp;&nbsp;1477639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462862 |
|  | **Chemicals 0.4%** |  |  |  |
|  | Hexion Holdings Corp., 2022 USD 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.44%, 11.862%, 3/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;837209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800581 |
|  | PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.689%, 4/23/29 | United States | &nbsp;&nbsp;1657500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465852 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266433 |
|  | **Media 0.0%** |  |  |  |
|  | Diamond Sports Group LLC, 2022 First Priority Term Loan, 1 mo. USD Term SOFR + 10.00%, 14.423%, 5/25/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Hotels, Restaurants & Leisure 0.3%** |  |  |  |
|  | Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.825%, 1/27/29 | United States | &nbsp;&nbsp;1649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625996 |
|  | **IT Services 0.0%<sup>†</sup>** |  |  |  |
|  | Diamond Sports Group LLC, 2025 PIK Exit Term Loan, 12.00%, 1/02/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43694 |
|  | **Total Floating Rate Loans (Cost $5,658,024)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398985 |
|  | **Total Investments before Short-Term<br> Investments (Cost $605,707,697)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;597497308 |

---

47 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin High Yield Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.8%** |  |  |  |
|  | **U.S. Government & Agency Securities 0.8%** |  |  |  |
| <sup>g</sup> | Federal Home Loan Bank Discount Notes, 4.107%, 04/01/25 | United States | &nbsp;&nbsp;4955000 | $&nbsp;&nbsp;&nbsp;&nbsp; 4954421 |
|  | **Total Short-Term Investments<br> (Cost $4,955,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954421 |
|  | **Total Investments<br> (Cost $610,662,697) 98.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;602451729 |
|  | **Other Assets, less Liabilities 2.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100764 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$614552493 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $558,464,171, representing 90.9% of net assets. |
| <sup>b</sup>Defaulted security or security for which income has been deemed uncollectible. See Note 8. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements. |
| <sup>d</sup>Security purchased on a when-issued basis. See Note 1(d). |
| <sup>e</sup>Non-income producing. |
| <sup>f</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>g</sup>The rate shown represents the yield at period end. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 48

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Income Equity Focus ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $54.64 | $47.16 | $49.07 | $43.69 | &nbsp;&nbsp;$30.93 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;12.73 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;13.40 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Net asset value, end of year | &nbsp;&nbsp;$56.26 | &nbsp;&nbsp;$54.64 | &nbsp;&nbsp;$47.16 | &nbsp;&nbsp;$49.07 | &nbsp;&nbsp;$43.69 |
| Total return<sup>c</sup> | 7.33% | 18.04% | (2.22)% | 13.98% | &nbsp;&nbsp;43.52% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.37% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.29% | &nbsp;&nbsp;0.29% |
| Net investment income | 2.00% | 1.78% | 1.66% | 1.47% | &nbsp;&nbsp;1.71% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$92833 | &nbsp;&nbsp;$120214 | &nbsp;&nbsp;$155613 | &nbsp;&nbsp;$134935 | &nbsp;&nbsp;$139822 |
| Portfolio turnover rate<sup>d</sup> | 25.97%<sup>e</sup> | 23.59%<sup>e</sup> | 32.13%<sup>e</sup> | 21.90%<sup>e</sup> | &nbsp;&nbsp;40.54%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 25.97% | 23.59% | 32.13% | 21.90% | &nbsp;&nbsp;40.54% |

---

49 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Income Equity Focus ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 57.6%** |  |  |
|  | **Communication Services 3.2%** |  |  |
|  | Verizon Communications, Inc. | &nbsp;&nbsp; 66429 | &nbsp;&nbsp;$3013220 |
|  | **Consumer Discretionary 4.9%** |  |  |
|  | General Motors Co. | &nbsp;&nbsp; 17953 | &nbsp;&nbsp;&nbsp;&nbsp; 844329 |
|  | Home Depot, Inc. | &nbsp;&nbsp; 3855 | &nbsp;&nbsp;&nbsp;&nbsp; 1412819 |
|  | Lowe's Cos., Inc. | &nbsp;&nbsp; 4813 | &nbsp;&nbsp;&nbsp;&nbsp; 1122536 |
|  | McDonald's Corp. | &nbsp;&nbsp; 3729 | &nbsp;&nbsp;&nbsp;&nbsp; 1164828 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544512 |
|  | **Consumer Staples 7.6%** |  |  |
|  | Coca-Cola Co. | &nbsp;&nbsp;&nbsp;14798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059833 |
|  | Nestle SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505850 |
|  | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;14496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173530 |
|  | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451110 |
|  | Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;11035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880585 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070908 |
|  | **Energy 6.4%** |  |  |
|  | Chevron Corp. | &nbsp;&nbsp;&nbsp;16850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818836 |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;12508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487576 |
|  | Schlumberger NV | &nbsp;&nbsp;&nbsp;10952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457794 |
|  | TotalEnergies SE, ADR | &nbsp;&nbsp;&nbsp;18001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164485 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928691 |
|  | **Financials 6.2%** |  |  |
|  | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;11942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468126 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432797 |
|  | MetLife, Inc. | &nbsp;&nbsp;&nbsp;14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192307 |
|  | Morgan Stanley | &nbsp;&nbsp;&nbsp;10588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235302 |
|  | PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487234 |
|  | U.S. Bancorp | &nbsp;&nbsp;&nbsp;21780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919552 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735318 |
|  | **Health Care 4.7%** |  |  |
|  | AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp;&nbsp;7509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551911 |
|  | Johnson & Johnson | &nbsp;&nbsp;&nbsp;18019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988271 |
|  | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867441 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407623 |
|  | **Industrials 9.2%** |  |  |
| <sup>a</sup> | Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255825 |
|  | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965580 |
|  | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;24552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966861 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759144 |
|  | RTX Corp. | &nbsp;&nbsp;&nbsp;11452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516932 |
|  | Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359325 |
|  | United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;6258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688317 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8511984 |
|  | **Information Technology 4.7%** |  |  |
|  | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190458 |
|  | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;18521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142931 |
|  | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043377 |
|  | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037768 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414534 |
|  | **Materials 4.4%** |  |  |
|  | Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754479 |
|  | Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334749 |

---

franklintempleton.com Annual Report 50

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Equity Focus ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Materials (continued)** |  |  |
|  | Freeport-McMoRan, Inc. | &nbsp;&nbsp; 11272 | &nbsp;&nbsp;$426758 |
|  | Rio Tinto PLC, ADR | &nbsp;&nbsp; 25802 | &nbsp;&nbsp;&nbsp;&nbsp; 1550184 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066170 |
|  | **Utilities 6.3%** |  |  |
|  | American Electric Power Co., Inc. | &nbsp;&nbsp; 9702 | &nbsp;&nbsp;&nbsp;&nbsp; 1060138 |
|  | Duke Energy Corp. | &nbsp;&nbsp; 6975 | &nbsp;&nbsp;&nbsp;&nbsp; 850741 |
|  | Sempra | &nbsp;&nbsp; 11368 | &nbsp;&nbsp;&nbsp;&nbsp; 811220 |
|  | Southern Co. | &nbsp;&nbsp;&nbsp;33575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809320 |
|  | **Total Common Stocks (Cost $49,423,879)** |  | &nbsp;&nbsp;&nbsp;&nbsp;53502280 |
|  | **Preferred Stocks 4.3%** |  |  |
|  | **Industrials 1.2%** |  |  |
|  | Boeing Co., 6.00%, pfd. | &nbsp;&nbsp;&nbsp;18442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103385 |
|  | **Information Technology 0.5%** |  |  |
|  | Hewlett Packard Enterprise Co., 7.625%, pfd. | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477400 |
|  | **Materials 1.2%** |  |  |
|  | Albemarle Corp., 7.25%, pfd. | &nbsp;&nbsp;&nbsp;30525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088216 |
|  | **Utilities 1.4%** |  |  |
|  | NextEra Energy, Inc., 7.299%, pfd. | &nbsp;&nbsp;&nbsp;27225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301627 |
|  | **Total Preferred Stocks (Cost $4,216,124)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970628 |
| <sup>b,c</sup> | **Equity-Linked Securities 37.7%** |  |  |
|  | **Other 37.7%** |  |  |
| <sup>d</sup> | Barclays Bank PLC into AbbVie Inc., 8.00%, 10/9/25 | &nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035024 |
| <sup>d</sup> | Barclays Bank PLC into Microchip Technology Inc., 10.00%, 10/14/25 | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009900 |
| <sup>d</sup> | Barclays Bank PLC into RTX Corp., 7.50%, 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174579 |
| <sup>d</sup> | BNP Paribas Issuance BV into Hewlett Packard Enterprise, 12.00%, 9/24/25 | &nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799599 |
| <sup>d</sup> | BNP Paribas Issuance BV into Pfizer Inc., 10.50%, 7/23/25 | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102062 |
| <sup>d</sup> | BNP Paribas Issuance BV into Target Corp., 9.00%, 7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779418 |
| <sup>d</sup> | BNP Paribas SA into Applied Materials Inc., 10.00%, 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504901 |
| <sup>d</sup> | Citigroup Global Markets Holdings, Inc. into Alphabet Inc., 8.50%, 8/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956757 |
| <sup>d</sup> | Citigroup Global Markets Holdings, Inc. into Analog Devices Inc., 9.00%, 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699708 |
| <sup>d</sup> | Citigroup Global Markets Holdings, Inc. into Newmont Corp., 9.50%, 2/18/26 | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683667 |
| <sup>d</sup> | Citigroup Global Markets Holdings, Inc. into The Home Depot Inc., 7.50%, 7/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183531 |
| <sup>d</sup> | JPMorgan Chase Bank NA into Comcast Corp., 8.50%, 9/2/25 | &nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424577 |
| <sup>d</sup> | JPMorgan Chase Bank NA into CVS Health Corp., 9.00%, 11/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449027 |
| <sup>d</sup> | JPMorgan Chase Bank NA into Exxon Mobil Corp., 8.50%, 11/3/25 | &nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280562 |
| <sup>d</sup> | Merrill Lynch BV into Dell Technologies Inc., 12.00%, 3/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704063 |
| <sup>d</sup> | Merrill Lynch BV into Microsoft Inc., 6.00%, 2/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781921 |
| <sup>d</sup> | Merrill Lynch BV into Morgan Stanley, 9.00%, 7/14/25 | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914951 |
| <sup>d</sup> | Mizuho Markets Cayman LP into NextEra Energy Inc., 8.50%, 10/14/25 | &nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308249 |
| <sup>d</sup> | Royal Bank of Canada into Freeport-McMoRan Inc., 10.00%, 7/8/25 | &nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403208 |
| <sup>d</sup> | Royal Bank of Canada into Medtronic PLC, 8.00%, 8/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559597 |
| <sup>d</sup> | Royal Bank of Canada into Nike Inc., Class B, 10.00%, 12/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538063 |
| <sup>d</sup> | Royal Bank of Canada into Texas Instruments Inc., 8.50%, 7/15/25 | &nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029846 |
| <sup>d</sup> | Toronto-Dominion Bank into Apple Inc., 7.00%, 4/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096902 |
| <sup>d</sup> | Toronto-Dominion Bank into Starbucks Corp., 9.00%, 1/12/26 | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010217 |
| <sup>d</sup> | UBS AG into Bank of America Corp., 8.00%, 1/28/26 | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962572 |
| <sup>d</sup> | UBS AG into IBM US, 8.00%, 8/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698819 |
| <sup>d</sup> | UBS AG into S&P 500 Index, 8.00%, 4/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846106 |
| <sup>d</sup> | UBS AG into S&P 500 Index, 9.00%, 6/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903609 |
| <sup>d</sup> | Wells Fargo Bank NA into Broadcom Inc., 9.50%, 8/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318483 |

---

51 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Equity Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Other (continued)** |  |  |  |
| <sup>d</sup> | Wells Fargo Bank NA into UnitedHealth Group, 7.00%, 7/14/25 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3550 | &nbsp;&nbsp;$1817288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34977206 |
|  | **Total Equity-Linked Securities (Cost $36,254,651)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34977206 |
|  | **Total Investments before Short-Term Investments<br> (Cost $89,894,654)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;92450114 |
|  |  | **Country** | &nbsp;&nbsp;**Principal Amount\*** |  |
|  | **Short-Term Investments 0.2%** |  |  |  |
|  | **U.S. Government & Agency Securities 0.2%** |  |  |  |
| <sup>e</sup> | Federal Home Loan Bank Discount Notes, 4.107%, 4/01/25 | United States | &nbsp;&nbsp;$205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204976 |
|  | **Total Short-Term Investments (Cost $205,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204976 |
|  | **Total Investments (Cost $90,099,654) 99.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;92655090 |
|  | **Other Assets, less Liabilities 0.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177506 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$92832596 |

---

---

| |
|:---|
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>See Note 1(f) regarding equity-linked securities. |
| <sup>c</sup>The country reference within the SOI disclosure is for the underlying bank vs. the underlying equity position. |
| <sup>d</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $34,977,206, representing 37.7% of net assets. |
| <sup>e</sup>The rate shown represents the yield at period end. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 52

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Income Focus ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended March 31,<br> 2024<sup>a</sup>** |
| | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended March 31,<br> 2024<sup>a</sup>** |
| **Per share operating performance** |  |  |
| (for a share outstanding throughout the period) |  |  |
| Net asset value, beginning of period | $26.03 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(1.01) |
| Net asset value, end of period | &nbsp;&nbsp;$26.61 | &nbsp;&nbsp;$26.03 |
| Total return<sup>d</sup> | 7.85% | &nbsp;&nbsp;8.40% |
| **Ratios to average net assets<sup>e</sup>** |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.38% | &nbsp;&nbsp;0.38% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.38%<sup>f</sup> | &nbsp;&nbsp;0.38% |
| Net investment income | 4.15% | &nbsp;&nbsp;5.49% |
| **Supplemental data** |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$561443 | &nbsp;&nbsp;$177033 |
| Portfolio turnover rate<sup>g</sup> | 68.09%<sup>h</sup> | &nbsp;&nbsp;46.93%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period June 06, 2023 (commencement of operations) to March 31, 2024. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | |
|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 68.09% | &nbsp;&nbsp;46.93% |

---

53 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Income Focus ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 30.7%** |  |  |  |
|  | **Advertising 0.3%** |  |  |  |
|  | Clear Channel Outdoor Holdings, Inc., |  |  |  |
|  | <sup>a</sup> 5.125%, 8/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;$793304 |
|  | <sup>a</sup> 9.00%, 9/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 771037 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564341 |
|  | **Aerospace & Defense 1.3%** |  |  |  |
|  | Boeing Co., |  |  |  |
|  | 5.15%, 5/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3080635 |
|  | 6.528%, 5/01/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608091 |
| <sup>a</sup> | Bombardier, Inc., 7.25%, 7/01/31 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602791 |
|  | TransDigm, Inc., |  |  |  |
|  | 5.50%, 11/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236711 |
|  | <sup>a</sup> 6.75%, 8/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 609512 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137740 |
|  | **Agriculture 0.3%** |  |  |  |
|  | BAT Capital Corp., |  |  |  |
|  | 7.75%, 10/19/32 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 974892 |
|  | 6.421%, 8/02/33 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 533900 |
|  | Philip Morris International, Inc., 5.375%, 2/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510115 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018907 |
|  | **Airlines 1.7%** |  |  |  |
| <sup>a</sup> | American Airlines, Inc., 8.50%, 5/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266449 |
| <sup>a</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979372 |
| <sup>a</sup> | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892694 |
| <sup>a</sup> | JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740956 |
| <sup>a</sup> | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;747000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750687 |
| <sup>a</sup> | United Airlines, Inc., 4.625%, 4/15/29 | United States | &nbsp;&nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008592 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638750 |
|  | **Apparel 0.1%** |  |  |  |
| <sup>a</sup> | Hanesbrands, Inc., 9.00%, 2/15/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369186 |
|  | **Auto Manufacturers 1.4%** |  |  |  |
|  | Ford Motor Co., |  |  |  |
|  | 3.25%, 2/12/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443003 |
|  | 6.10%, 8/19/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2256118 |
|  | Ford Motor Credit Co. LLC, 7.35%, 3/06/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319234 |
|  | General Motors Financial Co., Inc., |  |  |  |
|  | 6.40%, 1/09/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063763 |
|  | 5.80%, 1/07/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 866228 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948346 |
|  | **Auto Parts & Equipment 0.2%** |  |  |  |
| <sup>a</sup> | Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29 | United States | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952081 |
|  | **Banks 2.4%** |  |  |  |
|  | Bank of America Corp., 4.571% to 4/27/32, FRN thereafter, 4/27/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449939 |
|  | Barclays PLC, 7.437% to 11/02/32, FRN thereafter, 11/02/33 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635793 |
|  | Citigroup, Inc., |  |  |  |
|  | 6.27% to 11/17/32, FRN thereafter, 11/17/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 530837 |
|  | 6.174% to 5/25/33, FRN thereafter, 5/25/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 507566 |
|  | 6.02% to 1/24/35, FRN thereafter, 1/24/36 | United States | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009933 |

---

franklintempleton.com Annual Report 54

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | Goldman Sachs Group, Inc., 6.561% to 10/24/33, FRN thereafter, 10/24/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;$900830 |
|  | JPMorgan Chase & Co., |  |  |  |
|  | 5.04% to 1/23/27, FRN thereafter, 1/23/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 988708 |
|  | Series OO, 6.50% to 4/01/30, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1025943 |
|  | KeyBank NA, 4.90%, 8/08/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588069 |
|  | Morgan Stanley, |  |  |  |
|  | 6.342% to 10/18/32, FRN thereafter, 10/18/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1148000 | &nbsp;&nbsp;&nbsp; 1232029 |
|  | 5.25% to 4/21/33, FRN thereafter, 4/21/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1401270 |
|  | PNC Financial Services Group, Inc., 5.068% to 1/24/33, FRN thereafter, 1/24/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505057 |
|  | Truist Financial Corp., 4.916% to 7/28/32, FRN thereafter, 7/28/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515654 |
|  | U.S. Bancorp, 5.836% to 6/10/33, FRN thereafter, 6/12/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309674 |
|  | Wells Fargo & Co., 5.389% to 4/24/33, FRN thereafter, 4/24/34 | United States | &nbsp;&nbsp;&nbsp;1101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108961 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13710263 |
|  | **Building Products 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256902 |
|  | **Chemicals 1.0%** |  |  |  |
|  | Celanese U.S. Holdings LLC, 6.629%, 7/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569080 |
| <sup>a</sup> | Rain Carbon, Inc., 12.25%, 9/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531773 |
|  | SCIH Salt Holdings, Inc., |  |  |  |
|  | <sup>a</sup> 4.875%, 5/01/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; 1099627 |
|  | <sup>a</sup> senior unsecured note, 144A, 6.625%, 5/01/29 | United States | 1250000 | &nbsp;&nbsp;&nbsp; 1202284 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402764 |
|  | **Commercial Services & Supplies 0.2%** |  |  |  |
| <sup>a</sup> | Ashtead Capital, Inc., 4.25%, 11/01/29 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529806 |
| <sup>a</sup> | United Rentals North America, Inc., 6.00%, 12/15/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493356 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023162 |
|  | **Construction Materials 0.4%** |  |  |  |
|  | Carrier Global Corp., 2.722%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777712 |
| <sup>a</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500846 |
| <sup>a</sup> | Quikrete Holdings, Inc., 6.375%, 3/01/32 | United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007165 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285723 |
|  | **Electric 3.3%** |  |  |  |
|  | American Electric Power Co., Inc., 5.625%, 3/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307806 |
|  | Calpine Corp., |  |  |  |
|  | <sup>a</sup> senior note, 5.125%, 3/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1477213 |
|  | <sup>a</sup> 4.625%, 2/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 720543 |
|  | <sup>a</sup> senior secured bond, 144A, 3.75%, 3/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 912868 |
|  | Dominion Energy, Inc., Series C, 3.375%, 4/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280465 |
|  | NextEra Energy Capital Holdings, Inc., 5.25%, 3/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500551 |
|  | NRG Energy, Inc., |  |  |  |
|  | <sup>a</sup> 3.625%, 2/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp; 1170058 |
|  | <sup>a</sup> 7.00%, 3/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 809165 |
|  | <sup>a</sup> 6.25%, 11/01/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1477935 |
|  | Pacific Gas & Electric Co., 3.15%, 1/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777030 |
|  | PG&E Corp., 5.25%, 7/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961067 |
|  | Southern Co., |  |  |  |
|  | 5.70%, 10/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; 499135 |
|  | Series 2025, 6.375% to 12/15/34, FRN thereafter, 3/15/55 | United States | 1000000 | &nbsp;&nbsp;&nbsp; 1026463 |

---

55 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Electric (continued)** |  |  |  |
| <sup>a</sup> | Vistra Corp., 8.00% to 10/15/26, FRN thereafter, 12/31/99 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;$2059176 |
|  | Vistra Operations Co. LLC, |  |  |  |
|  | <sup>a</sup> 4.375%, 5/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1425669 |
|  | <sup>a</sup> 3.70%, 1/30/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 523748 |
|  | <sup>a</sup> 7.75%, 10/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524067 |
|  | <sup>a</sup> 6.95%, 10/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 859951 |
|  | <sup>a</sup> 6.875%, 4/15/32 | United States | 1400000 | &nbsp;&nbsp;&nbsp; 1428127 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18741037 |
|  | **Entertainment 0.6%** |  |  |  |
|  | Caesars Entertainment, Inc., |  |  |  |
|  | <sup>a</sup> 8.125%, 7/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp; 162234 |
|  | <sup>a</sup> 4.625%, 10/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; 786542 |
|  | <sup>a</sup> 6.00%, 10/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 934724 |
|  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |
|  | <sup>a</sup> 7.125%, 2/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 724840 |
|  | <sup>a</sup> 6.25%, 3/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 779904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388244 |
|  | **Financial Services 0.9%** |  |  |  |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |  |
|  | 5.75%, 6/06/28 | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 514438 |
|  | 4.95%, 9/10/34 | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 722738 |
|  | Capital One Financial Corp., |  |  |  |
|  | 3.75%, 7/28/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 591720 |
|  | 4.927% to 5/10/27, FRN thereafter, 5/10/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; 767685 |
|  | 5.817% to 2/01/33, FRN thereafter, 2/01/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008245 |
|  | Charles Schwab Corp., |  |  |  |
|  | 5.853% to 5/19/33, FRN thereafter, 5/19/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 512035 |
|  | 6.196% to 11/17/28, FRN thereafter, 11/17/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 527595 |
| <sup>a</sup> | Macquarie Airfinance Holdings Ltd., 6.40%, 3/26/29 | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517384 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161840 |
|  | **Food 0.4%** |  |  |  |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, 4/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538763 |
|  | Pilgrim's Pride Corp., 6.25%, 7/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036387 |
| <sup>a</sup> | Post Holdings, Inc., 6.25%, 2/15/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704984 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280134 |
|  | **Hand/Machine Tools 0.1%** |  |  |  |
|  | Regal Rexnord Corp., 6.40%, 4/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519224 |
|  | **Health Care Providers & Services 4.2%** |  |  |  |
|  | Centene Corp., 2.50%, 3/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713390 |
|  | CHS/Community Health Systems, Inc., |  |  |  |
|  | <sup>a</sup> 8.00%, 12/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2228628 |
|  | <sup>a</sup> 6.875%, 4/01/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; 467432 |
|  | <sup>a</sup> 10.875%, 1/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp; 3575775 |
|  | DaVita, Inc., |  |  |  |
|  | <sup>a</sup> 4.625%, 6/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1400515 |
|  | <sup>a</sup> 6.875%, 9/01/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503203 |
| <sup>a</sup> | Fresenius Medical Care U.S. Finance III, Inc., 2.375%, 2/16/31 | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545889 |
|  | HCA, Inc., 5.625%, 9/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002663 |
| <sup>a</sup> | MPH Acquisition Holdings LLC, 5.75%, 12/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;498798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362212 |
|  | Tenet Healthcare Corp., |  |  |  |
|  | 6.125%, 10/01/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3375000 | &nbsp;&nbsp;&nbsp; 3361668 |
|  | 6.125%, 6/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3488193 |
|  | 6.75%, 5/15/31 | United States | 2500000 | &nbsp;&nbsp;&nbsp; 2538104 |

---

franklintempleton.com Annual Report 56

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Health Care Providers & Services (continued)** |  |  |  |
|  | UnitedHealth Group, Inc., 5.35%, 2/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$512810 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23700482 |
|  | **Healthcare-Products 0.4%** |  |  |  |
|  | GE HealthCare Technologies, Inc., 5.905%, 11/22/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501501 |
| <sup>a</sup> | Medline Borrower LP, 3.875%, 4/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061700 |
| <sup>a</sup> | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456290 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019491 |
|  | **Insurance 0.2%** |  |  |  |
|  | Brown & Brown, Inc., 2.375%, 3/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528344 |
| <sup>a</sup> | Five Corners Funding Trust III, 5.791%, 2/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505814 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034158 |
|  | **Internet 0.3%** |  |  |  |
|  | Expedia Group, Inc., 3.80%, 2/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512114 |
|  | Netflix, Inc., 5.875%, 11/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988644 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500758 |
|  | **Iron/Steel 0.3%** |  |  |  |
|  | ArcelorMittal SA, 6.80%, 11/29/32 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522236 |
| <sup>a</sup> | Cleveland-Cliffs, Inc., 6.75%, 4/15/30 | United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969434 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491670 |
|  | **IT Services 0.4%** |  |  |  |
|  | Dell International LLC/EMC Corp., 5.75%, 2/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312074 |
|  | Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730958 |
|  | HP, Inc., 5.50%, 1/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760932 |
| <sup>a</sup> | McAfee Corp., 7.375%, 2/15/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500548 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304512 |
|  | **Leisure Time 0.4%** |  |  |  |
| <sup>a</sup> | Carnival Corp., 7.625%, 3/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591460 |
| <sup>a</sup> | NCL Corp. Ltd., 6.75%, 2/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296549 |
| <sup>a</sup> | Royal Caribbean Cruises Ltd., 6.25%, 3/15/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605850 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493859 |
|  | **Lodging 0.3%** |  |  |  |
| <sup>a</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767376 |
| <sup>a</sup> | Wynn Macau Ltd., 5.50%, 1/15/26 | Macau | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741449 |
|  | **Media 1.2%** |  |  |  |
|  | CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |
|  | <sup>a</sup> 5.00%, 2/01/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1311296 |
|  | <sup>a</sup> 4.75%, 3/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1114058 |
|  | <sup>a</sup> 5.375%, 6/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1210574 |
|  | <sup>a</sup> 5.125%, 5/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1971437 |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599889 |
| <sup>a</sup> | Univision Communications, Inc., senior note, 6.625%, 6/01/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516125 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6723379 |
|  | **Mining 0.6%** |  |  |  |
| <sup>a</sup> | Alcoa Nederland Holding BV, 4.125%, 3/31/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765580 |
|  | FMG Resources August 2006 Pty. Ltd., |  |  |  |
|  | <sup>a</sup> 4.375%, 4/01/31 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 904093 |
|  | <sup>a</sup> 6.125%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 760137 |

---

57 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Mining (continued)** |  |  |  |
|  | Freeport-McMoRan, Inc., 5.40%, 11/14/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;$775967 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205777 |
|  | **Oil & Gas 0.9%** |  |  |  |
|  | Calumet Specialty Products Partners LP/Calumet Finance Corp., |  |  |  |
|  | <sup>a</sup> 8.125%, 1/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp; 2425860 |
|  | <sup>a</sup> 9.25%, 7/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 310125 |
|  | <sup>a</sup> 9.75%, 7/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 444233 |
| <sup>a</sup> | Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478141 |
| <sup>a</sup> | Matador Resources Co., 6.50%, 4/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446331 |
|  | Occidental Petroleum Corp., 6.625%, 9/01/30 | United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051172 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155862 |
|  | **Oil & Gas Services 0.2%** |  |  |  |
| <sup>a</sup> | Weatherford International Ltd., 8.625%, 4/30/30 | United States | &nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056714 |
|  | **Packaging & Containers 1.4%** |  |  |  |
| <sup>a</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 9/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980812 |
| <sup>a</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., senior note, 5.25%, 8/15/27 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;3235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497496 |
| <sup>a,b</sup> | Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511592 |
|  | Mauser Packaging Solutions Holding Co., |  |  |  |
|  | <sup>a</sup> 9.25%, 4/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2833570 |
|  | <sup>a</sup> 7.875%, 4/15/27 | United States | 1065000 | &nbsp;&nbsp;&nbsp; 1045031 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7868501 |
|  | **Personal Care Products 0.3%** |  |  |  |
|  | Opal Bidco, 6.50%, 3/31/32 | France | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
|  | **Pharmaceuticals 1.0%** |  |  |  |
| <sup>a</sup> | 1375209 BC Ltd., 9.00%, 1/30/28 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624757 |
|  | AbbVie, Inc., 4.55%, 3/15/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502204 |
| <sup>a</sup> | Bausch Health Cos., Inc., 5.50%, 11/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139573 |
|  | CVS Health Corp., 5.25%, 2/21/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987706 |
| <sup>a</sup> | Endo Finance Holdings, Inc., 8.50%, 4/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521888 |
|  | Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/01/28 | Israel | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615869 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391997 |
|  | **Pipelines 1.1%** |  |  |  |
|  | Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764270 |
|  | Kinder Morgan, Inc., |  |  |  |
|  | 5.20%, 6/01/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 510582 |
|  | 5.40%, 2/01/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 774546 |
|  | Venture Global LNG, Inc., |  |  |  |
|  | <sup>a</sup> 8.125%, 6/01/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1533685 |
|  | <sup>a</sup> 9.00% to 9/30/29, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 949779 |
|  | Williams Cos., Inc., 3.50%, 11/15/30 | United States | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495681 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028543 |
|  | **Real Estate Management & Development 0.5%** |  |  |  |
|  | American Tower Corp., 5.55%, 7/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278152 |
|  | Crown Castle, Inc., 5.10%, 5/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293361 |
|  | Healthpeak OP LLC, 5.25%, 12/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502272 |
|  | VICI Properties LP, 5.125%, 5/15/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783715 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857500 |

---

franklintempleton.com Annual Report 58

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Retail 0.6%** |  |  |  |
| <sup>a</sup> | Bausch & Lomb Corp., 8.375%, 10/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;$701156 |
|  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |
|  | <sup>a</sup> 4.625%, 1/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp; 1212175 |
|  | <sup>a</sup> 6.75%, 1/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 692510 |
|  | Lowe's Cos., Inc., 5.00%, 4/15/33 | United States | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996325 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602166 |
|  | **Semiconductors 0.4%** |  |  |  |
| <sup>a</sup> | Broadcom, Inc., 3.469%, 4/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158037 |
|  | Micron Technology, Inc., 5.327%, 2/06/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355273 |
|  | NXP BV/NXP Funding LLC, 5.55%, 12/01/28 | China | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512197 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025507 |
|  | **Software 0.6%** |  |  |  |
| <sup>a</sup> | Cloud Software Group, Inc., 6.50%, 3/31/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875525 |
|  | Fiserv, Inc., 5.60%, 3/02/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411211 |
|  | Oracle Corp., |  |  |  |
|  | 2.875%, 3/25/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 582125 |
|  | 6.25%, 11/09/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 768146 |
|  | Workday, Inc., 3.80%, 4/01/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509279 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146286 |
|  | **Telecommunications 0.8%** |  |  |  |
|  | CommScope LLC, |  |  |  |
|  | <sup>a</sup> 8.25%, 3/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1517107 |
|  | <sup>a</sup> 9.50%, 12/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1649472 |
|  | Sprint LLC, 7.625%, 3/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477451 |
|  | T-Mobile USA, Inc., 5.05%, 7/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894254 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538284 |
|  | **Total Corporate Bonds & Notes (Cost $172,620,646)** |  |  | &nbsp;&nbsp;&nbsp;172285539 |
|  | **U.S. Government & Agency Securities 12.6%** |  |  |  |
|  | Federal Home Loan Mortgage Corp., |  |  |  |
|  | 5.00%, 5/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 975646 | &nbsp;&nbsp;&nbsp; 958647 |
|  | 5.00%, 11/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4536145 | &nbsp;&nbsp;&nbsp; 4448587 |
|  | 5.50%, 7/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 469784 | &nbsp;&nbsp;&nbsp; 470347 |
|  | 5.50%, 11/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 473258 | &nbsp;&nbsp;&nbsp; 473311 |
|  | 5.50%, 11/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1921931 | &nbsp;&nbsp;&nbsp; 1920358 |
|  | 5.50%, 1/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1992411 | &nbsp;&nbsp;&nbsp; 1990780 |
|  | 5.50%, 2/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1255633 | &nbsp;&nbsp;&nbsp; 1254605 |
|  | 6.00%, 1/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2428194 | &nbsp;&nbsp;&nbsp; 2467274 |
|  | 6.00%, 2/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2624026 | &nbsp;&nbsp;&nbsp; 2666258 |
|  | Federal National Mortgage Association, |  |  |  |
|  | 5.00%, 5/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 967127 | &nbsp;&nbsp;&nbsp; 950277 |
|  | 5.00%, 11/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1459665 | &nbsp;&nbsp;&nbsp; 1434258 |
|  | 5.50%, 11/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1943793 | &nbsp;&nbsp;&nbsp; 1942202 |
|  | Government National Mortgage Association, |  |  |  |
|  | 5.50%, 3/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3259662 |
|  | 6.00%, 1/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2465040 | &nbsp;&nbsp;&nbsp; 2504314 |
|  | 6.00%, 3/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3301780 |
|  | U.S. Treasury Bonds, |  |  |  |
|  | 4.50%, 11/15/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1971250 |
|  | 4.625%, 2/15/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7048125 |
|  | 4.75%, 2/15/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7129062 |
|  | U.S. Treasury Notes, |  |  |  |
|  | 4.00%, 2/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3946406 |
|  | 4.25%, 1/31/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7090781 |
|  | 4.25%, 11/15/34 | United States | 4000000 | &nbsp;&nbsp;&nbsp; 4012500 |

---

59 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **U.S. Government & Agency Securities (continued)** |  |  |  |
|  | 4.375%, 12/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;$2014336 |
|  | 4.625%, 6/30/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5037793 |
|  | 4.625%, 4/30/29 | United States | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2565576 |
|  | **Total U.S. Government & Agency Securities (Cost $70,113,738)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70858489 |
| <sup>c</sup> | **Senior Floating Rate Interests 0.4%** |  |  |  |
|  | **Computers & Peripherals 0.4%** |  |  |  |
|  | Twitter, Inc., Term Loan, 1 mo. USD Term SOFR + 6.50%, 10.825%, 10/26/29 | United States | 1994898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984924 |
|  | **Health Care Providers & Services 0.0%<sup>†</sup>** |  |  |  |
|  | MPH Acquisition Holdings LLC, 2025 Exchange 1st Out Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.037%, 12/31/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;165698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164485 |
|  | **Total Floating Rate Loans (Cost $2,101,411)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149409 |
|  |  |  | **Shares** |  |
|  | **Common Stocks 33.7%** |  |  |  |
|  | **Aerospace & Defense 1.6%** |  |  |  |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679024 |
|  | RTX Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536417 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215441 |
|  | **Banks 2.6%** |  |  |  |
|  | Bank of America Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751301 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819516 |
|  | Truist Financial Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300765 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14871582 |
|  | **Beverages 2.3%** |  |  |  |
|  | Coca-Cola Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842873 |
|  | PepsiCo, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983855 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12826728 |
|  | **Biotechnology 1.8%** |  |  |  |
|  | AbbVie, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379255 |
|  | Amgen, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819603 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10198858 |
|  | **Building Products 0.7%** |  |  |  |
|  | Johnson Controls International PLC | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128389 |
|  | **Capital Markets 0.3%** |  |  |  |
|  | Morgan Stanley | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974640 |
|  | **Chemicals 0.8%** |  |  |  |
|  | Air Products & Chemicals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279289 |
|  | Albemarle Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284835 |
|  | **Communications Equipment 0.6%** |  |  |  |
|  | Cisco Systems, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153751 |
|  | **Computers & Peripherals 0.4%** |  |  |  |
|  | Hewlett Packard Enterprise Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;150311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319299 |
|  | **Diversified Telecommunication Services 1.1%** |  |  |  |
|  | Verizon Communications, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;137003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214456 |

---

franklintempleton.com Annual Report 60

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** |  |  |  |
| **Electric Utilities 3.1%** |  |  |  |
| Duke Energy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 57400 | &nbsp;&nbsp;$7001078 |
| Edison International | &nbsp;&nbsp;United States | &nbsp;&nbsp; 19538 | &nbsp;&nbsp;&nbsp;&nbsp;1151179 |
| NextEra Energy, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 38995 | &nbsp;&nbsp;&nbsp;&nbsp;2764355 |
| Southern Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 52427 | &nbsp;&nbsp;&nbsp;&nbsp;4820663 |
| Xcel Energy, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24538 | &nbsp;&nbsp;&nbsp;&nbsp;1737045 |
|  |  |  | &nbsp;&nbsp;&nbsp;17474320 |
| **Food Products 0.7%** |  |  |  |
| Mondelez International, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35957 | &nbsp;&nbsp;&nbsp;&nbsp;2439683 |
| Nestle SA, ADR | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;1719890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4159573 |
| **Ground Transportation 0.9%** |  |  |  |
| Union Pacific Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22594 | &nbsp;&nbsp;&nbsp;&nbsp;5337607 |
| **Health Care Equipment & Supplies 0.6%** |  |  |  |
| Medtronic PLC | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34676 | &nbsp;&nbsp;&nbsp;&nbsp;3115985 |
| **Household Products 1.1%** |  |  |  |
| Procter & Gamble Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35136 | &nbsp;&nbsp;&nbsp;&nbsp;5987877 |
| **Industrial Conglomerates 1.3%** |  |  |  |
| Honeywell International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20770 | &nbsp;&nbsp;&nbsp;&nbsp;4398047 |
| Siemens AG | Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12416 | &nbsp;&nbsp;&nbsp;&nbsp;2844846 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7242893 |
| **IT Services 0.5%** |  |  |  |
| International Business Machines Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11088 | &nbsp;&nbsp;&nbsp;&nbsp;2757142 |
| **Machinery 0.6%** |  |  |  |
| Illinois Tool Works, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12782 | &nbsp;&nbsp;&nbsp;&nbsp;3170064 |
| **Metals & Mining 0.8%** |  |  |  |
| BHP Group Ltd., ADR | &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29998 |
| Rio Tinto PLC, ADR | Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71048 | &nbsp;&nbsp;&nbsp;&nbsp;4268564 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4298562 |
| **Multi-Utilities 0.8%** |  |  |  |
| DTE Energy Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23307 | &nbsp;&nbsp;&nbsp;&nbsp;3222659 |
| Sempra | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18157 | &nbsp;&nbsp;&nbsp;&nbsp;1295683 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4518342 |
| **Oil, Gas & Consumable Fuels 5.5%** |  |  |  |
| Chevron Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80704 | &nbsp;&nbsp;&nbsp;13500972 |
| ConocoPhillips | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20781 | &nbsp;&nbsp;&nbsp;&nbsp;2182421 |
| Exxon Mobil Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84204 | &nbsp;&nbsp;&nbsp;10014382 |
| Shell PLC, ADR | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67520 | &nbsp;&nbsp;&nbsp;&nbsp;4947865 |
|  |  |  | &nbsp;&nbsp;&nbsp;30645640 |
| **Pharmaceuticals 4.1%** |  |  |  |
| AstraZeneca PLC, ADR | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75420 | &nbsp;&nbsp;&nbsp;&nbsp;5543370 |
| Johnson & Johnson | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77676 | &nbsp;&nbsp;&nbsp;12881788 |
| Merck & Co., Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12477 |
| Roche Holding AG, ADR | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;109427 | &nbsp;&nbsp;&nbsp;&nbsp;4502921 |
|  |  |  | &nbsp;&nbsp;&nbsp;22940556 |
| **Semiconductors & Semiconductor Equipment 0.3%** |  |  |  |
| Analog Devices, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp;&nbsp;1634938 |
| Microchip Technology, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21930 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1656868 |

---

61 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Tobacco 1.2%** |  |  |  |
|  | Philip Morris International, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41391 | &nbsp;&nbsp;$6569993 |
|  | **Total Common Stocks (Cost $174,319,307)** |  |  | &nbsp;&nbsp;&nbsp;189063401 |
|  | **Preferred Stocks 2.2%** |  |  |  |
|  | **Aerospace & Defense 0.6%** |  |  |  |
|  | Boeing Co., 6.00%, pfd. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177631 |
|  | **Capital Markets 0.1%** |  |  |  |
|  | Ares Management Corp., 6.75%, pfd. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512231 |
|  | **Chemicals 0.6%** |  |  |  |
|  | Albemarle Corp., 7.25%, pfd. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470100 |
|  | **Electric Utilities 0.9%** |  |  |  |
|  | NextEra Energy, Inc., 7.299%, pfd. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630984 |
|  | NextEra Energy, Inc., 7.234%, pfd. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636343 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267327 |
|  | **Total Preferred Stocks (Cost $12,535,854)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12427289 |
| <sup>d,e</sup> | **Equity-Linked Securities 17.3%** |  |  |  |
|  | **Other 17.3%** |  |  |  |
| <sup>a</sup> | Barclays Bank PLC into Amazon.com Inc., 10.00%, 3/25/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971075 |
| <sup>a</sup> | Barclays Bank PLC into Home Depot (HD), 7.00%, 2/25/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809361 |
| <sup>a</sup> | Barclays Bank PLC into IBM US, 8.50%, 6/9/25 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359562 |
| <sup>a</sup> | BNP Paribas Issuance BV into Freeport-Mcmoran Inc., 10.00%, 8/12/25 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189406 |
| <sup>a</sup> | BNP Paribas Issuance BV into Target Corp., 9.00%, 7/10/25 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944084 |
| <sup>a</sup> | BNP Paribas SA into Applied Materials Inc., 10.00%, 12/10/25 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044994 |
| <sup>a</sup> | BofA Finance LLC into S&P 500 Index, 9.00%, 5/20/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067569 |
| <sup>a</sup> | Citigroup Global Markets Holdings, Inc. into Merck & Co., 9.50%, 8/28/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329740 |
| <sup>a</sup> | Citigroup Global Markets Holdings, Inc. into Newmont Corp., 9.50%, 2/18/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823112 |
| <sup>a</sup> | Citigroup Global Markets Holdings, Inc. into The Boeing Co., 8.50%, 12/8/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531387 |
| <sup>a</sup> | Citigroup Global Markets Holdings, Inc. into The Home Depot Inc., 7.50%, 7/21/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344921 |
| <sup>a</sup> | Citigroup Global Markets Holdings, Inc. into UnitedHealth Group Inc., 9.00%, 9/27/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858294 |
| <sup>a</sup> | JPMorgan Chase Bank NA into Analog Devices Inc., 9.00%, 2/19/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503598 |
| <sup>a</sup> | JPMorgan Chase Bank NA into Comcast Corp., 8.50%, 9/2/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574532 |
| <sup>a</sup> | JPMorgan Chase Bank NA into CVS Health Corp., 9.00%, 11/25/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565867 |
| <sup>a</sup> | JPMorgan Chase Bank NA into Exxon Mobil Corp., 8.50%, 11/3/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280562 |
| <sup>a</sup> | JPMorgan Chase Bank NA into The Boeing Co., 10.00%, 1/22/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929596 |
| <sup>a</sup> | Merrill Lynch BV into Dell Technologies Inc., 12.00%, 3/9/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011610 |
| <sup>a</sup> | Merrill Lynch BV into Microsoft Inc., 7.50%, 10/6/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180675 |
| <sup>a</sup> | Merrill Lynch BV into Microsoft Inc., 6.00%, 2/13/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977401 |
| <sup>a</sup> | Merrill Lynch BV into Microsoft Inc., 7.00%, 3/9/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926083 |
| <sup>a</sup> | Mizuho Markets Cayman LP into Microchip Technology Inc., 10.00%, 4/15/26 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480539 |
| <sup>a</sup> | Mizuho Markets Cayman LP into U.S. Bancorp, 9.00%, 2/25/26 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981336 |
| <sup>a</sup> | National Bank of Canada into Broadcom Inc., 11.50%, 5/13/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057188 |
| <sup>a</sup> | Royal Bank of Canada into Cisco Systems Inc., 8.00%, 9/17/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621002 |
| <sup>a</sup> | Royal Bank of Canada into Citigroup Inc., 8.50%, 8/27/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620197 |
| <sup>a</sup> | Royal Bank of Canada into Morgan Stanley, 8.50%, 11/26/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327214 |
| <sup>a</sup> | Royal Bank of Canada into Nasdaq-100 Index, 9.00%, 6/24/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358725 |
| <sup>a</sup> | Royal Bank of Canada into Nike Inc., Class B, 10.00%, 12/24/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681448 |
| <sup>a</sup> | Royal Bank of Canada into S&P 500 Index, 8.5%, 5/7/25 | Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782359 |

---

franklintempleton.com Annual Report 62

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Income Focus ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| <sup>d,e</sup> | **Equity-Linked Securities (continued)** |  |  |  |
|  | **Other (continued)** |  |  |  |
| <sup>a</sup> | Royal Bank of Canada into Texas Instruments Inc., 8.00%, 6/11/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;$4549668 |
| <sup>a</sup> | Toronto-Dominion Bank into Starbucks Corp., 9.00%, 1/12/26 | &nbsp;&nbsp;Canada | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417369 |
| <sup>a</sup> | UBS AG into Apple Inc., 7.00%, 4/2/25 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166546 |
| <sup>a</sup> | UBS AG into Bank of America Corp., 8.00%, 1/28/26 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625195 |
| <sup>a</sup> | UBS AG into S&P 500 Index, 8.00%, 4/22/25 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794605 |
| <sup>a</sup> | UBS AG into S&P 500 Index, 9.00%, 6/3/25 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5647556 |
| <sup>a</sup> | Wells Fargo Bank NA into Citigroup Inc., 8.50%, 2/25/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241671 |
| <sup>a</sup> | Wells Fargo Bank NA into Schlumberger N.V., 10.00%, 11/26/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580259 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97156306 |
|  | **Total Equity-Linked Securities (Cost $99,234,712)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97156306 |
|  | **Total Investments before Short-Term Investments (Cost $530,925,668)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;543940433 |
|  | **Short-Term Investments 2.9%** |  |  |  |
|  | **Money Market Funds 2.9%** |  |  |  |
| <sup>f,g</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | United States | 16115318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115318 |
|  | **Total Short-Term Investments (Cost $16,115,318)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115318 |
|  | **Total Investments (Cost $547,040,986) 99.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;560055751 |
|  | **Other Assets, less Liabilities 0.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387202 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$561442953 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $186,485,475, representing 33.2% of net assets. |
| <sup>b</sup>Security purchased on a when-issued basis. See Note 1(d). |
| <sup>c</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>d</sup>See Note 1(f) regarding equity-linked securities. |
| <sup>e</sup>The country reference within the SOI disclosure is for the underlying bank vs. the underlying equity position. |
| <sup>f</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>g</sup>See Note 3(d) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 190.

63 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Intelligent Machines ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $58.34 | $44.16 | $46.30 | $43.24 | &nbsp;&nbsp;$20.67 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income (loss)<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;22.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;14.18 | &nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;22.57 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>c</sup> |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$56.73 | &nbsp;&nbsp;$58.34 | &nbsp;&nbsp;$44.16 | &nbsp;&nbsp;$46.30 | &nbsp;&nbsp;$43.24 |
| Total return<sup>d</sup> | (2.78)% | 32.13% | (4.62)% | 7.27% | &nbsp;&nbsp;109.21% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;2.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% |
| Net investment income (loss) | (0.13)% | (0.07)% | —%<sup>e</sup> | (0.21)% | &nbsp;&nbsp;(0.17)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$25526 | &nbsp;&nbsp;$20419 | &nbsp;&nbsp;$8832 | &nbsp;&nbsp;$11574 | &nbsp;&nbsp;$10809 |
| Portfolio turnover rate<sup>f</sup> | 44.12%<sup>g</sup> | 11.93%<sup>g</sup> | 19.82%<sup>g</sup> | 35.98%<sup>g</sup> | &nbsp;&nbsp;75.25%<sup>g</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Amount rounds to less than $0.005 per share. |
| <sup>d</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Rounds to less than 0.005%. |
| <sup>f</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>g</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 44.12% | 10.90% | 19.38% | 35.98% | &nbsp;&nbsp;75.25% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 64

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Intelligent Machines ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 96.7%** |  |  |  |
|  | **Aerospace & Defense 10.0%** |  |  |  |
| <sup>a</sup> | AeroVironment, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1303 | &nbsp;&nbsp;$155305 |
| <sup>a</sup> | Axon Enterprise, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp;&nbsp; 1467400 |
| <sup>a</sup> | Kratos Defense & Security Solutions, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;18166 | &nbsp;&nbsp;&nbsp;&nbsp; 539349 |
|  | Leonardo DRS, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp;&nbsp; 96700 |
|  | Rheinmetall AG, ADR | &nbsp;&nbsp;Germany | &nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp; 142226 |
| <sup>a</sup> | Rocket Lab USA, Inc. | United States | &nbsp;&nbsp; 7870 | &nbsp;&nbsp;&nbsp;&nbsp; 140716 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541696 |
|  | **Automobile Components 0.5%** |  |  |  |
| <sup>a</sup> | Hesai Group, ADR | China | &nbsp;&nbsp;&nbsp;8644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127931 |
|  | **Automobiles 6.7%** |  |  |  |
| <sup>a</sup> | Tesla, Inc. | United States | &nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718749 |
|  | **Communications Equipment 1.6%** |  |  |  |
| <sup>a</sup> | Arista Networks, Inc. | United States | &nbsp;&nbsp;&nbsp;5274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408629 |
|  | **Computers & Peripherals 4.8%** |  |  |  |
|  | Apple, Inc. | United States | &nbsp;&nbsp;&nbsp;5517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225491 |
|  | **Construction & Engineering 2.6%** |  |  |  |
|  | Quanta Services, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525644 |
|  | Valmont Industries, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132127 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657771 |
|  | **Electrical Equipment 3.2%** |  |  |  |
|  | GE Vernova, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484785 |
| <sup>a</sup> | Siemens Energy AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174590 |
|  | Vertiv Holdings Co., Class A | United States | &nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154508 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813883 |
|  | **Electronic Equipment, Instruments & Components 6.5%** |  |  |  |
|  | Amphenol Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436239 |
| <sup>a</sup> | Celestica, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;8046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634105 |
|  | Keyence Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71956 |
| <sup>a</sup> | Keysight Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70542 |
|  | TE Connectivity PLC | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171987 |
| <sup>a</sup> | Trimble, Inc. | United States | &nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265226 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650055 |
|  | **Energy Equipment & Services 2.3%** |  |  |  |
|  | Baker Hughes Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308793 |
| <sup>a</sup> | Oceaneering International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130140 |
|  | TechnipFMC PLC | United Kingdom | &nbsp;&nbsp;&nbsp;4948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156802 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595735 |
|  | **Ground Transportation 0.7%** |  |  |  |
| <sup>a</sup> | Uber Technologies, Inc. | United States | &nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181931 |
|  | **Health Care Equipment & Supplies 7.9%** |  |  |  |
| <sup>a</sup> | Align Technology, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48611 |
|  | Hoya Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112211 |
| <sup>a</sup> | IDEXX Laboratories, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74751 |
| <sup>a</sup> | Intuitive Surgical, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591302 |
| <sup>a</sup> | PROCEPT BioRobotics Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36471 |
|  | Stryker Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142944 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006290 |
|  | **Health Care Technology 0.7%** |  |  |  |
|  | Pro Medicus Ltd. | Australia | &nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168945 |

---

65 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Intelligent Machines ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Household Durables 0.5%** |  |  |  |
|  | Garmin Ltd. | United States | &nbsp;&nbsp; 613 | &nbsp;&nbsp;$133101 |
|  | **Machinery 0.2%** |  |  |  |
| <sup>a</sup> | Symbotic, Inc. | United States | &nbsp;&nbsp; 2571 | &nbsp;&nbsp;&nbsp;&nbsp; 51960 |
|  | **Semiconductors & Semiconductor Equipment 29.5%** |  |  |  |
| <sup>a</sup> | Advanced Micro Devices, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp;&nbsp; 72534 |
|  | Analog Devices, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 103255 |
|  | Applied Materials, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255266 |
|  | ASM International NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253524 |
|  | ASML Holding NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274992 |
|  | Broadcom, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273138 |
|  | Entegris, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63685 |
|  | Infineon Technologies AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150045 |
|  | KLA Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329703 |
|  | Lam Research Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222535 |
|  | Marvell Technology, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180215 |
|  | Monolithic Power Systems, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142675 |
|  | NVIDIA Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;21218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299607 |
|  | NXP Semiconductors NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115747 |
| <sup>a</sup> | SiTime Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70167 |
|  | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;7758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287828 |
|  | Teradyne, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284640 |
|  | Texas Instruments, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146995 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526551 |
|  | **Software 19.0%** |  |  |  |
| <sup>a</sup> | Aurora Innovation, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;23599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158703 |
| <sup>a</sup> | Autodesk, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495587 |
|  | Bentley Systems, Inc., Class B | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124433 |
| <sup>a</sup> | Cadence Design Systems, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927542 |
|  | Constellation Software, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585801 |
| <sup>a</sup> | Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108242 |
|  | Dassault Systemes SE | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165235 |
| <sup>a</sup> | Descartes Systems Group, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;6461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650342 |
| <sup>a,b</sup> | Lumine Group, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18994 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325362 |
| <sup>a</sup> | Palo Alto Networks, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267222 |
| <sup>a</sup> | PTC, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252414 |
| <sup>a</sup> | Samsara, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163056 |
| <sup>a</sup> | Synopsys, Inc. | United States | &nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619688 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862621 |
|  | **Total Common Stocks (Cost $21,356,247)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24671339 |
|  | **Warrant 0.0%** |  |  |  |
|  | **Software 0.0%** |  |  |  |
| <sup>a,c</sup> | Constellation Software, Inc. | Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Investments (Cost $21,356,247) 96.7%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24671339 |
|  | **Other Assets, less Liabilities 3.3%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854913 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$25526252 |

---

---

| |
|:---|
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the value of this security was $18,994, representing 0.1% of net assets. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 66

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin International Aggregate Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $20.18 | $19.59 | $23.65 | $25.02 | &nbsp;&nbsp;$24.95 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income (loss)<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(3.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Net asset value, end of year | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$20.18 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$23.65 | &nbsp;&nbsp;$25.02 |
| Total return<sup>c</sup> | 2.91% | 4.04% | (2.38)% | (3.35)% | &nbsp;&nbsp;0.72% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.58% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.25% |
| Net investment income (loss) | 2.31% | 2.40% | 0.86% | 0.21% | &nbsp;&nbsp;(0.03)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$625492 | &nbsp;&nbsp;$489468 | &nbsp;&nbsp;$276164 | &nbsp;&nbsp;$193968 | &nbsp;&nbsp;$181405 |
| Portfolio turnover rate<sup>d</sup> | 19.26%<sup>e</sup> | 26.48%<sup>e</sup> | 31.03%<sup>e</sup> | 24.12%<sup>e</sup> | &nbsp;&nbsp;72.21%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 19.26% | 26.48% | 31.03% | 24.12% | &nbsp;&nbsp;72.21% |

---

67 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin International Aggregate Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Foreign Government and Agency Securities 88.9%** |  |  |  |
|  | **Australia 2.5%** |  |  |  |
| <sup>a</sup> | Australia Government Bonds, Series 149, 2.25%, 5/21/28 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;$4786551 |
| <sup>a</sup> | New South Wales Treasury Corp., Series 27, 3.00%, 5/20/27 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151000 |
| <sup>a</sup> | Queensland Treasury Corp., 3.25%, 8/21/29 | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922499 |
| <sup>a</sup> | Western Australian Treasury Corp., Series 26, 3.00%, 10/21/26 | 7500000 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633138 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15493188 |
|  | **Austria 3.8%** |  |  |  |
|  | Republic of Austria Government Bonds, |  |  |  |
|  | <sup>a</sup> 1.20%, 10/20/25 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 13983315 |
|  | <sup>a</sup> 1.50%, 2/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;13000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 9835415 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23818730 |
|  | **Belgium 3.4%** |  |  |  |
| <sup>a</sup> | Kingdom of Belgium Government Bonds, Series 75, 1.00%, 6/22/31 | 22000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;21409412 |
|  | **Canada 1.1%** |  |  |  |
|  | Canada Government Bonds, |  |  |  |
|  | 5.00%, 6/01/37 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp; 4156562 |
|  | 2.00%, 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp; 2710642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867204 |
|  | **China 19.0%** |  |  |  |
|  | Agricultural Development Bank of China, Series 2008, 3.45%, 9/23/25 | &nbsp;&nbsp;13000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804718 |
|  | China Development Bank, Series 2004, 3.43%, 1/14/27 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543792 |
|  | China Government Bonds, |  |  |  |
|  | 2.22%, 9/25/25 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 5523645 |
|  | 2.33%, 12/15/25 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 5535815 |
|  | 3.03%, 3/11/26 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 13984406 |
|  | 2.85%, 6/04/27 | &nbsp;&nbsp; 120000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 16974722 |
|  | 2.67%, 5/25/33 | &nbsp;&nbsp; 120000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 17507891 |
|  | 2.52%, 8/25/33 | &nbsp;&nbsp; 120000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 17337851 |
|  | 2.35%, 2/25/34 | &nbsp;&nbsp; 120000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 17170808 |
|  | Series INBK, 4.28%, 10/23/47 | &nbsp;&nbsp;&nbsp;&nbsp;100000000 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp; 19217230 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;118600878 |
|  | **Cyprus 0.8%** |  |  |  |
| <sup>a</sup> | Cyprus Government International Bonds, 1.50%, 4/16/27 | 4500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803159 |
|  | **Finland 1.3%** |  |  |  |
| <sup>a</sup> | Finland Government Bonds, 2.75%, 7/04/28 | 7500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225478 |
|  | **France 3.9%** |  |  |  |
|  | French Republic Government Bonds OAT, |  |  |  |
|  | <sup>a,b</sup> 2.397%, 11/25/29 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 19132906 |
|  | <sup>a</sup> 0.75%, 5/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 5087904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24220810 |
|  | **Germany 1.8%** |  |  |  |
| <sup>a,b</sup> | Bundesrepublik Deutschland Bundesanleihe, 2.815%, 8/15/26 | 11000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;11583195 |
|  | **Ireland 0.4%** |  |  |  |
| <sup>a</sup> | Ireland Government Bonds, 1.35%, 3/18/31 | 2500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515576 |
|  | **Italy 3.9%** |  |  |  |
|  | Italy Buoni Poliennali Del Tesoro, |  |  |  |
|  | <sup>a</sup> Series 10Y, 1.25%, 12/01/26 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 10666059 |
|  | <sup>a</sup> 2.45%, 9/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;18000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 13730870 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24396929 |
|  | **Japan 18.2%** |  |  |  |
|  | Development Bank of Japan, Inc., 2.30%, 3/19/26 | &nbsp;&nbsp;1200000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8122752 |
|  | Japan Government Five Year Bonds, Series 161, 0.30%, 6/20/28 | &nbsp;&nbsp;4000000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;26131004 |
|  | Japan Government Ten Year Bonds, Series 345, 0.10%, 12/20/26 | 4000000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;26354673 |

---

franklintempleton.com Annual Report 68

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Aggregate Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Foreign Government and Agency Securities (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Japan Government Thirty Year Bonds, Series 65, 0.40%, 12/20/49 | &nbsp;&nbsp;2750000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;$11627721 |
|  | Japan Government Twenty Year Bonds, |  |  |  |
|  | 1.50%, 3/20/33 | &nbsp;&nbsp;4000000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp; 27076130 |
|  | Series 179, 0.50%, 12/20/41 | 2750000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp; 14304205 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;113616485 |
|  | **Mexico 1.0%** |  |  |  |
| <sup>c</sup> | Mexico Bonos, Series M, 8.00%, 11/07/47 | 150000000 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6074768 |
|  | **Netherlands 4.7%** |  |  |  |
|  | Netherlands Government Bonds, |  |  |  |
|  | <sup>a</sup> 0.50%, 7/15/26 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 18025850 |
|  | <sup>a</sup> 0.50%, 1/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 11220829 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;29246679 |
|  | **Poland 1.9%** |  |  |  |
|  | Republic of Poland Government Bonds, Series 1029, 2.75%, 10/25/29 | 50000000 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;11631733 |
|  | **Romania 0.7%** |  |  |  |
| <sup>a</sup> | Romania Government International Bonds, 2.00%, 1/28/32 | 5500000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718575 |
|  | **South Korea 2.9%** |  |  |  |
|  | Korea Treasury Bonds, |  |  |  |
|  | Series 2703, 5.25%, 3/10/27 | &nbsp;&nbsp;8500000000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp; 6053390 |
|  | Series 3012, 4.75%, 12/10/30 | &nbsp;&nbsp;8000000000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp; 6021249 |
|  | Series 3212, 4.25%, 12/10/32 | 8200000000 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp; 6170844 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18245483 |
|  | **Spain 3.2%** |  |  |  |
| <sup>a</sup> | Spain Government Bonds, 1.25%, 10/31/30 | 20000000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;19968469 |
|  | **Supranational 4.5%** |  |  |  |
|  | European Union, |  |  |  |
|  | <sup>a</sup> 2.75%, 2/04/33 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 18074718 |
|  | <sup>a</sup> 0.30%, 11/04/50 | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp; 9909571 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27984289 |
|  | **Sweden 3.0%** |  |  |  |
| <sup>a</sup> | Sweden Government Bonds, Series 1060, 0.75%, 5/12/28 | 200000000 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;19014505 |
|  | **United Kingdom 6.9%** |  |  |  |
|  | U.K. Gilts, |  |  |  |
|  | <sup>a</sup> 4.75%, 12/07/30 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp; 14584884 |
|  | <sup>a</sup> 0.875%, 7/31/33 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp; 11612258 |
|  | <sup>a</sup> 3.75%, 1/29/38 | &nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp; 17330100 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;43527242 |
|  | **Total Foreign Government and Agency Securities (Cost $567,950,034)** |  |  | &nbsp;&nbsp;&nbsp;555962787 |
|  | **Corporate Bonds & Notes 2.2%** |  |  |  |
|  | **France 0.3%** |  |  |  |
| <sup>a</sup> | Orange SA, 1.375%, 3/20/28 | 1500000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565498 |
|  | **Germany 0.5%** |  |  |  |
| <sup>a</sup> | Deutsche Telekom AG, 0.875%, 3/25/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532699 |
|  | Kreditanstalt fuer Wiederaufbau, 2.05%, 2/16/26 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027463 |
| <sup>a,b</sup> | Siemens Financieringsmaatschappij NV, 1.083%, 2/20/26 | 700000 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740962 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301124 |
|  | **Supranational 0.6%** |  |  |  |
|  | Asian Development Bank, Series 339-00-1, 2.35%, 6/21/27 | &nbsp;&nbsp;240000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656348 |
| <sup>a</sup> | European Investment Bank, 1.90%, 1/26/26 | 330000000 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225246 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881594 |

---

69 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Aggregate Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **United Kingdom 0.2%** |  |  |  |
| <sup>a</sup> | RELX Finance BV, 0.50%, 3/10/28 | 1500000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;$1521085 |
|  | **United States 0.6%** |  |  |  |
|  | Apple, Inc., 1.625%, 11/10/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068052 |
|  | AT&T, Inc., 0.25%, 3/04/26 | &nbsp;&nbsp;1200000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271281 |
| <sup>a</sup> | Schlumberger Finance France SAS, 1.00%, 2/18/26 | 1000000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066608 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405941 |
|  | **Total Corporate Bonds & Notes (Cost $16,366,182)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13675242 |
|  | **Total Investments before Short Term Investments ($584316216)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;569638029 |
|  | **Short-Term Investments 1.4%** |  |  |  |
|  | **U.S. Government & Agency Securities 1.4%** |  |  |  |
| <sup>b</sup> | Federal Home Loan Bank Discount Notes, 4.107%, 4/01/25 | 8740000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738978 |
|  | **Total Short-Term Investments (Cost $8,740,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738978 |
|  | **Total Investments (Cost $593,056,216) 92.5%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;578377007 |
|  | **Other Assets, less Liabilities 7.5%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47115288 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$625492295 |

---

---

| |
|:---|
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the aggregate value of these securities was $288,578,334, representing 46.1% of net assets. |
| <sup>b</sup>The rate shown represents the yield at period end. |
| <sup>c</sup>Principal amount is stated in 100 Mexican Peso Units. |

---

At March 31, 2025, the Fund had the following forward exchange contracts outstanding. See Note 1(c).

**Forward Exchange Contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Counterparty<sup>a</sup>** | **Type** | **Quantity** | **Contract<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** |
| Australian Dollar | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 | &nbsp;&nbsp;$5521801 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;$31908 | &nbsp;&nbsp;$— |
| Australian Dollar | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9651762 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 50686 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Canadian Dollar | BNPS | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105020 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (488) |
| Canadian Dollar | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24420000 | &nbsp;&nbsp;&nbsp;&nbsp;17097823 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 80138 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Chinese Yuan | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;862700000 | &nbsp;&nbsp;&nbsp;118376078 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (649872) |
| Euro | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;130800000 | &nbsp;&nbsp;&nbsp;135448370 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6059208) |
| Euro | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74450000 | &nbsp;&nbsp;&nbsp;&nbsp;77130677 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3413966) |
| Great British Pound | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500000 | &nbsp;&nbsp;&nbsp;&nbsp;31599626 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1271453) |
| Great British Pound | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200000 | &nbsp;&nbsp;&nbsp;&nbsp;12649168 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (499263) |
| Japanese Yen | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;8899000000 | &nbsp;&nbsp;&nbsp;&nbsp;58999573 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (625581) |
| Japanese Yen | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;9630000000 | &nbsp;&nbsp;&nbsp;&nbsp;63909306 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (613700) |
| Mexican Peso | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86288147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136659 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (58145) |
| Mexican Peso | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202107 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18102) |
| Polish Zloty | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898821 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (441140) |
| Polish Zloty | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339276 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117932) |
| South Korean Won | BNPS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;27600000000 | &nbsp;&nbsp;&nbsp;&nbsp;19081463 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;297977 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swedish Krona | CITI | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;133500000 | &nbsp;&nbsp;&nbsp;&nbsp;12243056 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1066102) |

---

franklintempleton.com Annual Report 70

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin International Aggregate Bond ETF (continued)

**Forward Exchange Contracts (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty<sup>a</sup> | Type | Quantity | Contract<br> Amount | Settlement<br> Date | Unrealized<br> Appreciation | &nbsp;&nbsp;Unrealized<br> Depreciation |
| OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) | OTC Forward Exchange Contracts (continued) |
| Swedish Krona | BNPS | Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59800000 | $5486452 | 5/12/25 | $— | &nbsp;&nbsp;$(475253) |
| &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | $460709 | &nbsp;&nbsp;$(15310205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14849496) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup>May be comprised of multiple contracts with the same counterparty, currency and settlement date.

See Note 9 regarding other derivative information.

See Abbreviations on page 190.

71 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Investment Grade Corporate ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $21.36 | $21.44 | $23.71 | $25.47 | &nbsp;&nbsp;$24.22 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) |
| Net asset value, end of year | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$21.36 | &nbsp;&nbsp;$21.44 | &nbsp;&nbsp;$23.71 | &nbsp;&nbsp;$25.47 |
| Total return<sup>c</sup> | 4.85% | 4.13% | (6.46)% | (4.30)% | &nbsp;&nbsp;9.43% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.42% | &nbsp;&nbsp;0.50% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% |
| Net investment income | 4.25% | 3.84% | 3.13% | 2.27% | &nbsp;&nbsp;2.27% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$564839 | &nbsp;&nbsp;$364152 | &nbsp;&nbsp;$644363 | &nbsp;&nbsp;$981602 | &nbsp;&nbsp;$1018639 |
| Portfolio turnover rate<sup>d</sup> | 47.04%<sup>e</sup> | 25.09%<sup>e</sup> | 27.84%<sup>e</sup> | 36.76%<sup>e</sup> | &nbsp;&nbsp;53.32%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 47.04% | 25.09% | 27.84% | 36.76% | &nbsp;&nbsp;53.32% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 72

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Investment Grade Corporate ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 96.1%** |  |  |  |
|  | **Aerospace & Defense 2.8%** |  |  |  |
| <sup>a</sup> | BAE Systems PLC, 5.50%, 3/26/54 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;$1483379 |
|  | Boeing Co., |  |  |  |
|  | 3.65%, 3/01/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2083346 |
|  | 6.528%, 5/01/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2572946 |
|  | General Dynamics Corp., |  |  |  |
|  | 2.85%, 6/01/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 867317 |
|  | 3.60%, 11/15/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 1997431 |
|  | Howmet Aerospace, Inc., 5.95%, 2/01/37 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248004 |
|  | Lockheed Martin Corp., 4.07%, 12/15/42 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172676 |
|  | Northrop Grumman Corp., 4.95%, 3/15/53 | United States | &nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437845 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15862944 |
|  | **Agriculture 0.7%** |  |  |  |
|  | Philip Morris International, Inc., 5.375%, 2/15/33 | United States | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080920 |
|  | **Airlines 0.7%** |  |  |  |
| <sup>a</sup> | Delta Air Lines, Inc./SkyMiles IP Ltd., first lien, 4.50%, 10/20/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1478922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473931 |
|  | United Airlines Pass-Through Trust, |  |  |  |
|  | Series 2016-1, Class A, 3.45%, 1/07/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1389795 | &nbsp;&nbsp;&nbsp; 1321902 |
|  | Series 2020-1, Class B, 4.875%, 7/15/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;866688 | &nbsp;&nbsp;&nbsp; 865404 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661237 |
|  | **Apparel 0.1%** |  |  |  |
|  | Tapestry, Inc., 5.50%, 3/11/35 | United States | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608114 |
|  | **Auto Manufacturers 1.1%** |  |  |  |
|  | Hyundai Capital America, |  |  |  |
|  | <sup>a</sup> 5.35%, 3/19/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 4356760 |
|  | <sup>a</sup> 4.55%, 9/26/29 | United States | 2000000 | &nbsp;&nbsp;&nbsp; 1957843 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314603 |
|  | **Banks 26.9%** |  |  |  |
|  | Banco Santander SA, 2.749%, 12/03/30 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217349 |
|  | Bank of America Corp., |  |  |  |
|  | 2.592% to 4/29/30, FRN thereafter, 4/29/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; 3414304 |
|  | 4.571% to 4/27/32, FRN thereafter, 4/27/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6150000 | &nbsp;&nbsp;&nbsp; 5944750 |
|  | 5.202% to 4/25/28, FRN thereafter, 4/25/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6950000 | &nbsp;&nbsp;&nbsp; 7062453 |
|  | 5.511% to 1/24/35, FRN thereafter, 1/24/36 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2545269 |
|  | 5.744% to 2/12/35, FRN thereafter, 2/12/36 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1397846 |
|  | Bank of New York Mellon Corp., 3.85%, 4/28/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543699 |
|  | Barclays PLC, 5.086% to 2/25/28, FRN thereafter, 2/25/29 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;2770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790168 |
| <sup>a</sup> | BPCE SA, 5.936% to 5/30/34, FRN thereafter, 5/30/35 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915458 |
|  | Capital One Financial Corp., 4.985% to 7/24/25, FRN thereafter, 7/24/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400446 |
|  | Citigroup, Inc., |  |  |  |
|  | 3.668% to 7/24/27, FRN thereafter, 7/24/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 6164099 |
|  | 3.057% to 1/25/32, FRN thereafter, 1/25/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; 3157095 |
| <sup>a</sup> | Credit Agricole SA, 5.134%, 3/11/27 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014030 |
| <sup>a</sup> | Danske Bank AS, 5.427% to 3/01/27, FRN thereafter, 3/01/28 | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949078 |
|  | Deutsche Bank AG, 2.129% to 11/24/25, FRN thereafter, 11/24/26 | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;2475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430820 |
|  | Fifth Third Bancorp, 4.772% to 7/28/29, FRN thereafter, 7/28/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759149 |
|  | Goldman Sachs Group, Inc., |  |  |  |
|  | 2.64% to 2/24/27, FRN thereafter, 2/24/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp; 9655591 |
|  | 5.33% to 7/23/34, FRN thereafter, 7/23/35 | United States | 4500000 | &nbsp;&nbsp;&nbsp; 4479724 |

---

73 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Investment Grade Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | HSBC Holdings PLC, 1.645% to 4/18/25, FRN thereafter, 4/18/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;$2496464 |
|  | Huntington Bancshares, Inc., 5.272% to 1/15/30, FRN thereafter, 1/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021744 |
|  | JPMorgan Chase & Co., |  |  |  |
|  | 2.522% to 4/22/30, FRN thereafter, 4/22/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp; 4623121 |
|  | 2.963% to 1/25/32, FRN thereafter, 1/25/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 6623122 |
|  | 4.851% to 7/25/27, FRN thereafter, 7/25/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1811796 |
|  | 6.087% to 10/23/28, FRN thereafter, 10/23/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5880000 | &nbsp;&nbsp;&nbsp; 6157371 |
|  | Mizuho Financial Group, Inc., 5.778% to 7/06/28, FRN thereafter, 7/06/29 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045852 |
|  | Morgan Stanley, |  |  |  |
|  | 1.794% to 2/13/31, FRN thereafter, 2/13/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7875000 | &nbsp;&nbsp;&nbsp; 6600751 |
|  | 5.25% to 4/21/33, FRN thereafter, 4/21/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 4804354 |
|  | 5.449% to 7/20/28, FRN thereafter, 7/20/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1790136 |
| <sup>a</sup> | National Australia Bank Ltd., 2.332%, 8/21/30 | &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697842 |
|  | NatWest Group PLC, 4.964% to 8/15/29, FRN thereafter, 8/15/30 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803534 |
|  | PNC Financial Services Group, Inc., |  |  |  |
|  | 6.615% to 10/20/26, FRN thereafter, 10/20/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; 6597408 |
|  | 5.222% to 1/29/30, FRN thereafter, 1/29/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3358615 |
|  | Royal Bank of Canada, 4.97% to 5/02/30, FRN thereafter, 5/02/31 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261713 |
|  | Truist Financial Corp., 7.161% to 10/30/28, FRN thereafter, 10/30/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308107 |
|  | U.S. Bancorp, 5.10% to 7/23/29, FRN thereafter, 7/23/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220535 |
|  | UBS Group AG, |  |  |  |
|  | <sup>a</sup> 3.869% to 1/12/28, FRN thereafter, 1/12/29 | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; 4249887 |
|  | <sup>a</sup> 5.428% to 2/08/29, FRN thereafter, 2/08/30 | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3054982 |
|  | Wells Fargo & Co., |  |  |  |
|  | 4.808% to 7/25/27, FRN thereafter, 7/25/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5016817 |
|  | 5.574% to 7/25/28, FRN thereafter, 7/25/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2979426 |
|  | 5.198% to 1/22/29, FRN thereafter, 1/23/30 | United States | 2700000 | &nbsp;&nbsp;&nbsp; 2745836 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;152110741 |
|  | **Beverages 0.6%** |  |  |  |
|  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/01/46 | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845832 |
|  | Anheuser-Busch InBev Worldwide, Inc., 5.80%, 1/23/59 | Belgium | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759496 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605328 |
|  | **Biotechnology 3.0%** |  |  |  |
|  | Amgen, Inc., 5.60%, 3/02/43 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467974 |
|  | Bio-Rad Laboratories, Inc., 3.30%, 3/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512710 |
| <sup>a</sup> | CSL Finance PLC, 4.25%, 4/27/32 | &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830559 |
|  | Illumina, Inc., 5.80%, 12/12/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007222 |
|  | Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367314 |
|  | Royalty Pharma PLC, 3.35%, 9/02/51 | United States | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584857 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16770636 |
|  | **Chemicals 2.0%** |  |  |  |
|  | DuPont de Nemours, Inc., 5.319%, 11/15/38 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692181 |
|  | Huntsman International LLC, 2.95%, 6/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675678 |
|  | Nutrien Ltd., 5.20%, 6/21/27 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821456 |
| <sup>a</sup> | Solvay Finance America LLC, 5.65%, 6/04/29 | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489927 |
|  | Westlake Corp., 3.125%, 8/15/51 | United States | &nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734673 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11413915 |
|  | **Commercial Services & Supplies 0.9%** |  |  |  |
| <sup>a</sup> | Ashtead Capital, Inc., 5.80%, 4/15/34 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019521 |
|  | Global Payments, Inc., 5.40%, 8/15/32 | United States | &nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125400 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144921 |

---

franklintempleton.com Annual Report 74

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Investment Grade Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Construction Materials 0.4%** |  |  |  |
|  | Martin Marietta Materials, Inc., 5.15%, 12/01/34 | United States | 2525000 | &nbsp;&nbsp;$2510825 |
|  | **Diversified REITs 1.1%** |  |  |  |
|  | Essex Portfolio LP, 2.65%, 3/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461455 |
|  | Simon Property Group LP, 3.375%, 12/01/27 | United States | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996894 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458349 |
|  | **Electric 2.6%** |  |  |  |
|  | Baltimore Gas & Electric Co., 4.55%, 6/01/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023936 |
|  | Constellation Energy Generation LLC, 6.50%, 10/01/53 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941733 |
|  | Consumers Energy Co., 4.05%, 5/15/48 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212195 |
|  | DTE Electric Co., Series B, 3.65%, 3/01/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069589 |
|  | Virginia Electric & Power Co., |  |  |  |
|  | Series D, 4.65%, 8/15/43 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 2929142 |
|  | Series A, 3.50%, 3/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3199219 |
| <sup>a</sup> | Vistra Operations Co. LLC, 5.05%, 12/30/26 | United States | &nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355249 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14731063 |
|  | **Electric Utilities 3.3%** |  |  |  |
|  | Commonwealth Edison Co., 4.00%, 3/01/48 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255845 |
|  | Duke Energy Progress LLC, 2.50%, 8/15/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221711 |
| <sup>a</sup> | EDP Finance BV, 1.71%, 1/24/28 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678906 |
| <sup>a</sup> | Enel Finance International NV, 3.625%, 5/25/27 | &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231439 |
|  | Georgia Power Co., |  |  |  |
|  | Series 2010-C, 4.75%, 9/01/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; 4345808 |
|  | 4.30%, 3/15/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1287945 |
|  | MidAmerican Energy Co., 4.25%, 5/01/46 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244977 |
|  | Public Service Electric & Gas Co., 3.15%, 1/01/50 | United States | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369743 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18636374 |
|  | **Electronic Equipment, Instruments & Components 0.4%** |  |  |  |
|  | Flex Ltd., 3.75%, 2/01/26 | United States | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982652 |
|  | **Entertainment 0.2%** |  |  |  |
|  | Warnermedia Holdings, Inc., 4.279%, 3/15/32 | United States | &nbsp;&nbsp;&nbsp;1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326467 |
|  | **Financial Services 0.3%** |  |  |  |
|  | BlackRock Funding, Inc., 5.25%, 3/14/54 | United States | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544499 |
|  | **Food 1.8%** |  |  |  |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, |  |  |  |
|  | 2.50%, 1/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1924533 |
|  | 3.625%, 1/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3155802 |
|  | Mars, Inc., |  |  |  |
|  | <sup>a</sup> 2.375%, 7/16/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1396132 |
|  | <sup>a</sup> 5.70%, 5/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 899883 |
|  | McCormick & Co., Inc., 1.85%, 2/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121102 |
|  | Mondelez International, Inc., 2.75%, 4/13/30 | United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913243 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10410695 |
|  | **Gas 1.3%** |  |  |  |
|  | Piedmont Natural Gas Co., Inc., 5.05%, 5/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518532 |
|  | Southern California Gas Co., 5.60%, 4/01/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913238 |
|  | Southern Co. Gas Capital Corp., 4.95%, 9/15/34 | United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922142 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353912 |
|  | **Health Care Providers & Services 5.9%** |  |  |  |
|  | Ascension Health, Series B, 2.532%, 11/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586923 |
|  | Centene Corp., 4.25%, 12/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832044 |
|  | Cigna Group, 3.20%, 3/15/40 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275300 |
|  | Elevance Health, Inc., 4.10%, 5/15/32 | United States | &nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319523 |

---

75 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Investment Grade Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Health Care Providers & Services (continued)** |  |  |  |
|  | HCA, Inc., 4.50%, 2/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;$4087443 |
|  | Icon Investments Six DAC, 6.00%, 5/08/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087791 |
|  | IQVIA, Inc., 6.25%, 2/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292642 |
|  | Kaiser Foundation Hospitals, Series 2021, 3.002%, 6/01/51 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300365 |
|  | Mayo Clinic, Series 2021, 3.196%, 11/15/61 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303547 |
| <sup>a</sup> | Roche Holdings, Inc., 2.607%, 12/13/51 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476835 |
|  | Sutter Health, 5.164%, 8/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521002 |
|  | UnitedHealth Group, Inc., 3.05%, 5/15/41 | United States | &nbsp;&nbsp;&nbsp;5950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384267 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;33467682 |
|  | **Healthcare-Products 0.8%** |  |  |  |
|  | Baxter International, Inc., 2.539%, 2/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574312 |
|  | Solventum Corp., 5.60%, 3/23/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912683 |
|  | Thermo Fisher Scientific, Inc., 5.404%, 8/10/43 | United States | &nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150986 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637981 |
|  | **Home Builders 0.6%** |  |  |  |
|  | DR Horton, Inc., 5.00%, 10/15/34 | United States | &nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412660 |
|  | **Household Products 0.9%** |  |  |  |
|  | Haleon U.S. Capital LLC, 3.375%, 3/24/27 | United States | &nbsp;&nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803580 |
|  | **Insurance 3.9%** |  |  |  |
|  | Arch Capital Group U.S., Inc., 5.144%, 11/01/43 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142449 |
|  | Arthur J Gallagher & Co., |  |  |  |
|  | 5.75%, 3/02/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1224020 |
|  | 6.50%, 2/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2226669 |
|  | Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695561 |
|  | Brown & Brown, Inc., 2.375%, 3/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178656 |
| <sup>a</sup> | Empower Finance 2020 LP, 1.776%, 3/17/31 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438665 |
| <sup>a</sup> | Jackson National Life Global Funding, 5.55%, 7/02/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140638 |
|  | Marsh & McLennan Cos., Inc., 5.40%, 3/15/55 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835827 |
| <sup>a</sup> | MassMutual Global Funding II, 5.05%, 12/07/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342483 |
| <sup>a</sup> | Pricoa Global Funding I, 5.10%, 5/30/28 | United States | &nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909514 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22134482 |
|  | **Internet 1.9%** |  |  |  |
|  | Amazon.com, Inc., 2.875%, 5/12/41 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738246 |
|  | Meta Platforms, Inc., 4.45%, 8/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982035 |
|  | Netflix, Inc., |  |  |  |
|  | <sup>a</sup> 4.875%, 6/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2325002 |
|  | 5.40%, 8/15/54 | United States | 1600000 | &nbsp;&nbsp;&nbsp; 1570901 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10616184 |
|  | **IT Services 1.3%** |  |  |  |
|  | Apple, Inc., 2.80%, 2/08/61 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452210 |
| <sup>a</sup> | Gartner, Inc., 3.75%, 10/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769649 |
|  | Hewlett Packard Enterprise Co., 4.45%, 9/25/26 | United States | &nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243327 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465186 |
|  | **Lodging 0.5%** |  |  |  |
|  | Marriott International, Inc., |  |  |  |
|  | Series R, 3.125%, 6/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1180016 |
|  | Series GG, 3.50%, 10/15/32 | United States | 1700000 | &nbsp;&nbsp;&nbsp; 1516573 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696589 |
|  | **Machinery-Diversified 0.3%** |  |  |  |
|  | Ingersoll Rand, Inc., 5.176%, 6/15/29 | United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526050 |

---

franklintempleton.com Annual Report 76

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Investment Grade Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Media 3.1%** |  |  |  |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |
|  | 2.80%, 4/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;$863728 |
|  | 5.375%, 4/01/38 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2480991 |
|  | 3.50%, 3/01/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054097 |
|  | Comcast Corp., |  |  |  |
|  | 4.95%, 10/15/58 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1479753 |
|  | 3.75%, 4/01/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2954663 |
|  | Fox Corp., 6.50%, 10/13/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785892 |
|  | Paramount Global, 4.95%, 1/15/31 | United States | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806668 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425792 |
|  | **Mining 0.3%** |  |  |  |
|  | Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34 | United States | &nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393284 |
|  | **Multi-Utilities 0.3%** |  |  |  |
|  | Berkshire Hathaway Energy Co., 5.15%, 11/15/43 | United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426735 |
|  | **Oil & Gas 2.9%** |  |  |  |
|  | Aker BP ASA, |  |  |  |
|  | <sup>a</sup> 4.00%, 1/15/31 | &nbsp;&nbsp; Norway | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1870946 |
|  | <sup>a</sup> 5.80%, 10/01/54 | &nbsp;&nbsp; Norway | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1277864 |
|  | BP Capital Markets America, Inc., 4.812%, 2/13/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183535 |
|  | Canadian Natural Resources Ltd., 3.85%, 6/01/27 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247970 |
|  | Exxon Mobil Corp., 3.567%, 3/06/45 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840547 |
|  | Hess Corp., 5.60%, 2/15/41 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831272 |
|  | TotalEnergies Capital SA, 5.275%, 9/10/54 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546474 |
| <sup>a</sup> | Var Energi ASA, 7.50%, 1/15/28 | Norway | &nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748614 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16547222 |
|  | **Oil, Gas & Consumable Fuels 0.5%** |  |  |  |
|  | Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | United States | &nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670397 |
|  | **Packaging & Containers 0.2%** |  |  |  |
| <sup>a</sup> | Amcor Flexibles North America, Inc., 5.10%, 3/17/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897588 |
|  | **Pharmaceuticals 3.2%** |  |  |  |
|  | AbbVie, Inc., 5.40%, 3/15/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670934 |
| <sup>a</sup> | Bayer U.S. Finance II LLC, 4.375%, 12/15/28 | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923192 |
|  | Bristol-Myers Squibb Co., |  |  |  |
|  | 4.125%, 6/15/39 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2211265 |
|  | 3.70%, 3/15/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329105 |
|  | CVS Health Corp., |  |  |  |
|  | 5.30%, 12/05/43 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3243399 |
|  | 5.25%, 1/30/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1413888 |
|  | Eli Lilly & Co., 4.95%, 2/27/63 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277860 |
|  | Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53 | United States | &nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755524 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17825167 |
|  | **Pipelines 2.5%** |  |  |  |
| <sup>a</sup> | DT Midstream, Inc., 5.80%, 12/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256810 |
|  | Eastern Gas Transmission & Storage, Inc., 3.90%, 11/15/49 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216974 |
|  | Energy Transfer LP, |  |  |  |
|  | 5.15%, 3/15/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp;&nbsp; 4028877 |
|  | 6.05%, 12/01/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2657463 |
|  | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 1/15/32 | United States | &nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785345 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13945469 |

---

77 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Investment Grade Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Real Estate Investment Trusts (REITs) 0.6%** |  |  |  |
|  | Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp;$2132009 |
|  | Brixmor Operating Partnership LP, 4.125%, 5/15/29 | United States | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456664 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588673 |
|  | **Real Estate Management & Development 0.9%** |  |  |  |
|  | American Tower Corp., 5.00%, 1/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860868 |
|  | ERP Operating LP, 4.50%, 7/01/44 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869342 |
| <sup>a</sup> | VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/30 | United States | &nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544559 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274769 |
|  | **Retail 2.0%** |  |  |  |
| <sup>a</sup> | 7-Eleven, Inc., 1.30%, 2/10/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812051 |
|  | Dick's Sporting Goods, Inc., 4.10%, 1/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436939 |
|  | Home Depot, Inc., 3.625%, 4/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525989 |
|  | Lowe's Cos., Inc., 3.00%, 10/15/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877492 |
|  | McDonald's Corp., 3.625%, 9/01/49 | United States | &nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606644 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11259115 |
|  | **Semiconductors 1.3%** |  |  |  |
|  | Analog Devices, Inc., 2.80%, 10/01/41 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521254 |
| <sup>a</sup> | Foundry JV Holdco LLC, 5.90%, 1/25/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182860 |
|  | Marvell Technology, Inc., 5.95%, 9/15/33 | United States | &nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713268 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417382 |
|  | **Software 3.6%** |  |  |  |
|  | Fiserv, Inc., 5.60%, 3/02/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981279 |
|  | Intuit, Inc., 5.50%, 9/15/53 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343591 |
|  | Microsoft Corp., 2.675%, 6/01/60 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495288 |
|  | Oracle Corp., |  |  |  |
|  | 2.30%, 3/25/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4227654 |
|  | 3.60%, 4/01/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 3541311 |
|  | Salesforce, Inc., 2.90%, 7/15/51 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582487 |
|  | ServiceNow, Inc., 1.40%, 9/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461383 |
|  | Synopsys, Inc., 5.70%, 4/01/55 | United States | &nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639473 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20272466 |
|  | **Telecommunications 5.7%** |  |  |  |
|  | AT&T, Inc., 3.50%, 6/01/41 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832094 |
|  | Cisco Systems, Inc., 5.30%, 2/26/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546907 |
|  | Motorola Solutions, Inc., 5.60%, 6/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084302 |
|  | Rogers Communications, Inc., 4.55%, 3/15/52 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276765 |
| <sup>a</sup> | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.152%, 9/20/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985232 |
|  | T-Mobile USA, Inc., |  |  |  |
|  | 2.875%, 2/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 5646003 |
|  | 5.30%, 5/15/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2765883 |
|  | Verizon Communications, Inc., 3.40%, 3/22/41 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391065 |
|  | Vodafone Group PLC, |  |  |  |
|  | 4.25%, 9/17/50 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1464309 |
|  | 5.75%, 6/28/54 | United Kingdom | 1240000 | &nbsp;&nbsp;&nbsp; 1184289 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;32176849 |
|  | **Transportation 1.3%** |  |  |  |
|  | Burlington Northern Santa Fe LLC, 5.75%, 5/01/40 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830277 |
| <sup>a</sup> | FedEx Corp., 4.75%, 11/15/45 | United States | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672032 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502309 |

---

franklintempleton.com Annual Report 78

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Investment Grade Corporate ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Trucking & Leasing 1.4%** |  |  |  |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;$4934811 |
| <sup>a</sup> | SMBC Aviation Capital Finance DAC, 1.90%, 10/15/26 | Ireland | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878182 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812993 |
|  | **Total Corporate Bonds & Notes (Cost $568,002,740)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;542724799 |
|  | **U.S. Government & Agency Securities 1.9%** |  |  |  |
|  | U.S. Treasury Bonds, |  |  |  |
|  | 4.625%, 11/15/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4507031 |
|  | 4.75%, 11/15/43 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 817531 |
|  | U.S. Treasury Notes, 4.625%, 2/15/35 | United States | &nbsp;&nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579297 |
|  | **Total U.S. Government & Agency Securities (Cost $10,744,293)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10903859 |
|  | **Total Investments before Short-Term Investments (Cost $578,747,033)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;553628658 |
|  | **Short-Term Investments 0.4%** |  |  |  |
|  | **U.S. Government & Agency Securities 0.4%** |  |  |  |
| <sup>b</sup> | Federal Home Loan Bank Discount Notes, 4.107%, 04/01/25 | United States | &nbsp;&nbsp;&nbsp;2405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404719 |
|  | **Total Short-Term Investments (Cost $2,405,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404719 |
|  | **Total Investments (Cost $581,152,033) 98.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;556033377 |
|  | **Other Assets, less Liabilities 1.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805444 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$564838821 |

---

---

| |
|:---|
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $88,507,522, representing 15.7% of net assets. |
| <sup>b</sup>The rate shown represents the yield at period end. |

---

See Abbreviations on page 190.

79 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Municipal Green Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $24.03 | $23.90 | $24.99 | $26.86 | &nbsp;&nbsp;$26.07 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| Net asset value, end of year | &nbsp;&nbsp;$23.48 | &nbsp;&nbsp;$24.03 | &nbsp;&nbsp;$23.90 | &nbsp;&nbsp;$24.99 | &nbsp;&nbsp;$26.86 |
| Total return<sup>c</sup> | 1.45% | 4.31% | (1.68)% | (5.44)% | &nbsp;&nbsp;5.16% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;0.66% | &nbsp;&nbsp;0.78% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% |
| Net investment income | 3.61% | 3.45% | 2.57% | 1.34% | &nbsp;&nbsp;1.50% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$98630 | &nbsp;&nbsp;$112954 | &nbsp;&nbsp;$112349 | &nbsp;&nbsp;$104939 | &nbsp;&nbsp;$126221 |
| Portfolio turnover rate<sup>d</sup> | 23.53%<sup>e</sup> | 43.86%<sup>e</sup> | 66.77%<sup>e</sup> | 48.41%<sup>e</sup> | &nbsp;&nbsp;11.86%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 23.53% | 43.86% | 66.77% | 48.41% | &nbsp;&nbsp;11.86% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 80

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Municipal Green Bond ETF**

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds 98.5%** |  |  |
|  | **Alabama 0.3%** |  |  |
| <sup>a</sup> | County of Mobile, Gomesa Projects, 4.00%, 11/01/45 | 300000 | $271147 |
|  | **Arizona 0.4%** |  |  |
|  | City of Phoenix Civic Improvement Corp., Water System Revenue, 5.00%, 7/01/44 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374148 |
|  | **Arkansas 0.6%** |  |  |
|  | Arkansas Development Finance Authority, |  |  |
|  | <sup>a</sup> Hybar LLC, AMT, 6.875%, 7/01/48 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272820 |
|  | United States Steel Corp, AMT, 5.70%, 5/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 285798 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558618 |
|  | **California 30.3%** |  |  |
|  | Alameda Community Facilities District, 5.00%, 9/01/48 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1014278 |
|  | California Community Choice Financing Authority, |  |  |
|  | <sup>b</sup> VRDN, 5.00%, 12/01/53 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2611363 |
|  | <sup>b</sup> VRDN, 5.00%, 2/01/54 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp; 3700906 |
|  | <sup>b</sup> VRDN, 5.25%, 1/01/54 | &nbsp;&nbsp;3160000 | &nbsp;&nbsp; 3303564 |
|  | <sup>b</sup> VRDN, 5.25%, 11/01/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530520 |
|  | <sup>b</sup> VRDN, 5.50%, 10/01/54 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 1072100 |
|  | California Housing Finance Agency, Lakeside Drive Senior Housing LP, Series 2019, 2.35%, 12/01/35 | &nbsp;&nbsp;91217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75214 |
|  | California Infrastructure & Economic Development Bank, |  |  |
|  | California Science Center Foundation, 4.00%, 5/01/46 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 754299 |
|  | California Science Center Foundation, 4.00%, 5/01/51 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 920226 |
|  | California State Teachers' Retirement System, 5.00%, 8/01/49 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 186491 |
|  | California Municipal Finance Authority, |  |  |
|  | CHF-Davis I LLC, 5.00%, 5/15/51 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1002527 |
|  | CHF-Davis II LLC, 4.00%, 5/15/39 | &nbsp;&nbsp;3445000 | &nbsp;&nbsp; 3419216 |
|  | CHF-Riverside II LLC, 5.00%, 5/15/37 | &nbsp;&nbsp;1495000 | &nbsp;&nbsp; 1540085 |
| <sup>a</sup> | California School Finance Authority, River Springs Charter School Inc, 5.75%, 7/01/42 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260949 |
|  | California State Public Works Board, |  |  |
|  | California Air Resources Board, Series 2022D, 4.00%, 5/01/44 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 974726 |
|  | Series D, 4.00%, 5/01/47 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1446683 |
|  | City of Foster City, Levee Protection Planning, 4.00%, 8/01/32 | &nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138018 |
|  | City of Los Angeles Department of Airports Customer Facility Charge Revenue, Department of Airports Customer Facility Charge Revenue, 4.058%, 5/15/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904524 |
|  | City of San Francisco Public Utilities Commission Water Revenue, Green Bond, Refunding, Series 2020A, 4.00%, 11/01/50 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95210 |
|  | Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Green Bond, Series 2019A, 5.00%, 7/01/44 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155178 |
|  | Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue, Series A, 5.00%, 6/01/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1067646 |
|  | Perris Joint Powers Authority, Refunding, Series 2017B, 5.00%, 9/01/37 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101701 |
|  | San Diego County Regional Airport Authority, Series B, 5.00%, 7/01/51 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2020019 |
|  | San Francisco Bay Area Rapid Transit District, Green Bond, 3.00%, 8/01/36 | &nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154802 |
|  | Santa Cruz County Capital Financing Authority, Sanitation District Green Bond, 4.00%, 6/01/42 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1479794 |
|  | Three Rivers Levee Improvement Authority, |  |  |
|  | Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252037 |
|  | Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252008 |
|  | Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199028 |
|  | Community Facilities District No 2006-1, Refunding, 4.00%, 9/01/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98700 |
|  | Transbay Joint Powers Authority, Redevelopment Project Green Bond Senior Tax, 5.00%, 10/01/34 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154379 |
|  |  |  | &nbsp;&nbsp;29886191 |

---

81 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Municipal Green Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Colorado 2.4%** |  |  |
|  | Board of Water Commissioners City & County of Denver, Green Bond, Series 2017A, 5.00%, 9/15/47 | &nbsp;&nbsp;150000 | $152841 |
| <sup>b</sup> | Colorado Health Facilities Authority, Intermountain Healthcare Obligated Group, VRDN, Series E, 3.55%, 5/15/64 | &nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 |
|  | University of Colorado, |  |  |
|  | Refunding, 5.00%, 6/01/27 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157091 |
|  | <sup>b</sup> Refunding, VRDN, 2.00%, 6/01/51 | 1500000 | &nbsp;&nbsp; 1487386 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2397318 |
|  | **District of Columbia 4.1%** |  |  |
|  | District of Columbia, |  |  |
|  | Plenary Infrastructure DC LLC, AMT, 5.50%, 8/31/33 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp; 999841 |
|  | Plenary Infrastructure DC LLC, AMT, 5.50%, 2/28/35 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 221940 |
|  | Plenary Infrastructure DC LLC, AMT, 5.50%, 2/28/37 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 940872 |
|  | Plenary Infrastructure DC LLC, AMT, Series A, 5.50%, 8/31/35 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105524 |
|  | District of Columbia Water & Sewer Authority, |  |  |
|  | Green Bond, Sub Series 2019A, 5.00%, 10/01/44 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 350885 |
|  | Sub Series 2019A, 4.00%, 10/01/49 | 1565000 | &nbsp;&nbsp; 1418586 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4037648 |
|  | **Florida 1.5%** |  |  |
|  | Babcock Ranch Community Independent Special District, Assessment Area 3A, Special Assessment, 4.00%, 5/01/40 | &nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774638 |
|  | City of Tampa, Lower Basis Stormwater Improvement, Special Assessment, 5.00%, 5/01/36 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155719 |
|  | County of Palm Beach Water & Sewer Revenue, Reclaimed Water Project, Refunding, 4.00%, 10/01/31 | &nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109336 |
|  | Somerset Community Development District, |  |  |
|  | Special Assessment, Refunding, 4.00%, 5/01/32 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 401020 |
|  | Special Assessment, Refunding, Series 2022, 4.20%, 5/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 93409 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1534122 |
|  | **Georgia 1.5%** |  |  |
|  | City of Atlanta Airport Passenger Facility Charge, Airport Passenger Facility Charge, AMT, 5.25%, 7/01/43 | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;1413098 |
|  | Private Colleges & Universities Authority, Emory University, Refunding, 5.00%, 9/01/48 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102475 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1515573 |
|  | **Illinois 4.3%** |  |  |
|  | Illinois Finance Authority, |  |  |
|  | State of Illinois Water Revolving Fund - Clean Water Program, 4.00%, 7/01/38 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 562495 |
|  | University of Illinois, 5.25%, 10/01/53 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp; 3152251 |
|  | Northern Illinois University, 5.50%, 4/01/49 | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524671 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4239417 |
|  | **Louisiana 3.2%** |  |  |
|  | Louisiana Local Government Environmental Facilities & Community Development Authority, |  |  |
|  | <sup>a</sup> Parish of St Bernard LA, 4.00%, 11/01/45 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 814541 |
|  | <sup>a</sup> Parish of St Charles LA, 4.50%, 11/01/47 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 884844 |
|  | <sup>a</sup> Parish of St John the Baptist LA, 3.90%, 11/01/44 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 361118 |
|  | Terrebonne Levee & Conservation District Sales Tax Revenue, |  |  |
|  | Refunding, Refunding, Series B, 4.00%, 6/01/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98006 |
|  | Refunding, Series B, 4.00%, 6/01/39 | 1000000 | &nbsp;&nbsp; 989254 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3147763 |
|  | **Maine 0.2%** |  |  |
|  | City of Portland General Airport Revenue, Green Bond, Refunding, 4.00%, 1/01/35 | 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243526 |

---

franklintempleton.com Annual Report 82

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Municipal Green Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **Maryland 3.6%** |  |  |
|  | Maryland Economic Development Corp., |  |  |
|  | Purple Line Transit Partners LLC, AMT, 5.00%, 6/30/40 | &nbsp;&nbsp;1000000 | $1021347 |
|  | Purple Line Transit Partners LLC, AMT, 5.25%, 6/30/47 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051987 |
|  | Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare Obligated Group, Refunding, 4.00%, 1/01/30 | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367300 |
|  | Washington Suburban Sanitary Commission, Green Bond, 3.00%, 6/01/35 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92260 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3532894 |
|  | **Massachusetts 3.6%** |  |  |
|  | Massachusetts Development Finance Agency, |  |  |
|  | Boston Medical Center Corp. Obligated Group, 4.00%, 7/01/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 117820 |
|  | Springfield College, Green Bond, 5.00%, 6/01/26 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 425130 |
|  | Springfield College, Green Bond, 5.00%, 6/01/27 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 439809 |
|  | Massachusetts Housing Finance Agency, |  |  |
|  | Series A-1, 4.90%, 12/01/59 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 982714 |
|  | Sustainability Bond, Series 2019C-1, 2.65%, 12/01/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 83350 |
|  | Sustainability Bond, Series 2021B-1, 2.60%, 12/01/41 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1483349 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3532172 |
|  | **Michigan 0.1%** |  |  |
| <sup>b</sup> | Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group, VRDN, Refunding, Series C, 3.57%, 7/01/41 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
|  | **Minnesota 1.6%** |  |  |
|  | City of Minneapolis, Green Bond, 3.00%, 12/01/40 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83257 |
|  | Minnesota Higher Education Facilities Authority, University of St Thomas/Minneapolis, Series A, 5.00%, 10/01/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1533531 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1616788 |
|  | **Mississippi 0.4%** |  |  |
| <sup>a</sup> | Mississippi Development Bank, County of Jackson Project, 3.625%, 11/01/36 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369013 |
|  | **New Jersey 3.7%** |  |  |
|  | City of Newark Mass Transit Access Tax Revenue, Mulberry Pedestrian Bridge, 6.00%, 11/15/62 | &nbsp;&nbsp;1460000 | &nbsp;&nbsp;&nbsp;&nbsp;1643489 |
|  | New Jersey Educational Facilities Authority, Stevens Institute of Technology, Series A, 5.00%, 7/01/32 | &nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688673 |
|  | Newark Board of Education, |  |  |
|  | Newark Board of Education, Refunding, 5.00%, 7/15/28 | &nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp;&nbsp; 605664 |
|  | Refunding, 5.00%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp; 674203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3612029 |
|  | **New Mexico 0.2%** |  |  |
|  | City of Santa Fe Wastewater Utility System Revenue, |  |  |
|  | Green Bond, 5.00%, 6/01/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105886 |
|  | Wastewater Utility System Revenue, 4.00%, 6/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206935 |
|  | **New York 7.7%** |  |  |
|  | Battery Park City Authority, Sustainability Bond, 5.00%, 11/01/49 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104156 |
|  | Metropolitan Transportation Authority, |  |  |
|  | Green Bond, Series 2020A-1, 4.00%, 11/15/41 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 566374 |
|  | Refunding, 5.00%, 11/15/28 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 459116 |
|  | Refunding, Series E, 5.00%, 11/15/32 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 652182 |
|  | Series C, 5.00%, 11/15/50 | &nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520712 |
|  | New York Liberty Development Corp., |  |  |
|  | 7 World Trade Center II LLC, Refunding , Series 2022A1, 3.00%, 9/15/43 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 793473 |
|  | Green Bonds- 4 World Trade, Refunding, 2.50%, 11/15/36 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1610878 |

---

83 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Municipal Green Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount\*** | **Value** |
|  | **Municipal Bonds (continued)** |  |  |
|  | **New York (continued)** |  |  |
|  | New York State Dormitory Authority, Cornell University, 5.00%, 7/01/35 | &nbsp;&nbsp;100000 | $116338 |
|  | New York State Housing Finance Agency, |  |  |
|  | Sustainability Bonds, Series 2019N, 2.60%, 11/01/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84172 |
|  | Sustainability Bonds, Series 2019P, 2.00%, 5/01/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95177 |
|  | <sup>b</sup> Sustainability Bonds, VRDN, Series 2022A, 2.50%, 11/01/60 | &nbsp;&nbsp;1410000 | &nbsp;&nbsp; 1380087 |
|  | New York Transportation Development Corp., JFK NTO LLC, AMT, 5.50%, 6/30/38 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267072 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7649737 |
|  | **Ohio 4.7%** |  |  |
|  | American Municipal Power, Inc., |  |  |
|  | 4.00%, 2/15/41 | &nbsp;&nbsp;1415000 | &nbsp;&nbsp; 1315220 |
|  | Solar Electricity Prepayment Revenue, 5.00%, 2/15/44 | &nbsp;&nbsp;1660000 | &nbsp;&nbsp; 1698882 |
|  | Ohio State University, 4.00%, 12/01/39 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1490810 |
|  | State of Ohio, Conservation Project, Series 2019A, 4.00%, 3/01/30 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104474 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4609386 |
|  | **Oregon 3.0%** |  |  |
|  | Hospital Facilities Authority of Multnomah County Oregon, Terwilliger Plaza Inc Obligated Group, Refunding, 4.00%, 12/01/51 | &nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399331 |
|  | Port of Portland Airport Revenue, |  |  |
|  | AMT, 5.50%, 7/01/53 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp; 2368186 |
|  | Series 2020-27A, 5.00%, 7/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 155708 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2923225 |
|  | **Pennsylvania 2.7%** |  |  |
| <sup>b</sup> | Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia Obligated Group, VRDN, Series B-1, 3.45%, 7/01/54 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
|  | Philadelphia Energy Authority, City of Philadelphia PA, 5.00%, 11/01/43 | &nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;1192181 |
|  | School District of Philadelphia, |  |  |
|  | Green Bond, Series 2021B, 5.00%, 9/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108274 |
|  | Series B, 5.00%, 9/01/48 | 1000000 | &nbsp;&nbsp; 1045909 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2646364 |
|  | **Puerto Rico 0.5%** |  |  |
|  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1, 5.00%, 7/01/58 | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517825 |
|  | **Rhode Island 0.1%** |  |  |
|  | Rhode Island Housing & Mortgage Finance Corp., Multi Family Development, Sustainability Bond, 2.75%, 10/01/34 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127029 |
|  | **Texas 1.0%** |  |  |
|  | Harris County Flood Control District, Series 2022A, 4.25%, 10/01/47 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974658 |
|  | **Utah 6.0%** |  |  |
|  | Central Valley Water Reclamation Facility, Green Bond, Series 2021C, 4.00%, 3/01/47 | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;2825779 |
|  | Intermountain Power Agency, Refunding, Series 2022A, 5.00%, 7/01/43 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3122067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5947846 |
|  | **Vermont 3.5%** |  |  |
|  | City of Burlington Electric System Revenue, Electric System Revenue, Series 2022A, 5.00%, 7/01/31 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551916 |
|  | Vermont Educational & Health Buildings Financing Agency, |  |  |
|  | University of Vermont Health Network Obligated Group, 4.00%, 12/01/42 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 913724 |
|  | University of Vermont Health Network Obligated Group, 5.00%, 12/01/38 | 2015000 | &nbsp;&nbsp; 2029535 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3495175 |

---

franklintempleton.com Annual Report 84

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Municipal Green Bond ETF (continued)

---

| | | |
|:---|:---|:---|
| | **Principal Amount\*** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Virginia 0.4%** |  |  |
| City of Hampton, |  |  |
| 3.00%, 9/01/35 | &nbsp;&nbsp; 240000 | $221174 |
| Green Bond, 4.00%, 9/01/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104662 |
| Green Bond, 5.00%, 9/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378480 |
| **Washington 1.9%** |  |  |
| Central Puget Sound Regional Transit Authority, Refunding, Series S-1, 4.00%, 11/01/46 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1851873 |
| **Wisconsin 5.0%** |  |  |
| Milwaukee Metropolitan Sewerage District, |  |  |
| Green Bond, Series 2020A, 3.00%, 10/01/35 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137090 |
| Series A, 3.00%, 10/01/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 950725 |
| Public Finance Authority, |  |  |
| <sup>a</sup> Patriot Services Group Obligated Group, Refunding, Series A-1, 4.50%, 12/01/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 494323 |
| RED River Valley Alliance LLC, AMT, 4.00%, 9/30/51 | &nbsp;&nbsp;2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918283 |
| RED River Valley Alliance LLC, AMT, 4.00%, 3/31/56 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 482286 |
| University of Wisconsin Hospitals & Clinics, Authority Obligated Group, Green Bond, 4.00%, 4/01/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4903047 |
| **Total Municipal Bonds (Cost $99,305,327)** |  | &nbsp;&nbsp;&nbsp;&nbsp;97199947 |
| **Total Investments (Cost $99,305,327) 98.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;97199947 |
| **Other Assets, less Liabilities 1.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;1430154 |
| **Net Assets 100.0%** |  | $98630101 |

---

---

| |
|:---|
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $3,728,755, representing 3.8% of net assets. |
| <sup>b</sup>Variable rate demand notes (VRDN) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |

---

See Abbreviations on page 190.

85 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Senior Loan ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $24.42 | $23.83 | $24.70 | $24.83 | &nbsp;&nbsp;$22.85 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) |
| Net asset value, end of year | &nbsp;&nbsp;$23.98 | &nbsp;&nbsp;$24.42 | &nbsp;&nbsp;$23.83 | &nbsp;&nbsp;$24.70 | &nbsp;&nbsp;$24.83 |
| Total return<sup>c</sup> | 6.01% | 11.80% | 2.53% | 2.76% | &nbsp;&nbsp;11.91% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;0.92% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.45%<sup>d</sup> | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% |
| Net investment income | 7.60% | 8.84% | 6.28% | 3.72% | &nbsp;&nbsp;2.88% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$1067207 | &nbsp;&nbsp;$328487 | &nbsp;&nbsp;$206120 | &nbsp;&nbsp;$292722 | &nbsp;&nbsp;$201101 |
| Portfolio turnover rate<sup>e</sup> | 12.68%<sup>f</sup> | 16.05%<sup>f</sup> | 26.08%<sup>f</sup> | 35.67%<sup>f</sup> | &nbsp;&nbsp;45.87%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 12.68% | 16.05% | 26.08% | 35.67% | &nbsp;&nbsp;45.87% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 86

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Senior Loan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 3.0%** |  |  |  |
|  | **Advertising 0.3%** |  |  |  |
| <sup>a</sup> | Clear Channel Outdoor Holdings, Inc., 7.875%, 4/01/30 | United States | 3200000 | &nbsp;&nbsp;$3140462 |
|  | **Aerospace & Defense 0.3%** |  |  |  |
| <sup>a</sup> | Goat Holdco LLC, 6.75%, 2/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959290 |
| <sup>a</sup> | TransDigm, Inc., 6.00%, 1/15/33 | United States | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675150 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634440 |
|  | **Airlines 0.3%** |  |  |  |
| <sup>a</sup> | Air Canada, 3.875%, 8/15/26 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685042 |
| <sup>a</sup> | American Airlines, Inc., 8.50%, 5/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812657 |
| <sup>a</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1583333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580199 |
| <sup>a</sup> | Delta Air Lines, Inc./SkyMiles IP Ltd., first lien, 4.50%, 10/20/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62294 |
| <sup>a</sup> | United Airlines, Inc., 4.375%, 4/15/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137882 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278074 |
|  | **Chemicals 0.1%** |  |  |  |
| <sup>a</sup> | SCIH Salt Holdings, Inc., 4.875%, 5/01/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476029 |
|  | **Commercial Services & Supplies 0.1%** |  |  |  |
| <sup>a</sup> | Allied Universal Holdco LLC, 7.875%, 2/15/31 | United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013570 |
|  | **Construction Materials 0.3%** |  |  |  |
| <sup>a</sup> | Cemex SAB de CV, 5.20%, 9/17/30 | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366615 |
| <sup>a</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402371 |
| <sup>a</sup> | Quikrete Holdings, Inc., 6.375%, 3/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007165 |
| <sup>a</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725953 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502104 |
|  | **Electric 0.1%** |  |  |  |
| <sup>a</sup> | Calpine Corp., first lien, 4.50%, 2/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776200 |
| <sup>a</sup> | Talen Energy Supply LLC, 8.625%, 6/01/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424569 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200769 |
|  | **Entertainment 0.3%** |  |  |  |
| <sup>a</sup> | Caesars Entertainment, Inc., 6.50%, 2/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496238 |
| <sup>a</sup> | Great Canadian Gaming Corp., 8.75%, 11/15/29 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251428 |
| <sup>a</sup> | International Game Technology PLC, first lien, 5.25%, 1/15/29 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173665 |
| <sup>a</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.00%, 8/01/30 | Canada | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497722 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419053 |
|  | **Environmental Control 0.1%** |  |  |  |
| <sup>a</sup> | GFL Environmental, Inc., 3.50%, 9/01/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567554 |
|  | **Financial Services 0.1%** |  |  |  |
|  | Jane Street Group/JSG Finance, Inc., |  |  |  |
|  | <sup>a</sup> 4.50%, 11/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 283575 |
|  | <sup>a</sup> 6.125%, 11/01/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; 743435 |
| <sup>a</sup> | Vmed O2 U.K. Financing I PLC, 4.25%, 1/31/31 | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181549 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208559 |
|  | **Health Care Providers & Services 0.1%** |  |  |  |
| <sup>a</sup> | Radiology Partners, Inc., 7.775%, 1/31/29 | United States | &nbsp;&nbsp;&nbsp;1440149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427548 |
|  | **Insurance 0.3%** |  |  |  |
| <sup>a</sup> | Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468195 |
|  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, |  |  |  |
|  | <sup>a</sup> 6.75%, 4/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1707710 |
|  | <sup>a</sup> 7.00%, 1/15/31 | United States | 1000000 | &nbsp;&nbsp;&nbsp; 1003858 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179763 |

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87 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **IT Services 0.1%** |  |  |  |
| <sup>a</sup> | Fortress Intermediate 3, Inc., 7.50%, 6/01/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;$605608 |
|  | **Machinery-Diversified 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | GrafTech Finance, Inc., 4.625%, 12/23/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276500 |
|  | **Media 0.2%** |  |  |  |
| <sup>a</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727486 |
| <sup>a</sup> | McGraw-Hill Education, Inc., 7.375%, 9/01/31 | United States | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006526 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734012 |
|  | **Oil, Gas & Consumable Fuels 0.0%<sup>†</sup>** |  |  |  |
|  | Cheniere Energy, Inc., 4.625%, 10/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148449 |
|  | **Packaging & Containers 0.1%** |  |  |  |
| <sup>a,b</sup> | Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161237 |
| <sup>a</sup> | Mauser Packaging Solutions Holding Co., 7.875%, 4/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789906 |
| <sup>a</sup> | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355143 |
|  | **Personal Care Products 0.2%** |  |  |  |
| <sup>a</sup> | Coty, Inc., 5.00%, 4/15/26 | United States | &nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596389 |
|  | **Pharmaceuticals 0.0%** |  |  |  |
| <sup>a,c</sup> | Endo Luxembourg Finance SARL, 6.125%, 4/01/29 | Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Retail 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Bausch & Lomb Corp., 8.375%, 10/01/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373950 |
|  | **Telecommunications 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | CommScope LLC, 4.75%, 9/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;219500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195421 |
|  | **Total Corporate Bonds & Notes (Cost $32,205,002)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32333397 |
| <sup>d</sup> | **Senior Floating Rate Interests 86.1%** |  |  |  |
|  | **Aerospace & Defense 1.1%** |  |  |  |
|  | Air Comm Corp. LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.322%, 11/21/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3811307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797014 |
|  | Bleriot U.S. Bidco, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.049%, 10/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;275945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274242 |
|  | Dynasty Acquisition Co., Inc., |  |  |  |
|  | 2024 1st Lien Term Loan B1, 1 mo. USD Term SOFR + 2.00%, 6.325%, 10/31/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3606695 | &nbsp;&nbsp;&nbsp; 3600961 |
|  | 2024 1st Lien Term Loan B2, 1 mo. USD Term SOFR + 2.00%, 6.325%, 10/31/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1371872 | &nbsp;&nbsp;&nbsp; 1369691 |
|  | TransDigm, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 2.50%, 6.799%, 1/19/32 | United States | &nbsp;&nbsp;&nbsp;2869218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857641 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11899549 |
|  | **Air Freight & Logistics 2.1%** |  |  |  |
|  | First Student Bidco, Inc., |  |  |  |
|  | 2024 Term Loan B2, 3 mo. USD Term SOFR + 2.50%, 6.799%, 7/21/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3283509 | &nbsp;&nbsp;&nbsp; 3281703 |
|  | 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.799%, 7/21/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2650639 | &nbsp;&nbsp;&nbsp; 2649314 |
|  | 2024 Term Loan C, 3 mo. USD Term SOFR + 2.50%, 6.799%, 7/21/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;810673 | &nbsp;&nbsp;&nbsp; 810267 |

---

franklintempleton.com Annual Report 88

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Air Freight & Logistics (continued)** |  |  |  |
|  | Forward Air Corp., Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.791%, 12/19/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 3063732 | &nbsp;&nbsp;$2982176 |
|  | Kenan Advantage Group, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.25%, 7.575%, 1/25/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5802930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787204 |
|  | LaserShip, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.799%, 5/07/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2985894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298864 |
|  | Savage Enterprises LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.073%, 9/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2131603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130270 |
|  | Worldwide Express Operations LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.299%, 7/26/28 | United States | 3385083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346730 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22286528 |
|  | **Automobile Components 2.3%** |  |  |  |
|  | Clarios Global LP, |  |  |  |
|  | 2024 USD Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 5/06/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1329868 | &nbsp;&nbsp;&nbsp; 1313910 |
|  | 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.075%, 1/28/32 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 1977661 | &nbsp;&nbsp;&nbsp; 1951289 |
|  | DexKo Global, Inc., |  |  |  |
|  | 2021 USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.311%, 10/04/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4340457 | &nbsp;&nbsp;&nbsp; 4054985 |
|  | 2023 Incremental Term Loan, 3 mo. USD Term SOFR + 4.25%, 8.549%, 10/04/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 686053 | &nbsp;&nbsp;&nbsp; 646114 |
|  | First Brands Group LLC, |  |  |  |
|  | 2021 Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.552%, 3/30/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp;10417318 | &nbsp;&nbsp;&nbsp; 9704409 |
|  | 2022 Incremental Term Loan, 3 mo. USD Term SOFR + 5.00%, 9.552%, 3/30/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2445426 | &nbsp;&nbsp;&nbsp; 2278831 |
|  | RealTruck Group, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.939%, 1/31/28 | United States | &nbsp;&nbsp;&nbsp;5349194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122602 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25072140 |
|  | **Automobiles 0.1%** |  |  |  |
|  | American Trailer World Corp., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.175%, 3/03/28 | United States | &nbsp;&nbsp;&nbsp;1895532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540290 |
|  | **Banks 0.8%** |  |  |  |
|  | AqGen Island Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.325%, 8/02/28 | United States | &nbsp;&nbsp;&nbsp;8623243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8582800 |
|  | **Beverages 0.8%** |  |  |  |
|  | Triton Water Holdings, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.549%, 3/31/28 | United States | &nbsp;&nbsp;&nbsp;8044724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021515 |
|  | **Chemicals 2.6%** |  |  |  |
|  | Hexion Holdings Corp., |  |  |  |
|  | 2024 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.325%, 3/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5526790 | &nbsp;&nbsp;&nbsp; 5385664 |
|  | 2022 USD 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.44%, 11.862%, 3/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 776471 | &nbsp;&nbsp;&nbsp; 742500 |
|  | INEOS Quattro Holdings U.K. Ltd., |  |  |  |
|  | 2023 USD Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.175%, 3/14/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1293693 | &nbsp;&nbsp;&nbsp; 1219306 |
|  | 2023 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.675%, 4/02/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2663417 | &nbsp;&nbsp;&nbsp; 2563539 |
|  | INEOS U.S. Finance LLC, |  |  |  |
|  | 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.325%, 2/07/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1274576 | &nbsp;&nbsp;&nbsp; 1221681 |
|  | 2023 USD Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.575%, 2/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 1467824 | &nbsp;&nbsp;&nbsp; 1413925 |

---

89 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Chemicals (continued)** |  |  |  |
|  | Nouryon Finance BV, |  |  |  |
|  | 2024 USD Term Loan B1, 3 mo. USD Term SOFR + 3.25%, 7.553%, 4/03/28 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 3253811 | &nbsp;&nbsp;$3251094 |
|  | 2024 USD Term Loan B2, 3 mo. USD Term SOFR + 3.25%, 7.554%, 4/03/28 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 501487 | &nbsp;&nbsp;&nbsp;&nbsp; 502430 |
|  | PMHC II, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.689%, 4/23/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 9328368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249775 |
|  | SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.291%, 1/31/29 | United States | 3115367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093949 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27643863 |
|  | **Commercial Services & Supplies 7.1%** |  |  |  |
|  | Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.175%, 5/12/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;11210793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211690 |
|  | Boost Newco Borrower LLC, 2025 USD Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.299%, 1/31/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;10723685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10666742 |
|  | CHG Healthcare Services, Inc., 2024 Term Loan B1, 3 mo. USD Term SOFR + 3.00%, 7.299% - 7.313%, 9/29/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6328053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326851 |
|  | Garda World Security Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.322%, 2/01/29 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;494975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493841 |
|  | KUEHG Corp., 2024 Term Loan, 3 mo. USD Term SOFR + 3.25%, 7.549%, 6/12/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2000145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998585 |
|  | Madison IAQ LLC, |  |  |  |
|  | <sup>e</sup> 2025 Term Loan B, TBD, 3/28/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1983750 |
|  | Term Loan, 6 mo. USD Term SOFR + 2.50%, 6.762%, 6/21/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7361535 | &nbsp;&nbsp;&nbsp;&nbsp; 7289282 |
|  | Mavis Tire Express Services Corp., 2025 Repriced Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.313%, 5/04/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6356690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324143 |
|  | Nuvei Technologies Corp., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.00%, 7.325%, 11/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8691793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8645900 |
|  | PG Investment Co. 59 SARL, Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.299%, 3/26/31 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;997500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998747 |
|  | Prime Security Services Borrower LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.325%, 10/13/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4455471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4441793 |
|  | Priority Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.75%, 9.075%, 5/16/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;967870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968929 |
|  | Raven Acquisition Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.575%, 11/19/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600561 |
|  | Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.562%, 3/04/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3794362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222855 |
|  | TTF Holdings LLC, 2024 Term Loan, 6 mo. USD Term SOFR + 3.75%, 8.002%, 7/18/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2153737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121431 |
|  | Veritiv Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.299%, 11/30/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3275206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261778 |
|  | Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 1/30/31 | United States | &nbsp;&nbsp;&nbsp;1898008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872632 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75429510 |
|  | **Communications Equipment 0.9%** |  |  |  |
|  | CCI Buyer, Inc., Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.299%, 12/17/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3226025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231848 |
|  | Delta TopCo, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.069%, 11/30/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5693113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636552 |
|  | Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.439%, 3/09/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;708194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660901 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529301 |

---

franklintempleton.com Annual Report 90

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Construction & Engineering 0.8%** |  |  |  |
|  | Brand Industrial Services, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.791%, 8/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1617239 | &nbsp;&nbsp;$1534129 |
|  | Brown Group Holding LLC, 2022 Incremental Term Loan B2, 3 mo. USD Term SOFR + 2.50%, 6.791% - 6.825%, 7/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 794010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790167 |
|  | Chromalloy Corp., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.060% - 8.077%, 3/27/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1856262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852790 |
|  | Newly Weds Foods, Inc., Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.566%, 3/15/32 | United States | 4872340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4847979 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9025065 |
|  | **Construction Materials 2.2%** |  |  |  |
|  | Chamberlain Group, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.675%, 11/03/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3980223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947984 |
|  | Cornerstone Building Brands, Inc., |  |  |  |
|  | 2021 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.669%, 4/12/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2335462 | &nbsp;&nbsp;&nbsp; 1976385 |
|  | 2024 Term Loan B, 1 mo. USD Term SOFR + 4.50%, 8.819%, 5/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2503856 | &nbsp;&nbsp;&nbsp; 2079102 |
|  | EMRLD Borrower LP, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.799%, 8/04/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5596686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552221 |
|  | MI Windows & Doors LLC, 2024 Term Loan B2, 1 mo. USD Term SOFR + 3.00%, 7.325%, 3/28/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1597156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572312 |
|  | Quikrete Holdings, Inc., |  |  |  |
|  | 2024 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.575%, 3/19/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1267401 | &nbsp;&nbsp;&nbsp; 1257014 |
|  | 2025 Term Loan B1, 1 mo. USD Term SOFR + 2.25%, 6.575%, 4/14/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3241288 | &nbsp;&nbsp;&nbsp; 3209782 |
|  | 2025 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 2/10/32 | United States | 3627586 | &nbsp;&nbsp;&nbsp; 3591419 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186219 |
|  | **Containers & Packaging 2.9%** |  |  |  |
|  | Berlin Packaging LLC, 2024 Term Loan B7, 1 mo. USD Term SOFR + 3.50%, 7.799% - 7.823%, 6/07/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6675270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660251 |
|  | Charter NEX U.S., Inc., 2024 Term Loan B1, 1 mo. USD Term SOFR + 3.00%, 7.314%, 11/29/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8256405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254753 |
|  | Clydesdale Acquisition Holdings, Inc., |  |  |  |
|  | <sup>e</sup> 2025 Term Loan B, TBD, 3/26/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4815559 | &nbsp;&nbsp;&nbsp; 4794491 |
|  | <sup>e</sup> 2025 Delayed Draw Term Loan, TBD, 3/26/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 325326 | &nbsp;&nbsp;&nbsp; 323903 |
|  | Klockner-Pentaplast of America, Inc., 2021 Term Loan B, 6 mo. USD Term SOFR + 4.73%, 9.227%, 2/12/26 | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;2723114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489375 |
|  | Mauser Packaging Solutions Holding Co., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.323%, 4/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1481690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478608 |
|  | Pactiv Evergreen Group Holdings, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 2.50%, 6.825%, 9/24/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2330898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330001 |
|  | Proampac PG Borrower LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.302% - 8.323%, 9/15/28 | United States | &nbsp;&nbsp;&nbsp;4343507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325416 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30656798 |
|  | **Distributors 1.1%** |  |  |  |
|  | BCPE Empire Holdings, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.575%, 12/11/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7168530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7078923 |
|  | Windsor Holdings III LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.069%, 8/01/30 | United States | &nbsp;&nbsp;&nbsp;4987500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944907 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12023830 |

---

91 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Electric Utilities 0.2%** |  |  |  |
|  | Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.325%, 7/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1293500 | &nbsp;&nbsp;$1291346 |
|  | Talen Energy Supply LLC, |  |  |  |
|  | 2023 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.818%, 5/17/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 278188 | &nbsp;&nbsp;&nbsp; 278254 |
|  | 2024 Incremental Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.818%, 12/15/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;357848 | &nbsp;&nbsp;&nbsp; 357751 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927351 |
|  | **Entertainment 3.2%** |  |  |  |
|  | AMC Entertainment Holdings, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 7.00%, 11.322%, 1/04/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;239901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239841 |
|  | Bally's Corp., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.802%, 10/02/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6403502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718552 |
|  | Caesars Entertainment, Inc., |  |  |  |
|  | Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.563%, 2/06/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3955517 | &nbsp;&nbsp;&nbsp; 3939043 |
|  | 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.25%, 6.563%, 2/06/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1858351 | &nbsp;&nbsp;&nbsp; 1849059 |
|  | Delta 2 Lux SARL, |  |  |  |
|  | <sup>e</sup> 2024 Term Loan B1, TBD, 9/30/31 | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; 1066667 | &nbsp;&nbsp;&nbsp; 1066336 |
|  | <sup>e</sup> 2024 Term Loan B2, TBD, 9/30/31 | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; 533333 | &nbsp;&nbsp;&nbsp; 533168 |
|  | Flutter Financing BV, 2024 Term Loan B, 3 mo. USD Term SOFR + 1.75%, 6.049%, 11/30/30 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;5452511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437898 |
|  | GVC Holdings (Gibraltar) Ltd., 2024 USD Term Loan B3, 3 mo. USD Term SOFR + 2.75%, 7.053%, 10/31/29 | &nbsp;&nbsp;Gibraltar | &nbsp;&nbsp;&nbsp;2858749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864938 |
|  | Light & Wonder International, Inc., 2024 Term Loan B2, 1 mo. USD Term SOFR + 2.25%, 6.566%, 4/14/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1286827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285315 |
|  | Ontario Gaming GTA LP, Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.549%, 8/01/30 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;579992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572162 |
|  | Scientific Games Holdings LP, 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.296%, 4/04/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5032105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009033 |
|  | UFC Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 6.58%, 11/21/31 | United States | &nbsp;&nbsp;&nbsp;5689920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681982 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34197327 |
|  | **Financial Services 3.8%** |  |  |  |
|  | Aretec Group, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.825%, 8/09/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2885993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866007 |
|  | Assetmark Financial Holdings, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 2.75%, 7.049%, 9/05/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3647575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627057 |
|  | Citadel Securities LP, 2024 First Lien Term Loan, 1 mo. USD Term SOFR + 2.00%, 6.325%, 10/31/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4447469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448047 |
|  | CPI Holdco B LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 5/17/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983140 |
|  | Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.049%, 4/09/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1129703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074749 |
|  | Edelman Financial Center LLC, 2024 Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.325%, 4/07/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7014852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003173 |
|  | First Eagle Investment Management LLC, 2024 Term Loan B2, 3 mo. USD Term SOFR + 3.00%, 7.299%, 3/05/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4059000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062998 |
|  | Hudson River Trading LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.322%, 3/18/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2388000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387152 |
|  | Jane Street Group LLC, 2024 Term Loan B1, 3 mo. USD Term SOFR + 2.00%, 6.313%, 12/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7922712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7838534 |
|  | Janney Montgomery Scott LLC, Term Loan, 6 mo. USD Term SOFR + 3.25%, 7.467%, 11/28/31 | United States | &nbsp;&nbsp;&nbsp;1611264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615292 |

---

franklintempleton.com Annual Report 92

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Financial Services (continued)** |  |  |  |
|  | Russell Investments U.S. Institutional Holdco, Inc., 2024 PIK Term Loan, 3 mo. USD Term SOFR + 5.00%, 1.500% - 9.291%, 5/30/27 | United States | 3067159 | &nbsp;&nbsp;$2978978 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40885127 |
|  | **Food Products 0.9%** |  |  |  |
|  | Aramark Services, Inc., 2024 Term Loan B8, 1 mo. USD Term SOFR + 2.00%, 6.325%, 6/22/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 507594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508068 |
|  | Froneri Lux Finco SARL, 2024 USD Term Loan B4, 6 mo. USD Term SOFR + 2.00%, 6.237%, 9/17/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4874545 |
|  | Primary Products Finance LLC, 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.546%, 4/01/29 | United States | 3753570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735478 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9118091 |
|  | **Health Care Equipment & Supplies 1.1%** |  |  |  |
|  | Bausch & Lomb Corp., |  |  |  |
|  | Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.672%, 5/10/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2279115 | &nbsp;&nbsp;&nbsp; 2273965 |
|  | 2023 Incremental Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.325%, 9/29/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1576000 | &nbsp;&nbsp;&nbsp; 1574038 |
|  | Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 10/23/28 | United States | &nbsp;&nbsp;&nbsp;7444411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7438715 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11286718 |
|  | **Health Care Providers & Services 5.6%** |  |  |  |
|  | ADMI Corp., |  |  |  |
|  | 2021 Term Loan B2, 1 mo. USD Term SOFR + 3.38%, 7.814%, 12/23/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 736428 | &nbsp;&nbsp;&nbsp; 729800 |
|  | 2021 Incremental Term Loan B3, 1 mo. USD Term SOFR + 3.75%, 8.189%, 12/23/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7597830 | &nbsp;&nbsp;&nbsp; 7550382 |
|  | 2023 Term Loan B5, 1 mo. USD Term SOFR + 5.75%, 10.075%, 12/23/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 230844 | &nbsp;&nbsp;&nbsp; 232143 |
|  | Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.572%, 2/11/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8597544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8559199 |
|  | DaVita, Inc., 2024 Extended Term Loan B1, 1 mo. USD Term SOFR + 2.00%, 6.325%, 5/09/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989920 |
|  | Global Medical Response, Inc., 2024 PIK Term Loan, 3 mo. USD Term SOFR + 5.50%, 9.79%, 10/31/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;455306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455811 |
|  | LifePoint Health, Inc., |  |  |  |
|  | 2024 Incremental Term Loan B1, 3 mo. USD Term SOFR + 3.50%, 7.817%, 5/19/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3444213 | &nbsp;&nbsp;&nbsp; 3324286 |
|  | 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.052%, 5/17/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2829765 | &nbsp;&nbsp;&nbsp; 2750758 |
|  | Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.50%, 7.891%, 11/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3414960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216309 |
|  | MPH Acquisition Holdings LLC, |  |  |  |
|  | 2025 Exchange 1st Out Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.037%, 12/31/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 309484 | &nbsp;&nbsp;&nbsp; 307219 |
|  | 2025 Second Out Term Loan, 3 mo. USD Term SOFR + 4.60%, 9.149%, 12/31/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2565434 | &nbsp;&nbsp;&nbsp; 2117548 |
|  | National Mentor Holdings, Inc., |  |  |  |
|  | 2021 Term Loan C, 3 mo. USD Term SOFR + 3.75%, 8.149%, 3/02/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 137937 | &nbsp;&nbsp;&nbsp; 133984 |
|  | 2021 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.149% - 8.175%, 3/02/28 | United States | 4507055 | &nbsp;&nbsp;&nbsp; 4377905 |

---

93 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Health Care Providers & Services (continued)** |  |  |  |
|  | Parexel International Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 11/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5704374 | &nbsp;&nbsp;$5698327 |
|  | Phoenix Guarantor, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 2/21/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 6039790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022969 |
|  | Radiology Partners, Inc., 2024 Extended Term Loan B, 3 mo. USD Term SOFR + 1.50%, 1.500% - 9.59%, 1/31/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1727204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669179 |
|  | Star Parent, Inc., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.299%, 9/27/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1947000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864252 |
|  | Surgery Center Holdings, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.072%, 12/19/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 211538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211538 |
|  | U.S. Anesthesia Partners, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 4.25%, 8.687%, 10/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 7266240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142387 |
|  | U.S. Radiology Specialists, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.75%, 9.049%, 12/15/27 | United States | &nbsp;&nbsp;&nbsp;2725512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725512 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60079428 |
|  | **Hotels, Restaurants & Leisure 0.9%** |  |  |  |
|  | Fertitta Entertainment LLC, 2022 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.825%, 1/27/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7416201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7312745 |
|  | GBT U.S. III LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.802%, 7/28/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1389039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384143 |
|  | Hilton Grand Vacations Borrower LLC, |  |  |  |
|  | 2021 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.325%, 8/02/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 903683 | &nbsp;&nbsp;&nbsp; 900398 |
|  | 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.325%, 1/17/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp; 393650 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9990936 |
|  | **Household Durables 2.2%** |  |  |  |
|  | AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.323%, 7/31/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8393392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326874 |
|  | Hunter Douglas, Inc., 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.549%, 1/20/32 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;5517584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288604 |
|  | II-VI, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.325%, 7/02/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6013413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012782 |
|  | Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.049%, 11/22/29 | United States | &nbsp;&nbsp;&nbsp;3967595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952359 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23580619 |
|  | **Insurance 6.6%** |  |  |  |
|  | Acrisure LLC, 2024 1st Lien Term Loan B6, 1 mo. USD Term SOFR + 3.00%, 7.325%, 11/06/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;9580884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538105 |
|  | Alliant Holdings Intermediate LLC, 2024 Term Loan B6, 1 mo. USD Term SOFR + 2.75%, 7.069%, 9/19/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8698766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655272 |
|  | AmWINS Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 1/30/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;10149126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10080163 |
|  | AssuredPartners, Inc., 2024 Incremental Term Loan B5, 1 mo. USD Term SOFR + 3.50%, 7.825%, 2/14/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2278193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283433 |
|  | Asurion LLC, |  |  |  |
|  | 2020 Term Loan B8, 1 mo. USD Term SOFR + 3.25%, 7.689%, 12/23/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2016169 | &nbsp;&nbsp;&nbsp; 2014516 |
|  | 2022 Term Loan B10, 1 mo. USD Term SOFR + 4.00%, 8.425%, 8/19/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2686362 | &nbsp;&nbsp;&nbsp; 2662668 |
|  | 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.25%, 8.675%, 8/19/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1153149 | &nbsp;&nbsp;&nbsp; 1144293 |
|  | 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.25%, 9.689%, 1/20/29 | United States | 5297666 | &nbsp;&nbsp;&nbsp; 4926008 |

---

franklintempleton.com Annual Report 94

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Insurance (continued)** |  |  |  |
|  | Broadstreet Partners, Inc., 2024 Term Loan B4, 1 mo. USD Term SOFR + 3.00%, 7.325%, 6/13/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 7141063 | &nbsp;&nbsp;$7088147 |
|  | HUB International Ltd., 2025 Term Loan B, 3 mo. USD Term SOFR + 2.50%, 6.787%, 6/20/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;10799915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10766976 |
|  | Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.313%, 7/31/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 8619875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8601687 |
|  | Truist Insurance Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 2.75%, 7.049%, 5/06/31 | United States | 2843205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828989 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70590257 |
|  | **IT Services 2.1%** |  |  |  |
|  | Barracuda Networks, Inc., 2022 Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.791%, 8/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1373663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195774 |
|  | CNT Holdings I Corp., 2025 Term Loan, 3 mo. USD Term SOFR + 2.50%, 6.802%, 11/08/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388180 |
|  | Hunter Holdco 3 Ltd., USD Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.649%, 8/19/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;413472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397450 |
|  | MH Sub I LLC, |  |  |  |
|  | 2023 Term Loan, 1 mo. USD Term SOFR + 4.25%, 8.575%, 5/03/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8013864 | &nbsp;&nbsp;&nbsp; 7633245 |
|  | 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.25%, 8.575%, 12/31/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2919591 | &nbsp;&nbsp;&nbsp; 2690082 |
|  | Proofpoint, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 3.00%, 7.325%, 8/31/28 | United States | &nbsp;&nbsp;&nbsp;7724486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7708806 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22013537 |
|  | **Machinery 2.0%** |  |  |  |
|  | CD&R Hydra Buyer, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.425%, 3/25/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2577474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479903 |
|  | CPM Holdings, Inc., 2023 Term Loan, 1 mo. USD Term SOFR + 4.50%, 8.823%, 9/28/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2973662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929057 |
|  | Pro Mach Group, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.075%, 8/31/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4296316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289829 |
|  | TK Elevator U.S. Newco, Inc., |  |  |  |
|  | <sup>e</sup> 2025 USD Term Loan B, TBD, 4/30/30 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1697561 |
|  | USD Term Loan B, 6 mo. USD Term SOFR + 3.50%, 7.737%, 4/30/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2056586 | &nbsp;&nbsp;&nbsp; 2053635 |
|  | Vertiv Group Corp., 2024 Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.073%, 3/02/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;486743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486052 |
|  | WEC U.S. Holdings Ltd., 2024 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.573%, 1/27/31 | United States | &nbsp;&nbsp;&nbsp;7667981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607135 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21543172 |
|  | **Media 2.0%** |  |  |  |
|  | Cengage Learning, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.822% - 7.829%, 3/24/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5786436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747494 |
|  | Charter Communications Operating LLC, 2024 Term Loan B5, 3 mo. USD Term SOFR + 2.25%, 6.56%, 12/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3247416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239704 |
|  | Gray Television, Inc., 2021 Term Loan D, 1 mo. USD Term SOFR + 3.00%, 7.437%, 12/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2453503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254413 |
|  | iHeartCommunications, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 5.78%, 10.209%, 5/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1042388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849978 |
|  | McGraw-Hill Global Education Holdings LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.575%, 8/06/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1200268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199842 |
|  | Neptune Bidco U.S., Inc., 2022 USD Term Loan B, 3 mo. USD Term SOFR + 5.00%, 9.389%, 4/11/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3135706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711900 |
|  | Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. USD Term SOFR + 2.50%, 6.939%, 9/18/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;775555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775943 |

---

95 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Media (continued)** |  |  |  |
|  | Univision Communications, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.939%, 1/31/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1687250 | &nbsp;&nbsp;$1646123 |
|  | Virgin Media Bristol LLC, 2020 USD Term Loan Q, 1 mo. USD Term SOFR + 3.25%, 7.684%, 1/31/29 | United States | 2470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425651 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20851048 |
|  | **Paper & Forest Products 0.2%** |  |  |  |
|  | Asplundh Tree Expert LLC, 2024 Incremental Term Loan B, 1 mo. USD Term SOFR + 1.75%, 6.075%, 5/23/31 | United States | 1983000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980273 |
|  | **Passenger Airlines 1.7%** |  |  |  |
|  | Air Canada, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.319%, 3/21/31 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;1095897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085278 |
|  | American Airlines, Inc., |  |  |  |
|  | 2023 1st Lien Term Loan, 6 mo. USD Term SOFR + 2.25%, 6.507%, 6/04/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7156429 | &nbsp;&nbsp;&nbsp; 7064290 |
|  | 2021 Term Loan, 3 mo. USD Term SOFR + 2.25%, 6.814%, 4/20/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1026795 | &nbsp;&nbsp;&nbsp; 1048938 |
|  | United Airlines, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.297%, 2/22/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1549925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548537 |
|  | WestJet Loyalty LP, Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.549%, 2/14/31 | Canada | &nbsp;&nbsp;&nbsp;7117623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870286 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17617329 |
|  | **Personal Care Products 0.7%** |  |  |  |
|  | Conair Holdings LLC, Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.189%, 5/17/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2004592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741129 |
| <sup>e</sup> | OPAL Bidco SAS, USD Term Loan B, TBD, 3/31/32 | United States | &nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268500 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8009629 |
|  | **Pharmaceuticals 1.4%** |  |  |  |
|  | Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.325%, 4/23/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3270600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246888 |
|  | Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.399%, 10/01/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2651776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494366 |
|  | Grifols Worldwide Operations USA, Inc., 2019 USD Term Loan B, 3 mo. USD Term SOFR + 2.00%, 6.463%, 11/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;748921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742698 |
|  | Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 5/05/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1742028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743335 |
|  | Organon & Co., 2024 USD Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.572%, 5/19/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;944974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933162 |
|  | Perrigo Investments LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.00%, 6.325%, 4/20/29 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;1061990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061990 |
|  | Southern Veterinary Partners LLC, 2024 1st Lien Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.575%, 12/04/31 | United States | &nbsp;&nbsp;&nbsp;4934483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926563 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149002 |
|  | **Real Estate Management & Development 1.4%** |  |  |  |
|  | CoreLogic, Inc., Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.939%, 6/02/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8447043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306273 |
|  | Cushman & Wakefield U.S. Borrower LLC, |  |  |  |
|  | 2025 Term Loan B1, 1 mo. USD Term SOFR + 2.75%, 7.075%, 1/31/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3593756 | &nbsp;&nbsp;&nbsp; 3589263 |
|  | 2024 Tranche 2 Incremental Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.575%, 1/31/30 | United States | 3108741 | &nbsp;&nbsp;&nbsp; 3110032 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005568 |

---

franklintempleton.com Annual Report 96

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Semiconductors & Semiconductor Equipment 0.2%** |  |  |  |
|  | MKS Instruments, Inc., 2025 USD Repriced Term Loan, 1 mo. USD Term SOFR + 2.00%, 6.319%, 8/17/29 | United States | 2357030 | &nbsp;&nbsp;$2357772 |
|  | **Software 15.5%** |  |  |  |
|  | Ascend Learning LLC, 2025 Repriced Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.325%, 12/11/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4817910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766286 |
|  | Athenahealth Group, Inc., 2022 Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.325%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;10701139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594127 |
|  | Boxer Parent Co., Inc., 2025 USD Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.291%, 7/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462486 |
|  | Central Parent, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.549%, 7/06/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 8617669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421968 |
|  | Cloud Software Group, Inc., |  |  |  |
|  | 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.50%, 7.799%, 3/30/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2569090 | &nbsp;&nbsp;&nbsp; 2548653 |
|  | 2024 USD Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.049%, 3/21/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7099785 | &nbsp;&nbsp;&nbsp; 7040218 |
|  | Cloudera, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.175%, 10/08/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6381573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306781 |
|  | ConnectWise LLC, 2021 Term Loan B, 3 mo. USD Term SOFR + 3.50%, 8.061%, 9/29/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1628998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629683 |
|  | Cornerstone OnDemand, Inc., 2021 Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.189%, 10/16/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2209191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924758 |
|  | Cotiviti Corp., |  |  |  |
|  | <sup>e</sup> 2025 Incremental Term Loan, TBD, 2/13/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3915000 |
|  | 2024 Term Loan, 1 mo. USD Term SOFR + 2.75%, 7.073%, 5/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp;10315780 | &nbsp;&nbsp;&nbsp; 10109464 |
|  | DCert Buyer, Inc., |  |  |  |
|  | 2019 Term Loan B, 1 mo. USD Term SOFR + 4.00%, 8.325%, 10/16/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1809615 | &nbsp;&nbsp;&nbsp; 1764601 |
|  | 2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 7.00%, 11.325%, 2/19/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 817500 |
|  | Dun & Bradstreet Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 2.25%, 6.572%, 1/18/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7305086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7295954 |
|  | Epicor Software Corp., 2024 Term Loan E, 1 mo. USD Term SOFR + 2.75%, 7.075%, 5/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;11183939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11167443 |
|  | Flash Charm, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 3.50%, 7.791%, 3/02/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6849382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366706 |
|  | Flexera Software LLC, 2024 1st Lien Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.299%, 3/03/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4934599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915329 |
|  | Genesys Cloud Services Holdings II LLC, 2025 USD Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 1/30/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;10761310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10661391 |
|  | Playtika Holding Corp., 2021 Term Loan B1, 1 mo. USD Term SOFR + 2.75%, 7.189%, 3/13/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;4444235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405926 |
|  | PointClickCare Technologies, Inc., 2024 USD Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.549%, 11/03/31 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;3990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985033 |
|  | Polaris Newco LLC, USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.302%, 6/02/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1964129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884837 |
|  | Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.549%, 10/28/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8582096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573127 |
|  | Project Boost Purchaser LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 3.00%, 7.299%, 7/16/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6050179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023225 |
|  | Red Planet Borrower LLC, Term Loan B, 1 mo. USD Term SOFR + 3.50%, 7.925%, 10/02/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;989744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972779 |
|  | Rocket Software, Inc., 2023 USD Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.575%, 11/28/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2328892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325993 |
|  | Skopima Merger Sub, Inc., 2024 Repriced Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.075%, 5/15/28 | United States | &nbsp;&nbsp;&nbsp;1895250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884002 |

---

97 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Software (continued)** |  |  |  |
|  | Sovos Compliance LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.299%, 8/12/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5562796 | &nbsp;&nbsp;$5545802 |
|  | Surf Holdings LLC, 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.936%, 3/05/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2984344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988343 |
|  | UKG, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.00%, 7.329%, 2/10/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;10594297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10583755 |
|  | VS Buyer LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.75%, 7.072%, 4/12/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1855193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857512 |
|  | Waystar Technologies, Inc., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 10/22/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2084434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079223 |
|  | Zelis Payments Buyer, Inc., 5th Amendment Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.575%, 11/26/31 | United States | 4507495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501861 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;165319766 |
|  | **Specialty Retail 4.9%** |  |  |  |
|  | 1011778 BC Unlimited Liability Co., 2024 Term Loan B6, 1 mo. USD Term SOFR + 1.75%, 6.075%, 9/20/30 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;4588442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552813 |
|  | Flynn Restaurant Group LP, 2025 Incremental Term Loan, 1 mo. USD Term SOFR + 3.75%, 8.075%, 1/28/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3433903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372368 |
|  | Foundation Building Materials Holding Co. LLC, 2024 Term Loan B2, 3 mo. USD Term SOFR + 4.00%, 8.552%, 1/29/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;3254294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978362 |
|  | Great Outdoors Group LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.575%, 1/23/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5978475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5973244 |
|  | Harbor Freight Tools USA, Inc., 2024 Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 6/11/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1262522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233257 |
|  | IRB Holding Corp., 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 12/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;8157257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8115451 |
|  | Kodiak Building Partners, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.046%, 12/04/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1908853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838636 |
|  | Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.811%, 4/17/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1942200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447609 |
|  | Peer Holding III BV, |  |  |  |
|  | <sup>e</sup> 2025 USD Term Loan B4B, TBD, 10/28/30 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400064 |
|  | <sup>e</sup> 2025 USD Term Loan B5B, TBD, 7/01/31 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 1017812 | &nbsp;&nbsp;&nbsp; 1017303 |
|  | 2024 USD Term Loan B5, 3 mo. USD Term SOFR + 2.50%, 6.799%, 7/01/31 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 2495496 | &nbsp;&nbsp;&nbsp; 2494249 |
|  | Petco Health & Wellness Co., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.811%, 3/03/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6258289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709812 |
|  | PetSmart, Inc., 2021 Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.175%, 2/11/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1292879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275367 |
|  | Whatabrands LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.50%, 6.825%, 8/03/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7413282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390412 |
|  | White Cap Buyer LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.575%, 10/19/29 | United States | &nbsp;&nbsp;&nbsp;4155833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039324 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51838271 |
|  | **Technology Hardware, Storage & Peripherals 3.9%** |  |  |  |
|  | Amentum Government Services Holdings LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 9/29/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;2780069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694068 |
|  | Clover Holdings 2 LLC, Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.295%, 12/09/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;7443943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374156 |
|  | Fortress Intermediate 3, Inc., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.075%, 6/27/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;6249323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245448 |
| <sup>e</sup> | Kaseya, Inc., 2025 1st Lien Term Loan B, TBD, 3/22/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;5351570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341562 |
|  | McAfee LLC, 2024 USD 1st Lien Term Loan B, 1 mo. USD Term SOFR + 3.00%, 7.323%, 3/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;12568006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12027582 |
|  | Nielsen Consumer, Inc., 2025 USD Term Loan, 1 mo. USD Term SOFR + 3.50%, 7.825%, 3/06/28 | United States | &nbsp;&nbsp;&nbsp;4939583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929704 |

---

franklintempleton.com Annual Report 98

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| <sup>d</sup> | **Senior Floating Rate Interests (continued)** |  |  |  |
|  | **Technology Hardware, Storage & Peripherals (continued)** |  |  |  |
|  | Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.175%, 2/01/28 | United States | 3743295 | &nbsp;&nbsp;$3340011 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;41952531 |
|  | **Textiles, Apparel & Luxury Goods 0.8%** |  |  |  |
|  | ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 12/21/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5146036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098719 |
|  | Varsity Brands, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 3.50%, 7.819%, 8/26/31 | United States | 3743590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676916 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775635 |
|  | **Total Floating Rate Loans (Cost $935,272,235)** |  |  | &nbsp;&nbsp;&nbsp;918966795 |
|  | **Asset-Backed Securities 0.2%** |  |  |  |
| <sup>a,f</sup> | BlueMountain CLO Ltd., Series 2018-3A, Class C, 3 mo. USD Term SOFR + 2.46%, 6.762%, 10/25/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002458 |
| <sup>a,f</sup> | LCM XVIII LP, Series 18A, Class CR, 3 mo. USD Term SOFR + 2.11%, 6.405%, 4/20/31 | United States | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002150 |
|  | **Total Asset-Backed Securities (Cost $1,996,875)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004608 |
|  |  |  | **Shares** |  |
|  | **Common Stocks 0.1%** |  |  |  |
|  | **Health Care Providers & Services 0.1%** |  |  |  |
| <sup>g</sup> | Endo, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340440 |
|  | **Total Common Stocks (Cost $238,946)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340440 |
|  | **Exchange-Traded Funds 1.3%** |  |  |  |
|  | **Fixed Income Funds 1.3%** |  |  |  |
| <sup>h</sup> | Franklin High Yield Corporate ETF | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;295966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052870 |
|  | Invesco Senior Loan ETF | United States | &nbsp;&nbsp;&nbsp;&nbsp;337413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984449 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14037319 |
|  | **Total Exchange-Traded Funds (Cost $14,191,785)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14037319 |
|  | **Total Investments before Short-Term Investments (Cost $983,904,843)** |  |  | &nbsp;&nbsp;&nbsp;967682559 |

---

99 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Senior Loan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 4.7%** |  |  |  |
|  | **U.S. Government & Agency Securities 4.7%** |  |  |  |
| <sup>i</sup> | Federal Home Loan Bank Discount Notes, 4.107%, 04/01/25 | United States | 50000000 | &nbsp;&nbsp;$49994153 |
|  | **Total Short-Term Investments (Cost $50,000,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49994153 |
|  | **Total Investments (Cost $1,033,904,843) 95.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1017676712 |
|  | **Other Assets, less Liabilities 4.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49530398 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$1067207110 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $34,189,556, representing 3.2% of net assets. |
| <sup>b</sup>Security purchased on a when-issued basis. See Note 1(d). |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements. |
| <sup>d</sup>The coupon rate shown represents the rate at period end. |
| <sup>e</sup>A portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of settlement and will be based upon a reference index/floor plus a spread. |
| <sup>f</sup>The coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end. |
| <sup>g</sup>Non-income producing. |
| <sup>h</sup>The fund is affiliated. See Note 3(d). |
| <sup>i</sup>The rate shown represents the yield at period end. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 100

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Financial Highlights

**Franklin Systematic Style Premia ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $23.92 | $21.45 | $21.25 | $19.55 | &nbsp;&nbsp;$23.16 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;(2.25) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;(2.02) |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.54) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(1.59) |
| Net asset value, end of year | &nbsp;&nbsp;$24.53 | &nbsp;&nbsp;$23.92 | &nbsp;&nbsp;$21.45 | &nbsp;&nbsp;$21.25 | &nbsp;&nbsp;$19.55 |
| Total return<sup>c</sup> | 3.77% | 12.83% | 3.13% | 10.09% | &nbsp;&nbsp;(8.70)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.69% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;1.14% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;0.65% |
| Net investment income | 2.21% | 2.13% | 1.21% | 0.69% | &nbsp;&nbsp;1.08% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$312747 | &nbsp;&nbsp;$184154 | &nbsp;&nbsp;$91146 | &nbsp;&nbsp;$55258 | &nbsp;&nbsp;$46927 |
| Portfolio turnover rate<sup>d</sup> | 88.00%<sup>e</sup> | 180.11%<sup>e</sup> | 188.38%<sup>e</sup> | 189.89%<sup>e</sup> | &nbsp;&nbsp;171.16%<sup>e</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>e</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 88.00% | 180.11% | 188.38% | 189.89% | &nbsp;&nbsp;171.16% |

---

101 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments, March 31, 2025

**Franklin Systematic Style Premia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 66.0%** |  |  |  |
|  | **Aerospace & Defense 1.9%** |  |  |  |
|  | General Electric Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 9572 | &nbsp;&nbsp;$1915836 |
|  | L3Harris Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4069 | &nbsp;&nbsp;&nbsp;&nbsp; 851682 |
|  | RTX Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 23931 | &nbsp;&nbsp;&nbsp;&nbsp; 3169900 |
|  | Textron, Inc. | United States | &nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp;&nbsp; 163574 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100992 |
|  | **Air Freight & Logistics 0.5%** |  |  |  |
|  | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147968 |
|  | Deutsche Post AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611932 |
|  | Expeditors International of Washington, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191198 |
|  | FedEx Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674295 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625393 |
|  | **Automobile Components 0.1%** |  |  |  |
|  | Sumitomo Electric Industries Ltd. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283638 |
|  | **Automobiles 0.8%** |  |  |  |
|  | General Motors Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067769 |
|  | Isuzu Motors Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95741 |
|  | Mercedes-Benz Group AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879095 |
|  | Subaru Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145038 |
|  | Suzuki Motor Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432105 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619748 |
|  | **Banks 3.9%** |  |  |  |
|  | AIB Group PLC | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148462 |
|  | Banco Santander SA | &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913487 |
|  | Barclays PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954684 |
|  | BNP Paribas SA | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845902 |
|  | BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363225 |
|  | Citigroup, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940974 |
|  | DBS Group Holdings Ltd., Class A | &nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262757 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547154 |
|  | ING Groep NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911554 |
|  | NatWest Group PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748814 |
|  | Standard Chartered PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642994 |
|  | UniCredit SpA | &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456415 |
|  | Wells Fargo & Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571592 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12308014 |
|  | **Beverages 0.2%** |  |  |  |
|  | Asahi Group Holdings Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199460 |
|  | Coca-Cola HBC AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121753 |
|  | Kirin Holdings Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116698 |
|  | Molson Coors Beverage Co., Class B | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138784 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576695 |
|  | **Biotechnology 2.7%** |  |  |  |
|  | AbbVie, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224264 |
| <sup>a</sup> | Biogen, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413394 |
| <sup>a</sup> | Genmab AS | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101082 |
|  | Gilead Sciences, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317352 |
| <sup>a</sup> | Incyte Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121039 |
| <sup>a</sup> | Neurocrine Biosciences, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147983 |
|  | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727462 |
| <sup>a</sup> | United Therapeutics Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308886 |
| <sup>a</sup> | Vertex Pharmaceuticals, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242594 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8604056 |

---

franklintempleton.com Annual Report 102

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Broadline Retail 0.5%** |  |  |  |
|  | eBay, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 9997 | &nbsp;&nbsp;$677097 |
| <sup>a</sup> | MercadoLibre, Inc. | &nbsp;&nbsp;Brazil | &nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; 489669 |
|  | Next PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 1309 | &nbsp;&nbsp;&nbsp;&nbsp; 187291 |
| <sup>a</sup> | Rakuten Group, Inc. | Japan | &nbsp;&nbsp; 21200 | &nbsp;&nbsp;&nbsp;&nbsp; 120687 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474744 |
|  | **Building Products 0.5%** |  |  |  |
|  | Allegion PLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182644 |
| <sup>a</sup> | Builders FirstSource, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144431 |
|  | Carlisle Cos., Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169909 |
|  | Cie de Saint-Gobain SA | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598289 |
|  | Lennox International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200216 |
|  | Masco Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174476 |
|  | Owens Corning | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137821 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607786 |
|  | **Capital Markets 1.8%** |  |  |  |
|  | 3i Group PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831629 |
|  | Ameriprise Financial, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566893 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126626 |
|  | Carlyle Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151650 |
|  | Deutsche Bank AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280577 |
|  | Morgan Stanley | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417212 |
|  | Nomura Holdings, Inc. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436670 |
|  | Northern Trust Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470462 |
|  | Partners Group Holding AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414042 |
|  | SEI Investments Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119084 |
|  | State Street Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545864 |
|  | T. Rowe Price Group, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428482 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789191 |
|  | **Chemicals 1.6%** |  |  |  |
|  | Asahi Kasei Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119725 |
|  | CF Industries Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328542 |
|  | Corteva, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911226 |
|  | Ecolab, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310445 |
|  | Givaudan SA | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493665 |
|  | Linde PLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453068 |
|  | LyondellBasell Industries NV, Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195360 |
|  | Nitto Denko Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182894 |
|  | RPM International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352940 |
|  | Shin-Etsu Chemical Co. Ltd. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609028 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956893 |
|  | **Commercial Services & Supplies 0.6%** |  |  |  |
|  | Cintas Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960852 |
| <sup>a</sup> | Copart, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653841 |
|  | Rollins, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325801 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940494 |
|  | **Communications Equipment 1.7%** |  |  |  |
|  | Cisco Systems, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456254 |
| <sup>a</sup> | F5, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359464 |
|  | Motorola Solutions, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383917 |
|  | Nokia OYJ | Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255297 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454932 |

---

103 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Construction & Engineering 0.1%** |  |  |  |
|  | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;Spain | &nbsp;&nbsp; 2275 | &nbsp;&nbsp;$129631 |
|  | Bouygues SA | France | &nbsp;&nbsp; 3995 | &nbsp;&nbsp;&nbsp;&nbsp; 157124 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286755 |
|  | **Construction Materials 0.4%** |  |  |  |
|  | CRH PLC | &nbsp;&nbsp;United States | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143610 |
|  | Heidelberg Materials AG | Germany | &nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp;&nbsp; 242004 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385614 |
|  | **Consumer Staples Distribution & Retail 2.0%** |  |  |  |
|  | Carrefour SA | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95321 |
|  | George Weston Ltd. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119320 |
|  | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712625 |
|  | Kroger Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837461 |
|  | Loblaw Cos. Ltd. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154126 |
|  | Sysco Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449114 |
|  | Target Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456366 |
|  | Walmart, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575599 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6399932 |
|  | **Containers & Packaging 0.3%** |  |  |  |
|  | Amcor PLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294667 |
|  | Crown Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255998 |
|  | Packaging Corp. of America | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418218 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968883 |
|  | **Diversified Telecommunication Services 1.5%** |  |  |  |
|  | AT&T, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384796 |
|  | Deutsche Telekom AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291020 |
|  | Koninklijke KPN NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176591 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852407 |
|  | **Electric Utilities 1.5%** |  |  |  |
|  | CLP Holdings Ltd. | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325952 |
|  | Duke Energy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700140 |
|  | Enel SpA | &nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800465 |
|  | Entergy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673319 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203272 |
|  | Iberdrola SA | &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205100 |
|  | NRG Energy, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464699 |
|  | SSE PLC | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176386 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549333 |
|  | **Electrical Equipment 0.3%** |  |  |  |
|  | Fujikura Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212974 |
|  | Mitsubishi Electric Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723927 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936901 |
|  | **Electronic Equipment, Instruments & Components 0.5%** |  |  |  |
|  | Amphenol Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486547 |
|  | Jabil, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204785 |
|  | TDK Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369080 |
|  | TE Connectivity PLC | Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589163 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649575 |
|  | **Entertainment 1.3%** |  |  |  |
|  | Electronic Arts, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763065 |
|  | Konami Group Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141073 |
| <sup>a</sup> | Live Nation Entertainment, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233477 |

---

franklintempleton.com Annual Report 104

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Entertainment (continued)** |  |  |  |
| <sup>a</sup> | Netflix, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2330 | &nbsp;&nbsp;$2172795 |
| <sup>a</sup> | Sea Ltd., ADR | Singapore | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 861234 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171644 |
|  | **Financial Services 2.3%** |  |  |  |
|  | Corebridge Financial, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 7082 | &nbsp;&nbsp;&nbsp;&nbsp; 223579 |
| <sup>a</sup> | Corpay, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp; 228412 |
|  | Equitable Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446203 |
|  | EXOR NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112182 |
|  | Fidelity National Information Services, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742991 |
|  | Investor AB, Class B | &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944820 |
|  | Mastercard, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625495 |
|  | ORIX Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499082 |
| <sup>a</sup> | PayPal Holdings, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383626 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7206390 |
|  | **Food Products 0.3%** |  |  |  |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462672 |
|  | Bunge Global SA | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126093 |
|  | Kellanova | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237159 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825924 |
|  | **Gas Utilities 0.1%** |  |  |  |
|  | Tokyo Gas Co. Ltd. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171995 |
|  | **Ground Transportation 0.7%** |  |  |  |
|  | CSX Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774362 |
| <sup>a</sup> | Uber Technologies, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324012 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098374 |
|  | **Health Care Equipment & Supplies 1.7%** |  |  |  |
| <sup>a</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040450 |
| <sup>a</sup> | Hologic, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175921 |
|  | Hoya Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426401 |
| <sup>a</sup> | IDEXX Laboratories, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453126 |
| <sup>a</sup> | Insulet Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409934 |
|  | Medtronic PLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156640 |
|  | Sysmex Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233350 |
|  | Terumo Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534935 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430757 |
|  | **Health Care Providers & Services 0.8%** |  |  |  |
|  | Cardinal Health, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571470 |
| <sup>a</sup> | Centene Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422602 |
|  | Fresenius Medical Care AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111764 |
|  | HCA Healthcare, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967540 |
| <sup>a</sup> | Molina Healthcare, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217398 |
|  | Universal Health Services, Inc., Class B | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140361 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431135 |
|  | **Health Care Technology 0.1%** |  |  |  |
| <sup>a</sup> | Veeva Systems, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448667 |
|  | **Hotels, Restaurants & Leisure 1.0%** |  |  |  |
|  | Booking Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409714 |
| <sup>a</sup> | Carnival Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328573 |
|  | Domino's Pizza, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171834 |
|  | Expedia Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440254 |
|  | InterContinental Hotels Group PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96927 |
|  | Las Vegas Sands Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176810 |

---

105 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2544 | &nbsp;&nbsp;$522639 |
|  | Wynn Resorts Ltd. | United States | &nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp;&nbsp; 93019 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239770 |
|  | **Household Durables 0.3%** |  |  |  |
|  | Panasonic Holdings Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp; 50900 | &nbsp;&nbsp;&nbsp;&nbsp; 602978 |
|  | PulteGroup, Inc. | United States | &nbsp;&nbsp; 1798 | &nbsp;&nbsp;&nbsp;&nbsp; 184835 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787813 |
|  | **Household Products 0.9%** |  |  |  |
|  | Clorox Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444842 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966047 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976483 |
|  | Procter & Gamble Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447864 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835236 |
|  | **Independent Power Producers & Energy Traders 0.2%** |  |  |  |
|  | Vistra Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736114 |
|  | **Industrial Conglomerates 0.5%** |  |  |  |
|  | 3M Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452152 |
|  | **Insurance 2.4%** |  |  |  |
|  | Aegon Ltd. | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128737 |
|  | Aflac, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964129 |
|  | Ageas SA | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120475 |
|  | AIA Group Ltd. | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807414 |
|  | American International Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130916 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483192 |
|  | Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566727 |
|  | Hartford Insurance Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595636 |
|  | Japan Post Holdings Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441291 |
|  | Loews Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190254 |
|  | MetLife, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589489 |
|  | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500334 |
|  | NN Group NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159531 |
|  | Sompo Holdings, Inc. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562328 |
|  | Suncorp Group Ltd. | Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147477 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7387930 |
|  | **Interactive Media & Services 0.6%** |  |  |  |
|  | Alphabet, Inc., Class C | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506654 |
| <sup>b</sup> | Auto Trader Group PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106768 |
|  | LY Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108681 |
|  | Meta Platforms, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170011 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892114 |
|  | **IT Services 1.2%** |  |  |  |
|  | CGI, Inc., Class A | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429208 |
|  | Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797053 |
| <sup>a</sup> | Gartner, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666967 |
| <sup>a</sup> | GoDaddy, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533395 |
|  | NEC Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536295 |
| <sup>a</sup> | Twilio, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353259 |
| <sup>a</sup> | VeriSign, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530081 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846258 |
|  | **Leisure Products 0.2%** |  |  |  |
|  | Bandai Namco Holdings, Inc. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488554 |

---

franklintempleton.com Annual Report 106

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Life Sciences Tools & Services 1.0%** |  |  |  |
|  | Agilent Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5154 | &nbsp;&nbsp;$602915 |
| <sup>a</sup> | Avantor, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 121575 |
| <sup>a</sup> | IQVIA Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2513 | &nbsp;&nbsp;&nbsp;&nbsp; 443042 |
| <sup>a</sup> | Mettler-Toledo International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp; 441660 |
|  | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1918 | &nbsp;&nbsp;&nbsp;&nbsp; 954397 |
| <sup>a</sup> | Waters Corp. | United States | &nbsp;&nbsp; 1222 | &nbsp;&nbsp;&nbsp;&nbsp; 450392 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013981 |
|  | **Machinery 0.9%** |  |  |  |
|  | Cummins, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626880 |
|  | GEA Group AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114849 |
|  | Ingersoll Rand, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422078 |
|  | Makita Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92216 |
|  | PACCAR, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389967 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575026 |
|  | Snap-on, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195129 |
|  | Techtronic Industries Co. Ltd. | Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395518 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811663 |
|  | **Marine Transportation 0.0%<sup>†</sup>** |  |  |  |
|  | AP Moller - Maersk AS, Class B | Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88499 |
|  | **Media 0.4%** |  |  |  |
|  | Comcast Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905821 |
|  | Fox Corp., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271227 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177048 |
|  | **Metals & Mining 0.9%** |  |  |  |
|  | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159102 |
|  | ArcelorMittal SA | &nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154516 |
|  | Fortescue Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407431 |
|  | Kinross Gold Corp. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420734 |
|  | Nippon Steel Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220065 |
|  | Reliance, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181335 |
|  | Steel Dynamics, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193874 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737057 |
|  | **Multi-Utilities 0.3%** |  |  |  |
|  | Centrica PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150286 |
|  | Engie SA | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528511 |
|  | NiSource, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153104 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831901 |
|  | **Oil, Gas & Consumable Fuels 2.8%** |  |  |  |
|  | Cheniere Energy, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148207 |
|  | Coterra Energy, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206606 |
|  | Devon Energy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250991 |
|  | ENEOS Holdings, Inc. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337947 |
|  | EOG Resources, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405254 |
|  | Equinor ASA | &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508543 |
|  | Imperial Oil Ltd. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166118 |
|  | Inpex Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165106 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933727 |
|  | Ovintiv, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146547 |
|  | Phillips 66 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637898 |
|  | Suncor Energy, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898179 |
|  | Valero Energy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763101 |
|  | Williams Cos., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285318 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8853542 |

---

107 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Passenger Airlines 0.1%** |  |  |  |
|  | Delta Air Lines, Inc. | United States | &nbsp;&nbsp; 4446 | &nbsp;&nbsp;$193846 |
|  | **Personal Care Products 0.3%** |  |  |  |
|  | Beiersdorf AG | &nbsp;&nbsp;Germany | &nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; 112338 |
|  | Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2949 | &nbsp;&nbsp;&nbsp;&nbsp; 194634 |
|  | Kao Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp; 10100 | &nbsp;&nbsp;&nbsp;&nbsp; 437189 |
|  | L'Oreal SA | France | &nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; 140362 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884523 |
|  | **Pharmaceuticals 3.1%** |  |  |  |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157887 |
|  | Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113665 |
|  | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760709 |
|  | Novartis AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556964 |
|  | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570302 |
|  | Roche Holding AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513653 |
|  | Roche Holding AG | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170386 |
|  | Royalty Pharma PLC, Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248293 |
|  | Shionogi & Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267345 |
|  | Viatris, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252538 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9611742 |
|  | **Professional Services 1.4%** |  |  |  |
|  | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443944 |
|  | Jacobs Solutions, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357592 |
|  | Leidos Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405225 |
|  | Paycom Software, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134147 |
|  | Recruit Holdings Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387620 |
|  | RELX PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372347 |
|  | SS&C Technologies Holdings, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204398 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305273 |
|  | **Real Estate Management & Development 0.6%** |  |  |  |
| <sup>a</sup> | CBRE Group, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959795 |
|  | CK Asset Holdings Ltd. | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121268 |
|  | Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468902 |
|  | Sun Hung Kai Properties Ltd. | Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337191 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887156 |
|  | **Residential REITs 0.2%** |  |  |  |
|  | AvalonBay Communities, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420870 |
|  | UDR, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175395 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596265 |
|  | **Retail REITs 0.4%** |  |  |  |
|  | Link REIT | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289598 |
|  | Regency Centers Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156297 |
|  | Simon Property Group, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834386 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280281 |
|  | **Semiconductors & Semiconductor Equipment 3.2%** |  |  |  |
|  | Advantest Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566960 |
|  | Applied Materials, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229769 |
|  | KLA Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997932 |
|  | NVIDIA Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464756 |
|  | QUALCOMM, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216901 |
|  | Renesas Electronics Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203348 |
|  | Skyworks Solutions, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123508 |

---

franklintempleton.com Annual Report 108

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Semiconductors & Semiconductor Equipment (continued)** |  |  |  |
|  | Teradyne, Inc. | United States | &nbsp;&nbsp; 1155 | &nbsp;&nbsp;$95403 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898577 |
|  | **Software 7.0%** |  |  |  |
| <sup>a</sup> | Adobe, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 7858 | &nbsp;&nbsp;&nbsp;&nbsp; 3013779 |
| <sup>a</sup> | ANSYS, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp;&nbsp; 577405 |
| <sup>a</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp; 3480 | &nbsp;&nbsp;&nbsp;&nbsp; 922096 |
| <sup>a</sup> | Autodesk, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233602 |
| <sup>a</sup> | Cadence Design Systems, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671940 |
| <sup>a</sup> | Check Point Software Technologies Ltd. | &nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151567 |
|  | Constellation Software, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633298 |
| <sup>a</sup> | Docusign, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386487 |
| <sup>a</sup> | Dynatrace, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374418 |
| <sup>a</sup> | Fair Isaac Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837249 |
| <sup>a</sup> | Fortinet, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193431 |
|  | Gen Digital, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348523 |
|  | Intuit, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040903 |
| <sup>a</sup> | Manhattan Associates, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120609 |
|  | Microsoft Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688129 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084680 |
| <sup>a</sup> | PTC, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168431 |
|  | Sage Group PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159548 |
|  | Salesforce, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376864 |
|  | SAP SE | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652874 |
| <sup>a</sup> | ServiceNow, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839928 |
| <sup>a</sup> | Synopsys, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440858 |
| <sup>a</sup> | Tyler Technologies, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430810 |
| <sup>a</sup> | Zoom Communications, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436128 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21783557 |
|  | **Specialized REITs 0.3%** |  |  |  |
|  | Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146592 |
|  | VICI Properties, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711181 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857773 |
|  | **Specialty Retail 2.2%** |  |  |  |
| <sup>a</sup> | AutoZone, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315409 |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179019 |
|  | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142906 |
|  | Fast Retailing Co. Ltd. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178548 |
|  | Home Depot, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745074 |
|  | TJX Cos., Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910046 |
|  | Williams-Sonoma, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471770 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6942772 |
|  | **Technology Hardware, Storage & Peripherals 0.4%** |  |  |  |
|  | HP, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545493 |
|  | NetApp, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421368 |
|  | Seagate Technology Holdings PLC | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186890 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153751 |
|  | **Textiles, Apparel & Luxury Goods 0.5%** |  |  |  |
|  | Asics Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344911 |
| <sup>a</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329281 |
| <sup>a</sup> | Lululemon Athletica, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543758 |
|  | Pandora AS | Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297123 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515073 |

---

109 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Tobacco 0.6%** |  |  |  |
|  | Altria Group, Inc. | United States | &nbsp;&nbsp; 30743 | &nbsp;&nbsp;$1845195 |
|  | **Trading Companies & Distributors 0.8%** |  |  |  |
|  | Fastenal Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 11915 | &nbsp;&nbsp;&nbsp;&nbsp; 924008 |
|  | Marubeni Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp; 30100 | &nbsp;&nbsp;&nbsp;&nbsp; 478955 |
|  | Toyota Tsusho Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 143372 |
|  | WW Grainger, Inc. | United States | &nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 904852 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451187 |
|  | **Transportation Infrastructure 0.1%** |  |  |  |
| <sup>b</sup> | Aena SME SA | Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413194 |
|  | **Water Utilities 0.1%** |  |  |  |
|  | American Water Works Co., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273355 |
|  | **Wireless Telecommunication Services 0.4%** |  |  |  |
|  | KDDI Corp. | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893057 |
|  | Vodafone Group PLC | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250311 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143368 |
|  | **Total Common Stocks (Cost $189,197,993)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;206373382 |
|  | **Warrant 0.0%** |  |  |  |
|  | **Software 0.0%** |  |  |  |
| <sup>a,c</sup> | Constellation Software, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Investments before Short-Term Investments<br> (Cost $189,197,993)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;206373382 |
|  | **Short-Term Investments 27.1%** |  |  |  |
|  | **Money Market Funds 27.1%** |  |  |  |
| <sup>d</sup> | State Street Institutional U.S. Government Money Market Fund, 4.29% | United States | &nbsp;&nbsp;84698743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84698743 |
|  | **Total Short-Term Investments (Cost $84,698,743)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84698743 |
|  | **Total Investments (Cost $273,896,736) 93.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;291072125 |
|  | **Other Assets, less Liabilities 6.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21675348 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$312747473 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $519,962, representing 0.2% of net assets. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 10 regarding fair value measurements. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |

---

At March 31, 2025, the Fund had the following total return swap contracts outstanding. See Note 1(c).

**Total Return Swaps Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Instrument** | **Financing Rate** | **Payment<br> Frequency** | **Counterparty** | **Maturity<br> Date** | **Notional<br> Value<br> (000)s** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)<sup>a</sup>** |
| **OTC Swap Contracts** |  |  |  |  |  |  |
| **Equity Contracts - Short** |  |  |  |  |  |  |
| MSFTLSSP | 0.00% | At Maturity | MSCS | April 17, 2025 | 167496 | &nbsp;&nbsp;1 |

---

<sup>a</sup>There were no upfront premiums paid or (received), therefore Market Value equals Unrealized Appreciation/(Depreciation).

franklintempleton.com Annual Report 110

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

At March 31, 2025, the Fund had the following forward exchange contracts outstanding. See Note 1(c).

**Forward Exchange Contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Counterparty<sup>a</sup>** | **Type** | **Quantity** | **Contract<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** |
| Australian Dollar | MSCO | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;44088193 | &nbsp;&nbsp;$27746111 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;$255411 | &nbsp;&nbsp;$— |
| Brazilian Real | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;18471427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118435 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 54937 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Canadian Dollar | MSCO | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;43371508 | &nbsp;&nbsp;&nbsp;&nbsp;30266484 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16847 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Czech Koruna | MSCO | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;430530025 | &nbsp;&nbsp;&nbsp;&nbsp;18715979 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 74617 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro | MSCO | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;28932793 | &nbsp;&nbsp;&nbsp;&nbsp;31587001 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 197785 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Great British Pound | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;24341633 | &nbsp;&nbsp;&nbsp;&nbsp;31508808 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92105) |
| Hungarian Forint | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;1081649620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932583 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45311) |
| Israeli Shekel | MSCO | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;34126233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349837 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 176274 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Japanese Yen | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;670170691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581424 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61248) |
| Mexican Peso | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;323270931 | &nbsp;&nbsp;&nbsp;&nbsp;15896062 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(254745) |
| New Zealand Dollar | MSCO | &nbsp;&nbsp;Sell | &nbsp;&nbsp;&nbsp;&nbsp;48338086 | &nbsp;&nbsp;&nbsp;&nbsp;27649869 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 222222 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Norwegian Krone | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;213492211 | &nbsp;&nbsp;&nbsp;&nbsp;20011493 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 253536 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Polish Zloty | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;30771090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965308 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53783) |
| South African Rand | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;566613274 | &nbsp;&nbsp;&nbsp;&nbsp;30662833 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45231) |
| South Korean Won | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;5002837514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454514 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42845) |
| Swedish Krona | MSCO | &nbsp;&nbsp;Buy | &nbsp;&nbsp;&nbsp;&nbsp;35511897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505737 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45661 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swiss Franc | MSCO | Sell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327257 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5717 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | $1303007 | &nbsp;&nbsp;$(595268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$707739 |

---

<sup>a</sup>May be comprised of multiple contracts with the same counterparty, currency and settlement date.

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Commodity Contracts<sup>a</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brent Crude, April | &nbsp;&nbsp; Long | &nbsp;&nbsp; 32 | &nbsp;&nbsp;$2392640 | &nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;$87305 |
| &nbsp;&nbsp;&nbsp;Cocoa, May | &nbsp;&nbsp; Long | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 158040 | &nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47617) |
| &nbsp;&nbsp;&nbsp;Coffee 'C', May | &nbsp;&nbsp; Long | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1851281 | &nbsp;&nbsp;5/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103776) |
| &nbsp;&nbsp;&nbsp;Copper, May | &nbsp;&nbsp; Long | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 4782300 | &nbsp;&nbsp;5/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 164161 |
| &nbsp;&nbsp;&nbsp;Corn, May | &nbsp;&nbsp; Long | &nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 2789225 | &nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (358485) |
| &nbsp;&nbsp;&nbsp;Gasoline Rbob, April | &nbsp;&nbsp; Long | &nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 9909568 | &nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 421676 |
| &nbsp;&nbsp;&nbsp;Live Cattle, June | &nbsp;&nbsp; Long | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 3421320 | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3905) |
| &nbsp;&nbsp;&nbsp;Low Sulphur Gasoil, May | &nbsp;&nbsp; Long | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 6547200 | &nbsp;&nbsp;5/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 142334 |
| &nbsp;&nbsp;&nbsp;Natural Gas, April | &nbsp;&nbsp; Long | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 2965680 | &nbsp;&nbsp;4/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20022 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD, April | &nbsp;&nbsp; Long | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 3159248 | &nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 81309 |
| &nbsp;&nbsp;&nbsp;Cotton No. 2, May | &nbsp;&nbsp;Short | &nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 3909555 | &nbsp;&nbsp;5/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23989 |
| &nbsp;&nbsp;&nbsp;Gold 100 Ounce, June | &nbsp;&nbsp;Short | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3780360 | &nbsp;&nbsp;6/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108620) |
| &nbsp;&nbsp;&nbsp;Lean Hogs, June | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620450 | &nbsp;&nbsp;6/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24958 |
| &nbsp;&nbsp;&nbsp;Platinum, July | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955875 | &nbsp;&nbsp;7/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146310) |
| &nbsp;&nbsp;&nbsp;Silver, May | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865275 | &nbsp;&nbsp;5/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19872) |
| &nbsp;&nbsp;&nbsp;Soybean Meal, March | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375690 | &nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46878 |
| &nbsp;&nbsp;&nbsp;Soybean Oil, March | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804578 | &nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128093) |
| &nbsp;&nbsp;&nbsp;Soybean, May | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014750 | &nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37590 |
| &nbsp;&nbsp;&nbsp;Sugar No. 11, April | &nbsp;&nbsp;Short | &nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781053 | &nbsp;&nbsp;4/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135454 |
| &nbsp;&nbsp;&nbsp;Wheat, May | &nbsp;&nbsp;Short | &nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215450 | &nbsp;&nbsp;5/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308804 |
| &nbsp;&nbsp;&nbsp;WTI Crude, April | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217320 | &nbsp;&nbsp;4/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217850) |

---

111 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

 **Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;Type | &nbsp;&nbsp;Number of<br> Contracts | &nbsp;&nbsp;Notional<br> Amount\* | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest rate contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada 10 Yr. Bond | &nbsp;&nbsp; Long | &nbsp;&nbsp;250 | &nbsp;&nbsp;$21565051 | &nbsp;&nbsp;6/19/25 | &nbsp;&nbsp;$164626 |
| &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp; Long | &nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;22088460 | &nbsp;&nbsp;6/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (181709) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Yr Note | &nbsp;&nbsp; Long | &nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;15236969 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 307223 |
| &nbsp;&nbsp;&nbsp;Australian 10 Yr Bond | &nbsp;&nbsp;Short | &nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;18323205 | &nbsp;&nbsp;6/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44143) |
| &nbsp;&nbsp;&nbsp;Euro-Bund | &nbsp;&nbsp;Short | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 8628059 | &nbsp;&nbsp;6/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 139234 |
| &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;Short | &nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;15771047 | &nbsp;&nbsp;6/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 268526 |
| &nbsp;&nbsp;&nbsp;Long Gilt | &nbsp;&nbsp;Short | &nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;18580781 | &nbsp;&nbsp;6/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62801) |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp; Long | &nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;16302490 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134928) |
| &nbsp;&nbsp;&nbsp;FTSE/JSE Africa Top40 Index | &nbsp;&nbsp; Long | &nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;21763130 | &nbsp;&nbsp;6/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 211174 |
| &nbsp;&nbsp;&nbsp;IBEX 35 Index | &nbsp;&nbsp; Long | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 2834468 | &nbsp;&nbsp;4/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13696 |
| &nbsp;&nbsp;&nbsp;Mex Bolsa Index | &nbsp;&nbsp; Long | &nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 7849279 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137292) |
| &nbsp;&nbsp;&nbsp;S&P/TSX 60 Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;26221657 | &nbsp;&nbsp;6/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384952 |
| &nbsp;&nbsp;&nbsp;CAC 40 10 Euro | &nbsp;&nbsp;Short | &nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;20904776 | &nbsp;&nbsp;4/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704229 |
| &nbsp;&nbsp;&nbsp;DAX Index | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7855435 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332079 |
| &nbsp;&nbsp;&nbsp;EURO STOXX 50 Index | &nbsp;&nbsp;Short | &nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744051 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296804 |
| &nbsp;&nbsp;&nbsp;FTSE/MIB Index | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275488 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197676 |
| &nbsp;&nbsp;&nbsp;Nikkei 225 Mini | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861575 | &nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73043 |
| &nbsp;&nbsp;&nbsp;OMXS30 Index | &nbsp;&nbsp;Short | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175210 | &nbsp;&nbsp;4/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369271 |
| &nbsp;&nbsp;&nbsp;S+P500 E-Mini | &nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501237 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44976 |
| &nbsp;&nbsp;&nbsp;SPI 200 Index | Short | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489360 | 4/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | &nbsp;&nbsp;$3308403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| \*As of year end. |
| <sup>a</sup>The security is owned by FLSP Holdings Corporation., a wholly-owned subsidiary of the Fund. See Note 11. |

---

**The following table represents the individual short positions and related values of the equity securities underlying the total return swap with Morgan Stanley Capital Services LLC as of March 31, 2025, maturity date 4/17/25:**

---

| | | | |
|:---|:---|:---|:---|
| | **Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Reference Entity – Short 100.00%** |  |  |  |
| **Automobiles & Components 4.43%** |  |  |  |
| Aptiv PLC | United States | &nbsp;&nbsp; (6832) | &nbsp;&nbsp;$(406504) |
| Bayerische Motoren Werke AG | Germany | &nbsp;&nbsp; (8108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (645309) |
| Ford Motor Co. | United States | &nbsp;&nbsp;(108722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1090482) |
| Honda Motor Co., Ltd. | Japan | &nbsp;&nbsp;(124100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1114111) |
| Renault SA | France | &nbsp;&nbsp; (5341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268563) |
| Rivian Automotive, Inc., A | United States | &nbsp;&nbsp; (21663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (269704) |
| Stellantis NV | United States | &nbsp;&nbsp;&nbsp;(58070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643707) |
| Toyota Motor Corp. | Japan | &nbsp;&nbsp;(137000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2396630) |
| Volkswagen AG | Germany | &nbsp;&nbsp;&nbsp;&nbsp;(5801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586269) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7421279) |
| **Banks 4.55%** |  |  |  |
| Australia & New Zealand Banking Group Ltd. | Australia | &nbsp;&nbsp;&nbsp;(84938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1539708) |
| FinecoBank Banca Fineco SpA | Italy | &nbsp;&nbsp;&nbsp;(17987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353521) |
| First Citizens BancShares, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(546965) |
| KeyCorp | United States | &nbsp;&nbsp;&nbsp;(26940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430771) |
| Mediobanca Banca di Credito Finanziario SpA | Italy | &nbsp;&nbsp;&nbsp;(14518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270756) |
| National Australia Bank Ltd. | Australia | &nbsp;&nbsp;&nbsp;(86665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1837260) |
| National Bank of Canada | Canada | &nbsp;&nbsp;&nbsp;(11100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915996) |
| Resona Holdings, Inc. | Japan | &nbsp;&nbsp;&nbsp;(60300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518965) |
| Skandinaviska Enskilda Banken AB, A | Sweden | &nbsp;&nbsp;&nbsp;(45044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737647) |

---

franklintempleton.com Annual Report 112

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Reference Entity – Short (continued)** |  |  |  |
| **Banks (continued)** |  |  |  |
| Sumitomo Mitsui Trust Holdings, Inc. | Japan | &nbsp;&nbsp; (18600) | &nbsp;&nbsp;$(462699) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7614288) |
| **Capital Goods 10.45%** |  |  |  |
| Alstom SA | France | &nbsp;&nbsp; (10212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224812) |
| Ashtead Group PLC | United Kingdom | &nbsp;&nbsp; (12733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (681400) |
| Daikin Industries Ltd. | Japan | &nbsp;&nbsp; (7300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (787896) |
| Epiroc AB, A | Sweden | &nbsp;&nbsp;&nbsp;(18752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375410) |
| FANUC Corp. | Japan | &nbsp;&nbsp;&nbsp;(26400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716758) |
| Ferrovial SE | United States | &nbsp;&nbsp;&nbsp;(13573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603763) |
| Graco, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279508) |
| Honeywell International, Inc | United States | &nbsp;&nbsp;&nbsp;(11942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2528718) |
| IDEX Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386371) |
| Kajima Corp. | Japan | &nbsp;&nbsp;&nbsp;(11500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234399) |
| Kongsberg Gruppen ASA | Norway | &nbsp;&nbsp;&nbsp;&nbsp;(2445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356260) |
| Melrose Industries PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(36057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221114) |
| Nordson Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(1084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218664) |
| Northrop Grumman Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1946662) |
| Quanta Services, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210969) |
| Rockwell Automation, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584714) |
| Saab AB, B | Sweden | &nbsp;&nbsp;&nbsp;&nbsp;(8427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330239) |
| Sandvik AB | Sweden | &nbsp;&nbsp;&nbsp;(30572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639130) |
| SKF AB, B | Sweden | &nbsp;&nbsp;&nbsp;&nbsp;(9903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199340) |
| SMC Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;(1600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567821) |
| Thales SA | France | &nbsp;&nbsp;&nbsp;&nbsp;(2604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690834) |
| The Boeing Co. | United States | &nbsp;&nbsp;&nbsp;(17236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2939600) |
| Toyota Industries Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;(4800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407811) |
| VAT Group AG | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278597) |
| Vestas Wind Systems A/S | Denmark | &nbsp;&nbsp;&nbsp;(19134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262962) |
| Xylem, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(6924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827141) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17500893) |
| **Commercial & Professional Services 0.83%** |  |  |  |
| Element Fleet Management Corp. | Canada | &nbsp;&nbsp;&nbsp;(10100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200772) |
| Equifax, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(860984) |
| Rentokil Initial PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(74362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333636) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1395392) |
| **Consumer Discretionary Distribution & Retail 0.87%** |  |  |  |
| Burlington Stores, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(1834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437097) |
| CarMax, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(4462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347679) |
| Genuine Parts Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456783) |
| H & M AB | Sweden | &nbsp;&nbsp;&nbsp;(16299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213937) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1455496) |
| **Consumer Durables & Apparel 1.64%** |  |  |  |
| Barratt Redrow PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(38963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212683) |
| DR Horton, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(4149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(527462) |
| Kering SA | France | &nbsp;&nbsp;&nbsp;&nbsp;(2050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422775) |
| Nike, Inc. | United States | &nbsp;&nbsp;&nbsp;(24889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1579954) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2742874) |
| **Consumer Services 3.80%** |  |  |  |
| Chipotle Mexican Grill, Inc. | United States | &nbsp;&nbsp;&nbsp;(38435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1929821) |
| DraftKings, Inc. | United States | &nbsp;&nbsp;&nbsp;(12996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431597) |
| Evolution AB | Sweden | &nbsp;&nbsp;&nbsp;&nbsp;(4516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335381) |
| McDonald's Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(8049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2514266) |
| Oriental Land Co. Ltd. | Japan | &nbsp;&nbsp;&nbsp;(29400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578996) |

---

113 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Reference Entity – Short (continued)** |  |  |  |
| **Consumer Services (continued)** |  |  |  |
| Restaurant Brands International, Inc. | Canada | &nbsp;&nbsp; (8700) | &nbsp;&nbsp;$(579879) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6369940) |
| **Consumer Staples Distribution & Retail 1.55%** |  |  |  |
| Alimentation Couche-Tard, Inc. | Canada | &nbsp;&nbsp; (21700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1070036) |
| Coles Group Ltd. | Australia | &nbsp;&nbsp; (37219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (452960) |
| Dollar Tree, Inc. | United States | &nbsp;&nbsp; (5848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (439009) |
| Woolworths Group Ltd. | Australia | &nbsp;&nbsp;&nbsp;(34335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632247) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594252) |
| **Energy 6.67%** |  |  |  |
| Cameco Corp. | Canada | &nbsp;&nbsp;&nbsp;(12600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518620) |
| Diamondback Energy Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(5294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(846405) |
| Eni SpA | Italy | &nbsp;&nbsp;&nbsp;(59420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(917724) |
| Exxon Mobil Corp. | United States | &nbsp;&nbsp;&nbsp;(22840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2716361) |
| Hess Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1232796) |
| ONEOK, Inc. | United States | &nbsp;&nbsp;&nbsp;(17021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688824) |
| Santos Ltd. | Australia | &nbsp;&nbsp;&nbsp;(91580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380073) |
| Schlumberger NV | United States | &nbsp;&nbsp;&nbsp;(39737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1661007) |
| Tourmaline Oil Corp. | Canada | &nbsp;&nbsp;&nbsp;&nbsp;(9800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472552) |
| Woodside Energy Group Ltd. | Australia | &nbsp;&nbsp;&nbsp;(51650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744133) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11178495) |
| **Equity Real Estate Investment Trusts (REITs) 5.10%** |  |  |  |
| American Tower Corp. | United States | &nbsp;&nbsp;&nbsp;(11984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2607718) |
| Boston Properties, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(4254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285826) |
| CapitaLand Integrated Commercial Trust REIT | Singapore | &nbsp;&nbsp;(162100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253262) |
| Digital Realty Trust, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(9507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1362258) |
| Realty Income Corp. | United States | &nbsp;&nbsp;&nbsp;(24487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1420491) |
| SBA Communications Corp. REIT, A | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466861) |
| Segro PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(35565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317115) |
| Sun Communities, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465548) |
| Unibail-Rodamco-Westfield | France | &nbsp;&nbsp;&nbsp;&nbsp;(3391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285345) |
| Ventas, Inc. | United States | &nbsp;&nbsp;&nbsp;(11802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811506) |
| WP Carey, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(4261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268912) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8544842) |
| **Financial Services 5.47%** |  |  |  |
| ASX Ltd. | Australia | &nbsp;&nbsp;&nbsp;&nbsp;(5476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222282) |
| Blackrock, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2641626) |
| CBOE Global Markets, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644926) |
| Coinebase Global, Inc., A | United States | &nbsp;&nbsp;&nbsp;&nbsp;(6609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1138268) |
| Edenred SE | France | &nbsp;&nbsp;&nbsp;&nbsp;(6823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220664) |
| EQT AB | Sweden | &nbsp;&nbsp;&nbsp;(10867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329090) |
| FactSet Research Systems, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340525) |
| Global Payments, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723923) |
| Intercontinental Exchange, Inc. | United States | &nbsp;&nbsp;&nbsp;(15096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2604060) |
| Japan Exchange Group, Inc. | Japan | &nbsp;&nbsp;&nbsp;(28300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289075) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9154439) |
| **Food, Beverage & Tobacco 2.82%** |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261769) |
| Heineken NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;(8181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666142) |
| Hormel Foods Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(6489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200770) |
| J M Smucker Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353454) |
| Japan Tobacco, Inc. | Japan | &nbsp;&nbsp;&nbsp;(24100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(663016) |
| Kraft Heinz Co. | United States | &nbsp;&nbsp;&nbsp;(17820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542263) |
| McCormick & Co., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586376) |

---

franklintempleton.com Annual Report 114

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Reference Entity – Short (continued)** |  |  |  |
| **Food, Beverage & Tobacco (continued)** |  |  |  |
| Pernod Ricard SA | France | &nbsp;&nbsp; (5694) | &nbsp;&nbsp;$(561309) |
| The Campbell's Company | United States | &nbsp;&nbsp; (4672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186506) |
| The Hershey Co. | United States | &nbsp;&nbsp; (4105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (702078) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4723683) |
| **Health Care Equipment & Services 6.49%** |  |  |  |
| Cochlear Ltd. | Australia | &nbsp;&nbsp; (1836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300098) |
| Coloplast A/S, B | Denmark | &nbsp;&nbsp;&nbsp;&nbsp;(3557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372453) |
| CVS Health Corp. | United States | &nbsp;&nbsp;&nbsp;(35807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2425924) |
| Dexcom, Inc. | United States | &nbsp;&nbsp;&nbsp;(12030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(821529) |
| Elevance Health, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(6229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2709366) |
| Humana, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(921602) |
| Smith & Nephew PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(23445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328339) |
| Sonic Healthcare Ltd. | Australia | &nbsp;&nbsp;&nbsp;(13204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211955) |
| UnitedHealth Group, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(5318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2785302) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10876568) |
| **Insurance 4.73%** |  |  |  |
| Aon PLC, A | United States | &nbsp;&nbsp;&nbsp;&nbsp;(5500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2194995) |
| Arthur J Gallagher & Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2429454) |
| ASR Nederland NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;(4462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255356) |
| Intact Financial, Corp. | Canada | &nbsp;&nbsp;&nbsp;&nbsp;(5200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1062256) |
| Legal & General Group PLC | United Kingdom | &nbsp;&nbsp;(165678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519225) |
| Prudential PLC | Hong Kong | &nbsp;&nbsp;&nbsp;(75684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807107) |
| Sampo Oyj, A | Finland | &nbsp;&nbsp;&nbsp;(69033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659940) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7928333) |
| **Materials 4.96%** |  |  |  |
| Air Products and Chemicals, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(6483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1911966) |
| Albemarle Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234065) |
| Antofagasta PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(11607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249970) |
| Boliden AB | Sweden | &nbsp;&nbsp;&nbsp;&nbsp;(8103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264020) |
| Dow, Inc. | United States | &nbsp;&nbsp;&nbsp;(19617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685026) |
| DSM-Firmenich AG | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;(5321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525114) |
| First Quantum Minerals Ltd. | Canada | &nbsp;&nbsp;&nbsp;(21100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283679) |
| Ivanhoe Mines Ltd., A | Canada | &nbsp;&nbsp;&nbsp;(22600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191886) |
| James Hardie Industries PLC | Australia | &nbsp;&nbsp;&nbsp;(12037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288633) |
| Martin Marietta Materials, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(1135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542678) |
| Newmont Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(6262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302329) |
| Norsk Hydro ASA | Norway | &nbsp;&nbsp;&nbsp;(40084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229516) |
| Novozymes A/S | Denmark | &nbsp;&nbsp;&nbsp;(10153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589479) |
| Sika AG | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;(4158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1001962) |
| South32 Ltd. | Australia | &nbsp;&nbsp;(126709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254247) |
| Svenska Cellulosa AB | Sweden | &nbsp;&nbsp;&nbsp;(17458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229845) |
| Teck Resources Ltd., B | Canada | &nbsp;&nbsp;&nbsp;(14100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513547) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8297962) |
| **Media & Entertainment 1.96%** |  |  |  |
| Interpublic Group of Cos., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199707) |
| Omnicom Group, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(5463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452937) |
| Snap, Inc., A | United States | &nbsp;&nbsp;&nbsp;(31970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278459) |
| Trade Desk, Inc., A | United States | &nbsp;&nbsp;&nbsp;(13544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741128) |
| Universal Music Group NV | Netherlands | &nbsp;&nbsp;&nbsp;(23444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(643995) |
| Warner Bros Discovery, Inc. | United States | &nbsp;&nbsp;&nbsp;(68169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731453) |
| WPP PLC | United Kingdom | &nbsp;&nbsp;&nbsp;(30473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228604) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3276283) |

---

115 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Reference Entity – Short (continued)** |  |  |  |
| **Pharmaceuticals, Biotechnology & Life Sciences 9.21%** |  |  |  |
| Astellas Pharma, Inc. | Japan | &nbsp;&nbsp; (51100) | &nbsp;&nbsp;$(494290) |
| AstraZeneca PLC | United Kingdom | &nbsp;&nbsp; (17172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2494422) |
| Bayer AG | Germany | &nbsp;&nbsp; (27008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (643871) |
| CSL Ltd. | Australia | &nbsp;&nbsp; (7740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1202323) |
| Eli Lilly & Co. | United States | &nbsp;&nbsp; (3077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2541325) |
| Exact Sciences Corp. | United States | &nbsp;&nbsp; (5419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (234589) |
| Merck & Co., Inc. | United States | &nbsp;&nbsp;&nbsp;(24946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2239153) |
| Merck KGaA | Germany | &nbsp;&nbsp;&nbsp;&nbsp;(3625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(495731) |
| Moderna, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(9064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256964) |
| Novo Nordisk AS, B | Denmark | &nbsp;&nbsp;&nbsp;(28281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1923699) |
| Pfizer, Inc. | United States | &nbsp;&nbsp;&nbsp;(95853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2428915) |
| West Pharmaceutical Services, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464551) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15419833) |
| **Real Estate Management & Development 0.89%** |  |  |  |
| CoStar Group, Inc. | United States | &nbsp;&nbsp;&nbsp;(11716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928259) |
| Vonovia SE | Germany | &nbsp;&nbsp;&nbsp;(20966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(565281) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1493540) |
| **Semiconductors & Semiconductor Equipment 10.40%** |  |  |  |
| Advanced Micro Devices, Inc. | United States | &nbsp;&nbsp;&nbsp;(26427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2715110) |
| Analog Devices, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(9264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1868271) |
| ASM International NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;(1380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619227) |
| ASML Holding NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;(3699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2421370) |
| BE Semiconductor Industries NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;(2341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240787) |
| Entegris, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(4456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389811) |
| First Solar, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376003) |
| Infineon Technologies AG | Germany | &nbsp;&nbsp;&nbsp;(38143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1252337) |
| Intel Corp. | United States | &nbsp;&nbsp;(124989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2838500) |
| Lasertec Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;(2000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169587) |
| Microchip Technology, Inc. | United States | &nbsp;&nbsp;&nbsp;(16805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813530) |
| Micron Technology, Inc. | United States | &nbsp;&nbsp;&nbsp;(28559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2481491) |
| Monolithic Power Systems, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(1401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812552) |
| STMicroelectronics NV | Switzerland | &nbsp;&nbsp;&nbsp;(19723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426096) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17424672) |
| **Software & Services 2.88%** |  |  |  |
| Accenture PLC | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2371504) |
| Dassault Systemes SE | France | &nbsp;&nbsp;&nbsp;(18851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711478) |
| EPAM Systems, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(1658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279937) |
| MongoDB, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380442) |
| Okta Inc., A | United States | &nbsp;&nbsp;&nbsp;&nbsp;(4905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516104) |
| Zscaler, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(2876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570656) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4830121) |
| **Technology Hardware & Equipment 3.55%** |  |  |  |
| CDW Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(3703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593443) |
| Dell Technologies Inc., A | United States | &nbsp;&nbsp;&nbsp;&nbsp;(9122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831470) |
| Hexagon AB | Sweden | &nbsp;&nbsp;&nbsp;(61736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655458) |
| Keyence Corp. | Japan | &nbsp;&nbsp;&nbsp;&nbsp;(5500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2150862) |
| Kyocera Corp. | Japan | &nbsp;&nbsp;&nbsp;(35500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397755) |
| Pure Storage, Inc., A | United States | &nbsp;&nbsp;&nbsp;&nbsp;(8911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394490) |
| Super Micro Computer, Inc. | United States | &nbsp;&nbsp;&nbsp;(15282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523256) |
| Western Digital Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;(9951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402319) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5949053) |

---

franklintempleton.com Annual Report 116

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Consolidated Schedule of Investments

Franklin Systematic Style Premia ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Reference Entity – Short (continued)** |  |  |  |
| **Telecommunication Services 1.61%** |  |  |  |
| Cellnex Telecom SA | Spain | &nbsp;&nbsp; (15056) | &nbsp;&nbsp;$(533930) |
| Nippon Telegraph & Telephone Corp. | Japan | &nbsp;&nbsp;(829100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (802266) |
| SoftBank Group Corp. | Japan | &nbsp;&nbsp; (27200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1360364) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2696560) |
| **Transportation 1.77%** |  |  |  |
| Canadian Pacific Kansas City Ltd. | Canada | &nbsp;&nbsp; (27300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1915600) |
| Kuehne + Nagel International AG | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;(1343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308901) |
| Transurban Group | Australia | &nbsp;&nbsp;&nbsp;(87742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732117) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2956618) |
| **Utilities 3.37%** |  |  |  |
| EDP - Energias de Portugal SA | Portugal | &nbsp;&nbsp;&nbsp;(88294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296807) |
| Eversource Energy | United States | &nbsp;&nbsp;&nbsp;&nbsp;(7043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437441) |
| Kansai Electric Power Co., Inc. | Japan | &nbsp;&nbsp;&nbsp;(18500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219281) |
| National Grid PLC | United Kingdom | &nbsp;&nbsp;(132735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1729553) |
| Origin Energy Ltd. | Australia | &nbsp;&nbsp;&nbsp;(39582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259728) |
| Power Assets Holdings Ltd. | Hong Kong | &nbsp;&nbsp;&nbsp;(38500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230595) |
| Sempra | United States | &nbsp;&nbsp;&nbsp;(17681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1261716) |
| Severn Trent PLC | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;(7246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236719) |
| Snam SpA | Italy | &nbsp;&nbsp;&nbsp;(56620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293267) |
| Veolia Environnement SA | France | &nbsp;&nbsp;&nbsp;(19942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683938) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5649045) |
| **Total Value of Reference Entity — Morgan Stanley Capital Services LLC** |  |  | &nbsp;&nbsp;$(167494461) |

---

See Note 9 regarding other derivative information.

See Abbreviations on page 190.

117 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Core Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $21.33 | $21.74 | $23.43 | $25.14 | &nbsp;&nbsp;$25.44 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) |
| Net asset value, end of year | &nbsp;&nbsp;$21.48 | &nbsp;&nbsp;$21.33 | &nbsp;&nbsp;$21.74 | &nbsp;&nbsp;$23.43 | &nbsp;&nbsp;$25.14 |
| Total return<sup>c</sup> | 4.99% | 1.69% | (4.88)% | (4.72)% | &nbsp;&nbsp;2.07% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.16% | &nbsp;&nbsp;0.17% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.15%<sup>d</sup> | &nbsp;&nbsp;0.15%<sup>d</sup> | &nbsp;&nbsp;0.14% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% |
| Net investment income | 4.01% | 3.60% | 2.51% | 1.80% | &nbsp;&nbsp;1.95% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$2426517 | &nbsp;&nbsp;$1776612 | &nbsp;&nbsp;$1511691 | &nbsp;&nbsp;$1509961 | &nbsp;&nbsp;$1460597 |
| Portfolio turnover rate<sup>e</sup> | 35.11%<sup>f</sup> | 37.74%<sup>f</sup> | 68.70%<sup>f</sup> | 69.88%<sup>f</sup> | &nbsp;&nbsp;90.99%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 35.11% | 37.74% | 68.70% | 69.88% | &nbsp;&nbsp;90.99% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 118

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Core Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 28.0%** |  |  |  |
|  | **Aerospace & Defense 0.3%** |  |  |  |
|  | Boeing Co., 3.50%, 3/01/39 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;$3839002 |
|  | Howmet Aerospace, Inc., 4.85%, 10/15/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339431 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8178433 |
|  | **Agriculture 0.5%** |  |  |  |
| <sup>a</sup> | Cargill, Inc., 2.125%, 11/10/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273124 |
| <sup>a</sup> | Imperial Brands Finance PLC, 3.50%, 7/26/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943397 |
|  | Philip Morris International, Inc., 5.375%, 2/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672828 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11889349 |
|  | **Airlines 0.3%** |  |  |  |
|  | American Airlines Pass-Through Trust, Series 2016-3, Class A, 3.25%, 4/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3674225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436562 |
| <sup>a</sup> | Delta Air Lines, Inc./SkyMiles IP Ltd., first lien, 4.50%, 10/20/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1925160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918664 |
|  | United Airlines Pass-Through Trust, |  |  |  |
|  | Series 2020-1, Class A, 5.875%, 4/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 42621 | &nbsp;&nbsp;&nbsp; 43445 |
|  | Series 2019-2, Class A, 2.90%, 11/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 776483 | &nbsp;&nbsp;&nbsp; 725962 |
|  | Series 2020-1, Class B, 4.875%, 7/15/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921600 | &nbsp;&nbsp;&nbsp; 920235 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7044868 |
|  | **Apparel 0.1%** |  |  |  |
|  | Tapestry, Inc., 5.50%, 3/11/35 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779845 |
|  | **Auto Manufacturers 0.1%** |  |  |  |
|  | Hyundai Capital America, |  |  |  |
|  | <sup>a</sup> 5.30%, 1/08/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2625635 |
|  | <sup>a</sup> 5.35%, 3/19/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp; 896682 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522317 |
|  | **Banks 6.5%** |  |  |  |
| <sup>a</sup> | ABN AMRO Bank NV, 6.339% to 9/18/26, FRN thereafter, 9/18/27 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125156 |
|  | Bank of America Corp., |  |  |  |
|  | 1.922% to 10/24/30, FRN thereafter, 10/24/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 2396839 |
|  | 2.687% to 4/22/31, FRN thereafter, 4/22/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2641321 |
|  | 2.592% to 4/29/30, FRN thereafter, 4/29/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2695503 |
|  | 3.974% to 2/07/29, FRN thereafter, 2/07/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp; 7981143 |
|  | 2.299% to 7/21/31, FRN thereafter, 7/21/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 5297596 |
|  | 4.948% to 7/22/27, FRN thereafter, 7/22/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2722103 |
|  | 5.468% to 1/23/34, FRN thereafter, 1/23/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1014977 |
| <sup>a</sup> | BNP Paribas SA, 5.176% to 1/09/29, FRN thereafter, 1/09/30 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455306 |
| <sup>a</sup> | BPCE SA, 2.045% to 10/19/26, FRN thereafter, 10/19/27 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549712 |
|  | Citigroup, Inc., |  |  |  |
|  | 4.45%, 9/29/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1493273 |
|  | 4.125%, 7/25/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2263690 |
|  | 3.057% to 1/25/32, FRN thereafter, 1/25/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1578548 |
| <sup>a</sup> | Danske Bank AS, 5.705% to 3/01/29, FRN thereafter, 3/01/30 | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117098 |
|  | Deutsche Bank AG, 5.371%, 9/09/27 | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783197 |
|  | Fifth Third Bancorp, |  |  |  |
|  | 4.772% to 7/28/29, FRN thereafter, 7/28/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2982864 |
|  | 5.631% to 1/29/31, FRN thereafter, 1/29/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5120150 |
|  | Goldman Sachs Group, Inc., |  |  |  |
|  | 1.948% to 10/21/26, FRN thereafter, 10/21/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; 4988822 |
|  | 3.691% to 6/05/27, FRN thereafter, 6/05/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2452676 |
|  | 2.383% to 7/21/31, FRN thereafter, 7/21/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 5397500 |
|  | 2.64% to 2/24/27, FRN thereafter, 2/24/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; 5020907 |
|  | HSBC Holdings PLC, |  |  |  |
|  | 2.013% to 9/22/27, FRN thereafter, 9/22/28 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp; 3836961 |
|  | 2.357% to 8/18/30, FRN thereafter, 8/18/31 | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp; 1132961 |

---

119 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | Huntington Bancshares, Inc., 2.55%, 2/04/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;$4124890 |
|  | JPMorgan Chase & Co., |  |  |  |
|  | 2.956% to 5/13/30, FRN thereafter, 5/13/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4548433 |
|  | 2.522% to 4/22/30, FRN thereafter, 4/22/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1795387 |
|  | 1.953% to 2/04/31, FRN thereafter, 2/04/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 5957258 |
|  | 6.087% to 10/23/28, FRN thereafter, 10/23/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1623116 |
|  | 5.336% to 1/23/34, FRN thereafter, 1/23/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1314304 |
|  | Lloyds Banking Group PLC, 5.871% to 3/06/28, FRN thereafter, 3/06/29 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094787 |
|  | Mizuho Financial Group, Inc., 5.778% to 7/06/28, FRN thereafter, 7/06/29 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787729 |
|  | Morgan Stanley, |  |  |  |
|  | 2.699% to 1/22/30, FRN thereafter, 1/22/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 1994011 |
|  | 1.794% to 2/13/31, FRN thereafter, 2/13/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5029144 |
|  | 2.239% to 7/21/31, FRN thereafter, 7/21/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 8517477 |
|  | 3.622% to 4/01/30, FRN thereafter, 4/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 4061467 |
|  | 5.466% to 1/18/34, FRN thereafter, 1/18/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1012177 |
|  | PNC Financial Services Group, Inc., 5.676% to 1/22/34, FRN thereafter, 1/22/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075165 |
|  | Santander U.K. Group Holdings PLC, 1.673% to 6/14/26, FRN thereafter, 6/14/27 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083427 |
| <sup>a</sup> | Societe Generale SA, 1.792% to 6/09/26, FRN thereafter, 6/09/27 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150622 |
|  | Truist Financial Corp., |  |  |  |
|  | 1.887% to 6/07/28, FRN thereafter, 6/07/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2749109 |
|  | 5.153% to 8/05/31, FRN thereafter, 8/05/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5010137 |
|  | UBS Group AG, |  |  |  |
|  | <sup>a</sup> 6.373% to 7/15/25, FRN thereafter, 7/15/26 | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 552221 |
|  | 4.55%, 4/17/26 | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 950552 |
|  | <sup>a</sup> 6.246% to 9/22/28, FRN thereafter, 9/22/29 | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; 3554666 |
|  | Wells Fargo & Co., |  |  |  |
|  | 2.879% to 10/30/29, FRN thereafter, 10/30/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10300000 | &nbsp;&nbsp;&nbsp; 9496888 |
|  | 3.35% to 3/02/32, FRN thereafter, 3/02/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1795034 |
|  | 5.198% to 1/22/29, FRN thereafter, 1/23/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp; 2288197 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;158614501 |
|  | **Beverages 0.2%** |  |  |  |
|  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/01/36 | Belgium | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307035 |
|  | **Biotechnology 0.7%** |  |  |  |
|  | Amgen, Inc., 5.25%, 3/02/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450378 |
|  | Bio-Rad Laboratories, Inc., 3.30%, 3/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487876 |
|  | Regeneron Pharmaceuticals, Inc., 1.75%, 9/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6824972 |
|  | Royalty Pharma PLC, |  |  |  |
|  | 2.20%, 9/02/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4326206 |
|  | 2.15%, 9/02/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp; 2179707 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17269139 |
|  | **Building Products 0.1%** |  |  |  |
|  | NVR, Inc., 3.00%, 5/15/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291916 |
|  | **Chemicals 0.1%** |  |  |  |
| <sup>a</sup> | Solvay Finance America LLC, 5.85%, 6/04/34 | Belgium | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059440 |
|  | **Commercial Services & Supplies 0.2%** |  |  |  |
|  | Boardwalk Pipelines LP, 4.80%, 5/03/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954424 |
|  | **Construction Materials 0.3%** |  |  |  |
|  | Owens Corning, 5.70%, 6/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198312 |

---

franklintempleton.com Annual Report 120

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Diversified REITs 0.1%** |  |  |  |
|  | Essex Portfolio LP, 2.65%, 3/15/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;$3424633 |
|  | **Diversified Telecommunication Services 0.3%** |  |  |  |
|  | America Movil SAB de CV, 2.875%, 5/07/30 | &nbsp;&nbsp;Mexico | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474579 |
|  | Orange SA, 9.00%, 3/01/31 | France | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626436 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101015 |
|  | **Electric 2.9%** |  |  |  |
|  | Constellation Energy Generation LLC, |  |  |  |
|  | 5.80%, 3/01/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9300000 | &nbsp;&nbsp;&nbsp; 9636013 |
|  | 6.125%, 1/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1107188 |
|  | DTE Energy Co., 4.875%, 6/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818013 |
|  | Duke Energy Corp., |  |  |  |
|  | 2.45%, 6/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; 3478984 |
|  | 3.75%, 9/01/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 3685157 |
|  | Duke Energy Ohio, Inc., 5.25%, 4/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507458 |
| <sup>a</sup> | Electricite de France SA, 5.70%, 5/23/28 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616172 |
|  | NextEra Energy Capital Holdings, Inc., |  |  |  |
|  | 5.05%, 2/28/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4972426 |
|  | 5.30%, 3/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4010000 | &nbsp;&nbsp;&nbsp; 4076375 |
|  | Pacific Gas & Electric Co., 3.25%, 6/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451275 |
|  | Public Service Enterprise Group, Inc., 2.45%, 11/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305349 |
|  | Virginia Electric & Power Co., |  |  |  |
|  | Series B, 3.80%, 9/15/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1212418 |
|  | 5.00%, 4/01/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 8922899 |
| <sup>a</sup> | Vistra Operations Co. LLC, 4.30%, 7/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779361 |
|  | Wisconsin Electric Power Co., 4.60%, 10/01/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908769 |
|  | Xcel Energy, Inc., |  |  |  |
|  | 4.60%, 6/01/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7233856 |
|  | 5.45%, 8/15/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp; 3316114 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70027827 |
|  | **Electric Utilities 1.1%** |  |  |  |
| <sup>a</sup> | Comision Federal de Electricidad, 3.348%, 2/09/31 | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239161 |
| <sup>a</sup> | EDP Finance BV, 1.71%, 1/24/28 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156923 |
|  | Enel Finance International NV, |  |  |  |
|  | <sup>a</sup> 3.50%, 4/06/28 | &nbsp;&nbsp; Italy | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2608832 |
|  | <sup>a</sup> 2.50%, 7/12/31 | &nbsp;&nbsp; Italy | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3006523 |
|  | Exelon Corp., 4.05%, 4/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361289 |
|  | Georgia Power Co., Series 2010-C, 4.75%, 9/01/40 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294496 |
|  | MidAmerican Energy Co., 3.65%, 8/01/48 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823396 |
| <sup>a</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 7/17/49 | &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603741 |
|  | Southern Co., Series A, 3.70%, 4/30/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718920 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25813281 |
|  | **Electronic Equipment, Instruments & Components 0.1%** |  |  |  |
|  | Flex Ltd., 4.875%, 5/12/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976366 |
|  | **Environmental Control 0.2%** |  |  |  |
|  | Republic Services, Inc., 5.00%, 4/01/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990498 |
|  | **Financial Services 0.5%** |  |  |  |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.40%, 10/29/33 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022336 |
|  | Capital One Financial Corp., 5.463% to 7/26/29, FRN thereafter, 7/26/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113125 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12135461 |

---

121 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Food 0.8%** |  |  |  |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, 4/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;$3761179 |
|  | Mars, Inc., |  |  |  |
|  | <sup>a</sup> 3.20%, 4/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp; 3006835 |
|  | <sup>a</sup> 5.20%, 3/01/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9440000 | &nbsp;&nbsp;&nbsp; 9490838 |
|  | McCormick & Co., Inc., 2.50%, 4/15/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773937 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20032789 |
|  | **Health Care Providers & Services 0.9%** |  |  |  |
|  | Elevance Health, Inc., 2.55%, 3/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420903 |
|  | HCA, Inc., 3.625%, 3/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877954 |
|  | Icon Investments Six DAC, 6.00%, 5/08/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373011 |
|  | IQVIA, Inc., 6.25%, 2/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418972 |
|  | UnitedHealth Group, Inc., |  |  |  |
|  | 2.00%, 5/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2651034 |
|  | 4.50%, 4/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1934773 |
|  | 5.15%, 7/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp; 1913544 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22590191 |
|  | **Healthcare-Products 0.5%** |  |  |  |
|  | Baxter International, Inc., 2.539%, 2/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491865 |
|  | Boston Scientific Corp., 2.65%, 6/01/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469162 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10961027 |
|  | **Home Builders 0.2%** |  |  |  |
|  | Toll Brothers Finance Corp., 3.80%, 11/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386852 |
|  | **Household Products 0.2%** |  |  |  |
|  | Haleon U.S. Capital LLC, 3.625%, 3/24/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986749 |
|  | **Insurance 1.8%** |  |  |  |
| <sup>a</sup> | AIA Group Ltd., 4.95%, 4/04/33 | &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621209 |
|  | Aon Corp., 2.80%, 5/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6387183 |
|  | Aon Corp./Aon Global Holdings PLC, 5.35%, 2/28/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034465 |
|  | Arthur J Gallagher & Co., 5.45%, 7/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080383 |
|  | Brown & Brown, Inc., 2.375%, 3/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718192 |
|  | Corebridge Financial, Inc., |  |  |  |
|  | 3.90%, 4/05/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1387526 |
|  | 6.05%, 9/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2506059 |
| <sup>a</sup> | Corebridge Global Funding, 5.90%, 9/19/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082743 |
| <sup>a</sup> | Five Corners Funding Trust II, 2.85%, 5/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376408 |
| <sup>a</sup> | Metropolitan Life Global Funding I, 4.30%, 8/25/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376899 |
| <sup>a</sup> | New York Life Global Funding, 4.85%, 1/09/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267114 |
|  | Reinsurance Group of America, Inc., 3.90%, 5/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181795 |
| <sup>a</sup> | RGA Global Funding, 5.50%, 1/11/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160912 |
| <sup>a</sup> | Sammons Financial Group, Inc., 6.875%, 4/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670066 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42850954 |
|  | **Internet 0.1%** |  |  |  |
|  | Netflix, Inc., 4.90%, 8/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947142 |
|  | **IT Services 0.1%** |  |  |  |
|  | Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970277 |
|  | **Lodging 0.1%** |  |  |  |
|  | Marriott International, Inc., 5.30%, 5/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397851 |
|  | **Machinery-Diversified 0.3%** |  |  |  |
|  | Ingersoll Rand, Inc., 5.70%, 8/14/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337083 |
|  | Westinghouse Air Brake Technologies Corp., 4.70%, 9/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003652 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340735 |

---

franklintempleton.com Annual Report 122

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Media 0.9%** |  |  |  |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |
|  | 2.80%, 4/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;$4318641 |
|  | 3.50%, 3/01/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027048 |
|  | Comcast Corp., |  |  |  |
|  | 4.25%, 1/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5706294 |
|  | 1.50%, 2/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2508045 |
|  | NBCUniversal Media LLC, 4.45%, 1/15/43 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949767 |
|  | Paramount Global, 4.20%, 5/19/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280157 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20789952 |
|  | **Metals & Mining 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Corp. Nacional del Cobre de Chile, 4.50%, 8/01/47 | Chile | &nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917158 |
|  | **Mining 0.3%** |  |  |  |
|  | Rio Tinto Finance USA PLC, 5.00%, 3/14/32 | Australia | &nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787649 |
|  | **Multi-Utilities 0.2%** |  |  |  |
|  | Berkshire Hathaway Energy Co., |  |  |  |
|  | 3.70%, 7/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400716 |
|  | 5.15%, 11/15/43 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2853471 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254187 |
|  | **Oil & Gas 1.0%** |  |  |  |
| <sup>a</sup> | Aker BP ASA, 3.10%, 7/15/31 | &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140574 |
|  | Canadian Natural Resources Ltd., 2.95%, 7/15/30 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696226 |
|  | Hess Corp., 7.125%, 3/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206437 |
|  | TotalEnergies Capital SA, 4.724%, 9/10/34 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024964 |
| <sup>a</sup> | Var Energi ASA, 8.00%, 11/15/32 | Norway | &nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281630 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23349831 |
|  | **Oil, Gas & Consumable Fuels 0.3%** |  |  |  |
|  | Cheniere Energy, Inc., 5.65%, 4/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732490 |
| <sup>a</sup> | Pertamina Persero PT, 4.70%, 7/30/49 | &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807131 |
|  | Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956144 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495765 |
|  | **Packaging & Containers 0.1%** |  |  |  |
|  | Amcor Flexibles North America, Inc., 2.63%, 6/19/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146762 |
|  | **Paper & Forest Products 0.0%<sup>†</sup>** |  |  |  |
|  | Suzano Austria GmbH, 3.125%, 1/15/32 | Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107959 |
|  | **Pharmaceuticals 0.7%** |  |  |  |
| <sup>a</sup> | Bayer U.S. Finance II LLC, 4.375%, 12/15/28 | &nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359186 |
|  | Bristol-Myers Squibb Co., 4.125%, 6/15/39 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830420 |
|  | CVS Health Corp., |  |  |  |
|  | 4.875%, 7/20/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1316529 |
|  | 1.875%, 2/28/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5020664 |
|  | 5.30%, 6/01/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981191 |
|  | Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682084 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18190074 |
|  | **Pipelines 1.4%** |  |  |  |
|  | Eastern Energy Gas Holdings LLC, 5.80%, 1/15/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;6825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048640 |
|  | Energy Transfer LP, |  |  |  |
|  | 6.40%, 12/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6183701 |
|  | 5.55%, 5/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2299808 |

---

123 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Pipelines (continued)** |  |  |  |
|  | Kinder Morgan, Inc., 2.00%, 2/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;$3507719 |
|  | MPLX LP, 5.40%, 4/01/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8847730 |
|  | Targa Resources Corp., 6.50%, 3/30/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341322 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33228920 |
|  | **Real Estate Investment Trusts (REITs) 0.2%** |  |  |  |
|  | Alexandria Real Estate Equities, Inc., 1.875%, 2/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153840 |
| <sup>a</sup> | Prologis Targeted U.S. Logistics Fund LP, 5.25%, 4/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224927 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378767 |
|  | **Real Estate Management & Development 0.7%** |  |  |  |
|  | American Tower Corp., 5.35%, 3/15/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775646 |
|  | Simon Property Group LP, 2.20%, 2/01/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734058 |
|  | VICI Properties LP, 4.95%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961417 |
| <sup>a</sup> | VICI Properties LP/VICI Note Co., Inc., 3.875%, 2/15/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912232 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16383353 |
|  | **Retail 0.4%** |  |  |  |
|  | Dollar Tree, Inc., 4.20%, 5/15/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909886 |
|  | McDonald's Corp., 5.20%, 5/17/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085715 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8995601 |
|  | **Semiconductors 0.1%** |  |  |  |
| <sup>a</sup> | Foundry JV Holdco LLC, 5.90%, 1/25/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558328 |
|  | **Software 0.8%** |  |  |  |
|  | Fiserv, Inc., |  |  |  |
|  | 3.50%, 7/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1712248 |
|  | 2.65%, 6/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; 4232936 |
| <sup>a</sup> | MSCI, Inc., 3.25%, 8/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714216 |
|  | Oracle Corp., 2.875%, 3/25/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477886 |
|  | Synopsys, Inc., 5.00%, 4/01/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277399 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18414685 |
|  | **Telecommunications 1.2%** |  |  |  |
|  | AT&T, Inc., 2.55%, 12/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;12800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10498683 |
|  | Motorola Solutions, Inc., 5.40%, 4/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085329 |
|  | T-Mobile USA, Inc., |  |  |  |
|  | 3.75%, 4/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4928261 |
|  | 3.875%, 4/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2876859 |
|  | Verizon Communications, Inc., 1.75%, 1/20/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229341 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29618473 |
|  | **Transportation 0.1%** |  |  |  |
|  | Burlington Northern Santa Fe LLC, 4.15%, 4/01/45 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916008 |
|  | **Total Corporate Bonds & Notes (Cost $692,712,759)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;678576699 |
|  | **U.S. Government & Agency Securities 67.6%** |  |  |  |
|  | Federal Farm Credit Banks Funding Corp., 2.10%, 2/25/36 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118543 |
|  | Federal Home Loan Mortgage Corp., |  |  |  |
|  | 2.00%, 4/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4075404 | &nbsp;&nbsp;&nbsp; 3688010 |
|  | 2.00%, 8/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4246396 | &nbsp;&nbsp;&nbsp; 3842748 |
|  | 2.00%, 3/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 26271612 | &nbsp;&nbsp;&nbsp; 21082623 |
|  | 2.00%, 5/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10176822 | &nbsp;&nbsp;&nbsp; 8119248 |
|  | 2.00%, 1/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2436602 | &nbsp;&nbsp;&nbsp; 1939025 |
|  | 2.00%, 1/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 709568 | &nbsp;&nbsp;&nbsp; 564668 |
|  | 2.00%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 417916 | &nbsp;&nbsp;&nbsp; 332574 |
|  | 2.00%, 4/01/52 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4631570 | &nbsp;&nbsp;&nbsp; 3689513 |

---

franklintempleton.com Annual Report 124

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| **U.S. Government & Agency Securities (continued)** |  |  |  |
| 2.00%, 8/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 23390177 | &nbsp;&nbsp;$18656472 |
| 2.50%, 4/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3050181 | &nbsp;&nbsp;&nbsp;&nbsp; 2825624 |
| 2.50%, 5/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3249112 | &nbsp;&nbsp;&nbsp;&nbsp; 3008328 |
| 2.50%, 8/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2448603 | &nbsp;&nbsp;&nbsp;&nbsp; 2038941 |
| 2.50%, 9/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1322950 | &nbsp;&nbsp;&nbsp;&nbsp; 1103195 |
| 2.50%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6134468 | &nbsp;&nbsp;&nbsp;&nbsp; 5111378 |
| 2.50%, 4/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 14263440 | &nbsp;&nbsp;&nbsp;&nbsp; 11880167 |
| 2.50%, 7/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 498678 | &nbsp;&nbsp;&nbsp;&nbsp; 415152 |
| 3.00%, 4/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 383425 | &nbsp;&nbsp;&nbsp;&nbsp; 362946 |
| 3.00%, 6/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3355661 | &nbsp;&nbsp;&nbsp;&nbsp; 3176431 |
| 3.00%, 8/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 431657 | &nbsp;&nbsp;&nbsp;&nbsp; 408602 |
| 3.00%, 9/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 580467 | &nbsp;&nbsp;&nbsp;&nbsp; 549464 |
| 3.00%, 3/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 12591333 | &nbsp;&nbsp;&nbsp;&nbsp; 11085322 |
| 3.00%, 3/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4794406 | &nbsp;&nbsp;&nbsp;&nbsp; 4220220 |
| 3.00%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1025398 | &nbsp;&nbsp;&nbsp;&nbsp; 889647 |
| 3.00%, 7/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3057884 | &nbsp;&nbsp;&nbsp;&nbsp; 2655130 |
| 3.00%, 9/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9297225 | &nbsp;&nbsp;&nbsp;&nbsp; 8067101 |
| 3.50%, 2/01/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1236700 | &nbsp;&nbsp;&nbsp;&nbsp; 1132962 |
| 3.50%, 2/01/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2340699 | &nbsp;&nbsp;&nbsp;&nbsp; 2153570 |
| 3.50%, 3/01/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1451935 | &nbsp;&nbsp;&nbsp;&nbsp; 1326616 |
| 3.50%, 3/01/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2995341 | &nbsp;&nbsp;&nbsp;&nbsp; 2743356 |
| 3.50%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2780060 | &nbsp;&nbsp;&nbsp;&nbsp; 2510230 |
| 3.50%, 4/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2745685 | &nbsp;&nbsp;&nbsp;&nbsp; 2479191 |
| 3.50%, 6/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4491298 | &nbsp;&nbsp;&nbsp;&nbsp; 4058876 |
| 3.50%, 7/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2762250 | &nbsp;&nbsp;&nbsp;&nbsp; 2494149 |
| 3.50%, 7/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4191201 | &nbsp;&nbsp;&nbsp;&nbsp; 3784407 |
| 3.50%, 9/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4207325 | &nbsp;&nbsp;&nbsp;&nbsp; 3798966 |
| 3.50%, 11/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 16132162 | &nbsp;&nbsp;&nbsp;&nbsp; 14569269 |
| 3.50%, 12/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2872712 | &nbsp;&nbsp;&nbsp;&nbsp; 2594547 |
| 3.50%, 8/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7663040 | &nbsp;&nbsp;&nbsp;&nbsp; 6919272 |
| 3.50%, 1/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2175883 | &nbsp;&nbsp;&nbsp;&nbsp; 1964354 |
| 4.00%, 11/01/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2088824 | &nbsp;&nbsp;&nbsp;&nbsp; 1978853 |
| 4.00%, 6/01/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4268724 | &nbsp;&nbsp;&nbsp;&nbsp; 4035172 |
| 4.00%, 5/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4613214 | &nbsp;&nbsp;&nbsp;&nbsp; 4374720 |
| 4.00%, 9/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4219883 | &nbsp;&nbsp;&nbsp;&nbsp; 3939687 |
| 4.00%, 10/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3243724 | &nbsp;&nbsp;&nbsp;&nbsp; 3028140 |
| 4.00%, 1/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3503660 | &nbsp;&nbsp;&nbsp;&nbsp; 3270799 |
| 4.50%, 8/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 623402 | &nbsp;&nbsp;&nbsp;&nbsp; 596794 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5408940 | &nbsp;&nbsp;&nbsp;&nbsp; 5185166 |
| 5.50%, 3/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5781272 | &nbsp;&nbsp;&nbsp;&nbsp; 5777443 |
| 5.50%, 11/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9638485 | &nbsp;&nbsp;&nbsp;&nbsp; 9630596 |
| 5.50%, 12/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3795186 | &nbsp;&nbsp;&nbsp;&nbsp; 3792079 |
| 5.50%, 2/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3794581 | &nbsp;&nbsp;&nbsp;&nbsp; 3791475 |
| 6.00%, 1/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 14384619 | &nbsp;&nbsp;&nbsp;&nbsp; 14616130 |
| 6.00%, 2/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7660385 | &nbsp;&nbsp;&nbsp;&nbsp; 7783674 |
| 6.50%, 10/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 444880 | &nbsp;&nbsp;&nbsp;&nbsp; 458931 |
| 6.50%, 1/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 292893 | &nbsp;&nbsp;&nbsp;&nbsp; 302098 |
| Federal National Mortgage Association, |  |  |  |
| 1.50%, 9/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3886015 | &nbsp;&nbsp;&nbsp;&nbsp; 2940904 |
| 2.00%, 5/01/36 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8583178 | &nbsp;&nbsp;&nbsp;&nbsp; 7774483 |
| 2.00%, 4/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 375813 | &nbsp;&nbsp;&nbsp;&nbsp; 340090 |
| 2.00%, 7/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 19549568 | &nbsp;&nbsp;&nbsp;&nbsp; 15633717 |
| 2.00%, 8/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 12819245 | &nbsp;&nbsp;&nbsp;&nbsp; 10239296 |
| 2.00%, 10/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 17998360 | &nbsp;&nbsp;&nbsp;&nbsp; 14358746 |
| 2.00%, 2/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2823837 | &nbsp;&nbsp;&nbsp;&nbsp; 2247184 |
| 2.00%, 2/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8654879 | &nbsp;&nbsp;&nbsp;&nbsp; 6901963 |
| 2.00%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5716705 | &nbsp;&nbsp;&nbsp;&nbsp; 4552801 |
| 2.50%, 7/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3480314 | &nbsp;&nbsp;&nbsp;&nbsp; 3241829 |
| 2.50%, 10/01/50 | United States | &nbsp;&nbsp;&nbsp;&nbsp;4553576 | &nbsp;&nbsp;&nbsp;&nbsp; 3796749 |

---

125 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| **U.S. Government & Agency Securities (continued)** |  |  |  |
| 2.50%, 4/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 23662900 | &nbsp;&nbsp;$19835937 |
| 2.50%, 7/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6281941 | &nbsp;&nbsp;&nbsp;&nbsp; 5263491 |
| 2.50%, 8/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3932159 | &nbsp;&nbsp;&nbsp;&nbsp; 3284005 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 13971589 | &nbsp;&nbsp;&nbsp;&nbsp; 11666367 |
| 2.50%, 2/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1431732 | &nbsp;&nbsp;&nbsp;&nbsp; 1194269 |
| 2.50%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10268513 | &nbsp;&nbsp;&nbsp;&nbsp; 8559168 |
| 2.50%, 4/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4631121 | &nbsp;&nbsp;&nbsp;&nbsp; 3860182 |
| 3.00%, 9/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 434984 | &nbsp;&nbsp;&nbsp;&nbsp; 411751 |
| 3.00%, 9/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3487856 | &nbsp;&nbsp;&nbsp;&nbsp; 3307204 |
| 3.00%, 10/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3791923 | &nbsp;&nbsp;&nbsp;&nbsp; 3589392 |
| 3.00%, 4/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5027758 | &nbsp;&nbsp;&nbsp;&nbsp; 4447496 |
| 3.00%, 9/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4183874 | &nbsp;&nbsp;&nbsp;&nbsp; 3676059 |
| 3.00%, 11/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4588350 | &nbsp;&nbsp;&nbsp;&nbsp; 4005060 |
| 3.00%, 5/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4560483 | &nbsp;&nbsp;&nbsp;&nbsp; 3961211 |
| 3.00%, 5/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3804442 | &nbsp;&nbsp;&nbsp;&nbsp; 3306899 |
| 3.00%, 6/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6473864 | &nbsp;&nbsp;&nbsp;&nbsp; 5616799 |
| 3.00%, 3/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8016604 | &nbsp;&nbsp;&nbsp;&nbsp; 6964954 |
| 3.50%, 12/01/39 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 903535 | &nbsp;&nbsp;&nbsp;&nbsp; 870161 |
| 3.50%, 6/01/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 519660 | &nbsp;&nbsp;&nbsp;&nbsp; 474093 |
| 3.50%, 8/01/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8268714 | &nbsp;&nbsp;&nbsp;&nbsp; 7548359 |
| 3.50%, 2/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4196458 | &nbsp;&nbsp;&nbsp;&nbsp; 3789154 |
| 3.50%, 9/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 474166 | &nbsp;&nbsp;&nbsp;&nbsp; 428144 |
| 3.50%, 11/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4275426 | &nbsp;&nbsp;&nbsp;&nbsp; 3862694 |
| 4.00%, 2/01/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 336348 | &nbsp;&nbsp;&nbsp;&nbsp; 319097 |
| 4.50%, 7/01/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4451461 | &nbsp;&nbsp;&nbsp;&nbsp; 4350504 |
| 4.50%, 5/01/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2224589 | &nbsp;&nbsp;&nbsp;&nbsp; 2174182 |
| 4.50%, 12/01/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3088470 | &nbsp;&nbsp;&nbsp;&nbsp; 3006009 |
| 4.50%, 2/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1339560 | &nbsp;&nbsp;&nbsp;&nbsp; 1304764 |
| 4.50%, 11/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6071608 | &nbsp;&nbsp;&nbsp;&nbsp; 5820857 |
| 5.00%, 10/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3001953 | &nbsp;&nbsp;&nbsp;&nbsp; 2952003 |
| 5.00%, 1/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5023062 | &nbsp;&nbsp;&nbsp;&nbsp; 4940813 |
| 5.00%, 5/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3167563 | &nbsp;&nbsp;&nbsp;&nbsp; 3112375 |
| 5.00%, 8/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4184749 | &nbsp;&nbsp;&nbsp;&nbsp; 4111837 |
| 5.00%, 10/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 18704206 | &nbsp;&nbsp;&nbsp;&nbsp; 18343172 |
| 5.50%, 5/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7745606 | &nbsp;&nbsp;&nbsp;&nbsp; 7750453 |
| 5.50%, 10/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7084491 | &nbsp;&nbsp;&nbsp;&nbsp; 7078692 |
| 5.50%, 3/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1845216 | &nbsp;&nbsp;&nbsp;&nbsp; 1843706 |
| 6.00%, 8/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7064609 | &nbsp;&nbsp;&nbsp;&nbsp; 7191851 |
| 6.00%, 9/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2542399 | &nbsp;&nbsp;&nbsp;&nbsp; 2583715 |
| 6.50%, 5/01/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 598397 | &nbsp;&nbsp;&nbsp;&nbsp; 617297 |
| Government National Mortgage Association, |  |  |  |
| 2.00%, 10/20/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 11994567 | &nbsp;&nbsp;&nbsp;&nbsp; 9821025 |
| 2.00%, 2/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4550502 | &nbsp;&nbsp;&nbsp;&nbsp; 3725903 |
| 2.00%, 4/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2954897 | &nbsp;&nbsp;&nbsp;&nbsp; 2419439 |
| 2.00%, 5/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8128465 | &nbsp;&nbsp;&nbsp;&nbsp; 6655502 |
| 2.50%, 4/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7998739 | &nbsp;&nbsp;&nbsp;&nbsp; 6829529 |
| 2.50%, 6/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3081841 | &nbsp;&nbsp;&nbsp;&nbsp; 2631355 |
| 3.00%, 11/20/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5303451 | &nbsp;&nbsp;&nbsp;&nbsp; 4708276 |
| 3.50%, 10/20/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5835382 | &nbsp;&nbsp;&nbsp;&nbsp; 5381526 |
| 3.50%, 5/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5130529 | &nbsp;&nbsp;&nbsp;&nbsp; 4709187 |
| 3.50%, 6/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2275675 | &nbsp;&nbsp;&nbsp;&nbsp; 2087500 |
| 4.00%, 6/20/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6216043 | &nbsp;&nbsp;&nbsp;&nbsp; 5829995 |
| 4.50%, 5/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6015532 | &nbsp;&nbsp;&nbsp;&nbsp; 5790215 |
| 4.50%, 9/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5991573 | &nbsp;&nbsp;&nbsp;&nbsp; 5757246 |
| 5.00%, 9/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2983465 | &nbsp;&nbsp;&nbsp;&nbsp; 2938865 |
| 5.00%, 10/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4454121 | &nbsp;&nbsp;&nbsp;&nbsp; 4395541 |
| 5.00%, 9/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7386299 | &nbsp;&nbsp;&nbsp;&nbsp; 7270803 |
| 5.00%, 10/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10037154 | &nbsp;&nbsp;&nbsp;&nbsp; 9880207 |
| 5.50%, 5/20/53 | United States | &nbsp;&nbsp;&nbsp;&nbsp;6393131 | &nbsp;&nbsp;&nbsp;&nbsp; 6435185 |

---

franklintempleton.com Annual Report 126

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| **U.S. Government & Agency Securities (continued)** |  |  |  |
| 5.50%, 7/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8037457 | &nbsp;&nbsp;$8061351 |
| 5.50%, 8/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 5796385 | &nbsp;&nbsp;&nbsp;&nbsp; 5813737 |
| 5.50%, 9/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 18519147 | &nbsp;&nbsp;&nbsp;&nbsp; 18574201 |
| 6.00%, 10/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10953998 | &nbsp;&nbsp;&nbsp;&nbsp; 11123705 |
| 6.00%, 1/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7534277 | &nbsp;&nbsp;&nbsp;&nbsp; 7654314 |
| 6.00%, 2/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3709887 | &nbsp;&nbsp;&nbsp;&nbsp; 3768993 |
| 6.50%, 8/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3708366 | &nbsp;&nbsp;&nbsp;&nbsp; 3798408 |
| 6.50%, 12/20/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7335012 | &nbsp;&nbsp;&nbsp;&nbsp; 7520963 |
| U.S. Treasury Bonds, |  |  |  |
| 1.125%, 5/15/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6825000 | &nbsp;&nbsp;&nbsp;&nbsp; 4321745 |
| 1.125%, 8/15/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 21200000 | &nbsp;&nbsp;&nbsp;&nbsp; 13293891 |
| 1.25%, 5/15/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 53230000 | &nbsp;&nbsp;&nbsp;&nbsp; 26446577 |
| 1.375%, 8/15/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 68475000 | &nbsp;&nbsp;&nbsp;&nbsp; 34914225 |
| 1.875%, 2/15/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218205 |
| 1.875%, 11/15/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2814138 |
| 2.00%, 11/15/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 39050000 | &nbsp;&nbsp;&nbsp;&nbsp; 27446353 |
| 2.00%, 2/15/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 17200000 | &nbsp;&nbsp;&nbsp;&nbsp; 10412719 |
| 2.00%, 8/15/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2919711 |
| 2.25%, 8/15/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10314000 | &nbsp;&nbsp;&nbsp;&nbsp; 6939791 |
| 2.25%, 8/15/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10205000 | &nbsp;&nbsp;&nbsp;&nbsp; 6585414 |
| 2.25%, 2/15/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 8835000 | &nbsp;&nbsp;&nbsp;&nbsp; 5575713 |
| 2.75%, 8/15/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 19789000 | &nbsp;&nbsp;&nbsp;&nbsp; 15457064 |
| 2.75%, 11/15/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp;&nbsp; 9960500 |
| 2.75%, 11/15/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 7720000 | &nbsp;&nbsp;&nbsp;&nbsp; 5633791 |
| 3.00%, 11/15/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 43795000 | &nbsp;&nbsp;&nbsp;&nbsp; 34519356 |
| 3.00%, 2/15/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40038000 | &nbsp;&nbsp;&nbsp;&nbsp; 30287339 |
| 3.625%, 2/15/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 14600000 | &nbsp;&nbsp;&nbsp;&nbsp; 12300785 |
| 3.625%, 5/15/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp;&nbsp; 8384235 |
| 4.125%, 8/15/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12904883 |
| 4.25%, 2/15/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3468400 |
| 4.75%, 11/15/43 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146020 |
| U.S. Treasury Notes, |  |  |  |
| 0.375%, 11/30/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 82150000 | &nbsp;&nbsp;&nbsp;&nbsp; 80130349 |
| 0.375%, 1/31/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 63700000 | &nbsp;&nbsp;&nbsp;&nbsp; 61767173 |
| 0.50%, 6/30/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9250000 | &nbsp;&nbsp;&nbsp;&nbsp; 8582446 |
| 0.875%, 6/30/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 73300000 | &nbsp;&nbsp;&nbsp;&nbsp; 70539797 |
| 1.25%, 12/31/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp;176185000 | &nbsp;&nbsp;&nbsp;&nbsp; 168287645 |
| 1.25%, 5/31/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30170000 | &nbsp;&nbsp;&nbsp;&nbsp; 27817683 |
| 1.375%, 12/31/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 26300000 | &nbsp;&nbsp;&nbsp;&nbsp; 23998236 |
| 1.375%, 11/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027250 |
| 2.25%, 8/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6549914 |
| 2.75%, 8/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 12400000 | &nbsp;&nbsp;&nbsp;&nbsp; 11340187 |
| 3.25%, 6/30/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 78565000 | &nbsp;&nbsp;&nbsp;&nbsp; 77518490 |
| 3.50%, 4/30/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 14230000 | &nbsp;&nbsp;&nbsp;&nbsp; 14067689 |
| 3.75%, 5/31/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 46000000 | &nbsp;&nbsp;&nbsp;&nbsp; 45519336 |
| 3.75%, 6/30/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp;&nbsp; 9841561 |
| 3.875%, 8/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 18400000 | &nbsp;&nbsp;&nbsp;&nbsp; 18037750 |
| 4.00%, 10/31/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20953000 | &nbsp;&nbsp;&nbsp;&nbsp; 21002109 |
| 4.125%, 7/31/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 24200000 | &nbsp;&nbsp;&nbsp;&nbsp; 24373937 |
| 4.125%, 8/31/30 | United States | 19400000 | &nbsp;&nbsp;&nbsp;&nbsp; 19527312 |
| **Total U.S. Government & Agency Securities (Cost $1,699,272,648)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1639837222 |

---

127 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Municipal Bonds 0.8%** |  |  |  |
|  | **California 0.7%** |  |  |  |
|  | Golden State Tobacco Securitization Corp., Subordinate Bond, Refunding, Series 2021, 3.85%, 6/01/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;$4834144 |
|  | San Bernardino Community College District, |  |  |  |
|  | Refunding, 2.686%, 8/01/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6140000 | &nbsp;&nbsp;&nbsp; 4508561 |
|  | Refunding, 2.856%, 8/01/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp; 2369746 |
|  | Whittier City School District, Refunding, 3.306%, 8/01/43 | United States | &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946965 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17659416 |
|  | **Ohio 0.1%** |  |  |  |
|  | Greenville City School District, Refunding, 3.541%, 1/01/51 | United States | &nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007967 |
|  | **Total Municipal Bonds (Cost $23,609,224)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18667383 |
|  | **Foreign Government and Agency Securities 0.6%** |  |  |  |
|  | Chile Government International Bonds, 3.500%, 1/25/50 | &nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779735 |
|  | Peru Government International Bonds, 2.783%, 1/23/31 | &nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143027 |
| <sup>a</sup> | African Export-Import Bank, 3.994%, 9/21/29 | &nbsp;&nbsp;Supranational | &nbsp;&nbsp;&nbsp;&nbsp;6100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675233 |
| <sup>a</sup> | Banque Ouest Africaine de Developpement, 5.000%, 7/27/27 | Supranational | &nbsp;&nbsp;&nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719212 |
|  | **Total Foreign Government and Agency Securities (Cost $17,289,077)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15317207 |
|  | **Asset-Backed Security 0.2%** |  |  |  |
| <sup>a</sup> | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61 | United States | &nbsp;&nbsp;&nbsp;&nbsp;6660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212822 |
|  | **Total Asset-Backed Securities (Cost $6,623,535)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212822 |
|  | **Commercial Mortgage-Backed Securities 1.5%** |  |  |  |
| <sup>b</sup> | Bank, Series 2022-BNK40, Class A4, 3.393%, 3/15/64 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536954 |
| <sup>b</sup> | Benchmark Mortgage Trust, Series 2022-B32, Class A5, 3.002%, 1/15/55 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4831425 |
|  | BX Commercial Mortgage Trust, |  |  |  |
|  | <sup>a,b</sup> Series 2021-VOLT, Class B, 1 mo. USD Term SOFR + 1.06%, 5.384%, 9/15/36 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp; 3160045 |
|  | <sup>a,b</sup> Series 2022-LP2, Class A, 1 mo. USD Term SOFR + 1.01%, 5.332%, 2/15/39 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1965562 | &nbsp;&nbsp;&nbsp; 1960894 |
| <sup>a,b</sup> | BX Mortgage Trust, Series 2021-PAC, Class A, 1 mo. USD Term SOFR + 0.80%, 5.123%, 10/15/36 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068471 |
| <sup>a,b</sup> | BX Trust, Series 2022-IND, Class A, 1 mo. USD Term SOFR + 1.49%, 5.81%, 4/15/37 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3191582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193902 |
|  | CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A3, 3.839%, 12/10/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829357 |
|  | Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A2, 2.45%, 7/10/49 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1195501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170311 |
| <sup>b</sup> | COMM Mortgage Trust, Series 2015-PC1, Class AM, 4.29%, 7/10/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270991 |
|  | CSAIL Commercial Mortgage Trust, |  |  |  |
|  | Series 2015-C3, Class A4, 3.718%, 8/15/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1331288 | &nbsp;&nbsp;&nbsp; 1325532 |
|  | <sup>b</sup> Series 2015-C2, Class AS, 3.849%, 6/15/57 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 1471000 | &nbsp;&nbsp;&nbsp; 1457113 |
|  | GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834581 |
|  | JPMBB Commercial Mortgage Securities Trust, |  |  |  |
|  | Series 2016-C1, Class A5, 3.576%, 3/17/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 2773000 | &nbsp;&nbsp;&nbsp; 2738071 |
|  | Series 2015-C31, Class A3, 3.801%, 8/15/48 | United States | &nbsp;&nbsp;&nbsp;&nbsp;2004152 | &nbsp;&nbsp;&nbsp; 1990958 |

---

franklintempleton.com Annual Report 128

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Commercial Mortgage-Backed Securities (continued)** |  | |  |
|  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class AS, 4.068%, 12/15/47 | &nbsp;&nbsp;United States | | &nbsp;&nbsp;$1289656 |
|  | Wells Fargo Commercial Mortgage Trust, |  | |  |
|  | Series 2015-C31, Class A4, 3.695%, 11/15/48 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 992662 |
|  | <sup>b</sup> Series 2016-C32, Class B, 4.727%, 1/15/59 | United States | | &nbsp;&nbsp;&nbsp;&nbsp; 1774762 |
|  | **Total Commercial Mortgage-Backed Securities (Cost $36,189,070)** |  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35425685 |
|  | **Total Investments before Short-Term Investments (Cost $2,475,696,313)** |  | | &nbsp;&nbsp;&nbsp;&nbsp;2394037018 |
|  |  |  | <br>&nbsp;&nbsp; 1304000<br>&nbsp;&nbsp; 1000000<br>&nbsp;&nbsp;&nbsp;&nbsp;1801000<br>**Shares** |  |
|  | **Short-Term Investments 1.1%** |  |  |  |
|  | **Money Market Funds 1.1%** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | United States | &nbsp;&nbsp;&nbsp;26518552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518552 |
|  | **Total Short-Term Investments (Cost $26,518,552)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518552 |
|  | **Total Investments (Cost $2,502,214,865) 99.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2420555570 |
|  | **Other Assets, less Liabilities 0.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961481 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$2426517051 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $144,191,421, representing 5.9% of net assets. |
| <sup>b</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(d) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following centrally cleared credit default swap contracts outstanding. See Note 1(c).

**Centrally Cleared Credit Default Swap Contracts**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Reference<br> Entity** | **Periodic<br> Payment<br> Rate<br> Received<br> (Paid)** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<sup>a</sup>** | **Value** | **Unamortized<br> Upfront<br> Payments<br> (Receipts)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **Contracts to Sell<br> Protection<sup>b,c</sup>** |  |  |  |  |  |  |  |  |
| Intercontinental Exchange, Inc. | CDX.NA.IG.S43 | 1.000% | Quarterly | 12/20/34 | $24050000 | $57752 | $88632 | &nbsp;&nbsp;$(30880) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;$(30880) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>a</sup>In U.S. dollars unless otherwise indicated. For contracts to sell protection, the notional amount is equal to the maximum potential amount of the future payments.<br> No recourse provisions have been entered into in association with the contracts. |
| <sup>b</sup>Performance triggers for settlement of contract include default, bankruptcy or restructuring for single name swaps, and failure to pay or bankruptcy of the underlying securities for traded index swaps. |
| <sup>c</sup>The fund enters contracts to sell protection to create a long credit position. |

---

129 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Core Bond ETF (continued)

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest rate contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Yr. Note | &nbsp;&nbsp; Long | &nbsp;&nbsp;430 | &nbsp;&nbsp;$89083907 | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;$334142 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Yr. Note | &nbsp;&nbsp; Long | &nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;32230562 | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;337199 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond Long | &nbsp;&nbsp; Long | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2814750 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 27498 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond Ultra | &nbsp;&nbsp; Long | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2934000 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20962 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Yr. Note | Short | 147 | &nbsp;&nbsp;&nbsp;&nbsp;16776375 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52521) |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | &nbsp;&nbsp;$667280 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 9 regarding other derivative information.

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 130

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Treasury Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Period Ended March 31,<br> 2021<sup>a</sup>** |
| | **2025** | **2024** | **2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**Period Ended March 31,<br> 2021<sup>a</sup>** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the period) |  |  |  |  |  |
| Net asset value, beginning of period | $20.49 | $21.23 | $22.67 | $23.83 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |  |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) |
| Net asset value, end of period | &nbsp;&nbsp;$20.56 | &nbsp;&nbsp;$20.49 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$22.67 | &nbsp;&nbsp;$23.83 |
| Total return<sup>d</sup> | 4.58% | 0.01% | (3.95)% | (3.35)% | &nbsp;&nbsp;(3.36)% |
| **Ratios to average net assets<sup>e</sup>** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.28% | &nbsp;&nbsp;0.50% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>f</sup> | &nbsp;&nbsp;0.09%<sup>f</sup> | &nbsp;&nbsp;0.08% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Net investment income | 4.21% | 3.58% | 2.16% | 0.77% | &nbsp;&nbsp;0.54% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$964369 | &nbsp;&nbsp;$715104 | &nbsp;&nbsp;$428756 | &nbsp;&nbsp;$403543 | &nbsp;&nbsp;$418199 |
| Portfolio turnover rate<sup>g</sup> | 133.96%<sup>h</sup> | 91.86%<sup>h</sup> | 148.40%<sup>h</sup> | 13.86%<sup>h</sup> | &nbsp;&nbsp;102.09%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period June 9, 2020 (commencement of operations) to March 31, 2021. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 133.96% | 91.86% | 148.40% | 13.86% | &nbsp;&nbsp;102.09% |

---

131 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Treasury Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **U.S. Government & Agency Securities 97.4%** |  |  |  |
|  | U.S. Treasury Bonds, |  |  |  |
|  | 1.75%, 8/15/41 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;$2034375 |
|  | 3.125%, 2/15/42 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 75610000 | &nbsp;&nbsp;&nbsp;&nbsp; 63010303 |
|  | 3.125%, 5/15/48 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 70500000 | &nbsp;&nbsp;&nbsp;&nbsp; 54897744 |
|  | 3.875%, 5/15/43 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 14850000 | &nbsp;&nbsp;&nbsp;&nbsp; 13559616 |
|  | 4.00%, 11/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 37000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33378047 |
|  | 4.125%, 8/15/53 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 21050000 | &nbsp;&nbsp;&nbsp;&nbsp; 19403413 |
|  | 4.375%, 5/15/40 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4716602 |
|  | 5.00%, 5/15/37 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2356492 |
| <sup>a</sup> | U.S. Treasury Inflation-Indexed Notes, 1.75%, 1/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;10332300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318259 |
|  | U.S. Treasury Notes, |  |  |  |
|  | 1.125%, 2/29/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 26303000 | &nbsp;&nbsp;&nbsp;&nbsp; 24327193 |
|  | 1.25%, 4/30/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;121000000 | &nbsp;&nbsp;&nbsp;&nbsp;111816289 |
|  | 1.25%, 9/30/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7310469 |
|  | 1.25%, 8/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6750312 |
|  | 1.375%, 11/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 36630000 | &nbsp;&nbsp;&nbsp;&nbsp; 30940903 |
|  | 1.875%, 2/15/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 19784000 | &nbsp;&nbsp;&nbsp;&nbsp; 17182713 |
|  | 3.50%, 1/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 26400000 | &nbsp;&nbsp;&nbsp;&nbsp; 25881281 |
|  | 3.75%, 12/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp; 64129101 |
|  | 3.75%, 8/31/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9826563 |
|  | 4.00%, 1/31/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7492090 |
|  | 4.125%, 10/31/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;215900000 | &nbsp;&nbsp;&nbsp;&nbsp;217152388 |
|  | 4.125%, 8/31/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp;&nbsp; 8153156 |
|  | 4.25%, 6/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16180000 |
|  | 4.375%, 12/15/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 12600000 | &nbsp;&nbsp;&nbsp;&nbsp; 12690316 |
|  | 4.375%, 5/15/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23315801 |
|  | 4.50%, 11/15/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp; 65133454 |
|  | 4.625%, 6/30/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5037793 |
|  | U.S. Treasury STRIPS Coupon, |  |  |  |
|  | <sup>b</sup> 4.137%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 32100000 | &nbsp;&nbsp;&nbsp;&nbsp; 27542184 |
|  | <sup>b</sup> 4.261%, 2/15/31 | United States | 70200000 | &nbsp;&nbsp;&nbsp;&nbsp; 55145121 |
|  | **Total U.S. Government & Agency Securities (Cost $936,841,480)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;939681978 |
|  | **Total Investments before Short-Term Investments (Cost $936,841,480)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;939681978 |
|  |  |  | **Shares** |  |
|  | **Short-Term Investments 1.6%** |  |  |  |
|  | **Money Market Funds 1.6%** |  |  |  |
|  | **United States 1.6%** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | United States | &nbsp;&nbsp;&nbsp;15120922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120922 |
|  | **Total Short-Term Investments (Cost $15,120,922)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120922 |
|  | **Total Investments (Cost $951,962,402) 99.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;954802900 |
|  | **Other Assets, less Liabilities 1.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566045 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$964368945 |

---

---

| |
|:---|
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Principal amount of security, redemption price at maturity, and/or coupon payments are adjusted for inflation. See Note 1(i). |
| <sup>b</sup>The rate shown represents the yield at period end. |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(d) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 190.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 132

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin Ultra Short Bond ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Period Ended March 31,<br> 2021<sup>a</sup>** |
| | **2025** | **2024** | **2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**Period Ended March 31,<br> 2021<sup>a</sup>** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the period) |  |  |  |  |  |
| Net asset value, beginning of period | $24.89 | $24.58 | $24.55 | $24.88 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |  |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| Net asset value, end of period | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$24.89 | &nbsp;&nbsp;$24.58 | &nbsp;&nbsp;$24.55 | &nbsp;&nbsp;$24.88 |
| Total return<sup>d</sup> | 5.39% | 6.41% | 2.00% | (0.78)% | &nbsp;&nbsp;0.91% |
| **Ratios to average net assets<sup>e</sup>** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;4.17% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.14% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.15% | &nbsp;&nbsp;0.15% |
| Net investment income | 4.80% | 4.99% | 2.47% | 0.55% | &nbsp;&nbsp;0.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$101261 | &nbsp;&nbsp;$3733 | &nbsp;&nbsp;$2458 | &nbsp;&nbsp;$3682 | &nbsp;&nbsp;$2488 |
| Portfolio turnover rate<sup>f</sup> | 21.84%<sup>g</sup> | 38.70%<sup>g</sup> | 48.71%<sup>g</sup> | 24.71%<sup>g</sup> | &nbsp;&nbsp;10.49%<sup>g</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period July 14, 2020 (commencement of operations) to March 31, 2021. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>g</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 21.84% | 38.70% | 48.71% | 24.17% | &nbsp;&nbsp;10.49% |

---

133 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin Ultra Short Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 81.9%** |  |  |  |
|  | **Aerospace & Defense 0.5%** |  |  |  |
|  | RTX Corp., 5.00%, 2/27/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$502282 |
|  | **Agriculture 0.5%** |  |  |  |
| <sup>a,b</sup> | Cargill, Inc., 1 day USD SOFR + 0.61%, 4.969%, 2/11/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331454 |
|  | Philip Morris International, Inc., 4.375%, 11/01/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199956 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531410 |
|  | **Auto Manufacturers 7.8%** |  |  |  |
|  | American Honda Finance Corp., |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR + 0.60%, 4.958%, 8/14/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300273 |
|  | <sup>b</sup> 1 day USD SOFR + 0.72%, 5.078%, 10/22/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 548472 |
|  | <sup>b</sup> 1 day USD SOFR + 0.82%, 5.177%, 3/03/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 370025 |
|  | BMW U.S. Capital LLC, |  |  |  |
|  | <sup>a,b</sup> 1 day USD SOFR Index + 0.92%, 5.278%, 8/13/27 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500167 |
|  | <sup>a,b</sup> 1 day USD SOFR Index + 0.92%, 5.281%, 3/21/28 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 364702 |
|  | <sup>a</sup> 4.65%, 3/19/27 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 225480 |
|  | Daimler Truck Finance North America LLC, |  |  |  |
|  | <sup>a</sup> 5.00%, 1/15/27 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503452 |
|  | <sup>a,b</sup> 1 day USD SOFR + 0.84%, 5.196%, 1/13/28 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299280 |
|  | General Motors Financial Co., Inc., |  |  |  |
|  | 2.75%, 6/20/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 497649 |
|  | 5.40%, 4/06/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502232 |
|  | Hyundai Capital America, |  |  |  |
|  | <sup>a</sup> 5.80%, 6/26/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100211 |
|  | <sup>a,b</sup> 1 day USD SOFR + 1.04%, 5.402%, 6/24/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 687000 | &nbsp;&nbsp;&nbsp; 688302 |
|  | <sup>a,b</sup> 1 day USD SOFR + 1.04%, 5.401%, 3/19/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300217 |
|  | Mercedes-Benz Finance North America LLC, |  |  |  |
|  | <sup>a</sup> 4.75%, 8/01/27 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501555 |
|  | <sup>a</sup> 4.80%, 11/13/26 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 552322 |
|  | <sup>a,b,c</sup> 1 day USD SOFR + 0.78%, 5.143%, 4/01/27 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 224903 |
|  | <sup>a,c</sup> 4.75%, 3/31/28 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 225209 |
|  | Toyota Motor Credit Corp., |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR + 0.77%, 5.129%, 8/07/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 441847 |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.45%, 4.803%, 4/10/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250013 |
| <sup>a</sup> | Volkswagen Group of America Finance LLC, 4.90%, 8/14/26 | Germany | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490692 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7887003 |
|  | **Banks 44.5%** |  |  |  |
|  | ABN AMRO Bank NV, |  |  |  |
|  | <sup>a</sup> 6.339% to 9/18/26, FRN thereafter, 9/18/27 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 716008 |
|  | <sup>a</sup> 4.988% to 12/03/27, FRN thereafter, 12/03/28 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201368 |
| <sup>a,b</sup> | Australia & New Zealand Banking Group Ltd., 1 day USD SOFR + 0.65%, 5.034%, 9/30/27 | &nbsp;&nbsp;Australia | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004586 |
|  | Banco Bilbao Vizcaya Argentaria SA, 5.862% to 9/14/25, FRN thereafter, 9/14/26 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803773 |
|  | Banco Santander SA, 6.527% to 11/07/26, FRN thereafter, 11/07/27 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617981 |
|  | Bank of America Corp., |  |  |  |
|  | 5.08% to 1/20/26, FRN thereafter, 1/20/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 752814 |
|  | <sup>b</sup> Series FRN, 1 day USD SOFR + 0.83%, 5.191%, 1/24/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 475676 |
| <sup>a</sup> | Bank of Ireland Group PLC, 6.253% to 9/16/25, FRN thereafter, 9/16/26 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276920 |
|  | Bank of Montreal, |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.88%, 5.238%, 9/10/27 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501806 |
|  | <sup>b</sup> 1 day USD SOFR + 0.86%, 5.221%, 1/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 400245 |

---

franklintempleton.com Annual Report 134

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | Bank of New York Mellon, 5.148% to 5/22/25, FRN thereafter, 5/22/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;$750536 |
|  | Bank of New York Mellon Corp., |  |  |  |
|  | 1.60%, 4/24/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99812 |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.83%, 5.187%, 7/21/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 161269 |
|  | Bank of Nova Scotia, |  |  |  |
|  | 5.35%, 12/07/26 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507028 |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.78%, 5.14%, 6/04/27 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501709 |
|  | Banque Federative du Credit Mutuel SA, |  |  |  |
|  | <sup>a</sup> 5.896%, 7/13/26 | &nbsp;&nbsp; France | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508209 |
|  | <sup>a,b</sup> 1 day USD SOFR Index + 1.07%, 5.429%, 2/16/28 | &nbsp;&nbsp; France | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 553880 |
|  | Barclays PLC, |  |  |  |
|  | 4.375%, 1/12/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp; 502193 |
|  | 5.829% to 5/09/26, FRN thereafter, 5/09/27 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 506191 |
| <sup>a</sup> | BNP Paribas SA, 3.50%, 11/16/27 | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194167 |
|  | BPCE SA, |  |  |  |
|  | <sup>a</sup> 1.652% to 10/06/25, FRN thereafter, 10/06/26 | &nbsp;&nbsp; France | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 688581 |
|  | <sup>a</sup> 5.975% to 1/18/26, FRN thereafter, 1/18/27 | &nbsp;&nbsp; France | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 595402 |
| <sup>a</sup> | CaixaBank SA, 6.684% to 9/13/26, FRN thereafter, 9/13/27 | &nbsp;&nbsp;Spain | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028445 |
|  | Canadian Imperial Bank of Commerce, |  |  |  |
|  | 5.926%, 10/02/26 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 383000 | &nbsp;&nbsp;&nbsp; 390820 |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.93%, 5.289%, 9/11/27 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 603851 |
|  | <sup>b</sup> 1 day USD SOFR + 1.03%, 5.394%, 3/30/29 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 360521 |
|  | Capital One Financial Corp., 4.985% to 7/24/25, FRN thereafter, 7/24/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250080 |
|  | Citigroup, Inc., |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR + 0.77%, 5.128%, 6/09/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501262 |
|  | 3.30%, 4/27/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99888 |
|  | <sup>b</sup> 1 day USD SOFR + 0.87%, 5.228%, 3/04/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 325259 |
|  | Citizens Bank NA, 2.25%, 4/28/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249475 |
|  | Commonwealth Bank of Australia, |  |  |  |
|  | <sup>a</sup> 4.50%, 12/09/25 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 498515 |
|  | <sup>a,b</sup> 1 day USD SOFR + 0.46%, 4.831%, 11/27/26 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500955 |
|  | <sup>a,b</sup> 1 day USD SOFR + 0.64%, 5.015%, 3/14/28 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 230358 |
|  | Cooperatieve Rabobank UA, |  |  |  |
|  | 4.375%, 8/04/25 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 498780 |
|  | 4.883%, 1/21/28 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507593 |
|  | Credit Agricole SA, |  |  |  |
|  | <sup>a</sup> 5.589%, 7/05/26 | &nbsp;&nbsp; France | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 506874 |
|  | <sup>a,b</sup> 1 day USD SOFR + 1.21%, 5.569%, 9/11/28 | &nbsp;&nbsp; France | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504210 |
| <sup>a</sup> | Danske Bank AS, 6.259% to 9/22/25, FRN thereafter, 9/22/26 | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402840 |
|  | Deutsche Bank AG, |  |  |  |
|  | 2.129% to 11/24/25, FRN thereafter, 11/24/26 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 245537 |
|  | 6.119% to 7/14/25, FRN thereafter, 7/14/26 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 601989 |
|  | 7.146% to 7/13/26, FRN thereafter, 7/13/27 | &nbsp;&nbsp; Germany | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp; 213864 |
| <sup>a</sup> | DNB Bank ASA, 5.896% to 10/09/25, FRN thereafter, 10/09/26 | &nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502906 |
|  | Fifth Third Bank NA, |  |  |  |
|  | 4.967% to 1/28/27, FRN thereafter, 1/28/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251483 |
|  | <sup>b</sup> 1 day USD SOFR + 0.81%, 5.171%, 1/28/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251019 |
| <sup>b</sup> | Goldman Sachs Bank USA, 1 day USD SOFR + 0.75%, 5.109%, 5/21/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501632 |
|  | Goldman Sachs Group, Inc., |  |  |  |
|  | <sup>b</sup> 3 mo. USD Term SOFR + 1.43%, 5.755%, 5/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200268 |
|  | 5.798% to 8/10/25, FRN thereafter, 8/10/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 401639 |

---

135 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | Huntington Bancshares, Inc., 4.00%, 5/15/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;$74913 |
| <sup>b</sup> | Huntington National Bank, 1 day USD SOFR + 0.72%, 5.093%, 4/12/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464421 |
|  | ING Groep NV, |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR Index + 1.56%, 5.919%, 9/11/27 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp; 1014152 |
|  | <sup>b</sup> 1 day USD SOFR Index + 1.01%, 5.373%, 3/25/29 | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 275049 |
| <sup>a</sup> | Intesa Sanpaolo SpA, 7.00%, 11/21/25 | &nbsp;&nbsp;Italy | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202572 |
|  | JPMorgan Chase & Co., |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR + 0.89%, 5.243%, 4/22/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251161 |
|  | <sup>b</sup> 1 day USD SOFR + 0.86%, 5.218%, 10/22/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502541 |
|  | <sup>b</sup> 1 day USD SOFR + 0.92%, 5.278%, 4/22/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503572 |
|  | KeyCorp, 4.15%, 10/29/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204603 |
| <sup>b</sup> | Lloyds Banking Group PLC, 1 day USD SOFR Index + 1.56%, 5.92%, 8/07/27 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011602 |
| <sup>a</sup> | Macquarie Group Ltd., 5.108% to 8/09/25, FRN thereafter, 8/09/26 | &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700913 |
|  | Mitsubishi UFJ Financial Group, Inc., 5.017% to 7/20/27, FRN thereafter, 7/20/28 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201927 |
| <sup>b</sup> | Mizuho Financial Group, Inc., 1 day USD SOFR + 0.96%, 5.33%, 5/22/26 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001058 |
|  | Morgan Stanley, |  |  |  |
|  | 4.00%, 7/23/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99853 |
|  | 6.138% to 10/16/25, FRN thereafter, 10/16/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201581 |
|  | <sup>b</sup> 1 day USD SOFR + 1.02%, 5.376%, 4/13/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 685746 |
| <sup>b</sup> | Morgan Stanley Bank NA, 1 day USD SOFR + 0.90%, 5.255%, 1/12/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251095 |
|  | National Australia Bank Ltd., |  |  |  |
|  | <sup>a,b</sup> 1 day USD SOFR + 0.62%, 4.995%, 6/11/27 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250610 |
|  | <sup>a,b</sup> 1 day USD SOFR + 0.60%, 4.967%, 10/26/27 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250271 |
|  | National Bank of Canada, |  |  |  |
|  | 5.60% to 7/02/26, FRN thereafter, 7/02/27 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 404951 |
|  | 4.702% to 3/05/26, FRN thereafter, 3/05/27 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 280355 |
|  | NatWest Group PLC, |  |  |  |
|  | 7.472% to 11/10/25, FRN thereafter, 11/10/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 609933 |
|  | 5.583% to 3/01/27, FRN thereafter, 3/01/28 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 457678 |
| <sup>a,b</sup> | Nordea Bank Abp, 1 day USD SOFR + 0.70%, 5.059%, 3/17/28 | &nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230423 |
|  | PNC Financial Services Group, Inc., |  |  |  |
|  | 4.758% to 1/26/26, FRN thereafter, 1/26/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 600303 |
|  | 5.812% to 6/12/25, FRN thereafter, 6/12/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500818 |
|  | Royal Bank of Canada, |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR Index + 1.08%, 5.437%, 7/20/26 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504134 |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.72%, 5.077%, 10/18/27 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 601146 |
|  | Santander U.K. Group Holdings PLC, 6.833% to 11/21/25, FRN thereafter, 11/21/26 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607581 |
| <sup>a,b</sup> | Skandinaviska Enskilda Banken AB, 1 day USD SOFR + 0.89%, 5.248%, 3/05/27 | &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403764 |
|  | State Street Corp., |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR + 0.85%, 5.206%, 8/03/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 397194 |
|  | <sup>b</sup> 1 day USD SOFR + 0.64%, 5.001%, 10/22/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp; 84198 |
|  | Sumitomo Mitsui Financial Group, Inc., |  |  |  |
|  | 5.52%, 1/13/28 | &nbsp;&nbsp; Japan | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 513402 |
|  | <sup>b</sup> 1 day USD SOFR + 1.30%, 5.654%, 7/13/26 | &nbsp;&nbsp; Japan | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505380 |
| <sup>a,b</sup> | Sumitomo Mitsui Trust Bank Ltd., 1 day USD SOFR + 0.98%, 5.353%, 9/10/27 | &nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394044 |
| <sup>a,b</sup> | Svenska Handelsbanken AB, 1 day USD SOFR + 0.66%, 5.018%, 5/28/27 | &nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506204 |
|  | Swedbank AB, |  |  |  |
|  | <sup>a</sup> 6.136%, 9/12/26 | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 286656 |
|  | <sup>a,b</sup> 1 day USD SOFR Index + 0.91%, 5.261%, 4/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 600063 |

---

franklintempleton.com Annual Report 136

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | Toronto-Dominion Bank, |  |  |  |
|  | <sup>b</sup> 1 day USD SOFR + 0.48%, 4.839%, 8/29/25 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;$250247 |
|  | <sup>b</sup> 1 day USD SOFR + 0.62%, 4.979%, 12/17/26 | &nbsp;&nbsp; Canada | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003045 |
|  | Truist Financial Corp., |  |  |  |
|  | 5.90% to 10/28/25, FRN thereafter, 10/28/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503332 |
|  | 4.26% to 7/28/25, FRN thereafter, 7/28/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499107 |
|  | 6.047% to 6/08/26, FRN thereafter, 6/08/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101693 |
|  | U.S. Bancorp, 5.727% to 10/21/25, FRN thereafter, 10/21/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402377 |
|  | U.S. Bank NA, 4.507% to 10/22/26, FRN thereafter, 10/22/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499507 |
|  | UBS AG, 4.864% to 1/10/27, FRN thereafter, 1/10/28 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502409 |
| <sup>a</sup> | UBS Group AG, 4.125%, 4/15/26 | &nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647554 |
|  | Wells Fargo & Co., |  |  |  |
|  | 3.196% to 6/17/26, FRN thereafter, 6/17/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246017 |
|  | 5.707% to 4/22/27, FRN thereafter, 4/22/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 306589 |
|  | <sup>b</sup> 1 day USD SOFR + 0.78%, 5.133%, 1/24/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 531692 |
| <sup>b</sup> | Westpac Banking Corp., 1 day USD SOFR + 0.46%, 4.822%, 10/20/26 | Australia | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45081524 |
|  | **Beverages 0.2%** |  |  |  |
|  | PepsiCo, Inc., 4.40%, 2/07/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191052 |
|  | **Biotechnology 0.2%** |  |  |  |
|  | Illumina, Inc., 4.65%, 9/09/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199879 |
|  | **Chemicals 0.5%** |  |  |  |
|  | Sherwin-Williams Co., 4.25%, 8/08/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499107 |
|  | **Commercial Services & Supplies 0.2%** |  |  |  |
| <sup>b</sup> | PayPal Holdings, Inc., 1 day USD SOFR + 0.67%, 5.028%, 3/06/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230341 |
|  | **Construction Materials 0.1%** |  |  |  |
|  | Owens Corning, 5.50%, 6/15/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101959 |
|  | **Diversified REITs 0.7%** |  |  |  |
|  | Essex Portfolio LP, 3.50%, 4/01/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 |
|  | **Electric 2.0%** |  |  |  |
|  | Dominion Energy, Inc., 3.90%, 10/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498429 |
|  | Duke Energy Corp., 0.90%, 9/15/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358972 |
|  | NextEra Energy Capital Holdings, Inc., |  |  |  |
|  | 3.55%, 5/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98112 |
|  | 5.749%, 9/01/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 602488 |
|  | 4.85%, 2/04/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65781 |
|  | <sup>b</sup> 1 day USD SOFR Index + 0.80%, 5.161%, 2/04/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190940 |
| <sup>b</sup> | Pacific Gas & Electric Co., 1 day USD SOFR Index + 0.95%, 5.31%, 9/04/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250039 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064761 |
|  | **Electric Utilities 0.1%** |  |  |  |
| <sup>b</sup> | Georgia Power Co., 1 day USD SOFR Index + 0.28%, 4.644%, 9/15/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140066 |
|  | **Financial Services 4.5%** |  |  |  |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, |  |  |  |
|  | 1.75%, 1/30/26 | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 439491 |
|  | 2.45%, 10/29/26 | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 483294 |
|  | 4.875%, 4/01/28 | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150573 |
|  | Air Lease Corp., 5.30%, 6/25/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503907 |
|  | American Express Co., |  |  |  |
|  | 3.95%, 8/01/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99770 |
|  | <sup>b</sup> 1 day USD SOFR Index + 1.00%, 5.359%, 2/16/28 | United States | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008178 |

---

137 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Financial Services (continued)** |  |  |  |
|  | Capital One Financial Corp., |  |  |  |
|  | 3.75%, 3/09/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;$393696 |
|  | 4.20%, 10/29/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 473191 |
| <sup>b</sup> | Charles Schwab Corp., 1 day USD SOFR Index + 0.52%, 4.878%, 5/13/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100095 |
|  | Jefferies Financial Group, Inc., |  |  |  |
|  | 5.00%, 2/10/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 470571 |
|  | 5.03%, 3/16/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450981 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573747 |
|  | **Food 0.7%** |  |  |  |
|  | Campbell's Co., 5.30%, 3/20/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402754 |
| <sup>a</sup> | Mars, Inc., 4.45%, 3/01/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275605 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678359 |
|  | **Gas 0.5%** |  |  |  |
|  | NiSource, Inc., 0.95%, 8/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493523 |
|  | **Health Care Providers & Services 0.1%** |  |  |  |
|  | Cigna Group, 3.25%, 4/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99940 |
|  | **Healthcare-Products 0.7%** |  |  |  |
|  | Boston Scientific Corp., 1.90%, 6/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99506 |
|  | GE HealthCare Technologies, Inc., 5.60%, 11/15/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502361 |
|  | Stryker Corp., 1.15%, 6/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99253 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701120 |
|  | **Home Builders 0.8%** |  |  |  |
|  | Lennar Corp., |  |  |  |
|  | 5.25%, 6/01/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50166 |
|  | 4.75%, 5/30/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 699880 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750046 |
|  | **Insurance 4.3%** |  |  |  |
| <sup>a</sup> | AEGON Funding Co. LLC, 5.50%, 4/16/27 | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507035 |
|  | Arthur J Gallagher & Co., 4.60%, 12/15/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666647 |
|  | Athene Global Funding, |  |  |  |
|  | <sup>a</sup> 5.349%, 7/09/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202760 |
|  | <sup>a</sup> 4.86%, 8/27/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501662 |
|  | <sup>a</sup> 4.95%, 1/07/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 563209 |
|  | <sup>a,b</sup> 1 day USD SOFR Index + 0.95%, 5.308%, 3/06/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399680 |
| <sup>a,b</sup> | Corebridge Global Funding, 1 day USD SOFR + 1.30%, 5.663%, 9/25/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505059 |
| <sup>a</sup> | Equitable Financial Life Global Funding, 1.40%, 7/07/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99186 |
| <sup>a,b</sup> | GA Global Funding Trust, 1 day USD SOFR + 1.36%, 5.714%, 4/11/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260077 |
| <sup>a,b</sup> | MassMutual Global Funding II, 1 day USD SOFR + 0.74%, 5.092%, 4/09/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100495 |
|  | Metropolitan Life Global Funding I, |  |  |  |
|  | <sup>a</sup> 4.05%, 8/25/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299472 |
|  | <sup>a,b</sup> 1 day USD SOFR Index + 0.70%, 5.059%, 6/11/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 281083 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386365 |
|  | **Internet 0.5%** |  |  |  |
| <sup>a</sup> | Netflix, Inc., 3.625%, 6/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498673 |
|  | **IT Services 0.6%** |  |  |  |
|  | Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615486 |

---

franklintempleton.com Annual Report 138

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Lodging 0.8%** |  |  |  |
|  | Hyatt Hotels Corp., |  |  |  |
|  | 4.85%, 3/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;$250023 |
|  | 5.75%, 1/30/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 559703 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809726 |
|  | **Machinery-Construction & Mining 0.6%** |  |  |  |
| <sup>b</sup> | Caterpillar Financial Services Corp., 1 day USD SOFR + 0.56%, 4.919%, 11/15/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602466 |
|  | **Machinery-Diversified 0.9%** |  |  |  |
|  | John Deere Capital Corp., |  |  |  |
|  | 4.90%, 6/11/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507005 |
|  | <sup>b</sup> 1 day USD SOFR + 0.50%, 4.858%, 3/06/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 369998 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877003 |
|  | **Media 0.1%** |  |  |  |
|  | Fox Corp., 3.05%, 4/07/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99982 |
|  | **Mining 0.6%** |  |  |  |
|  | Glencore Funding LLC, |  |  |  |
|  | <sup>a</sup> 1.625%, 9/01/25 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 231901 |
|  | <sup>a,b,c</sup> 1 day USD SOFR Index + 0.75%, 5.113%, 10/01/26 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180152 |
| <sup>b</sup> | Rio Tinto Finance USA PLC, 1 day USD SOFR Index + 0.84%, 5.199%, 3/14/28 | Australia | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140643 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552696 |
|  | **Oil & Gas 0.8%** |  |  |  |
| <sup>b</sup> | Chevron USA, Inc., 1 day USD SOFR Index + 0.47%, 4.828%, 2/26/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185439 |
|  | Devon Energy Corp., 5.85%, 12/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603204 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788643 |
|  | **Pharmaceuticals 0.2%** |  |  |  |
|  | CVS Health Corp., 3.875%, 7/20/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144589 |
|  | **Pipelines 1.5%** |  |  |  |
|  | Energy Transfer LP, |  |  |  |
|  | 2.90%, 5/15/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99770 |
|  | 4.75%, 1/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249990 |
|  | Kinder Morgan, Inc., 4.30%, 6/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499513 |
|  | ONEOK, Inc., 5.55%, 11/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304066 |
|  | Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399908 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553247 |
|  | **Real Estate Investment Trusts (REITs) 2.7%** |  |  |  |
|  | Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599327 |
|  | Boston Properties LP, 3.65%, 2/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563984 |
|  | Camden Property Trust, 5.85%, 11/03/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510557 |
| <sup>b</sup> | Public Storage Operating Co., 1 day USD SOFR Index + 0.70%, 5.056%, 4/16/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502210 |
|  | Realty Income Corp., |  |  |  |
|  | 0.75%, 3/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 241268 |
|  | 3.875%, 4/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299867 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717213 |
|  | **Real Estate Management & Development 0.3%** |  |  |  |
|  | American Tower Corp., 3.375%, 10/15/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343804 |
|  | **Retail 0.5%** |  |  |  |
|  | Dollar Tree, Inc., senior note, 4.00%, 5/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;536000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535339 |

---

139 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Savings & Loans 1.0%** |  |  |  |
|  | Nationwide Building Society, |  |  |  |
|  | <sup>a</sup> 6.557% to 10/18/26, FRN thereafter, 10/18/27 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;$549693 |
|  | <sup>a,b</sup> 1 day USD SOFR + 1.29%, 5.649%, 2/16/28 | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403065 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952758 |
|  | **Semiconductors 0.3%** |  |  |  |
|  | Broadcom, Inc., 4.80%, 4/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337532 |
|  | **Software 0.6%** |  |  |  |
|  | Fiserv, Inc., 3.85%, 6/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99803 |
|  | Oracle Corp., |  |  |  |
|  | 1.65%, 3/25/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 228457 |
|  | <sup>b</sup> 1 day USD SOFR + 0.76%, 5.121%, 8/03/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190641 |
|  | Synopsys, Inc., 4.55%, 4/01/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65255 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584156 |
|  | **Telecommunications 0.8%** |  |  |  |
|  | Rogers Communications, Inc., 3.625%, 12/15/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297392 |
|  | T-Mobile USA, Inc., 3.50%, 4/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499745 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797137 |
|  | **Trucking & Leasing 0.2%** |  |  |  |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | &nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140995 |
| <sup>a</sup> | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.00%, 7/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99771 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240766 |
|  | **Total Corporate Bonds & Notes (Cost $82,759,375)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82908700 |
|  | **Total Investments before Short-Term Investments (Cost $82,759,375)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82908700 |
|  | **Short-Term Investments 18.4%** |  |  |  |
|  | **Commercial Paper 17.9%** |  |  |  |
| <sup>a</sup> | Air Lease Corp., 4.815%, 4/03/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499803 |
| <sup>a</sup> | Alimentation Couche-Tard, Inc., 4.658%, 4/02/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249936 |
| <sup>a</sup> | Alimentation Couche-Tard, Inc., 4.676%, 4/14/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499106 |
| <sup>a</sup> | Alimentation Couche-Tard, Inc., 4.682%, 4/14/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249553 |
| <sup>a</sup> | AutoNation, Inc., 4.817%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;657000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656909 |
| <sup>a</sup> | AvalonBay Communities, Inc., 4.647%, 4/03/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360864 |
| <sup>a</sup> | AvalonBay Communities, Inc., 4.713%, 4/03/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499812 |
| <sup>a</sup> | Bell Telephone Co. of Canada or Bell Canada, 4.669%, 4/02/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499877 |
| <sup>a</sup> | Boston Properties LP, 4.80%, 5/13/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497250 |
| <sup>a</sup> | Broadcom, Inc., 4.621%, 4/10/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249686 |
| <sup>a</sup> | Broadcom, Inc., 4.659%, 5/13/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422667 |
| <sup>a</sup> | Conagra Brands, Inc., 4.825%, 4/07/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399634 |
| <sup>a</sup> | Constellation Brands, Inc., 4.829%, 4/04/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249867 |
| <sup>a</sup> | Constellation Brands, Inc., 4.852%, 4/22/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249269 |
| <sup>a</sup> | Crown Castle, Inc., 4.895%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499933 |
| <sup>a</sup> | CVS Health Corp., 4.82%, 4/04/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249869 |
| <sup>a</sup> | CVS Health Corp., 4.842%, 4/07/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269750 |
| <sup>a</sup> | Dominion Energy, Inc., 4.645%, 4/16/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498994 |
| <sup>a</sup> | Enbridge U.S., Inc., 4.634%, 4/14/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499117 |
| <sup>a</sup> | Enbridge U.S., Inc., 4.635%, 4/16/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249495 |
| <sup>a</sup> | Fidelity National Information Services, Inc., 4.697%, 4/17/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498930 |
| <sup>a</sup> | FMC Corp., 5.07%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328954 |
| <sup>a</sup> | Glencore Funding LLC, 4.641%, 4/22/25 | Australia | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498623 |

---

franklintempleton.com Annual Report 140

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin Ultra Short Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Commercial Paper (continued)** |  |  |  |
| <sup>a</sup> | HP, Inc., 4.678%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;$384951 |
| <sup>a</sup> | HP, Inc., 4.627%, 4/07/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384657 |
|  | Intesa Sanpaolo Funding LLC, 4.845%, 8/18/25 | &nbsp;&nbsp;Italy | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490894 |
| <sup>a</sup> | Marsh & McLennan Cos., Inc., 4.703%, 4/17/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498925 |
| <sup>a</sup> | Marsh & McLennan Cos., Inc., 4.706%, 4/23/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498541 |
| <sup>a</sup> | Mid-America Apartments LP, 4.692%, 4/07/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306730 |
| <sup>a</sup> | Mid-America Apartments LP, 4.758%, 4/09/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499435 |
| <sup>a</sup> | National Grid North America, Inc., 4.637%, 4/22/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498605 |
| <sup>a</sup> | Nutrien Ltd., 4.652%, 5/01/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498013 |
|  | Ovintiv, Inc., 5.005%, 4/21/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249278 |
| <sup>a</sup> | Owens Corning, 4.661%, 4/10/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307605 |
|  | Penske Truck Leasing Co. LP, 4.611%, 4/10/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249680 |
|  | Penske Truck Leasing Co. LP, 4.682%, 4/17/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498896 |
| <sup>a</sup> | Plains All American Pipeline LP, 4.668%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599925 |
| <sup>a</sup> | Protective Life Corp., 4.664%, 4/23/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299122 |
| <sup>a</sup> | Southern Co. Gas Capital Corp., 4.726%, 4/22/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274225 |
| <sup>a</sup> | Targa Resources Corp., 4.664%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498933 |
| <sup>a</sup> | Targa Resources Corp., 4.788%, 4/03/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249899 |
| <sup>a</sup> | Targa Resources Corp., 4.784%, 4/25/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249153 |
| <sup>a</sup> | UDR, Inc., 4.711%, 4/23/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309096 |
| <sup>a</sup> | Vulcan Materials Co., 4.728%, 4/10/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294627 |
| <sup>a</sup> | Vulcan Materials Co., 4.721%, 4/23/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498541 |
| <sup>a</sup> | WEC Energy Group, Inc., 4.724%, 4/10/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317600 |
|  | **Total Commercial Paper (Cost $18,137,516)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18135229 |
|  |  |  | **Shares** |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
|  |  |  | **Principal Amount\*** |  |
|  | **Certificate of Deposit 0.5%** |  |  |  |
|  | Intesa Sanpaolo SpA, 5.05%, 1/13/26 | Italy | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500997 |
|  | **Total Short-Term Investments (Cost $18,638,775)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18637485 |
|  | **Total Investments (Cost $101,398,150) 100.3%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;101546185 |
|  | **Other Assets, less Liabilities (0.3)%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284766) |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$101261419 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $41,300,303, representing 40.8% of net assets. |
| <sup>b</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>c</sup>Security purchased on a when-issued basis. See Note 1(d). |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(d) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 190.

141 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> Disruptive<br> Commerce<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Dynamic<br> Municipal<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Exponential<br> Data ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Focused<br> Growth<br> ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$9983441 | &nbsp;&nbsp;&nbsp;$607057794 | &nbsp;&nbsp;&nbsp;$4091605 | &nbsp;&nbsp;&nbsp;$89619835 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386667 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$10165582 | &nbsp;&nbsp;&nbsp;$605406004 | &nbsp;&nbsp;&nbsp;$4419100 | &nbsp;&nbsp;&nbsp;$104831802 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386667 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Foreign currency, at value (cost $5, $0, $8,477 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614396162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108251658 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11357 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $10277639 | $610889363 | $4481792 | &nbsp;&nbsp;&nbsp;$108187383 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$21227155 | &nbsp;&nbsp;&nbsp;$615987227 | &nbsp;&nbsp;&nbsp;$5429449 | &nbsp;&nbsp;&nbsp;$107393266 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10949516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5097864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$10277639 | &nbsp;&nbsp;&nbsp;$610889363 | &nbsp;&nbsp;&nbsp;$4481792 | &nbsp;&nbsp;&nbsp;$108187383 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098449 |
| Net asset value per share | $34.26 | $24.39 | $22.41 | &nbsp;&nbsp;&nbsp;$34.92 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 142

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> Genomic<br> Advancements<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> High Yield<br> Corporate ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Income Equity<br> Focus ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Income Focus<br> ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$11879088 | &nbsp;&nbsp;&nbsp;$610662697 | &nbsp;&nbsp;&nbsp;$90099654 | &nbsp;&nbsp;&nbsp;$530925668 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115318 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$10563546 | &nbsp;&nbsp;&nbsp;$602451729 | &nbsp;&nbsp;&nbsp;$92655090 | &nbsp;&nbsp;&nbsp;$543940433 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115318 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12444216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8301470 |
| Foreign currency, at value (cost $7, $0, $0 and $56,937, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58729 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660756 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10697386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086299 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10791930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625601831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94222957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575168107 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10839434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11145165 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168181 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11049338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13725154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $10787111 | $614552493 | $92832596 | &nbsp;&nbsp;&nbsp;$561442953 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$23593873 | &nbsp;&nbsp;&nbsp;$630594851 | &nbsp;&nbsp;&nbsp;$96495577 | &nbsp;&nbsp;&nbsp;$550301442 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12806762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16042358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3662981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11141511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$10787111 | &nbsp;&nbsp;&nbsp;$614552493 | &nbsp;&nbsp;&nbsp;$92832596 | &nbsp;&nbsp;&nbsp;$561442953 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100000 |
| Net asset value per share | $26.97 | $23.82 | $56.26 | &nbsp;&nbsp;&nbsp;$26.61 |

---

143 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> Intelligent<br> Machines<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> International<br> Aggregate<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Investment<br> Grade Corporate<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin Municipal<br> Green Bond<br> ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$21356247 | &nbsp;&nbsp;&nbsp;$593056216 | &nbsp;&nbsp;&nbsp;$581152033 | &nbsp;&nbsp;&nbsp;$99305327 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$24671339 | &nbsp;&nbsp;&nbsp;$578377007 | &nbsp;&nbsp;&nbsp;$556033377 | &nbsp;&nbsp;&nbsp;$97199947 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22966182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138909 |
| Collateral for forwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15806863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency, at value (cost $2, $18,659,517, $0 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19905095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316804 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on OTC forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25537580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640934200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571721995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98655660 |
| Liabilities: |  |  |  |  |
| Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25559 |
| Unrealized depreciation on OTC forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15310205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15441905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $25526252 | $625492295 | $564838821 | &nbsp;&nbsp;&nbsp;$98630101 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$24142067 | &nbsp;&nbsp;&nbsp;$661354324 | &nbsp;&nbsp;&nbsp;$656788597 | &nbsp;&nbsp;&nbsp;$112595272 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35862029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91949776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13965171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$25526252 | &nbsp;&nbsp;&nbsp;$625492295 | &nbsp;&nbsp;&nbsp;$564838821 | &nbsp;&nbsp;&nbsp;$98630101 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 |
| Net asset value per share | $56.73 | $20.18 | $21.44 | &nbsp;&nbsp;&nbsp;$23.48 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 144

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> Senior Loan<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Systematic Style<br> Premia ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Core<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Treasury<br> Bond ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1026796759 | &nbsp;&nbsp;&nbsp;$273896736 | &nbsp;&nbsp;&nbsp;$2475696313 | &nbsp;&nbsp;&nbsp;$936841480 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120922 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1010623842 | &nbsp;&nbsp;&nbsp;$291072125 | &nbsp;&nbsp;&nbsp;$2394037018 | &nbsp;&nbsp;&nbsp;$939681978 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120922 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108549059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency, at value (cost $0, $297,562, $0 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62354331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14960492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689857 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335430605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deposits with brokers for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14399587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on OTC forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195170101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648564227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437272442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964492757 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Closed swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335056451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127586402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55177 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68635 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on OTC forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on unfunded loan commitments (Note 12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127962991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335816754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10755391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $1067207110 | $312747473 | $2426517051 | &nbsp;&nbsp;&nbsp;$964368945 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$1090564742 | &nbsp;&nbsp;&nbsp;$296606691 | &nbsp;&nbsp;&nbsp;$2676847163 | &nbsp;&nbsp;&nbsp;$1043535770 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23357632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250330112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79166825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$1067207110 | &nbsp;&nbsp;&nbsp;$312747473 | &nbsp;&nbsp;&nbsp;$2426517051 | &nbsp;&nbsp;&nbsp;$964368945 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46900000 |
| Net asset value per share | $23.98 | $24.53 | $21.48 | &nbsp;&nbsp;&nbsp;$20.56 |

---

\*Consolidated financial statements. Note 11.

145 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin<br> Ultra Short<br> Bond ETF** |
| Assets: |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$101396891 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$101544926 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12715 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102397174 |
| Liabilities: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122915 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$101261419 |
| Net assets consist of: |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$100739499 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$101261419 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050000 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;$25.00 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 146

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Disruptive<br> Commerce<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Dynamic<br> Municipal<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Exponential<br> Data ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Focused<br> Growth<br> ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$39756 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$22106 | &nbsp;&nbsp;&nbsp;$357703 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74369 |
| Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39756 | &nbsp;&nbsp;&nbsp;&nbsp;15560367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433090 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18757) | &nbsp;&nbsp;&nbsp;&nbsp;14526527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152766) |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2007847) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;2432604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18093610 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2227121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085264 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(1452041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4874374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14378028) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(1451976) | &nbsp;&nbsp;&nbsp;&nbsp;(4874374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751496) | &nbsp;&nbsp;&nbsp;&nbsp;(14378028) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775145 | &nbsp;&nbsp;&nbsp;&nbsp;(4861933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707236 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$756388 | $9664594 | $133740 | &nbsp;&nbsp;&nbsp;$1554470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$211 | $— | $142 | &nbsp;&nbsp;&nbsp;$9958 |

---

147 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Genomic<br> Advancements<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> High Yield<br> Corporate ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Income Equity<br> Focus ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Income Focus<br> ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$31819 | &nbsp;&nbsp;&nbsp;$6875 | &nbsp;&nbsp;&nbsp;$2255390 | &nbsp;&nbsp;&nbsp;$4291669 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207625 |
| Interest: (net of foreign taxes)<sup>b</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32174772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10938464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33267 | &nbsp;&nbsp;&nbsp;&nbsp;32181647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328030 | &nbsp;&nbsp;&nbsp;&nbsp;15437758 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20119) | &nbsp;&nbsp;&nbsp;&nbsp;30315287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032644 | &nbsp;&nbsp;&nbsp;&nbsp;14154470 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(2042523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834870 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21448027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329044 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(1714783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21412534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159413 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3847921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16646483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012898 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435421) | &nbsp;&nbsp;&nbsp;&nbsp;(3847921) | &nbsp;&nbsp;&nbsp;&nbsp;(16646358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069612 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(2150204) | &nbsp;&nbsp;&nbsp;&nbsp;(4279182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766176 | &nbsp;&nbsp;&nbsp;&nbsp;10229025 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(2170323) | $26036105 | $6798820 | &nbsp;&nbsp;&nbsp;$24383495 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $11353 | &nbsp;&nbsp;&nbsp;$47707 |
| <sup>b</sup>Foreign taxes withheld on interest | &nbsp;&nbsp; $— | $19087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp; $— |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 148

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Intelligent<br> Machines<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> International<br> Aggregate<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Investment<br> Grade Corporate<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin Municipal<br> Green Bond<br> ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$93904 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Interest: (net of foreign taxes)<sup>b</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14690227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21922153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14690227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21922153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162962 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13253759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20253607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843222 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7457071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13676666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103353) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32107676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25257708 | &nbsp;&nbsp;&nbsp;&nbsp;(13576724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103353) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11318581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2048233) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21428939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815073) | &nbsp;&nbsp;&nbsp;&nbsp;(22050037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11318581 | &nbsp;&nbsp;&nbsp;&nbsp;(2048233) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(1019467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2258143) | &nbsp;&nbsp;&nbsp;&nbsp;(2151586) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(1052544) | $16461430 | $17995464 | &nbsp;&nbsp;&nbsp;$1691636 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$7166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | &nbsp;&nbsp;&nbsp;$— |
| <sup>b</sup>Foreign taxes withheld on interest | &nbsp;&nbsp; $— | $41414 | $— | &nbsp;&nbsp;&nbsp;$— |

---

149 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Senior Loan<br> ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> Systematic Style<br> Premia ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Core<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin<br> U.S. Treasury<br> Bond ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$105496 | &nbsp;&nbsp;&nbsp;$2722721 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500621 |
| Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;50286634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86517707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34477508 |
| &nbsp;&nbsp;&nbsp;Inflation principal adjustments (Note 1g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;50484156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6432595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88788135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35293517 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739577 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;47669691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85660544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34564385 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3736632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16148614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10468912) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(3736632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993278 | &nbsp;&nbsp;&nbsp;&nbsp;(16461781) | &nbsp;&nbsp;&nbsp;&nbsp;(10468912) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(14445839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3632848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26721083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12433193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Unfunded loan commitments (Note 12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(14504638) | &nbsp;&nbsp;&nbsp;&nbsp;(1876418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27341376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12433193 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(18241270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964281 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$29428421 | $11144891 | $96540139 | &nbsp;&nbsp;&nbsp;$36528666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$— | $136534 | $— | &nbsp;&nbsp;&nbsp;$— |

---

\*Consolidated financial statements. Note 11.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 150

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Ultra Short<br> Bond ETF** |
| Investment income: |  |
| Dividends: |  |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3d) | &nbsp;&nbsp;$95735 |
| Interest: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;1223521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;1319256 |
| Expenses: |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;1282508 |
| Realized and unrealized gains (losses): |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141220 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152871 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$1435379 |

---

151 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Disruptive Commerce ETF** | &nbsp;&nbsp;&nbsp;**Franklin Disruptive Commerce ETF** | &nbsp;&nbsp;&nbsp;**Franklin Dynamic Municipal<br> Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin Dynamic Municipal<br> Bond ETF** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$(18757) | &nbsp;&nbsp;&nbsp;$12140 | &nbsp;&nbsp;&nbsp;$14526527 | &nbsp;&nbsp;&nbsp;$5463076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1964769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1451976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4874374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9664594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10067065 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13040439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5140431) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1768964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1507954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417672009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90169325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1024098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414296164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95095959 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11301737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9619075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196593199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101497240 |
| End of period | $10277639 | $11301737 | $610889363 | &nbsp;&nbsp;&nbsp;$196593199 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 152

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Exponential Data ETF** | &nbsp;&nbsp;&nbsp;**Franklin Exponential Data ETF** | &nbsp;&nbsp;&nbsp;**Franklin Focused Growth ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin Focused Growth ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin Focused Growth ETF\*** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | **Period Ended<br> March 31, 2024<sup>†</sup>** | &nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2023** |
| Increase (decrease) in net assets: |  |  |  |  |  |
| Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$(2700) | &nbsp;&nbsp;&nbsp;$6906 | &nbsp;&nbsp;&nbsp;$(152766) | &nbsp;&nbsp;&nbsp;$43467 | &nbsp;&nbsp;&nbsp;$(360978) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16085264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3216781) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14378028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13410764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24153683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18113952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20575924 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2459548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38847447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27824046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10349084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2332243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40401917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9710094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10226840 |
| Net assets: |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67785466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77495560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67268720 |
| End of period | $4481792 | $6814035 | $108187383 | $67785466 | &nbsp;&nbsp;&nbsp;$77495560 |

---

---

| |
|:---|
| \*Effective after the market close on November 3, 2023, the Fund's predecessor mutual fund, Franklin Focused Growth Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. |
| <sup>†</sup>For the period October 1, 2023 through March 31, 2024. |

---

153 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Genomic Advancements ETF** | &nbsp;&nbsp;&nbsp;**Franklin Genomic Advancements ETF** | &nbsp;&nbsp;&nbsp;**Franklin High Yield<br> Corporate ETF** | &nbsp;&nbsp;&nbsp;**Franklin High Yield<br> Corporate ETF** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$(20119) | &nbsp;&nbsp;&nbsp;$(15107) | &nbsp;&nbsp;&nbsp;$30315287 | &nbsp;&nbsp;&nbsp;$14585453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1714783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3689325) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3847921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15577700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2170323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26036105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26473828 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28955352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15176528) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1858283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348275293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49731783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345356046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61029083 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9825532 | &nbsp;&nbsp;&nbsp;&nbsp;10641474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269196447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208167364 |
| End of period | $10787111 | $9825532 | $614552493 | &nbsp;&nbsp;&nbsp;$269196447 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 154

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Income Equity Focus ETF** | &nbsp;&nbsp;&nbsp;**Franklin Income Equity Focus ETF** | &nbsp;&nbsp;&nbsp;**Franklin Income Focus ETF** | &nbsp;&nbsp;&nbsp;**Franklin Income Focus ETF** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$2032644 | &nbsp;&nbsp;&nbsp;$2525593 | &nbsp;&nbsp;&nbsp;$14154470 | &nbsp;&nbsp;&nbsp;$5237551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21412534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15754657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16646358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6798820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22663812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24383495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9889797 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4064715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2439590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18595992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4536958) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30115706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55622694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378622024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171680587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27381601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35398472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384409527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177033426 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;120214197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155612669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177033426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| End of period | $92832596 | $120214197 | $561442953 | &nbsp;&nbsp;&nbsp;$177033426 |

---

<sup>a</sup>For the period June 06, 2023 (commencement of operations) to March 31, 2024.

155 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Intelligent Machines ETF** | &nbsp;&nbsp;&nbsp;**Franklin Intelligent Machines ETF** | &nbsp;&nbsp;&nbsp;**Franklin International<br> Aggregate Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin International<br> Aggregate Bond ETF** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$(33077) | &nbsp;&nbsp;&nbsp;$(12644) | &nbsp;&nbsp;&nbsp;$13253759 | &nbsp;&nbsp;&nbsp;$8746290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25257708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5814737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22050037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15395007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1052544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16461430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18326560 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17714764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4135239) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7114639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137278103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199112461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11586461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136024769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213303782 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20418659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8832198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489467526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276163744 |
| End of period | $25526252 | $20418659 | $625492295 | &nbsp;&nbsp;&nbsp;$489467526 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 156

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Investment Grade<br> Corporate ETF** | &nbsp;&nbsp;&nbsp;**Franklin Investment Grade<br> Corporate ETF** | &nbsp;&nbsp;&nbsp;**Franklin Municipal Green Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin Municipal Green Bond ETF** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$20253607 | &nbsp;&nbsp;&nbsp;$23323744 | &nbsp;&nbsp;&nbsp;$3843222 | &nbsp;&nbsp;&nbsp;$3798043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13576724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37195708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2366367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11318581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35330966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2048233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17995464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21459002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622956 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20452540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26347663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4031657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4038600) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203143865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275321896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11984323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200686789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280210557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14324344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605515 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364152032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644362589 | &nbsp;&nbsp;&nbsp;&nbsp;112954445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112348930 |
| End of period | $564838821 | $364152032 | $98630101 | &nbsp;&nbsp;&nbsp;$112954445 |

---

157 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Senior Loan ETF** | &nbsp;&nbsp;&nbsp;**Franklin Senior Loan ETF** | &nbsp;&nbsp;&nbsp;**Franklin Systematic Style<br> Premia ETF\*** | &nbsp;&nbsp;&nbsp;**Franklin Systematic Style<br> Premia ETF\*** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$47669691 | &nbsp;&nbsp;&nbsp;$22291245 | &nbsp;&nbsp;&nbsp;$5028031 | &nbsp;&nbsp;&nbsp;$2606425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3736632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1527885) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14504638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1876418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14906975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29428421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27817506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985515 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44477601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21412594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3594570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644064) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753768850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115962257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121043253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78666508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738719670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122367169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128593574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93007959 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328487440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206120271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184153899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91145940 |
| End of period | $1067207110 | $328487440 | $312747473 | &nbsp;&nbsp;&nbsp;$184153899 |

---

\*Consolidated financial statements. Note 11.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 158

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FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin U.S. Core Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Core Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Treasury Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin U.S. Treasury Bond ETF** |
| | **Year Ended<br> March 31, 2025** | **Year Ended<br> March 31, 2024** | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$85660544 | &nbsp;&nbsp;&nbsp;$58979850 | &nbsp;&nbsp;&nbsp;$34564385 | &nbsp;&nbsp;&nbsp;$17426625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16461781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36889503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10468912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14020045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27341376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17144232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12433193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3205180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96540139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39234579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36528666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201400 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87023535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58908890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33558135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16803834) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640388913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284594988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246293932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302950961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649905517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264920677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249264463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286348527 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776611534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511690857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715104482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428755955 |
| End of period | $2426517051 | $1776611534 | $964368945 | &nbsp;&nbsp;&nbsp;$715104482 |

---

159 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin Ultra Short Bond ETF** | &nbsp;&nbsp;&nbsp;**Franklin Ultra Short Bond ETF** |
| | **Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$1282508 | &nbsp;&nbsp;&nbsp;$130917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162213 |
| Distributions to shareholders (Note 1i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126651) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96980992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97528655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275118 |
| Net assets: |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457646 |
| End of period | $101261419 | &nbsp;&nbsp;&nbsp;$3732764 |

---

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FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, seventeen of which are included in this report (each a "Fund", collectively referenced as "Funds"). The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946"), and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Funds are exchange traded funds (ETF) and are actively managed, thus they are not designed to track an index.

Effective May 31, 2024, Franklin U.S. Low Volatility ETF was renamed to Franklin Income Equity Focus ETF.

The Franklin Focused Growth ETF adopted the performance of the Franklin Focused Growth Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the fund (the "Reorganization") that was effective after the market close on November 3, 2023. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to November 3, 2023 are those of the predecessor mutual fund.

Prior to the Franklin Focused Growth ETF's listing on November 6, 2023, the net asset value (NAV) performance of the Advisor Class Shares of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund have been structured as an ETF, its performance may have differed.

State Street Bank and Trust Company serves as the Funds' Custodian and Transfer Agent pursuant to a Global Custodial and Agency Services Agreement with the Trust. American Stock Transfer & Trust Company, LLC serves as the stock transfer agent for the Acquiring Fund (Franklin Focused Growth ETF). Prior to the Reorganization, JPMorgan Chase & Co. was the Custodian and Franklin Templeton Investor Services, LLC was the Transfer Agent for the Target Fund (Franklin Focused Growth Fund).

The following summarizes the Funds' significant accounting policies.

a. Financial Instrument Valuation

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be

received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the NAV per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Trust's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities and exchange trade funds listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Certain derivative financial instruments are centrally cleared or trade in the OTC market. The Funds pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Funds' net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

Debt securities generally trade in the over-the-counter (OTC) market rather than on a securities exchange. The Funds' pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.

The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Funds' business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Funds' portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. The VC monitors price movements for significant events following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in

determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Funds. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Funds' NAV is not calculated, which could result in differences between the value of the Funds' portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Funds for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Funds may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statements of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments

Certain or all Funds invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Fund to gains or losses in excess of the amounts shown in the Statements of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statements of Operations.

Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. Certain or all Funds attempt to reduce their exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, events of default, or early termination.

Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty. Termination events applicable to the Funds include failure of the Funds to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. Early termination by the counterparty may result in an immediate payment by the Funds of any net liability owed to that counterparty under the ISDA agreement.

Collateral requirements differ by type of derivative. Collateral terms are contract specific for OTC derivatives. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives

with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of agreement. Generally, collateral is determined at the close of Fund business each day and any additional collateral required due to changes in derivative values may be delivered by the Fund or the counterparty the next business day, or within a few business days. Collateral pledged and/or received by the Fund, if any, is held in segregated accounts with the Fund's custodian/counterparty broker and can be in the form of cash and/or securities. Unrestricted cash may be invested according to the Funds' investment objectives. To the extent that the amounts due to the Fund from its counterparties are not subject to collateralization or are not fully collateralized, the Funds bears the risk of loss from counterparty non-performance.

Certain or all Funds entered into credit default swap contracts primarily to manage and/or gain exposure to credit risk. A credit default swap is an agreement between the Fund and a counterparty whereby the buyer of the contract receives credit protection and the seller of the contract guarantees the credit worthiness of a referenced debt obligation. These agreements may be privately negotiated in the over-the-counter market (OTC credit default swaps) or may be executed in a multilateral trade facility platform, such as a registered exchange (centrally cleared credit default swaps). The underlying referenced debt obligation may be a single issuer of corporate or sovereign debt, a credit index, a basket of issuers or indices, or a tranche of a credit index or basket of issuers or indices. In the event of a default of the underlying referenced debt obligation, the buyer is entitled to receive the notional amount of the credit default swap contract from the seller in exchange for the referenced debt obligation, a net settlement amount equal to the notional amount of the credit default swap less the recovery value of the referenced debt obligation, or other agreed upon amount. For centrally cleared credit default swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable. Over the term of the contract, the buyer pays the seller a periodic stream of payments, provided that no event of default has occurred. Such periodic payments are accrued daily as an unrealized appreciation or depreciation until the payments are made, at which time they are realized. Upfront payments and receipts are reflected in the Statements of Assets and Liabilities and represent compensating factors between stated terms of the credit default swap agreement and prevailing market conditions (credit spreads and other relevant factors). These

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments (continued)

upfront payments and receipts are amortized over the term of the contract as a realized gain or loss in the Statements of Operations.

Certain or all Funds entered into exchange traded futures contracts primarily to manage and/or gain exposure to equity price risk. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed in the Funds' Schedules of Investments.

Certain or all Funds entered into OTC forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. A forward exchange contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date.

The forward contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forwards contracts outstanding at period end, if any, are listed in the Funds' Schedules of Investments.

Certain or all Funds entered into OTC total return swap contracts primarily to manage and/or gain exposure to equity price risk of an underlying instrument such as a stock, bond, index or basket of securities or indices. A total return swap is an agreement between the Fund and a counterparty to exchange a return linked to an underlying instrument for a floating or fixed rate payment, both based upon a notional amount. Over the term of the contract, contractually required payments to be paid or received are accrued daily and recorded as unrealized appreciation or depreciation until the payments are made, at which time they are recognized as realized gain or loss. Swap contracts outstanding at period

end, if any, are listed in the Funds' Schedules of Investments.

Certain or all Funds purchased or wrote option contracts primarily to manage and/or gain exposure to equity price risk. An option is a contract entitling the holder to purchase or sell a specific amount of shares or units of an asset or notional amount of a swap (swaption), at a specified price. When an option is purchased or written, an amount equal to the premium paid or received is recorded as an asset or liability, respectively. Upon exercise of an option, the acquisition cost or sales proceeds of the underlying investment is adjusted by any premium received or paid. Upon expiration of an option, any premium received or paid is recorded as a realized gain or loss. Upon closing an option other than through expiration or exercise, the difference between the premium received or paid and the cost to close the position is recorded as a realized gain or loss. Options contracts outstanding at period end, if any, are listed in the Funds' Schedules of Investments.

See Note 9 regarding other derivative information.

d. Securities Purchased on a When-Issued and

 **Delayed Delivery Basis**

Certain or all Funds purchase securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Funds will generally purchase these securities with the intention of holding the securities, they may sell the securities before the settlement date.

e. Senior Floating Rate Interests

Certain or all Funds invest in senior secured corporate loans that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, the Secured Overnight Financing Rate (SOFR). Senior secured corporate loans often require prepayment of principal from excess cash flows or at the discretion of the borrower. As a result, actual maturity may be substantially less than the stated maturity. Senior secured corporate loans in which the Funds invest are generally readily marketable, but may be subject to certain restrictions on resale.

f. Equity-Linked Securities

Certain or all Funds invest in equity-linked securities. Equity-linked securities are hybrid financial instruments that

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

f. Equity-Linked Securities (continued)

generally combine both debt and equity characteristics into a single note form. Income received from equity-linked securities is recorded as realized gains in the Statements of Operations and may be based on the performance of an underlying equity security, an equity index, or an option position. The risks of investing in equity-linked securities include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with equity-linked securities and the appreciation potential may be limited. Equity-linked securities may be more volatile and less liquid than other investments held by the Funds.

g. Index-Linked Notes

Certain or all Funds invest in index-linked notes. Index-linked notes are senior, unsecured, subordinated debt securities issued by a financial institution, and the value is based on the price movements of the underlying index. Index-linked notes are designed to provide investors access to the returns of various market benchmarks and intended to replicate the economic effects that would apply had the Fund directly purchased the underlying referenced asset or basket of assets. The risks of investing in index-linked notes include unfavourable price movements in the underlying index and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with index-linked notes and the appreciation potential may be limited. Index-linked notes may be more volatile and less liquid than other investments held by the Funds.

h. Income and Deferred Taxes

It is the Funds' policy to qualify as a regulated investment company under the Internal Revenue Code. The Funds intend to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Funds invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, Funds record an

estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

Each Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, each

Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Funds invest.

i. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Certain or all Funds may receive other income from investments in senior secured corporate loans or unfunded commitments, including amendment fees, consent fees or commitment fees. These fees are recorded as income when received by the Funds. Dividend income and capital gain distributions are recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Funds. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Inflation-indexed bonds are adjusted for inflation through periodic increases or decreases in the security's interest accruals, face amount, or principal redemption value, by amounts corresponding to the rate of inflation as measured by an index. Any increase or decrease in the face amount or

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

i. Security Transactions, Investment Income, Expenses and Distributions (continued)

principal redemption value will be included as inflation principal adjustments in the Statements of Operations.

Common expenses incurred by the Trust are allocated among the Funds based on the ratio of net assets of each Funds to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

j. Insurance

The scheduled payments of interest and principal for each insured municipal security in the Trust are insured by either a new issue insurance policy or a secondary insurance policy. Some municipal securities in the Funds are secured by collateral guaranteed by an agency of the U.S. government. Depending on the type of coverage, premiums for insurance are either added the cost basis of the security or paid by a third party.

Insurance companies typically insure municipal bonds that tend to be of very high quality, with the majority of underlying

municipal bonds rated A or better. However, an event involving an insurer could have an adverse effect on the value of the securities insured by that insurance company. There can be no assurance the insurer will be able to fulfill its obligations under the terms of the policy.

k. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

l. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Funds are issued and redeemed at their respective NAV only in aggregations of a specific number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Funds. Once created, shares of the Funds generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Funds' shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized Participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Funds regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Funds.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

franklintempleton.com Annual Report 166

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Funds' shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Disruptive Commerce ETF** | &nbsp;&nbsp;**Franklin Disruptive Commerce ETF** | &nbsp;&nbsp;**Franklin Disruptive Commerce ETF** | &nbsp;&nbsp;**Franklin Disruptive Commerce ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 150000 | $5771679 | &nbsp;&nbsp;&nbsp; 100000 | $2850864 |
| Shares redeemed | &nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp;&nbsp; (7540643) | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (4358818) |
| Net increase (decrease) | &nbsp;&nbsp; (50000) | $(1768964) | &nbsp;&nbsp;&nbsp; (50000) | $(1507954) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Dynamic Municipal Bond ETF** | &nbsp;&nbsp;**Franklin Dynamic Municipal Bond ETF** | &nbsp;&nbsp;**Franklin Dynamic Municipal Bond ETF** | &nbsp;&nbsp;**Franklin Dynamic Municipal Bond ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;17300000 | $424978353 | &nbsp;&nbsp;&nbsp; 3900000 | $92567064 |
| Shares redeemed | &nbsp;&nbsp; (300000) | &nbsp;&nbsp;&nbsp;&nbsp; (7306344) | &nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (2397739) |
| Net increase (decrease) | &nbsp;&nbsp;17000000 | $417672009 | &nbsp;&nbsp;&nbsp; 3800000 | $90169325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Exponential Data ETF** | &nbsp;&nbsp;**Franklin Exponential Data ETF** | &nbsp;&nbsp;**Franklin Exponential Data ETF** | &nbsp;&nbsp;**Franklin Exponential Data ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; 100000 | $2298068 |
| Shares redeemed | &nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (2459548) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) | &nbsp;&nbsp; (100000) | $(2459548) | &nbsp;&nbsp;&nbsp; 100000 | $2298068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

167 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Focused Growth<sup>(c)</sup>** | &nbsp;&nbsp;**Franklin Focused Growth<sup>(c)</sup>** | &nbsp;&nbsp;**Franklin Focused Growth<sup>(c)</sup>** | &nbsp;&nbsp;**Franklin Focused Growth<sup>(c)</sup>** | &nbsp;&nbsp;**Franklin Focused Growth<sup>(c)</sup>** | &nbsp;&nbsp;**Franklin Focused Growth<sup>(c)</sup>** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024** | **Year Ended<br> September 30, 2023<sup>(a)</sup>** | **Year Ended<br> September 30, 2023<sup>(a)</sup>** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| **Capital Transactions<sup>(b)</sup>** |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1950000 | $71697338 | &nbsp;&nbsp;&nbsp; 1742411 | $45475603 | &nbsp;&nbsp;&nbsp; 400540 | &nbsp;&nbsp;&nbsp;&nbsp; 8729317 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp; (850000) | &nbsp;&nbsp;&nbsp;&nbsp; (32849891) | &nbsp;&nbsp;&nbsp; (309554) | &nbsp;&nbsp;&nbsp;&nbsp; (8255896) | &nbsp;&nbsp;&nbsp; (324805) | &nbsp;&nbsp;&nbsp;&nbsp; (7611698) |
| Net increase (decrease) | &nbsp;&nbsp; 1100000 | $38847447 | &nbsp;&nbsp;&nbsp; 1432857 | $37219707 | &nbsp;&nbsp;&nbsp; 75735 | $1117619 |
| **Class A<sup>(c)</sup>** |  |  |  |  |  |  |
| Shares sold<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp; 1233955 | &nbsp;&nbsp;&nbsp;&nbsp; 28366209 |
| Shares reinvested | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2313234) | &nbsp;&nbsp;&nbsp;&nbsp; (58774506) | &nbsp;&nbsp;&nbsp;(1668340) | &nbsp;&nbsp;&nbsp;&nbsp;(39867268) |
| Net increase (decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2313149) | $(58772685) | &nbsp;&nbsp;&nbsp; (434385) | $(11501059) |
| **Class C<sup>(c)</sup>** |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082520 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5148740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2108435) |
| Net increase (decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (208269) | $(5148740) | &nbsp;&nbsp;&nbsp; (656) | $(25915) |
| **Class R<sup>(c)</sup>** |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403494 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273083) |
| Net increase (decrease) | &nbsp;&nbsp; *—* | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (44493) | $(1122328) | &nbsp;&nbsp;&nbsp; 6852 | $130411 |
| **Class R6<sup>(c)</sup>** |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93822 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163962) |
| Net increase (decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2374) | $(70140) |

---

<sup>a</sup> Effective September 13, 2023, Class R6 was liquidated.

<sup>b</sup> Effective after the market close on November 3, 2023, the Fund's predecessor mutual fund, Franklin Focused Growth Fund, reorganized into this Fund (the "Reorganization"). The predecessor mutual fund's Advisor Class Shares' performance and financial history have been adopted by Franklin Focused Growth ETF and will be used going forward. As a result, the information prior to the Reorganization reflects that of the predecessor mutual fund's Advisor Class Shares. Shares of the other classes of the predecessor mutual fund were converted into Advisor Class Shares as a part of the Reorganization. Such conversion of the other classes of shares into Advisor Class Shares is included under "Shares sold".

<sup>c</sup> Shares of the class of the Franklin Focused Growth Fund (Target Fund) was converted into Advisor Class shares as a part of the Reorganization. Such conversion of shares into Advisor Class shares is included under "Shares redeemed".

<sup>d</sup> May include a portion of Class C shares that were automatically converted to Class A.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Genomic Advancements ETF** | &nbsp;&nbsp;**Franklin Genomic Advancements ETF** | &nbsp;&nbsp;**Franklin Genomic Advancements ETF** | &nbsp;&nbsp;**Franklin Genomic Advancements ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 150000 | $4665875 | &nbsp;&nbsp;&nbsp; 100000 | $2619395 |
| Shares redeemed | &nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp; (1533973) | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (4477678) |
| Net increase (decrease) | &nbsp;&nbsp; 100000 | $3131902 | &nbsp;&nbsp;&nbsp; (50000) | $(1858283) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 168

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin High Yield Corporate ETF** | &nbsp;&nbsp;**Franklin High Yield Corporate ETF** | &nbsp;&nbsp;**Franklin High Yield Corporate ETF** | &nbsp;&nbsp;**Franklin High Yield Corporate ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;15400000 | $371149467 | &nbsp;&nbsp;&nbsp; 2700000 | $62093762 |
| Shares redeemed | &nbsp;&nbsp; (950000) | &nbsp;&nbsp;&nbsp;&nbsp; (22874174) | &nbsp;&nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp;&nbsp; (12361979) |
| Net increase (decrease) | &nbsp;&nbsp;14450000 | $348275293 | &nbsp;&nbsp;&nbsp; 2150000 | $49731783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Income Equity Focus ETF** | &nbsp;&nbsp;**Franklin Income Equity Focus ETF** | &nbsp;&nbsp;**Franklin Income Equity Focus ETF** | &nbsp;&nbsp;**Franklin Income Equity Focus ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1250000 | $68829467 | &nbsp;&nbsp;&nbsp; 350000 | $17082101 |
| Shares redeemed | &nbsp;&nbsp;(1800000) | &nbsp;&nbsp;&nbsp;&nbsp; (98945173) | &nbsp;&nbsp;&nbsp; (1450000) | &nbsp;&nbsp;&nbsp;&nbsp; (72704795) |
| Net increase (decrease) | &nbsp;&nbsp; (550000) | $(30115706) | &nbsp;&nbsp;&nbsp; (1100000) | $(55622694) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Income Focus ETF** | &nbsp;&nbsp;**Franklin Income Focus ETF** | &nbsp;&nbsp;**Franklin Income Focus ETF** | &nbsp;&nbsp;**Franklin Income Focus ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;14300000 | $378622024 | &nbsp;&nbsp;&nbsp; 6800001 | $171680612 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp; (25) |
| Net increase (decrease) | &nbsp;&nbsp;14300000 | $378622024 | &nbsp;&nbsp;&nbsp; 6800000 | $171680587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Intelligent Machines ETF** | &nbsp;&nbsp;**Franklin Intelligent Machines ETF** | &nbsp;&nbsp;**Franklin Intelligent Machines ETF** | &nbsp;&nbsp;**Franklin Intelligent Machines ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 100000 | $6160137 | &nbsp;&nbsp;&nbsp; 300000 | $14472881 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (7358242) |
| Net increase (decrease) | &nbsp;&nbsp; 100000 | $6160137 | &nbsp;&nbsp;&nbsp; 150000 | $7114639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin International Aggregate Bond ETF** | &nbsp;&nbsp;**Franklin International Aggregate Bond ETF** | &nbsp;&nbsp;**Franklin International Aggregate Bond ETF** | &nbsp;&nbsp;**Franklin International Aggregate Bond ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 6750000 | $137278103 | &nbsp;&nbsp;&nbsp; 10150000 | $199112461 |
| Net increase (decrease) | &nbsp;&nbsp; 6750000 | $137278103 | &nbsp;&nbsp;&nbsp; 10150000 | $199112461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

169 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Investment Grade Corporate ETF** | &nbsp;&nbsp;**Franklin Investment Grade Corporate ETF** | &nbsp;&nbsp;**Franklin Investment Grade Corporate ETF** | &nbsp;&nbsp;**Franklin Investment Grade Corporate ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;14400000 | $313064908 | &nbsp;&nbsp;&nbsp; 2700000 | $56799349 |
| Shares redeemed | &nbsp;&nbsp;(5100000) | &nbsp;&nbsp;&nbsp;&nbsp;(109921043) | &nbsp;&nbsp;&nbsp;(15700000) | &nbsp;&nbsp;&nbsp;&nbsp;(332121245) |
| Net increase (decrease) | &nbsp;&nbsp; 9300000 | $203143865 | &nbsp;&nbsp;&nbsp;(13000000) | $(275321896) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Municipal Green Bond ETF** | &nbsp;&nbsp;**Franklin Municipal Green Bond ETF** | &nbsp;&nbsp;**Franklin Municipal Green Bond ETF** | &nbsp;&nbsp;**Franklin Municipal Green Bond ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 550000 | $13171317 | &nbsp;&nbsp;&nbsp; 400000 | $9269420 |
| Shares redeemed | &nbsp;&nbsp;(1050000) | &nbsp;&nbsp;&nbsp;&nbsp; (25155640) | &nbsp;&nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (9248261) |
| Net increase (decrease) | &nbsp;&nbsp; (500000) | $(11984323) | &nbsp;&nbsp;&nbsp; — | $21159 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Senior Loan ETF** | &nbsp;&nbsp;**Franklin Senior Loan ETF** | &nbsp;&nbsp;**Franklin Senior Loan ETF** | &nbsp;&nbsp;**Franklin Senior Loan ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;31050000 | $753768850 | &nbsp;&nbsp;&nbsp; 5400000 | $130335347 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (600000) | &nbsp;&nbsp;&nbsp;&nbsp; (14373090) |
| Net increase (decrease) | &nbsp;&nbsp;31050000 | $753768850 | &nbsp;&nbsp;&nbsp; 4800000 | $115962257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Systematic Style Premia ETF** | &nbsp;&nbsp;**Franklin Systematic Style Premia ETF** | &nbsp;&nbsp;**Franklin Systematic Style Premia ETF** | &nbsp;&nbsp;**Franklin Systematic Style Premia ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 5100000 | $122215366 | &nbsp;&nbsp;&nbsp; 5600000 | $126521854 |
| Shares redeemed | &nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp; (1172113) | &nbsp;&nbsp;&nbsp; (2150000) | &nbsp;&nbsp;&nbsp;&nbsp; (47855346) |
| Net increase (decrease) | &nbsp;&nbsp; 5050000 | $121043253 | &nbsp;&nbsp;&nbsp; 3450000 | $78666508 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Core Bond ETF** | &nbsp;&nbsp;**Franklin U.S. Core Bond ETF** | &nbsp;&nbsp;**Franklin U.S. Core Bond ETF** | &nbsp;&nbsp;**Franklin U.S. Core Bond ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;37800000 | $815196006 | &nbsp;&nbsp;&nbsp; 23700000 | $492368845 |
| Shares redeemed | &nbsp;&nbsp;(8150000) | &nbsp;&nbsp;&nbsp;&nbsp;(174807093) | &nbsp;&nbsp;&nbsp; (9950000) | &nbsp;&nbsp;&nbsp;&nbsp;(207773857) |
| Net increase (decrease) | &nbsp;&nbsp;29650000 | $640388913 | &nbsp;&nbsp;&nbsp; 13750000 | $284594988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 170

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin U.S. Treasury Bond ETF** | &nbsp;&nbsp;**Franklin U.S. Treasury Bond ETF** | &nbsp;&nbsp;**Franklin U.S. Treasury Bond ETF** | &nbsp;&nbsp;**Franklin U.S. Treasury Bond ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;16950000 | $348038141 | &nbsp;&nbsp;&nbsp; 18450000 | $379202577 |
| Shares redeemed | &nbsp;&nbsp;(4950000) | &nbsp;&nbsp;&nbsp;&nbsp;(101744209) | &nbsp;&nbsp;&nbsp; (3750000) | &nbsp;&nbsp;&nbsp;&nbsp; (76251616) |
| Net increase (decrease) | &nbsp;&nbsp;12000000 | $246293932 | &nbsp;&nbsp;&nbsp; 14700000 | $302950961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin Ultra Short Bond ETF** | &nbsp;&nbsp;**Franklin Ultra Short Bond ETF** | &nbsp;&nbsp;**Franklin Ultra Short Bond ETF** | &nbsp;&nbsp;**Franklin Ultra Short Bond ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 3950000 | $98227243 | &nbsp;&nbsp;&nbsp; 50000 | $1239556 |
| Shares redeemed | &nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp;&nbsp; (1246251) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) | &nbsp;&nbsp; 3900000 | $96980992 | &nbsp;&nbsp;&nbsp; 50000 | $1239556 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup>For the period June 06, 2023 (commencement of operations) to March 31, 2024.

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Funds are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Institutional, LLC (FT Institutional) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Investimentos (Brasil) Ltda. (FTI Brasil) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Investment Management Limited (FTIML) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Investment Trust Management Co., Ltd. (FT Korea) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Investments (ME) Limited (FTIME) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Investments Corp. (FTIC) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Advisory Services, LLC (FASL) | &nbsp;&nbsp;&nbsp;Investment manager |
| Templeton Asset Management Ltd. (TAML) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |
| K2/D&S Management Co., L.L.C. (K2 Advisors) | &nbsp;&nbsp;&nbsp;Investment manager |

---

a. Management Fees

The Funds pay a unified management fee to Advisers whereby Advisers has agreed to reimburse the Funds' acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Funds, including custody, transfer agency,

and Trustee fees and expenses, among others, but excluding payments under the Funds' Rule 12b-1 plan (if any), brokerage

expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including

borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other

171 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

a. Management Fees (continued)

non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement.

The gross effective investment management fees are based on the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
| | **Gross Effective Investment<br> Management Fee Rate** |
| Franklin Disruptive Commerce ETF | 0.50% |
| Franklin Dynamic Municipal Bond ETF | 0.30% |
| Franklin Exponential Data ETF | 0.50% |
| Franklin Focused Growth ETF | 0.55% |
| Franklin Genomic Advancements ETF | 0.50% |
| Franklin High Yield Corporate ETF | 0.40% |
| Franklin Income Equity Focus ETF | 0.29% |
| Franklin Income Focus ETF | 0.38% |
| Franklin Intelligent Machines ETF | 0.50% |
| Franklin International Aggregate Bond ETF | 0.25% |
| Franklin Investment Grade Corporate ETF | 0.35% |
| Franklin Municipal Green Bond ETF | 0.30% |
| Franklin Senior Loan ETF | 0.45% |
| Franklin Systematic Style Premia ETF | 0.65% |
| Franklin U.S. Core Bond ETF | 0.15% |
| Franklin U.S. Treasury Bond ETF | 0.09% |
| Franklin Ultra Short Bond ETF | 0.15% |

---

b. Administrative Fees

Under an agreement with Advisers and FTIML, FT Services provides administrative services to the Funds. The fee is paid by Advisers and FTIML based on the Funds' average daily net assets, and is not an additional expense of the Funds.

c. Waiver and Expense Reimbursements

For Franklin Systematic Style Premia ETF, pursuant to the terms of the Fund's Investment Management Agreement, the investment manager reimburses the Fund for all acquired Fund fees as well as all expenses related to the Fund's investment in a Cayman Islands-based company that is wholly owned by the Fund (the "Subsidiary"). Thus, expenses incurred in connection with the Fund's investment in the Subsidiary are paid/reimbursed by the investment manager under the unitary management fee structure. Total expenses waived or paid are not subject to recapture subsequent to the Funds' fiscal year end.

franklintempleton.com Annual Report 172

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

d. Investments in Affiliated Management Investment Companies

Certain or all Funds invest in one or more affiliated management investment companies. As defined in the 1940 Act, an investment is deemed to be a "Controlled Affiliate" of a fund when a fund owns, either directly or indirectly, 25% or more of the affiliated fund's outstanding shares or has the power to exercise control over management or policies of such fund. The Funds do not invest for purposes of exercising a controlling influence over the management or policies. Management fees paid by the Funds are waived on assets invested in the affiliated management investment companies, as noted in the Statements of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. During the year ended March 31, 2025, investments in affiliated management investment companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin Exponential Data ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $112222 | &nbsp;&nbsp; $329435 | &nbsp;&nbsp; $(385650) | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 | &nbsp;&nbsp; $3887 |
| **Franklin Focused Growth ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $223033 | &nbsp;&nbsp; $7418917 | &nbsp;&nbsp; $(4255283) | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3386667 | &nbsp;&nbsp;&nbsp;&nbsp;3386667 | &nbsp;&nbsp; $74369 |
| **Franklin Income Focus ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$105238831 | &nbsp;&nbsp;$(89123513) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16115318 | &nbsp;&nbsp;16115318 | &nbsp;&nbsp;$207625 |
| **Franklin Senior Loan ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Franklin High Yield Corporate ETF | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7108084 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(55214) | &nbsp;&nbsp;$7052870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295966 | &nbsp;&nbsp;$92026 |
| **Franklin U.S. Core Bond ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$9292075 | &nbsp;&nbsp;$523598508 | &nbsp;&nbsp;$(506372031) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26518552 | &nbsp;&nbsp;26518552 | &nbsp;&nbsp;$2270428 |
| **Franklin U.S. Treasury Bond ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$4216490 | &nbsp;&nbsp;$135159053 | &nbsp;&nbsp;$(124254621) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15120922 | &nbsp;&nbsp;15120922 | &nbsp;&nbsp;$500621 |

---

173 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

d. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin Ultra Short Bond ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $1574767 | &nbsp;&nbsp;$68497341 | &nbsp;&nbsp;$(70070849) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp; $95735 |

---

e. Other Affiliated Transactions

At March 31, 2025, the shares of the Funds were owned by the following investment entities:

---

| | | |
|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Franklin High Yield Corporate ETF** |  |  |
| Franklin Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;1523106 | &nbsp;&nbsp;&nbsp;&nbsp;5.9% |
| Franklin Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;1880070 | &nbsp;&nbsp;&nbsp;&nbsp;7.3% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3403176 | &nbsp;&nbsp;&nbsp;13.2% |
| **Franklin Investment Grade Corporate ETF** |  |  |
| Franklin Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;4340824 | &nbsp;&nbsp;&nbsp;16.5% |
| Franklin Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;5358223 | &nbsp;&nbsp;&nbsp;20.3% |
| Franklin Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;1909097 | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| Franklin LifeSmart 2020 – 2060 Retirement Target Funds | &nbsp;&nbsp;&nbsp;&nbsp;1412775 | &nbsp;&nbsp;&nbsp;&nbsp;5.4% |
|  | 13020919 | &nbsp;&nbsp;&nbsp;49.4% |
| **Franklin Municipal Green Bond ETF** |  |  |
| Franklin Federal Limited-Term Tax-Free Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;34.5% |
| **Franklin Systematic Style Premia ETF** |  |  |
| Franklin Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681123 | &nbsp;&nbsp;&nbsp;&nbsp;5.3% |
| Franklin Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;2225000 | &nbsp;&nbsp;&nbsp;17.5% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2906123 | &nbsp;&nbsp;&nbsp;22.8% |
| **Franklin U.S. Core Bond ETF** |  |  |
| Franklin Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;9019093 | &nbsp;&nbsp;&nbsp;&nbsp;8.0% |
| Franklin Moderate Allocation Fund | 11132916 | &nbsp;&nbsp;&nbsp;&nbsp;9.9% |
|  | 20152009 | &nbsp;&nbsp;&nbsp;17.9% |
| **Franklin U.S. Treasury Bond ETF** |  |  |
| Franklin Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;4743598 | &nbsp;&nbsp;&nbsp;10.1% |
| Franklin Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;5855372 | &nbsp;&nbsp;&nbsp;12.5% |
|  | 10598970 | &nbsp;&nbsp;&nbsp;22.6% |

---

franklintempleton.com Annual Report 174

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

e. Other Affiliated Transactions (continued)

---

| | | |
|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Franklin Ultra Short Bond ETF** |  |  |
| Putnam Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691980 | &nbsp;&nbsp;&nbsp;17.1% |
| Putnam Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836780 | &nbsp;&nbsp;&nbsp;20.7% |
| Putnam Diversified Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663780 | &nbsp;&nbsp;&nbsp;16.4% |
| Putnam Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663780 | &nbsp;&nbsp;&nbsp;16.4% |
| Putnam ESG Core Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450580 | &nbsp;&nbsp;&nbsp;11.1% |
| Putnam Premier Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231380 | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3538280 | &nbsp;&nbsp;&nbsp;87.4% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Funds.

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. At March 31, 2025, the capital loss carryforwards were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin Disruptive<br> Commerce ETF** | **Franklin Dynamic<br> Municipal<br> Bond ETF** | **Franklin<br> Exponential<br> Data ETF** | **Franklin<br> Focused<br> Growth<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $2341663 | $3322593 | $631229 | $1656343 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 8702076 | &nbsp;&nbsp;&nbsp;&nbsp; 2448473 | &nbsp;&nbsp;&nbsp;&nbsp; 608871 | &nbsp;&nbsp;&nbsp;&nbsp;12558203 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $11043739 | $5771066 | $1240100 | $14214546 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin Genomic<br> Advancements ETF** | **Franklin<br> High Yield<br> Corporate ETF** | **Franklin<br> Income Equity<br> Focus ETF** | **Franklin<br> Income Focus<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $4374169 | $10269873 | $5492444 | $334112 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 7025933 | &nbsp;&nbsp;&nbsp;&nbsp; 560953 | &nbsp;&nbsp;&nbsp;&nbsp; 222392 | &nbsp;&nbsp;&nbsp;&nbsp; 817232 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $11400102 | $10830826 | $5714836 | $1151344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin Intelligent<br> Machines ETF** | **Franklin<br> International<br> Aggregate Bond<br> ETF** | **Franklin<br> Investment Grade<br> Corporate ETF** | **Franklin Municipal<br> Green Bond<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $500991 | $10355363 | $57165212 | $8969204 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 1419276 | &nbsp;&nbsp;&nbsp;&nbsp; 5131978 | &nbsp;&nbsp;&nbsp;&nbsp; 8949108 | &nbsp;&nbsp;&nbsp;&nbsp; 2865702 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $1920267 | $15487341 | $66114320 | $11834906 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> Senior Loan<br> ETF** | **Franklin<br> Systematic<br> Style Premia<br> ETF** | **Franklin<br> U.S. Core<br> Bond ETF** | **Franklin U.S.<br> Treasury Bond ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $10575527 | $— | $119261906 | $67264506 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 2358634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7750834 | &nbsp;&nbsp;&nbsp;&nbsp; 42626866 | &nbsp;&nbsp;&nbsp;&nbsp;17871504 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $12934161 | $7750834 | $161888772 | $85136010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | **Franklin Ultra<br> Short Bond ETF** |
| Capital loss carryforwards not subject to expiration: |  |
| Long term | $10902 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 26063 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $36965 |

---

For tax purposes, the Funds may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. March 31, 2025, the deferred losses were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Franklin Disruptive<br> Commerce ETF** | **Franklin<br> Exponential<br> Data ETF** | **Franklin<br> Focused<br> Growth<br> ETF** | **Franklin Genomic<br> Advancements ETF** | **Franklin Intelligent<br> Machines ETF** |
| Post October capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Late-year ordinary losses | $9985 | $2344 | $38331 | $2672 | $10642 |

---

For tax purposes, capital losses may be carried over to offset future capital gains. During the year ended March 31, 2025, the utilized capital loss carryforwards were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin Dynamic<br> Municipal<br> Bond ETF** | **Franklin<br> Exponential<br> Data ETF** | **Franklin<br> Focused<br> Growth<br> ETF** | **Franklin<br> High Yield<br> Corporate ETF** |
| Capital loss carryforwards utilized | $248192 | $47916 | $556978 | $50674 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **Franklin<br> Income Equity<br> Focus ETF** | **Franklin Intelligent<br> Machines ETF** | **Franklin<br> Systematic<br> Style Premia<br> ETF** |
| Capital loss carryforwards utilized | $865396 | $140613 | $6779071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Franklin<br> U.S. Core<br> Bond ETF** | **Franklin Ultra<br> Short Bond ETF** |
| Capital loss carryforwards utilized | $1366910 | $10855 |

---

franklintempleton.com Annual Report 176

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Franklin Disruptive Commerce ETF** | **Franklin Disruptive Commerce ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $11522 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Dynamic Municipal<br> Bond ETF** | **Franklin Dynamic Municipal<br> Bond ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from: |  |  |
| Tax exempt income | $12382025 | $5006865 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; 658414 | &nbsp;&nbsp;&nbsp;&nbsp; 133566 |
|  | $13040439 | $5140431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Exponential Data ETF** | **Franklin Exponential Data ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $6435 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin High Yield<br> Corporate ETF** | **Franklin High Yield<br> Corporate ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $28955352 | $15176528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Income Equity Focus ETF** | **Franklin Income Equity Focus ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $4064715 | $2439590 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Income Focus ETF** | **Franklin Income Focus ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $18595992 | $4536958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

177 Annual Report franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | |
|:---|:---|:---|
|  | **Franklin International<br> Aggregate Bond ETF** | **Franklin International<br> Aggregate Bond ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $17714764 | $4135239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Investment Grade<br> Corporate ETF** | **Franklin Investment Grade<br> Corporate ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $20452540 | $26347663 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Municipal Green Bond ETF** | **Franklin Municipal Green Bond ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from: |  |  |
| Tax exempt income | $3985088 | $3985182 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; 46569 | &nbsp;&nbsp;&nbsp;&nbsp; 53418 |
|  | $4031657 | $4038600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Senior Loan ETF** | **Franklin Senior Loan ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $44477601 | $21412594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin Systematic Style<br> Premia ETF** | **Franklin Systematic Style<br> Premia ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $3594570 | $1644064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin U.S. Core Bond ETF** | **Franklin U.S. Core Bond ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $87023535 | $58908890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin U.S. Treasury Bond ETF** | **Franklin U.S. Treasury Bond ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $33558135 | $16803834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 178

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | |
|:---|:---|:---|
|  | **Franklin Ultra Short Bond ETF** | **Franklin Ultra Short Bond ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $887716 | $126651 |

---

At March 31, 2025, the cost of investments, net unrealized appreciation (depreciation) and undistributed ordinary income for income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Disruptive<br> Commerce ETF** | **Franklin Dynamic<br> Municipal<br> Bond ETF** | **Franklin<br> Exponential<br> Data ETF** | **Franklin<br> Focused<br> Growth<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$10061376 | $607147049 | $4180322 | $93171474 |
| Unrealized appreciation | &nbsp;&nbsp;$1161829 | $5270164 | $725515 | $17520990 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1057623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7011209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2473995) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$104206 | $(1741045) | $294785 | $15046995 |
| Distributions earning – undistributed tax except income | &nbsp;&nbsp;$— | $2414247 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Genomic<br> Advancements ETF** | **Franklin<br> High Yield<br> Corporate ETF** | **Franklin<br> Income Equity<br> Focus ETF** | **Franklin<br> Income Focus<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$11967561 | $611982256 | $90625862 | $548128710 |
| Unrealized appreciation | &nbsp;&nbsp;$947467 | $3773031 | $6481241 | $21760341 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2351482) | &nbsp;&nbsp;&nbsp;&nbsp;(13303558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4452013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9833300) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(1404015) | $(9530527) | $2029228 | $11927041 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$— | $3799699 | $475663 | $2775830 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Intelligent<br> Machines ETF** | **Franklin<br> International<br> Aggregate Bond<br> ETF** | **Franklin<br> Investment Grade<br> Corporate ETF** | **Franklin Municipal<br> Green Bond<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$21356247 | $604338851 | $584229664 | $99690977 |
| Unrealized appreciation | &nbsp;&nbsp;$4851164 | $9129211 | $2008780 | $812864 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1536072) | &nbsp;&nbsp;&nbsp;&nbsp;(35091055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30205067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3303894) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$3315092 | $(25961844) | $(28196287) | $(2491030) |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$— | $4306865 | $2360831 | $— |
| Distributions earning – undistributed tax except income | &nbsp;&nbsp;$— | $— | $— | $360765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

179 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Senior Loan<br> ETF** | **Franklin<br> Systematic<br> Style Premia<br> ETF** | **Franklin<br> U.S. Core<br> Bond ETF** | **Franklin U.S.<br> Treasury Bond ETF** |
| Cost of investments | &nbsp;&nbsp;$1034116737 | $275962294 | $2518597743 | $952257960 |
| Unrealized appreciation | &nbsp;&nbsp;$1534960 | $23364875 | $17340055 | $6050236 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17974985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8255044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115382228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3505296) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(16440025) | $15109831 | $(98042173) | $2544940 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$6020137 | $8777910 | $9017994 | $3424245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Franklin Ultra<br> Short Bond ETF** |
| Cost of investments | &nbsp;&nbsp;$101417620 |
| Unrealized appreciation | &nbsp;&nbsp;$162685 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34120) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$128565 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$430320 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatment of foreign currency transactions, passive foreign investment company shares and in-kind transactions, bond

discounts and premiums and investments in FLSP Holdings Corporation.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Disruptive<br> Commerce ETF** | **Franklin Dynamic<br> Municipal<br> Bond ETF** | **Franklin<br> Exponential<br> Data ETF** | **Franklin<br> Focused<br> Growth<br> ETF** |
| Purchases | &nbsp;&nbsp;$4376985 | $591524323 | $1568095 | $31725137 |
| Sales | &nbsp;&nbsp;$4423177 | $175455047 | $1561441 | $31062536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Genomic<br> Advancements ETF** | **Franklin<br> High Yield<br> Corporate ETF** | **Franklin<br> Income Equity<br> Focus ETF** | **Franklin<br> Income Focus<br> ETF** |
| Purchases | &nbsp;&nbsp;$3411728 | $158955506 | $21353110 | $474091785 |
| Sales | &nbsp;&nbsp;$3394336 | $121362946 | $47999253 | $209997443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Intelligent<br> Machines ETF** | **Franklin<br> International<br> Aggregate Bond<br> ETF** | **Franklin<br> Investment Grade<br> Corporate ETF** | **Franklin Municipal<br> Green Bond<br> ETF** |
| Purchases | &nbsp;&nbsp;$11199634 | $198686283 | $232050171 | $24848303 |
| Sales | &nbsp;&nbsp;$11597843 | $99086027 | $219947636 | $36472081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 180

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

5. Investment Transactions (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Senior Loan<br> ETF** | **Franklin<br> Systematic<br> Style Premia<br> ETF** | **Franklin<br> U.S. Core<br> Bond ETF** | **Franklin U.S.<br> Treasury Bond ETF** |
| Purchases | &nbsp;&nbsp;$713409944 | $225604383 | $1387185085 | $1298681585 |
| Sales | &nbsp;&nbsp;$73626768 | $121558585 | $726851623 | $1081988553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Franklin Ultra<br> Short Bond ETF** |
| Purchases | &nbsp;&nbsp;$68877571 |
| Sales | &nbsp;&nbsp;$3718992 |

---

In-kind transactions associated with creation and redemptions for the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Disruptive<br> Commerce ETF** | **Franklin Dynamic<br> Municipal<br> Bond ETF** | **Franklin<br> Exponential<br> Data ETF** | **Franklin<br> Focused<br> Growth<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$5645449 | $— | $— | $70321628 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$7428395 | $— | $2419601 | $32282960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Genomic<br> Advancements ETF** | **Franklin<br> High Yield<br> Corporate ETF** | **Franklin<br> Income Equity<br> Focus ETF** | **Franklin<br> Income Focus<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$4428838 | $325345033 | $61863591 | $119763052 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$1439782 | $22771326 | $88811476 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin Intelligent<br> Machines ETF** | **Franklin<br> International<br> Aggregate Bond<br> ETF** | **Franklin<br> Investment Grade<br> Corporate ETF** | **Franklin Municipal<br> Green Bond<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$6037282 | $— | $287849368 | $— |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$— | $— | $103716728 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> Senior Loan<br> ETF** | **Franklin<br> Systematic<br> Style Premia<br> ETF** | **Franklin<br> U.S. Core<br> Bond ETF** | **Franklin U.S.<br> Treasury Bond ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$— | $— | $— | $— |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$— | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Franklin Ultra<br> Short Bond ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$— |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$— |

---

<sup>a</sup>Realized gains and losses from in-kind redemptions, as shown on the Statements of Operations, are not recognized by the Funds for tax purposes.

6. Global Credit Facility

Franklin High Yield Corporate ETF and Franklin Senior Loan ETF, together with other U.S. registered and foreign investment funds (collectively, Borrowers), managed by Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totaling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

181 Annual Report franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

6. Global Credit Facility (continued)

Under the terms of the Global Credit Facility, the Funds may, in addition to interest charged on any borrowings made by the Funds and other costs incurred by the Funds, pay their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. During the year ended March 31, 2025, the Funds did not use the Global Credit Facility.

7. Concentration of Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Certain investments in Chinese companies are made through a special structure known as a Variable Interest Entity (VIE). In a VIE structure, foreign investors, such as Franklin Disruptive Commerce ETF will only own stock in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in a restricted or prohibited sector in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, the structure historically has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

8. Credit Risk and Defaulted Securities

At March 31, 2025, Franklin Dynamic Municipal Bond ETF, Franklin High Yield Corporate ETF, Franklin Municipal Green Bond ETF and Franklin Senior Loan ETF had 33.21%, 92.32%, 9.64% and 87.46% respectively, of their portfolio invested in high yield securities, senior secured floating rate notes, or other securities rated below investment grade and unrated securities, if any. These securities may be more sensitive to economic conditions causing greater price volatility and are potentially subject to a greater risk of loss due to default than higher rated securities.

The Fund may purchase the pre-default or defaulted debt of distressed companies. Distressed companies are financially troubled and could be or are already involved in financial restructuring or bankruptcy. Risks associated with purchasing these securities include the possibility that the bankruptcy or other restructuring process takes longer than expected, or that distributions in restructuring are less than anticipated, either or both of which may result in unfavorable consequences to the Fund. If it becomes probable that the income on debt securities, including those distressed companies, will not be collected, the Fund discontinues accruing income and recognizes an adjustment for uncollectible interest. Franklin Dynamic Municipal Bond ETF and Franklin High Yield Corporate ETF held defaulted securities and/or other securities for which the income has been deemed uncollectible. At March 31, 2025, the aggregate value of these securities represented 0.01% and 0.00%, respectively, of the Fund's net assets. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Schedule of Investments.

9. Other Derivative Information

At March 31, 2025, the Funds' investments in derivative contracts are reflected in the Statements of Assets and Liabilities as follows:

franklintempleton.com Annual Report 182

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

9. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statements of Assets and<br> Liabilities Location** | **Fair Value** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **Franklin International Aggregate Bond ETF** |  |  |  |  |
| Foreign exchange contracts | Unrealized appreciation on OTC<br> forward exchange contracts | $460709 | Unrealized depreciation on OTC<br> forward exchange contracts | $15310205 |
| Totals |  | $460709 |  | $15310205 |
| **Franklin Systematic Style Premia ETF** |  |  |  |  |
| Foreign exchange contracts | Unrealized appreciation on OTC<br> forward exchange contracts | $1303007 | Unrealized depreciation on OTC<br> forward exchange contracts | $595268 |
| Equity contracts | Variation margin on futures<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;2629715<sup>a</sup> | Variation margin on futures<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272220<sup>a</sup> |
| Interest rate contracts | Variation margin on futures<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879609<sup>a</sup> | Variation margin on futures<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288653<sup>a</sup> |
| Commodity contracts | Variation margin on futures<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;1494480<sup>a</sup> | Variation margin on futures<br> contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134528<sup>a</sup> |
| Equity contracts | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals |  | $6306812 |  | $2290669 |
| **Franklin U.S. Core Bond ETF** |  |  |  |  |
| Interest rate contracts | Variation margin on futures contracts | $719801<sup>a</sup> | Variation margin on futures contracts | $52521<sup>a</sup> |
| Credit default contracts | Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30880<sup>a</sup> |
| Totals |  | $719801 |  | $83401 |

---

<sup>a</sup>This amount reflects the cumulative appreciation (depreciation) of futures contracts and centrally cleared swap contracts as reported in the Schedule of Investments. Only the variation margin receivable/payable at year end is separately reported within the Statements of Assets and Liabilities. Prior variation margin movements were recorded to cash upon receipt or payment.

For the year ended March 31, 2025, the effect of derivative contracts in the Funds' Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
| **Franklin Income Focus ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Written options | $329044 | Written options | $54922 |
| **Franklin International Aggregate Bond ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $32107676 | Forward exchange contracts | $(21428939) |
| **Franklin Systematic Style Premia ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $1687426 | Forward exchange contracts | $879956 |
| Commodity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164598 | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1707362) |

---

183 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

9. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $1289721 | Futures contracts | $581382 |
| Interest rate contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212616 | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2001112 |
| Equity contracts | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Totals |  | $3354361 |  | $1755089 |
| **Franklin U.S. Core Bond ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Interest rate contracts | Futures contracts | $(319598) | Futures contracts | $651173 |
| Credit default contracts | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 | Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30880) |
| Totals |  | $(313167) |  | $620293 |

---

For the year ended March 31, 2025, the average month end notional amount of futures contracts, swap contracts, options and average month end contract value for forward exchange contracts were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> Income Focus<br> ETF** | **Franklin<br> International<br> Aggregate Bond<br> ETF** | **Franklin<br> Systematic<br> Style Premia<br> ETF** | **Franklin<br> U.S. Core<br> Bond ETF** |
| Credit default contracts | $— | $— | $— | $1850000 |
| Total Return Swaps | $— | $— | $108363311 | $— |
| Futures contracts | $— | $— | $251237678 | $116997259 |
| Forward exchange contracts | $— | $569548120 | $187307663 | $— |
| Written Options | $36654 | $— | $— | $— |

---

At March 31, 2025, the Funds' OTC derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross and Net Amounts of<br> Assets and Liabilities<br> Presented in the<br> Statements of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross and Net Amounts of<br> Assets and Liabilities<br> Presented in the<br> Statements of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Assets<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities<sup>a</sup>** |
| **Franklin International Aggregate Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | &nbsp;&nbsp;$460709 | &nbsp;&nbsp;&nbsp;&nbsp;$15310205 |
| **Franklin Systematic Style Premia ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swaps | &nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | &nbsp;&nbsp;$1303007 | &nbsp;&nbsp;&nbsp;&nbsp;$595268 |

---

<sup>a</sup>Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

franklintempleton.com Annual Report 184

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

9. Other Derivative Information (continued)

At March 31, 2025, the Funds' OTC derivative assets, which may be offset against the Funds' OTC derivative liabilities and collateral received from the counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | |
| | <br>**Gross and Net Amounts<br> of Assets Presented in<br> the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments<br> Available for Offset** | **Financial<br> Instruments<br> Collateral<br> Received<sup>a</sup>** | **Cash<br> Collateral<br> Received<sup>a</sup>** | <br>&nbsp;&nbsp;&nbsp;**Net Amount (Not<br> less than zero)** |
| **Franklin International Aggregate Bond ETF<br> Counterparty** |  |  |  |  |  |
| BNPS | &nbsp;&nbsp;&nbsp;$329885 | &nbsp;&nbsp;&nbsp;$(329885) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $460709 | $(460709) | $— | $— | &nbsp;&nbsp;&nbsp;$— |
| **Franklin Systematic Style Premia ETF<br> Counterparty** |  |  |  |  |  |
| MSCO | &nbsp;&nbsp;&nbsp;$1303007 | &nbsp;&nbsp;&nbsp;$(595268) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$707739 |
| MSCS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1303008 | $(595268) | $— | $— | &nbsp;&nbsp;&nbsp;$707740 |

---

<sup>a</sup>In some instances, the collateral amounts disclosed in the table above were adjusted due to the requirement to limit collateral amounts to avoid the effect of overcollateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

At March 31, 2025, the Funds' OTC derivative liabilities, which may be offset against the Funds' OTC derivative assets and collateral pledged to the counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | |
| | <br>**Gross and Net Amounts<br> of Liabilities Presented in<br> the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments<br> Available for Offset** | **Financial<br> Instruments<br> Collateral<br> Pledged<sup>a</sup>** | **Cash<br> Collateral<br> Pledged<sup>a</sup>** | <br>&nbsp;&nbsp;&nbsp;**Net Amount (Not<br> less than zero)** |
| **Franklin International Aggregate Bond ETF<br> Counterparty** |  |  |  |  |  |
| BNPS | &nbsp;&nbsp;&nbsp;$5501955 | &nbsp;&nbsp;&nbsp;$(329885) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(5172070) | &nbsp;&nbsp;&nbsp;$— |
| CITI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9808250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9677426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $15310205 | $(460709) | $— | $(14849496) | &nbsp;&nbsp;&nbsp;$— |
| **Franklin Systematic Style Premia ETF<br> Counterparty** |  |  |  |  |  |
| MSCO | $595268 | $(595268) | $— | $— | &nbsp;&nbsp;&nbsp;$— |

---

<sup>a</sup>In some instances, the collateral amounts disclosed in the table above were adjusted due to the requirement to limit collateral amounts to avoid the effect of overcollateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

See Note 1(c) regarding derivative financial instruments.

185 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

10. Fair Value Measurements

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Funds' assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin Disruptive Commerce ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | $10165582 | $— | $— | &nbsp;&nbsp;&nbsp;$10165582 |
| **Franklin Dynamic Municipal Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7108937 | &nbsp;&nbsp;&nbsp;$89627 | &nbsp;&nbsp;&nbsp;$7198564 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500021 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597707419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597707419 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $— | $604816356 | $589648 | &nbsp;&nbsp;&nbsp;$605406004 |
| **Franklin Exponential Data ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$4419100 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4419100 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $4475107 | $— | $— | &nbsp;&nbsp;&nbsp;$4475107 |
| **Franklin Focused Growth ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$104831802 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$104831802 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386667 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $108218469 | $— | $— | &nbsp;&nbsp;&nbsp;$108218469 |
| **Franklin Genomic Advancements ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | $10563546 | $— | $—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$10563546 |
| **Franklin High Yield Corporate ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$589702745 | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$589702745 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398985 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595174 |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800404 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954421 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $800404 | $601651325 | $— | &nbsp;&nbsp;&nbsp;$602451729 |

---

franklintempleton.com Annual Report 186

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

10. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin Income Equity Focus ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity-Linked Securities | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$34977206 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$34977206 |
| &nbsp;&nbsp;&nbsp;Equity Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57472908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57472908 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204976 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $57472908 | $35182182 | $— | &nbsp;&nbsp;&nbsp;$92655090 |
| **Franklin Income Focus ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$172285539 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$172285539 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149409 |
| &nbsp;&nbsp;&nbsp;Equity-Linked Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97156306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97156306 |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201490690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201490690 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70858489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70858489 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115318 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $217606008 | $342449743 | $— | &nbsp;&nbsp;&nbsp;$560055751 |
| **Franklin Intelligent Machines ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | $24671339 | $— | $—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$24671339 |
| **Franklin International Aggregate Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Government and Agency Securities | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$555962787 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$555962787 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13675242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13675242 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8738978 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $— | $578377007 | $— | &nbsp;&nbsp;&nbsp;$578377007 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | $— | $460709 | $— | &nbsp;&nbsp;&nbsp;$460709 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | $— | $15310205 | $— | &nbsp;&nbsp;&nbsp;$15310205 |
| **Franklin Investment Grade Corporate ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$542724799 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$542724799 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13308578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13308578 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $— | $556033377 | $— | &nbsp;&nbsp;&nbsp;$556033377 |
| **Franklin Municipal Green Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $— | $97199947 | $— | &nbsp;&nbsp;&nbsp;$97199947 |

---

187 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

10. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin Senior Loan ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$32333397 | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$32333397 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918966795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918966795 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004608 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14037319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14037319 |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340440 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49994153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49994153 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $14377759 | $1003298953 | $— | &nbsp;&nbsp;&nbsp;$1017676712 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitment | $— | $671 | $— | &nbsp;&nbsp;&nbsp;$671 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unfunded Loan Commitments | $— | $4256 | $— | &nbsp;&nbsp;&nbsp;$4256 |
| **Franklin Systematic Style Premia ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$206373382 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$206373382 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84698743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84698743 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $291072125 | $— | $— | &nbsp;&nbsp;&nbsp;$291072125 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1303007 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1303007 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003804 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $5003804 | $1303008 | $— | &nbsp;&nbsp;&nbsp;$6306812 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$595268 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$595268 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695401 |
| &nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $1695401 | $595268 | $— | &nbsp;&nbsp;&nbsp;$2290669 |
| **Franklin U.S. Core Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$678576699 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$678576699 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18667383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18667383 |
| &nbsp;&nbsp;&nbsp;Foreign Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15317207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15317207 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212822 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35425685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35425685 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639837222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639837222 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26518552 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $26518552 | $2394037018 | $— | &nbsp;&nbsp;&nbsp;$2420555570 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $719801 | $— | $— | &nbsp;&nbsp;&nbsp;$719801 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$52521 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$52521 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30880 |
| &nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $52521 | $30880 | $— | &nbsp;&nbsp;&nbsp;$83401 |

---

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

10. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin U.S. Treasury Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$939681978 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$939681978 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15120922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15120922 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $15120922 | $939681978 | $— | &nbsp;&nbsp;&nbsp;$954802900 |
| **Franklin Ultra Short Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$82908700 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$82908700 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18636226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18637485 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1259 | $101544926 | $— | &nbsp;&nbsp;&nbsp;$101546185 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedules of Investments. <br> <sup>b</sup>Includes common and preferred stocks, warrants. <br> <sup>c</sup>Includes financial instruments determined to have no value.

11. Investments in FLSP Holdings Corporation

Franklin Systematic Style Premia ETF, (the "Fund"), invests in certain financial instruments and commodities/or commodity-linked derivative investments. The FLSP Holdings Corporation is a Cayman Islands exempted company with limited liability, is a wholly-owned subsidiary of the Fund, and is able to invest in certain financial instruments and/or commodity-linked derivative investments consistent with the investment objective of the Fund. At March 31, 2025, the FLSP Holdings Corporation's investments as well as any other assets and liabilities of the FSLP Holdings Corporation are reflected in the Fund's Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities. All intercompany balances and transactions have been eliminated. At March 31, 2025, the net assets of the FLSP Holdings Corporation were $4,673,884, representing 1.49% of the Fund's consolidated net assets. The Fund's investment(s) in the FLSP Holdings Corporation is limited to 25% of consolidated assets.

12. Unfunded Loan Commitments

Certain or all Funds enters into certain credit agreements, all or a portion of which may be unfunded. The Funds are obligated to fund these loan commitments at the borrowers' discretion. Unfunded loan commitments and funded portions of credit agreements are marked to market daily and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and the Statements of Operations. Funded portions of credit agreements are presented in the Schedules of Investments.

At March 31, 2025, unfunded commitments were as follows:

---

| | |
|:---|:---|
| **Borrower** | &nbsp;&nbsp;&nbsp;**Unfunded<br> Commitment** |
| **Franklin Senior Loan ETF** | **Franklin Senior Loan ETF** |
| Air Comm Corp. LLC, due 12/11/2031 | &nbsp;&nbsp;&nbsp;$316418 |
| Janney Montgomery Scott LLC, 1.625%, due 11/28/2031 | &nbsp;&nbsp;&nbsp;$269215 |
| Raven Acquisition Holdings LLC, 3.250%, due 11/19/2031 | &nbsp;&nbsp;&nbsp;$257183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$842816 |

---

13. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax

189 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

13. New Accounting Pronouncements (continued)

disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

14. Operating Segments

The Funds have adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Funds' financial position or results of operations.

The Funds operate as a single operating segment, which is an investment portfolio. The Funds' Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. Each Fund's portfolio holdings provide details of each Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

15. Subsequent Events

The Funds have evaluated subsequent events through the issuance of these financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **Selected Portfolio** | **Selected Portfolio** |
| **ADR** | &nbsp;&nbsp;American Depositary Receipt |
| **AMT** | &nbsp;&nbsp;Alternative Minimum Tax |
| **CAC** | &nbsp;&nbsp;Cotation Assistée en Continu (French Index) |
| **CLO** | &nbsp;&nbsp;Collateralized Loan Obligation |
| **CSCDA** | &nbsp;&nbsp;California Statewide Communities Development Authority |
| **ETF** | &nbsp;&nbsp;Exchange Traded Fund |
| **FRN** | &nbsp;&nbsp;Floating Rate Note |
| **OAT** | &nbsp;&nbsp;Obligation Assumable by the Treasurer |
| **PIK** | &nbsp;&nbsp;Payment-In-Kind |
| **REIT** | &nbsp;&nbsp;Real Estate Investment Trust |
| **SBA** | &nbsp;&nbsp;Small Business Administration |
| **SOFR** | &nbsp;&nbsp;Secured Overnight Financing Rate |
| **SPA** | &nbsp;&nbsp;Standby Purchase Agreement |
| **ULSD** | &nbsp;&nbsp;Ultra-Low Sulfur Diesel |
| **VRDN** | &nbsp;&nbsp;Variable Rate Demand Note |

---

---

| | |
|:---|:---|
| **Currency** | |
| **AUD** | &nbsp;&nbsp;Australian Dollar |
| **CAD** | &nbsp;&nbsp;Canadian Dollar |
| **CNY** | &nbsp;&nbsp;Chinese Yuan Renminbi |
| **EUR** | &nbsp;&nbsp;Euro |
| **GBP** | &nbsp;&nbsp;United Kingdom Pound |
| **JPY** | &nbsp;&nbsp;Japanese Yen |
| **KRW** | &nbsp;&nbsp;Korean Won |
| **MXN** | &nbsp;&nbsp;Mexican Peso |
| **PLN** | &nbsp;&nbsp;Polish Zloty |
| **SEK** | &nbsp;&nbsp;Swedish Krona |
| **USD** | &nbsp;&nbsp;United States Dollar |

---

---

| | |
|:---|:---|
| **Counterparty** | **Counterparty** |
| **BNPS** | &nbsp;&nbsp;BNP Paribas SA. |
| **CITI** | &nbsp;&nbsp;CITIBANK |
| **MSCO** | &nbsp;&nbsp;Morgan Stanley |
| **MSCS** | &nbsp;&nbsp;Morgan Stanley Capital Services Inc. |

---

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Franklin Disruptive Commerce ETF, Franklin Dynamic Municipal Bond ETF, Franklin Exponential Data ETF, Franklin Focused Growth ETF, Franklin Genomic Advancements ETF, Franklin High Yield Corporate ETF, Franklin Income Equity Focus ETF, Franklin Income Focus ETF, Franklin Intelligent Machines ETF, Franklin International Aggregate Bond ETF, Franklin Investment Grade Corporate ETF, Franklin Municipal Green Bond ETF, Franklin Senior Loan ETF, Franklin Systematic Style Premia ETF, Franklin U.S. Core Bond ETF, Franklin U.S. Treasury Bond ETF and Franklin Ultra Short Bond ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seventeen of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Franklin Disruptive Commerce ETF<sup>(1)</sup>

Franklin Dynamic Municipal Bond ETF<sup>(1)</sup>

Franklin Exponential Data ETF<sup>(1)</sup>

Franklin Focused Growth ETF<sup>(2)</sup>

Franklin Genomic Advancements ETF<sup>(1)</sup>

Franklin High Yield Corporate ETF<sup>(1)</sup>

Franklin Income Equity Focus ETF<sup>(1)</sup>

Franklin Income Focus ETF<sup>(3)</sup>

Franklin Intelligent Machines ETF<sup>(1)</sup>

Franklin International Aggregate Bond ETF<sup>(1)</sup>

Franklin Investment Grade Corporate ETF<sup>(1)</sup>

Franklin Municipal Green Bond ETF<sup>(1)</sup>

Franklin Senior Loan ETF<sup>(1)</sup>

Franklin Systematic Style Premia ETF<sup>(1)\*</sup>

Franklin U.S. Core Bond ETF<sup>(1)</sup>

Franklin U.S. Treasury Bond ETF<sup>(1)</sup>

Franklin Ultra Short Bond ETF<sup>(1)</sup>

<sup>(1)</sup> Statements of changes in net assets for each of the two years in the period ended March 31, 2025.

<sup>(2)</sup> Statements of changes in net assets for the year ended March 31, 2025, the period October 1, 2023 through March 31, 2024 and the year ended September 30, 2023.

<sup>(3)</sup> Statements of changes in net assets for the year ended March 31, 2025 and the period June 06, 2023 (commencement of operations) to March 31, 2024.

\* Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of March 31, 2025, the related consolidated statement of operations for the year ended March 31, 2025, the consolidated statements of changes in net assets for each of the two years in the period ended March 31, 2025 and the consolidated financial highlights for each of the periods indicated therein.

191 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm (continued)

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

franklintempleton.com Annual Report 192

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Funds below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> Disruptive<br> Commerce<br> ETF** | &nbsp;&nbsp;**Franklin<br> Dynamic<br> Municipal Bond<br> ETF** | &nbsp;&nbsp;**Franklin<br> Exponential<br> Data<br> ETF** | &nbsp;&nbsp;**Franklin<br> Focused<br> Growth<br> ETF** |
| Exempt-Interest Dividends | §852(b)(5)(A) | $— | $12382025 | $— | &nbsp;&nbsp;$— |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | &nbsp;&nbsp;$11522 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6435 | &nbsp;&nbsp;$— |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$11522 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6435 | &nbsp;&nbsp;$— |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$658414 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Section 163(j) Interest Dividends | §163(j) | $— | $658414 | $— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> Genomic<br> Advancements<br> ETF** | &nbsp;&nbsp;**Franklin<br> High Yield<br> Corporate<br> ETF** | &nbsp;&nbsp;**Franklin<br> Income Equity<br> Focus ETF** | &nbsp;&nbsp;**Franklin<br> Income Focus<br> ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | $— | $— | $1989115 | &nbsp;&nbsp;$3400456 |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2236917 | &nbsp;&nbsp;$4196197 |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24867635 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9287103 |
| Section 163(j) Interest Dividends | §163(j) | $— | $28948477 | $— | &nbsp;&nbsp;$10420322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> Intelligent<br> Machines<br> ETF** | &nbsp;&nbsp;**Franklin<br> International<br> Aggregate Bond<br> ETF** | &nbsp;&nbsp;**Franklin<br> Investment<br> Grade Corporate<br> ETF** | &nbsp;&nbsp;**Franklin<br> Municipal<br> Green Bond<br> ETF** |
| Exempt-Interest Dividends | §852(b)(5)(A) | $— | $— | $— | &nbsp;&nbsp;$3985088 |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18489481 | &nbsp;&nbsp;$46569 |
| Section 163(j) Interest Dividends | §163(j) | $— | $15003701 | $20452540 | &nbsp;&nbsp;$46569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> Senior Loan<br> ETF** | &nbsp;&nbsp;**Franklin<br> Systematic<br> Style Premia<br> ETF** | &nbsp;&nbsp;**Franklin<br> U.S. Core Bond<br> ETF** | &nbsp;&nbsp;**Franklin<br> U.S. Treasury Bond<br> ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | $— | $1354800 | $— | &nbsp;&nbsp;$— |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2571253 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$44477601 | &nbsp;&nbsp;$3004424 | &nbsp;&nbsp;$75731055 | &nbsp;&nbsp;$33558135 |
| Section 163(j) Interest Dividends | §163(j) | $44477601 | $2239770 | $80729037 | &nbsp;&nbsp;$33558135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin<br> Ultra Short Bond<br> ETF** |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$801314 |
| Section 163(j) Interest Dividends | §163(j) | &nbsp;&nbsp;$887716 |

---

193 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

FRANKLIN TEMPLETON ETF TRUST

Tax information (unaudited) (continued)

Under Section 853 of the Internal Revenue Code, the Funds below intend to elect to pass through to their shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Funds during the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> International<br> Aggregate Bond<br> ETF** |
| Foreign Taxes Paid | &nbsp;&nbsp;$41414 |
| Foreign Source Income | &nbsp;&nbsp;$14289665 |

---

franklintempleton.com Annual Report 194

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| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

195 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

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| | |
|:---|:---|
| **Board Approval of Management and Subadvisory Agreements** | For the period covered in the report |

---

------

**FRANKLIN TEMPLETON ETF TRUST**

**Franklin Investment Grade Corporate ETF Franklin U.S. Core Bond ETF Franklin U.S. Treasury Bond ETF (each a Fund)**

At a meeting held on December 5, 2024 (Meeting), the Board of Trustees (Board) of Franklin Templeton ETF Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved amendments to the sub-advisory agreements between Franklin Advisers, Inc. (Manager), the Funds' investment manager, and Franklin Templeton Institutional, LLC (Sub-Adviser), an affiliate of the Manager, on behalf of each Fund (Sub-Advisory Agreement Amendments) to increase the fee payable to the Sub-Adviser by the Manager with respect to the Franklin Investment Grade Corporate ETF and to decrease the fee payable to the Sub-Adviser by the Manager with respect to the Franklin U.S. Core Bond ETF and Franklin U.S. Treasury Bond ETF (Amended Fees) effective on or about December 5, 2024. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the Sub-Advisory Agreement Amendments.

In considering the approval of the Sub-Advisory Agreement Amendments, the Board reviewed and considered information provided by the Manager and Sub-Adviser at the Meeting, and throughout the year at meetings of the Board and its committees. The Board reviewed and considered all of the factors it deemed relevant in approving the Sub-Advisory Agreement Amendments, including, but not limited to: (i) the nature, extent and quality of the services provided and to be provided by the Sub-Adviser; and (ii) the current and expected costs of the services provided and to be provided by the Sub-Adviser. The Board noted that management was proposing the Sub-Advisory Agreement Amendments in order to reflect the revised apportionment of advisory services and responsibilities as between the Manager and Sub-Adviser given recent changes to the Franklin Templeton fixed income teams (Fixed Income Team). The Board reviewed and considered management's representations that there would be no reduction in the nature or level of services provided to each Fund and there would be no increase in the aggregate fees paid by each Fund for such services. The Board also reviewed and considered the form of Sub-Advisory Agreement Amendments and their terms, which were explained at the Meeting, noting that, the only changes to the existing sub-advisory agreements were the Amended Fees. The Board noted that each Fund was seeking approval of the Amended Fees pursuant to no-action relief granted by the U.S. Securities and Exchange Commission under a comparable set of facts, whereby relief from seeking shareholder approval of an amendment to an advisory agreement was granted in instances where the amendment did not materially change the advisory relationship or terms of the advisory agreement.

In approving the Sub-Advisory Agreement Amendments, the Board, including a majority of the Independent Trustees, determined that the terms of the Sub-Advisory Agreement Amendments are fair and reasonable and that such Sub-Advisory Agreement Amendments are in the best interests of each respective Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

**Nature, Extent and Quality of Services**

The Board reviewed and considered information regarding the nature, extent and quality of investment management services to be provided and currently being provided by the Sub-Adviser, Manager and its affiliates to each Fund and its shareholders. In particular, with respect to the Sub-Adviser, the Board took into account the Manager's enhanced portfolio management resources as a result of the acquisition of the parent company of Putnam Investment Management and the resulting revised apportionment of advisory services and responsibilities as between the Manager and Sub-Adviser. The Board reviewed and considered information regarding the nature, quality and extent of investment sub-advisory services currently provided and to be provided by the Sub-Adviser to each Fund and its shareholders pursuant to the applicable Sub-Advisory Agreement Amendment; the Sub-Adviser's experience as a manager of other funds and accounts, including those within the FT organization; the personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Sub-Adviser and the Sub-Adviser's capabilities, as demonstrated by, among other things, its policies and procedures reasonably designed to prevent violations of the federal securities laws. Following consideration of such information, the Board was satisfied with the nature, extent and quality of services currently provided and to be provided by the Sub-Adviser to each Fund and its shareholders.

franklintempleton.com Annual Report 196

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

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| | |
|:---|:---|
| **Board Approval of Management and Subadvisory Agreements** | For the period covered in the report (continued) |

---

------

**Fund Performance**

The Board noted its review and consideration of and conclusions made regarding the performance results of each Fund in connection with the May 2024 annual contract renewal (Annual Contract Renewal) of each Fund's investment management agreement and existing investment sub-advisory agreement and at regular Board meetings throughout the year.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Amended Fees to be charged by the Sub-Adviser as a result of the revised apportionment of advisory services and responsibilities as between the Manager and Sub-Adviser. The Board noted that the Amended Fees would have no impact on the amount of the management fees that were currently paid by each Fund, as the Sub-Adviser is paid by the Manager out of the unitary management fee that the Manager receives from each Fund. The Board further noted that the allocation of the Amended Fees between the Manager and the Sub-Adviser reflects the services provided and to be provided by the Sub-Adviser pursuant to the Sub-Advisory Agreement Amendments. The Board concluded that the Amended Fees to be paid to the Sub-Adviser are reasonable.

**Management Profitability and Economies of Scale**

The Board noted management's representation that the Amended Fees would not result in any increase in the management fees that the Manager currently receives from each Fund. The Board determined that its conclusions regarding profitability and economies of scale reached in connection with each Fund's Annual Contract Renewal of the investment management agreement with the Manager had not materially changed as a result of the proposal to approve the Sub-Advisory Agreement Amendments.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the Sub-Advisory Agreement Amendments for each Fund effective on or about December 5, 2024.

197 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_d6f4ea06-d159-4577-898f-6d86efd0edd0_TOC)

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![](img4446ffbb2.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

ETF2-AFSOI 05/25

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](img22ce07271.jpg)

---

| |
|:---|
| **Franklin FTSE Asia ex Japan ETF** |
| **Franklin FTSE Australia ETF** |
| **Franklin FTSE Brazil ETF** |
| **Franklin FTSE Canada ETF** |
| **Franklin FTSE China ETF** |
| **Franklin FTSE Europe ETF** |

---

---

| |
|:---|
| **Franklin FTSE Eurozone ETF** |
| **Franklin FTSE Germany ETF** |
| **Franklin FTSE Hong Kong ETF** |
| **Franklin FTSE India ETF** |
| **Franklin FTSE Japan ETF** |
| **Franklin FTSE Japan Hedged ETF** |

---

------

**Franklin FTSE Latin America ETF** 

**Franklin FTSE Mexico ETF** 

---

| |
|:---|
| **Franklin FTSE Saudi Arabia ETF** |
| **Franklin FTSE South Korea ETF** |
| **Franklin FTSE Switzerland ETF** |

---

---

| |
|:---|
| **Franklin FTSE Taiwan ETF** |
| **Franklin FTSE United Kingdom ETF** |

---

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedules of Investments](#xx_b79974f4-e72b-44f6-8e98-f1e053b8e821_1) | &nbsp;&nbsp;**2** |
| [Statements of Assets and Liabilities](#xx_04de9d42-4d28-4e2a-8ea8-9142ba50327d_1) | &nbsp;&nbsp;**155** |
| [Statements of Operations](#xx_c48f03b6-53cd-4a6a-9495-23539fe6eaee_1) | &nbsp;&nbsp;**160** |
| [Statements of Changes in Net Assets](#xx_ed86ec3b-1c9d-4e7f-ab35-6722009e2fca_1) | &nbsp;&nbsp;**165** |
| [Notes to Financial Statements](#xx_23b0a880-6aed-4256-ad05-9059e27dd95c_1) | &nbsp;&nbsp;**175** |
| [Report of Independent Registered Public Accounting Firm](#xx_82a66748-c637-4806-88df-b7cda852f47f_1) | &nbsp;&nbsp;**210** |
| [Tax Information](#xx_3c77f2ed-97bc-46d3-938c-88fdc21c42b5_1) | &nbsp;&nbsp;**211** |
| [Changes In and Disagreements with Accountants](#xx_37f38000-9dcc-43c8-bde5-533cda98cd72_1) | &nbsp;&nbsp;**213** |
| [Results of Meeting(s) of Shareholders](#xx_37f38000-9dcc-43c8-bde5-533cda98cd72_1) | &nbsp;&nbsp;**213** |
| [Remuneration Paid to Directors, Officers and Others](#xx_37f38000-9dcc-43c8-bde5-533cda98cd72_1) | &nbsp;&nbsp;**213** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

1 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Asia ex Japan ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $21.85 | $21.41 | $24.22 | $28.60 | &nbsp;&nbsp;$18.39 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;(2.79) | &nbsp;&nbsp;&nbsp;&nbsp;(4.31) | &nbsp;&nbsp;&nbsp;10.21 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;(2.22) | &nbsp;&nbsp;&nbsp;&nbsp;(3.76) | &nbsp;&nbsp;&nbsp;10.65 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| Net asset value, end of year | &nbsp;&nbsp;$23.40 | &nbsp;&nbsp;$21.85 | &nbsp;&nbsp;$21.41 | &nbsp;&nbsp;$24.22 | &nbsp;&nbsp;$28.60 |
| Total return<sup>c</sup> | 10.43% | 4.32% | (9.10)% | (13.34)% | &nbsp;&nbsp;58.16% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> |
| Net investment income | 2.14% | 2.32% | 2.67% | 2.01% | &nbsp;&nbsp;1.78% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$28082 | &nbsp;&nbsp;$34965 | &nbsp;&nbsp;$29980 | &nbsp;&nbsp;$38751 | &nbsp;&nbsp;$34317 |
| Portfolio turnover rate<sup>e</sup> | 4.50%<sup>f</sup> | 23.97%<sup>f</sup> | 5.85%<sup>f</sup> | 10.09%<sup>f</sup> | &nbsp;&nbsp;11.45%<sup>f</sup> |

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| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 4.50% | 7.41% | 5.85% | 9.63% | &nbsp;&nbsp;11.45% |

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franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 2

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Asia ex Japan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 100.1%** |  |  |  |
|  | **Cambodia 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | NagaCorp Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;$2630 |
|  | **China 35.6%** |  |  |  |
|  | 360 Security Technology, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 3429 |
|  | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 |
| <sup>b</sup> | 3SBio, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 9223 |
|  | AAC Technologies Holdings, Inc., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 15134 |
|  | Advanced Micro-Fabrication Equipment, Inc. China, Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216 |
|  | AECC Aero-Engine Control Co. Ltd., Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 |
|  | AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488 |
|  | Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16255 |
|  | Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68573 |
|  | Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4853 |
| <sup>a</sup> | Air China Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 |
| <sup>a</sup> | Air China Ltd., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 |
|  | Airtac International Group, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13515 |
| <sup>a,b</sup> | Akeso, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23506 |
| <sup>c</sup> | Alibaba Group Holding Ltd., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046335 |
|  | Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696 |
|  | Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 |
|  | An Hui Wenergy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| <sup>a</sup> | Angang Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 |
|  | Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012 |
|  | Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12724 |
|  | Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 |
|  | Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 |
|  | Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9447 |
|  | Anhui Jianghuai Automobile Group Corp. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 |
|  | Anjoy Foods Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 |
|  | ANTA Sports Products Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52687 |
| <sup>c</sup> | Autohome, Inc., ADR | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 |
|  | AVIC Industry-Finance Holdings Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 |
|  | AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
|  | Avicopter PLC, Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 |
| <sup>a</sup> | BAIC BluePark New Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 |
| <sup>b</sup> | BAIC Motor Corp. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 |
| <sup>a,c</sup> | Baidu, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97114 |
|  | Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988 |
|  | Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 |
|  | Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 |
|  | Bank of China Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174 |
|  | Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188075 |
|  | Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689 |
|  | Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21470 |
|  | Bank of Guiyang Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
|  | Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 |
|  | Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276 |
|  | Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265 |
|  | Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396 |
|  | Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694 |
|  | Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351 |
|  | BBMG Corp., Class A | Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |

---

3 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>a</sup> | BeiGene Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;$64085 |
|  | Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| <sup>a</sup> | Beijing Capital International Airport Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 2889 |
|  | Beijing Dabeinong Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
|  | Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 3490 |
|  | Beijing Enterprises Holdings Ltd., Class H | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 7558 |
| <sup>a</sup> | Beijing Jetsen Technology Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
|  | Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269 |
|  | Beijing New Building Materials PLC, Class A | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 |
|  | Beijing Originwater Technology Co. Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
|  | Beijing Shiji Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
|  | Beijing Shougang Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Beijing Sinnet Technology Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 |
|  | Beijing Tiantan Biological Products Corp. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 |
|  | Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022 |
|  | Beijing Ultrapower Software Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
|  | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
|  | Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
|  | Beijing-Shanghai High Speed Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979 |
| <sup>a,c</sup> | Bilibili, Inc., Class Z | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20641 |
|  | Bluefocus Intelligent Communications Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
|  | BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54484 |
|  | BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511 |
|  | BOE Technology Group Co. Ltd., Class B | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
|  | Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 |
| <sup>b</sup> | Budweiser Brewing Co. APAC Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957 |
|  | BYD Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25799 |
|  | BYD Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231430 |
|  | BYD Electronic International Co. Ltd. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15539 |
|  | By-health Co. Ltd., Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
|  | C&D International Investment Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247 |
|  | Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
| <sup>a</sup> | Cambricon Technologies Corp. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12861 |
| <sup>a</sup> | CCOOP Group Co. Ltd., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 |
|  | CECEP Solar Energy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
|  | CECEP Wind-Power Corp., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 |
|  | CGN Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 |
| <sup>b</sup> | CGN Power Co. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13118 |
|  | Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 |
|  | Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 |
|  | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 |
|  | Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273 |
|  | Chengdu Xingrong Environment Co. Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 |
|  | China Baoan Group Co. Ltd., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 |
| <sup>a,b</sup> | China Bohai Bank Co. Ltd., Class H | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |

---

franklintempleton.com Annual Report 4

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | China Cinda Asset Management Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;$5090 |
|  | China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 6458 |
|  | China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 28179 |
| <sup>a,b</sup> | China CITIC Financial Asset Management Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 5938 |
|  | China Coal Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2487 |
|  | China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8154 |
|  | China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 |
|  | China Conch Venture Holdings Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 |
|  | China Construction Bank Corp., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646 |
|  | China Construction Bank Corp., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307731 |
|  | China CSSC Holdings Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 |
| <sup>a</sup> | China Eastern Airlines Corp. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 |
|  | China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187 |
|  | China Energy Engineering Corp. Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 |
|  | China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867 |
|  | China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889 |
| <sup>b</sup> | China Feihe Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054 |
|  | China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 |
|  | China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922 |
|  | China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 |
| <sup>a</sup> | China Greatwall Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 |
|  | China Hongqiao Group Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18508 |
|  | China International Capital Corp. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426 |
| <sup>b</sup> | China International Capital Corp. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958 |
|  | China International Marine Containers Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
|  | China International Marine Containers Group Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202 |
|  | China Jinmao Holdings Group Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887 |
|  | China Jushi Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 |
|  | China Lesso Group Holdings Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 |
|  | China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52055 |
| <sup>a,b,c</sup> | China Literature Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972 |
|  | China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609 |
|  | China Medical System Holdings Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 |
|  | China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32173 |
|  | China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85543 |
|  | China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 |
|  | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 |
|  | China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784 |
|  | China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 |
| <sup>b</sup> | China Merchants Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 |
|  | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 |
|  | China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 |
|  | China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10796 |
|  | China National Building Material Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10050 |
|  | China National Chemical Engineering Co. Ltd., Class A | Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 |

---

5 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;$7605 |
| <sup>a</sup> | China National Software & Service Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 1545 |
|  | China Northern Rare Earth Group High-Tech Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 3742 |
|  | China Oilfield Services Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
|  | China Oilfield Services Ltd., Class H | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6591 |
|  | China Overseas Land & Investment Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 26798 |
|  | China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 |
|  | China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30168 |
|  | China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990 |
|  | China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50589 |
|  | China Railway Group Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567 |
|  | China Railway Group Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935 |
|  | China Railway Signal & Communication Corp. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 |
| <sup>b</sup> | China Railway Signal & Communication Corp. Ltd., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 |
|  | China Rare Earth Resources & Technology Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 |
|  | China Reinsurance Group Corp., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 |
|  | China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 |
|  | China Resources Double Crane Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 |
|  | China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 |
| <sup>b</sup> | China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 |
| <sup>b</sup> | China Resources Pharmaceutical Group Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 |
|  | China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17083 |
|  | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 |
| <sup>a,c</sup> | China Ruyi Holdings Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7372 |
|  | China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12667 |
|  | China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48661 |
|  | China South Publishing & Media Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 |
| <sup>a</sup> | China Southern Airlines Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 |
|  | China State Construction Engineering Corp. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 |
|  | China Suntien Green Energy Corp. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 |
|  | China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9115 |
|  | China Three Gorges Renewables Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192 |
|  | China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971 |
| <sup>b</sup> | China Tourism Group Duty Free Corp. Ltd., Class H | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 |
| <sup>b</sup> | China Tower Corp. Ltd., Class H | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 |
|  | China United Network Communications Ltd., Class A | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6428 |
| <sup>a</sup> | China Vanke Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 |
| <sup>a</sup> | China Vanke Co. Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6408 |
|  | China XD Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642 |
|  | China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25261 |
|  | China Zheshang Bank Co. Ltd., Class A | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 |

---

franklintempleton.com Annual Report 6

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Chinese Universe Publishing & Media Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp; 600 | &nbsp;&nbsp;$901 |
|  | Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 4304 |
|  | Chongqing Changan Automobile Co. Ltd., Class B | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 3433 |
|  | Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
|  | Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4072 |
|  | Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
|  | Chow Tai Fook Jewellery Group Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8153 |
|  | CITIC Ltd., Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22210 |
|  | Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 |
|  | CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13140 |
|  | CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616 |
|  | CMOC Group Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138 |
|  | CMOC Group Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14807 |
|  | CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 |
|  | CNOOC Energy Technology & Services Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  | Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41774 |
|  | COSCO SHIPPING Development Co. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
|  | COSCO SHIPPING Development Co. Ltd., Class H | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
|  | COSCO SHIPPING Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 |
|  | COSCO SHIPPING Energy Transportation Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 |
|  | COSCO SHIPPING Holdings Co. Ltd., Class A | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8411 |
|  | COSCO SHIPPING Holdings Co. Ltd., Class H | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16519 |
|  | Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7085 |
|  | CRRC Corp. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996 |
|  | CRRC Corp. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11197 |
|  | CSC Financial Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 |
| <sup>b</sup> | CSC Financial Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698 |
|  | CSG Holding Co. Ltd., Class B | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 |
|  | CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 |
|  | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22858 |
|  | Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401 |
| <sup>a</sup> | Daqo New Energy Corp., ADR | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 |
|  | Datang International Power Generation Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 |
|  | Datang International Power Generation Co. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
|  | DHC Software Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 |
|  | Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 |
|  | Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 |
|  | Dongfang Electric Corp. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 |
|  | Dongfeng Motor Group Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483 |
|  | Dongxing Securities Co. Ltd., Class A | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 |

---

7 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>a,b,c</sup> | East Buy Holding Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;$4094 |
|  | East Money Information Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 13052 |
|  | Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 3427 |
|  | Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
|  | ENN Energy Holdings Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 24755 |
|  | ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 3235 |
|  | Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 |
| <sup>b</sup> | ESR Group Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15103 |
|  | Eve Energy Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 |
|  | Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816 |
| <sup>a</sup> | Everdisplay Optronics Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
|  | Fangda Carbon New Material Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |
|  | FAW Jiefang Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
|  | Fiberhome Telecommunication Technologies Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 |
|  | First Capital Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 |
|  | Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 |
|  | Flat Glass Group Co. Ltd., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
|  | Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 |
|  | Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 |
|  | Fosun International Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216 |
|  | Founder Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 |
|  | Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840 |
|  | Fujian Funeng Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 |
|  | Fujian Sunner Development Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 |
| <sup>c</sup> | Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35782 |
|  | Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837 |
| <sup>b</sup> | Fuyao Glass Industry Group Co. Ltd., Class H | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17120 |
|  | GalaxyCore, Inc., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477 |
|  | Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794 |
| <sup>b</sup> | Ganfeng Lithium Group Co. Ltd., Class H | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 |
| <sup>a</sup> | GCL System Integration Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 |
| <sup>a</sup> | GCL Technology Holdings Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9825 |
|  | GD Power Development Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 |
| <sup>a,c</sup> | GDS Holdings Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 |
|  | GEM Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
|  | Gemdale Corp., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| <sup>a</sup> | Genscript Biotech Corp. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532 |
|  | GF Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 |
|  | GF Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 |
| <sup>b</sup> | Giant Biogene Holding Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866 |
|  | Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 |
| <sup>a</sup> | GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217 |
|  | GoerTek, Inc., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 |
|  | Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 |
|  | Goldwind Science & Technology Co. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 |
|  | Goneo Group Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 |
|  | Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 |
|  | Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 |
|  | Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15732 |
|  | Gree Electric Appliances, Inc. of Zhuhai, Class A | Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508 |

---

franklintempleton.com Annual Report 8

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>a</sup> | Greenland Holdings Corp. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;$743 |
|  | Greentown China Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 8483 |
|  | GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
|  | Guangdong Electric Power Development Co. Ltd., Class B | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |
|  | Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 4125 |
|  | Guangdong HEC Technology Holding Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
|  | Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 |
|  | Guangshen Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
|  | Guangxi Guiguan Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
|  | Guangxi Liugong Machinery Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
|  | Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 |
|  | Guangzhou Automobile Group Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 |
|  | Guangzhou Haige Communications Group, Inc. Co., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
|  | Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 |
|  | Guolian Minsheng Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539 |
|  | Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 |
| <sup>a</sup> | Guosheng Financial Holding, Inc., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 |
|  | Guotai Junan Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10084 |
| <sup>b</sup> | Guotai Junan Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16423 |
|  | Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 |
| <sup>c</sup> | H World Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26421 |
| <sup>b,c</sup> | Haidilao International Holding Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13542 |
|  | Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 |
|  | Haier Smart Home Co. Ltd., Class H | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26991 |
| <sup>a</sup> | Hainan Airlines Holding Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 |
| <sup>a</sup> | Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 |
|  | Haitian International Holdings Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 |
|  | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 |
|  | Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 |
|  | Hangzhou GreatStar Industrial Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 |
|  | Hangzhou Robam Appliances Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 |
| <sup>a</sup> | Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 |
|  | Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 |
| <sup>b</sup> | Hangzhou Tigermed Consulting Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 |
|  | Han's Laser Technology Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 |
| <sup>b</sup> | Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9447 |
|  | Heilongjiang Agriculture Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 |
|  | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 |
|  | Henan Shuanghui Investment & Development Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 |
|  | Hengan International Group Co. Ltd. | Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136 |

---

9 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Hengdian Group DMEGC Magnetics Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 600 | &nbsp;&nbsp;$1265 |
|  | Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 2538 |
|  | Hengtong Optic-electric Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
|  | Hengyi Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
|  | Hesteel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
|  | Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 3355 |
|  | Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861 |
|  | HLA Group Corp. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 |
|  | Hongta Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
| <sup>a</sup> | Hopson Development Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 |
|  | Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 |
| <sup>b</sup> | Hua Hong Semiconductor Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982 |
|  | Huaan Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
|  | Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 |
|  | Huadian Power International Corp. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486 |
|  | Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031 |
|  | Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 |
|  | Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 |
|  | Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 |
|  | Hualan Biological Engineering, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 |
|  | Huaneng Lancang River Hydropower, Inc., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 |
|  | Huaneng Power International, Inc., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 |
|  | Huaneng Power International, Inc., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10434 |
|  | Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463 |
| <sup>b</sup> | Huatai Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699 |
|  | Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 |
|  | Huaxin Cement Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
|  | Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 |
|  | Hubei Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 |
|  | Hubei Xingfa Chemicals Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 |
|  | Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 |
|  | Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 |
|  | Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 |
|  | Hundsun Technologies, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 |
| <sup>a</sup> | HUTCHMED China Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6131 |
| <sup>a,b,c</sup> | Hygeia Healthcare Holdings Co. Ltd., Class C | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
|  | Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11668 |
|  | IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416 |
|  | Iflytek Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928 |
|  | Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 |
|  | Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19345 |
|  | Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209344 |
|  | Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17837 |
|  | Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 |
| <sup>a</sup> | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 |
|  | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 |
|  | Inner Mongolia ERDOS Resources Co. Ltd., Class B | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076 |

---

franklintempleton.com Annual Report 10

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;$1813 |
|  | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
|  | Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 6956 |
|  | Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 9139 |
|  | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| <sup>a,b</sup> | Innovent Biologics, Inc., Class B | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 35937 |
| <sup>a,c</sup> | iQIYI, Inc., ADR | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041 |
| <sup>a</sup> | IRICO Display Devices Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
|  | Isoftstone Information Technology Group Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737 |
|  | JA Solar Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 |
|  | Jafron Biomedical Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | JCET Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 |
| <sup>a,b,c</sup> | JD Health International, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17895 |
| <sup>a,b,c</sup> | JD Logistics, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 |
| <sup>c</sup> | JD.com, Inc., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198409 |
|  | Jiangsu Eastern Shenghong Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 |
|  | Jiangsu Expressway Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
|  | Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 |
|  | Jiangsu Financial Leasing Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 |
|  | Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 |
|  | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12188 |
| <sup>a</sup> | Jiangsu Hoperun Software Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 |
|  | Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367 |
|  | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
|  | Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297 |
|  | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 |
|  | Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 |
|  | Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 |
|  | Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779 |
|  | Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
|  | Jinko Solar Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 |
| <sup>b,c</sup> | Jinxin Fertility Group Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482 |
|  | Jizhong Energy Resources Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
|  | Joincare Pharmaceutical Group Industry Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
|  | Jointown Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
| <sup>a,c</sup> | JOYY, Inc., ADR | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282 |
|  | Juneyao Airlines Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
| <sup>a</sup> | J-Yuan Trust Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181 |
| <sup>a,c</sup> | Kanzhun Ltd., ADR | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26110 |
| <sup>c</sup> | KE Holdings, Inc., ADR | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45926 |
|  | Keda Industrial Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 |
|  | Kingboard Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8541 |
| <sup>a,c</sup> | Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20297 |
|  | Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 |
|  | Kingsoft Corp. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11614 |
| <sup>a,b,c</sup> | Kuaishou Technology, Class B | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71253 |
|  | Kuang-Chi Technologies Co. Ltd., Class A | Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122 |

---

11 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Kunlun Tech Co. Ltd., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp; 600 | &nbsp;&nbsp;$2846 |
|  | Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 70897 |
|  | Lao Feng Xiang Co. Ltd., Class B | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 4325 |
|  | LB Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 |
|  | Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681 |
| <sup>a,b</sup> | Legend Holdings Corp., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2554 |
|  | Lenovo Group Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40410 |
|  | Lens Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 |
|  | Leo Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
|  | Lepu Medical Technology Beijing Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 |
|  | Leyard Optoelectronic Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
| <sup>a,c</sup> | Li Auto, Inc., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53470 |
|  | Li Ning Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18416 |
|  | Liaoning Port Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  | Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 |
|  | Livzon Pharmaceutical Group, Inc., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
|  | Livzon Pharmaceutical Group, Inc., Class H | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 |
| <sup>b,c</sup> | Longfor Group Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11348 |
|  | LONGi Green Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 |
| <sup>c</sup> | Lufax Holding Ltd., ADR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 |
|  | Luxi Chemical Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
|  | Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10130 |
| <sup>a,b</sup> | Luye Pharma Group Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 |
|  | Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7141 |
| <sup>a</sup> | Maanshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
|  | Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 |
|  | Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 |
|  | Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 |
|  | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 |
| <sup>a,b,c</sup> | Meituan, Class B | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412514 |
|  | Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 |
|  | Metallurgical Corp. of China Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 |
| <sup>a</sup> | Microport Scientific Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 |
| <sup>a</sup> | Midea Group Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12185 |
|  | Ming Yang Smart Energy Group Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 |
|  | MINISO Group Holding Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545 |
|  | Minmetals Capital Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 |
| <sup>a</sup> | Minth Group Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982 |
| <sup>a</sup> | MMG Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 |
|  | Montage Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 |
|  | Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8507 |
|  | Nanjing Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  | Nanjing Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 |
|  | NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234 |
|  | National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 |
|  | NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11451 |
| <sup>a</sup> | NavInfo Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
| <sup>c</sup> | NetEase, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136062 |
|  | New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253 |
|  | New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11433 |
| <sup>a</sup> | New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 |
| <sup>c</sup> | New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28187 |
|  | Newland Digital Technology Co. Ltd., Class A | Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467 |

---

franklintempleton.com Annual Report 12

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>a</sup> | Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;$2537 |
| <sup>a</sup> | Ninestar Corp., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1999 |
|  | Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 2266 |
|  | Ningbo Joyson Electronic Corp., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1482 |
|  | Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 1341 |
|  | Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 1628 |
|  | Ningbo Shanshan Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
|  | Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 |
|  | Ningbo Zhoushan Port Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 |
|  | Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 |
| <sup>a,c</sup> | NIO, Inc., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20986 |
| <sup>b</sup> | Nongfu Spring Co. Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26027 |
|  | Northeast Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
|  | Offshore Oil Engineering Co. Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| <sup>a</sup> | OFILM Group Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
|  | Orient Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 |
| <sup>b</sup> | Orient Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 |
| <sup>a</sup> | Oriental Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| <sup>a</sup> | Ourpalm Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 |
| <sup>a</sup> | Pacific Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
| <sup>a</sup> | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
| <sup>a,c</sup> | PDD Holdings, Inc., ADR | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312444 |
|  | People.cn Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 |
|  | People's Insurance Co. Group of China Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816 |
|  | People's Insurance Co. Group of China Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15501 |
|  | PetroChina Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 |
|  | PetroChina Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63059 |
|  | Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 |
| <sup>b</sup> | Pharmaron Beijing Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 |
|  | PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48055 |
|  | Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 |
| <sup>b,c</sup> | Ping An Healthcare & Technology Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159 |
|  | Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21317 |
|  | Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142822 |
|  | Pingdingshan Tianan Coal Mining Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| <sup>a</sup> | Polaris Bay Group Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 |
|  | Poly Developments & Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093 |
| <sup>d</sup> | Poly Property Services Co. Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 |
| <sup>b,c</sup> | Pop Mart International Group Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48276 |
|  | Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733 |
| <sup>b</sup> | Postal Savings Bank of China Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25966 |
|  | Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164 |
| <sup>c</sup> | Qifu Technology, Inc., ADR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18323 |
|  | Qingdao TGOOD Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 |
| <sup>a</sup> | Qinghai Salt Lake Industry Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 |
| <sup>c</sup> | RLX Technology, Inc., ADR | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256 |
|  | Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614 |
|  | SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 |
|  | Sailun Group Co. Ltd., Class A | Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383 |

---

13 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;$2946 |
|  | Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
|  | Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 6299 |
|  | Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 3797 |
|  | SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1751 |
|  | SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 |
|  | Sealand Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 |
| <sup>a</sup> | Seazen Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 |
| <sup>a</sup> | Seazen Holdings Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |
| <sup>a,b,c</sup> | SenseTime Group, Inc., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18385 |
|  | Seres Group Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930 |
|  | SF Holding Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8902 |
|  | SG Micro Corp., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 |
|  | Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8179 |
|  | Shaanxi Energy Investment Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 |
|  | Shaanxi International Trust Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 |
|  | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 |
|  | Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439 |
| <sup>b</sup> | Shandong Gold Mining Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7133 |
|  | Shandong Hi-speed Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
|  | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 |
|  | Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 |
|  | Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd., Class H | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 |
| <sup>a</sup> | Shanghai Aiko Solar Energy Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 |
|  | Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 |
|  | Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 |
|  | Shanghai Construction Group Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
| <sup>a</sup> | Shanghai Electric Group Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 |
| <sup>a</sup> | Shanghai Electric Group Co. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 |
|  | Shanghai Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 |
|  | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 |
|  | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5768 |
|  | Shanghai Fudan Microelectronics Group Co. Ltd., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194 |
|  | Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 |
|  | Shanghai International Port Group Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 |
|  | Shanghai Jinjiang International Hotels Co. Ltd., Class B | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
|  | Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
|  | Shanghai Lingang Holdings Corp. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
|  | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
|  | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 |
|  | Shanghai Mechanical & Electrical Industry Co. Ltd., Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 |
|  | Shanghai Moons' Electric Co. Ltd., Class A | Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 |

---

franklintempleton.com Annual Report 14

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;$3064 |
|  | Shanghai Pharmaceuticals Holding Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 4319 |
|  | Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 12058 |
|  | Shanghai Putailai New Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1516 |
|  | Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1699 |
|  | Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1377 |
|  | Shanghai Stonehill Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 |
|  | Shanghai Tunnel Engineering Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 |
|  | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 |
|  | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 |
|  | Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |
|  | Shangri-La Asia Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 |
|  | Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 |
|  | Shanxi Coal International Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
|  | Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 |
|  | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 |
| <sup>a</sup> | Shanxi Meijin Energy Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
|  | Shanxi Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
| <sup>a</sup> | Shanxi Taigang Stainless Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 |
|  | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11796 |
|  | Shenergy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  | Shenghe Resources Holding Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 |
|  | Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 |
|  | Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 |
| <sup>b</sup> | Shenwan Hongyuan Group Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 |
|  | Shenzhen Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
|  | Shenzhen Expressway Corp. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 |
|  | Shenzhen Gas Corp. Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
|  | Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7506 |
|  | Shenzhen International Holdings Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069 |
|  | Shenzhen Kaifa Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 |
|  | Shenzhen Kangtai Biological Products Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 |
|  | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12882 |
|  | Shenzhen MTC Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
| <sup>a</sup> | Shenzhen Overseas Chinese Town Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
|  | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 |
|  | Shenzhen SED Industry Co. Ltd., Class A | Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 |

---

15 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Shenzhen Sunway Communication Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 400 | &nbsp;&nbsp;$1308 |
|  | Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp; 4666 |
|  | Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 22518 |
| <sup>a</sup> | Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
|  | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 1198 |
| <sup>a</sup> | Siasun Robot & Automation Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  | Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  | Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649 |
|  | Sichuan Hebang Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
|  | Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 |
| <sup>a</sup> | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475 |
|  | Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967 |
|  | Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138 |
|  | Silergy Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13644 |
|  | Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 |
|  | Sinoma International Engineering Co., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 |
|  | Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 |
|  | Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 |
| <sup>a</sup> | Sinopec Shanghai Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 |
| <sup>a</sup> | Sinopec Shanghai Petrochemical Co. Ltd., Class H | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
|  | Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11130 |
|  | Sinotrans Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 |
|  | Sinotrans Ltd., Class H | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892 |
|  | Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136 |
|  | SITC International Holdings Co. Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13592 |
|  | Skshu Paint Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
| <sup>b</sup> | Smoore International Holdings Ltd. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11862 |
|  | Songcheng Performance Development Co. Ltd., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 |
|  | SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
|  | Southwest Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 |
|  | Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 |
|  | Sun Art Retail Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 |
|  | Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305 |
|  | Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22009 |
|  | Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 |
|  | SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616 |
|  | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 |
|  | Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 |
| <sup>a,c</sup> | TAL Education Group, ADR | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19815 |
|  | TangShan Port Group Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
|  | TBEA Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 |
|  | TCL Technology Group Corp., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307 |
|  | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 |
| <sup>c</sup> | Tencent Holdings Ltd. | Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462836 |

---

franklintempleton.com Annual Report 16

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>c</sup> | Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 2778 | &nbsp;&nbsp;$40031 |
|  | Thunder Software Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
|  | Tian Di Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| <sup>a</sup> | Tianfeng Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 1394 |
| <sup>a</sup> | Tianma Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 676 |
|  | Tianqi Lithium Corp., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 2504 |
|  | Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 |
|  | TianShan Material Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 |
|  | Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 |
|  | Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10072 |
| <sup>c,d</sup> | Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12925 |
|  | TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 |
|  | Tongkun Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
|  | Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699 |
|  | Tongwei Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159 |
|  | Topchoice Medical Corp., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 |
| <sup>b</sup> | Topsports International Holdings Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 |
|  | TravelSky Technology Ltd., Class H | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7429 |
|  | Trina Solar Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 |
| <sup>c</sup> | Trip.com Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149271 |
| <sup>a</sup> | Tsinghua Tongfang Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
|  | Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198 |
|  | Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17274 |
|  | Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 |
|  | Uni-President China Holdings Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752 |
|  | Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 |
|  | Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 |
| <sup>a,c</sup> | Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19004 |
|  | Walvax Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 |
| <sup>a</sup> | Wanda Film Holding Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 |
|  | Wangsu Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
|  | Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250 |
|  | Want Want China Holdings Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11336 |
|  | Wanxiang Qianchao Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 |
|  | Weichai Power Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065 |
|  | Weichai Power Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16843 |
|  | Weifu High-Technology Group Co. Ltd., Class B | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
|  | Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 |
|  | Western Mining Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 |
|  | Western Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
|  | Will Semiconductor Co. Ltd. Shanghai, Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10960 |
|  | Wintime Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 |
|  | Wuchan Zhongda Group Co. Ltd., Class A | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 |
|  | Wuhan Guide Infrared Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 |
|  | Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21693 |
|  | WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 |
|  | WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7412 |
| <sup>b</sup> | WuXi AppTec Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673 |
| <sup>a,b</sup> | Wuxi Biologics Cayman, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41721 |
| <sup>a</sup> | WuXi XDC Cayman, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707 |
|  | XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271 |
|  | Xiamen C & D, Inc., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 |
|  | Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 |
|  | Xiangcai Co. Ltd., Class A | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |

---

17 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>a,b,c</sup> | Xiaomi Corp., Class B | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 63600 | &nbsp;&nbsp;$402185 |
|  | Xinxing Ductile Iron Pipes Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
|  | Xinyi Solar Holdings Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 16500 | &nbsp;&nbsp;&nbsp;&nbsp; 6362 |
| <sup>a,c</sup> | XPeng, Inc., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 48615 |
|  | Xtep International Holdings Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 |
|  | Xuji Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| <sup>b</sup> | Yadea Group Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 |
| <sup>a,e</sup> | Yango Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16927 |
|  | Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 |
|  | Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136 |
|  | Yantai Changyu Pioneer Wine Co. Ltd., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 |
|  | Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 |
|  | Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 |
|  | Yihai International Holding Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 |
|  | Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598 |
|  | Yili Chuanning Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
| <sup>a</sup> | Yonghui Superstores Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 |
| <sup>a</sup> | Yonyou Network Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 |
|  | Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 |
|  | YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 |
|  | Yuexiu Property Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 |
|  | Yum China Holdings, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72876 |
|  | Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 |
|  | Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 |
|  | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 |
|  | Yunnan Copper Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
|  | Yunnan Energy New Material Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 |
|  | Yunnan Tin Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
|  | Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 |
|  | Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189 |
| <sup>a</sup> | Zai Lab Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15385 |
|  | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 |
|  | Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11938 |
|  | Zhefu Holding Group Co. Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
|  | Zhejiang China Commodities City Group Co. Ltd., Class A | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773 |
|  | Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 |
|  | Zhejiang Crystal-Optech Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 |
|  | Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 |
|  | Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889 |
|  | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
|  | Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 |
|  | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 |
|  | Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081 |
| <sup>a,b</sup> | Zhejiang Leapmotor Technology Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15501 |
|  | Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 |
|  | Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696 |
|  | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 |
|  | Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 |
|  | Zhejiang Weixing New Building Materials Co. Ltd., Class A | Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 |

---

franklintempleton.com Annual Report 18

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;$1883 |
|  | Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
|  | Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1878 |
| <sup>a,b</sup> | ZhongAn Online P&C Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 4712 |
|  | Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
|  | Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 2324 |
|  | Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 |
|  | Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
|  | Zhuhai Huafa Properties Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
|  | Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7450 |
|  | Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13467 |
|  | Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49993 |
|  | Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 |
|  | Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 |
|  | ZTE Corp., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 |
|  | ZTE Corp., Class H | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357 |
| <sup>c</sup> | ZTO Express Cayman, Inc. | Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29594 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9999134 |
|  | **Hong Kong 5.0%** |  |  |  |
|  | AIA Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305793 |
| <sup>a</sup> | Alibaba Health Information Technology Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13318 |
| <sup>a</sup> | Alibaba Pictures Group Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 |
|  | ASMPT Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
|  | Bank of East Asia Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169 |
|  | Beijing Enterprises Water Group Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 |
|  | Bosideng International Holdings Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180 |
|  | Cathay Pacific Airways Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326 |
|  | Champion REIT, Class A | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 |
|  | China Everbright Environment Group Ltd., Class B | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 |
|  | China Everbright Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 |
|  | China Gas Holdings Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9842 |
|  | China Mengniu Dairy Co. Ltd., Class B | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29613 |
|  | China Power International Development Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779 |
|  | China Resources Beer Holdings Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21670 |
|  | China Resources Gas Group Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10735 |
|  | China Resources Land Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34155 |
|  | China State Construction International Holdings Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7758 |
| <sup>a</sup> | China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
|  | CK Asset Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29104 |
|  | CK Infrastructure Holdings Ltd., Class A | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14974 |
|  | CLP Holdings Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48893 |
|  | COSCO SHIPPING Ports Ltd., Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609 |
|  | CTF Services Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769 |
|  | DFI Retail Group Holdings Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 |
|  | Far East Horizon Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 |
|  | Geely Automobile Holdings Ltd. | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44913 |

---

19 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Hong Kong (continued)** |  |  |  |
|  | Guangdong Investment Ltd. | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;$8822 |
|  | Hang Lung Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 4411 |
|  | Hang Lung Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 5974 |
|  | Hang Seng Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 32513 |
|  | Henderson Land Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 14363 |
|  | Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 36114 |
|  | Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199427 |
|  | Hongkong Land Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15552 |
|  | Hutchison Port Holdings Trust | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 |
|  | Hysan Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239 |
| <sup>a</sup> | J&T Global Express Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19205 |
|  | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31770 |
|  | Johnson Electric Holdings Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
|  | Kerry Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893 |
|  | Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 |
|  | Kunlun Energy Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13658 |
|  | Link REIT | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44913 |
|  | Man Wah Holdings Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 |
|  | MTR Corp. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991 |
| <sup>a</sup> | New World Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802 |
|  | Orient Overseas International Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892 |
|  | PCCW Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7465 |
|  | Power Assets Holdings Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947 |
|  | Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997 |
|  | Sino Biopharmaceutical Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351 |
|  | Sino Land Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317 |
|  | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51291 |
|  | Swire Pacific Ltd., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13226 |
|  | Swire Pacific Ltd., Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 |
|  | Swire Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65920 |
|  | United Energy Group Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 |
|  | VTech Holdings Ltd. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403 |
| <sup>b</sup> | WH Group Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27531 |
|  | Wharf Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8551 |
|  | Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14591 |
|  | Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309 |
|  | Yue Yuen Industrial Holdings Ltd. | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397796 |
|  | **India 22.3%** |  |  |  |
|  | 360 ONE WAM Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9551 |
|  | 3M India Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 |
|  | Aarti Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 |
|  | ABB India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13237 |
|  | ACC Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228 |
| <sup>a</sup> | Adani Energy Solutions Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13467 |
|  | Adani Enterprises Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32350 |
| <sup>a</sup> | Adani Green Energy Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12164 |
|  | Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38033 |
| <sup>a</sup> | Adani Power Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26313 |
|  | Adani Total Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 |
| <sup>a</sup> | Adani Wilmar Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 |
| <sup>a</sup> | Aditya Birla Capital Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6717 |
|  | AIA Engineering Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5882 |
|  | Ajanta Pharma Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 |
|  | Alkem Laboratories Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 |
|  | Ambuja Cements Ltd. | Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17384 |

---

franklintempleton.com Annual Report 20

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | APL Apollo Tubes Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 756 | &nbsp;&nbsp;$13491 |
|  | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 29260 |
|  | Ashok Leyland Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp;&nbsp; 12673 |
|  | Asian Paints Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 1674 | &nbsp;&nbsp;&nbsp;&nbsp; 45842 |
|  | Astral Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 6996 |
| <sup>b</sup> | AU Small Finance Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1404 | &nbsp;&nbsp;&nbsp;&nbsp; 8782 |
| <sup>a</sup> | Aurobindo Pharma Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13686 |
| <sup>a,b</sup> | Avenue Supermarts Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26943 |
|  | Axis Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110622 |
|  | Bajaj Auto Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23782 |
|  | Bajaj Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110312 |
|  | Bajaj Finserv Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33960 |
|  | Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14885 |
|  | Balkrishna Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9326 |
| <sup>b</sup> | Bandhan Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268 |
|  | Bank of Baroda | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10460 |
|  | Bank of India | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 |
|  | Bata India Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 |
|  | Bayer CropScience Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 |
|  | Berger Paints India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 |
| <sup>d</sup> | Bharat Dynamics Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138 |
|  | Bharat Electronics Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46429 |
|  | Bharat Forge Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13049 |
|  | Bharat Heavy Electricals Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12397 |
|  | Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23379 |
|  | Bharti Airtel Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630 |
|  | Bharti Airtel Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191283 |
|  | Bharti Hexacom Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795 |
|  | Biocon Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956 |
|  | Blue Star Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11748 |
|  | Bosch Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
|  | Britannia Industries Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25992 |
|  | BSE Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16028 |
|  | Canara Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7372 |
|  | Castrol India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 |
|  | CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17973 |
|  | Cholamandalam Investment & Finance Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27635 |
|  | Cipla Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36041 |
|  | Coal India Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39441 |
| <sup>b</sup> | Cochin Shipyard Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447 |
|  | Coforge Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21632 |
|  | Colgate-Palmolive India Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13589 |
|  | Container Corp. of India Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8642 |
|  | Coromandel International Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549 |
|  | Cummins India Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18210 |
|  | Dabur India Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 |
|  | Dalmia Bharat Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905 |
|  | Deepak Nitrite Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 |
|  | Divi's Laboratories Ltd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32839 |
| <sup>d</sup> | Dixon Technologies India Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21279 |
|  | DLF Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18821 |
| <sup>b</sup> | Dr. Lal PathLabs Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 |
|  | Dr. Reddy's Laboratories Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30923 |
|  | Eicher Motors Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33035 |
|  | Emami Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 |
|  | Embassy Office Parks REIT | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14573 |
| <sup>b</sup> | Endurance Technologies Ltd. | Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 |

---

21 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | Escorts Kubota Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 126 | &nbsp;&nbsp;$4791 |
|  | Exide Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp;&nbsp; 7540 |
|  | Federal Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 7002 | &nbsp;&nbsp;&nbsp;&nbsp; 15789 |
|  | Fortis Healthcare Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp;&nbsp; 14903 |
| <sup>a</sup> | FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 5292 | &nbsp;&nbsp;&nbsp;&nbsp; 11088 |
|  | GAIL India Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 9672 | &nbsp;&nbsp;&nbsp;&nbsp; 20713 |
|  | GE Vernova T&D India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535 |
| <sup>b</sup> | General Insurance Corp. of India | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 |
|  | GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459 |
|  | Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10277 |
| <sup>a</sup> | GMR Airports Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12030 |
|  | Godrej Consumer Products Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18635 |
| <sup>a</sup> | Godrej Industries Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423 |
| <sup>a</sup> | Godrej Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867 |
|  | Grasim Industries Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43075 |
|  | Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 |
|  | Gujarat Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 |
|  | Havells India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16099 |
|  | HCL Technologies Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73446 |
| <sup>b</sup> | HDFC Asset Management Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315 |
|  | HDFC Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450716 |
| <sup>b</sup> | HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29940 |
|  | Hero MotoCorp Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21953 |
|  | Hindalco Industries Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42110 |
| <sup>d</sup> | Hindustan Aeronautics Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35190 |
|  | Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14343 |
|  | Hindustan Unilever Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87846 |
|  | Hindustan Zinc Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523 |
|  | Hitachi Energy India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330 |
|  | Honeywell Automation India Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 |
|  | Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 |
|  | ICICI Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307712 |
| <sup>b</sup> | ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19633 |
| <sup>b</sup> | ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 |
|  | IDBI Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 |
| <sup>a</sup> | IDFC First Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673 |
|  | Indian Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 |
|  | Indian Hotels Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28637 |
|  | Indian Oil Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22536 |
|  | Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958 |
| <sup>b</sup> | Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10114 |
| <sup>a</sup> | Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 |
|  | Indraprastha Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473 |
| <sup>a</sup> | Indus Towers Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19619 |
|  | Info Edge India Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24198 |
|  | Infosys Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240800 |
| <sup>a,b</sup> | InterGlobe Aviation Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41654 |
|  | Ipca Laboratories Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9067 |
|  | IRB Infrastructure Developers Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 |
| <sup>a</sup> | ITC Hotels Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8624 |
|  | ITC Ltd. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53443 |
|  | Jindal Stainless Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 |
|  | Jindal Steel & Power Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15690 |
| <sup>a</sup> | Jio Financial Services Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30967 |
|  | JSW Energy Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12914 |
|  | JSW Infrastructure Ltd. | Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547 |

---

franklintempleton.com Annual Report 22

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | JSW Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 3840 | &nbsp;&nbsp;$47766 |
|  | Jubilant Foodworks Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 10959 |
|  | Kalyan Jewellers India Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp;&nbsp; 8298 |
|  | Kansai Nerolac Paints Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp;&nbsp; 2174 |
| <sup>a</sup> | Kaynes Technology India Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 5665 |
|  | KEI Industries Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 7108 |
|  | Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103642 |
|  | KPIT Technologies Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453 |
|  | L&T Finance Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830 |
| <sup>b</sup> | L&T Technology Services Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372 |
|  | Larsen & Toubro Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102719 |
| <sup>b</sup> | Laurus Labs Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11109 |
|  | LIC Housing Finance Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7758 |
|  | Linde India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 |
|  | Lloyds Metals & Energy Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6596 |
| <sup>b</sup> | LTIMindtree Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18286 |
|  | Lupin Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21781 |
| <sup>b</sup> | Macrotech Developers Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14018 |
|  | Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7648 |
|  | Mahindra & Mahindra Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102924 |
|  | Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 |
| <sup>a</sup> | Mankind Pharma Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11915 |
|  | Marico Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14501 |
|  | Maruti Suzuki India Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69560 |
| <sup>a</sup> | Max Financial Services Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12407 |
|  | Max Healthcare Institute Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35961 |
|  | Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 |
|  | Metro Brands Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 |
|  | Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 |
|  | Mphasis Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12461 |
|  | MRF Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13183 |
|  | Muthoot Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11542 |
|  | National Aluminium Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859 |
|  | Nestle India Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35076 |
| <sup>b</sup> | New India Assurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 |
|  | NHPC Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11166 |
| <sup>b</sup> | Nippon Life India Asset Management Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589 |
|  | NLC India Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 |
|  | NMDC Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 |
|  | NTPC Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73501 |
|  | Oberoi Realty Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 |
|  | Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41959 |
|  | Oil India Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529 |
| <sup>a</sup> | One 97 Communications Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12594 |
|  | Oracle Financial Services Software Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716 |
|  | Page Industries Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11988 |
|  | Patanjali Foods Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871 |
| <sup>a</sup> | PB Fintech Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22096 |
|  | Persistent Systems Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24772 |
|  | Petronet LNG Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10037 |
|  | Phoenix Mills Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14074 |
|  | PI Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12273 |
|  | Pidilite Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19201 |
|  | Piramal Enterprises Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 |
|  | Polycab India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11203 |
| <sup>a</sup> | Poonawalla Fincorp Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354 |
|  | Power Finance Corp. Ltd. | Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26811 |

---

23 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | Power Grid Corp. of India Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 15402 | &nbsp;&nbsp;$52321 |
|  | Prestige Estates Projects Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 6735 |
|  | Punjab National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 8586 | &nbsp;&nbsp;&nbsp;&nbsp; 9657 |
| <sup>d</sup> | Rail Vikas Nigam Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 8892 |
| <sup>b</sup> | RBL Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp;&nbsp; 3496 |
|  | REC Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 4740 | &nbsp;&nbsp;&nbsp;&nbsp; 23802 |
|  | Relaxo Footwears Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 |
|  | Reliance Industries Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370211 |
|  | Samvardhana Motherson International Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15720 |
|  | SBI Cards & Payment Services Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11566 |
| <sup>b</sup> | SBI Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28794 |
|  | Schaeffler India Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6162 |
|  | Shree Cement Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17130 |
|  | Shriram Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36149 |
|  | Siemens Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20738 |
|  | SJVN Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 |
|  | Solar Industries India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11840 |
| <sup>b</sup> | Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414 |
|  | SRF Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18156 |
| <sup>a</sup> | Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 |
|  | State Bank of India | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59953 |
|  | Steel Authority of India Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 |
|  | Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82318 |
|  | Sun TV Network Ltd. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 |
|  | Sundaram Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13487 |
|  | Supreme Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9861 |
| <sup>a</sup> | Suzlon Energy Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29568 |
| <sup>b</sup> | Syngene International Ltd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 |
|  | Tata Communications Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8198 |
|  | Tata Consultancy Services Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163531 |
|  | Tata Consumer Products Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27781 |
|  | Tata Elxsi Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7687 |
|  | Tata Motors Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62314 |
|  | Tata Power Co. Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24560 |
|  | Tata Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56735 |
|  | Tata Technologies Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059 |
| <sup>a</sup> | Tata Teleservices Maharashtra Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 |
|  | Tech Mahindra Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37534 |
|  | Thermax Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 |
|  | Titan Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55911 |
|  | Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15182 |
|  | Torrent Power Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481 |
|  | Trent Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42989 |
|  | Tube Investments of India Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12831 |
|  | TVS Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25310 |
|  | UltraTech Cement Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57364 |
|  | Union Bank of India Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 |
|  | United Breweries Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 |
|  | United Spirits Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17805 |
|  | UNO Minda Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6207 |
|  | UPL Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15275 |
|  | Varun Beverages Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27326 |
|  | Vedant Fashions Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 |
|  | Vedanta Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32757 |
| <sup>a</sup> | Vodafone Idea Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429 |
|  | Voltas Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15257 |
|  | Whirlpool of India Ltd. | Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 |

---

franklintempleton.com Annual Report 24

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | Wipro Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 10440 | &nbsp;&nbsp;$32032 |
| <sup>a</sup> | Yes Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 77802 | &nbsp;&nbsp;&nbsp;&nbsp; 15365 |
|  | Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp;Media | &nbsp;&nbsp; 3228 | &nbsp;&nbsp;&nbsp;&nbsp; 3714 |
| <sup>a</sup> | Zomato Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 28122 | &nbsp;&nbsp;&nbsp;&nbsp; 66363 |
|  | Zydus Lifesciences Ltd. | Pharmaceuticals | &nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 9956 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264058 |
|  | **Indonesia 1.5%** |  |  |  |
|  | Alamtri Resources Indonesia Tbk. PT, Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546 |
| <sup>a</sup> | Amman Mineral Internasional PT | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15580 |
|  | Astra International Tbk. PT, Class H | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22639 |
|  | Avia Avian Tbk. PT | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
|  | Bank Central Asia Tbk. PT, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;207300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106404 |
| <sup>a</sup> | Bank Mandiri Persero Tbk. PT, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;164400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51623 |
| <sup>a</sup> | Bank Negara Indonesia Persero Tbk. PT, Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14287 |
|  | Bank Rakyat Indonesia Persero Tbk. PT, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;261600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63978 |
|  | Bank Syariah Indonesia Tbk. PT | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  | Barito Pacific Tbk. PT, Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 |
|  | Bukit Asam Tbk. PT, Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 |
| <sup>a</sup> | Bumi Serpong Damai Tbk. PT, Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 |
|  | Charoen Pokphand Indonesia Tbk. PT, Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 |
|  | Dayamitra Telekomunikasi PT | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 |
|  | Elang Mahkota Teknologi Tbk. PT | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 |
|  | First Pacific Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 |
| <sup>a</sup> | GoTo Gojek Tokopedia Tbk. PT | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;3714000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18615 |
| <sup>a</sup> | Gudang Garam Tbk. PT | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 |
|  | Indah Kiat Pulp & Paper Tbk. PT | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 |
|  | Indocement Tunggal Prakarsa Tbk. PT | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 |
|  | Indofood CBP Sukses Makmur Tbk. PT | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 |
|  | Indofood Sukses Makmur Tbk. PT | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7203 |
|  | Indosat Tbk. PT | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 |
|  | Jasa Marga Persero Tbk. PT | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019 |
|  | Kalbe Farma Tbk. PT | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017 |
|  | Mayora Indah Tbk. PT | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 |
| <sup>a</sup> | Merdeka Copper Gold Tbk. PT | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 |
|  | Perusahaan Gas Negara Tbk. PT | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 |
| <sup>a</sup> | Petrindo Jaya Kreasi Tbk. PT | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571 |
|  | Sarana Menara Nusantara Tbk. PT | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 |
|  | Semen Indonesia Persero Tbk. PT | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 |
|  | Sumber Alfaria Trijaya Tbk. PT | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430 |
|  | Telkom Indonesia Persero Tbk. PT, Class B | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25759 |
|  | Tower Bersama Infrastructure Tbk. PT | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
|  | Trimegah Bangun Persada Tbk. PT | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
|  | Unilever Indonesia Tbk. PT | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
|  | United Tractors Tbk. PT | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7679 |
| <sup>a</sup> | Vale Indonesia Tbk. PT | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 |
|  | XL Axiata Tbk. PT | Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418938 |
|  | **Italy 0.0%<sup>†</sup>** |  |  |  |
|  | PRADA SpA | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12528 |
|  | **Macau 0.2%** |  |  |  |
|  | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32821 |
|  | MGM China Holdings Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221 |
| <sup>a</sup> | Sands China Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19249 |
| <sup>a</sup> | SJM Holdings Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 |

---

25 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Macau (continued)** |  |  |  |
|  | Wynn Macau Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp; 4800 | &nbsp;&nbsp;$3436 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60578 |
|  | **Malaysia 1.8%** |  |  |  |
|  | Alliance Bank Malaysia Bhd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4373 |
|  | AMMB Holdings Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp;&nbsp; 13629 |
|  | Axiata Group Bhd., Class A | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp;&nbsp; 7019 |
|  | CelcomDigi Bhd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 |
|  | CIMB Group Holdings Bhd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50163 |
|  | Dialog Group Bhd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206 |
|  | Fraser & Neave Holdings Bhd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 |
|  | Gamuda Bhd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172 |
|  | Genting Bhd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152 |
|  | Genting Malaysia Bhd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 |
|  | Hartalega Holdings Bhd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 |
|  | Hong Leong Bank Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10893 |
|  | Hong Leong Financial Group Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 |
|  | IHH Healthcare Bhd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17778 |
|  | IJM Corp. Bhd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531 |
|  | IOI Corp. Bhd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377 |
|  | Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 |
|  | Malayan Banking Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65680 |
|  | Maxis Bhd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8709 |
|  | MISC Bhd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12603 |
| <sup>b</sup> | Mr. DIY Group M Bhd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957 |
|  | Nestle Malaysia Bhd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018 |
|  | Petronas Chemicals Group Bhd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810 |
|  | Petronas Dagangan Bhd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 |
|  | Petronas Gas Bhd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11412 |
|  | PPB Group Bhd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220 |
|  | Press Metal Aluminium Holdings Bhd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15674 |
|  | Public Bank Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56178 |
|  | QL Resources Bhd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630 |
|  | RHB Bank Bhd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11098 |
|  | SD Guthrie Bhd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15269 |
|  | Sime Darby Bhd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470 |
|  | Sunway Bhd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9208 |
|  | Telekom Malaysia Bhd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199 |
|  | Tenaga Nasional Bhd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50655 |
| <sup>a</sup> | Top Glove Corp. Bhd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 |
|  | YTL Corp. Bhd. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8383 |
|  | YTL Power International Bhd. | Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506517 |
|  | **Philippines 0.6%** |  |  |  |
|  | ACEN Corp. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 |
|  | Ayala Corp., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11774 |
|  | Ayala Land, Inc., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11093 |
|  | Bank of the Philippine Islands, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17891 |
|  | BDO Unibank, Inc., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23628 |
|  | Bloomberry Resorts Corp., Class H | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
|  | Converge Information & Communications Technology Solutions, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114 |
|  | DMCI Holdings, Inc., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 |
|  | Globe Telecom, Inc. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 |
|  | GT Capital Holdings, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 |
|  | International Container Terminal Services, Inc. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24938 |
|  | JG Summit Holdings, Inc. | Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 |

---

franklintempleton.com Annual Report 26

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Philippines (continued)** |  |  |  |
|  | Jollibee Foods Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1636 | &nbsp;&nbsp;$6861 |
|  | LT Group, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp;&nbsp; 2426 |
|  | Manila Electric Co. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 9803 |
|  | Megaworld Corp. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 751 |
|  | Metropolitan Bank & Trust Co. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 6720 | &nbsp;&nbsp;&nbsp;&nbsp; 8572 |
| <sup>b</sup> | Monde Nissin Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 28200 | &nbsp;&nbsp;&nbsp;&nbsp; 3563 |
|  | PLDT, Inc. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7329 |
|  | Puregold Price Club, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 |
|  | Semirara Mining & Power Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957 |
|  | SM Prime Holdings, Inc. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16860 |
|  | Universal Robina Corp. | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173716 |
|  | **Singapore 3.6%** |  |  |  |
| <sup>b</sup> | BOC Aviation Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 |
|  | CapitaLand Ascendas REIT, Class A | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26221 |
|  | CapitaLand Ascott Trust, Class A | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 |
|  | CapitaLand Integrated Commercial Trust, Class A | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31677 |
|  | CapitaLand Investment Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17124 |
|  | City Developments Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709 |
|  | ComfortDelGro Corp. Ltd., Class H | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8473 |
|  | DBS Group Holdings Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259300 |
| <sup>d</sup> | Frasers Logistics & Commercial Trust | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352 |
|  | Genting Singapore Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12053 |
|  | Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931 |
|  | Keppel DC REIT | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8337 |
|  | Keppel Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27721 |
|  | Keppel REIT | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375 |
|  | Mapletree Industrial Trust | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11249 |
|  | Mapletree Logistics Trust | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12280 |
|  | Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8370 |
| <sup>d</sup> | Netlink NBN Trust | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464 |
|  | Olam Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078 |
|  | Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169898 |
|  | SATS Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249 |
| <sup>a</sup> | Seatrium Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12245 |
|  | Sembcorp Industries Ltd. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16981 |
|  | SIA Engineering Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
|  | Singapore Airlines Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27279 |
|  | Singapore Exchange Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29842 |
|  | Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30310 |
|  | Singapore Telecommunications Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70432 |
|  | StarHub Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107 |
|  | Suntec Real Estate Investment Trust | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7375 |
|  | United Overseas Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127524 |
|  | UOL Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7915 |
|  | Venture Corp. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188 |
|  | Wilmar International Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17945 |
|  | Yangzijiang Financial Holding Ltd. | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011905 |
|  | **South Korea 9.4%** |  |  |  |
| <sup>a</sup> | Alteogen, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37715 |
|  | Amorepacific Corp., Class H | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437 |
|  | AMOREPACIFIC Group, Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 |
|  | BGF retail Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 |
|  | BNK Financial Group, Inc., Class H | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017 |

---

27 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **South Korea (continued)** |  |  |  |
| <sup>a</sup> | Celltrion Pharm, Inc., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 72 | &nbsp;&nbsp;$2367 |
|  | Celltrion, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp;&nbsp; 65075 |
|  | Cheil Worldwide, Inc., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 3304 |
|  | CJ CheilJedang Corp., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
|  | CJ Corp., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 3791 |
|  | CJ Logistics Corp., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1758 |
| <sup>a</sup> | CosmoAM&T Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 |
|  | Coway Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11882 |
|  | DB Insurance Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10108 |
|  | DGB Financial Group, Inc., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 |
|  | Dongsuh Cos., Inc., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 |
|  | Doosan Bobcat, Inc., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519 |
| <sup>a</sup> | Doosan Enerbility Co. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25417 |
| <sup>a</sup> | Ecopro BM Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11368 |
|  | Ecopro Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12779 |
| <sup>a</sup> | Ecopro Materials Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 |
|  | E-MART, Inc., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 |
|  | F&F Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 |
|  | Fila Holdings Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 |
|  | Green Cross Corp. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 |
|  | GS Engineering & Construction Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 |
|  | GS Holdings Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 |
|  | GS Retail Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 |
|  | Hana Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38128 |
|  | Hanjin Kal Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609 |
|  | Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7716 |
|  | Hanmi Pharm Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 |
|  | Hanmi Science Co. Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 |
|  | Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 |
| <sup>a</sup> | Hanon Systems | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 |
|  | Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48542 |
|  | Hanwha Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 |
| <sup>a</sup> | Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 |
| <sup>a</sup> | Hanwha Ocean Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038 |
|  | Hanwha Solutions Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026 |
| <sup>a</sup> | Hanwha Vision Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044 |
|  | HD Hyundai Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 |
|  | HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15468 |
|  | HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14779 |
|  | HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 |
|  | HD Hyundai Mipo | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 |
|  | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22113 |
|  | Hite Jinro Co. Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 |
|  | HL Mando Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 |
| <sup>a</sup> | HLB, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16614 |
|  | HMM Co. Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14665 |
| <sup>a</sup> | Hotel Shilla Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138 |
|  | HYBE Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12475 |
|  | Hyundai Autoever Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944 |
|  | Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885 |
|  | Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10534 |
| <sup>a</sup> | Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 |
|  | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40335 |
|  | Hyundai Motor Co. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68300 |
|  | Hyundai Steel Co. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501 |
|  | Industrial Bank of Korea | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9792 |

---

franklintempleton.com Annual Report 28

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **South Korea (continued)** |  |  |  |
|  | Kakao Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;$32661 |
| <sup>a</sup> | Kakao Games Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 1522 |
|  | KakaoBank Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp;&nbsp; 11950 |
| <sup>a</sup> | Kakaopay Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| <sup>a</sup> | Kangwon Land, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; 4684 |
|  | KB Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp;&nbsp; 65668 |
|  | KCC Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 |
|  | KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 |
|  | Kia Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57919 |
|  | Korea Aerospace Industries Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13141 |
|  | Korea Electric Power Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13938 |
|  | Korea Gas Corp. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469 |
|  | Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7436 |
|  | Korea Zinc Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15851 |
|  | Korean Air Lines Co. Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9981 |
| <sup>a</sup> | Krafton, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29986 |
|  | KT&G Corp. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24305 |
|  | Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918 |
| <sup>a</sup> | L&F Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899 |
|  | LG Chem Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28951 |
|  | LG Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14477 |
| <sup>a</sup> | LG Display Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108 |
|  | LG Electronics, Inc. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21391 |
| <sup>a</sup> | LG Energy Solution Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34075 |
|  | LG H&H Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640 |
|  | LG Innotek Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 |
|  | LG Uplus Corp. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 |
|  | Lotte Chemical Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 |
|  | Lotte Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 |
|  | Lotte Shopping Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 |
|  | LS Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 |
|  | LS Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429 |
|  | Meritz Financial Group, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27341 |
|  | Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240 |
|  | NAVER Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65375 |
|  | NCSoft Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 |
| <sup>b</sup> | Netmarble Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 |
|  | NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027 |
|  | NongShim Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 |
|  | Orion Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 |
|  | Ottogi Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
|  | Pan Ocean Co. Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187 |
| <sup>a</sup> | Pearl Abyss Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 |
|  | Posco DX Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 |
| <sup>a</sup> | POSCO Future M Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8823 |
|  | POSCO Holdings, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52201 |
|  | Posco International Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820 |
|  | S-1 Corp. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 |
| <sup>a,b</sup> | Samsung Biologics Co. Ltd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45449 |
|  | Samsung C&T Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24293 |
|  | Samsung Card Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 |
|  | Samsung E&A Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221 |
|  | Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18412 |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697839 |
|  | Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27677 |
| <sup>a</sup> | Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22136 |
|  | Samsung Life Insurance Co. Ltd. | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15201 |

---

29 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **South Korea (continued)** |  |  |  |
|  | Samsung SDI Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 198 | &nbsp;&nbsp;$25347 |
|  | Samsung SDS Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 10890 |
|  | Samsung Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 7560 |
|  | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1782 | &nbsp;&nbsp;&nbsp;&nbsp; 56939 |
| <sup>a</sup> | SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 6878 |
| <sup>a</sup> | SK Bioscience Co. Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 2556 |
|  | SK Hynix, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260310 |
| <sup>a,b</sup> | SK IE Technology Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 |
| <sup>a</sup> | SK Innovation Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16488 |
| <sup>a</sup> | SK Square Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21693 |
|  | SK, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10562 |
| <sup>a</sup> | SKC Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 |
|  | S-Oil Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 |
|  | Woori Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28507 |
|  | Yuhan Corp. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15129 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650313 |
|  | **Taiwan 18.0%** |  |  |  |
|  | Accton Technology Corp. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32961 |
|  | Acer, Inc., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12812 |
|  | Advantech Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18297 |
|  | Alchip Technologies Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23107 |
|  | ASE Technology Holding Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51683 |
|  | Asia Cement Corp. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13503 |
|  | Asia Vital Components Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16408 |
|  | ASMedia Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8433 |
|  | ASPEED Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9546 |
|  | Asustek Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49523 |
|  | AUO Corp., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9722 |
|  | Capital Securities Corp., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581 |
|  | Catcher Technology Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14386 |
|  | Cathay Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66356 |
|  | Chailease Holding Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19271 |
|  | Chang Hwa Commercial Bank Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13241 |
|  | Cheng Shin Rubber Industry Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10886 |
|  | Chicony Electronics Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11435 |
|  | China Airlines Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132 |
|  | China Motor Corp., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 |
|  | China Steel Corp., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28335 |
|  | Chroma ATE, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8584 |
|  | Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56118 |
|  | Compal Electronics, Inc., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11511 |
|  | CTBC Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71290 |
|  | Delta Electronics, Inc., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86741 |
|  | E Ink Holdings, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23944 |
|  | E.Sun Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49426 |
|  | Eclat Textile Co. Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10337 |
|  | Elite Material Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17235 |
|  | eMemory Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17267 |
|  | Ennostar, Inc., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 |
|  | Eternal Materials Co. Ltd., Class H | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 |
|  | Eva Airways Corp., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656 |
|  | Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 |
|  | Far Eastern International Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 |
|  | Far Eastern New Century Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11891 |
|  | Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16625 |
|  | Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 |
|  | First Financial Holding Co. Ltd. | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34217 |

---

franklintempleton.com Annual Report 30

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Taiwan (continued)** |  |  |  |
| <sup>a,b</sup> | FIT Hon Teng Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;$1835 |
|  | Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp;&nbsp; 10356 |
|  | Formosa Petrochemical Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 5260 | &nbsp;&nbsp;&nbsp;&nbsp; 5798 |
|  | Formosa Plastics Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 14160 | &nbsp;&nbsp;&nbsp;&nbsp; 15609 |
|  | Formosa Taffeta Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
|  | Fortune Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 6769 |
|  | Foxconn Technology Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 |
|  | Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77073 |
|  | Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
|  | Giant Manufacturing Co. Ltd. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 |
|  | Gigabyte Technology Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120 |
|  | Global Unichip Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487 |
|  | Globalwafers Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878 |
|  | Hiwin Technologies Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 |
|  | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196118 |
|  | Hotai Motor Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22845 |
| <sup>a</sup> | HTC Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 |
|  | Hua Nan Financial Holdings Co. Ltd., Class C | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28769 |
|  | Innolux Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006 |
|  | International Games System Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17159 |
|  | Inventec Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710 |
|  | Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11758 |
|  | KGI Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30992 |
|  | King Slide Works Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11629 |
|  | King Yuan Electronics Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566 |
|  | Largan Precision Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24825 |
|  | Lite-On Technology Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20259 |
|  | Lotes Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12424 |
|  | MediaTek, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232766 |
|  | Mega Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51986 |
|  | Micro-Star International Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11710 |
|  | momo.com, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 |
|  | Nan Ya Plastics Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18306 |
|  | Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373 |
| <sup>a</sup> | Nanya Technology Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351 |
|  | Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 |
|  | Novatek Microelectronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35455 |
| <sup>a</sup> | Oneness Biotech Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 |
|  | Pegatron Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19710 |
| <sup>a</sup> | PharmaEssentia Corp. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15071 |
|  | Pou Chen Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 |
| <sup>a</sup> | Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 |
|  | Powertech Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11023 |
|  | President Chain Store Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15119 |
|  | Quanta Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68427 |
|  | Realtek Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28353 |
|  | Ruentex Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343 |
|  | Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16264 |
|  | Shihlin Electric & Engineering Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412 |
| <sup>a</sup> | Shin Kong Financial Holding Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21416 |
|  | Sino-American Silicon Products, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506 |
|  | SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28849 |
|  | Synnex Technology International Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11182 |
|  | Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21757 |
|  | Taiwan Business Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8825 |
|  | Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26076 |
|  | Taiwan Fertilizer Co. Ltd. | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581 |

---

31 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Taiwan (continued)** |  |  |  |
| <sup>a</sup> | Taiwan Glass Industry Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;$2900 |
|  | Taiwan High Speed Rail Corp. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4825 |
|  | Taiwan Mobile Co. Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 21053 |
|  | Taiwan Secom Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 3748 |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 89682 | &nbsp;&nbsp;&nbsp;&nbsp; 2457966 |
| <sup>a</sup> | Tatung Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 7355 |
|  | TCC Group Holdings Co. Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23167 |
|  | Teco Electric & Machinery Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8855 |
|  | Transcend Information, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 |
|  | U-Ming Marine Transport Corp. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 |
|  | Unimicron Technology Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13707 |
|  | Uni-President Enterprises Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43641 |
|  | United Microelectronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60515 |
|  | Vanguard International Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11017 |
|  | Voltronic Power Technology Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11520 |
|  | Walsin Lihwa Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8313 |
|  | Walsin Technology Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 |
|  | Wan Hai Lines Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479 |
| <sup>a</sup> | Win Semiconductors Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 |
| <sup>a</sup> | Winbond Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731 |
|  | Wistron Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28129 |
|  | Wiwynn Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17728 |
|  | WPG Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11204 |
|  | Yageo Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25960 |
|  | Yang Ming Marine Transport Corp. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14789 |
|  | Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43280 |
|  | Yulon Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996 |
|  | Zhen Ding Technology Holding Ltd. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7045 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043888 |
|  | **Thailand 1.8%** |  |  |  |
|  | Advanced Info Service PCL, NVDR | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34046 |
|  | Airports of Thailand PCL, Class H, NVDR | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18027 |
|  | Asset World Corp. PCL, Class H, NVDR | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 |
|  | B Grimm Power PCL, Class A, NVDR | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 |
|  | Bangkok Bank PCL, Class A, NVDR | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10435 |
|  | Bangkok Dusit Medical Services PCL, Class A, NVDR | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28146 |
|  | Bangkok Expressway & Metro PCL, Class H, NVDR | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 |
|  | Banpu PCL, Class A, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 |
|  | Berli Jucker PCL, Class A, NVDR | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 |
| <sup>a</sup> | BTS Group Holdings PCL, Class A, NVDR | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 |
|  | Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11637 |
|  | Carabao Group PCL, Class A, NVDR | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 |
|  | Central Pattana PCL, Class A, NVDR | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15794 |
|  | Central Retail Corp. PCL, Class A, NVDR | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517 |
|  | Charoen Pokphand Foods PCL, Class A, NVDR | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12628 |
|  | CP ALL PCL, Class B, NVDR | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32392 |
|  | CP Axtra PCL, NVDR | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532 |
|  | Delta Electronics Thailand PCL, Class A, NVDR | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19769 |
|  | Digital Telecommunications Infrastructure Fund, Class A, UNIT | &nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414 |
|  | Electricity Generating PCL, Class A, NVDR | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 |
|  | Global Power Synergy PCL, NVDR | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 |
|  | Gulf Energy Development PCL, NVDR | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16718 |
|  | Home Product Center PCL, NVDR | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476 |
|  | Indorama Ventures PCL, NVDR | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794 |

---

franklintempleton.com Annual Report 32

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Thailand (continued)** |  |  |  |
|  | Intouch Holdings PCL, NVDR | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;$7207 |
|  | Kasikornbank PCL, NVDR | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 30467 |
|  | Krung Thai Bank PCL, NVDR | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 22800 | &nbsp;&nbsp;&nbsp;&nbsp; 16197 |
|  | Krungthai Card PCL, NVDR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 5633 |
|  | Land & Houses PCL, NVDR | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 31800 | &nbsp;&nbsp;&nbsp;&nbsp; 3974 |
|  | Minor International PCL, NVDR | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11606 |
|  | Muangthai Capital PCL, NVDR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582 |
|  | Osotspa PCL, NVDR | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 |
|  | PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16483 |
|  | PTT Global Chemical PCL, NVDR | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 |
|  | PTT Oil & Retail Business PCL, NVDR | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756 |
|  | PTT PCL, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50370 |
|  | Ratch Group PCL, NVDR | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 |
|  | SCB X PCL, NVDR | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23929 |
|  | SCG Packaging PCL, NVDR | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 |
|  | Siam Cement PCL, NVDR | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795 |
|  | Siam City Cement PCL, NVDR | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 |
|  | Srisawad Corp. PCL, NVDR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113 |
|  | Thai Beverage PCL | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10928 |
|  | Thai Life Insurance PCL, NVDR | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 |
|  | Thai Oil PCL, NVDR | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 |
|  | Thai Union Group PCL, NVDR | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 |
|  | TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9359 |
| <sup>a</sup> | True Corp. PCL, NVDR | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13450 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494023 |
|  | **United Kingdom 0.2%** |  |  |  |
|  | CK Hutchison Holdings Ltd., Class A | Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56232 |
|  | **United States 0.1%** |  |  |  |
|  | Parade Technologies Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 |
| <sup>b</sup> | Samsonite Group SA | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12785 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17890 |
|  | **Total Common Stocks (Cost $24,758,857)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28110146 |
|  | **Preferred Stocks 0.5%** |  |  |  |
|  | **South Korea 0.5%** |  |  |  |
| <sup>f</sup> | Amorepacific Corp., 3.393%, pfd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |
| <sup>f</sup> | Hanwha Corp., 4.916%, pfd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
| <sup>f</sup> | Hyundai Motor Co., 8.159%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13294 |
| <sup>f</sup> | Hyundai Motor Co., 8.181%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8403 |
| <sup>f</sup> | LG Chem Ltd., 0.911%, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 |
| <sup>f</sup> | LG Electronics, Inc., 2.778%, pfd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 |
| <sup>f</sup> | Samsung Electronics Co. Ltd., 2.301%, pfd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98471 |
| <sup>f</sup> | Samsung Fire & Marine Insurance Co. Ltd., 7.013%, pfd. | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 |
|  | **Total Preferred Stocks (Cost $142,583)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128286 |
|  | **Total Investments before Short-Term Investments (Cost $24,901,440)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28238432 |

---

33 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Asia ex Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>g,h</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 39 | &nbsp;&nbsp;$39 |
|  | **Total Short-Term Investments (Cost $39)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
|  | **Total Investments (Cost $24,901,479) 100.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28238471 |
|  | **Other Assets, less Liabilities (0.6)%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156291) |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$28082180 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $1,841,296, representing 6.6% of net assets. |
| <sup>c</sup>Variable interest entity (VIE). See Note 6 regarding investments made through a VIE structure. At March 31, 2025, the value of these securities was $4,927,403, representing 17.5% of net assets. |
| <sup>d</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the aggregate value of these securities was $99,654, representing 0.4% of net assets. |
| <sup>e</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>f</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>g</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>h</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 34

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Australia ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $28.89 | $26.76 | $31.55 | $29.12 | &nbsp;&nbsp;$17.38 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;(4.84) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;11.55 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;12.36 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.62) |
| Net asset value, end of year | &nbsp;&nbsp;$27.32 | &nbsp;&nbsp;$28.89 | &nbsp;&nbsp;$26.76 | &nbsp;&nbsp;$31.55 | &nbsp;&nbsp;$29.12 |
| Total return<sup>c</sup> | (2.25)% | 12.03% | (9.90)% | 13.93% | &nbsp;&nbsp;71.72% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Net investment income | 3.78% | 4.08% | 5.94% | 4.93% | &nbsp;&nbsp;3.25% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$57367 | &nbsp;&nbsp;$27447 | &nbsp;&nbsp;$29437 | &nbsp;&nbsp;$29968 | &nbsp;&nbsp;$23295 |
| Portfolio turnover rate<sup>e</sup> | 6.07%<sup>f</sup> | 7.72%<sup>f</sup> | 5.88%<sup>f</sup> | 15.26%<sup>f</sup> | &nbsp;&nbsp;6.98%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 5.95% | 7.72% | 5.88% | 15.26% | &nbsp;&nbsp;6.98% |

---

35 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Australia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.0%** |  |  |  |
|  | **Australia 96.6%** |  |  |  |
|  | AGL Energy Ltd. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 26502 | &nbsp;&nbsp;$173735 |
|  | ALS Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp; 21378 | &nbsp;&nbsp;&nbsp;&nbsp; 205287 |
|  | AMP Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;113148 | &nbsp;&nbsp;&nbsp;&nbsp; 87078 |
|  | Ampol Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 10584 | &nbsp;&nbsp;&nbsp;&nbsp; 154465 |
|  | Ansell Ltd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 6468 | &nbsp;&nbsp;&nbsp;&nbsp; 136393 |
|  | ANZ Group Holdings Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;133518 | &nbsp;&nbsp;&nbsp;&nbsp; 2420339 |
|  | APA Group | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;56994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280575 |
|  | Aristocrat Leisure Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;27846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113146 |
|  | ASX Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349497 |
|  | Atlas Arteria Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;50316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152069 |
|  | Aurizon Holdings Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;78582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151802 |
|  | Bank of Queensland Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123481 |
|  | Beach Energy Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;78330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70044 |
|  | Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;25284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167483 |
|  | BHP Group Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;223608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322839 |
|  | BlueScope Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;19404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257309 |
|  | Brambles Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;61824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771668 |
|  | CAR Group Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;16338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320600 |
|  | Challenger Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;22890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86011 |
|  | Charter Hall Group | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211734 |
|  | Cleanaway Waste Management Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;98658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159845 |
|  | Cochlear Ltd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459955 |
|  | Coles Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;57750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702824 |
|  | Commonwealth Bank of Australia | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;74298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6987878 |
|  | Computershare Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;25620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624715 |
|  | CSL Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;21420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327358 |
|  | Deterra Royalties Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;18858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42305 |
|  | Dexus | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;47964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211612 |
|  | Domain Holdings Australia Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;11088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29434 |
|  | Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;2898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46177 |
|  | Downer EDI Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;29778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100574 |
|  | Endeavour Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;64050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153265 |
|  | Evolution Mining Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;83328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369193 |
|  | Flight Centre Travel Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;9072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78184 |
|  | Fortescue Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;70560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675811 |
|  | Goodman Group | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;87906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557356 |
|  | GPT Group | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;85344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231874 |
|  | Harvey Norman Holdings Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;26418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82312 |
|  | IDP Education Ltd. | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;12390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72653 |
|  | IGO Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;27636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68197 |
|  | Iluka Resources Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;18984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900 |
|  | Incitec Pivot Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;75264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119597 |
| <sup>a</sup> | Insignia Financial Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76947 |
|  | Insurance Australia Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;105966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509112 |
|  | JB Hi-Fi Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279401 |
|  | Lendlease Corp. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;30576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112415 |
|  | Lottery Corp. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;98658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292639 |
| <sup>a</sup> | Lynas Rare Earths Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;41412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178319 |
|  | Macquarie Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;15540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904213 |
|  | Magellan Financial Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37490 |
|  | Medibank Pvt Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;122220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338157 |
|  | Metcash Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;48510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95524 |
| <sup>a</sup> | Mineral Resources Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;7602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113550 |
|  | Mirvac Group | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;175014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227935 |
|  | National Australia Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;137760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920452 |
|  | Netwealth Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58823 |
|  | New Hope Corp. Ltd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;22470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51948 |

---

franklintempleton.com Annual Report 36

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Australia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Australia (continued)** |  |  |  |
| <sup>a</sup> | NEXTDC Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 28392 | &nbsp;&nbsp;$200102 |
|  | Northern Star Resources Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 49854 | &nbsp;&nbsp;&nbsp;&nbsp; 569139 |
|  | Orica Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 21546 | &nbsp;&nbsp;&nbsp;&nbsp; 228114 |
|  | Origin Energy Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 76272 | &nbsp;&nbsp;&nbsp;&nbsp; 500479 |
|  | Orora Ltd. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp; 59766 | &nbsp;&nbsp;&nbsp;&nbsp; 70017 |
|  | Perpetual Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 4998 | &nbsp;&nbsp;&nbsp;&nbsp; 60297 |
| <sup>a</sup> | Pilbara Minerals Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;115374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121144 |
|  | Pro Medicus Ltd. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282364 |
|  | Qantas Airways Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;32928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185698 |
|  | QBE Insurance Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;66612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909053 |
|  | Qube Holdings Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;77574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189977 |
|  | Ramsay Health Care Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;7770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165253 |
|  | REA Group Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;2226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304545 |
|  | Reece Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;9450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92336 |
|  | Region RE Ltd. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;51660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66637 |
|  | Rio Tinto Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;16464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184875 |
|  | Santos Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;144102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598049 |
|  | Scentre Group | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;230076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481729 |
|  | SEEK Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;15624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208352 |
|  | SGH Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;8778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271586 |
|  | Sonic Healthcare Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;21294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341819 |
|  | South32 Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;201096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403508 |
| <sup>a</sup> | Star Entertainment Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;93874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 |
|  | Steadfast Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;48930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176236 |
|  | Stockland | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;105882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323304 |
|  | Suncorp Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;48048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575768 |
|  | Technology One Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;12432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215677 |
| <sup>a</sup> | Telix Pharmaceuticals Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;12642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208921 |
|  | Telstra Group Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;179550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471043 |
|  | TPG Telecom Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;16422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49120 |
|  | Transurban Group | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;137172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144560 |
|  | Treasury Wine Estates Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;36036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218944 |
|  | Vicinity Ltd. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;166614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228416 |
|  | Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;11004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237874 |
|  | Wesfarmers Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;50232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254062 |
|  | Westpac Banking Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;152334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996843 |
|  | Whitehaven Coal Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;31038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105797 |
|  | WiseTech Global Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;8484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429447 |
|  | Woodside Energy Group Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;83916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208997 |
|  | Woolworths Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;54222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998448 |
|  | Worley Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;21168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190344 |
|  | Yancoal Australia Ltd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;14490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45689 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;55420497 |
|  | **Ireland 0.8%** |  |  |  |
| <sup>a</sup> | James Hardie Industries PLC, CDI | Construction Materials | &nbsp;&nbsp;&nbsp;19236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461256 |
|  | **New Zealand 1.4%** |  |  |  |
|  | a2 Milk Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;31794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157113 |
| <sup>a</sup> | Xero Ltd. | Software | &nbsp;&nbsp;&nbsp;&nbsp;6678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643976 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801089 |

---

37 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Australia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States 0.2%** |  |  |  |
|  | GQG Partners, Inc., CDI | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 28560 | &nbsp;&nbsp;$37730 |
|  | Sims Ltd. | Metals & Mining | &nbsp;&nbsp; 7056 | &nbsp;&nbsp;&nbsp;&nbsp; 64327 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102057 |
|  | **Total Common Stocks (Cost $60,923,790)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;56784899 |
|  | **Total Investments before Short-Term Investments (Cost $60,923,790)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;56784899 |
|  | **Short-Term Investments 0.1%** |  |  |  |
|  | **Money Market Funds 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>b,c</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 |
|  | **Total Short-Term Investments (Cost $40,578)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 |
|  | **Total Investments (Cost $60,964,368) 99.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;56825477 |
|  | **Other Assets, less Liabilities 0.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541696 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$57367173 |

---

<sup>a</sup>Non-income producing. <br> <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. <br> <sup>c</sup>See Note 3(c) regarding investments in affiliated management investment companies.

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;4 | &nbsp;&nbsp;$490855 | &nbsp;&nbsp;6/19/25 | &nbsp;&nbsp;$(192) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 38

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Brazil ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $19.56 | $16.81 | $23.56 | $20.70 | &nbsp;&nbsp;$14.46 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(3.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;(6.74) | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| Net asset value, end of year | &nbsp;&nbsp;$16.40 | &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;$16.81 | &nbsp;&nbsp;$23.56 | &nbsp;&nbsp;$20.70 |
| Total return<sup>c</sup> | (10.19)% | 27.62% | (19.57)% | 23.03% | &nbsp;&nbsp;46.83% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Net investment income | 7.49% | 7.72% | 10.93% | 8.87% | &nbsp;&nbsp;2.43% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$175516 | &nbsp;&nbsp;$162382 | &nbsp;&nbsp;$268914 | &nbsp;&nbsp;$527820 | &nbsp;&nbsp;$107656 |
| Portfolio turnover rate<sup>e</sup> | 13.55%<sup>f</sup> | 42.28%<sup>f</sup> | 52.70%<sup>f</sup> | 17.71%<sup>f</sup> | &nbsp;&nbsp;21.01%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 7.99% | 7.62% | 13.82% | 14.95% | &nbsp;&nbsp;9.31% |

---

39 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Brazil ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 71.0%** |  |  |  |
|  | **Brazil 68.7%** |  |  |  |
|  | Allos SA | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 192600 | &nbsp;&nbsp;$643272 |
|  | Alupar Investimento SA, UNIT | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 53500 | &nbsp;&nbsp;&nbsp;&nbsp; 271439 |
|  | Ambev SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;2150700 | &nbsp;&nbsp;&nbsp;&nbsp; 5069173 |
| <sup>a</sup> | Ambipar Participacoes e Empreendimentos SA | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp;&nbsp; 458962 |
|  | Atacadao SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 267500 | &nbsp;&nbsp;&nbsp;&nbsp; 338599 |
| <sup>a</sup> | Auren Energia SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 149800 | &nbsp;&nbsp;&nbsp;&nbsp; 194584 |
| <sup>a</sup> | Automob Participacoes SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;256800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11209 |
|  | B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;2653600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5624419 |
|  | Banco Bradesco SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;738300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463027 |
|  | Banco BTG Pactual SA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;577800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399625 |
|  | Banco do Brasil SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;845300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160346 |
|  | Banco Santander Brasil SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;181900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848580 |
|  | BB Seguridade Participacoes SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;331700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333856 |
|  | Brava Energia | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863076 |
|  | BRF SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102944 |
|  | Caixa Seguridade Participacoes SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;224700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584930 |
|  | CCR SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;556400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130742 |
|  | Centrais Eletricas Brasileiras SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;631300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495862 |
|  | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024687 |
|  | Cia Energetica de Minas Gerais | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82889 |
|  | Cia Paranaense de Energia - Copel | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;385200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630158 |
|  | Cia Siderurgica Nacional SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;310300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513045 |
|  | Cosan SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;588500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759302 |
|  | CPFL Energia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633857 |
|  | CSN Mineracao SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;256800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277529 |
| <sup>a</sup> | Embraer SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;361900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154396 |
|  | Energisa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120878 |
| <sup>a</sup> | Eneva SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;342400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707200 |
|  | Engie Brasil Energia SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576879 |
|  | Equatorial Energia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;483400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700724 |
| <sup>b</sup> | GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;246100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560719 |
|  | Grupo Mateus SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;203300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240653 |
| <sup>a,b</sup> | Hapvida Participacoes e Investimentos SA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;2332600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900028 |
|  | Hypera SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;203300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687528 |
|  | Itau Unibanco Holding SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;246100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191905 |
|  | Klabin SA | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;438700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429232 |
|  | Localiza Rent a Car SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;492200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886524 |
|  | Lojas Renner SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;513600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096668 |
|  | M Dias Branco SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 |
|  | Marfrig Global Foods SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506077 |
|  | Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;149800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591077 |
|  | Natura & Co. Holding SA | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;470800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821156 |
|  | Neoenergia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;117700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429483 |
|  | Petroleo Brasileiro SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;1829700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13039965 |
|  | Porto Seguro SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597802 |
| <sup>a</sup> | PRIO SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;385200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676658 |
|  | Raia Drogasil SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;695500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313213 |
| <sup>b</sup> | Rede D'Or Sao Luiz SA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;428000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107252 |
|  | Rumo SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;620600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757463 |
|  | Santos Brasil Participacoes SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745945 |
|  | Sao Martinho SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270692 |
|  | Sendas Distribuidora SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;663400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873314 |
|  | SLC Agricola SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312725 |
|  | Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190736 |
|  | Suzano SA | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031666 |
|  | Telefonica Brasil SA | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;210900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834809 |

---

franklintempleton.com Annual Report 40

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Brazil ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Brazil (continued)** |  |  |  |
|  | TIM SA | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 395900 | &nbsp;&nbsp;$1244175 |
|  | TOTVS SA | &nbsp;&nbsp;Software | &nbsp;&nbsp; 246100 | &nbsp;&nbsp;&nbsp;&nbsp; 1433809 |
|  | Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 628813 |
|  | Ultrapar Participacoes SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 395900 | &nbsp;&nbsp;&nbsp;&nbsp; 1182658 |
|  | Usinas Siderurgicas de Minas Gerais SA Usiminas | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 85600 | &nbsp;&nbsp;&nbsp;&nbsp; 83842 |
|  | Vale SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;1797600 | &nbsp;&nbsp;&nbsp;&nbsp; 17795068 |
|  | Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;235400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180424 |
|  | Vibra Energia SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;556400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727199 |
|  | WEG SA | Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;727600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752050 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;120552517 |
|  | **United States 2.3%** |  |  |  |
|  | JBS SA | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;556400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993541 |
|  | **Total Common Stocks (Cost $120,393,937)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;124546058 |
|  | **Preferred Stocks 28.1%** |  |  |  |
|  | **Brazil 28.1%** |  |  |  |
| <sup>c</sup> | Banco Bradesco SA, 7.474%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2557300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656943 |
| <sup>c</sup> | Bradespar SA, 11.865%, pfd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;128400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401499 |
| <sup>a</sup> | Braskem SA, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184945 |
| <sup>c</sup> | Centrais Eletricas Brasileiras SA, 8.208%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;117700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912806 |
| <sup>c</sup> | Cia Energetica de Minas Gerais, 12.456%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;813200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456694 |
| <sup>c</sup> | Cia Paranaense de Energia - Copel, Class B, 3.631%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;513600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933468 |
| <sup>c</sup> | Gerdau SA, 4.944%, pfd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;663400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874034 |
| <sup>c</sup> | Isa Energia Brasil SA, 8.984%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;139100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542542 |
| <sup>c</sup> | Itau Unibanco Holding SA, 7.014%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2632200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14434786 |
| <sup>c</sup> | Itausa SA, 8.942%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2809759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635797 |
| <sup>c</sup> | Metalurgica Gerdau SA, 5.028%, pfd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501593 |
| <sup>c</sup> | Petroleo Brasileiro SA, 15.875%, pfd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;2696400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17493776 |
| <sup>c</sup> | Usinas Siderurgicas de Minas Gerais SA Usiminas, 4.982%, pfd. | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;224700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222831 |
|  | **Total Preferred Stocks (Cost $45,643,880)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49251714 |
|  | **Right 0.0%<sup>†</sup>** |  |  |  |
|  | **Brazil 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Itausa SA | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19023 |
|  | **Total Rights (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19023 |
|  | **Total Investments before Short-Term Investments (Cost $166,037,817)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;173816795 |

---

41 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Brazil ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 48735 | &nbsp;&nbsp;$48735 |
|  | **Total Short-Term Investments (Cost $48,735)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 |
|  | **Total Investments (Cost $166,086,552) 99.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;173865530 |
|  | **Other Assets, less Liabilities 0.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650491 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$175516021 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $3,567,999, representing 2.0% of net assets. |
| <sup>c</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bovespa Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;80 | &nbsp;&nbsp;$1829483 | &nbsp;&nbsp;4/16/25 | &nbsp;&nbsp;$27981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 42

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Canada ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $34.73 | $30.76 | $36.07 | $30.20 | &nbsp;&nbsp;$19.50 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;(5.58) | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp;10.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;(4.66) | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;11.38 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| Net asset value, end of year | &nbsp;&nbsp;$37.11 | &nbsp;&nbsp;$34.73 | &nbsp;&nbsp;$30.76 | &nbsp;&nbsp;$36.07 | &nbsp;&nbsp;$30.20 |
| Total return<sup>c</sup> | 9.67% | 15.86% | (12.82)% | 21.95% | &nbsp;&nbsp;59.10% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Net investment income | 2.53% | 2.84% | 3.00% | 2.37% | &nbsp;&nbsp;2.88% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$398980 | &nbsp;&nbsp;$409827 | &nbsp;&nbsp;$279927 | &nbsp;&nbsp;$43289 | &nbsp;&nbsp;$24160 |
| Portfolio turnover rate<sup>e</sup> | 3.53%<sup>f</sup> | 4.77%<sup>f</sup> | 5.27%<sup>f</sup> | 5.63%<sup>f</sup> | &nbsp;&nbsp;3.14%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 3.53% | 4.77% | 5.27% | 5.63% | &nbsp;&nbsp;3.14% |

---

43 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Canada ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.6%** |  |  |  |
|  | **Canada 97.0%** |  |  |  |
|  | Agnico Eagle Mines Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;105135 | &nbsp;&nbsp;$11388986 |
|  | Alimentation Couche-Tard, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;163400 | &nbsp;&nbsp;&nbsp;&nbsp; 8057320 |
|  | Bank of Montreal | &nbsp;&nbsp;Banks | &nbsp;&nbsp;153295 | &nbsp;&nbsp;&nbsp;&nbsp; 14636650 |
|  | Bank of Nova Scotia | &nbsp;&nbsp;Banks | &nbsp;&nbsp;263375 | &nbsp;&nbsp;&nbsp;&nbsp; 12485723 |
|  | Barrick Gold Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;365285 | &nbsp;&nbsp;&nbsp;&nbsp; 7091237 |
|  | BCE, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp; 64070 | &nbsp;&nbsp;&nbsp;&nbsp; 1470371 |
|  | Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;86430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183230 |
|  | Brookfield Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;314115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16436339 |
|  | Cameco Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;91590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769874 |
|  | Canadian Imperial Bank of Commerce, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;198230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11149361 |
|  | Canadian National Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;117605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11443046 |
|  | Canadian Natural Resources Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;436880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13441061 |
|  | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;197155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13834069 |
|  | Cenovus Energy, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;269825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749522 |
|  | CGI, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;42570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249162 |
|  | Constellation Software, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13270757 |
|  | Dollarama, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;57190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114572 |
|  | Enbridge, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;460100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20360444 |
|  | Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141615 |
|  | Fortis, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;105565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807911 |
|  | Franco-Nevada Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;40420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356268 |
|  | George Weston Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;11610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979004 |
|  | Great-West Lifeco, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;58050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274003 |
| <sup>a</sup> | Hydro One Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;66865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248113 |
|  | Imperial Oil Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;32680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360317 |
|  | Intact Financial Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;37625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7686035 |
|  | Loblaw Cos. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217451 |
|  | Magna International, Inc. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;55900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899648 |
|  | Manulife Financial Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;365500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11387195 |
|  | Metro, Inc., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;42785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974810 |
|  | National Bank of Canada | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;80840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671090 |
|  | Nutrien Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;104490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185114 |
|  | Pembina Pipeline Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;122550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901149 |
|  | Power Corp. of Canada | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;115240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073935 |
|  | Restaurant Brands International, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;67510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499729 |
|  | Royal Bank of Canada | &nbsp;&nbsp;Banks | &nbsp;&nbsp;297990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33562049 |
| <sup>b</sup> | Shopify, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;254990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24254390 |
|  | South Bow Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;43860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120232 |
|  | Sun Life Financial, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;121905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975922 |
|  | Suncor Energy, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;263160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10188136 |
|  | TC Energy Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;219300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10355135 |
|  | Teck Resources Ltd., Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;104275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797878 |
|  | TELUS Corp. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;105135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507720 |
|  | Thomson Reuters Corp. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;29025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008010 |
|  | Toronto-Dominion Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;372810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22336221 |
|  | Tourmaline Oil Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;73960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566319 |
|  | Wheaton Precious Metals Corp. | Metals & Mining | &nbsp;&nbsp;&nbsp;95675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423330 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;386890453 |
|  | **United States 2.6%** |  |  |  |
|  | Waste Connections, Inc. | Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;54395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600836 |
|  | **Total Common Stocks (Cost $355,414,420)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;397491289 |

---

franklintempleton.com Annual Report 44

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Canada ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Warrant 0.0%** |  |  |  |
|  | **Canada 0.0%** |  |  |  |
| <sup>b,c</sup> | Constellation Software, Inc. | Software | &nbsp;&nbsp; 3981 | &nbsp;&nbsp;$— |
|  | **Total Warrants (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Investments before Short-Term Investments (Cost $355,414,420)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;397491289 |
|  | **Short-Term Investments 0.2%** |  |  |  |
|  | **Time Deposits 0.2%** |  |  |  |
|  | **Canada 0.2%** |  |  |  |
|  | Royal Bank of Canada, 2.60%, 4/01/2025 |  | &nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585722 |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 |
|  | **Total Short-Term Investments (Cost $664,595)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664595 |
|  | **Total Investments (Cost $356,079,015) 99.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;398155884 |
|  | **Other Assets, less Liabilities 0.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824079 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$398979963 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the value of this security was $2,248,113, representing 0.6% of net assets. |
| <sup>b</sup>Non-income producing. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P/TSX 60 Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;6 | &nbsp;&nbsp;$1248650 | &nbsp;&nbsp;6/19/25 | &nbsp;&nbsp;$8777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

45 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE China ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $15.70 | $19.70 | $21.43 | $31.78 | &nbsp;&nbsp;$22.19 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;(3.81) | &nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;(10.47) | &nbsp;&nbsp;&nbsp;&nbsp;9.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;(3.44) | &nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;(9.98) | &nbsp;&nbsp;&nbsp;&nbsp;9.88 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Net asset value, end of year | &nbsp;&nbsp;$21.22 | &nbsp;&nbsp;$15.70 | &nbsp;&nbsp;$19.70 | &nbsp;&nbsp;$21.43 | &nbsp;&nbsp;$31.78 |
| Total return<sup>c</sup> | 39.13% | (17.65)% | (5.68)% | (31.63)% | &nbsp;&nbsp;44.67% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> |
| Net investment income | 2.52% | 2.20% | 2.82% | 1.80% | &nbsp;&nbsp;1.06% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$173978 | &nbsp;&nbsp;$113068 | &nbsp;&nbsp;$114234 | &nbsp;&nbsp;$111454 | &nbsp;&nbsp;$120782 |
| Portfolio turnover rate<sup>e</sup> | 9.30%<sup>f</sup> | 9.59%<sup>f</sup> | 9.69%<sup>f</sup> | 12.78%<sup>f</sup> | &nbsp;&nbsp;15.97%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 7.26% | 8.93% | 9.69% | 12.00% | &nbsp;&nbsp;15.31% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 46

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE China ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 100.0%** |  |  |  |
|  | **China 97.1%** |  |  |  |
|  | 360 Security Technology, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;$46858 |
|  | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 16816 |
| <sup>a</sup> | 3SBio, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 189078 |
|  | Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 25855 |
| <sup>b</sup> | Addsino Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 8148 |
|  | Advanced Micro-Fabrication Equipment, Inc. China, Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 2841 | &nbsp;&nbsp;&nbsp;&nbsp; 72086 |
|  | AECC Aero-Engine Control Co. Ltd., Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21567 |
|  | AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61298 |
|  | Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;389500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277682 |
|  | Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;1968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183790 |
|  | Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82584 |
|  | AIMA Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25043 |
| <sup>b</sup> | Air China Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52230 |
| <sup>b</sup> | Air China Ltd., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51643 |
| <sup>a,b</sup> | Akeso, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455419 |
| <sup>c</sup> | Alibaba Group Holding Ltd., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;1093100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17983471 |
|  | All Winner Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29833 |
|  | Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63143 |
|  | Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153981 |
| <sup>b</sup> | Amlogic Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20604 |
| <sup>b</sup> | Angang Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10789 |
| <sup>b</sup> | Angang Steel Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 |
|  | Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19490 |
| <sup>a</sup> | Angelalign Technology, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17043 |
|  | Anhui Anke Biotechnology Group Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9615 |
|  | Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68532 |
|  | Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231868 |
|  | Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39371 |
|  | Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42176 |
|  | Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129108 |
|  | Anhui Jianghuai Automobile Group Corp. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60942 |
|  | Anhui Zhongding Sealing Parts Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21646 |
|  | ANTA Sports Products Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900068 |
|  | Apeloa Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16974 |
|  | APT Medical, Inc., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26652 |
| <sup>b</sup> | ASR Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33526 |
| <sup>c</sup> | Autohome, Inc., ADR | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121608 |
|  | Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20472 |
|  | AVIC Industry-Finance Holdings Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21476 |
|  | AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82208 |
|  | Avicopter PLC, Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20641 |
| <sup>b</sup> | BAIC BluePark New Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38822 |
| <sup>a</sup> | BAIC Motor Corp. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42579 |
| <sup>b,c</sup> | Baidu, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;143500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659040 |
|  | Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78390 |
|  | Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 |
|  | Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500 |
|  | Bank of China Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;200900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154838 |
|  | Bank of China Ltd., Class H | Banks | &nbsp;&nbsp;5371000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237663 |

---

47 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 176300 | &nbsp;&nbsp;$180767 |
|  | Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 403450 |
|  | Bank of Guiyang Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 20500 | &nbsp;&nbsp;&nbsp;&nbsp; 16618 |
|  | Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 57037 |
|  | Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 107213 |
|  | Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp;&nbsp; 69948 |
|  | Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101988 |
|  | Bank of Qingdao Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14288 |
|  | Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88930 |
| <sup>b</sup> | Bank of Zhengzhou Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8712 |
|  | Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85319 |
|  | BBMG Corp., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970 |
|  | BBMG Corp., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15598 |
| <sup>b</sup> | BeiGene Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050993 |
|  | Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17606 |
| <sup>b</sup> | Beijing Capital International Airport Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29616 |
|  | Beijing Dabeinong Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 |
|  | Beijing Easpring Material Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23429 |
| <sup>b</sup> | Beijing E-Hualu Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13610 |
|  | Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47693 |
|  | Beijing Enterprises Holdings Ltd., Class H | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117142 |
| <sup>b</sup> | Beijing Jetsen Technology Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9615 |
|  | Beijing Jingneng Clean Energy Co. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22554 |
|  | Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83529 |
|  | Beijing New Building Materials PLC, Class A | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32841 |
|  | Beijing Originwater Technology Co. Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13261 |
|  | Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31461 |
|  | Beijing Shiji Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13441 |
|  | Beijing Shougang Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18903 |
| <sup>b</sup> | Beijing Shunxin Agriculture Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486 |
|  | Beijing Sinnet Technology Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18870 |
|  | Beijing Tiantan Biological Products Corp. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22887 |
|  | Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41294 |
|  | Beijing Ultrapower Software Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22379 |
|  | Beijing United Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14952 |
|  | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36339 |
|  | Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27650 |
|  | Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7155 |
|  | Beijing-Shanghai High Speed Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;127100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97434 |
|  | Bethel Automotive Safety Systems Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35583 |
| <sup>b,c</sup> | Bilibili, Inc., Class Z | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360459 |
| <sup>a</sup> | Blue Moon Group Holdings Ltd. | Household Products | &nbsp;&nbsp;&nbsp;&nbsp;102500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45451 |

---

franklintempleton.com Annual Report 48

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Bluefocus Intelligent Communications Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;$15913 |
|  | BOC International China Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 5891 |
|  | BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 180400 | &nbsp;&nbsp;&nbsp;&nbsp; 103037 |
|  | BOE Technology Group Co. Ltd., Class B | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp;&nbsp; 17769 |
|  | Bright Dairy & Food Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 9401 |
|  | Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 54594 |
|  | BTG Hotels Group Co. Ltd., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511 |
|  | BYD Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423097 |
|  | BYD Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976972 |
|  | BYD Electronic International Co. Ltd. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251218 |
|  | By-health Co. Ltd., Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13125 |
|  | C&D International Investment Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85369 |
|  | C&S Paper Co. Ltd., Class A | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268 |
|  | Caida Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494 |
|  | Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26408 |
| <sup>b</sup> | Cambricon Technologies Corp. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162226 |
|  | Canmax Technologies Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12014 |
| <sup>a,b</sup> | CanSino Biologics, Inc., Class H | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26187 |
| <sup>b</sup> | CCOOP Group Co. Ltd., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33146 |
|  | CECEP Solar Energy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12499 |
|  | CECEP Wind-Power Corp., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15032 |
|  | Central China Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9164 |
|  | CETC Cyberspace Security Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181 |
|  | CGN Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18435 |
| <sup>a</sup> | CGN Power Co. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230498 |
|  | Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24228 |
|  | Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25043 |
|  | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22747 |
|  | Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44736 |
|  | Chengdu Xingrong Environment Co. Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15303 |
|  | Chengxin Lithium Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7178 |
|  | Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25844 |
|  | China Baoan Group Co. Ltd., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13729 |
| <sup>a,b</sup> | China Bohai Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23187 |
|  | China Cinda Asset Management Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75357 |
|  | China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60180 |
|  | China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481389 |
| <sup>a,b</sup> | China CITIC Financial Asset Management Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101442 |
|  | China Coal Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33992 |
|  | China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125367 |
|  | China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89796 |
|  | China Conch Venture Holdings Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81470 |
|  | China Construction Bank Corp., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54808 |
|  | China Construction Bank Corp., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;6027000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329584 |
|  | China CSSC Holdings Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86053 |
| <sup>b</sup> | China Eastern Airlines Corp. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40967 |
| <sup>b</sup> | China Eastern Airlines Corp. Ltd., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26559 |
|  | China Energy Engineering Corp. Ltd., Class A | Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;159900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49956 |

---

49 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | China Energy Engineering Corp. Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;$42579 |
|  | China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 209100 | &nbsp;&nbsp;&nbsp;&nbsp; 108782 |
|  | China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 83525 |
| <sup>a</sup> | China Feihe Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 185600 |
|  | China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;&nbsp;&nbsp; 75027 |
|  | China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 244726 |
|  | China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18192 |
| <sup>b</sup> | China Greatwall Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31780 |
|  | China Green Electricity Investment of Tianjin Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 |
|  | China Hongqiao Group Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;184500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379420 |
|  | China International Capital Corp. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19485 |
| <sup>a</sup> | China International Capital Corp. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183639 |
|  | China International Marine Containers Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14880 |
|  | China International Marine Containers Group Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33099 |
|  | China Jinmao Holdings Group Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66398 |
|  | China Jushi Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36551 |
|  | China Lesso Group Holdings Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36783 |
|  | China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;492000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948550 |
| <sup>a,b,c</sup> | China Literature Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81417 |
|  | China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164152 |
|  | China Medical System Holdings Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78519 |
|  | China Meheco Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11805 |
|  | China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561836 |
|  | China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451281 |
|  | China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36791 |
|  | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59769 |
|  | China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141228 |
|  | China Merchants Property Operation & Service Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 |
|  | China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80218 |
| <sup>a</sup> | China Merchants Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56407 |
|  | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51744 |
|  | China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;159900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85827 |
|  | China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184440 |
|  | China National Accord Medicines Corp. Ltd., Class B | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6339 |
|  | China National Building Material Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169053 |
|  | China National Chemical Engineering Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32457 |
|  | China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119531 |
| <sup>b</sup> | China National Software & Service Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24371 |
|  | China Northern Rare Earth Group High-Tech Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51146 |
|  | China Oilfield Services Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15890 |
|  | China Oilfield Services Ltd., Class H | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67558 |
|  | China Overseas Land & Investment Ltd., Class A | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439495 |

---

franklintempleton.com Annual Report 50

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;$145178 |
|  | China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 515379 |
|  | China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp;&nbsp; 155199 |
|  | China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;1558000 | &nbsp;&nbsp;&nbsp;&nbsp; 821022 |
|  | China Railway Group Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 94300 | &nbsp;&nbsp;&nbsp;&nbsp; 71771 |
|  | China Railway Group Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 108451 |
|  | China Railway Signal & Communication Corp. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27512 |
| <sup>a</sup> | China Railway Signal & Communication Corp. Ltd., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50747 |
|  | China Rare Earth Resources & Technology Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35741 |
|  | China Reinsurance Group Corp., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55648 |
|  | China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36466 |
|  | China Resources Double Crane Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21330 |
|  | China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26914 |
| <sup>a</sup> | China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181015 |
| <sup>a</sup> | China Resources Pharmaceutical Group Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;102500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66662 |
|  | China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322682 |
|  | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47813 |
| <sup>b,c</sup> | China Ruyi Holdings Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;656000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201514 |
|  | China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173121 |
|  | China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;217703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882810 |
|  | China South Publishing & Media Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15811 |
| <sup>b</sup> | China Southern Airlines Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48077 |
| <sup>b</sup> | China Southern Airlines Co. Ltd., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37415 |
|  | China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480 |
|  | China State Construction Engineering Corp. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;188600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136533 |
|  | China Suntien Green Energy Corp. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60075 |
|  | China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137034 |
|  | China Three Gorges Renewables Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;114800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66833 |
|  | China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78710 |
| <sup>a</sup> | China Tourism Group Duty Free Corp. Ltd., Class H | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51274 |
| <sup>a</sup> | China Tower Corp. Ltd., Class H | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385849 |
|  | China TransInfo Technology Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248 |
|  | China United Network Communications Ltd., Class A | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;131200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100397 |
| <sup>b</sup> | China Vanke Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43760 |
| <sup>b</sup> | China Vanke Co. Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;143500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102180 |
|  | China World Trade Center Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12978 |
|  | China XD Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26188 |
|  | China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423701 |
|  | China Zhenhua Group Science & Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30330 |

---

51 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 53300 | &nbsp;&nbsp;$21567 |
|  | China Zheshang Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 54173 |
|  | Chinalin Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 8442 |
|  | Chinese Universe Publishing & Media Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 12313 |
|  | Chongqing Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 33027 |
|  | Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 73526 |
|  | Chongqing Changan Automobile Co. Ltd., Class B | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;106600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50832 |
|  | Chongqing Fuling Zhacai Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573 |
| <sup>b</sup> | Chongqing Qianli Technology Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23277 |
|  | Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20585 |
|  | Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111296 |
|  | Chongqing Water Group Co. Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8159 |
|  | Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41085 |
|  | CITIC Ltd., Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404714 |
|  | Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41813 |
|  | CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209506 |
|  | CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;102500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266780 |
|  | CMOC Group Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47174 |
|  | CMOC Group Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202357 |
|  | CMST Development Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 |
|  | CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19851 |
|  | CNOOC Energy Technology & Services Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20416 |
|  | CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21601 |
|  | Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713645 |
|  | COSCO SHIPPING Development Co. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21217 |
|  | COSCO SHIPPING Development Co. Ltd., Class H | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30670 |
|  | COSCO SHIPPING Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25325 |
|  | COSCO SHIPPING Energy Transportation Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66398 |
|  | COSCO SHIPPING Holdings Co. Ltd., Class A | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123314 |
|  | COSCO SHIPPING Holdings Co. Ltd., Class H | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;184500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290256 |
|  | Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108925 |
|  | CRRC Corp. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107563 |
|  | CRRC Corp. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153033 |
|  | CSC Financial Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81798 |
| <sup>a</sup> | CSC Financial Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75805 |
|  | CSG Holding Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5564 |
|  | CSG Holding Co. Ltd., Class B | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19161 |
|  | CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21087 |
|  | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364454 |
|  | Daan Gene Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6657 |
|  | Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81189 |
| <sup>b</sup> | Daqo New Energy Corp., ADR | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53461 |

---

franklintempleton.com Annual Report 52

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Datang International Power Generation Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;$14982 |
|  | Datang International Power Generation Co. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 34359 |
|  | DHC Software Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp;&nbsp; 35279 |
|  | Do-Fluoride New Materials Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 6715 |
|  | Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 34111 |
|  | Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 25342 |
|  | Dongfang Electric Corp. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30923 |
|  | Dongfeng Motor Group Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99914 |
|  | Dongguan Yiheda Automation Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14254 |
|  | Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26025 |
| <sup>a,b,c</sup> | East Buy Holding Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33568 |
|  | East Money Information Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229346 |
|  | Eastern Air Logistics Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15913 |
|  | Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31182 |
|  | Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34703 |
|  | Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23834 |
|  | ENN Energy Holdings Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405979 |
|  | ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44217 |
|  | Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55367 |
|  | Eternal Asia Supply Chain Management Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10360 |
|  | Eve Energy Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53166 |
|  | Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48105 |
| <sup>b</sup> | Everdisplay Optronics Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18537 |
|  | Fangda Carbon New Material Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13994 |
|  | FAW Jiefang Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13695 |
|  | Fiberhome Telecommunication Technologies Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25472 |
| <sup>b</sup> | Financial Street Holdings Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 |
|  | First Capital Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25257 |
|  | Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20088 |
|  | Flat Glass Group Co. Ltd., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33996 |
|  | Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67341 |
|  | Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137799 |
|  | Fosun International Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;143500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76912 |
|  | Founder Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39562 |
|  | Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156892 |
|  | Fujian Funeng Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861 |
|  | Fujian Sunner Development Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16951 |
| <sup>c</sup> | Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615718 |
|  | Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66100 |
| <sup>a</sup> | Fuyao Glass Industry Group Co. Ltd., Class H | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278203 |
|  | GalaxyCore, Inc., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33857 |
|  | Gan & Lee Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25426 |
|  | Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38179 |
| <sup>a</sup> | Ganfeng Lithium Group Co. Ltd., Class H | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66557 |
| <sup>b</sup> | GCL System Integration Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| <sup>b</sup> | GCL Technology Holdings Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;1312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165258 |
|  | GD Power Development Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50108 |
| <sup>b,c</sup> | GDS Holdings Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167156 |
|  | GEM Co. Ltd., Class A | Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25754 |

---

53 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Gemdale Corp., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;$15303 |
| <sup>b</sup> | Genscript Biotech Corp. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 130267 |
|  | GF Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 63673 |
|  | GF Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp;&nbsp; 99598 |
| <sup>a</sup> | Giant Biogene Holding Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp; 28600 | &nbsp;&nbsp;&nbsp;&nbsp; 258971 |
|  | Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 15890 |
| <sup>b</sup> | GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65953 |
|  | Ginlong Technologies Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31092 |
|  | Glarun Technology Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22977 |
|  | GoerTek, Inc., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59001 |
|  | Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20043 |
|  | Goldwind Science & Technology Co. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25822 |
|  | Goneo Group Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40634 |
|  | Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24580 |
| <sup>b</sup> | Grandjoy Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8837 |
|  | Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58911 |
|  | Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;143500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250839 |
|  | Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128261 |
| <sup>b</sup> | Greenland Holdings Corp. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20314 |
|  | Greentown China Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115934 |
|  | GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22430 |
|  | Guangdong Baolihua New Energy Stock Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975 |
|  | Guangdong Electric Power Development Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 |
|  | Guangdong Electric Power Development Co. Ltd., Class B | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14460 |
| <sup>b</sup> | Guangdong Golden Dragon Development, Inc., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7042 |
|  | Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56372 |
|  | Guangdong HEC Technology Holding Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22436 |
|  | Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9119 |
|  | Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27447 |
|  | Guangshen Railway Co. Ltd., Class A | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13136 |
|  | Guangshen Railway Co. Ltd., Class H | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 |
|  | Guangxi Guiguan Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18170 |
|  | Guangxi Liugong Machinery Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12617 |
|  | Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19140 |
|  | Guangzhou Automobile Group Co. Ltd., Class H | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67663 |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29862 |
|  | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30809 |
|  | Guangzhou Haige Communications Group, Inc. Co., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18909 |
|  | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18119 |
|  | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21471 |

---

franklintempleton.com Annual Report 54

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;$21036 |
|  | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 10783 |
|  | Guangzhou Zhujiang Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 11398 |
|  | Guobo Electronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 20436 |
|  | Guolian Minsheng Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 20500 | &nbsp;&nbsp;&nbsp;&nbsp; 28919 |
|  | Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp;&nbsp; 34737 |
| <sup>b</sup> | Guosheng Financial Holding, Inc., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22244 |
|  | Guotai Junan Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145721 |
| <sup>a</sup> | Guotai Junan Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;172200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249658 |
|  | Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26307 |
| <sup>c</sup> | H World Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;127100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466397 |
| <sup>a,c</sup> | Haidilao International Holding Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218927 |
|  | Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107992 |
|  | Haier Smart Home Co. Ltd., Class H | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;147600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474275 |
| <sup>b</sup> | Hainan Airlines Holding Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;217300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41870 |
| <sup>b</sup> | Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26555 |
|  | Haitian International Holdings Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108293 |
|  | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23564 |
|  | Hangzhou Chang Chuan Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23519 |
|  | Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15960 |
|  | Hangzhou GreatStar Industrial Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33417 |
|  | Hangzhou Iron & Steel Co., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26769 |
|  | Hangzhou Lion Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317 |
|  | Hangzhou Oxygen Plant Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11641 |
|  | Hangzhou Robam Appliances Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12809 |
| <sup>b</sup> | Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27210 |
|  | Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28671 |
| <sup>a</sup> | Hangzhou Tigermed Consulting Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32672 |
|  | Han's Laser Technology Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31577 |
| <sup>a</sup> | Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210982 |
|  | Haohua Chemical Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038 |
|  | Harbin Boshi Automation Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9993 |
|  | Hefei Meiya Optoelectronic Technology, Inc., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9824 |
|  | Heilongjiang Agriculture Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15619 |
|  | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31758 |
|  | Henan Shuanghui Investment & Development Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60875 |
|  | Hengan International Group Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109890 |
|  | Hengdian Group DMEGC Magnetics Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17290 |
|  | Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34692 |
|  | Hengtong Optic-electric Co. Ltd., Class A | Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28169 |

---

55 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Hengyi Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;$13610 |
|  | Hesteel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 57400 | &nbsp;&nbsp;&nbsp;&nbsp; 17380 |
|  | Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 90575 |
|  | Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 98267 |
|  | HLA Group Corp. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 31244 |
|  | Hongyuan Green Energy Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 8329 |
| <sup>b</sup> | Hopson Development Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26053 |
|  | Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30956 |
| <sup>a</sup> | Hua Hong Semiconductor Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163625 |
|  | Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29201 |
|  | Huadian Power International Corp. Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47638 |
|  | Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62127 |
|  | Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21922 |
|  | Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186 |
|  | Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22092 |
|  | Hualan Biological Engineering, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17527 |
|  | Huaneng Lancang River Hydropower, Inc., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41350 |
|  | Huaneng Power International, Inc., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35143 |
|  | Huaneng Power International, Inc., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142599 |
|  | Huapont Life Sciences Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469 |
|  | Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74665 |
| <sup>a</sup> | Huatai Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144685 |
|  | Huaxi Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14762 |
|  | Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79530 |
|  | Huaxin Cement Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15664 |
|  | Huaxin Cement Co. Ltd., Class H | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25558 |
|  | Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40764 |
| <sup>b</sup> | Hubei Biocause Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10834 |
|  | Hubei Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24377 |
|  | Hubei Xingfa Chemicals Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25054 |
|  | Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35741 |
|  | Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23248 |
|  | Hunan Gold Corp. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25810 |
|  | Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22481 |
|  | Hundsun Technologies, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31645 |
| <sup>a,b,c</sup> | Hygeia Healthcare Holdings Co. Ltd., Class C | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42495 |
|  | Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208900 |
| <sup>b</sup> | Hytera Communications Corp. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12945 |
|  | IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60355 |
|  | Iflytek Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80528 |
|  | Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27661 |
|  | Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;348500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330470 |
|  | Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;5084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620087 |
|  | Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280334 |
|  | Industrial Securities Co. Ltd., Class A | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33180 |

---

franklintempleton.com Annual Report 56

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 2300 | &nbsp;&nbsp;$22696 |
| <sup>b</sup> | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 196800 | &nbsp;&nbsp;&nbsp;&nbsp; 48483 |
|  | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 32604 |
|  | Inner Mongolia ERDOS Resources Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 12320 | &nbsp;&nbsp;&nbsp;&nbsp; 15549 |
|  | Inner Mongolia ERDOS Resources Co. Ltd., Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 24826 |
|  | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 30979 |
|  | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15642 |
|  | Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110915 |
|  | Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142746 |
|  | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15405 |
| <sup>a,b</sup> | Innovent Biologics, Inc., Class B | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557022 |
|  | Intco Medical Technology Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481 |
| <sup>b,c</sup> | iQIYI, Inc., ADR | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71812 |
| <sup>b</sup> | IRICO Display Devices Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21555 |
|  | Isoftstone Information Technology Group Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32367 |
|  | JA Solar Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32677 |
|  | Jafron Biomedical Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14728 |
|  | Jason Furniture Hangzhou Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 |
|  | JCET Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39511 |
| <sup>a,b,c</sup> | JD Health International, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288241 |
| <sup>a,b,c</sup> | JD Logistics, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;106600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172088 |
| <sup>c</sup> | JD.com, Inc., Class A | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389484 |
|  | Jiangsu Eastern Shenghong Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 |
|  | Jiangsu Expressway Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17244 |
|  | Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97384 |
|  | Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58895 |
|  | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194338 |
| <sup>b</sup> | Jiangsu Hoperun Software Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29297 |
|  | Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 |
|  | Jiangsu Linyang Energy Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11139 |
|  | Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595 |
|  | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18570 |
|  | Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86053 |
|  | Jiangsu Yangnong Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29941 |
|  | Jiangsu Yoke Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34968 |
|  | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39364 |
|  | Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32864 |
|  | Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39003 |
|  | Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143969 |
| <sup>b</sup> | Jiangxi Special Electric Motor Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8419 |
|  | Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18576 |
|  | Jinduicheng Molybdenum Co. Ltd., Class A | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23858 |

---

57 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Jinko Solar Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;$29252 |
| <sup>a,c</sup> | Jinxin Fertility Group Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 143500 | &nbsp;&nbsp;&nbsp;&nbsp; 55517 |
|  | Jizhong Energy Resources Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 13249 |
|  | Joincare Pharmaceutical Group Industry Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 19603 |
| <sup>a</sup> | Joinn Laboratories China Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 14608 |
|  | Jointown Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 19908 |
|  | Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635 |
| <sup>b,c</sup> | JOYY, Inc., ADR | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80895 |
|  | Juneyao Airlines Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22176 |
| <sup>b</sup> | J-Yuan Trust Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19366 |
|  | Kaishan Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248 |
| <sup>b</sup> | Kangmei Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20049 |
| <sup>b,c</sup> | Kanzhun Ltd., ADR | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451147 |
| <sup>c</sup> | KE Holdings, Inc., ADR | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794037 |
|  | Keda Industrial Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 |
|  | Kingboard Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116724 |
| <sup>b,c</sup> | Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317993 |
|  | Kingfa Sci & Tech Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18706 |
|  | Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27187 |
|  | Kingsoft Corp. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238086 |
| <sup>a,b,c</sup> | Kuaishou Technology, Class B | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;184500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288842 |
|  | Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64006 |
|  | Kunlun Tech Co. Ltd., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38890 |
|  | Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213841 |
|  | Lakala Payment Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689 |
|  | Lao Feng Xiang Co. Ltd., Class B | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59106 |
|  | LB Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30133 |
|  | Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22976 |
| <sup>a,b</sup> | Legend Holdings Corp., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39270 |
|  | Lens Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85759 |
|  | Leo Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22345 |
|  | Lepu Medical Technology Beijing Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19332 |
|  | Levima Advanced Materials Corp., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8492 |
|  | Leyard Optoelectronic Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240 |
| <sup>b,c</sup> | Li Auto, Inc., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969609 |
|  | Li Ning Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;143500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293629 |
|  | Liaoning Port Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19338 |
|  | Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45961 |
|  | Livzon Pharmaceutical Group, Inc., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20021 |
|  | Livzon Pharmaceutical Group, Inc., Class H | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28035 |
| <sup>a,c</sup> | Longfor Group Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;143500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180936 |
|  | LONGi Green Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80495 |
|  | Longshine Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14197 |
| <sup>b</sup> | Loongson Technology Corp. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32286 |
| <sup>c</sup> | Lufax Holding Ltd., ADR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34826 |
|  | Luxi Chemical Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13610 |
|  | Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184587 |
| <sup>a,b</sup> | Luye Pharma Group Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33990 |
|  | Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123187 |
| <sup>b</sup> | Maanshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14039 |
|  | Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31205 |
|  | Maxscend Microelectronics Co. Ltd., Class A | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26827 |

---

franklintempleton.com Annual Report 58

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;$23339 |
|  | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 20500 | &nbsp;&nbsp;&nbsp;&nbsp; 15913 |
| <sup>a,b,c</sup> | Meituan, Class B | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 354807 | &nbsp;&nbsp;&nbsp;&nbsp; 7104987 |
|  | Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 73800 | &nbsp;&nbsp;&nbsp;&nbsp; 30674 |
|  | Metallurgical Corp. of China Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 40577 |
| <sup>b</sup> | Microport Scientific Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 61500 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 |
| <sup>b</sup> | Midea Group Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249785 |
|  | Ming Yang Smart Energy Group Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18418 |
|  | MINISO Group Holding Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151557 |
|  | Minmetals Capital Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15828 |
| <sup>b</sup> | Minth Group Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115735 |
|  | Montage Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59632 |
|  | Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131127 |
|  | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 |
|  | NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111220 |
|  | National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42439 |
|  | NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137409 |
| <sup>b</sup> | NavInfo Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14829 |
| <sup>c</sup> | NetEase, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;116347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362740 |
|  | New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58121 |
|  | New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187497 |
| <sup>b</sup> | New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31351 |
| <sup>c</sup> | New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462260 |
|  | Newland Digital Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16855 |
| <sup>b</sup> | Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34675 |
| <sup>b</sup> | Ninestar Corp., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27322 |
|  | Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41086 |
|  | Ningbo Joyson Electronic Corp., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20258 |
|  | Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27480 |
|  | Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33372 |
|  | Ningbo Shanshan Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985 |
|  | Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65197 |
|  | Ningbo Zhoushan Port Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18994 |
|  | Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24597 |
| <sup>b,c</sup> | NIO, Inc., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369191 |
| <sup>a</sup> | Nongfu Spring Co. Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490180 |
|  | North Industries Group Red Arrow Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9474 |
|  | Northeast Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13306 |
|  | Offshore Oil Engineering Co. Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16082 |
| <sup>b</sup> | OFILM Group Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27605 |
|  | ORG Technology Co. Ltd., Class A | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617 |
|  | Orient Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42614 |
| <sup>a</sup> | Orient Securities Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31365 |
| <sup>b</sup> | Oriental Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10778 |
|  | Oriental Pearl Group Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17402 |
| <sup>b</sup> | Ourpalm Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9074 |
|  | Ovctek China, Inc., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955 |
| <sup>b</sup> | Pacific Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15207 |
| <sup>b</sup> | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17566 |

---

59 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>b,c</sup> | PDD Holdings, Inc., ADR | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp; 45674 | &nbsp;&nbsp;$5405518 |
|  | People.cn Co. Ltd., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 23621 |
|  | People's Insurance Co. Group of China Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 49200 | &nbsp;&nbsp;&nbsp;&nbsp; 46181 |
|  | People's Insurance Co. Group of China Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 533000 | &nbsp;&nbsp;&nbsp;&nbsp; 275396 |
|  | Perfect World Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 6472 |
|  | PetroChina Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 139151 |
|  | PetroChina Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;1312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060689 |
|  | Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30381 |
| <sup>a</sup> | Pharmaron Beijing Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42210 |
|  | PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;426000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787358 |
|  | Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133430 |
| <sup>a,c</sup> | Ping An Healthcare & Technology Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51643 |
|  | Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349605 |
|  | Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;416400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477966 |
|  | Pingdingshan Tianan Coal Mining Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14558 |
|  | Piotech, Inc., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21678 |
|  | Poly Developments & Holdings Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60592 |
| <sup>d</sup> | Poly Property Services Co. Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32988 |
| <sup>a,c</sup> | Pop Mart International Group Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885056 |
|  | Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;106600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76437 |
| <sup>a</sup> | Postal Savings Bank of China Co. Ltd., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;697000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430905 |
|  | Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51355 |
| <sup>c</sup> | Qifu Technology, Inc., ADR | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316705 |
|  | Qingdao TGOOD Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673 |
| <sup>b</sup> | Qinghai Salt Lake Industry Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56067 |
| <sup>b</sup> | Quzhou Xin'an Development Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17493 |
|  | Raytron Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17799 |
| <sup>a,b</sup> | Remegen Co. Ltd., Class H | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25892 |
| <sup>c</sup> | RLX Technology, Inc., ADR | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86792 |
|  | Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53443 |
|  | SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80190 |
|  | Sailun Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32570 |
|  | Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40256 |
|  | Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25084 |
|  | Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96847 |
|  | Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51891 |
|  | SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23937 |
|  | SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65140 |
|  | Sealand Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18147 |
| <sup>b</sup> | Seazen Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42579 |
| <sup>b</sup> | Seazen Holdings Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21160 |
| <sup>a,b,c</sup> | SenseTime Group, Inc., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;1599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306223 |
|  | Seres Group Co. Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142074 |
|  | SF Holding Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121659 |
|  | SG Micro Corp., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31909 |
|  | Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122962 |
|  | Shaanxi Energy Investment Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659 |
|  | Shaanxi International Trust Co. Ltd., Class A | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627 |

---

franklintempleton.com Annual Report 60

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;$15213 |
|  | Shandong Denghai Seeds Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 5620 |
|  | Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 60671 |
| <sup>a</sup> | Shandong Gold Mining Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 97490 |
|  | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 33394 |
|  | Shandong Hi-speed Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 24061 |
|  | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37412 |
|  | Shandong Humon Smelting Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6399 |
|  | Shandong Linglong Tyre Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010 |
|  | Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30099 |
|  | Shandong Pharmaceutical Glass Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13170 |
|  | Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24902 |
|  | Shandong Weigao Group Medical Polymer Co. Ltd., Class H | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;147600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113067 |
| <sup>b</sup> | Shanghai Aiko Solar Energy Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13746 |
|  | Shanghai Allist Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46959 |
| <sup>b</sup> | Shanghai Bairun Investment Holding Group Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14756 |
|  | Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34422 |
|  | Shanghai Baosight Software Co. Ltd., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87330 |
|  | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17955 |
|  | Shanghai Construction Group Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 |
| <sup>b</sup> | Shanghai Electric Group Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51733 |
| <sup>b</sup> | Shanghai Electric Group Co. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54594 |
|  | Shanghai Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20878 |
|  | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42033 |
|  | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78835 |
|  | Shanghai Fudan Microelectronics Group Co. Ltd., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63879 |
|  | Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54729 |
|  | Shanghai International Port Group Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39274 |
|  | Shanghai Jinjiang International Hotels Co. Ltd., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15066 |
|  | Shanghai Jinjiang International Hotels Co. Ltd., Class B | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19163 |
|  | Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280 |
|  | Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12923 |
| <sup>b</sup> | Shanghai Junshi Biosciences Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14023 |
| <sup>a,b</sup> | Shanghai Junshi Biosciences Co. Ltd., Class H | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16631 |
|  | Shanghai Lingang Holdings Corp. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10665 |
|  | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14711 |
|  | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34169 |

---

61 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Shanghai Mechanical & Electrical Industry Co. Ltd., Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;$18958 |
|  | Shanghai Moons' Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 38089 |
|  | Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 41870 |
|  | Shanghai Pharmaceuticals Holding Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 57400 | &nbsp;&nbsp;&nbsp;&nbsp; 82629 |
|  | Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 131200 | &nbsp;&nbsp;&nbsp;&nbsp; 188334 |
|  | Shanghai Putailai New Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 20720 |
|  | Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38710 |
|  | Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18824 |
|  | Shanghai Stonehill Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21883 |
|  | Shanghai Tunnel Engineering Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17606 |
|  | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12579 |
|  | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15856 |
|  | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28056 |
|  | Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18524 |
|  | Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32503 |
|  | Shanxi Coal International Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12143 |
|  | Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27136 |
|  | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27153 |
| <sup>b</sup> | Shanxi Meijin Energy Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15236 |
|  | Shanxi Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16703 |
| <sup>b</sup> | Shanxi Taigang Stainless Steel Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15710 |
|  | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168690 |
|  | Shenergy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30166 |
|  | Shenghe Resources Holding Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12313 |
|  | Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46062 |
|  | Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;102500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69547 |
| <sup>a</sup> | Shenwan Hongyuan Group Co. Ltd., Class H | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;131200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37436 |
|  | Shenzhen Agricultural Power Group Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099 |
|  | Shenzhen Airport Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7516 |
|  | Shenzhen Capchem Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18740 |
|  | Shenzhen Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21465 |
| <sup>b</sup> | Shenzhen Everwin Precision Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28146 |
|  | Shenzhen Expressway Corp. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67031 |
|  | Shenzhen Gas Corp. Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240 |
|  | Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42033 |
|  | Shenzhen Huaqiang Industry Co. Ltd., Class A | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272 |

---

franklintempleton.com Annual Report 62

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
| <sup>b</sup> | Shenzhen Infogem Technologies Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;$20292 |
|  | Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 115401 |
|  | Shenzhen International Holdings Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 82945 |
|  | Shenzhen Investment Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 16231 |
|  | Shenzhen Kaifa Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 21025 |
|  | Shenzhen Kangtai Biological Products Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 8577 |
|  | Shenzhen Kedali Industry Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30186 |
|  | Shenzhen Kingdom Sci-Tech Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423 |
|  | Shenzhen Kinwong Electronic Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 |
|  | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180349 |
|  | Shenzhen MTC Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20540 |
| <sup>b</sup> | Shenzhen Overseas Chinese Town Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15021 |
|  | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18525 |
|  | Shenzhen SED Industry Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25742 |
|  | Shenzhen Senior Technology Material Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11489 |
|  | Shenzhen Sunway Communication Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13407 |
|  | Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66298 |
|  | Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11404 |
|  | Shenzhen Yan Tian Port Holding Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 |
|  | Shenzhen YUTO Packaging Technology Co. Ltd., Class A | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14248 |
|  | Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13994 |
| <sup>b</sup> | Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25043 |
|  | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845 |
| <sup>b</sup> | Siasun Robot & Automation Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20122 |
|  | Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34771 |
|  | Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54306 |
|  | Sichuan Hebang Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12324 |
|  | Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36373 |
| <sup>b</sup> | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112129 |
|  | Sichuan New Energy Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12719 |
|  | Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843 |
|  | Sichuan Swellfun Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27514 |
|  | Sichuan Yahua Industrial Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856 |
|  | Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42885 |
|  | Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23587 |
|  | Sinoma International Engineering Co., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16217 |
|  | Sinoma Science & Technology Co. Ltd., Class A | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16816 |

---

63 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Sinomine Resource Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;$18108 |
|  | Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 102500 | &nbsp;&nbsp;&nbsp;&nbsp; 72722 |
| <sup>b</sup> | Sinopec Oilfield Service Corp., Class H | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 13912 |
| <sup>b</sup> | Sinopec Shanghai Petrochemical Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;&nbsp;&nbsp; 14852 |
| <sup>b</sup> | Sinopec Shanghai Petrochemical Co. Ltd., Class H | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 38258 |
|  | Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 190131 |
|  | Sinotrans Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14699 |
|  | Sinotrans Ltd., Class H | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59284 |
|  | Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111191 |
|  | Skshu Paint Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29010 |
| <sup>a</sup> | Smoore International Holdings Ltd. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209629 |
|  | Songcheng Performance Development Co. Ltd., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15591 |
|  | SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26408 |
|  | Southwest Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22041 |
|  | SPIC Industry-Finance Holdings Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26781 |
|  | Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29326 |
|  | STO Express Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13328 |
|  | Sun Art Retail Group Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30354 |
|  | Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 |
|  | Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375995 |
|  | Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25946 |
|  | Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25009 |
|  | SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29232 |
|  | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36949 |
|  | Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31445 |
|  | Taiji Computer Corp. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14017 |
| <sup>b,c</sup> | TAL Education Group, ADR | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355296 |
| <sup>b</sup> | Tangshan Jidong Cement Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218 |
|  | TangShan Port Group Co. Ltd., Class A | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18525 |
|  | Tangshan Sanyou Chemical Industries Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9294 |
|  | Tasly Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17053 |
|  | TBEA Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40696 |
|  | TCL Technology Group Corp., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55243 |
|  | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25082 |
| <sup>c</sup> | Tencent Holdings Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;395150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25241899 |
| <sup>c</sup> | Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682976 |
|  | Tian Di Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18085 |
| <sup>b</sup> | Tianfeng Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23813 |
|  | Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8080 |
| <sup>b</sup> | Tianma Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18486 |
|  | Tianqi Lithium Corp., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34218 |
|  | Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15032 |
|  | TianShan Material Co. Ltd., Class A | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659 |
|  | Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29907 |
|  | Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193039 |
|  | Titan Wind Energy Suzhou Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227 |
| <sup>c,d</sup> | Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203568 |
|  | TongFu Microelectronics Co. Ltd., Class A | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30212 |

---

franklintempleton.com Annual Report 64

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Tongkun Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;$19840 |
|  | Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 57400 | &nbsp;&nbsp;&nbsp;&nbsp; 27097 |
|  | Tongwei Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 20500 | &nbsp;&nbsp;&nbsp;&nbsp; 53973 |
|  | Topchoice Medical Corp., Class A | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 4180 | &nbsp;&nbsp;&nbsp;&nbsp; 26043 |
| <sup>a</sup> | Topsports International Holdings Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 72090 |
|  | Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 37204 |
|  | TravelSky Technology Ltd., Class H | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81719 |
|  | Trina Solar Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26306 |
| <sup>c</sup> | Trip.com Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548970 |
|  | Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43032 |
|  | Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272446 |
|  | Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37096 |
|  | Uni-President China Holdings Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94328 |
|  | Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30945 |
| <sup>b</sup> | United Nova Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13712 |
|  | Universal Scientific Industrial Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9841 |
|  | Valiant Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292 |
| <sup>b</sup> | Verisilicon Microelectronics Shanghai Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35013 |
|  | Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45712 |
| <sup>b,c</sup> | Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327869 |
|  | Walvax Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595 |
| <sup>b</sup> | Wanda Film Holding Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19180 |
|  | Wangsu Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20365 |
|  | Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151701 |
|  | Want Want China Holdings Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180751 |
|  | Wanxiang Qianchao Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19778 |
| <sup>c</sup> | Weibo Corp., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47206 |
|  | Weichai Power Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74079 |
|  | Weichai Power Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258954 |
|  | Weifu High-Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12036 |
|  | Weifu High-Technology Group Co. Ltd., Class B | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22022 |
|  | Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65846 |
|  | Western Mining Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28795 |
|  | Western Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26408 |
|  | Western Superconducting Technologies Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19769 |
|  | Will Semiconductor Co. Ltd. Shanghai, Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102290 |
|  | Wingtech Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36768 |
|  | Winning Health Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18283 |
|  | Wintime Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;106600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21127 |
|  | Wolong Electric Group Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29896 |
|  | Wuchan Zhongda Group Co. Ltd., Class A | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22752 |
|  | Wuhan Guide Infrared Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31402 |
|  | Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327204 |
|  | WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37017 |
|  | WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113962 |
| <sup>a</sup> | WuXi AppTec Co. Ltd., Class H | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182332 |
| <sup>a,b</sup> | Wuxi Biologics Cayman, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;219275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762360 |
| <sup>b</sup> | WuXi XDC Cayman, Inc. | Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116988 |

---

65 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 53300 | &nbsp;&nbsp;$63233 |
|  | Xiamen C & D, Inc., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 23406 |
|  | Xiamen ITG Group Corp. Ltd., Class A | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 10800 |
|  | Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 21804 |
|  | Xiangcai Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16692 |
| <sup>a,b,c</sup> | Xiaomi Corp., Class B | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;1098800 | &nbsp;&nbsp;&nbsp;&nbsp; 6948442 |
|  | Xinxing Ductile Iron Pipes Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9762 |
|  | Xinyi Solar Holdings Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126473 |
| <sup>b,c</sup> | XPeng, Inc., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830508 |
|  | Xtep International Holdings Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53435 |
|  | Xuji Electric Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27424 |
| <sup>a</sup> | Yadea Group Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159146 |
|  | Yangling Metron New Material, Inc., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 |
| <sup>b,e</sup> | Yango Group Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>a</sup> | Yangtze Optical Fibre & Cable Joint Stock Co. Ltd., Class H | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17262 |
|  | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26188 |
|  | Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289175 |
|  | Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45097 |
|  | Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;199150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206565 |
|  | Yantai Changyu Pioneer Wine Co. Ltd., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16083 |
|  | Yantai Eddie Precision Machinery Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12741 |
|  | Yantai Jereh Oilfield Services Group Co. Ltd., Class A | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40922 |
|  | Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46079 |
|  | Yifan Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13125 |
|  | Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14056 |
|  | Yihai International Holding Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51610 |
|  | Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35504 |
|  | Yili Chuanning Biotechnology Co. Ltd., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21414 |
|  | Yonfer Agricultural Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14288 |
| <sup>b</sup> | Yonghui Superstores Co. Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27029 |
| <sup>b</sup> | Yonyou Network Technology Co. Ltd., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33992 |
|  | Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27322 |
|  | YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28665 |
|  | Yuan Longping High-tech Agriculture Co. Ltd., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11365 |
|  | Yuexiu Property Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55754 |
|  | Yum China Holdings, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238898 |
|  | Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39138 |
|  | Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64102 |
|  | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24383 |
|  | Yunnan Copper Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21888 |
|  | Yunnan Energy New Material Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17374 |
|  | Yunnan Tin Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17211 |
|  | Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25799 |
|  | Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44877 |
| <sup>b</sup> | Zai Lab Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255318 |
|  | Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40448 |
| <sup>b,f</sup> | ZEEKR Intelligent Technology Holding Ltd., ADR | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34569 |

---

franklintempleton.com Annual Report 66

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;$77939 |
|  | Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 102500 | &nbsp;&nbsp;&nbsp;&nbsp; 203938 |
|  | Zhefu Holding Group Co. Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;&nbsp;&nbsp; 15123 |
|  | Zhejiang China Commodities City Group Co. Ltd., Class A | &nbsp;&nbsp;Distributors | &nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 60158 |
|  | Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 26578 |
|  | Zhejiang Crystal-Optech Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 25844 |
|  | Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38416 |
|  | Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66820 |
|  | Zhejiang Hailiang Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 |
| <sup>b</sup> | Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665 |
|  | Zhejiang Huace Film & Television Co. Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13001 |
|  | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17606 |
|  | Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38450 |
|  | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36091 |
|  | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810 |
|  | Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41830 |
| <sup>a,b</sup> | Zhejiang Leapmotor Technology Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291284 |
|  | Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21239 |
|  | Zhejiang Medicine Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573 |
|  | Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37886 |
|  | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48805 |
|  | Zhejiang Supor Co. Ltd., Class A | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32943 |
|  | Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29896 |
|  | Zhejiang Weiming Environment Protection Co. Ltd., Class A | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12025 |
|  | Zhejiang Weixing New Building Materials Co. Ltd., Class A | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13509 |
|  | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008 |
| <sup>b</sup> | Zhejiang Yongtai Technology Co. Ltd., Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790 |
|  | Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32164 |
|  | Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17888 |
|  | Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32079 |
| <sup>a,b</sup> | ZhongAn Online P&C Insurance Co. Ltd., Class H | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77275 |
|  | Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55661 |
|  | Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47636 |
|  | Zhongshan Public Utilities Group Co. Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010 |
|  | Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72090 |
|  | Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868 |
|  | Zhuhai Huafa Properties Co. Ltd., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023 |
|  | Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15497 |
|  | Zhuzhou CRRC Times Electric Co. Ltd., Class H | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135748 |

---

67 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **China (continued)** |  |  |  |
|  | Zhuzhou Kibing Group Co. Ltd., Class A | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 12300 | &nbsp;&nbsp;$9666 |
|  | Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 94300 | &nbsp;&nbsp;&nbsp;&nbsp; 235169 |
|  | Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 872604 |
| <sup>a</sup> | ZJLD Group, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 32800 | &nbsp;&nbsp;&nbsp;&nbsp; 29300 |
|  | Zoomlion Heavy Industry Science & Technology Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 36900 | &nbsp;&nbsp;&nbsp;&nbsp; 38190 |
|  | Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 98400 | &nbsp;&nbsp;&nbsp;&nbsp; 72343 |
|  | ZTE Corp., Class A | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96548 |
|  | ZTE Corp., Class H | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150819 |
| <sup>c</sup> | ZTO Express Cayman, Inc. | Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525786 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;168948563 |
|  | **Hong Kong 2.8%** |  |  |  |
| <sup>b</sup> | Alibaba Health Information Technology Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248204 |
| <sup>b</sup> | Alibaba Pictures Group Ltd., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55859 |
|  | Beijing Enterprises Water Group Ltd., Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70825 |
|  | Bosideng International Holdings Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126157 |
|  | China Everbright Environment Group Ltd., Class B | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108767 |
|  | China Everbright Ltd., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45741 |
|  | China Gas Holdings Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;188600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171867 |
|  | China Mengniu Dairy Co. Ltd., Class B | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478748 |
|  | China Power International Development Ltd., Class H | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108082 |
|  | China Resources Beer Holdings Co. Ltd., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;101465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366460 |
|  | China Resources Gas Group Ltd., Class A | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171160 |
|  | China Resources Land Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;184500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611814 |
|  | China State Construction International Holdings Ltd., Class A | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142231 |
| <sup>b</sup> | China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41104 |
|  | COSCO SHIPPING Ports Ltd., Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49325 |
|  | Far East Horizon Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100704 |
|  | Geely Automobile Holdings Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;369000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789193 |
|  | Guangdong Investment Ltd. | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120571 |
| <sup>b</sup> | J&T Global Express Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;442800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322127 |
|  | Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70825 |
|  | Kunlun Energy Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239983 |
|  | Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61445 |
|  | Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53330 |
|  | Sino Biopharmaceutical Ltd. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;656000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316183 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870705 |
|  | **Singapore 0.1%** |  |  |  |
|  | Yangzijiang Financial Holding Ltd. | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;151700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89727 |
|  | **Total Common Stocks (Cost $167,232,566)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;173908995 |
|  | **Total Investments before Short-Term Investments (Cost $167,232,566)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;173908995 |

---

franklintempleton.com Annual Report 68

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE China ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Investments from Cash Collateral<br> Received for Loaned Securities 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>g,h</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 29700 | &nbsp;&nbsp;$29700 |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>g,h</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp;&nbsp; 22311 |
|  | **Total Short-Term Investments (Cost $52,011)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 |
|  | **Total Investments (Cost $167,284,577) 100.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;173961006 |
|  | **Other Assets, less Liabilities 0.0%<sup>†</sup>** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16822 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$173977828 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $25,049,294, representing 14.4% of net assets. |
| <sup>b</sup>Non-income producing. |
| <sup>c</sup>Variable interest entity (VIE). See Note 6 regarding investments made through a VIE structure. At March 31, 2025, the value of these securities was $85,110,832, representing 48.9% of net assets. |
| <sup>d</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the aggregate value of these securities was $236,556, representing 0.1% of net assets. |
| <sup>e</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>f</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>g</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>h</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 209

69 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Europe ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $29.69 | $26.56 | $27.18 | $27.28 | &nbsp;&nbsp;$19.03 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) |
| Net asset value, end of year | &nbsp;&nbsp;$30.69 | &nbsp;&nbsp;$29.69 | &nbsp;&nbsp;$26.56 | &nbsp;&nbsp;$27.18 | &nbsp;&nbsp;$27.28 |
| Total return<sup>c</sup> | 7.31% | 14.77% | 1.31% | 3.30% | &nbsp;&nbsp;46.23% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.12%<sup>e</sup> | &nbsp;&nbsp;0.24%<sup>e</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d,f</sup> | &nbsp;&nbsp;0.12%<sup>e</sup> | &nbsp;&nbsp;0.24%<sup>e</sup> | &nbsp;&nbsp;0.09%<sup>f</sup> | &nbsp;&nbsp;0.09%<sup>f</sup> |
| Net investment income | 2.83% | 2.99% | 4.50% | 2.96% | &nbsp;&nbsp;2.53% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$85934 | &nbsp;&nbsp;$71255 | &nbsp;&nbsp;$111558 | &nbsp;&nbsp;$184857 | &nbsp;&nbsp;$229126 |
| Portfolio turnover rate<sup>g</sup> | 6.56%<sup>h</sup> | 4.11%<sup>h</sup> | 5.22%<sup>h</sup> | 5.47%<sup>h</sup> | &nbsp;&nbsp;5.00%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Expense ratios are including European Union tax reclaim contingent fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would not have changed for the year ended March 31, 2025. |
| <sup>e</sup>Expense ratios include European Union tax reclaims contingency fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024 and March 31, 2023. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 6.56% | 4.11% | 5.22% | 5.47% | &nbsp;&nbsp;4.92% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 70

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Europe ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 98.5%** |  |  |  |
|  | **Australia 0.9%** |  |  |  |
| <sup>a</sup> | Glencore PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 88984 | &nbsp;&nbsp;$321942 |
|  | Rio Tinto PLC | Metals & Mining | &nbsp;&nbsp; 7840 | &nbsp;&nbsp;&nbsp;&nbsp; 464130 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786072 |
|  | **Austria 0.4%** |  |  |  |
|  | ANDRITZ AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp;&nbsp; 28147 |
|  | Erste Group Bank AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 2254 | &nbsp;&nbsp;&nbsp;&nbsp; 155144 |
|  | Mondi PLC | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48315 |
|  | OMV AG | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53157 |
|  | Raiffeisen Bank International AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24392 |
|  | Telekom Austria AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 |
|  | Verbund AG | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349938 |
|  | **Belgium 1.3%** |  |  |  |
|  | Ackermans & van Haaren NV | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33237 |
|  | Ageas SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71986 |
|  | Anheuser-Busch InBev SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441586 |
|  | D'ieteren Group | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26433 |
|  | Elia Group SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25021 |
|  | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45780 |
|  | KBC Group NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154979 |
|  | Lotus Bakeries NV | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26605 |
|  | Sofina SA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32121 |
|  | Syensqo SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34173 |
|  | UCB SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155058 |
|  | Warehouses De Pauw CVA | Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30497 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077476 |
|  | **Bermuda 0.1%** |  |  |  |
|  | Hiscox Ltd. | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35701 |
|  | **Chile 0.1%** |  |  |  |
|  | Antofagasta PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54874 |
|  | **Denmark 3.4%** |  |  |  |
|  | AP Moller - Maersk AS, Class A | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34199 |
|  | AP Moller - Maersk AS, Class B | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53793 |
|  | Carlsberg AS, Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85310 |
|  | Coloplast AS, Class B | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95286 |
|  | Danske Bank AS | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155136 |
| <sup>a</sup> | Demant AS | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22964 |
|  | DSV AS | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272801 |
| <sup>a</sup> | Genmab AS | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89635 |
|  | H Lundbeck AS | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410 |
|  | H Lundbeck AS, Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 |
|  | Novo Nordisk AS, Class B | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;23450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595090 |
|  | Novonesis (Novozymes) B, Class B | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147123 |
| <sup>a,b</sup> | Orsted AS | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53152 |
|  | Pandora AS | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87595 |
|  | Rockwool AS, Class B | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28783 |
|  | Tryg AS | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58211 |
| <sup>a</sup> | Vestas Wind Systems AS | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101012 |
| <sup>a</sup> | Zealand Pharma AS | Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36679 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928697 |
|  | **Finland 1.5%** |  |  |  |
|  | Elisa OYJ | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51130 |
|  | Fortum OYJ | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51414 |

---

71 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Finland (continued)** |  |  |  |
|  | Kesko OYJ, Class B | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2002 | &nbsp;&nbsp;$40797 |
|  | Kone OYJ, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp;&nbsp; 131472 |
|  | Metso OYJ | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp;&nbsp; 47564 |
|  | Neste OYJ | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2996 | &nbsp;&nbsp;&nbsp;&nbsp; 27619 |
|  | Nokia OYJ | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 37254 | &nbsp;&nbsp;&nbsp;&nbsp; 194770 |
|  | Nordea Bank Abp | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 24346 | &nbsp;&nbsp;&nbsp;&nbsp; 309534 |
|  | Orion OYJ, Class B | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46460 |
|  | Sampo OYJ, Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;17780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169973 |
|  | Stora Enso OYJ, Class R | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40193 |
|  | UPM-Kymmene OYJ | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99733 |
|  | Valmet OYJ | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32449 |
|  | Wartsila OYJ Abp | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62976 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306084 |
|  | **France 16.0%** |  |  |  |
|  | Accor SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74752 |
|  | Aeroports de Paris SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24153 |
|  | Air Liquide SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783988 |
|  | Airbus SE | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;4298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755739 |
| <sup>a</sup> | Alstom SA | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55785 |
| <sup>b</sup> | Amundi SA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32665 |
|  | Arkema SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31939 |
|  | AXA SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;12460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530296 |
| <sup>b</sup> | Ayvens SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8426 |
|  | BioMerieux | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36268 |
|  | BNP Paribas SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609462 |
|  | Bollore SE | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29399 |
|  | Bouygues SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52309 |
|  | Bureau Veritas SA | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66760 |
| <sup>a</sup> | Canal & SA | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11438 |
|  | Capgemini SE | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175367 |
|  | Carrefour SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;3682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52580 |
|  | Cie de Saint-Gobain SA | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;3360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332823 |
|  | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176937 |
|  | Covivio SA | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22717 |
|  | Credit Agricole SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133438 |
|  | Danone SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350315 |
|  | Dassault Aviation SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46125 |
|  | Dassault Systemes SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184937 |
|  | Edenred SE | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57050 |
|  | Eiffage SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63255 |
|  | Engie SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;12824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249830 |
|  | EssilorLuxottica SA | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646189 |
|  | Eurazeo SE | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25747 |
| <sup>b</sup> | FDJ UNITED | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22852 |
|  | Gecina SA | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35462 |
|  | Getlink SE | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44141 |
|  | Hermes International SCA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645882 |
|  | Ipsen SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28963 |
|  | Kering SA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109715 |
|  | Klepierre SA | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49565 |
|  | Legrand SA | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194112 |
|  | L'Oreal SA | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627367 |
|  | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115296 |
| <sup>b</sup> | Neoen SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19716 |
|  | Orange SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;14056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182124 |
|  | Pernod Ricard SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139391 |
|  | Publicis Groupe SA | Media | &nbsp;&nbsp;&nbsp;&nbsp;1666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156099 |

---

franklintempleton.com Annual Report 72

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **France (continued)** |  |  |  |
|  | Renault SA | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 1386 | &nbsp;&nbsp;$69693 |
|  | Rexel SA | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp;&nbsp; 42721 |
|  | Safran SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp; 2506 | &nbsp;&nbsp;&nbsp;&nbsp; 655090 |
|  | Sanofi SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 8064 | &nbsp;&nbsp;&nbsp;&nbsp; 887798 |
|  | Sartorius Stedim Biotech | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 35849 |
|  | Schneider Electric SE | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 3906 | &nbsp;&nbsp;&nbsp;&nbsp; 889210 |
|  | SCOR SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35426 |
|  | SEB SA | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17074 |
|  | Societe Generale SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235351 |
|  | Sodexo SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38627 |
|  | Teleperformance SE | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40558 |
|  | Thales SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170851 |
|  | TotalEnergies SE | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;14168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913053 |
| <sup>a</sup> | Unibail-Rodamco-Westfield | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64794 |
|  | Veolia Environnement SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159890 |
|  | Vinci SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;3570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448490 |
|  | Vivendi SE | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14343 |
|  | Wendel SE | Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18843 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13729035 |
|  | **Germany 14.3%** |  |  |  |
|  | adidas AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294940 |
|  | Allianz SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075598 |
|  | BASF SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;6510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322738 |
|  | Bayer AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171887 |
|  | Bayerische Motoren Werke AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169366 |
|  | Bechtle AG | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22240 |
|  | Beiersdorf AG | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92089 |
|  | Brenntag SE | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57684 |
|  | Carl Zeiss Meditec AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17412 |
|  | Commerzbank AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149366 |
|  | Continental AG | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54674 |
| <sup>a</sup> | Covestro AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80847 |
|  | CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43224 |
|  | Daimler Truck Holding AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149321 |
| <sup>a,b</sup> | Delivery Hero SE | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36215 |
|  | Deutsche Bank AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;13790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325030 |
|  | Deutsche Boerse AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399147 |
|  | Deutsche Lufthansa AG | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31290 |
|  | Deutsche Post AG | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303898 |
|  | Deutsche Telekom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;24108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891139 |
|  | Deutsche Wohnen SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8511 |
| <sup>b</sup> | DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12183 |
|  | E.ON SE | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;16268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245315 |
|  | Evonik Industries AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39794 |
|  | Fielmann Group AG | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7595 |
| <sup>a</sup> | Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15747 |
|  | Fresenius Medical Care AG | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77303 |
| <sup>a</sup> | Fresenius SE & Co. KGaA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128603 |
|  | FUCHS SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625 |
|  | GEA Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66784 |
|  | Hannover Rueck SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128781 |
|  | Heidelberg Materials AG | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162017 |
|  | Henkel AG & Co. KGaA | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51328 |
|  | HOCHTIEF AG | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23743 |
|  | Infineon Technologies AG | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;9506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312108 |
|  | KION Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21431 |
|  | Knorr-Bremse AG | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44223 |

---

73 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Germany (continued)** |  |  |  |
|  | LEG Immobilien SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 546 | &nbsp;&nbsp;$38608 |
|  | Mercedes-Benz Group AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp;&nbsp; 331900 |
|  | Merck KGaA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp;&nbsp; 130189 |
|  | MTU Aero Engines AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; 135627 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp; 607719 |
|  | Nemetschek SE | &nbsp;&nbsp;Software | &nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp;&nbsp; 45223 |
|  | Puma SE | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18284 |
|  | Rational AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28922 |
|  | Rheinmetall AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458781 |
|  | RWE AG | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;5404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192751 |
|  | SAP SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;8036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121512 |
|  | Sartorius AG | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 |
| <sup>b</sup> | Scout24 SE | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55398 |
|  | Siemens AG | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;5432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243355 |
| <sup>a</sup> | Siemens Energy AG | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285788 |
| <sup>b</sup> | Siemens Healthineers AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120039 |
|  | Symrise AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98413 |
|  | Talanx AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46796 |
|  | Traton SE | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15521 |
|  | Volkswagen AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731 |
|  | Vonovia SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139285 |
|  | Wacker Chemie AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460 |
| <sup>a,b</sup> | Zalando SE | Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54274 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12246337 |
|  | **Ireland 0.9%** |  |  |  |
|  | AIB Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;14938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96009 |
|  | Bank of Ireland Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86104 |
|  | DCC PLC | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47416 |
|  | Experian PLC | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309483 |
|  | Glanbia PLC | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14919 |
|  | Kerry Group PLC, Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127358 |
|  | Kingspan Group PLC | Building Products | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89708 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770997 |
|  | **Isle Of Man 0.0%<sup>†</sup>** |  |  |  |
|  | Entain PLC | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32890 |
|  | **Italy 4.8%** |  |  |  |
|  | A2A SpA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;11564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27793 |
|  | Amplifon SpA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18922 |
|  | Banca Mediolanum SpA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25186 |
|  | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60956 |
|  | Banco BPM SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;11046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111515 |
|  | BPER Banca SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60842 |
|  | Brunello Cucinelli SpA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28745 |
|  | Buzzi SpA | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28755 |
|  | Davide Campari-Milano NV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;3486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20387 |
|  | DiaSorin SpA | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15221 |
|  | Enel SpA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;56840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460305 |
|  | Eni SpA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;15484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239146 |
|  | Ferrari NV | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385526 |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88051 |
|  | Generali | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;9016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315352 |
|  | Hera SpA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27886 |
| <sup>b</sup> | Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26649 |
|  | Interpump Group SpA | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20350 |

---

franklintempleton.com Annual Report 74

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Italy (continued)** |  |  |  |
|  | Intesa Sanpaolo SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;115052 | &nbsp;&nbsp;$588338 |
|  | Italgas SpA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp; 3542 | &nbsp;&nbsp;&nbsp;&nbsp; 25386 |
|  | Leonardo SpA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp; 2940 | &nbsp;&nbsp;&nbsp;&nbsp; 142371 |
|  | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 3976 | &nbsp;&nbsp;&nbsp;&nbsp; 74151 |
|  | Moncler SpA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 1666 | &nbsp;&nbsp;&nbsp;&nbsp; 101858 |
| <sup>a,b</sup> | Nexi SpA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 5558 | &nbsp;&nbsp;&nbsp;&nbsp; 29490 |
| <sup>b</sup> | Pirelli & C SpA | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397 |
| <sup>b</sup> | Poste Italiane SpA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58887 |
|  | Prysmian SpA | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115761 |
|  | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45083 |
|  | Reply SpA | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27366 |
|  | Snam SpA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;16646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86219 |
| <sup>a</sup> | Telecom Italia SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;74956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25165 |
| <sup>a</sup> | Telecom Italia SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;32774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12724 |
|  | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;10304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93095 |
|  | UniCredit SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639008 |
|  | Unipol Assicurazioni SpA | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43186 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085072 |
|  | **Luxembourg 0.2%** |  |  |  |
|  | ArcelorMittal SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100876 |
| <sup>a,b</sup> | CVC Capital Partners PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29766 |
|  | Eurofins Scientific SE | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49871 |
|  | RTL Group SA | Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10028 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190541 |
|  | **Mexico 0.0%<sup>†</sup>** |  |  |  |
|  | Fresnillo PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16068 |
|  | **Netherlands 8.4%** |  |  |  |
|  | Aalberts NV | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23591 |
| <sup>b</sup> | ABN AMRO Bank NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75244 |
| <sup>a,b</sup> | Adyen NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328053 |
|  | Aegon Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;9688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63313 |
|  | Akzo Nobel NV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77144 |
| <sup>a</sup> | Argenx SE | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242926 |
| <sup>a</sup> | Argenx SE | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18687 |
|  | ASM International NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150768 |
|  | ASML Holding NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860378 |
|  | ASR Nederland NV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61693 |
|  | BE Semiconductor Industries NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59040 |
| <sup>b</sup> | CTP NV | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15777 |
| <sup>b</sup> | Euronext NV | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82899 |
|  | EXOR NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60648 |
|  | Ferrovial SE | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;3486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155066 |
| <sup>a</sup> | Havas NV | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 |
| <sup>a</sup> | Havas NV | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352 |
|  | Heineken Holding NV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68797 |
|  | Heineken NV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164154 |
|  | IMCD NV | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57499 |
|  | ING Groep NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;21490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417611 |
|  | JDE Peet's NV | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24463 |
|  | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;6566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245120 |
|  | Koninklijke KPN NV | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;27762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117465 |
|  | Koninklijke Philips NV | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147376 |
|  | Koninklijke Vopak NV | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19406 |
|  | NN Group NV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110121 |
|  | Prosus NV | Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;9268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426231 |

---

75 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Netherlands (continued)** |  |  |  |
|  | Randstad NV | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp; 756 | &nbsp;&nbsp;$31195 |
|  | Shell PLC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 44590 | &nbsp;&nbsp;&nbsp;&nbsp; 1625917 |
|  | Universal Music Group NV | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 5866 | &nbsp;&nbsp;&nbsp;&nbsp; 161136 |
|  | Wolters Kluwer NV | Professional Services | &nbsp;&nbsp; 1736 | &nbsp;&nbsp;&nbsp;&nbsp; 269189 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167748 |
|  | **Nigeria 0.0%<sup>†</sup>** |  |  |  |
| <sup>b</sup> | Airtel Africa PLC | Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15710 |
|  | **Norway 1.0%** |  |  |  |
|  | Aker ASA, Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919 |
|  | Aker BP ASA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;2226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52720 |
|  | DNB Bank ASA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188555 |
|  | Equinor ASA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158493 |
|  | Gjensidige Forsikring ASA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28599 |
|  | Kongsberg Gruppen ASA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79558 |
|  | Mowi ASA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59998 |
|  | Norsk Hydro ASA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;9352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53548 |
|  | Orkla ASA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53783 |
|  | Salmar ASA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22773 |
|  | Schibsted ASA, Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13955 |
|  | Schibsted ASA, Class B | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476 |
|  | Telenor ASA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65002 |
|  | Var Energi ASA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;6412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20640 |
|  | Yara International ASA | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35264 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861283 |
|  | **Poland 0.6%** |  |  |  |
| <sup>a,b</sup> | Allegro.eu SA | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32389 |
|  | Bank Polska Kasa Opieki SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58388 |
| <sup>a,b</sup> | Dino Polska SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40740 |
| <sup>a</sup> | InPost SA | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25111 |
|  | KGHM Polska Miedz SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32155 |
|  | LPP SA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40869 |
| <sup>a</sup> | mBank SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 |
|  | ORLEN SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73465 |
|  | Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120809 |
|  | Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59235 |
|  | Santander Bank Polska SA | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40029 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543690 |
|  | **Portugal 0.2%** |  |  |  |
|  | Banco Comercial Portugues SA, Class R | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;56112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33773 |
|  | EDP SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;22008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73982 |
|  | Galp Energia SGPS SA, Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54488 |
|  | Jeronimo Martins SGPS SA | Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42979 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205222 |
|  | **Russia 0.0%** |  |  |  |
| <sup>a,c,d</sup> | Evraz PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;10404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Spain 4.5%** |  |  |  |
|  | Acciona SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21922 |
|  | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81368 |
| <sup>b</sup> | Aena SME SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121197 |
|  | Amadeus IT Group SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243084 |
|  | Banco Bilbao Vizcaya Argentaria SA | Banks | &nbsp;&nbsp;&nbsp;42098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570475 |

---

franklintempleton.com Annual Report 76

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Spain (continued)** |  |  |  |
|  | Banco de Sabadell SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 36414 | &nbsp;&nbsp;$101522 |
|  | Banco Santander SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;109676 | &nbsp;&nbsp;&nbsp;&nbsp; 734053 |
|  | Bankinter SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 4788 | &nbsp;&nbsp;&nbsp;&nbsp; 52987 |
|  | CaixaBank SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 28350 | &nbsp;&nbsp;&nbsp;&nbsp; 219694 |
| <sup>a,b</sup> | Cellnex Telecom SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp; 4312 | &nbsp;&nbsp;&nbsp;&nbsp; 152917 |
|  | Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp; 7434 |
|  | EDP Renovaveis SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17839 |
|  | Endesa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60764 |
| <sup>a</sup> | Grifols SA | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16861 |
|  | Iberdrola SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;44324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715310 |
|  | Industria de Diseno Textil SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;7686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380666 |
|  | Mapfre SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21876 |
|  | Merlin Properties Socimi SA | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29062 |
|  | Naturgy Energy Group SA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26449 |
|  | Redeia Corp. SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63714 |
|  | Repsol SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;8204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109002 |
|  | Telefonica SA | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;31024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145912 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894108 |
|  | **Sweden 5.0%** |  |  |  |
|  | AAK AB | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35122 |
|  | AddTech AB, Class B | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47745 |
|  | Alfa Laval AB | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84285 |
|  | Assa Abloy AB, Class B | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212749 |
|  | Atlas Copco AB, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;18536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294137 |
|  | Atlas Copco AB, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;11046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154335 |
|  | Axfood AB | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17623 |
|  | Beijer Ref AB | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41935 |
|  | Boliden AB | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66144 |
| <sup>a</sup> | Castellum AB | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33973 |
|  | Epiroc AB, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91370 |
|  | Epiroc AB, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48813 |
|  | EQT AB | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;5334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161532 |
|  | Essity AB, Class B | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124501 |
| <sup>b</sup> | Evolution AB | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84217 |
| <sup>a</sup> | Fastighets AB Balder, Class B | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;4886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30595 |
|  | Getinge AB, Class B | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34588 |
|  | H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50351 |
|  | Hexagon AB, Class B | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;15428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163801 |
|  | Holmen AB, Class B | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24911 |
|  | Industrivarden AB, Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30244 |
|  | Industrivarden AB, Class C | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43524 |
|  | Indutrade AB | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53276 |
|  | Investment AB Latour, Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28084 |
|  | Investor AB, Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104697 |
|  | Investor AB, Class B | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;12852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381718 |
|  | L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26586 |
|  | Lifco AB, Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;1652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58350 |
|  | Nibe Industrier AB, Class B | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;12432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46943 |
|  | Saab AB, Class B | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92719 |
|  | Sagax AB, Class B | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32580 |
|  | Sagax AB, Class D | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 |
|  | Sandvik AB | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;7574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158340 |
|  | Securitas AB, Class B | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51438 |
| <sup>a</sup> | Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;11032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180662 |
| <sup>a</sup> | Skandinaviska Enskilda Banken AB, Class C | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 |
| <sup>a</sup> | Skanska AB, Class B | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54185 |
| <sup>a</sup> | SKF AB, Class B | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49880 |

---

77 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Sweden (continued)** |  |  |  |
|  | SSAB AB, Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 1568 | &nbsp;&nbsp;$9678 |
|  | SSAB AB, Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 4368 | &nbsp;&nbsp;&nbsp;&nbsp; 26482 |
| <sup>a</sup> | Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp;&nbsp; 57692 |
|  | Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 10164 | &nbsp;&nbsp;&nbsp;&nbsp; 114489 |
|  | Svenska Handelsbanken AB, Class B | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
|  | Sweco AB, Class B | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 1456 | &nbsp;&nbsp;&nbsp;&nbsp; 26061 |
|  | Swedbank AB, Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143250 |
| <sup>a</sup> | Swedish Orphan Biovitrum AB | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38854 |
|  | Tele2 AB, Class B | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;3906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52708 |
|  | Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;20286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156874 |
|  | Telia Co. AB | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;16786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60643 |
|  | Trelleborg AB, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54927 |
| <sup>a</sup> | Volvo AB, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40752 |
| <sup>a</sup> | Volvo AB, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335082 |
| <sup>a</sup> | Volvo Car AB, Class B | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331011 |
|  | **Switzerland 14.4%** |  |  |  |
|  | ABB Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;11634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594619 |
|  | Adecco Group AG | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34699 |
|  | Alcon AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341063 |
|  | Avolta AG | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26155 |
|  | Bachem Holding AG, Class B | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13115 |
|  | Baloise Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70333 |
|  | Banque Cantonale Vaudoise | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22881 |
|  | Barry Callebaut AG | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35766 |
|  | Belimo Holding AG | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42803 |
|  | BKW AG | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24463 |
|  | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188935 |
|  | Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672824 |
|  | Clariant AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17333 |
|  | Coca-Cola HBC AG | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67751 |
|  | DKSH Holding AG | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20204 |
|  | DSM-Firmenich AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124346 |
|  | Emmi AG | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12817 |
|  | EMS-Chemie Holding AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37977 |
|  | Flughafen Zurich AG | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33103 |
| <sup>a</sup> | Galderma Group AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76992 |
|  | Geberit AG | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156654 |
|  | Georg Fischer AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43683 |
|  | Givaudan SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248979 |
|  | Helvetia Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52038 |
|  | Julius Baer Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101813 |
|  | Kuehne & Nagel International AG | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83723 |
|  | Logitech International SA | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91236 |
|  | Lonza Group AG | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317445 |
|  | Nestle SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;18858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904237 |
|  | Novartis AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;14462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599279 |
|  | Partners Group Holding AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230962 |
|  | PSP Swiss Property AG | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52484 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664034 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72726 |
|  | Sandoz Group AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134805 |
|  | Schindler Holding AG, PC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91648 |
|  | Schindler Holding AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46474 |
|  | SGS SA | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112689 |
|  | SIG Group AG | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44907 |
|  | Sika AG | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266515 |

---

franklintempleton.com Annual Report 78

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Switzerland (continued)** |  |  |  |
|  | Sonova Holding AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 364 | &nbsp;&nbsp;$105528 |
|  | STMicroelectronics NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 4760 | &nbsp;&nbsp;&nbsp;&nbsp; 102835 |
|  | Straumann Holding AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp;&nbsp; 93885 |
|  | Swatch Group AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 36007 |
|  | Swatch Group AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 12967 |
|  | Swiss Life Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 190596 |
|  | Swiss Prime Site AG | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68738 |
|  | Swiss Re AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360780 |
|  | Swisscom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104808 |
|  | Temenos AG | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34483 |
|  | UBS Group AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;23520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714306 |
| <sup>b</sup> | VAT Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69738 |
|  | Zurich Insurance Group AG | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739599 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12408780 |
|  | **United Kingdom 19.5%** |  |  |  |
|  | 3i Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;6804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317567 |
|  | Admiral Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78281 |
|  | Anglo American PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;9114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252336 |
|  | Ashtead Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171568 |
|  | Associated British Foods PLC | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55914 |
|  | AstraZeneca PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;10976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594386 |
| <sup>b</sup> | Auto Trader Group PLC | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61727 |
|  | Aviva PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;19782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141763 |
|  | B&M European Value Retail SA | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22304 |
|  | BAE Systems PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;22232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447514 |
|  | Barclays PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;106064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394004 |
|  | Barratt Redrow PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;10570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57697 |
|  | Beazley PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55950 |
|  | Berkeley Group Holdings PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32475 |
|  | BP PLC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;117992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664173 |
|  | British American Tobacco PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;14476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594554 |
|  | British Land Co. PLC | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34244 |
|  | BT Group PLC | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;46256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99021 |
|  | Bunzl PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;2422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92723 |
|  | Burberry Group PLC | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25662 |
|  | Centrica PLC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;37156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71627 |
|  | Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130321 |
|  | Compass Group PLC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;12460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410593 |
| <sup>b</sup> | ConvaTec Group PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;12096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40156 |
|  | Croda International PLC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38030 |
|  | Diageo PLC | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;16268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423003 |
|  | Diploma PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47954 |
|  | Endeavour Mining PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33856 |
|  | GSK PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;29274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552423 |
|  | Haleon PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;65044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328518 |
|  | Halma PLC | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92814 |
|  | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29584 |
|  | Howden Joinery Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36639 |
|  | HSBC Holdings PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;130886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476377 |
|  | IMI PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46034 |
|  | Imperial Brands PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225726 |
|  | Informa PLC | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;9744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96768 |
|  | InterContinental Hotels Group PLC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123768 |
|  | Intermediate Capital Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48374 |
|  | International Consolidated Airlines Group SA | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;16898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883 |
|  | Intertek Group PLC | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76876 |
|  | J Sainsbury PLC | Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;14182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43054 |

---

79 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United Kingdom (continued)** |  |  |  |
|  | JD Sports Fashion PLC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 17794 | &nbsp;&nbsp;$15595 |
|  | Kingfisher PLC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 13174 | &nbsp;&nbsp;&nbsp;&nbsp; 43072 |
|  | Land Securities Group PLC | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 5404 | &nbsp;&nbsp;&nbsp;&nbsp; 38364 |
|  | Legal & General Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 43260 | &nbsp;&nbsp;&nbsp;&nbsp; 135574 |
|  | Lloyds Banking Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;447902 | &nbsp;&nbsp;&nbsp;&nbsp; 416716 |
|  | London Stock Exchange Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 3640 | &nbsp;&nbsp;&nbsp;&nbsp; 538429 |
|  | M&G PLC | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;16338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41860 |
|  | Marks & Spencer Group PLC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;14966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68673 |
|  | Melrose Industries PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;9422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57779 |
|  | National Grid PLC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;35868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467365 |
|  | NatWest Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;54278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316528 |
|  | Next PLC | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122190 |
| <sup>a,c</sup> | NMC Health PLC | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Pearson PLC | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;4886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76815 |
|  | Persimmon PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35311 |
|  | Phoenix Group Holdings PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37798 |
|  | Prudential PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206779 |
|  | Reckitt Benckiser Group PLC | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341177 |
|  | RELX PLC | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;13720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685873 |
|  | Rentokil Initial PLC | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;18550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83227 |
|  | Rightmove PLC | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;5880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52034 |
| <sup>a</sup> | Rolls-Royce Holdings PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;62272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602028 |
|  | RS Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24859 |
|  | Sage Group PLC | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;7378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114945 |
|  | Schroders PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;6062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27214 |
|  | Segro PLC | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;9828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87631 |
|  | Severn Trent PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63116 |
|  | Smith & Nephew PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;6398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89602 |
|  | Smiths Group PLC | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62461 |
|  | Spirax Group PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43554 |
|  | SSE PLC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164761 |
|  | St. James's Place PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50316 |
|  | Standard Chartered PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;14560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214150 |
|  | Taylor Wimpey PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;25606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35728 |
|  | Tesco PLC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;49476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212211 |
|  | Unilever PLC | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;17864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062972 |
|  | UNITE Group PLC | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30743 |
|  | United Utilities Group PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64513 |
|  | Vodafone Group PLC | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;150556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141667 |
|  | Weir Group PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57435 |
|  | Whitbread PLC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40272 |
| <sup>a</sup> | Wise PLC, Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67794 |
|  | WPP PLC | Media | &nbsp;&nbsp;&nbsp;&nbsp;7854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58920 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16721292 |
|  | **United States 1.0%** |  |  |  |
|  | Holcim AG, Class B | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;4046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432153 |
| <sup>a</sup> | Qiagen NV | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61009 |
|  | Smurfit WestRock PLC | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;3766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168190 |
|  | Stellantis NV | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;15260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169157 |
|  | Tenaris SA | Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;2744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53531 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884040 |
|  | **Total Common Stocks (Cost $82,903,888)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;84642666 |

---

franklintempleton.com Annual Report 80

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Preferred Stocks 0.4%** |  |  |  |
|  | **Germany 0.4%** |  |  |  |
| <sup>e</sup> | Bayerische Motoren Werke AG, 8.737%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 420 | &nbsp;&nbsp;$31259 |
| <sup>e</sup> | FUCHS SE, 2.505%, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 22118 |
| <sup>e</sup> | Henkel AG & Co. KGaA, 2.518%, pfd. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 94454 |
| <sup>e</sup> | Sartorius AG, 0.346%, pfd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 41993 |
| <sup>e</sup> | Volkswagen AG, 9.684%, pfd. | Automobiles | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp; 135829 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325653 |
|  | **Spain 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Grifols SA, Class B, pfd. | Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12651 |
|  | **Total Preferred Stocks (Cost $481,927)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338304 |
|  | **Right 0.0%<sup>†</sup>** |  |  |  |
|  | **Belgium 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Elia Group SA | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 |
|  | **Total Rights (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 |
|  | **Total Investments before Short-Term Investments (Cost $83,385,815)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;84982174 |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>f,g</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 |
|  | **Total Short-Term Investments (Cost $46,800)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 |
|  | **Total Investments (Cost $83,432,615) 98.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;85028974 |
|  | **Other Assets, less Liabilities 1.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905321 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$85934295 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $1,695,873, representing 2.0% of net assets. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>d</sup>See Note 6 regarding investments in Russian securities. |
| <sup>e</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>f</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>g</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

81 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Europe ETF (continued)

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EURO STOXX 50 Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;12 | &nbsp;&nbsp;$672619 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(28070) |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index | Long | 2 | &nbsp;&nbsp;&nbsp;&nbsp;221803 | 6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; (3243) |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | &nbsp;&nbsp;$(31313) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 82

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Eurozone ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $26.04 | $23.60 | $27.12 | $25.72 | &nbsp;&nbsp;$19.15 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(5.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| Net asset value, end of year | &nbsp;&nbsp;$27.11 | &nbsp;&nbsp;$26.04 | &nbsp;&nbsp;$23.60 | &nbsp;&nbsp;$27.12 | &nbsp;&nbsp;$25.72 |
| Total return<sup>c</sup> | 7.41% | 13.90% | 7.53% | 8.75% | &nbsp;&nbsp;36.92% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.07%<sup>e</sup> | &nbsp;&nbsp;0.15%<sup>e</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>f</sup> | &nbsp;&nbsp;0.07%<sup>e,f</sup> | &nbsp;&nbsp;0.15%<sup>e,f</sup> | &nbsp;&nbsp;0.09%<sup>f</sup> | &nbsp;&nbsp;0.09%<sup>f</sup> |
| Net investment income | 2.84% | 2.36% | 3.44% | 2.77% | &nbsp;&nbsp;2.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$21690 | &nbsp;&nbsp;$20828 | &nbsp;&nbsp;$14163 | &nbsp;&nbsp;$21695 | &nbsp;&nbsp;$15429 |
| Portfolio turnover rate<sup>g</sup> | 4.22%<sup>h</sup> | 77.86%<sup>h</sup> | 22.30%<sup>h</sup> | 11.67%<sup>h</sup> | &nbsp;&nbsp;12.87%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Expense ratios are including European Union tax reclaim contingent fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would not have changed for the year ended March 31, 2025. |
| <sup>e</sup>Expense ratios include European Union tax reclaims contingency fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024 and March 31, 2023. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 4.22% | 78.57% | 22.37% | 11.67% | &nbsp;&nbsp;12.87% |

---

83 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Eurozone ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 98.8%** |  |  |  |
|  | **Austria 0.7%** |  |  |  |
|  | ANDRITZ AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 248 | &nbsp;&nbsp;$13850 |
|  | Erste Group Bank AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp;&nbsp; 76264 |
|  | OMV AG | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp;&nbsp; 26476 |
|  | Raiffeisen Bank International AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; 11889 |
|  | Telekom Austria AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp; 3024 |
|  | Verbund AG | Electric Utilities | &nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp; 16402 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147905 |
|  | **Belgium 2.4%** |  |  |  |
|  | Ackermans & van Haaren NV | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17266 |
|  | Ageas SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36113 |
|  | Anheuser-Busch InBev SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217657 |
|  | D'ieteren Group | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13045 |
|  | Elia Group SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775 |
|  | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22295 |
|  | KBC Group NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76582 |
|  | Lotus Bakeries NV | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8868 |
|  | Sofina SA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16315 |
|  | Syensqo SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17358 |
|  | UCB SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76650 |
|  | Warehouses De Pauw CVA | Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14775 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528699 |
|  | **Finland 3.0%** |  |  |  |
|  | Elisa OYJ | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25127 |
|  | Fortum OYJ | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25723 |
|  | Kesko OYJ, Class B | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19807 |
|  | Kone OYJ, Class B | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64583 |
|  | Metso OYJ | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23813 |
|  | Neste OYJ | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13938 |
|  | Nokia OYJ | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;18288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95613 |
|  | Nordea Bank Abp | &nbsp;&nbsp;Banks | &nbsp;&nbsp;12004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152618 |
|  | Orion OYJ, Class B | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22756 |
|  | Sampo OYJ, Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;8784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83973 |
|  | Stora Enso OYJ, Class R | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20031 |
|  | UPM-Kymmene OYJ | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48986 |
|  | Valmet OYJ | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15955 |
|  | Wartsila OYJ Abp | Machinery | &nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31099 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644022 |
|  | **France 31.2%** |  |  |  |
|  | Accor SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36924 |
|  | Aeroports de Paris SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772 |
|  | Air Liquide SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385940 |
|  | Airbus SE | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372770 |
| <sup>a</sup> | Alstom SA | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27562 |
| <sup>b</sup> | Amundi SA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15866 |
|  | Arkema SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15818 |
|  | AXA SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;6144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261488 |
| <sup>b</sup> | Ayvens SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 |
|  | BioMerieux | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18257 |
|  | BNP Paribas SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300411 |
|  | Bollore SE | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14746 |
|  | Bouygues SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25801 |
|  | Bureau Veritas SA | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32595 |
|  | Capgemini SE | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86491 |
|  | Carrefour SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26276 |
|  | Cie de Saint-Gobain SA | Building Products | &nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164034 |

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franklintempleton.com Annual Report 84

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Eurozone ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **France (continued)** |  |  |  |
|  | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 2484 | &nbsp;&nbsp;$86963 |
|  | Covivio SA | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 10743 |
|  | Credit Agricole SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 3640 | &nbsp;&nbsp;&nbsp;&nbsp; 65958 |
|  | Danone SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp;&nbsp; 173245 |
|  | Dassault Aviation SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 21415 |
|  | Dassault Systemes SE | &nbsp;&nbsp;Software | &nbsp;&nbsp; 2408 | &nbsp;&nbsp;&nbsp;&nbsp; 90883 |
|  | Edenred SE | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28072 |
|  | Eiffage SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31048 |
|  | Engie SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;6336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123434 |
|  | EssilorLuxottica SA | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318794 |
|  | Eurazeo SE | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12653 |
| <sup>b</sup> | FDJ UNITED | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11050 |
|  | Gecina SA | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17637 |
|  | Getlink SE | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21984 |
|  | Hermes International SCA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317732 |
|  | Ipsen SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14252 |
|  | Kering SA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53414 |
|  | Klepierre SA | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24716 |
|  | Legrand SA | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95795 |
|  | L'Oreal SA | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308129 |
|  | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549003 |
| <sup>b</sup> | Neoen SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942 |
|  | Orange SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89818 |
|  | Pernod Ricard SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69005 |
|  | Publicis Groupe SA | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76456 |
|  | Renault SA | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34796 |
|  | Rexel SA | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21307 |
|  | Safran SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324147 |
|  | Sanofi SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;3968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436853 |
|  | Sartorius Stedim Biotech | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18122 |
|  | Schneider Electric SE | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438003 |
|  | SCOR SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17598 |
|  | SEB SA | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8631 |
|  | Societe Generale SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115708 |
|  | Sodexo SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18993 |
|  | Teleperformance SE | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20379 |
|  | Thales SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83834 |
|  | TotalEnergies SE | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450082 |
| <sup>a</sup> | Unibail-Rodamco-Westfield | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32313 |
|  | Veolia Environnement SA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78607 |
|  | Vinci SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221104 |
|  | Vivendi SE | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6766 |
|  | Wendel SE | Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759690 |
|  | **Germany 27.8%** |  |  |  |
|  | adidas AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146066 |
|  | Allianz SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527910 |
|  | BASF SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;3208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159039 |
|  | Bayer AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84775 |
|  | Bayerische Motoren Werke AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83409 |
|  | Bechtle AG | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935 |
|  | Beiersdorf AG | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45915 |
|  | Brenntag SE | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28585 |
|  | Carl Zeiss Meditec AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8641 |
|  | Commerzbank AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73664 |
|  | Continental AG | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27337 |
| <sup>a</sup> | Covestro AG | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40038 |

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85 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Eurozone ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Germany (continued)** |  |  |  |
|  | CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 212 | &nbsp;&nbsp;$21114 |
|  | Daimler Truck Holding AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp;&nbsp; 73779 |
| <sup>a,b</sup> | Delivery Hero SE | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp; 17846 |
|  | Deutsche Bank AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 6784 | &nbsp;&nbsp;&nbsp;&nbsp; 159899 |
|  | Deutsche Boerse AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 668 | &nbsp;&nbsp;&nbsp;&nbsp; 196340 |
|  | Deutsche Lufthansa AG | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp; 2148 | &nbsp;&nbsp;&nbsp;&nbsp; 15537 |
|  | Deutsche Post AG | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149774 |
|  | Deutsche Telekom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;11872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438842 |
|  | Deutsche Wohnen SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821 |
| <sup>b</sup> | DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6091 |
|  | E.ON SE | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;8012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120818 |
|  | Evonik Industries AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19639 |
|  | Fielmann Group AG | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978 |
| <sup>a</sup> | Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8249 |
|  | Fresenius Medical Care AG | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38060 |
| <sup>a</sup> | Fresenius SE & Co. KGaA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63111 |
|  | FUCHS SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 |
|  | GEA Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32848 |
|  | Hannover Rueck SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64094 |
|  | Heidelberg Materials AG | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79647 |
|  | Henkel AG & Co. KGaA | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25592 |
|  | HOCHTIEF AG | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10854 |
|  | Infineon Technologies AG | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;4684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153788 |
|  | KION Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10591 |
|  | Knorr-Bremse AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21660 |
|  | LEG Immobilien SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18950 |
|  | Mercedes-Benz Group AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163433 |
|  | Merck KGaA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64001 |
|  | MTU Aero Engines AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67814 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299456 |
|  | Nemetschek SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22612 |
|  | Puma SE | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 |
|  | Rational AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14048 |
|  | Rheinmetall AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222266 |
|  | RWE AG | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94878 |
|  | SAP SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045444 |
|  | Sartorius AG | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 |
| <sup>b</sup> | Scout24 SE | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27491 |
|  | Siemens AG | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613437 |
| <sup>a</sup> | Siemens Energy AG | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140742 |
| <sup>b</sup> | Siemens Healthineers AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58733 |
|  | Symrise AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48793 |
|  | Talanx AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22562 |
|  | Traton SE | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316 |
|  | Volkswagen AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10762 |
|  | Vonovia SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68267 |
|  | Wacker Chemie AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566 |
| <sup>a,b</sup> | Zalando SE | Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27171 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029744 |
|  | **Ireland 0.9%** |  |  |  |
|  | AIB Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;7384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47458 |
|  | Bank of Ireland Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42408 |
|  | Glanbia PLC | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470 |
|  | Kerry Group PLC, Class A | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62738 |

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franklintempleton.com Annual Report 86

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Eurozone ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Ireland (continued)** |  |  |  |
|  | Kingspan Group PLC | Building Products | &nbsp;&nbsp; 548 | &nbsp;&nbsp;$43893 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203967 |
|  | **Italy 9.3%** |  |  |  |
|  | A2A SpA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 5540 | &nbsp;&nbsp;&nbsp;&nbsp; 13315 |
|  | Amplifon SpA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; 9360 |
|  | Banca Mediolanum SpA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; 12529 |
|  | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29941 |
|  | Banco BPM SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54758 |
|  | BPER Banca SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29751 |
|  | Brunello Cucinelli SpA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14145 |
|  | Buzzi SpA | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14330 |
|  | Davide Campari-Milano NV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10386 |
|  | DiaSorin SpA | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7512 |
|  | Enel SpA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;28028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226978 |
|  | Eni SpA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117380 |
|  | Ferrari NV | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189797 |
|  | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43318 |
|  | Generali | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;4448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155577 |
|  | Hera SpA | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13446 |
| <sup>b</sup> | Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13240 |
|  | Interpump Group SpA | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10352 |
|  | Intesa Sanpaolo SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;56732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290109 |
|  | Italgas SpA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12815 |
|  | Leonardo SpA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69926 |
|  | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36702 |
|  | Moncler SpA | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50134 |
| <sup>a,b</sup> | Nexi SpA | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14411 |
| <sup>b</sup> | Pirelli & C SpA | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7947 |
| <sup>b</sup> | Poste Italiane SpA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29035 |
|  | Prysmian SpA | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56575 |
|  | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21920 |
|  | Reply SpA | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13032 |
|  | Snam SpA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;8220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42576 |
| <sup>a</sup> | Telecom Italia SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;36448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12237 |
| <sup>a</sup> | Telecom Italia SpA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;17036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 |
|  | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;5076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45861 |
|  | UniCredit SpA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315274 |
|  | Unipol Assicurazioni SpA | Insurance | &nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21561 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012844 |
|  | **Luxembourg 0.4%** |  |  |  |
|  | ArcelorMittal SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49980 |
| <sup>a,b</sup> | CVC Capital Partners PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15041 |
|  | Eurofins Scientific SE | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24670 |
|  | RTL Group SA | Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94516 |
|  | **Netherlands 12.6%** |  |  |  |
|  | Aalberts NV | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11728 |
| <sup>b</sup> | ABN AMRO Bank NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37476 |
| <sup>a,b</sup> | Adyen NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164026 |
|  | Aegon Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31264 |
|  | Akzo Nobel NV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37715 |
| <sup>a</sup> | Argenx SE | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128470 |
|  | ASM International NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75384 |
|  | ASML Holding NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916442 |
|  | ASR Nederland NV | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30446 |

---

87 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Eurozone ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Netherlands (continued)** |  |  |  |
|  | BE Semiconductor Industries NV | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 280 | &nbsp;&nbsp;$28800 |
| <sup>b</sup> | CTP NV | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 7227 |
| <sup>b</sup> | Euronext NV | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 40438 |
|  | EXOR NV | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 30324 |
|  | Ferrovial SE | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 1712 | &nbsp;&nbsp;&nbsp;&nbsp; 76154 |
| <sup>a</sup> | Havas NV | &nbsp;&nbsp;Media | &nbsp;&nbsp; 2408 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 |
|  | Heineken Holding NV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34398 |
|  | Heineken NV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81100 |
|  | IMCD NV | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28087 |
|  | ING Groep NV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;10596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205910 |
|  | JDE Peet's NV | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12319 |
|  | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120507 |
|  | Koninklijke KPN NV | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;13652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57764 |
|  | Koninklijke Philips NV | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72199 |
|  | Koninklijke Vopak NV | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9010 |
|  | NN Group NV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53399 |
|  | Prosus NV | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;4568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210080 |
|  | Randstad NV | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350 |
|  | Universal Music Group NV | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79552 |
|  | Wolters Kluwer NV | Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132114 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731103 |
|  | **Poland 0.1%** |  |  |  |
| <sup>a</sup> | InPost SA | Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12599 |
|  | **Portugal 0.5%** |  |  |  |
|  | Banco Comercial Portugues SA, Class R | &nbsp;&nbsp;Banks | &nbsp;&nbsp;27752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16704 |
|  | EDP SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;10840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36440 |
|  | Galp Energia SGPS SA, Class B | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26788 |
|  | Jeronimo Martins SGPS SA | Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21426 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101358 |
|  | **Russia 0.0%** |  |  |  |
| <sup>a,c,d</sup> | Evraz PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Spain 8.8%** |  |  |  |
|  | Acciona SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10961 |
|  | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 |
| <sup>b</sup> | Aena SME SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58961 |
|  | Amadeus IT Group SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119105 |
|  | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;20760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281321 |
|  | Banco de Sabadell SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;18064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50362 |
|  | Banco Santander SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;53976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361257 |
|  | Bankinter SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25852 |
|  | CaixaBank SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;13924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107902 |
| <sup>a,b</sup> | Cellnex Telecom SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75465 |
|  | Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735 |
|  | EDP Renovaveis SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8995 |
|  | Endesa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30276 |
| <sup>a</sup> | Grifols SA | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431 |
|  | Iberdrola SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;21856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352716 |
|  | Industria de Diseno Textil SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;3792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187807 |
|  | Mapfre SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917 |
|  | Merlin Properties Socimi SA | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14648 |
|  | Naturgy Energy Group SA | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12780 |
|  | Redeia Corp. SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31035 |
|  | Repsol SA | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;4028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53518 |

---

franklintempleton.com Annual Report 88

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Eurozone ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Spain (continued)** |  |  |  |
|  | Telefonica SA | Diversified Telecommunication Services | &nbsp;&nbsp;15340 | &nbsp;&nbsp;$72147 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918191 |
|  | **Switzerland 0.5%** |  |  |  |
|  | DSM-Firmenich AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp;&nbsp; 61581 |
|  | STMicroelectronics NV | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 2336 | &nbsp;&nbsp;&nbsp;&nbsp; 50467 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112048 |
|  | **United Kingdom 0.0%** |  |  |  |
| <sup>a,c</sup> | NMC Health PLC | Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **United States 0.6%** |  |  |  |
| <sup>a</sup> | Qiagen NV | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30188 |
|  | Stellantis NV | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;7512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83271 |
|  | Tenaris SA | Energy Equipment & Services | &nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26453 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139912 |
|  | **Total Common Stocks (Cost $19,095,704)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21436598 |
|  | **Preferred Stocks 0.8%** |  |  |  |
|  | **Germany 0.8%** |  |  |  |
| <sup>e</sup> | Bayerische Motoren Werke AG, 8.737%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15481 |
| <sup>e</sup> | FUCHS SE, 2.505%, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10724 |
| <sup>e</sup> | Henkel AG & Co. KGaA, 2.518%, pfd. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46671 |
| <sup>e</sup> | Sartorius AG, 0.346%, pfd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20996 |
| <sup>e</sup> | Volkswagen AG, 9.684%, pfd. | Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160574 |
|  | **Spain 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Grifols SA, Class B, pfd. | Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585 |
|  | **Total Preferred Stocks (Cost $226,146)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167159 |
|  | **Right 0.0%<sup>†</sup>** |  |  |  |
|  | **Belgium 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Elia Group SA | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
|  | **Total Rights (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 |
|  | **Total Investments before Short-Term Investments (Cost $19,321,850)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21604420 |

---

89 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Eurozone ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>f,g</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 1925 | &nbsp;&nbsp;$1925 |
|  | **Total Short-Term Investments (Cost $1,925)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
|  | **Total Investments (Cost $19,323,775) 99.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21606345 |
|  | **Other Assets, less Liabilities 0.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83991 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$21690336 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $641,783, representing 3.0% of net assets. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>d</sup>See Note 6 regarding investments in Russian securities. |
| <sup>e</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>f</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>g</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EURO STOXX 50 Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;1 | &nbsp;&nbsp;$56052 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(2521) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 90

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Germany ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $24.82 | $22.10 | $22.37 | $25.98 | &nbsp;&nbsp;$16.73 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(3.63) | &nbsp;&nbsp;&nbsp;&nbsp;9.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;9.90 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| Net asset value, end of year | &nbsp;&nbsp;$28.94 | &nbsp;&nbsp;$24.82 | &nbsp;&nbsp;$22.10 | &nbsp;&nbsp;$22.37 | &nbsp;&nbsp;$25.98 |
| Total return<sup>c</sup> | 19.56% | 15.78% | 2.41% | (11.68)% | &nbsp;&nbsp;59.79% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Net investment income | 2.21% | 2.95% | 3.11% | 2.73% | &nbsp;&nbsp;2.66% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$27497 | &nbsp;&nbsp;$19857 | &nbsp;&nbsp;$17683 | &nbsp;&nbsp;$16775 | &nbsp;&nbsp;$9093 |
| Portfolio turnover rate<sup>e</sup> | 3.49%<sup>f</sup> | 4.14%<sup>f</sup> | 4.21%<sup>f</sup> | 6.70%<sup>f</sup> | &nbsp;&nbsp;5.79%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 3.49% | 4.14% | 4.21% | 6.70% | &nbsp;&nbsp;5.79% |

---

91 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Germany ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 97.2%** |  |  |  |
|  | **Germany 96.6%** |  |  |  |
|  | adidas AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2736 | &nbsp;&nbsp;$640441 |
|  | Allianz SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 6122 | &nbsp;&nbsp;&nbsp;&nbsp; 2328433 |
|  | BASF SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;14136 | &nbsp;&nbsp;&nbsp;&nbsp; 700804 |
|  | Bayer AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;15637 | &nbsp;&nbsp;&nbsp;&nbsp; 372786 |
|  | Bayerische Motoren Werke AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 4636 | &nbsp;&nbsp;&nbsp;&nbsp; 368975 |
|  | Bechtle AG | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp;&nbsp; 48432 |
|  | Beiersdorf AG | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200945 |
|  | Brenntag SE | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125992 |
|  | Carl Zeiss Meditec AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38556 |
|  | Commerzbank AG | &nbsp;&nbsp;Banks | &nbsp;&nbsp;14288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323649 |
|  | Continental AG | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120577 |
| <sup>a</sup> | Covestro AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176772 |
|  | CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92722 |
|  | Daimler Truck Holding AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323784 |
| <sup>a,b</sup> | Delivery Hero SE | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79360 |
|  | Deutsche Bank AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;29925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705332 |
|  | Deutsche Boerse AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865602 |
|  | Deutsche Lufthansa AG | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68851 |
|  | Deutsche Post AG | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;15466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659568 |
|  | Deutsche Telekom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;52307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933500 |
|  | Deutsche Wohnen SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16914 |
| <sup>b</sup> | DWS Group GmbH & Co. KGaA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26868 |
|  | E.ON SE | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;35245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531480 |
|  | Evonik Industries AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85511 |
|  | Fielmann Group AG | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17178 |
| <sup>a</sup> | Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35619 |
|  | Fresenius Medical Care AG | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;3401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167671 |
| <sup>a</sup> | Fresenius SE & Co. KGaA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;6555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278768 |
|  | FUCHS SE | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17214 |
|  | GEA Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144557 |
|  | Hannover Rueck SE | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281895 |
|  | Heidelberg Materials AG | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352454 |
|  | Henkel AG & Co. KGaA | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 |
|  | HOCHTIEF AG | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48334 |
|  | Infineon Technologies AG | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;20653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678094 |
|  | KION Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47164 |
|  | Knorr-Bremse AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94312 |
|  | LEG Immobilien SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83296 |
|  | Mercedes-Benz Group AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;12312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720696 |
|  | Merck KGaA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280618 |
|  | MTU Aero Engines AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295820 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;2098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319870 |
|  | Nemetschek SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98637 |
|  | Puma SE | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39979 |
|  | Rational AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62803 |
|  | Rheinmetall AG | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984526 |
|  | RWE AG | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;11723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418139 |
|  | SAP SE | &nbsp;&nbsp;Software | &nbsp;&nbsp;17442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604706 |
|  | Sartorius AG | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6962 |
| <sup>b</sup> | Scout24 SE | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122667 |
|  | Siemens AG | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;11818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705075 |
| <sup>a</sup> | Siemens Energy AG | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;10678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621011 |
| <sup>b</sup> | Siemens Healthineers AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259637 |
|  | Symrise AG | Chemicals | &nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214090 |

---

franklintempleton.com Annual Report 92

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Germany ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Germany (continued)** |  |  |  |
|  | Talanx AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 969 | &nbsp;&nbsp;$101217 |
|  | Traton SE | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp;&nbsp; 33191 |
|  | Volkswagen AG | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 47188 |
|  | Vonovia SE | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;11210 | &nbsp;&nbsp;&nbsp;&nbsp; 302242 |
|  | Wacker Chemie AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 24885 |
| <sup>a,b</sup> | Zalando SE | Specialty Retail | &nbsp;&nbsp; 3477 | &nbsp;&nbsp;&nbsp;&nbsp; 119286 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26577655 |
|  | **Luxembourg 0.1%** |  |  |  |
|  | RTL Group SA | Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22205 |
|  | **United States 0.5%** |  |  |  |
| <sup>a</sup> | Qiagen NV | Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132477 |
|  | **Total Common Stocks (Cost $23,825,333)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26732337 |
|  | **Preferred Stocks 2.6%** |  |  |  |
|  | **Germany 2.6%** |  |  |  |
| <sup>c</sup> | Bayerische Motoren Werke AG, 8.737%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67876 |
| <sup>c</sup> | FUCHS SE, 2.505%, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47300 |
| <sup>c</sup> | Henkel AG & Co. KGaA, 2.518%, pfd. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206608 |
| <sup>c</sup> | Sartorius AG, 0.346%, pfd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92062 |
| <sup>c</sup> | Volkswagen AG, 9.684%, pfd. | Automobiles | &nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293792 |
|  | **Total Preferred Stocks (Cost $1,065,661)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707638 |
|  | **Total Investments (Cost $24,890,994) 99.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27439975 |
|  | **Other Assets, less Liabilities 0.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56526 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$27496501 |

---

---

| |
|:---|
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $607,818, representing 2.2% of net assets. |
| <sup>c</sup>Variable rate security. The rate shown represents the yield at period end. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Micro DAX | &nbsp;&nbsp;Long | &nbsp;&nbsp;2 | &nbsp;&nbsp;$48341 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(2544) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

93 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Hong Kong ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $16.42 | $21.34 | $23.43 | $28.10 | &nbsp;&nbsp;$20.58 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;(4.84) | &nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;(4.72) | &nbsp;&nbsp;&nbsp;&nbsp;7.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;(3.94) | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;(3.98) | &nbsp;&nbsp;&nbsp;&nbsp;8.33 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| Net asset value, end of year | &nbsp;&nbsp;$18.04 | &nbsp;&nbsp;$16.42 | &nbsp;&nbsp;$21.34 | &nbsp;&nbsp;$23.43 | &nbsp;&nbsp;$28.10 |
| Total return<sup>c</sup> | 14.95% | (18.96)% | (5.39)% | (14.41)% | &nbsp;&nbsp;41.14% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Net investment income | 3.87% | 4.72% | 3.60% | 2.79% | &nbsp;&nbsp;2.99% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$12627 | &nbsp;&nbsp;$9854 | &nbsp;&nbsp;$17069 | &nbsp;&nbsp;$17573 | &nbsp;&nbsp;$16862 |
| Portfolio turnover rate<sup>e</sup> | 60.79%<sup>f</sup> | 6.76%<sup>f</sup> | 9.00%<sup>f</sup> | 9.91%<sup>f</sup> | &nbsp;&nbsp;14.84%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 7.41% | 6.76% | 8.84% | 9.74% | &nbsp;&nbsp;14.84% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 94

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Hong Kong ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.4%** |  |  |  |
|  | **Cambodia 0.1%** |  |  |  |
| <sup>a</sup> | NagaCorp Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;$18408 |
|  | **China 13.0%** |  |  |  |
|  | AAC Technologies Holdings, Inc., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 133183 |
|  | BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp; 472193 |
| <sup>b</sup> | Budweiser Brewing Co. APAC Ltd., Class H | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 55300 | &nbsp;&nbsp;&nbsp;&nbsp; 66670 |
|  | Chow Tai Fook Jewellery Group Ltd., Class A | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 63411 |
| <sup>b</sup> | ESR Group Ltd., Class H | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;85400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134352 |
| <sup>a</sup> | HUTCHMED China Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49047 |
|  | Kerry Logistics Network Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245 |
|  | Lenovo Group Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339442 |
| <sup>a</sup> | MMG Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38579 |
|  | Nexteer Automotive Group Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 |
|  | Shangri-La Asia Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20914 |
|  | Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183900 |
|  | SITC International Holdings Co. Ltd. | Marine Transportation | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114173 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643139 |
|  | **Hong Kong 75.7%** |  |  |  |
|  | AIA Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;328600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474964 |
|  | ASMPT Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71253 |
|  | Bank of East Asia Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 |
|  | Cathay Pacific Airways Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43942 |
|  | Champion REIT, Class A | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15385 |
|  | CK Asset Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250620 |
|  | CK Infrastructure Holdings Ltd., Class A | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114998 |
|  | CLP Holdings Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;53500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435960 |
|  | CTF Services Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28608 |
|  | Dah Sing Banking Group Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337 |
|  | DFI Retail Group Holdings Ltd., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23422 |
|  | Hang Lung Group Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41171 |
|  | Hang Lung Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47792 |
|  | Hang Seng Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312937 |
|  | Henderson Land Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120651 |
|  | Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306971 |
|  | Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723933 |
|  | Hongkong Land Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145152 |
|  | Hysan Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34009 |
|  | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271528 |
|  | Johnson Electric Holdings Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23147 |
|  | Kerry Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45966 |
|  | Link REIT | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392993 |
|  | Man Wah Holdings Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27470 |
|  | MTR Corp. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153741 |
| <sup>a</sup> | New World Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31049 |
|  | Orient Overseas International Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65206 |
|  | PCCW Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82737 |
|  | Power Assets Holdings Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;44500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266532 |
|  | Sino Land Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119148 |
|  | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438824 |
| <sup>a</sup> | Super Hi International Holding Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15907 |
|  | Swire Pacific Ltd., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110214 |
|  | Swire Pacific Ltd., Class B | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34767 |
|  | Swire Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76745 |
|  | Techtronic Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557321 |
|  | United Energy Group Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12848 |
|  | VTech Holdings Ltd. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41099 |
| <sup>b</sup> | WH Group Ltd. | Food Products | &nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231261 |

---

95 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Hong Kong ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Hong Kong (continued)** |  |  |  |
|  | Wharf Holdings Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 30666 | &nbsp;&nbsp;$72839 |
|  | Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 50166 | &nbsp;&nbsp;&nbsp;&nbsp; 121993 |
|  | Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 55206 |
|  | Yue Yuen Industrial Holdings Ltd. | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp;&nbsp; 36091 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557737 |
|  | **Indonesia 0.4%** |  |  |  |
|  | First Pacific Co. Ltd. | Food Products | &nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44798 |
|  | **Italy 0.9%** |  |  |  |
|  | PRADA SpA | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116926 |
|  | **Macau 4.1%** |  |  |  |
|  | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273511 |
|  | MGM China Holdings Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33815 |
| <sup>a</sup> | Sands China Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;78400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157197 |
| <sup>a</sup> | SJM Holdings Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23752 |
|  | Wynn Macau Ltd. | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34078 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522353 |
|  | **Singapore 0.4%** |  |  |  |
| <sup>b</sup> | BOC Aviation Ltd., Class A | Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54612 |
|  | **Taiwan 0.1%** |  |  |  |
| <sup>a,b</sup> | FIT Hon Teng Ltd. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10706 |
|  | **United Kingdom 3.9%** |  |  |  |
|  | CK Hutchison Holdings Ltd., Class A | Industrial Conglomerates | &nbsp;&nbsp;&nbsp;86500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486405 |
|  | **United States 0.8%** |  |  |  |
| <sup>b</sup> | Samsonite Group SA | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99436 |
|  | **Total Common Stocks (Cost $12,388,609)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12554520 |
|  | **Total Investments before Short-Term Investments (Cost $12,388,609)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12554520 |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | **Total Short-Term Investments (Cost $1)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | **Total Investments (Cost $12,388,610) 99.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12554521 |
|  | **Other Assets, less Liabilities 0.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72371 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$12626892 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $597,037, representing 4.7% of net assets. |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

franklintempleton.com Annual Report 96

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Hong Kong ETF (continued)

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MINI HSI IDX | &nbsp;&nbsp;Long | &nbsp;&nbsp;2 | &nbsp;&nbsp;$59175 | &nbsp;&nbsp;6/27/25 | &nbsp;&nbsp;$(1419) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

97 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE India ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $36.56 | $27.49 | $31.34 | $27.70 | &nbsp;&nbsp;$15.98 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;11.70 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;(3.64) | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;11.90 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net asset value, end of year | &nbsp;&nbsp;$36.89 | &nbsp;&nbsp;$36.56 | &nbsp;&nbsp;$27.49 | &nbsp;&nbsp;$31.34 | &nbsp;&nbsp;$27.70 |
| Total return<sup>c</sup> | 2.47% | 33.98% | (11.65)% | 15.75% | &nbsp;&nbsp;74.87% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Net investment income | 0.74% | 0.80% | 0.98% | 0.86% | &nbsp;&nbsp;0.89% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$1781739 | &nbsp;&nbsp;$890136 | &nbsp;&nbsp;$98977 | &nbsp;&nbsp;$50140 | &nbsp;&nbsp;$23544 |
| Portfolio turnover rate<sup>e</sup> | 9.15%<sup>f</sup> | 10.90%<sup>f</sup> | 6.73%<sup>f</sup> | 10.73%<sup>f</sup> | &nbsp;&nbsp;23.48%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 4.89% | 6.24% | 6.23% | 8.16% | &nbsp;&nbsp;16.91% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 98

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE India ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.8%** |  |  |  |
|  | **India 99.8%** |  |  |  |
|  | 360 ONE WAM Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 245364 | &nbsp;&nbsp;$2706044 |
|  | 3M India Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 2898 | &nbsp;&nbsp;&nbsp;&nbsp; 979505 |
|  | Aarti Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 212964 | &nbsp;&nbsp;&nbsp;&nbsp; 973596 |
|  | ABB India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 56028 | &nbsp;&nbsp;&nbsp;&nbsp; 3635617 |
|  | ACC Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp; 85974 | &nbsp;&nbsp;&nbsp;&nbsp; 1954048 |
| <sup>a</sup> | Adani Energy Solutions Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 402822 | &nbsp;&nbsp;&nbsp;&nbsp; 4109635 |
|  | Adani Enterprises Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9081995 |
| <sup>a</sup> | Adani Green Energy Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602434 |
|  | Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10802604 |
| <sup>a</sup> | Adani Power Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;1224888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7298669 |
|  | Adani Total Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063586 |
| <sup>a</sup> | Adani Wilmar Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136366 |
| <sup>a</sup> | Aditya Birla Capital Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848630 |
|  | AIA Engineering Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651175 |
|  | Ajanta Pharma Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363662 |
|  | Alkem Laboratories Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089654 |
|  | Ambuja Cements Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329906 |
|  | Apar Industries Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189625 |
|  | APL Apollo Tubes Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706212 |
|  | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150530 |
|  | Ashok Leyland Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1494402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570584 |
|  | Asian Paints Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13173966 |
|  | Astral Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928947 |
| <sup>b</sup> | AU Small Finance Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416463 |
| <sup>a</sup> | Aurobindo Pharma Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803591 |
| <sup>a,b</sup> | Avenue Supermarts Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568246 |
|  | Axis Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2422728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31236319 |
|  | Bajaj Auto Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500345 |
|  | Bajaj Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31038346 |
|  | Bajaj Finserv Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528469 |
|  | Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088099 |
| <sup>a</sup> | Bajaj Housing Finance Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433818 |
|  | Balkrishna Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569790 |
| <sup>b</sup> | Bandhan Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443021 |
|  | Bank of Baroda | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1091580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918585 |
|  | Bank of India | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217641 |
|  | Bank of Maharashtra | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1645375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892061 |
|  | Bata India Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975435 |
|  | Bayer CropScience Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803710 |
|  | Berger Paints India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809024 |
| <sup>c</sup> | Bharat Dynamics Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448223 |
|  | Bharat Electronics Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;3787686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13352898 |
|  | Bharat Forge Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792301 |
|  | Bharat Heavy Electricals Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;1354332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429385 |
|  | Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;2124234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920769 |
|  | Bharti Airtel Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710673 |
|  | Bharti Airtel Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;2665194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54050686 |
|  | Bharti Hexacom Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371414 |
|  | Biocon Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923203 |
|  | Blue Star Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332057 |
|  | Bosch Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093227 |
|  | Britannia Industries Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309309 |
|  | BSE Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521039 |
|  | Canara Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1923381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002760 |
|  | Castrol India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215730 |
| <sup>a</sup> | Central Bank of India Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325812 |
| <sup>c</sup> | Central Depository Services India Ltd. | Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544352 |

---

99 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE India ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 678132 | &nbsp;&nbsp;$5065808 |
|  | Cholamandalam Investment & Finance Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp; 435666 | &nbsp;&nbsp;&nbsp;&nbsp; 7747410 |
|  | Cipla Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 606648 | &nbsp;&nbsp;&nbsp;&nbsp; 10236131 |
|  | Coal India Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2403408 | &nbsp;&nbsp;&nbsp;&nbsp; 11197017 |
| <sup>b</sup> | Cochin Shipyard Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 75348 | &nbsp;&nbsp;&nbsp;&nbsp; 1241130 |
|  | Coforge Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 66654 | &nbsp;&nbsp;&nbsp;&nbsp; 6323796 |
|  | Colgate-Palmolive India Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943348 |
|  | Container Corp. of India Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352731 |
|  | Coromandel International Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069000 |
|  | CRISIL Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850130 |
|  | Cummins India Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104763 |
|  | Dabur India Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617822 |
|  | Dalmia Bharat Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876310 |
|  | Deepak Nitrite Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732925 |
|  | Divi's Laboratories Ltd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138283 |
| <sup>c</sup> | Dixon Technologies India Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107079 |
|  | DLF Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237523 |
| <sup>b</sup> | Dr. Lal PathLabs Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085136 |
|  | Dr. Reddy's Laboratories Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599522 |
|  | Eicher Motors Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247177 |
|  | Emami Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481195 |
|  | Embassy Office Parks REIT | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969626 |
| <sup>b</sup> | Endurance Technologies Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778592 |
|  | Escorts Kubota Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387096 |
|  | Exide Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054585 |
|  | Federal Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1911714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310681 |
|  | Fortis Healthcare Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230470 |
| <sup>a</sup> | FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;1441816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020859 |
|  | GAIL India Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;2794638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984738 |
|  | GE Vernova T&D India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413503 |
| <sup>b</sup> | General Insurance Corp. of India | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624929 |
|  | GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497455 |
|  | Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888028 |
| <sup>a</sup> | GMR Airports Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;3786720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355094 |
|  | Godrej Consumer Products Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240682 |
| <sup>a</sup> | Godrej Industries Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910080 |
| <sup>a</sup> | Godrej Properties Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634341 |
|  | Grasim Industries Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12069961 |
|  | Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025957 |
|  | Gujarat Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020612 |
|  | Havells India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561774 |
|  | HCL Technologies Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;1120560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20877964 |
| <sup>b</sup> | HDFC Asset Management Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035473 |
|  | HDFC Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5966016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127609119 |
| <sup>b</sup> | HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1046178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8392925 |
|  | Hero MotoCorp Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6016916 |
|  | Hindalco Industries Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;1463490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11685147 |
| <sup>c</sup> | Hindustan Aeronautics Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820313 |
|  | Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068560 |
|  | Hindustan Unilever Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24839963 |
|  | Hindustan Zinc Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119458 |
|  | Hitachi Energy India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695839 |
|  | Honeywell Automation India Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928491 |
|  | Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224009 |
|  | ICICI Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5548704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87532189 |
| <sup>b</sup> | ICICI Lombard General Insurance Co. Ltd. | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369583 |

---

franklintempleton.com Annual Report 100

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE India ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
| <sup>b</sup> | ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 408036 | &nbsp;&nbsp;$2694143 |
|  | IDBI Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 613018 | &nbsp;&nbsp;&nbsp;&nbsp; 557273 |
| <sup>a</sup> | IDFC First Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 3780924 | &nbsp;&nbsp;&nbsp;&nbsp; 2431186 |
|  | Indian Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 285523 | &nbsp;&nbsp;&nbsp;&nbsp; 1808226 |
|  | Indian Hotels Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 880026 | &nbsp;&nbsp;&nbsp;&nbsp; 8108625 |
|  | Indian Oil Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 4347000 | &nbsp;&nbsp;&nbsp;&nbsp; 6494626 |
|  | Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713299 |
| <sup>b</sup> | Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;1894148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757260 |
| <sup>a</sup> | Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334002 |
|  | Indraprastha Gas Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765346 |
| <sup>a</sup> | Indus Towers Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;1452864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682441 |
|  | IndusInd Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315815 |
|  | Info Edge India Ltd. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817719 |
|  | Infosys Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;3718134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68324750 |
| <sup>a,b</sup> | InterGlobe Aviation Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11736054 |
|  | Ipca Laboratories Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529170 |
|  | IRB Infrastructure Developers Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;3026891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599279 |
| <sup>a</sup> | ITC Hotels Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;1052940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433136 |
|  | ITC Ltd. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;3178140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15235811 |
|  | Jindal Stainless Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314846 |
|  | Jindal Steel & Power Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392361 |
| <sup>a</sup> | Jio Financial Services Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;3301788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788672 |
|  | JSW Energy Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550300 |
|  | JSW Infrastructure Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948432 |
|  | JSW Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;1069362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13301889 |
|  | Jubilant Foodworks Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995620 |
|  | Kalyan Jewellers India Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292459 |
|  | Kansai Nerolac Paints Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599201 |
| <sup>a</sup> | Kaynes Technology India Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609620 |
|  | KEI Industries Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157847 |
|  | Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1159200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29446372 |
|  | KPIT Technologies Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681043 |
|  | L&T Finance Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600067 |
| <sup>b</sup> | L&T Technology Services Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481878 |
|  | Larsen & Toubro Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29207473 |
| <sup>b</sup> | Laurus Labs Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962139 |
|  | LIC Housing Finance Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102947 |
|  | Linde India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654901 |
|  | Lloyds Metals & Energy Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858920 |
| <sup>b</sup> | LTIMindtree Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149374 |
|  | Lupin Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050787 |
| <sup>b</sup> | Macrotech Developers Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3851715 |
|  | Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059790 |
|  | Mahindra & Mahindra Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29104183 |
|  | Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339639 |
| <sup>a</sup> | Mankind Pharma Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398125 |
|  | Marico Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234801 |
|  | Maruti Suzuki India Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19663517 |
| <sup>a</sup> | Max Financial Services Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429061 |
|  | Max Healthcare Institute Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10066850 |
|  | Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001954 |
|  | Metro Brands Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468924 |
|  | Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064056 |
|  | Mphasis Ltd. | IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390835 |

---

101 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE India ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | MRF Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 2699 | &nbsp;&nbsp;$3558071 |
|  | Muthoot Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp; 114026 | &nbsp;&nbsp;&nbsp;&nbsp; 3178947 |
|  | National Aluminium Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 944748 | &nbsp;&nbsp;&nbsp;&nbsp; 1940175 |
|  | Nestle India Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 380604 | &nbsp;&nbsp;&nbsp;&nbsp; 10022457 |
| <sup>b</sup> | New India Assurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 238038 | &nbsp;&nbsp;&nbsp;&nbsp; 430333 |
|  | NHPC Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 3176133 | &nbsp;&nbsp;&nbsp;&nbsp; 3054528 |
| <sup>b</sup> | Nippon Life India Asset Management Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209660 |
|  | NLC India Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034196 |
|  | NMDC Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;3672411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959927 |
|  | NTPC Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;5017404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20991824 |
|  | Oberoi Realty Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368730 |
|  | Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;4110330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11848292 |
|  | Oil India Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613859 |
| <sup>a</sup> | One 97 Communications Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391258 |
|  | Oracle Financial Services Software Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245804 |
|  | Page Industries Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242272 |
|  | Patanjali Foods Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452599 |
| <sup>a</sup> | PB Fintech Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216639 |
|  | Persistent Systems Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041679 |
|  | Petronet LNG Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735295 |
|  | Phoenix Mills Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854384 |
|  | PI Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448315 |
|  | Pidilite Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5402644 |
|  | Piramal Enterprises Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451393 |
|  | Polycab India Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025439 |
| <sup>a</sup> | Poonawalla Fincorp Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198449 |
|  | Power Finance Corp. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;1539804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462796 |
|  | Power Grid Corp. of India Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;4442634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15091623 |
| <sup>b</sup> | Premier Energies Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763243 |
|  | Prestige Estates Projects Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329155 |
|  | Punjab National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2428524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731335 |
| <sup>c</sup> | Rail Vikas Nigam Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473425 |
| <sup>b</sup> | RBL Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949228 |
|  | REC Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;1322454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640700 |
|  | Relaxo Footwears Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372948 |
|  | Reliance Industries Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;7042140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105056395 |
|  | Samvardhana Motherson International Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;2983538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571343 |
|  | SBI Cards & Payment Services Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195824 |
| <sup>b</sup> | SBI Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082051 |
|  | Schaeffler India Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679025 |
|  | Shree Cement Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140419 |
|  | Shriram Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;1358196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424131 |
|  | Siemens Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5842895 |
|  | SJVN Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800163 |
|  | Solar Industries India Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460583 |
| <sup>b</sup> | Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283043 |
|  | SRF Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148778 |
| <sup>a</sup> | Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999642 |
|  | State Bank of India | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1893360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17090026 |
|  | Steel Authority of India Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;1530406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062326 |
|  | Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;1153404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23408815 |
|  | Sun TV Network Ltd. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695936 |
|  | Sundaram Finance Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782387 |
|  | Supreme Industries Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739637 |
| <sup>a</sup> | Suzlon Energy Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;12510666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293361 |
| <sup>b</sup> | Syngene International Ltd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469129 |
|  | Tata Communications Ltd. | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229579 |

---

franklintempleton.com Annual Report 102

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE India ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **India (continued)** |  |  |  |
|  | Tata Consultancy Services Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 1094478 | &nbsp;&nbsp;$46176862 |
|  | Tata Consumer Products Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 683928 | &nbsp;&nbsp;&nbsp;&nbsp; 8016935 |
|  | Tata Elxsi Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 36479 | &nbsp;&nbsp;&nbsp;&nbsp; 2225551 |
|  | Tata Motors Ltd., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 2238222 | &nbsp;&nbsp;&nbsp;&nbsp; 17661456 |
|  | Tata Power Co. Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 1551396 | &nbsp;&nbsp;&nbsp;&nbsp; 6813818 |
|  | Tata Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 8918112 | &nbsp;&nbsp;&nbsp;&nbsp; 16093242 |
|  | Tata Technologies Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413883 |
| <sup>a</sup> | Tata Teleservices Maharashtra Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362495 |
|  | Tech Mahindra Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707300 |
|  | Thermax Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771633 |
|  | Titan Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15510484 |
|  | Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268383 |
|  | Torrent Power Ltd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495274 |
|  | Trent Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11976658 |
|  | Tube Investments of India Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568070 |
|  | TVS Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083354 |
|  | UltraTech Cement Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16390025 |
|  | Union Bank of India Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1619016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390096 |
|  | United Breweries Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717242 |
|  | United Spirits Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004595 |
|  | UNO Minda Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814609 |
|  | UPL Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173803 |
|  | Varun Beverages Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;1285746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8117849 |
|  | Vedant Fashions Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594846 |
|  | Vedanta Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;1676976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091938 |
| <sup>a</sup> | Vodafone Idea Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;27459516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184617 |
|  | Voltas Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137999 |
|  | Whirlpool of India Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727203 |
|  | Wipro Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;2983008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152579 |
| <sup>a</sup> | Yes Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;21631222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271959 |
|  | Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993616 |
| <sup>a</sup> | Zomato Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;7955010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18772418 |
|  | Zydus Lifesciences Ltd. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774982 |
|  | **Total Common Stocks (Cost $1,635,545,839)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1778584682 |
|  | **Total Investments before Short-Term Investments (Cost $1,635,545,839)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1778584682 |

---

103 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE India ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.8%** |  |  |  |
|  | **Money Market Funds 0.8%** |  |  |  |
|  | **United States 0.8%** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;14580819 | &nbsp;&nbsp;$14580819 |
|  | **Total Short-Term Investments (Cost $14,580,819)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14580819 |
|  | **Total Investments (Cost $1,650,126,658) 100.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1793165501 |
|  | **Other Assets, less Liabilities (0.6)%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11426639) |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$1781738862 |

---

---

| |
|:---|
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $80,774,748, representing 4.5% of net assets. |
| <sup>c</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the aggregate value of these securities was $21,393,392, representing 1.2% of net assets. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IFSC Nifty 50 | &nbsp;&nbsp;Long | &nbsp;&nbsp;416 | &nbsp;&nbsp;$19442592 | &nbsp;&nbsp;4/24/25 | &nbsp;&nbsp;$(467269) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 104

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Japan ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $31.03 | $25.66 | $27.42 | $30.25 | &nbsp;&nbsp;$21.93 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;(2.76) | &nbsp;&nbsp;&nbsp;&nbsp;8.24 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;8.77 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| Net asset value, end of year | &nbsp;&nbsp;$29.15 | &nbsp;&nbsp;$31.03 | &nbsp;&nbsp;$25.66 | &nbsp;&nbsp;$27.42 | &nbsp;&nbsp;$30.25 |
| Total return<sup>c</sup> | (1.64)% | 24.69% | (4.61)% | (7.21)% | &nbsp;&nbsp;40.23% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> |
| Net investment income | 2.18% | 2.14% | 2.60% | 2.14% | &nbsp;&nbsp;1.98% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$2064075 | &nbsp;&nbsp;$1936566 | &nbsp;&nbsp;$1000803 | &nbsp;&nbsp;$789637 | &nbsp;&nbsp;$598934 |
| Portfolio turnover rate<sup>e</sup> | 4.26%<sup>f</sup> | 3.92%<sup>f</sup> | 3.01%<sup>f</sup> | 2.95%<sup>f</sup> | &nbsp;&nbsp;5.76%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 4.22% | 3.74% | 3.00% | 2.80% | &nbsp;&nbsp;5.76% |

---

105 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Japan ETF**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.8%** |  |  |  |
| **Japan 98.8%** |  |  |  |
| ABC-Mart, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 35400 | &nbsp;&nbsp;$659045 |
| Acom Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 451910 |
| Activia Properties, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; 804868 |
| Advance Residence Investment Corp. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1129183 |
| Advantest Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 337200 | &nbsp;&nbsp;&nbsp;&nbsp; 14593810 |
| Aeon Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp; 8877223 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520600 |
| Aeon Mall Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739216 |
| AEON REIT Investment Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683822 |
| AGC, Inc. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510479 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520324 |
| Air Water, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042857 |
| Aisin Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689444 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8404245 |
| Alfresa Holdings Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166309 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960160 |
| Amada Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370643 |
| Amano Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628429 |
| ANA Holdings, Inc. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306491 |
| Aozora Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812167 |
| As One Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365742 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8298034 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517887 |
| Asahi Kasei Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883016 |
| Asics Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956025 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875754 |
| Azbil Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726403 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9871473 |
| BayCurrent, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552695 |
| Bic Camera, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740952 |
| BIPROGY, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084915 |
| Bridgestone Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10407262 |
| Brother Industries Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913219 |
| Calbee, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661294 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805026 |
| Canon, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12828574 |
| Capcom Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047698 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771095 |
| Central Japan Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882185 |
| Chiba Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870223 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329787 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13412498 |
| Chugin Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790665 |
| Chugoku Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814337 |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963869 |
| COMSYS Holdings Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002140 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174432 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216410 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697806 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391160 |
| CyberAgent, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426037 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843197 |
| Daicel Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921456 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563408 |
| Daifuku Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736009 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1604800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12158877 |
| Daiichi Sankyo Co. Ltd. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19947476 |

---

franklintempleton.com Annual Report 106

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Daikin Industries Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 127706 | &nbsp;&nbsp;$13783435 |
|  | Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 26314 | &nbsp;&nbsp;&nbsp;&nbsp; 2694924 |
|  | Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 259600 | &nbsp;&nbsp;&nbsp;&nbsp; 8572320 |
|  | Daiwa House REIT Investment Corp. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; 1681701 |
|  | Daiwa Office Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 465403 |
|  | Daiwa Securities Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 613600 | &nbsp;&nbsp;&nbsp;&nbsp; 4077810 |
|  | Daiwa Securities Living Investments Corp. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559936 |
|  | Denka Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506002 |
|  | Denso Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185529 |
|  | Dentsu Group, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596095 |
|  | Dentsu Soken, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479765 |
|  | Dexerials Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859552 |
|  | DIC Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720120 |
|  | Disco Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8536688 |
|  | DMG Mori Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141216 |
|  | Dowa Holdings Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730536 |
|  | East Japan Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9783410 |
|  | Ebara Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192960 |
|  | Eisai Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597840 |
|  | Electric Power Development Co. Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198780 |
|  | ENEOS Holdings, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481675 |
|  | EXEO Group, Inc. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927966 |
|  | Ezaki Glico Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729905 |
|  | FANUC Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533289 |
|  | Fast Retailing Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24337007 |
|  | Food & Life Cos. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404890 |
|  | FP Corp. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445203 |
|  | Frontier Real Estate Investment Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624167 |
|  | Fuji Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484044 |
|  | Fuji Media Holdings, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402750 |
|  | Fuji Oil Holdings, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483237 |
|  | Fuji Soft, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774883 |
|  | FUJIFILM Holdings Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100505 |
|  | Fujikura Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259489 |
|  | Fujitec Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398340 |
|  | Fujitsu General Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436838 |
|  | Fujitsu Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15601582 |
|  | Fukuoka Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861139 |
|  | Furukawa Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778039 |
|  | Fuyo General Lease Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913525 |
|  | GLP J-Reit | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712949 |
|  | GMO internet group, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484499 |
|  | GMO Payment Gateway, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969702 |
|  | Goldwin, Inc. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877042 |
|  | GS Yuasa Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564000 |
|  | Gunma Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263288 |
|  | Hachijuni Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333241 |
|  | Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768412 |
|  | Hamamatsu Photonics KK | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264235 |
|  | Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540859 |
|  | Harmonic Drive Systems, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498703 |
|  | Haseko Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550555 |
|  | Heiwa Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369924 |
|  | Hikari Tsushin, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887254 |
| <sup>a</sup> | Hino Motors Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330864 |
|  | Hirogin Holdings, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051576 |
|  | Hirose Electric Co. Ltd. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361174 |

---

107 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** |  |  |  |
| **Japan (continued)** |  |  |  |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 23600 | &nbsp;&nbsp;$638687 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;&nbsp;&nbsp; 1245810 |
| Hitachi Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 2006000 | &nbsp;&nbsp;&nbsp;&nbsp; 46387241 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 2100400 | &nbsp;&nbsp;&nbsp;&nbsp; 18856406 |
| Horiba Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 1164053 |
| Hoshizaki Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 52600 | &nbsp;&nbsp;&nbsp;&nbsp; 2030274 |
| House Foods Group, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644723 |
| Hoya Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17989632 |
| Hulic Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608010 |
| Ibiden Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259066 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739087 |
| IHI Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071686 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899756 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825227 |
| INFRONEER Holdings, Inc. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666975 |
| Inpex Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032991 |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025418 |
| Invincible Investment Corp. | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491374 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363551 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341505 |
| Ito En Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504542 |
| ITOCHU Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28316528 |
| Itoham Yonekyu Holdings, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330233 |
| Iwatani Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943432 |
| Iyogin Holdings, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387214 |
| Izumi Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499334 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307437 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210380 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973417 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821319 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144175 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799424 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038921 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8556223 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364554 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676967 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073158 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286063 |
| Japan Steel Works Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826331 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13959099 |
| Jeol Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722803 |
| JFE Holdings, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320358 |
| JGC Holdings Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742688 |
| JMDC, Inc. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217788 |
| JTEKT Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800726 |
| Justsystems Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265922 |
| Kadokawa Corp. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121765 |
| Kagome Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927177 |
| Kajima Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088731 |
| Kakaku.com, Inc. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673406 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827120 |
| Kandenko Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845585 |
| Kaneka Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600968 |
| Kansai Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175027 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010820 |
| Kao Corp. | Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193963 |

---

franklintempleton.com Annual Report 108

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 70800 | &nbsp;&nbsp;$4226979 |
| <sup>b</sup> | Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395075 |
|  | KDDI Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 1345200 | &nbsp;&nbsp;&nbsp;&nbsp; 21225086 |
|  | KDX Realty Investment Corp. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1749405 |
|  | Keihan Holdings Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;&nbsp;&nbsp; 1027706 |
|  | Keikyu Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193888 |
|  | Keio Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502026 |
|  | Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807600 |
|  | Kewpie Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921653 |
|  | Keyence Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32801437 |
|  | Kikkoman Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979758 |
|  | Kinden Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321720 |
|  | Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762030 |
|  | Kirin Holdings Co. Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917982 |
|  | Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992823 |
|  | Kobe Bussan Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390370 |
|  | Kobe Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774656 |
|  | Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931043 |
|  | Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014963 |
|  | Kokusai Electric Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764783 |
|  | Kokuyo Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900821 |
|  | Komatsu Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11892323 |
|  | Konami Group Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078614 |
| <sup>a</sup> | Konica Minolta, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674882 |
|  | Kose Corp. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635560 |
|  | Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766992 |
|  | K's Holdings Corp. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537171 |
|  | Kubota Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056861 |
|  | Kuraray Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735201 |
|  | Kurita Water Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448763 |
|  | Kusuri No. Aoki Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536579 |
|  | Kyocera Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6742784 |
|  | Kyoto Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975123 |
|  | Kyowa Kirin Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543217 |
|  | Kyudenko Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759101 |
|  | Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648244 |
|  | Kyushu Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812964 |
|  | Kyushu Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728100 |
|  | LaSalle Logiport REIT | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769438 |
|  | Lasertec Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315421 |
|  | Lion Corp. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258790 |
|  | Lixil Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363147 |
|  | LY Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;1132800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835339 |
|  | M3, Inc. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148840 |
|  | Mabuchi Motor Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723119 |
|  | Macnica Holdings, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760088 |
|  | Makita Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497626 |
|  | Marubeni Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11453552 |
|  | Marui Group Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491097 |
|  | Maruichi Steel Tube Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525216 |
|  | Maruwa Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669092 |
|  | Matsui Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240514 |
|  | MatsukiyoCocokara & Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585600 |
|  | Mazda Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635650 |
|  | McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351705 |
|  | Mebuki Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061504 |
|  | Medipal Holdings Corp. | Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474014 |

---

109 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 118000 | &nbsp;&nbsp;$2564531 |
| <sup>a</sup> | Mercari, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 929149 |
|  | Minebea Mitsumi, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 165200 | &nbsp;&nbsp;&nbsp;&nbsp; 2401111 |
|  | MISUMI Group, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946282 |
|  | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 578200 | &nbsp;&nbsp;&nbsp;&nbsp; 2849628 |
|  | Mitsubishi Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 1699200 | &nbsp;&nbsp;&nbsp;&nbsp; 29844515 |
|  | Mitsubishi Electric Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16097365 |
|  | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635763 |
|  | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284515 |
|  | Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623515 |
|  | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1463200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24716084 |
|  | Mitsubishi Logistics Corp. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915656 |
|  | Mitsubishi Materials Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964066 |
|  | Mitsubishi Motors Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774378 |
|  | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;5097600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68552050 |
|  | Mitsui & Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;1309800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24520430 |
|  | Mitsui Chemicals, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845989 |
|  | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;1250800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11128724 |
|  | Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974364 |
|  | Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685716 |
|  | Mitsui OSK Lines Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912537 |
|  | Miura Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933174 |
|  | Mizuho Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1156400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31326577 |
| <sup>a</sup> | Money Forward, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632058 |
|  | MonotaRO Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986723 |
|  | Mori Hills REIT Investment Corp., Class C | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634426 |
|  | Morinaga & Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592999 |
|  | Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737401 |
|  | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12724020 |
|  | Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11643130 |
|  | Nabtesco Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729274 |
|  | Nagase & Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837536 |
|  | Nagoya Railroad Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962764 |
|  | Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773463 |
|  | NEC Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11693326 |
|  | Nexon Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575578 |
|  | NGK Insulators Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303531 |
|  | NH Foods Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186471 |
|  | NHK Spring Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760364 |
|  | Nichias Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728327 |
|  | Nichirei Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122081 |
|  | NIDEC Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865615 |
|  | Nifco, Inc. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847952 |
|  | Nihon Kohden Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948561 |
|  | Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502048 |
|  | Nikon Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286369 |
|  | Nintendo Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31910659 |
|  | Nippon Accommodations Fund, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773384 |
|  | Nippon Building Fund, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915359 |
|  | Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825463 |
|  | Nippon Express Holdings, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717052 |
|  | Nippon Kayaku Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668514 |
|  | Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361351 |
|  | Nippon Prologis REIT, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827524 |
|  | Nippon Sanso Holdings Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493356 |
|  | Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600021 |
|  | Nippon Shokubai Co. Ltd. | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549835 |

---

franklintempleton.com Annual Report 110

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Nippon Steel Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 436600 | &nbsp;&nbsp;$9328186 |
|  | Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;12673200 | &nbsp;&nbsp;&nbsp;&nbsp; 12263020 |
|  | Nippon Television Holdings, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp; 23600 | &nbsp;&nbsp;&nbsp;&nbsp; 481974 |
|  | Nippon Yusen KK | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp; 188800 | &nbsp;&nbsp;&nbsp;&nbsp; 6212952 |
|  | Nipro Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;&nbsp;&nbsp; 428790 |
|  | Nissan Chemical Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753350 |
| <sup>a</sup> | Nissan Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450382 |
|  | Nisshin Seifun Group, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228963 |
|  | Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927265 |
|  | Niterra Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497222 |
|  | Nitori Holdings Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510646 |
|  | Nitto Denko Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827009 |
|  | NOF Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275164 |
|  | NOK Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691082 |
|  | Nomura Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;1345200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169792 |
|  | Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374589 |
|  | Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911562 |
|  | Nomura Research Institute Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6105636 |
|  | NS Solutions Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605072 |
|  | NSK Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805500 |
|  | NTT Data Group Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655058 |
|  | Obayashi Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070424 |
|  | OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572009 |
|  | Obic Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347036 |
|  | Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282897 |
|  | Oji Holdings Corp. | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633220 |
|  | OKUMA Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538157 |
|  | Olympus Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608008 |
|  | Omron Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326543 |
|  | Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149669 |
|  | Open House Group Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318800 |
|  | Oracle Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541003 |
|  | Organo Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502648 |
|  | Oriental Land Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760211 |
|  | ORIX Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10220880 |
|  | Orix JREIT, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390370 |
|  | Osaka Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737272 |
|  | Otsuka Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298136 |
|  | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400239 |
|  | PALTAC Corp. | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313978 |
|  | Pan Pacific International Holdings Corp. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839862 |
|  | Panasonic Holdings Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;1003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11881868 |
|  | Park24 Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811773 |
| <sup>a</sup> | PeptiDream, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515352 |
|  | Persol Holdings Co. Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330179 |
|  | Pola Orbis Holdings, Inc. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301234 |
|  | Rakus Co. Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631269 |
| <sup>a</sup> | Rakuten Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523095 |
| <sup>a</sup> | Rakuten Group, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627447 |
|  | Recruit Holdings Co. Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33231196 |
|  | Relo Group, Inc. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584713 |
|  | Renesas Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9880350 |
|  | Rengo Co. Ltd. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500155 |
|  | Resona Holdings, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530657 |
|  | Resonac Holdings Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638301 |
|  | Resorttrust, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687215 |
|  | Ricoh Co. Ltd. | Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613218 |

---

111 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Rinnai Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;$1090833 |
|  | Rohm Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 153400 | &nbsp;&nbsp;&nbsp;&nbsp; 1465373 |
|  | Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp; 94400 | &nbsp;&nbsp;&nbsp;&nbsp; 1411834 |
|  | Rorze Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;&nbsp;&nbsp; 442046 |
|  | Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp; 106200 | &nbsp;&nbsp;&nbsp;&nbsp; 2884032 |
|  | Sankyo Co. Ltd. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp; 70800 | &nbsp;&nbsp;&nbsp;&nbsp; 1029048 |
|  | Sankyu, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967736 |
|  | Sanrio Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336820 |
|  | Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342710 |
|  | Sanwa Holdings Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634208 |
|  | Sapporo Holdings Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203830 |
|  | Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625430 |
|  | SBI Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457225 |
|  | SBI Sumishin Net Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641527 |
|  | SCREEN Holdings Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271386 |
|  | SCSK Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747038 |
|  | Secom Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6422533 |
|  | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361884 |
|  | Seibu Holdings, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823895 |
|  | Seiko Epson Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071471 |
|  | Seino Holdings Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909817 |
|  | Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011746 |
|  | Sekisui House Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534653 |
|  | Sekisui House Reit, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006243 |
|  | Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1038400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15019789 |
|  | Seven Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552361 |
|  | SG Holdings Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888758 |
| <sup>a</sup> | Sharp Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595918 |
| <sup>a</sup> | SHIFT, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544706 |
|  | Shikoku Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548021 |
|  | Shimadzu Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943293 |
|  | Shimamura Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351390 |
|  | Shimano, Inc. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534348 |
|  | Shimizu Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088712 |
|  | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24735022 |
|  | Shionogi & Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5316865 |
|  | Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474399 |
|  | Shiseido Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337836 |
|  | Shizuoka Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177169 |
|  | SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753262 |
|  | Skylark Holdings Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129823 |
|  | SMC Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954187 |
|  | Socionext, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985687 |
|  | SoftBank Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;12496200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17414793 |
|  | SoftBank Group Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23311234 |
|  | Sohgo Security Services Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328033 |
|  | Sojitz Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071826 |
|  | Sompo Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13199603 |
|  | Sony Group Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;2702200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68033857 |
|  | Sotetsu Holdings, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518193 |
|  | Square Enix Holdings Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646192 |
|  | Stanley Electric Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106891 |
|  | Subaru Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591695 |
|  | Sugi Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665910 |
|  | SUMCO Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033506 |
|  | Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525689 |
|  | Sumitomo Chemical Co. Ltd. | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654020 |

---

franklintempleton.com Annual Report 112

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Sumitomo Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 542800 | &nbsp;&nbsp;$12239679 |
|  | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 342200 | &nbsp;&nbsp;&nbsp;&nbsp; 5643073 |
|  | Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 1778996 |
|  | Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;&nbsp;&nbsp; 962686 |
|  | Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 106200 | &nbsp;&nbsp;&nbsp;&nbsp; 2304527 |
|  | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 1675600 | &nbsp;&nbsp;&nbsp;&nbsp; 42523084 |
|  | Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7925585 |
|  | Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061378 |
|  | Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040095 |
|  | Sundrug Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837071 |
|  | Suntory Beverage & Food Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952200 |
|  | Suzuken Co. Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169426 |
|  | Suzuki Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997726 |
|  | Sysmex Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148869 |
|  | T&D Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009121 |
|  | Taiheiyo Cement Corp. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230028 |
|  | Taisei Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129044 |
|  | Taiyo Yuden Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973338 |
|  | Takara Holdings, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632729 |
|  | Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876202 |
|  | Takashimaya Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050274 |
|  | Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20893433 |
|  | TBS Holdings, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336466 |
|  | TDK Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905473 |
|  | TechnoPro Holdings, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041594 |
|  | Teijin Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723869 |
|  | Terumo Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12138913 |
|  | THK Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432192 |
|  | TIS, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935875 |
|  | Tobu Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408796 |
|  | Toda Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626448 |
|  | Toei Animation Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489234 |
|  | Toho Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336327 |
|  | Toho Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979099 |
|  | Tohoku Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465807 |
|  | Tokai Carbon Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600463 |
|  | Tokio Marine Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33041263 |
|  | Tokyo Century Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153250 |
| <sup>a</sup> | Tokyo Electric Power Co. Holdings, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932702 |
|  | Tokyo Electron Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26976501 |
|  | Tokyo Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261787 |
|  | Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977520 |
|  | Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894375 |
|  | Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594902 |
|  | Tokyu Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393299 |
|  | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811814 |
|  | Tomy Co. Ltd. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820492 |
|  | TOPPAN Holdings, Inc. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198957 |
|  | Toray Industries, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730100 |
|  | Toridoll Holdings Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638529 |
|  | Tosoh Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782428 |
|  | TOTO Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843148 |
|  | Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964658 |
|  | Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434610 |
|  | Toyo Tire Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862314 |
|  | Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634899 |
|  | Toyota Boshoku Corp. | Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470730 |

---

113 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Toyota Industries Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 70800 | &nbsp;&nbsp;$6015207 |
|  | Toyota Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 5286400 | &nbsp;&nbsp;&nbsp;&nbsp; 92478416 |
|  | Toyota Tsusho Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 306800 | &nbsp;&nbsp;&nbsp;&nbsp; 5114701 |
|  | Trend Micro, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 3951351 |
|  | TS Tech Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 35400 | &nbsp;&nbsp;&nbsp;&nbsp; 397700 |
|  | Tsumura & Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 35400 | &nbsp;&nbsp;&nbsp;&nbsp; 1021473 |
|  | Tsuruha Holdings, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130703 |
|  | UBE Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686347 |
|  | Ulvac, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802343 |
|  | Unicharm Corp. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411507 |
|  | United Urban Investment Corp. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938066 |
|  | Ushio, Inc. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438180 |
|  | USS Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756822 |
|  | Welcia Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682560 |
|  | West Japan Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912330 |
| <sup>b</sup> | Workman Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662044 |
|  | Yakult Honsha Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476824 |
|  | Yamada Holdings Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747691 |
|  | Yamaguchi Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970498 |
|  | Yamaha Corp. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368868 |
|  | Yamaha Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198010 |
|  | Yamato Holdings Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547793 |
|  | Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793233 |
|  | Yamazaki Baking Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136285 |
|  | Yaoko Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725092 |
|  | Yaskawa Electric Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943293 |
|  | Yokogawa Electric Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054545 |
|  | Yokohama Rubber Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358018 |
|  | Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935068 |
|  | Zensho Holdings Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905881 |
|  | Zeon Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707811 |
|  | ZOZO, Inc. | Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035370 |
|  | **Total Common Stocks (Cost $2,003,343,596)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2040693124 |
|  | **Total Investments before Short-Term Investments (Cost $2,003,343,596)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2040693124 |
|  | **Short-Term Investments 0.1%** |  |  |  |
|  | **Investments from Cash Collateral<br> Received for Loaned Securities 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;1489374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489374 |

---

franklintempleton.com Annual Report 114

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments (continued)** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 144665 | &nbsp;&nbsp;$144665 |
|  | **Total Short-Term Investments (Cost $1,634,039)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634039 |
|  | **Total Investments (Cost $2,004,977,635) 98.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2042327163 |
|  | **Other Assets, less Liabilities 1.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21747941 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$2064075104 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;TOPIX Index Future | &nbsp;&nbsp;Long | &nbsp;&nbsp;125 | &nbsp;&nbsp;$22251571 | &nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;$(880542) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

115 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Japan Hedged ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $31.46 | $26.57 | $30.90 | $30.70 | &nbsp;&nbsp;$21.35 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;8.47 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 |
| Less distributions from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(4.38) | &nbsp;&nbsp;&nbsp;&nbsp;(5.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;(6.70) | &nbsp;&nbsp;&nbsp;&nbsp;(6.47) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$30.49 | &nbsp;&nbsp;$31.46 | &nbsp;&nbsp;$26.57 | &nbsp;&nbsp;$30.90 | &nbsp;&nbsp;$30.70 |
| Total return<sup>c</sup> | 2.02% | 49.20% | 8.15% | 1.93% | &nbsp;&nbsp;43.84% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> |
| Net investment income | 2.33% | 2.61% | 1.99% | 2.22% | &nbsp;&nbsp;3.29% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$85384 | &nbsp;&nbsp;$50342 | &nbsp;&nbsp;$13284 | &nbsp;&nbsp;$24720 | &nbsp;&nbsp;$24563 |
| Portfolio turnover rate<sup>e</sup> | 22.39%<sup>f</sup> | 21.18%<sup>f</sup> | 31.96%<sup>f</sup> | 5.46%<sup>f</sup> | &nbsp;&nbsp;6.31%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 21.79% | 20.83% | 31.39% | 5.03% | &nbsp;&nbsp;6.31% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 116

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Japan Hedged ETF**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 98.8%** |  |  |  |
| **Japan 98.8%** |  |  |  |
| ABC-Mart, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 1485 | &nbsp;&nbsp;$27646 |
| Acom Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 14298 |
| Activia Properties, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 27284 |
| Advance Residence Investment Corp. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 53588 |
| Advantest Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 13816 | &nbsp;&nbsp;&nbsp;&nbsp; 597948 |
| Aeon Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 14080 | &nbsp;&nbsp;&nbsp;&nbsp; 353083 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24706 |
| Aeon Mall Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25528 |
| AEON REIT Investment Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23180 |
| AGC, Inc. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;3214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97684 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22422 |
| Air Water, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35351 |
| Aisin Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;11032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119733 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;17848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353105 |
| Alfresa Holdings Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39536 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36779 |
| Amada Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54206 |
| Amano Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29185 |
| ANA Holdings, Inc. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51669 |
| Aozora Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38544 |
| As One Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16241 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358005 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56278 |
| Asahi Kasei Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;22364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156581 |
| Asics Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;11872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249682 |
| Astellas Pharma, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325013 |
| Azbil Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;8864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68255 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;11880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397536 |
| BayCurrent, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108165 |
| Bic Camera, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29303 |
| BIPROGY, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42569 |
| Bridgestone Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;10340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414527 |
| Brother Industries Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74799 |
| Calbee, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25630 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30632 |
| Canon, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;16784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521343 |
| Capcom Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162594 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32020 |
| Central Japan Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320631 |
| Chiba Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130975 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137837 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;12231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556096 |
| Chugin Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31269 |
| Chugoku Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32205 |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45743 |
| COMSYS Holdings Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42272 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128605 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51141 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31170 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66021 |
| CyberAgent, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63447 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;8120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115089 |
| Daicel Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48589 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22282 |
| Daifuku Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163664 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;67552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511812 |
| Daiichi Sankyo Co. Ltd. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;34829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817739 |

---

117 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Daikin Industries Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 5252 | &nbsp;&nbsp;$566854 |
|  | Daito Trust Construction Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp;&nbsp; 107330 |
|  | Daiwa House Industry Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 11200 | &nbsp;&nbsp;&nbsp;&nbsp; 369838 |
|  | Daiwa House REIT Investment Corp. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 66508 |
|  | Daiwa Office Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 19720 |
|  | Daiwa Securities Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp;&nbsp; 167472 |
|  | Daiwa Securities Living Investments Corp. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16608 |
|  | Denka Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21384 |
|  | Denso Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;34305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423020 |
|  | Dentsu Group, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;4596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101116 |
|  | Dentsu Soken, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17402 |
|  | Dexerials Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33994 |
|  | DIC Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33056 |
|  | Disco Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349848 |
|  | DMG Mori Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54159 |
|  | Dowa Holdings Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25197 |
|  | East Japan Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;20068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396153 |
|  | Ebara Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126275 |
|  | Eisai Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139035 |
|  | Electric Power Development Co. Ltd. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53336 |
|  | ENEOS Holdings, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;50400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263661 |
|  | EXEO Group, Inc. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40961 |
|  | Ezaki Glico Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31299 |
|  | FANUC Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;17424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473060 |
|  | Fast Retailing Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001765 |
|  | Food & Life Cos. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63071 |
|  | FP Corp. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17129 |
|  | Frontier Real Estate Investment Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23274 |
|  | Fuji Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107782 |
|  | Fuji Oil Holdings, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19084 |
|  | Fuji Soft, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30536 |
|  | FUJIFILM Holdings Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;22468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427379 |
|  | Fujikura Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176877 |
|  | Fujitec Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55302 |
|  | Fujitsu General Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20731 |
|  | Fujitsu Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649244 |
|  | Fukuoka Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73604 |
|  | Furukawa Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39561 |
|  | Fuyo General Lease Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26012 |
|  | GLP J-Reit | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67744 |
|  | GMO internet group, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23630 |
|  | GMO Payment Gateway, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37463 |
|  | Goldwin, Inc. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34353 |
|  | GS Yuasa Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27435 |
|  | Gunma Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46117 |
|  | Hachijuni Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59318 |
|  | Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20259 |
|  | Hamamatsu Photonics KK | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54543 |
|  | Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106829 |
|  | Harmonic Drive Systems, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17243 |
|  | Haseko Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73586 |
|  | Heiwa Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302 |
|  | Hikari Tsushin, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119099 |
| <sup>a</sup> | Hino Motors Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15702 |
|  | Hirogin Holdings, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45368 |
|  | Hirose Electric Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65060 |
|  | Hisamitsu Pharmaceutical Co., Inc. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30473 |

---

franklintempleton.com Annual Report 118

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** |  |  |  |
| **Japan (continued)** |  |  |  |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 1991 | &nbsp;&nbsp;$52551 |
| Hitachi Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 82600 | &nbsp;&nbsp;&nbsp;&nbsp; 1910063 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 86800 | &nbsp;&nbsp;&nbsp;&nbsp; 779250 |
| Horiba Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp; 45631 |
| Hoshizaki Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp;&nbsp; 85611 |
| House Foods Group, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 1416 | &nbsp;&nbsp;&nbsp;&nbsp; 25789 |
| Hoya Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;6512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730717 |
| Hulic Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;11264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108241 |
| Ibiden Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53644 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157732 |
| IHI Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160935 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21757 |
| INFRONEER Holdings, Inc. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22609 |
| Inpex Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;15048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207043 |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;2107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36620 |
| Invincible Investment Corp. | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58981 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;6416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91795 |
| Isuzu Motors Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151029 |
| Ito En Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24009 |
| ITOCHU Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;25229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164273 |
| Iwatani Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42854 |
| Iyogin Holdings, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65834 |
| Izumi Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17223 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51707 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47868 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37094 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200207 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40725 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27099 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89595 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350467 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;36400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363416 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71058 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38652 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87539 |
| Japan Steel Works Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36625 |
| Japan Tobacco, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;20536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564967 |
| Jeol Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25206 |
| JFE Holdings, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137023 |
| JGC Holdings Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22029 |
| JMDC, Inc. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10705 |
| JTEKT Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21111 |
| Justsystems Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15144 |
| Kadokawa Corp. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47960 |
| Kagome Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32549 |
| Kajima Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171213 |
| Kakaku.com, Inc. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28249 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40024 |
| Kandenko Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29237 |
| Kaneka Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20525 |
| Kansai Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199131 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39976 |
| Kao Corp. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359274 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167169 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97860 |
| KDDI Corp. | Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;56048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884347 |

---

119 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | KDX Realty Investment Corp. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp; 84 | &nbsp;&nbsp;$83023 |
|  | Keihan Holdings Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 1822 | &nbsp;&nbsp;&nbsp;&nbsp; 39671 |
|  | Keikyu Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 56659 |
|  | Keio Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp; 50407 |
|  | Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 75692 |
|  | Kewpie Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp; 38663 |
|  | Keyence Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350742 |
|  | Kikkoman Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161888 |
|  | Kinden Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62726 |
|  | Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69628 |
|  | Kirin Holdings Co. Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194496 |
|  | Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43953 |
|  | Kobe Bussan Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65984 |
|  | Kobe Steel Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;6416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74226 |
|  | Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36821 |
|  | Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44199 |
|  | Kokusai Electric Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35906 |
|  | Kokuyo Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30574 |
|  | Komatsu Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483756 |
|  | Konami Group Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208552 |
| <sup>a</sup> | Konica Minolta, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28260 |
|  | Kose Corp. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29158 |
|  | Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28405 |
|  | K's Holdings Corp. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25493 |
|  | Kubota Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205703 |
|  | Kuraray Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68624 |
|  | Kurita Water Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62186 |
|  | Kusuri No. Aoki Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21781 |
|  | Kyocera Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282350 |
|  | Kyoto Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85213 |
|  | Kyowa Kirin Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;4408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64054 |
|  | Kyudenko Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27180 |
|  | Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73333 |
|  | Kyushu Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27558 |
|  | Kyushu Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68343 |
|  | LaSalle Logiport REIT | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31672 |
|  | Lasertec Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132193 |
|  | Lion Corp. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51158 |
|  | Lixil Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;4664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53879 |
|  | LY Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161160 |
|  | M3, Inc. | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95605 |
|  | Mabuchi Motor Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28465 |
|  | Macnica Holdings, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34024 |
|  | Makita Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148172 |
|  | Marubeni Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;29516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469662 |
|  | Marui Group Co. Ltd. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58922 |
|  | Maruichi Steel Tube Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24391 |
|  | Maruwa Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28386 |
|  | Matsui Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14268 |
|  | MatsukiyoCocokara & Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;6416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100419 |
|  | Mazda Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70567 |
|  | McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64645 |
|  | Mebuki Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81528 |
|  | Medipal Holdings Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;3848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60085 |
|  | MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115208 |
| <sup>a</sup> | Mercari, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33071 |
|  | Minebea Mitsumi, Inc. | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;6764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98312 |

---

franklintempleton.com Annual Report 120

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | MISUMI Group, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 5016 | &nbsp;&nbsp;$82734 |
|  | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp;&nbsp; 124197 |
|  | Mitsubishi Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 69804 | &nbsp;&nbsp;&nbsp;&nbsp; 1226028 |
|  | Mitsubishi Electric Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 36400 | &nbsp;&nbsp;&nbsp;&nbsp; 662084 |
|  | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 22368 | &nbsp;&nbsp;&nbsp;&nbsp; 363775 |
|  | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 3380 | &nbsp;&nbsp;&nbsp;&nbsp; 52562 |
|  | Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113187 |
|  | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;60100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015197 |
|  | Mitsubishi Logistics Corp. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34997 |
|  | Mitsubishi Materials Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45752 |
|  | Mitsubishi Motors Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30625 |
|  | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824060 |
|  | Mitsui & Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;53995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010827 |
|  | Mitsui Chemicals, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80276 |
|  | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;53232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473620 |
|  | Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37158 |
|  | Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32659 |
|  | Mitsui OSK Lines Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;6169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214022 |
|  | Miura Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35014 |
|  | Mizuho Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;47564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288497 |
| <sup>a</sup> | Money Forward, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21774 |
|  | MonotaRO Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85081 |
|  | Mori Hills REIT Investment Corp., Class C | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25090 |
|  | Morinaga & Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22464 |
|  | Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29871 |
|  | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;23756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512325 |
|  | Murata Manufacturing Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484103 |
|  | Nabtesco Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43262 |
|  | Nagase & Co. Ltd. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33076 |
|  | Nagoya Railroad Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32636 |
|  | Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45883 |
|  | NEC Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;23140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486661 |
|  | Nexon Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114591 |
|  | NGK Insulators Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68736 |
|  | NH Foods Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62206 |
|  | NHK Spring Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30071 |
|  | Nichias Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30861 |
|  | Nichirei Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46001 |
|  | NIDEC Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326623 |
|  | Nifco, Inc. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36313 |
|  | Nihon Kohden Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36147 |
|  | Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21660 |
|  | Nikon Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55498 |
|  | Nintendo Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;19654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328754 |
|  | Nippon Accommodations Fund, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29129 |
|  | Nippon Building Fund, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119272 |
|  | Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31503 |
|  | Nippon Express Holdings, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72738 |
|  | Nippon Kayaku Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26438 |
|  | Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125938 |
|  | Nippon Prologis REIT, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71243 |
|  | Nippon Sanso Holdings Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103175 |
|  | Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23289 |
|  | Nippon Shokubai Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32757 |
|  | Nippon Steel Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390989 |
|  | Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;523600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506653 |
|  | Nippon Television Holdings, Inc. | Media | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20423 |

---

121 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Nippon Yusen KK | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp; 7600 | &nbsp;&nbsp;$250098 |
|  | Nipro Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 25437 |
|  | Nissan Chemical Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 2597 | &nbsp;&nbsp;&nbsp;&nbsp; 77177 |
| <sup>a</sup> | Nissan Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 39200 | &nbsp;&nbsp;&nbsp;&nbsp; 99271 |
|  | Nisshin Seifun Group, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 64804 |
|  | Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 3865 | &nbsp;&nbsp;&nbsp;&nbsp; 78908 |
|  | Niterra Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;3148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95173 |
|  | Nitori Holdings Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159268 |
|  | Nitto Denko Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;13056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238787 |
|  | NOF Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53087 |
|  | NOK Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40996 |
|  | Nomura Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340104 |
|  | Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;9460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55100 |
|  | Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80045 |
|  | Nomura Research Institute Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;7472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241638 |
|  | NS Solutions Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31894 |
|  | NSK Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35838 |
|  | NTT Data Group Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200835 |
|  | Obayashi Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167169 |
|  | OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27340 |
|  | Obic Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;6172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177846 |
|  | Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55348 |
|  | Oji Holdings Corp. | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70463 |
|  | OKUMA Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20614 |
|  | Olympus Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291721 |
|  | Omron Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101737 |
|  | Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90016 |
|  | Open House Group Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51187 |
|  | Oracle Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61556 |
|  | Organo Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19765 |
|  | Oriental Land Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;20244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398680 |
|  | ORIX Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404216 |
|  | Orix JREIT, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65984 |
|  | Osaka Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;7256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164150 |
|  | Otsuka Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;4754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102875 |
|  | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436540 |
|  | PALTAC Corp. | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15859 |
|  | Pan Pacific International Holdings Corp. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;7968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217876 |
|  | Panasonic Holdings Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497546 |
|  | Park24 Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38525 |
| <sup>a</sup> | PeptiDream, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25447 |
|  | Persol Holdings Co. Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55700 |
|  | Rakus Co. Ltd. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24341 |
| <sup>a</sup> | Rakuten Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68668 |
| <sup>a</sup> | Rakuten Group, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143458 |
|  | Recruit Holdings Co. Ltd. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;26801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372310 |
|  | Relo Group, Inc. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34686 |
|  | Renesas Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409355 |
|  | Rengo Co. Ltd. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14835 |
|  | Resona Holdings, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361469 |
|  | Resonac Holdings Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67039 |
|  | Resorttrust, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21257 |
|  | Ricoh Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118112 |
|  | Rinnai Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45760 |
|  | Rohm Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53495 |
|  | Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52226 |
|  | Rorze Corp. | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16371 |

---

franklintempleton.com Annual Report 122

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp; 4382 | &nbsp;&nbsp;$119000 |
|  | Sankyo Co. Ltd. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 40697 |
|  | Sankyu, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp;&nbsp; 34568 |
|  | Sanrio Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 3818 | &nbsp;&nbsp;&nbsp;&nbsp; 175402 |
|  | Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 53102 |
|  | Sanwa Holdings Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp;&nbsp; 115318 |
|  | Sapporo Holdings Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60855 |
|  | Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28330 |
|  | SBI Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149156 |
|  | SBI Sumishin Net Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22182 |
|  | SCREEN Holdings Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100159 |
|  | SCSK Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69092 |
|  | Secom Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;7474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254248 |
|  | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53860 |
|  | Seibu Holdings, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82406 |
|  | Seiko Epson Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89370 |
|  | Seino Holdings Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43178 |
|  | Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113323 |
|  | Sekisui House Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;10464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233715 |
|  | Sekisui House Reit, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44769 |
|  | Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607503 |
|  | Seven Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20971 |
|  | SG Holdings Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84034 |
| <sup>a</sup> | Sharp Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17676 |
| <sup>a</sup> | SHIFT, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22850 |
|  | Shikoku Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21673 |
|  | Shimadzu Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113442 |
|  | Shimamura Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44894 |
|  | Shimano, Inc. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;1642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230422 |
|  | Shimizu Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74344 |
|  | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;35988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019427 |
|  | Shionogi & Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;14187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213080 |
|  | Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19901 |
|  | Shiseido Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;7132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134494 |
|  | Shizuoka Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91168 |
|  | SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25726 |
|  | Skylark Holdings Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81824 |
|  | SMC Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381150 |
|  | Socionext, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39821 |
|  | SoftBank Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;518000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721888 |
|  | SoftBank Group Corp. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;19254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962958 |
|  | Sohgo Security Services Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63025 |
|  | Sojitz Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82851 |
|  | Sompo Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;17628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532942 |
|  | Sony Group Corp. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;111923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2817909 |
|  | Sotetsu Holdings, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19776 |
|  | Square Enix Holdings Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67847 |
|  | Stanley Electric Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52530 |
|  | Subaru Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198101 |
|  | Sugi Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31170 |
|  | SUMCO Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37729 |
|  | Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28066 |
|  | Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67669 |
|  | Sumitomo Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505101 |
|  | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230868 |
|  | Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84427 |
|  | Sumitomo Heavy Industries Ltd. | Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39854 |

---

123 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 4892 | &nbsp;&nbsp;$106156 |
|  | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 69458 | &nbsp;&nbsp;&nbsp;&nbsp; 1762693 |
|  | Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 323392 |
|  | Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 314171 |
|  | Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 35257 |
|  | Sundrug Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1232 | &nbsp;&nbsp;&nbsp;&nbsp; 34676 |
|  | Suntory Beverage & Food Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81132 |
|  | Suzuken Co. Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47603 |
|  | Suzuki Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406687 |
|  | Sysmex Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212481 |
|  | T&D Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205459 |
|  | Taiheiyo Cement Corp. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57071 |
|  | Taisei Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134001 |
|  | Taiyo Yuden Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40385 |
|  | Takara Holdings, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21448 |
|  | Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38909 |
|  | Takashimaya Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45312 |
|  | Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;29504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870678 |
|  | TBS Holdings, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17679 |
|  | TDK Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;35407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366051 |
|  | TechnoPro Holdings, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43981 |
|  | Teijin Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24538 |
|  | Terumo Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;26960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504261 |
|  | THK Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67968 |
|  | TIS, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113979 |
|  | Tobu Railway Co. Ltd. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63191 |
|  | Toda Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33033 |
|  | Toei Animation Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21725 |
|  | Toho Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97215 |
|  | Toho Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42068 |
|  | Tohoku Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57970 |
|  | Tokai Carbon Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17810 |
|  | Tokio Marine Holdings, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;35526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362693 |
|  | Tokyo Century Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54731 |
| <sup>a</sup> | Tokyo Electric Power Co. Holdings, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80457 |
|  | Tokyo Electron Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112814 |
|  | Tokyo Gas Co. Ltd. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221842 |
|  | Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41338 |
|  | Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35775 |
|  | Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;3570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60316 |
|  | Tokyu Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;9332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105152 |
|  | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74769 |
|  | Tomy Co. Ltd. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41720 |
|  | TOPPAN Holdings, Inc. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129585 |
|  | Toray Industries, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190237 |
|  | Toridoll Holdings Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18939 |
|  | Tosoh Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76900 |
|  | TOTO Ltd. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72893 |
|  | Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45780 |
|  | Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111322 |
|  | Toyo Tire Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29816 |
|  | Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21935 |
|  | Toyota Boshoku Corp. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14228 |
|  | Toyota Industries Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256921 |
|  | Toyota Motor Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;218400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820613 |
|  | Toyota Tsusho Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;12381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206405 |
|  | Trend Micro, Inc. | Software | &nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161804 |

---

franklintempleton.com Annual Report 124

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Japan (continued)** |  |  |  |
|  | TS Tech Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 1516 | &nbsp;&nbsp;$17031 |
|  | Tsumura & Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp;&nbsp; 33414 |
|  | Tsuruha Holdings, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp;&nbsp; 49776 |
|  | UBE Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 1748 | &nbsp;&nbsp;&nbsp;&nbsp; 25418 |
|  | Ulvac, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 29748 |
|  | Unicharm Corp. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp; 22396 | &nbsp;&nbsp;&nbsp;&nbsp; 178147 |
|  | United Urban Investment Corp. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55648 |
|  | Ushio, Inc. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21637 |
|  | USS Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78164 |
|  | Welcia Holdings Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26738 |
|  | West Japan Railway Co. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163826 |
|  | Workman Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25360 |
|  | Yakult Honsha Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106858 |
|  | Yamada Holdings Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32258 |
|  | Yamaguchi Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32898 |
|  | Yamaha Corp. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64963 |
|  | Yamaha Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133915 |
|  | Yamato Holdings Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73455 |
|  | Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36066 |
|  | Yamazaki Baking Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53925 |
|  | Yaoko Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29249 |
|  | Yaskawa Electric Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;4752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118530 |
|  | Yokogawa Electric Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85587 |
|  | Yokohama Rubber Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64448 |
|  | Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41127 |
|  | Zensho Holdings Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88672 |
|  | Zeon Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27993 |
|  | ZOZO, Inc. | Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80495 |
|  | **Total Common Stocks (Cost $80,697,151)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;84389696 |
|  | **Total Investments before Short-Term Investments (Cost $80,697,151)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;84389696 |
|  | **Short-Term Investments 0.5%** |  |  |  |
|  | **Money Market Funds 0.5%** |  |  |  |
|  | **United States 0.5%** |  |  |  |
| <sup>b,c</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;438852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 |
|  | **Total Short-Term Investments (Cost $438,852)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 |
|  | **Total Investments (Cost $81,136,003) 99.3%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;84828548 |
|  | **Other Assets, less Liabilities 0.7%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555454 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$85384002 |

---

<sup>a</sup>Non-income producing. <br> <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. <br> <sup>c</sup>See Note 3(c) regarding investments in affiliated management investment companies.

125 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Japan Hedged ETF (continued)

At March 31, 2025, the Fund had the following forward exchange contracts outstanding. See Note 1(c).

**Forward Exchange Contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency** | **Counterparty<sup>a</sup>** | **Type** | **Quantity** | **Contract<br> Amount** | **Settlement<br> Date** | **Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** | **OTC Forward Exchange Contracts** |
| Japanese Yen | WFS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;6530802000 | &nbsp;&nbsp;$43481951 | &nbsp;&nbsp;4/02/25 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(190659) |
| Japanese Yen | UBSW | &nbsp;&nbsp;Sell | &nbsp;&nbsp;3265401000 | &nbsp;&nbsp;&nbsp;&nbsp;21740280 | &nbsp;&nbsp;4/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (96024) |
| Japanese Yen | SSBT | &nbsp;&nbsp;Sell | &nbsp;&nbsp;3265401000 | &nbsp;&nbsp;&nbsp;&nbsp;21740917 | &nbsp;&nbsp;4/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (95387) |
| Japanese Yen | WFS | &nbsp;&nbsp;Buy | &nbsp;&nbsp;6530802000 | &nbsp;&nbsp;&nbsp;&nbsp;43672405 | &nbsp;&nbsp;4/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Japanese Yen | UBSW | &nbsp;&nbsp;Buy | &nbsp;&nbsp;3265401000 | &nbsp;&nbsp;&nbsp;&nbsp;21836086 | &nbsp;&nbsp;4/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Japanese Yen | SSBT | &nbsp;&nbsp;Sell | &nbsp;&nbsp;3328105000 | &nbsp;&nbsp;&nbsp;&nbsp;22330161 | &nbsp;&nbsp;5/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (629) |
| Japanese Yen | WFS | &nbsp;&nbsp;Sell | &nbsp;&nbsp;6656209000 | &nbsp;&nbsp;&nbsp;&nbsp;44660944 | &nbsp;&nbsp;5/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (629) |
| Japanese Yen | UBSW | Sell | 3328105000 | &nbsp;&nbsp;&nbsp;&nbsp;22330251 | 5/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (540) |
| &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;Total Forward Exchange Contracts | $423 | &nbsp;&nbsp;$(383868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(383445) |

---

<sup>a</sup>May be comprised of multiple contracts with the same counterparty, currency and settlement date.

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mini Topix Index Futures | &nbsp;&nbsp;Long | &nbsp;&nbsp;70 | &nbsp;&nbsp;$1246088 | &nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;$(19564) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 126

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Latin America ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $23.61 | $20.42 | $25.25 | $22.40 | &nbsp;&nbsp;$15.20 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;(4.62) | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;7.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Net asset value, end of year | &nbsp;&nbsp;$19.38 | &nbsp;&nbsp;$23.61 | &nbsp;&nbsp;$20.42 | &nbsp;&nbsp;$25.25 | &nbsp;&nbsp;$22.40 |
| Total return<sup>c</sup> | (12.60)% | 22.39% | (11.05)% | 21.12% | &nbsp;&nbsp;50.80% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Net investment income | 6.15% | 5.82% | 8.09% | 6.75% | &nbsp;&nbsp;2.86% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$29077 | &nbsp;&nbsp;$68479 | &nbsp;&nbsp;$67372 | &nbsp;&nbsp;$7575 | &nbsp;&nbsp;$4480 |
| Portfolio turnover rate<sup>e</sup> | 14.31%<sup>f</sup> | 8.97%<sup>f</sup> | 10.49%<sup>f</sup> | 18.50%<sup>f</sup> | &nbsp;&nbsp;10.21%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 8.83% | 6.40% | 10.49% | 18.50% | &nbsp;&nbsp;10.21% |

---

127 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Latin America ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 79.7%** |  |  |  |
|  | **Brazil 41.7%** |  |  |  |
|  | Allos SA | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 19500 | &nbsp;&nbsp;$65129 |
|  | Alupar Investimento SA, UNIT | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 30442 |
|  | Ambev SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 509109 |
| <sup>a</sup> | Ambipar Participacoes e Empreendimentos SA | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 47183 |
|  | Atacadao SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 34176 |
| <sup>a</sup> | Auren Energia SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 19484 |
| <sup>a</sup> | Automob Participacoes SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
|  | B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569097 |
|  | Banco Bradesco SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148621 |
|  | Banco BTG Pactual SA | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344199 |
|  | Banco do Brasil SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418840 |
|  | Banco Santander Brasil SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83972 |
|  | BB Seguridade Participacoes SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232190 |
|  | Brava Energia | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84694 |
|  | BRF SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113387 |
|  | Caixa Seguridade Participacoes SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58571 |
|  | CCR SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112790 |
|  | Centrais Eletricas Brasileiras SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455782 |
|  | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406030 |
|  | Cia Energetica de Minas Gerais | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747 |
|  | Cia Paranaense de Energia - Copel | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63801 |
|  | Cia Siderurgica Nacional SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49602 |
|  | Cosan SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77414 |
|  | CPFL Energia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59239 |
|  | CSN Mineracao SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27558 |
| <sup>a</sup> | Embraer SA | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418998 |
|  | Energisa SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113135 |
| <sup>a</sup> | Eneva SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71257 |
|  | Engie Brasil Energia SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60653 |
|  | Equatorial Energia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272084 |
| <sup>b</sup> | GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54682 |
|  | Grupo Mateus SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23083 |
| <sup>a,b</sup> | Hapvida Participacoes e Investimentos SA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90867 |
|  | Hypera SA | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67299 |
|  | Itau Unibanco Holding SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119869 |
|  | Klabin SA | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144650 |
|  | Localiza Rent a Car SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287949 |
|  | Lojas Renner SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112101 |
|  | M Dias Branco SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23832 |
|  | Marfrig Global Foods SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52027 |
|  | Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59187 |
|  | Natura & Co. Holding SA | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83720 |
|  | Neoenergia SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43788 |
|  | Petroleo Brasileiro SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304210 |
|  | Porto Seguro SA | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62853 |
| <sup>a</sup> | PRIO SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271001 |
|  | Raia Drogasil SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229492 |
| <sup>b</sup> | Rede D'Or Sao Luiz SA | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209248 |
|  | Rumo SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174160 |
|  | Santos Brasil Participacoes SA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76686 |
|  | Sao Martinho SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27105 |
|  | Sendas Distribuidora SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88858 |
|  | SLC Agricola SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34098 |
|  | Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21391 |
|  | Suzano SA | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305015 |
|  | Telefonica Brasil SA | Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184438 |

---

franklintempleton.com Annual Report 128

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Latin America ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Brazil (continued)** |  |  |  |
|  | TIM SA | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 40500 | &nbsp;&nbsp;$127277 |
|  | TOTVS SA | &nbsp;&nbsp;Software | &nbsp;&nbsp; 25100 | &nbsp;&nbsp;&nbsp;&nbsp; 146236 |
|  | Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp;&nbsp; 61706 |
|  | Ultrapar Participacoes SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 40500 | &nbsp;&nbsp;&nbsp;&nbsp; 120984 |
|  | Usinas Siderurgicas de Minas Gerais SA Usiminas | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8815 |
|  | Vale SA | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 181020 | &nbsp;&nbsp;&nbsp;&nbsp; 1791980 |
|  | Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18395 |
|  | Vibra Energia SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172285 |
|  | WEG SA | Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581846 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12137326 |
|  | **Chile 7.1%** |  |  |  |
|  | Aguas Andinas SA, Class A | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49134 |
|  | Banco de Chile | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;2165985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285544 |
|  | Banco de Credito e Inversiones SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173059 |
|  | Banco Itau Chile SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50202 |
|  | Banco Santander Chile | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3071370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174253 |
|  | Cencosud SA | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200005 |
|  | Cencosud Shopping SA | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47073 |
|  | Cia Cervecerias Unidas SA | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56951 |
|  | Cia Sud Americana de Vapores SA | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53531 |
|  | Colbun SA | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50436 |
|  | Empresas CMPC SA | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97511 |
|  | Empresas Copec SA | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166472 |
|  | Enel Americas SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91330 |
|  | Enel Chile SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1234575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80976 |
|  | Falabella SA | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163729 |
|  | Latam Airlines Group SA | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;10020525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156627 |
|  | Plaza SA | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99816 |
|  | Quinenco SA | Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51348 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047997 |
|  | **Colombia 1.0%** |  |  |  |
|  | Cementos Argos SA | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73384 |
|  | Ecopetrol SA | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116424 |
|  | Interconexion Electrica SA ESP | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99430 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289238 |
|  | **Mexico 28.3%** |  |  |  |
| <sup>a</sup> | Alfa SAB de CV, Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150136 |
|  | Alpek SAB de CV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9585 |
|  | Alsea SAB de CV | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54373 |
|  | America Movil SAB de CV | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;1103730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786596 |
|  | Arca Continental SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281461 |
| <sup>b</sup> | Banco del Bajio SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86418 |
|  | Becle SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24714 |
|  | Cemex SAB de CV | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424185 |
|  | Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238371 |
|  | Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13443 |
|  | Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96930 |
|  | El Puerto de Liverpool SAB de CV, Class C1 | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46250 |
|  | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165333 |
|  | Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841438 |
|  | Gentera SAB de CV | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76428 |
|  | Gruma SAB de CV, Class B | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157683 |
|  | Grupo Aeroportuario del Centro Norte SAB de CV | Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133023 |

---

129 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Latin America ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Mexico (continued)** |  |  |  |
|  | Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 19470 | &nbsp;&nbsp;$360121 |
|  | Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 9210 | &nbsp;&nbsp;&nbsp;&nbsp; 252207 |
|  | Grupo Bimbo SAB de CV | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 106320 | &nbsp;&nbsp;&nbsp;&nbsp; 289157 |
|  | Grupo Carso SAB de CV | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 26910 | &nbsp;&nbsp;&nbsp;&nbsp; 158199 |
|  | Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 12570 | &nbsp;&nbsp;&nbsp;&nbsp; 70953 |
|  | Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 143115 | &nbsp;&nbsp;&nbsp;&nbsp; 992867 |
| <sup>a</sup> | Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260486 |
|  | Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783370 |
| <sup>a</sup> | Industrias Penoles SAB de CV | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172884 |
|  | Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67130 |
|  | Megacable Holdings SAB de CV | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31050 |
| <sup>c</sup> | Operadora De Sites Mexicanos SAB de CV, Class A-1 | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36644 |
|  | Orbia Advance Corp. SAB de CV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35995 |
|  | Prologis Property Mexico SA de CV | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157425 |
|  | Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109421 |
|  | Qualitas Controladora SAB de CV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86054 |
|  | Regional SAB de CV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74866 |
|  | Wal-Mart de Mexico SAB de CV, Class V | Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704106 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229302 |
|  | **United States 1.6%** |  |  |  |
|  | GCC SAB de CV | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74395 |
|  | JBS SA | Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398349 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472744 |
|  | **Total Common Stocks (Cost $21,091,494)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;23176607 |
|  | **Preferred Stocks 19.1%** |  |  |  |
|  | **Brazil 17.0%** |  |  |  |
| <sup>d</sup> | Banco Bradesco SA, 7.474%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567398 |
| <sup>d</sup> | Bradespar SA, 11.865%, pfd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37523 |
| <sup>a</sup> | Braskem SA, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17285 |
| <sup>d</sup> | Centrais Eletricas Brasileiras SA, 8.208%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93064 |
| <sup>d</sup> | Cia Energetica de Minas Gerais, 12.456%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145096 |
| <sup>d</sup> | Cia Paranaense de Energia - Copel, Class B, 3.631%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92692 |
| <sup>d</sup> | Gerdau SA, 4.944%, pfd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190680 |
| <sup>d</sup> | Isa Energia Brasil SA, 8.984%, pfd. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52655 |
| <sup>d</sup> | Itau Unibanco Holding SA, 7.014%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447756 |
| <sup>d</sup> | Itausa SA, 8.942%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467084 |
| <sup>d</sup> | Metalurgica Gerdau SA, 5.028%, pfd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51566 |
| <sup>d</sup> | Petroleo Brasileiro SA, 15.875%, pfd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761445 |
| <sup>d</sup> | Usinas Siderurgicas de Minas Gerais SA Usiminas, 4.982%, pfd. | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946557 |
|  | **Chile 1.2%** |  |  |  |
| <sup>d</sup> | Embotelladora Andina SA, 8.273%, pfd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69305 |
| <sup>d</sup> | Sociedad Quimica y Minera de Chile SA, Class B, 0.001%, pfd. | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268022 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337327 |

---

franklintempleton.com Annual Report 130

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Latin America ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Preferred Stocks (continued)** |  |  |  |
|  | **Colombia 0.9%** |  |  |  |
| <sup>d</sup> | Bancolombia SA, 9.255%, pfd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 22275 | &nbsp;&nbsp;$223894 |
| <sup>d</sup> | Grupo de Inversiones Suramericana SA, 3.655%, pfd. | Financial Services | &nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp;&nbsp; 35491 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259385 |
|  | **Total Preferred Stocks (Cost $4,794,514)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543269 |
|  | **Right 0.0%<sup>†</sup>** |  |  |  |
|  | **Brazil 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Itausa SA | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
|  | **Total Rights (Cost $0)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
|  | **Total Investments before Short-Term Investments (Cost $25,886,008)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28721889 |
|  | **Short-Term Investments 0.2%** |  |  |  |
|  | **Investments from Cash Collateral<br> Received for Loaned Securities 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>e,f</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34414 |
|  | **Money Market Funds 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>e,f</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 |
|  | **Total Short-Term Investments (Cost $52,462)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462 |
|  | **Total Investments (Cost $25,938,470) 99.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28774351 |
|  | **Other Assets, less Liabilities 1.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302607 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$29076958 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $441,215, representing 1.5% of net assets. |
| <sup>c</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>d</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>e</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>f</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

131 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Latin America ETF (continued)

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bovespa Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;10 | &nbsp;&nbsp;$228685 | &nbsp;&nbsp;4/16/25 | &nbsp;&nbsp;$6006 |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mex Bolsa Index | Long | 5 | &nbsp;&nbsp;&nbsp;&nbsp;128677 | 6/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2267) |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | &nbsp;&nbsp;$3739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 132

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Mexico ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $33.73 | $29.28 | $27.49 | $22.14 | &nbsp;&nbsp;$14.35 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(8.89) | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.78 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(7.92) | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Net asset value, end of year | &nbsp;&nbsp;$25.05 | &nbsp;&nbsp;$33.73 | &nbsp;&nbsp;$29.28 | &nbsp;&nbsp;$27.49 | &nbsp;&nbsp;$22.14 |
| Total return<sup>c</sup> | (23.44)% | 18.66% | 11.15% | 28.33% | &nbsp;&nbsp;56.94% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Net investment income | 3.64% | 2.76% | 3.55% | 2.73% | &nbsp;&nbsp;1.80% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$45082 | &nbsp;&nbsp;$45531 | &nbsp;&nbsp;$24890 | &nbsp;&nbsp;$12372 | &nbsp;&nbsp;$5536 |
| Portfolio turnover rate<sup>e</sup> | 10.58%<sup>f</sup> | 9.92%<sup>f</sup> | 11.16%<sup>f</sup> | 22.39%<sup>f</sup> | &nbsp;&nbsp;18.32%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 10.30% | 9.79% | 11.16% | 22.39% | &nbsp;&nbsp;18.32% |

---

133 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Mexico ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 100.0%** |  |  |  |
|  | **Mexico 99.0%** |  |  |  |
| <sup>a</sup> | Alfa SAB de CV, Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;1156284 | &nbsp;&nbsp;$902612 |
|  | Alpek SAB de CV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 111744 | &nbsp;&nbsp;&nbsp;&nbsp; 57078 |
|  | Alsea SAB de CV | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 153684 | &nbsp;&nbsp;&nbsp;&nbsp; 326926 |
|  | America Movil SAB de CV | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;5825700 | &nbsp;&nbsp;&nbsp;&nbsp; 4151807 |
|  | Arca Continental SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 142920 | &nbsp;&nbsp;&nbsp;&nbsp; 1494850 |
| <sup>b</sup> | Banco del Bajio SA | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 239616 | &nbsp;&nbsp;&nbsp;&nbsp; 520735 |
|  | Becle SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;161172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148266 |
|  | Cemex SAB de CV | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;3445200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945037 |
|  | Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;149760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369331 |
|  | Concentradora Fibra Danhos SA de CV | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79637 |
|  | Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;255132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584010 |
|  | El Puerto de Liverpool SAB de CV, Class C1 | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278266 |
|  | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;850284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993745 |
|  | Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;453996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434496 |
|  | Gentera SAB de CV | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;297792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458953 |
|  | Gruma SAB de CV, Class B | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949347 |
|  | Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798848 |
|  | Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747226 |
|  | Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375228 |
|  | Grupo Bimbo SAB de CV | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;559620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521990 |
|  | Grupo Carso SAB de CV | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;161532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949615 |
|  | Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427956 |
|  | Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;750744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208319 |
| <sup>a</sup> | Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;623808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402316 |
|  | Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;826164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131981 |
| <sup>a</sup> | Industrias Penoles SAB de CV | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038307 |
|  | Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;245448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402516 |
|  | Megacable Holdings SAB de CV | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187585 |
| <sup>c</sup> | Operadora De Sites Mexicanos SAB de CV, Class A-1 | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;310428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220323 |
|  | Orbia Advance Corp. SAB de CV | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;287100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218922 |
|  | Prologis Property Mexico SA de CV | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;295596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946104 |
|  | Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659435 |
|  | Qualitas Controladora SAB de CV | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518515 |
|  | Regional SAB de CV | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449424 |
|  | Wal-Mart de Mexico SAB de CV, Class V | Consumer Staples Distribution & Retail | &nbsp;&nbsp;1354860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732475 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;44632181 |
|  | **United States 1.0%** |  |  |  |
|  | GCC SAB de CV | Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447031 |
|  | **Total Common Stocks (Cost $54,827,778)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;45079212 |
|  | **Total Investments before Short-Term Investments (Cost $54,827,778)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;45079212 |
|  | **Short-Term Investments 0.4%** |  |  |  |
|  | **Investments from Cash Collateral Received for<br> Loaned Securities 0.4%** |  |  |  |
|  | **United States 0.4%** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;175005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175005 |

---

franklintempleton.com Annual Report 134

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Mexico ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments (continued)** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 1 | &nbsp;&nbsp;$1 |
|  | **Total Short-Term Investments (Cost $175,006)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175006 |
|  | **Total Investments (Cost $55,002,784) 100.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;45254218 |
|  | **Other Assets, less Liabilities (0.4)%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172450) |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$45081768 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the value of this security was $520,735, representing 1.2% of net assets. |
| <sup>c</sup>A portion or all of the security is on loan at March 31, 2025. See Note 1(d). |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

See Abbreviations on page 209.

135 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Saudi Arabia ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $37.57 | $33.65 | $41.30 | $30.33 | &nbsp;&nbsp;$20.15 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;(8.40) | &nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;10.23 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;(7.02) | &nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;10.75 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Net asset value, end of year | &nbsp;&nbsp;$35.57 | &nbsp;&nbsp;$37.57 | &nbsp;&nbsp;$33.65 | &nbsp;&nbsp;$41.30 | &nbsp;&nbsp;$30.33 |
| Total return<sup>c</sup> | (2.39)% | 15.21% | (17.04)% | 38.99% | &nbsp;&nbsp;54.12% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.39%<sup>d</sup> | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% |
| Net investment income | 3.72% | 2.79% | 3.97% | 1.77% | &nbsp;&nbsp;2.11% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$17787 | &nbsp;&nbsp;$18786 | &nbsp;&nbsp;$21874 | &nbsp;&nbsp;$4130 | &nbsp;&nbsp;$3033 |
| Portfolio turnover rate<sup>e</sup> | 15.71%<sup>f</sup> | 14.55%<sup>f</sup> | 5.44%<sup>f</sup> | 15.51%<sup>f</sup> | &nbsp;&nbsp;16.74%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 15.71% | 14.32% | 5.44% | 15.51% | &nbsp;&nbsp;16.74% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 136

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Saudi Arabia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.9%** |  |  |  |
|  | **Saudi Arabia 99.9%** |  |  |  |
|  | Abdullah Al Othaim Markets Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 22210 | &nbsp;&nbsp;$57907 |
|  | ACWA Power Co. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp; 10850 | &nbsp;&nbsp;&nbsp;&nbsp; 992701 |
|  | Ades Holding Co. | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp; 21900 | &nbsp;&nbsp;&nbsp;&nbsp; 95281 |
| <sup>a</sup> | Advanced Petrochemical Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 6380 | &nbsp;&nbsp;&nbsp;&nbsp; 52471 |
|  | Al Rajhi Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 98700 | &nbsp;&nbsp;&nbsp;&nbsp; 2683853 |
| <sup>a</sup> | Al Rajhi Co. for Co-operative Insurance | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 93108 |
|  | Aldrees Petroleum & Transport Services Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91659 |
|  | Alinma Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;61690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504887 |
|  | Almarai Co. JSC | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;24440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362257 |
|  | Arab National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;44700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275271 |
| <sup>b</sup> | Arabian Centres Co. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64300 |
| <sup>a</sup> | Arabian Contracting Services Co. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34654 |
|  | Arabian Drilling Co. | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34222 |
|  | Arabian Internet & Communications Services Co. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102114 |
|  | Astra Industrial Group Co. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79433 |
|  | Bank AlBilad | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;30840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303377 |
| <sup>a</sup> | Bank Al-Jazira | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;25290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117850 |
|  | Banque Saudi Fransi | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;61200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303463 |
|  | BinDawood Holding Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;14740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25109 |
|  | Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176077 |
|  | Catrion Catering Holding Co. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66560 |
|  | Co. for Cooperative Insurance | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140657 |
|  | Dallah Healthcare Co. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69525 |
| <sup>a</sup> | Dar Al Arkan Real Estate Development Co. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;26650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152038 |
| <sup>a</sup> | Dr. Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35173 |
|  | Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381756 |
|  | Elm Co. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333582 |
| <sup>a</sup> | Emaar Economic City | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32540 |
|  | Etihad Etisalat Co. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308976 |
|  | Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57391 |
|  | Jarir Marketing Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;29610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102460 |
|  | Leejam Sports Co. JSC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51191 |
|  | Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;22180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66580 |
|  | Mouwasat Medical Services Co. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;4780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95572 |
|  | Nahdi Medical Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74321 |
| <sup>a</sup> | National Industrialization Co., Class C | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41197 |
|  | Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46254 |
|  | Qassim Cement Co. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37861 |
| <sup>a</sup> | Rabigh Refining & Petrochemical Co. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;21040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44087 |
|  | Riyad Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649144 |
|  | Riyadh Cables Group Co. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124931 |
|  | SABIC Agri-Nutrients Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332036 |
|  | Sahara International Petrochemical Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;17890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99201 |
|  | SAL Saudi Logistics Services | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63869 |
| <sup>a</sup> | Saudi Arabian Mining Co. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;62740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774403 |
| <sup>b</sup> | Saudi Arabian Oil Co. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;289990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067989 |
|  | Saudi Aramco Base Oil Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71099 |
|  | Saudi Awwal Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;47730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477160 |
|  | Saudi Basic Industries Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;45320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769610 |
|  | Saudi Cement Co. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;3780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45347 |
|  | Saudi Electricity Co. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;39360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167467 |
|  | Saudi Ground Services Co. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61902 |
|  | Saudi Industrial Investment Group | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;18630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77081 |
|  | Saudi Investment Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;30840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119871 |
| <sup>a</sup> | Saudi Kayan Petrochemical Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;37010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60383 |
|  | Saudi National Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;146620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401276 |
| <sup>a</sup> | Saudi Real Estate Co. | Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43153 |

---

137 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Saudi Arabia ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Saudi Arabia (continued)** |  |  |  |
| <sup>a</sup> | Saudi Research & Media Group | &nbsp;&nbsp;Media | &nbsp;&nbsp; 1970 | &nbsp;&nbsp;$90961 |
|  | Saudi Tadawul Group Holding Co. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp; 131609 |
|  | Saudi Telecom Co. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp; 95400 | &nbsp;&nbsp;&nbsp;&nbsp; 1153366 |
|  | Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; 62590 |
| <sup>a</sup> | Savola Group | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp;&nbsp; 58196 |
| <sup>a</sup> | Seera Group Holding | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 7330 | &nbsp;&nbsp;&nbsp;&nbsp; 48032 |
|  | United Electronics Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49472 |
| <sup>a</sup> | Yamama Cement Co. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52385 |
|  | Yanbu National Petrochemical Co. | Chemicals | &nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128399 |
|  | **Total Common Stocks (Cost $15,815,928)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17768647 |
|  | **Total Investments before Short-Term Investments (Cost $15,815,928)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17768647 |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | **Total Short-Term Investments (Cost $1)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  | **Total Investments (Cost $15,815,929) 99.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17768648 |
|  | **Other Assets, less Liabilities 0.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18139 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$17786787 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $2,132,289, representing 12.0% of net assets. |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 138

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE South Korea ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $23.36 | $21.08 | $25.57 | $31.48 | &nbsp;&nbsp;$16.52 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(4.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;(5.87) | &nbsp;&nbsp;&nbsp;14.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;15.26 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| Net asset value, end of year | &nbsp;&nbsp;$18.23 | &nbsp;&nbsp;$23.36 | &nbsp;&nbsp;$21.08 | &nbsp;&nbsp;$25.57 | &nbsp;&nbsp;$31.48 |
| Total return<sup>c</sup> | (17.47)% | 13.42% | (15.00)% | (17.15)% | &nbsp;&nbsp;92.55% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09% |
| Net investment income | 1.52% | 1.62% | 2.36% | 1.86% | &nbsp;&nbsp;2.07% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$116688 | &nbsp;&nbsp;$301337 | &nbsp;&nbsp;$293049 | &nbsp;&nbsp;$61361 | &nbsp;&nbsp;$62966 |
| Portfolio turnover rate<sup>e</sup> | 25.57%<sup>f</sup> | 31.27%<sup>f</sup> | 5.97%<sup>f</sup> | 27.38%<sup>f</sup> | &nbsp;&nbsp;8.65%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 7.44% | 9.22% | 5.97% | 10.53% | &nbsp;&nbsp;8.65% |

---

139 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE South Korea ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 94.8%** |  |  |  |
|  | **South Korea 94.8%** |  |  |  |
| <sup>a</sup> | Alteogen, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp; 7168 | &nbsp;&nbsp;$1732977 |
|  | Amorepacific Corp., Class H | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; 339354 |
|  | AMOREPACIFIC Group, Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp;&nbsp; 59110 |
|  | BGF retail Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp; 99853 |
|  | BNK Financial Group, Inc., Class H | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 46016 | &nbsp;&nbsp;&nbsp;&nbsp; 320315 |
| <sup>a</sup> | Celltrion Pharm, Inc., Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp;&nbsp; 107285 |
|  | Celltrion, Inc., Class A | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;25728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952823 |
|  | Cheil Worldwide, Inc., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;11712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143328 |
|  | CJ CheilJedang Corp., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224989 |
|  | CJ Corp., Class A | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176918 |
|  | CJ Logistics Corp., Class A | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82520 |
| <sup>a</sup> | CosmoAM&T Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;3776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97445 |
|  | Coway Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524561 |
|  | DB Insurance Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;7488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450551 |
|  | DGB Financial Group, Inc., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156121 |
|  | Dongsuh Cos., Inc., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94981 |
|  | Doosan Bobcat, Inc., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;8320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282513 |
| <sup>a</sup> | Doosan Enerbility Co. Ltd., Class H | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;71680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141525 |
| <sup>a</sup> | Ecopro BM Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;7680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501743 |
|  | Ecopro Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;16896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569702 |
| <sup>a</sup> | Ecopro Materials Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221073 |
|  | E-MART, Inc., Class A | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179769 |
|  | F&F Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115735 |
|  | Fila Holdings Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;8704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224324 |
|  | Green Cross Corp. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74296 |
|  | GS Engineering & Construction Corp. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;10624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122365 |
|  | GS Holdings Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;7616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190335 |
| <sup>a</sup> | GS P&L Co. Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16234 |
|  | GS Retail Co. Ltd. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56653 |
|  | Hana Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;43584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764079 |
|  | Hanjin Kal Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292566 |
|  | Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;12352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330925 |
|  | Hanmi Pharm Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156816 |
|  | Hanmi Science Co. Ltd. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74442 |
|  | Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;7360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340884 |
| <sup>a</sup> | Hanon Systems | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;26560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65566 |
|  | Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234632 |
|  | Hanwha Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;4672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129928 |
| <sup>a</sup> | Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;60864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105194 |
| <sup>a</sup> | Hanwha Ocean Co. Ltd., Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;15168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691187 |
|  | Hanwha Solutions Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;17536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219245 |
| <sup>a</sup> | Hanwha Vision Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224259 |
|  | HD Hyundai Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;7104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349772 |
|  | HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736098 |
|  | HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691200 |
|  | HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110493 |
|  | HD Hyundai Mipo | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247377 |
|  | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;7296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995923 |
|  | Hite Jinro Co. Ltd. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;4992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65193 |
|  | HL Mando Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145959 |
| <sup>a</sup> | HLB, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;20032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749584 |
|  | HMM Co. Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;49216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653762 |
| <sup>a</sup> | Hotel Shilla Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;5184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135541 |
|  | HYBE Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562961 |
|  | Hyundai Autoever Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93333 |
|  | Hyundai Engineering & Construction Co. Ltd. | Construction & Engineering | &nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298440 |

---

franklintempleton.com Annual Report 140

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE South Korea ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **South Korea (continued)** |  |  |  |
|  | Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp; 6208 | &nbsp;&nbsp;$473874 |
| <sup>a</sup> | Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 9920 | &nbsp;&nbsp;&nbsp;&nbsp; 147200 |
|  | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp; 10240 | &nbsp;&nbsp;&nbsp;&nbsp; 1811559 |
|  | Hyundai Motor Co. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp; 23360 | &nbsp;&nbsp;&nbsp;&nbsp; 3128416 |
|  | Hyundai Steel Co. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 14208 | &nbsp;&nbsp;&nbsp;&nbsp; 241222 |
|  | Industrial Bank of Korea | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 45824 | &nbsp;&nbsp;&nbsp;&nbsp; 442524 |
|  | Kakao Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;56192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492093 |
| <sup>a</sup> | Kakao Games Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;6848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66829 |
|  | KakaoBank Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;36352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544354 |
| <sup>a</sup> | Kakaopay Corp. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90743 |
| <sup>a</sup> | Kangwon Land, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;18048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204197 |
|  | KB Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;56320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021582 |
|  | KCC Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120720 |
|  | KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99923 |
|  | Kia Corp. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;42048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635674 |
|  | Korea Aerospace Industries Ltd. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;11840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603056 |
|  | Korea Electric Power Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;43008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632342 |
|  | Korea Gas Corp. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108463 |
|  | Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;6464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320456 |
|  | Korea Zinc Co. Ltd. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710107 |
|  | Korean Air Lines Co. Ltd. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;31360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453628 |
| <sup>a</sup> | Krafton, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;5952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352084 |
|  | KT&G Corp. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;16320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120511 |
|  | Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215088 |
| <sup>a</sup> | L&F Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171542 |
|  | LG Chem Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331070 |
|  | LG Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;14848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651396 |
| <sup>a</sup> | LG Display Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;52864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316286 |
|  | LG Electronics, Inc. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;18240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956284 |
| <sup>a</sup> | LG Energy Solution Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;6720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526547 |
|  | LG H&H Co. Ltd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339559 |
|  | LG Innotek Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257143 |
|  | LG Uplus Corp. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;35776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250250 |
|  | Lotte Chemical Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136441 |
|  | Lotte Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63248 |
|  | Lotte Shopping Co. Ltd. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79017 |
|  | LS Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210329 |
|  | LS Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312385 |
|  | Meritz Financial Group, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;15104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251401 |
|  | Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;45184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281384 |
|  | NAVER Corp. | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;22976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980249 |
|  | NCSoft Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266231 |
| <sup>b</sup> | Netmarble Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96991 |
|  | NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;22720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216322 |
|  | NongShim Co. Ltd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140648 |
|  | Orion Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;3776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302336 |
|  | Ottogi Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71889 |
|  | Pan Ocean Co. Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;40960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93881 |
| <sup>a</sup> | Pearl Abyss Corp. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;5632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114744 |
|  | Posco DX Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;8896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147411 |
| <sup>a</sup> | POSCO Future M Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392149 |
|  | POSCO Holdings, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;12672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396708 |
|  | Posco International Corp. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;7744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259010 |
|  | S-1 Corp. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139952 |
| <sup>a,b</sup> | Samsung Biologics Co. Ltd. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057611 |
|  | Samsung C&T Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;14016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112713 |
|  | Samsung Card Co. Ltd. | Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137516 |

---

141 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE South Korea ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **South Korea (continued)** |  |  |  |
|  | Samsung E&A Co. Ltd. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp; 26688 | &nbsp;&nbsp;$358498 |
|  | Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 9408 | &nbsp;&nbsp;&nbsp;&nbsp; 824837 |
|  | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;559296 | &nbsp;&nbsp;&nbsp;&nbsp; 21954030 |
|  | Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 5248 | &nbsp;&nbsp;&nbsp;&nbsp; 1274132 |
| <sup>a</sup> | Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;109888 | &nbsp;&nbsp;&nbsp;&nbsp; 1005970 |
|  | Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 12544 | &nbsp;&nbsp;&nbsp;&nbsp; 706212 |
|  | Samsung SDI Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;8832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130616 |
|  | Samsung SDS Co. Ltd. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;6656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525248 |
|  | Samsung Securities Co. Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;10688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328443 |
|  | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;80960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586871 |
| <sup>a</sup> | SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319378 |
| <sup>a</sup> | SK Bioscience Co. Ltd. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;4096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109041 |
|  | SK Hynix, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;91328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11827674 |
| <sup>a,b</sup> | SK IE Technology Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65760 |
| <sup>a</sup> | SK Innovation Co. Ltd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771877 |
| <sup>a</sup> | SK Square Co. Ltd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;15488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982397 |
|  | SK, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;5888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518224 |
| <sup>a</sup> | SKC Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219147 |
|  | S-Oil Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;6976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265775 |
|  | Woori Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;115008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288714 |
|  | Yuhan Corp. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678709 |
|  | **Total Common Stocks (Cost $104,100,009)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;110563598 |
|  | **Preferred Stocks 3.8%** |  |  |  |
|  | **South Korea 3.8%** |  |  |  |
| <sup>c</sup> | Amorepacific Corp., 3.393%, pfd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34736 |
| <sup>c</sup> | CJ CheilJedang Corp., 4.552%, pfd. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23105 |
| <sup>c</sup> | Hanwha Corp., 4.916%, pfd. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38326 |
| <sup>c</sup> | Hyundai Motor Co., 8.159%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;5888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592999 |
| <sup>c</sup> | Hyundai Motor Co., 8.181%, pfd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371326 |
| <sup>c</sup> | LG Chem Ltd., 0.911%, pfd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100227 |
| <sup>c</sup> | LG Electronics, Inc., 2.778%, pfd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75574 |
| <sup>c</sup> | LG H&H Co. Ltd., 2.917%, pfd. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26448 |
| <sup>c</sup> | Samsung Electronics Co. Ltd., 2.301%, pfd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;96768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101833 |
| <sup>c</sup> | Samsung Fire & Marine Insurance Co. Ltd., 7.013%, pfd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82450 |
| <sup>c</sup> | Samsung SDI Co. Ltd., 0.922%, pfd. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19802 |
|  | **Total Preferred Stocks (Cost $4,807,725)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466826 |
|  | **Total Investments before Short-Term Investments (Cost $108,907,734)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;115030424 |

---

franklintempleton.com Annual Report 142

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE South Korea ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp; 37 | &nbsp;&nbsp;$37 |
|  | **Total Short-Term Investments (Cost $37)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
|  | **Total Investments (Cost $108,907,771) 98.6%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;115030461 |
|  | **Other Assets, less Liabilities 1.4%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657310 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$116687771 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $2,220,362, representing 1.9% of net assets. |
| <sup>c</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Kospi 200 Mini | &nbsp;&nbsp;Long | &nbsp;&nbsp;25 | &nbsp;&nbsp;$1416808 | &nbsp;&nbsp;6/12/25 | &nbsp;&nbsp;$(17584) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

143 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Switzerland ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $32.86 | $31.21 | $34.00 | $30.36 | &nbsp;&nbsp;$24.44 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.62 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| Net asset value, end of year | &nbsp;&nbsp;$35.53 | &nbsp;&nbsp;$32.86 | &nbsp;&nbsp;$31.21 | &nbsp;&nbsp;$34.00 | &nbsp;&nbsp;$30.36 |
| Total return<sup>c</sup> | 10.22% | 7.86% | (6.23)% | 14.22% | &nbsp;&nbsp;27.54% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Net investment income | 2.18% | 2.52% | 2.24% | 2.07% | &nbsp;&nbsp;3.13% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$49749 | &nbsp;&nbsp;$46010 | &nbsp;&nbsp;$49941 | &nbsp;&nbsp;$47593 | &nbsp;&nbsp;$48570 |
| Portfolio turnover rate<sup>e</sup> | 10.82%<sup>f</sup> | 14.49%<sup>f</sup> | 7.89%<sup>f</sup> | 13.99%<sup>f</sup> | &nbsp;&nbsp;12.59%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 10.82% | 14.49% | 7.89% | 13.99% | &nbsp;&nbsp;12.59% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 144

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Switzerland ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 97.7%** |  |  |  |
|  | **Switzerland 94.4%** |  |  |  |
|  | ABB Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;37758 | &nbsp;&nbsp;$1929830 |
|  | Adecco Group AG | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp; 5628 | &nbsp;&nbsp;&nbsp;&nbsp; 168061 |
|  | Alcon AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;16310 | &nbsp;&nbsp;&nbsp;&nbsp; 1534126 |
|  | Avolta AG | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 2884 | &nbsp;&nbsp;&nbsp;&nbsp; 125302 |
|  | Bachem Holding AG, Class B | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp; 64754 |
|  | Baloise Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp;&nbsp; 334082 |
|  | Banque Cantonale Vaudoise | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108304 |
|  | Barry Callebaut AG | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168233 |
|  | Belimo Holding AG | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205455 |
|  | BKW AG | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122317 |
|  | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917683 |
|  | Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;14574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519461 |
|  | Clariant AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;7952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85609 |
|  | DKSH Holding AG | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95702 |
|  | Emmi AG | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64086 |
|  | EMS-Chemie Holding AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170896 |
|  | Flughafen Zurich AG | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158895 |
| <sup>a</sup> | Galderma Group AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370155 |
|  | Geberit AG | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726081 |
|  | Georg Fischer AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209344 |
|  | Givaudan SA | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201967 |
|  | Helvetia Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251516 |
|  | Julius Baer Group Ltd. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;7154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490814 |
|  | Kuehne & Nagel International AG | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402515 |
|  | Logitech International SA | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438632 |
|  | Lonza Group AG | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;2333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429729 |
|  | Nestle SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;64834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546787 |
|  | Novartis AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;50344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567287 |
|  | Partners Group Holding AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095663 |
|  | PSP Swiss Property AG | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247112 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;17458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732183 |
|  | Roche Holding AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252115 |
|  | Sandoz Group AG | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;15456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647064 |
|  | Schindler Holding AG, PC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445145 |
|  | Schindler Holding AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219696 |
|  | SGS SA | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;5456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542177 |
|  | SIG Group AG | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;11606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213952 |
|  | Sika AG | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;5264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268477 |
|  | Sonova Holding AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499229 |
|  | Straumann Holding AG | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;3757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449906 |
|  | Swatch Group AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170432 |
|  | Swatch Group AG | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60031 |
|  | Swiss Life Holding AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902155 |
|  | Swiss Prime Site AG | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329943 |
|  | Swiss Re AG | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;9072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538062 |
|  | Swisscom AG | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515978 |
|  | Temenos AG | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164872 |
|  | UBS Group AG | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;87612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660790 |
| <sup>b</sup> | VAT Group AG | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338728 |
|  | Zurich Insurance Group AG | Insurance | &nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286917 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;46988250 |

---

145 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Switzerland ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States 3.3%** |  |  |  |
|  | Holcim AG, Class B | Construction Materials | &nbsp;&nbsp;15204 | &nbsp;&nbsp;$1623937 |
|  | **Total Common Stocks (Cost $44,245,265)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48612187 |
|  | **Total Investments before Short-Term Investments (Cost $44,245,265)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48612187 |
|  | **Short-Term Investments 0.0%<sup>†</sup>** |  |  |  |
|  | **Money Market Funds 0.0%<sup>†</sup>** |  |  |  |
|  | **United States 0.0%<sup>†</sup>** |  |  |  |
| <sup>c,d</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
|  | **Total Short-Term Investments (Cost $2,258)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
|  | **Total Investments (Cost $44,247,523) 97.7%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48614445 |
|  | **Other Assets, less Liabilities 2.3%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134405 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$49748850 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the value of this security was $338,728, representing 0.7% of net assets. |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>d</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swiss Mid Cap Future Index |  | &nbsp;&nbsp;8 | &nbsp;&nbsp;$1128274 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(30812) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 146

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Taiwan ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $44.22 | $37.05 | $43.67 | $41.12 | &nbsp;&nbsp;$23.18 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;(6.84) | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;17.99 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;(5.59) | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;18.73 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.79) |
| Net asset value, end of year | &nbsp;&nbsp;$42.60 | &nbsp;&nbsp;$44.22 | &nbsp;&nbsp;$37.05 | &nbsp;&nbsp;$43.67 | &nbsp;&nbsp;$41.12 |
| Total return<sup>c</sup> | (1.84)% | 22.90% | (12.55)% | 8.72% | &nbsp;&nbsp;81.35% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.19%<sup>d</sup> | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Net investment income | 1.59% | 3.12% | 3.52% | 2.20% | &nbsp;&nbsp;2.24% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$302456 | &nbsp;&nbsp;$225504 | &nbsp;&nbsp;$137094 | &nbsp;&nbsp;$43667 | &nbsp;&nbsp;$32897 |
| Portfolio turnover rate<sup>e</sup> | 195.53%<sup>f</sup> | 12.14%<sup>f</sup> | 11.88%<sup>f</sup> | 17.76%<sup>f</sup> | &nbsp;&nbsp;10.63%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 2.25% | 12.14% | 5.40% | 7.86% | &nbsp;&nbsp;10.63% |

---

147 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Taiwan ETF**

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks 99.7%** |  |  |  |
| **China 0.8%** |  |  |  |
| Airtac International Group, Class A | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 46860 | &nbsp;&nbsp;$1172823 |
| Silergy Corp. | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 113200 | &nbsp;&nbsp;&nbsp;&nbsp; 1287042 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459865 |
| **Taiwan 98.8%** |  |  |  |
| Accton Technology Corp. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp; 172730 | &nbsp;&nbsp;&nbsp;&nbsp; 2996536 |
| Acer, Inc., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 968000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033525 |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213754 |
| Advantech Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;157258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776124 |
| Alchip Technologies Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191340 |
| ASE Technology Holding Co. Ltd., Class A | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;1110600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783248 |
| Asia Cement Corp. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;842770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185373 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;110300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508206 |
| ASMedia Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756344 |
| ASPEED Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959069 |
| Asustek Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;242820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453803 |
| AUO Corp., Class H | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;2415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978292 |
| Capital Securities Corp., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528340 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;208740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317100 |
| Cathay Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;3168900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841026 |
| Chailease Holding Co. Ltd., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;519091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813555 |
| Chang Hwa Commercial Bank Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2410989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288911 |
| Cheng Shin Rubber Industry Co. Ltd., Class A | &nbsp;&nbsp;Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;629300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951460 |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;201670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020422 |
| China Airlines Ltd., Class A | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669528 |
| China Motor Corp., Class A | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192164 |
| China Steel Corp., Class A | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;3878000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616285 |
| Chroma ATE, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;136320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170129 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;1309510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068053 |
| Compal Electronics, Inc., Class H | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328582 |
| CTBC Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;5630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6689361 |
| Delta Electronics, Inc., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;744090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8067838 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;271800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169325 |
| E.Sun Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;5216343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4516824 |
| Eclat Textile Co. Ltd., Class A | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903257 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;104446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714421 |
| eMemory Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563122 |
| Ennostar, Inc., Class H | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;206150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244009 |
| Eternal Materials Co. Ltd., Class H | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;328185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274785 |
| Eva Airways Corp., Class H | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133360 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;372750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475457 |
| Far Eastern International Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;801735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323567 |
| Far Eastern New Century Corp. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;1006786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997613 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681921 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;170464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610954 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;3631450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958534 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;1175500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922273 |
| Formosa Petrochemical Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;470740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518909 |
| Formosa Plastics Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;1284650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416104 |
| Formosa Sumco Technology Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53626 |
| Formosa Taffeta Co. Ltd. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178946 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591576 |
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;380030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707352 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;2798245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188925 |
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330696 |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp;Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;107645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455512 |
| Gigabyte Technology Co. Ltd. | Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;177710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295258 |

---

franklintempleton.com Annual Report 148

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Taiwan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Taiwan (continued)** |  |  |  |
|  | Global Unichip Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 30550 | &nbsp;&nbsp;$966117 |
|  | Globalwafers Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 86710 | &nbsp;&nbsp;&nbsp;&nbsp; 833085 |
|  | Hiwin Technologies Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 97189 | &nbsp;&nbsp;&nbsp;&nbsp; 705445 |
|  | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;4107400 | &nbsp;&nbsp;&nbsp;&nbsp; 18061303 |
|  | Hotai Motor Co. Ltd. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 112190 | &nbsp;&nbsp;&nbsp;&nbsp; 2034135 |
| <sup>a</sup> | HTC Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 250400 | &nbsp;&nbsp;&nbsp;&nbsp; 295631 |
|  | Hua Nan Financial Holdings Co. Ltd., Class C | &nbsp;&nbsp;Banks | &nbsp;&nbsp;3135560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625362 |
|  | Innolux Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;2561080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164741 |
|  | International Games System Co. Ltd. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565089 |
|  | Inventec Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112115 |
|  | Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029015 |
|  | KGI Financial Holding Co. Ltd., Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;5413000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795963 |
|  | King Slide Works Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079675 |
|  | King Yuan Electronics Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;374500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989192 |
|  | Largan Precision Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316521 |
|  | Lite-On Technology Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;735800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014433 |
|  | Lotes Co. Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055564 |
|  | MediaTek, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;509780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21341592 |
|  | Mega Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;4054365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872198 |
|  | Micro-Star International Co. Ltd. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146600 |
|  | momo.com, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271082 |
|  | Nan Ya Plastics Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;1788740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616210 |
|  | Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218624 |
| <sup>a</sup> | Nanya Technology Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;399210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449679 |
|  | Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560102 |
|  | Novatek Microelectronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;196770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229867 |
| <sup>a</sup> | Oneness Biotech Co. Ltd. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;125175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243922 |
|  | Pegatron Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;703793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778427 |
| <sup>a</sup> | PharmaEssentia Corp. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366294 |
|  | Pou Chen Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815454 |
| <sup>a</sup> | Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;1079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493963 |
|  | Powertech Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;231600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850996 |
|  | President Chain Store Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;180340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363311 |
|  | Quanta Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;913780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178559 |
|  | Realtek Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;163658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577912 |
|  | Ruentex Development Co. Ltd. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;529610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559877 |
|  | Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;1282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737520 |
|  | Shihlin Electric & Engineering Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424465 |
| <sup>a</sup> | Shin Kong Financial Holding Co. Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;5718027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101044 |
|  | Sino-American Silicon Products, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;192650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652756 |
|  | SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;4060642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721159 |
|  | Synnex Technology International Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;464700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999310 |
|  | Taishin Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;4047800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096895 |
|  | Taiwan Business Bank | &nbsp;&nbsp;Banks | &nbsp;&nbsp;2077760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913645 |
|  | Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;3487045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525817 |
|  | Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;254416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388492 |
| <sup>a</sup> | Taiwan Glass Industry Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216079 |
|  | Taiwan High Speed Rail Corp. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574972 |
|  | Taiwan Mobile Co. Ltd. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;511240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793825 |
|  | Taiwan Secom Co. Ltd. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294983 |
|  | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;2218405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60801101 |
| <sup>a</sup> | Tatung Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691358 |
|  | TCC Group Holdings Co. Ltd. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;2287118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207729 |
|  | Teco Electric & Machinery Co. Ltd. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600647 |
|  | Transcend Information, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293456 |
|  | U-Ming Marine Transport Corp. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;144869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280990 |
|  | Unimicron Technology Corp. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;448090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248349 |

---

149 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE Taiwan ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Taiwan (continued)** |  |  |  |
|  | Uni-President Enterprises Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;1650100 | &nbsp;&nbsp;$4000694 |
|  | United Microelectronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;4047720 | &nbsp;&nbsp;&nbsp;&nbsp; 5443286 |
|  | Vanguard International Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 354338 | &nbsp;&nbsp;&nbsp;&nbsp; 993566 |
|  | Voltronic Power Technology Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 22360 | &nbsp;&nbsp;&nbsp;&nbsp; 1030368 |
|  | Walsin Lihwa Corp. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 932446 | &nbsp;&nbsp;&nbsp;&nbsp; 645923 |
|  | Walsin Technology Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 109510 | &nbsp;&nbsp;&nbsp;&nbsp; 285298 |
|  | Wan Hai Lines Ltd. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;315230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742444 |
| <sup>a</sup> | Win Semiconductors Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;139210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412986 |
| <sup>a</sup> | Winbond Electronics Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;1070548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565864 |
|  | Wistron Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;937343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690424 |
|  | Wiwynn Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725977 |
|  | WPG Holdings Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944869 |
|  | Yageo Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;164405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381712 |
|  | Yang Ming Marine Transport Corp. | &nbsp;&nbsp;Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp;601374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347556 |
|  | Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;3923000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952243 |
|  | Yulon Motor Co. Ltd. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;201859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252001 |
|  | Zhen Ding Technology Holding Ltd. | Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;218820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682113 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;298864665 |
|  | **United States 0.1%** |  |  |  |
|  | Parade Technologies Ltd. | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438353 |
|  | **Total Common Stocks (Cost $259,512,505)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;301762883 |
|  | **Total Investments before Short-Term Investments (Cost $259,512,505)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;301762883 |
|  | **Short-Term Investments 0.1%** |  |  |  |
|  | **Money Market Funds 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>b,c</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;224256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 |
|  | **Total Short-Term Investments (Cost $224,256)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 |
|  | **Total Investments (Cost $259,736,761) 99.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;301987139 |
|  | **Other Assets, less Liabilities 0.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468366 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$302455505 |

---

<sup>a</sup>Non-income producing. <br> <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. <br> <sup>c</sup>See Note 3(c) regarding investments in affiliated management investment companies.

See Abbreviations on page 209

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 150

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE United Kingdom ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $26.10 | $24.21 | $25.46 | $23.78 | &nbsp;&nbsp;$17.92 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Net asset value, end of year | &nbsp;&nbsp;$28.50 | &nbsp;&nbsp;$26.10 | &nbsp;&nbsp;$24.21 | &nbsp;&nbsp;$25.46 | &nbsp;&nbsp;$23.78 |
| Total return<sup>c</sup> | 14.06% | 12.18% | (0.71)% | 10.27% | &nbsp;&nbsp;36.19% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% | &nbsp;&nbsp;0.09% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> | &nbsp;&nbsp;0.09%<sup>d</sup> |
| Net investment income | 3.63% | 3.90% | 4.10% | 3.77% | &nbsp;&nbsp;3.98% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$712492 | &nbsp;&nbsp;$652527 | &nbsp;&nbsp;$568961 | &nbsp;&nbsp;$613573 | &nbsp;&nbsp;$205673 |
| Portfolio turnover rate<sup>e</sup> | 10.13%<sup>f</sup> | 4.70%<sup>f</sup> | 5.61%<sup>f</sup> | 5.76%<sup>f</sup> | &nbsp;&nbsp;7.26%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 10.13% | 4.70% | 5.60% | 5.76% | &nbsp;&nbsp;7.26% |

---

151 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE United Kingdom ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.1%** |  |  |  |
|  | **Australia 3.9%** |  |  |  |
| <sup>a</sup> | Glencore PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 3154000 | &nbsp;&nbsp;$11411090 |
|  | Rio Tinto PLC | Metals & Mining | &nbsp;&nbsp; 277500 | &nbsp;&nbsp;&nbsp;&nbsp; 16428077 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27839167 |
|  | **Austria 0.2%** |  |  |  |
|  | Mondi PLC | Paper & Forest Products | &nbsp;&nbsp; 114500 | &nbsp;&nbsp;&nbsp;&nbsp; 1695901 |
|  | **Bermuda 0.2%** |  |  |  |
|  | Hiscox Ltd. | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267465 |
|  | **Chile 0.3%** |  |  |  |
|  | Antofagasta PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938256 |
|  | **France 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Canal & SA | Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420372 |
|  | **Ireland 1.8%** |  |  |  |
|  | DCC PLC | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693432 |
|  | Experian PLC | Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10960848 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12654280 |
|  | **Isle Of Man 0.2%** |  |  |  |
|  | Entain PLC | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182086 |
|  | **Mexico 0.1%** |  |  |  |
|  | Fresnillo PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579908 |
|  | **Netherlands 8.1%** |  |  |  |
|  | Shell PLC | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;1579000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57576190 |
|  | **Nigeria 0.1%** |  |  |  |
| <sup>b</sup> | Airtel Africa PLC | Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564296 |
|  | **Russia 0.0%** |  |  |  |
| <sup>a,c,d</sup> | Evraz PLC | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Switzerland 0.3%** |  |  |  |
|  | Coca-Cola HBC AG | Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397079 |
|  | **United Kingdom 83.1%** |  |  |  |
|  | 3i Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11248324 |
|  | Admiral Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777373 |
|  | Anglo American PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8942772 |
|  | Ashtead Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073898 |
|  | Associated British Foods PLC | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984594 |
|  | AstraZeneca PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56433927 |
| <sup>b</sup> | Auto Trader Group PLC | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190115 |
|  | Aviva PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023539 |
|  | B&M European Value Retail SA | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815070 |
|  | BAE Systems PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15861854 |
|  | Barclays PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;3759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13963859 |
|  | Barratt Redrow PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052428 |
|  | Beazley PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980250 |
|  | Berkeley Group Holdings PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179643 |
|  | BP PLC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;4182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23540325 |
|  | British American Tobacco PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21069774 |
|  | British Land Co. PLC | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234920 |
|  | BT Group PLC | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;1638500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507553 |
|  | Bunzl PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273253 |
|  | Burberry Group PLC | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921486 |
|  | Centrica PLC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;1313500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532081 |
|  | Coca-Cola Europacific Partners PLC | Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610819 |

---

franklintempleton.com Annual Report 152

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE United Kingdom ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United Kingdom (continued)** |  |  |  |
|  | Compass Group PLC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;$14565165 |
| <sup>b</sup> | ConvaTec Group PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 429000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424199 |
|  | Croda International PLC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 1358231 |
|  | Diageo PLC | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 15003253 |
|  | Diploma PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp; 34500 | &nbsp;&nbsp;&nbsp;&nbsp; 1712658 |
|  | Endeavour Mining PLC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 1220895 |
|  | GSK PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;1037500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19578428 |
|  | Haleon PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616626 |
|  | Halma PLC | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281456 |
|  | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056583 |
|  | Howden Joinery Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322471 |
|  | HSBC Holdings PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;4634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52270916 |
|  | IMI PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607527 |
|  | Imperial Brands PLC | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7987681 |
|  | Informa PLC | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431173 |
|  | InterContinental Hotels Group PLC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367022 |
|  | Intermediate Capital Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727657 |
|  | International Consolidated Airlines Group SA | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004618 |
|  | Intertek Group PLC | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713287 |
|  | J Sainsbury PLC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501226 |
|  | JD Sports Fashion PLC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569235 |
|  | Kingfisher PLC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518669 |
|  | Land Securities Group PLC | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370132 |
|  | Legal & General Group PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;1529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791798 |
|  | Lloyds Banking Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;15875500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14770137 |
|  | London Stock Exchange Group PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19081683 |
|  | M&G PLC | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457858 |
|  | Marks & Spencer Group PLC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434262 |
|  | Melrose Industries PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032876 |
|  | National Grid PLC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;1267500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16515686 |
|  | NatWest Group PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;1924000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11220020 |
|  | Next PLC | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292391 |
| <sup>a,c</sup> | NMC Health PLC | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Pearson PLC | &nbsp;&nbsp;Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727653 |
|  | Persimmon PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276481 |
|  | Phoenix Group Holdings PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338860 |
|  | Prudential PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315629 |
|  | Reckitt Benckiser Group PLC | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12083620 |
|  | RELX PLC | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24245524 |
|  | Rentokil Initial PLC | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936512 |
|  | Rightmove PLC | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800850 |
| <sup>a</sup> | Rolls-Royce Holdings PLC | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;2207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336663 |
|  | RS Group PLC | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887827 |
|  | Sage Group PLC | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050634 |
|  | Schroders PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983141 |
|  | Segro PLC | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125235 |
|  | Severn Trent PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237819 |
|  | Smith & Nephew PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179054 |
|  | Smiths Group PLC | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218271 |
|  | Spirax Group PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515599 |
|  | SSE PLC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5832889 |
|  | St. James's Place PLC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797015 |
|  | Standard Chartered PLC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7582027 |
|  | Taylor Wimpey PLC | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285073 |
|  | Tesco PLC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;1749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7501748 |
|  | Unilever PLC | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37636029 |
|  | UNITE Group PLC | Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103205 |

---

153 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin FTSE United Kingdom ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United Kingdom (continued)** |  |  |  |
|  | United Utilities Group PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;$2304048 |
|  | Vodafone Group PLC | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp; 5322000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007774 |
|  | Weir Group PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp; 67500 | &nbsp;&nbsp;&nbsp;&nbsp; 2021315 |
|  | Whitbread PLC | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 45500 | &nbsp;&nbsp;&nbsp;&nbsp; 1438277 |
| <sup>a</sup> | Wise PLC, Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp; 194500 | &nbsp;&nbsp;&nbsp;&nbsp; 2372432 |
|  | WPP PLC | Media | &nbsp;&nbsp; 278500 | &nbsp;&nbsp;&nbsp;&nbsp; 2089263 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;592254143 |
|  | **United States 0.8%** |  |  |  |
|  | Smurfit WestRock PLC | Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962106 |
|  | **Total Common Stocks (Cost $657,774,043)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;706331249 |
|  | **Total Investments before Short-Term Investments (Cost $657,774,043)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;706331249 |
|  | **Short-Term Investments 0.1%** |  |  |  |
|  | **Money Market Funds 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>e,f</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 |
|  | **Total Short-Term Investments (Cost $489,625)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 |
|  | **Total Investments (Cost $658,263,668) 99.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;706820874 |
|  | **Other Assets, less Liabilities 0.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670820 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$712491694 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $4,178,610, representing 0.6% of net assets. |
| <sup>c</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>d</sup>See Note 6 regarding investments in Russian securities. |
| <sup>e</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>f</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Index Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;Long | &nbsp;&nbsp;56 | &nbsp;&nbsp;$6210472 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$(88342) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 209.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 154

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Asia ex Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Australia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Brazil ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Canada ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$24901440 | &nbsp;&nbsp;&nbsp;$60923790 | &nbsp;&nbsp;&nbsp;$166037817 | &nbsp;&nbsp;&nbsp;$356000142 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$28238432 | &nbsp;&nbsp;&nbsp;$56784899 | &nbsp;&nbsp;&nbsp;$173816795 | &nbsp;&nbsp;&nbsp;$398077011 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Foreign currency, at value (cost $21,744, $304,998, $1,445,999 and $69,895, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69895 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710136 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 |
| Deposits with brokers for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28324883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57379626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176557112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399010556 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30430 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred taxes on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued expenses and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $28082180 | $57367173 | $175516021 | &nbsp;&nbsp;&nbsp;$398979963 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$31828560 | &nbsp;&nbsp;&nbsp;$62989303 | &nbsp;&nbsp;&nbsp;$324465648 | &nbsp;&nbsp;&nbsp;$361183599 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3746380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5622130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148949627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37796364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$28082180 | &nbsp;&nbsp;&nbsp;$57367173 | &nbsp;&nbsp;&nbsp;$175516021 | &nbsp;&nbsp;&nbsp;$398979963 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750000 |
| Net asset value per share | $23.40 | $27.32 | $16.40 | &nbsp;&nbsp;&nbsp;$37.11 |

---

155 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> China ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Europe ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Eurozone ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Germany ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$167232566 | &nbsp;&nbsp;&nbsp;$83385815 | &nbsp;&nbsp;&nbsp;$19321850 | &nbsp;&nbsp;&nbsp;$24890994 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$173908995<sup>+</sup> | &nbsp;&nbsp;&nbsp;$84982174 | &nbsp;&nbsp;&nbsp;$21604420 | &nbsp;&nbsp;&nbsp;$27439975 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency, at value (cost $58,576, $78,708, $14,759 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63038 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims receivable (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deposits with brokers for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174035947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86121622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21697687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27506541 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims contingent fees payable (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002 |
| Foreign currency due to Custodian (cost $0, $0, $0 and $395, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $173977828 | $85934295 | $21690336 | &nbsp;&nbsp;&nbsp;$27496501 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$208286203 | &nbsp;&nbsp;&nbsp;$90481868 | &nbsp;&nbsp;&nbsp;$23277613 | &nbsp;&nbsp;&nbsp;$26522885 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34308375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4547573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1587277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$173977828 | &nbsp;&nbsp;&nbsp;$85934295 | &nbsp;&nbsp;&nbsp;$21690336 | &nbsp;&nbsp;&nbsp;$27496501 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 |
| Net asset value per share | $21.22 | $30.69 | $27.11 | &nbsp;&nbsp;&nbsp;$28.94 |
| <sup>+</sup>Includes securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 156

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Hong Kong ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> India ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Japan Hedged ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$12388609 | &nbsp;&nbsp;&nbsp;$1635545839 | &nbsp;&nbsp;&nbsp;$2003343596 | &nbsp;&nbsp;&nbsp;$80697151 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14580819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$12554520 | &nbsp;&nbsp;&nbsp;$1778584682 | &nbsp;&nbsp;&nbsp;$2040693124<sup>+</sup> | &nbsp;&nbsp;&nbsp;$84389696 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14580819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency, at value (cost $50,317, $5,135,938, $994,757 and $410,416, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411832 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54188309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19596988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871180 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32261 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deposits with brokers for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73305 |
| Unrealized appreciation on OTC forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12634889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799842104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120377757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86217549 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53479264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382814 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60225 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on OTC forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383868 |
| Deferred taxes on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17608549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18103242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56302653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $12626892 | $1781738862 | $2064075104 | &nbsp;&nbsp;&nbsp;$85384002 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$18373035 | &nbsp;&nbsp;&nbsp;$1711660083 | &nbsp;&nbsp;&nbsp;$2131070695 | &nbsp;&nbsp;&nbsp;$84216330 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5746143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70078779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66995591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$12626892 | &nbsp;&nbsp;&nbsp;$1781738862 | &nbsp;&nbsp;&nbsp;$2064075104 | &nbsp;&nbsp;&nbsp;$85384002 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 |
| Net asset value per share | $18.04 | $36.89 | $29.15 | &nbsp;&nbsp;&nbsp;$30.49 |
| <sup>+</sup>Includes securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

157 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Latin America ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Mexico ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Saudi Arabia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> South Korea ETF** |
| Assets: |  |  |  |  |
| Investments in securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$25886008 | &nbsp;&nbsp;&nbsp;$54827778 | &nbsp;&nbsp;&nbsp;$15815928 | &nbsp;&nbsp;&nbsp;$108907734 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$28721889<sup>+</sup> | &nbsp;&nbsp;&nbsp;$45079212<sup>+</sup> | &nbsp;&nbsp;&nbsp;$17768647 | &nbsp;&nbsp;&nbsp;$115030424 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency, at value (cost $130,068, $20,207, $51,035 and $67,703, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67510 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622921 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deposits with brokers for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29119924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45274598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17832791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116845752 |
| Liabilities: |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9383 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42019 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106542 |
| Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $29076958 | $45081768 | $17786787 | &nbsp;&nbsp;&nbsp;$116687771 |
| Net assets consist of: |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$30924627 | &nbsp;&nbsp;&nbsp;$59613252 | &nbsp;&nbsp;&nbsp;$16164094 | &nbsp;&nbsp;&nbsp;$144496632 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1847669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14531484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27808861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$29076958 | &nbsp;&nbsp;&nbsp;$45081768 | &nbsp;&nbsp;&nbsp;$17786787 | &nbsp;&nbsp;&nbsp;$116687771 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400000 |
| Net asset value per share | $19.38 | $25.05 | $35.57 | &nbsp;&nbsp;&nbsp;$18.23 |
| <sup>+</sup>Includes securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 158

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Assets and Liabilities (continued)

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Switzerland ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Taiwan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> United Kingdom ETF** |
| Assets: |  |  |  |
| Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$44245265 | &nbsp;&nbsp;&nbsp;$259512505 | &nbsp;&nbsp;&nbsp;$657774043 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$48612187 | &nbsp;&nbsp;&nbsp;$301762883 | &nbsp;&nbsp;&nbsp;$706331249 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Foreign currency, at value (cost $160,171, $191,729 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699753 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359255 |
| Deposits with brokers for: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49759224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302507038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713156097 |
| Liabilities: |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55686 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53449 |
| Foreign currency due to Custodian (cost $0, $0 and $561,361, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $49748850 | $302455505 | &nbsp;&nbsp;&nbsp;$712491694 |
| Net assets consist of: |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$48401501 | &nbsp;&nbsp;&nbsp;$289612819 | &nbsp;&nbsp;&nbsp;$684207974 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12842686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28283720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$49748850 | &nbsp;&nbsp;&nbsp;$302455505 | &nbsp;&nbsp;&nbsp;$712491694 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Net asset value per share | $35.53 | $42.60 | &nbsp;&nbsp;&nbsp;$28.50 |

---

159 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Operations

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Asia ex Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Australia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Brazil ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Canada ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$676628 | &nbsp;&nbsp;&nbsp;$1949213 | &nbsp;&nbsp;&nbsp;$12449046 | &nbsp;&nbsp;&nbsp;$10501631 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755 |
| Interest: (net of foreign taxes)<sup>b</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26512 |
| Interest from securities loaned (Note 1d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10536898 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12152438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174933 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5077685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428927) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9572186 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52745) |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(281708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5766671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8241603 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;2447854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6255046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23740510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17613294 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2608) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11571) |
| &nbsp;&nbsp;&nbsp;Change in deferred taxes on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;2484775 | &nbsp;&nbsp;&nbsp;&nbsp;(6270535) | &nbsp;&nbsp;&nbsp;&nbsp;(23690153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17599115 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;2203067 | &nbsp;&nbsp;&nbsp;&nbsp;(3281124) | &nbsp;&nbsp;&nbsp;&nbsp;(29456824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25840718 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$2826015 | $(1374126) | $(17304386) | &nbsp;&nbsp;&nbsp;$36015651 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp; $87442 | $20367 | $768522 | &nbsp;&nbsp;&nbsp;$1853165 |
| <sup>b</sup>Foreign taxes withheld on interest | &nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| <sup>c</sup>Includes capital gains taxes paid | &nbsp;&nbsp;$109897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp; $— |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 160

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> China ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Europe ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Eurozone ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Germany ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$3589826 | &nbsp;&nbsp;&nbsp;$2240817 | &nbsp;&nbsp;&nbsp;$603374 | &nbsp;&nbsp;&nbsp;$607383 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
| European Union tax reclaims (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| Interest from securities loaned (Note 1d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of fees and rebates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;3597989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608086 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23795 |
| European Union tax reclaim contingent fees (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;3345861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584302 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(8964206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350547) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343418 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(6160663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186431) | &nbsp;&nbsp;&nbsp;&nbsp;2010372 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;45230454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071496 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;45230334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464075 | &nbsp;&nbsp;&nbsp;&nbsp;1074950 | &nbsp;&nbsp;&nbsp;&nbsp;2068998 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;39069671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888519 | &nbsp;&nbsp;&nbsp;&nbsp;4079370 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$42415532 | $4124643 | $1474074 | &nbsp;&nbsp;&nbsp;$4663672 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$283718 | $273179 | $106944 | &nbsp;&nbsp;&nbsp;$105484 |

---

161 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Hong Kong ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> India ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Japan Hedged ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$493552 | &nbsp;&nbsp;&nbsp;$14161110 | &nbsp;&nbsp;&nbsp;$45292073 | &nbsp;&nbsp;&nbsp;$1748025 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16871 |
| Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
| Interest from securities loaned (Note 1d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of fees and rebates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14387838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45394016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765690 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11466757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43597751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700308 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4015229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29878244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38035142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1731022) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94709142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399224 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1251791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2117909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452219 |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282129 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1009963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(3999531) | &nbsp;&nbsp;&nbsp;&nbsp;(30717247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53546128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361281 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;5059807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136784845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126032) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7582 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20211) |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152455) |
| &nbsp;&nbsp;&nbsp;Change in deferred taxes on unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;5058415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542211 | &nbsp;&nbsp;&nbsp;&nbsp;(137550620) | &nbsp;&nbsp;&nbsp;&nbsp;(1291116) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1058884 | &nbsp;&nbsp;&nbsp;&nbsp;(26175036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84004492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(929835) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$1542395 | $(14708279) | $(40406741) | &nbsp;&nbsp;&nbsp;$770473 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$1133 | $4338093 | $5164395 | &nbsp;&nbsp;&nbsp;$196691 |
| <sup>b</sup>Includes capital gains taxes paid | &nbsp;&nbsp; $— | $4881403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp; $— |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 162

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Latin America ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Mexico ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Saudi Arabia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> South Korea ETF** |
| Investment income: |  |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$3082393 | &nbsp;&nbsp;&nbsp;$2802318 | &nbsp;&nbsp;&nbsp;$737306 | &nbsp;&nbsp;&nbsp;$2563957 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 |
| Interest: (net of foreign taxes)<sup>b</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 |
| Interest from securities loaned (Note 1d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of fees and rebates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576166 |
| Expenses: |  |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432503 |
| Realized and unrealized gains (losses): |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2738511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3847871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917386 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1156408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329614) |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1738373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5082753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532155 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(11100144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17479299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38155065) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64344 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(11098953) | &nbsp;&nbsp;&nbsp;&nbsp;(17479617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992499) | &nbsp;&nbsp;&nbsp;&nbsp;(38229770) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(12837326) | &nbsp;&nbsp;&nbsp;&nbsp;(22562370) | &nbsp;&nbsp;&nbsp;&nbsp;(1137270) | &nbsp;&nbsp;&nbsp;&nbsp;(29697615) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(9842461) | $(19891189) | $(469848) | &nbsp;&nbsp;&nbsp;$(27265112) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$244273 | $251001 | $24522 | &nbsp;&nbsp;&nbsp;$481311 |
| <sup>b</sup>Foreign taxes withheld on interest | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp; $55 |

---

163 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Operations (continued)

for the year ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Switzerland ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Taiwan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> United Kingdom ETF** |
| Investment income: |  |  |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$1224153 | &nbsp;&nbsp;&nbsp;$5762213 | &nbsp;&nbsp;&nbsp;$26116162 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18678 |
| Interest: |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12370 |
| Interest from securities loaned (Note 1d): |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;1225739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26147322 |
| Expenses: |  |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1177103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25515863 |
| Realized and unrealized gains (losses): |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(758273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22795561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474507 |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33608293 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1027010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| &nbsp;&nbsp;&nbsp;Forward exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;2944958 | &nbsp;&nbsp;&nbsp;&nbsp;(23617726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34431363 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2271292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31509923 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26359 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;1475216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2275136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31282747 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;4420174 | &nbsp;&nbsp;&nbsp;&nbsp;(25892862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65714110 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$5597277 | $(20732488) | &nbsp;&nbsp;&nbsp;$91229973 |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$216296 | $1525979 | &nbsp;&nbsp;&nbsp;$60533 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 164

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Asia ex Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Asia ex Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Australia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Australia ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$622948 | &nbsp;&nbsp;&nbsp;$691909 | &nbsp;&nbsp;&nbsp;$1906998 | &nbsp;&nbsp;&nbsp;$1182997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2240368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6270535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1374126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227750 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(851532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1660072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132129) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8856813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32954539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4085725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6882330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29920341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1990104) |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34964510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29980329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27446832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29436936 |
| End of year | $28082180 | $34964510 | $57367173 | &nbsp;&nbsp;&nbsp;$27446832 |

---

165 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Brazil ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Brazil ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Canada ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Canada ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$12152438 | &nbsp;&nbsp;&nbsp;$12656624 | &nbsp;&nbsp;&nbsp;$10174933 | &nbsp;&nbsp;&nbsp;$9700955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5766671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8241603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23690153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32990933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17599115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44289360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17304386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46009469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36015651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55596236 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10598965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13002222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10231884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8908973) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41037484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139539135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36631215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83213100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13134133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106531888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10847448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129900363 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162381888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268913776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409827411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279927048 |
| End of year | $175516021 | $162381888 | $398979963 | &nbsp;&nbsp;&nbsp;$409827411 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 166

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE China ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE China ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Europe ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Europe ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$3345861 | &nbsp;&nbsp;&nbsp;$2326737 | &nbsp;&nbsp;&nbsp;$2187354 | &nbsp;&nbsp;&nbsp;$3216419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6160663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10537536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45230334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12345956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42415532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20556755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13876986 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4065568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3374793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2726480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3162071) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22560008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22765048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13280889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51017820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60909972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1166500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14679052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40302905) |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113067856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114234356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71255243 | &nbsp;&nbsp;&nbsp;&nbsp;111558148 |
| End of year | $173977828 | $113067856 | $85934295 | &nbsp;&nbsp;&nbsp;$71255243 |

---

167 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Eurozone ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Eurozone ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Germany ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Germany ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$585555 | &nbsp;&nbsp;&nbsp;$493630 | &nbsp;&nbsp;&nbsp;$584302 | &nbsp;&nbsp;&nbsp;$507605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571044 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(771809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553900) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7639479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173809 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20828085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19857022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17683213 |
| End of year | $21690336 | $20828085 | $27496501 | &nbsp;&nbsp;&nbsp;$19857022 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 168

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Hong Kong ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Hong Kong ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE India ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE India ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$483511 | &nbsp;&nbsp;&nbsp;$607322 | &nbsp;&nbsp;&nbsp;$11466757 | &nbsp;&nbsp;&nbsp;$3464829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3999531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30717247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6980565) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3057192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119500337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2919329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14708279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115984601 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23733043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4472209) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3633931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930044649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679645701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7214396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891603327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791158093 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9854477 | &nbsp;&nbsp;&nbsp;&nbsp;17068873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890135535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98977442 |
| End of year | $12626892 | $9854477 | $1781738862 | &nbsp;&nbsp;&nbsp;$890135535 |

---

169 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Japan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Japan Hedged ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Japan Hedged ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$43597751 | &nbsp;&nbsp;&nbsp;$32143495 | &nbsp;&nbsp;&nbsp;$1700308 | &nbsp;&nbsp;&nbsp;$2655408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53546128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40297352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9358073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137550620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274506098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1291116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40406741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346946945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17560108 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94224019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47861526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3581470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8554832) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262139575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636677648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37853390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28051839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127508815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935763067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35042393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37057115 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936566289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000803222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50341609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13284494 |
| End of year | $2064075104 | $1936566289 | $85384002 | &nbsp;&nbsp;&nbsp;$50341609 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 170

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Latin America ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Latin America ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Mexico ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Mexico ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$2994865 | &nbsp;&nbsp;&nbsp;$3745352 | &nbsp;&nbsp;&nbsp;$2671181 | &nbsp;&nbsp;&nbsp;$959837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5082753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11098953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17479617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9842461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13130314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19891189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121490 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3090596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3756222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1096799) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26468697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8267612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21913381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15616640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39401754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20641331 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68478712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67372232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45531179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24889848 |
| End of year | $29076958 | $68478712 | $45081768 | &nbsp;&nbsp;&nbsp;$45531179 |

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171 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Saudi Arabia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Saudi Arabia ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE South Korea ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE South Korea ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$667422 | &nbsp;&nbsp;&nbsp;$581168 | &nbsp;&nbsp;&nbsp;$2432503 | &nbsp;&nbsp;&nbsp;$4955767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18892101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38229770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46054463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27265112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32118129 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10581086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7193721) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4881121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146803503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16635729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(999284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3087561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184649701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288679 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18786071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21873632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301337472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293048793 |
| End of year | $17786787 | $18786071 | $116687771 | &nbsp;&nbsp;&nbsp;$301337472 |

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franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 172

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE Switzerland ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Switzerland ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Taiwan ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE Taiwan ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$1177103 | &nbsp;&nbsp;&nbsp;$1227629 | &nbsp;&nbsp;&nbsp;$5160374 | &nbsp;&nbsp;&nbsp;$5460449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23617726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1840578) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2275136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33109362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5597277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20732488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36729233 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1104558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1316860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6331672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5524051) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6273325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104015876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57204780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3931049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76951716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88409962 |
| Net assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46009700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49940749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225503789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137093827 |
| End of year | $49748850 | $46009700 | $302455505 | &nbsp;&nbsp;&nbsp;$225503789 |

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173 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Franklin FTSE United Kingdom ETF** | &nbsp;&nbsp;&nbsp;**Franklin FTSE United Kingdom ETF** |
| | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$25515863 | &nbsp;&nbsp;&nbsp;$23100993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34431363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31282747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43711833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91229973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71085779 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29746195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23620510) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1518623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36100355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59965155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83565624 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652526539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568960915 |
| End of year | $712491694 | &nbsp;&nbsp;&nbsp;$652526539 |

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franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 174

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, nineteen of which are included in this report (each a "Fund", collectively referenced as "Funds"). The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946") and apply the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. Each of the Funds are an exchange traded fund (ETF) and seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index.

The following summarizes the Funds' significant accounting policies.

a. Financial Instrument Valuation

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Trust's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security

is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Certain derivative financial instruments are centrally cleared or trade in the OTC market. The Funds' pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Funds' net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Funds' business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Funds. As a result, differences may arise between the value of the Funds' portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Funds' portfolio securities to the latest indications of fair value at 4 p.m. Eastern time. At March 31, 2025, certain securities may have been fair valued using these procedures, in which case the

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

securities were categorized as Level 2 inputs within the fair value hierarchy (referred to as "market level fair value").

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Funds' NAV is not calculated, which could result in differences between the value of the Funds' portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Funds for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Funds may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statements of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on

foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Derivative Financial Instruments

Certain or all Funds invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Funds to gains or losses in excess of the amounts shown in the Statements of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statements of Operations.

Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. Certain or all Funds attempt to reduce their exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, events of default, or early termination. Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty.

Termination events applicable to the Funds include failure of the Funds to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. However, absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by the Funds of any net liability owed to that counterparty under the ISDA agreement.

franklintempleton.com Annual Report 176

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments (continued)

Collateral requirements differ by type of derivative. Collateral terms are contract specific for OTC derivatives. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of agreement. Generally, collateral is determined at the close of Fund business each day and any additional collateral required due to changes in derivative values may be delivered by the Fund or the counterparty the next business day, or within a few business days. Collateral pledged and/or received by the Fund, if any, is held in segregated accounts with the Fund's custodian/counterparty broker and can be in the form of cash and/or securities. Unrestricted cash may be invested according to the Funds' investment objectives. To the extent that the amounts due to the Fund from its counterparties are not subject to collateralization or are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance.

Certain or all Funds entered into exchange traded futures contracts primarily to manage and/or gain exposure to equity price risk. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed in the Funds' Schedule of Investments.

Certain or all Funds entered into OTC forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. A forward exchange contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date.

The forward contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened

and the value of the contract at the time it is closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forwards contracts outstanding at period end, if any, are listed in the Funds' Schedules of Investments.

See Note 7 regarding other derivative information.

d. Securities Lending

Certain or all Funds participate in an agency based securities lending program to earn additional income. The Fund receives cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The collateral is deposited into a joint cash account with other funds and is used to invest in a money market fund managed by Franklin Advisers, Inc., an affiliate of the Funds. These securities received as collateral are held in segregated accounts with the Funds' custodian. The Fund cannot repledge or resell these securities received as collateral. As such, the non-cash collateral is excluded from the Statements of Assets and Liabilities. The Fund may receive income from the investment of cash collateral, in addition to lending fees paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported separately in the Statements of Operations. The Fund bears the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Fund. If the borrower defaults on its obligation to return the securities loaned, the Fund has the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Fund in the event of default by a third party borrower.

e. Income and Deferred Taxes

It is each Funds' policy to qualify as a regulated investment company under the Internal Revenue Code. The Funds intend to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

e. Income and Deferred Taxes (continued)

certain foreign currency transactions in the foreign jurisdictions in which the Funds invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

Each Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, each Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Funds invest.

As a result of several court cases, in certain countries across the European Union the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU reclaims). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statements of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaims contingency fees in the Statements of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

f. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest Income

(including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Funds. Stock dividends are reflected as non-cash dividend income on the Statements of Operations and are recorded at fair value. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated among the Funds based on the ratio of net assets of each Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Funds that incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

g. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

h. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

franklintempleton.com Annual Report 178

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest

Shares of the Funds are issued and redeemed at their respective NAV only in aggregations of a specified number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Funds. Once created, shares of the Funds generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Funds' shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized Participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Funds regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Funds.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Funds' shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Asia ex Japan ETF** | &nbsp;&nbsp;**Franklin FTSE Asia ex Japan ETF** | &nbsp;&nbsp;**Franklin FTSE Asia ex Japan ETF** | &nbsp;&nbsp;**Franklin FTSE Asia ex Japan ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $16146 | &nbsp;&nbsp;&nbsp; 600000 | $12577934 |
| Shares redeemed | &nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (8872959) | &nbsp;&nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (8157186) |
| Net increase (decrease) | &nbsp;&nbsp; (400000) | $(8856813) | &nbsp;&nbsp;&nbsp; 200000 | $4420748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Australia ETF** | &nbsp;&nbsp;**Franklin FTSE Australia ETF** | &nbsp;&nbsp;**Franklin FTSE Australia ETF** | &nbsp;&nbsp;**Franklin FTSE Australia ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1700000 | $49152061 | &nbsp;&nbsp;&nbsp; 50000 | $1313154 |
| Shares redeemed | &nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp;&nbsp; (16197522) | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp;&nbsp; (5398879) |
| Net increase (decrease) | &nbsp;&nbsp; 1150000 | $32954539 | &nbsp;&nbsp;&nbsp; (150000) | $(4085725) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Brazil ETF** | &nbsp;&nbsp;**Franklin FTSE Brazil ETF** | &nbsp;&nbsp;**Franklin FTSE Brazil ETF** | &nbsp;&nbsp;**Franklin FTSE Brazil ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 2900000 | $49960354 | &nbsp;&nbsp;&nbsp; 3000000 | $57369720 |
| Shares redeemed | &nbsp;&nbsp; (500000) | &nbsp;&nbsp;&nbsp;&nbsp; (8922870) | &nbsp;&nbsp;&nbsp;(10700000) | &nbsp;&nbsp;&nbsp;&nbsp;(196908855) |
| Net increase (decrease) | &nbsp;&nbsp; 2400000 | $41037484 | &nbsp;&nbsp;&nbsp; (7700000) | $(139539135) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

179 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Canada ETF** | &nbsp;&nbsp;**Franklin FTSE Canada ETF** | &nbsp;&nbsp;**Franklin FTSE Canada ETF** | &nbsp;&nbsp;**Franklin FTSE Canada ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 250000 | $9620167 | &nbsp;&nbsp;&nbsp; 3350000 | $104706035 |
| Shares redeemed | &nbsp;&nbsp; (1300000) | &nbsp;&nbsp;&nbsp;&nbsp; (46251382) | &nbsp;&nbsp;&nbsp; (650000) | &nbsp;&nbsp;&nbsp;&nbsp; (21492935) |
| Net increase (decrease) | &nbsp;&nbsp; (1050000) | $(36631215) | &nbsp;&nbsp;&nbsp; 2700000 | $83213100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE China ETF** | &nbsp;&nbsp;**Franklin FTSE China ETF** | &nbsp;&nbsp;**Franklin FTSE China ETF** | &nbsp;&nbsp;**Franklin FTSE China ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1800000 | $35695885 | &nbsp;&nbsp;&nbsp; 1400000 | $22765048 |
| Shares redeemed | &nbsp;&nbsp; (800000) | &nbsp;&nbsp;&nbsp;&nbsp; (13135877) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) | &nbsp;&nbsp; 1000000 | $22560008 | &nbsp;&nbsp;&nbsp; 1400000 | $22765048 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Europe ETF** | &nbsp;&nbsp;**Franklin FTSE Europe ETF** | &nbsp;&nbsp;**Franklin FTSE Europe ETF** | &nbsp;&nbsp;**Franklin FTSE Europe ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 800000 | $24345587 | &nbsp;&nbsp;&nbsp; 600000 | $16045982 |
| Shares redeemed | &nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (11064698) | &nbsp;&nbsp;&nbsp; (2400000) | &nbsp;&nbsp;&nbsp;&nbsp; (67063802) |
| Net increase (decrease) | &nbsp;&nbsp; 400000 | $13280889 | &nbsp;&nbsp;&nbsp; (1800000) | $(51017820) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Eurozone ETF** | &nbsp;&nbsp;**Franklin FTSE Eurozone ETF** | &nbsp;&nbsp;**Franklin FTSE Eurozone ETF** | &nbsp;&nbsp;**Franklin FTSE Eurozone ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; 600000 | $14540210 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (9328576) |
| Net increase (decrease) | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; 200000 | $5211634 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Germany ETF** | &nbsp;&nbsp;**Franklin FTSE Germany ETF** | &nbsp;&nbsp;**Franklin FTSE Germany ETF** | &nbsp;&nbsp;**Franklin FTSE Germany ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 500000 | $12585227 | &nbsp;&nbsp;&nbsp; 100000 | $2319106 |
| Shares redeemed | &nbsp;&nbsp; (350000) | &nbsp;&nbsp;&nbsp;&nbsp; (9040446) | &nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (2162441) |
| Net increase (decrease) | &nbsp;&nbsp; 150000 | $3544781 | &nbsp;&nbsp;&nbsp; — | $156665 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 180

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Hong Kong ETF** | &nbsp;&nbsp;**Franklin FTSE Hong Kong ETF** | &nbsp;&nbsp;**Franklin FTSE Hong Kong ETF** | &nbsp;&nbsp;**Franklin FTSE Hong Kong ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 500000 | $8471920 | &nbsp;&nbsp;&nbsp; — | $— |
| Shares redeemed | &nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (6735292) | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp;&nbsp; (3633931) |
| Net increase (decrease) | &nbsp;&nbsp; 100000 | $1736628 | &nbsp;&nbsp;&nbsp; (200000) | $(3633931) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE India ETF** | &nbsp;&nbsp;**Franklin FTSE India ETF** | &nbsp;&nbsp;**Franklin FTSE India ETF** | &nbsp;&nbsp;**Franklin FTSE India ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 25800000 | $995920035 | &nbsp;&nbsp;&nbsp; 21350000 | $700074680 |
| Shares redeemed | &nbsp;&nbsp; (1850000) | &nbsp;&nbsp;&nbsp;&nbsp; (65875386) | &nbsp;&nbsp;&nbsp; (600000) | &nbsp;&nbsp;&nbsp;&nbsp; (20428979) |
| Net increase (decrease) | &nbsp;&nbsp; 23950000 | $930044649 | &nbsp;&nbsp;&nbsp; 20750000 | $679645701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Japan ETF** | &nbsp;&nbsp;**Franklin FTSE Japan ETF** | &nbsp;&nbsp;**Franklin FTSE Japan ETF** | &nbsp;&nbsp;**Franklin FTSE Japan ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 22200000 | $661484622 | &nbsp;&nbsp;&nbsp; 33000000 | $899579287 |
| Shares redeemed | &nbsp;&nbsp;(13800000) | &nbsp;&nbsp;&nbsp;&nbsp;(399345047) | &nbsp;&nbsp;&nbsp; (9600000) | &nbsp;&nbsp;&nbsp;&nbsp;(262901639) |
| Net increase (decrease) | &nbsp;&nbsp; 8400000 | $262139575 | &nbsp;&nbsp;&nbsp; 23400000 | $636677648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Japan Hedged ETF** | &nbsp;&nbsp;**Franklin FTSE Japan Hedged ETF** | &nbsp;&nbsp;**Franklin FTSE Japan Hedged ETF** | &nbsp;&nbsp;**Franklin FTSE Japan Hedged ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1300000 | $40589333 | &nbsp;&nbsp;&nbsp; 7900000 | $235835646 |
| Shares redeemed | &nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; (2735943) | &nbsp;&nbsp;&nbsp; (6800000) | &nbsp;&nbsp;&nbsp;&nbsp;(207783807) |
| Net increase (decrease) | &nbsp;&nbsp; 1200000 | $37853390 | &nbsp;&nbsp;&nbsp; 1100000 | $28051839 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Latin America ETF** | &nbsp;&nbsp;**Franklin FTSE Latin America ETF** | &nbsp;&nbsp;**Franklin FTSE Latin America ETF** | &nbsp;&nbsp;**Franklin FTSE Latin America ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 200000 | $3774440 | &nbsp;&nbsp;&nbsp; 100000 | $2392505 |
| Shares redeemed | &nbsp;&nbsp; (1600000) | &nbsp;&nbsp;&nbsp;&nbsp; (30243137) | &nbsp;&nbsp;&nbsp; (500000) | &nbsp;&nbsp;&nbsp;&nbsp; (10660117) |
| Net increase (decrease) | &nbsp;&nbsp; (1400000) | $(26468697) | &nbsp;&nbsp;&nbsp; (400000) | $(8267612) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

181 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Mexico ETF** | &nbsp;&nbsp;**Franklin FTSE Mexico ETF** | &nbsp;&nbsp;**Franklin FTSE Mexico ETF** | &nbsp;&nbsp;**Franklin FTSE Mexico ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 3100000 | $88689656 | &nbsp;&nbsp;&nbsp; 650000 | $20026760 |
| Shares redeemed | &nbsp;&nbsp; (2650000) | &nbsp;&nbsp;&nbsp;&nbsp; (66776275) | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (4410120) |
| Net increase (decrease) | &nbsp;&nbsp; 450000 | $21913381 | &nbsp;&nbsp;&nbsp; 500000 | $15616640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Saudi Arabia ETF** | &nbsp;&nbsp;**Franklin FTSE Saudi Arabia ETF** | &nbsp;&nbsp;**Franklin FTSE Saudi Arabia ETF** | &nbsp;&nbsp;**Franklin FTSE Saudi Arabia ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; — | $— |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (4881121) |
| Net increase (decrease) | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; (150000) | $(4881121) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE South Korea ETF** | &nbsp;&nbsp;**Franklin FTSE South Korea ETF** | &nbsp;&nbsp;**Franklin FTSE South Korea ETF** | &nbsp;&nbsp;**Franklin FTSE South Korea ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 1500000 | $29398832 | &nbsp;&nbsp;&nbsp; 3100000 | $67031819 |
| Shares redeemed | &nbsp;&nbsp; (8000000) | &nbsp;&nbsp;&nbsp;&nbsp;(176202335) | &nbsp;&nbsp;&nbsp; (4100000) | &nbsp;&nbsp;&nbsp;&nbsp; (83667548) |
| Net increase (decrease) | &nbsp;&nbsp; (6500000) | $(146803503) | &nbsp;&nbsp;&nbsp; (1000000) | $(16635729) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Switzerland ETF** | &nbsp;&nbsp;**Franklin FTSE Switzerland ETF** | &nbsp;&nbsp;**Franklin FTSE Switzerland ETF** | &nbsp;&nbsp;**Franklin FTSE Switzerland ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 400000 | $13638934 | &nbsp;&nbsp;&nbsp; 100000 | $3129378 |
| Shares redeemed | &nbsp;&nbsp; (400000) | &nbsp;&nbsp;&nbsp;&nbsp; (14392503) | &nbsp;&nbsp;&nbsp; (300000) | &nbsp;&nbsp;&nbsp;&nbsp; (9402703) |
| Net increase (decrease) | &nbsp;&nbsp; — | $(753569) | &nbsp;&nbsp;&nbsp; (200000) | $(6273325) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE Taiwan ETF** | &nbsp;&nbsp;**Franklin FTSE Taiwan ETF** | &nbsp;&nbsp;**Franklin FTSE Taiwan ETF** | &nbsp;&nbsp;**Franklin FTSE Taiwan ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 14900000 | $714459585 | &nbsp;&nbsp;&nbsp; 1400000 | $57204780 |
| Shares redeemed | &nbsp;&nbsp;(12900000) | &nbsp;&nbsp;&nbsp;&nbsp;(610443709) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) | &nbsp;&nbsp; 2000000 | $104015876 | &nbsp;&nbsp;&nbsp; 1400000 | $57204780 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 182

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Franklin FTSE United Kingdom ETF** | &nbsp;&nbsp;**Franklin FTSE United Kingdom ETF** | &nbsp;&nbsp;**Franklin FTSE United Kingdom ETF** | &nbsp;&nbsp;**Franklin FTSE United Kingdom ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 5450000 | $146749033 | &nbsp;&nbsp;&nbsp; 4300000 | $104181959 |
| Shares redeemed | &nbsp;&nbsp; (5450000) | &nbsp;&nbsp;&nbsp;&nbsp;(148267656) | &nbsp;&nbsp;&nbsp; (2800000) | &nbsp;&nbsp;&nbsp;&nbsp; (68081604) |
| Net increase (decrease) | &nbsp;&nbsp; — | $(1518623) | &nbsp;&nbsp;&nbsp; 1500000 | $36100355 |

---

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Funds are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Institutional, LLC (FT Institutional) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Advisory Services, LLC (FASL) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

---

183 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

a. Management fees

The Funds pay a unified management fee to adviser whereby adviser has agreed to reimburse the Funds' acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Funds, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Funds' Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement. The gross effective investment management fees are based on the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
| | **Gross Effective Investment<br> Management Fee Rate** |
| Franklin FTSE Asia ex Japan ETF | 0.19% |
| Franklin FTSE Australia ETF | 0.09% |
| Franklin FTSE Brazil ETF | 0.19% |
| Franklin FTSE Canada ETF | 0.09% |
| Franklin FTSE China ETF | 0.19% |
| Franklin FTSE Europe ETF | 0.09% |
| Franklin FTSE Eurozone ETF | 0.09% |
| Franklin FTSE Germany ETF | 0.09% |
| Franklin FTSE Hong Kong ETF | 0.09% |
| Franklin FTSE India ETF | 0.19% |
| Franklin FTSE Japan ETF | 0.09% |
| Franklin FTSE Japan Hedged ETF | 0.09% |
| Franklin FTSE Latin America ETF | 0.19% |
| Franklin FTSE Mexico ETF | 0.19% |
| Franklin FTSE Saudi Arabia ETF | 0.39% |
| Franklin FTSE South Korea ETF | 0.09% |
| Franklin FTSE Switzerland ETF | 0.09% |
| Franklin FTSE Taiwan ETF | 0.19% |
| Franklin FTSE United Kingdom ETF | 0.09% |

---

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Funds. The subadvisory fee is paid by FASL based on the Fund's average daily net assets and is not an additional expense of the Funds.

b. Administrative Fees

Under an agreement with FASL, FT Services provides administrative services to the Funds. The fee is paid by FASL based on the Funds' average daily net assets, and is not an additional expense of the Funds.

franklintempleton.com Annual Report 184

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies

Certain or all Funds invest in one or more affiliated management investment companies. As defined in the 1940 Act, an investment is deemed to be a "Controlled Affiliate" of a fund when a fund owns, either directly or indirectly, 25% or more of the affiliated fund's outstanding shares or has the power to exercise control over management or policies of such fund. The Funds do not invest for purposes of exercising a controlling influence over the management or policies. Management fees paid by the Funds are waived on assets invested in the affiliated management investment companies, as noted in the Statements of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. During the year ended March 31, 2025, investments in affiliated management investment companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin FTSE Asia ex Japan ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4116817 | &nbsp;&nbsp; $(4116778) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;$1400 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2815661 | &nbsp;&nbsp; $(2815661) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6932478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6932439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1400 |
| **Franklin FTSE Australia ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1959310 | &nbsp;&nbsp;$(1918732) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;$1678 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$219420 | &nbsp;&nbsp;$(219420) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2178730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2138152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1722 |
| **Franklin FTSE Brazil ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11920636 | &nbsp;&nbsp;$(11871901) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$48735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 | &nbsp;&nbsp;$9031 |

---

185 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin FTSE Canada ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp;$10817743 | &nbsp;&nbsp;$(10738870) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $78873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;$8755 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $532950 | &nbsp;&nbsp; $(532950) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11350693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(11271820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8755 |
| **Franklin FTSE China ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9811231 | &nbsp;&nbsp;$(9788920) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22311 | &nbsp;&nbsp;$4273 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$839665 | &nbsp;&nbsp;$(809965) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$29700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;$1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10650896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10598885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5402 |
| **Franklin FTSE Europe ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3136172 | &nbsp;&nbsp;$(3089372) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;$3116 |

---

franklintempleton.com Annual Report 186

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin FTSE Eurozone ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $572590 | &nbsp;&nbsp; $(570667) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp; $272 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134400 | &nbsp;&nbsp; $(134400) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$706990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(705067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$272 |
| **Franklin FTSE Germany ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$607584 | &nbsp;&nbsp;$(607584) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$467 |
| **Franklin FTSE Hong Kong ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$519486 | &nbsp;&nbsp;$(519485) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$244 |
| **Franklin FTSE India ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$268761668 | &nbsp;&nbsp;$(254180849) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14580819 | &nbsp;&nbsp;14580819 | &nbsp;&nbsp;$226728 |

---

187 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin FTSE Japan ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $512091 | &nbsp;&nbsp;$104481992 | &nbsp;&nbsp;$(104849418) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $144665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144665 | &nbsp;&nbsp;$80441 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $8014193 | &nbsp;&nbsp;$29874945 | &nbsp;&nbsp;$(36399764) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1489374 | &nbsp;&nbsp;&nbsp;&nbsp;1489374 | &nbsp;&nbsp;$21482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8526284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$134356937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(141249182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1634039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101923 |
| **Franklin FTSE Japan Hedged ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$14836 | &nbsp;&nbsp;$7760720 | &nbsp;&nbsp;$(7336704) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$438852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 | &nbsp;&nbsp;$16871 |
| **Franklin FTSE Latin America ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3363727 | &nbsp;&nbsp;$(3345679) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | &nbsp;&nbsp;$1939 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1386493 | &nbsp;&nbsp;$(1352079) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$34414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34414 | &nbsp;&nbsp;$476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4750220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4697758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2415 |

---

franklintempleton.com Annual Report 188

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin FTSE Mexico ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp;$2856187 | &nbsp;&nbsp; $(2856186) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$2205 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $46800 | &nbsp;&nbsp;$1136220 | &nbsp;&nbsp; $(1008015) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $175005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175005 | &nbsp;&nbsp;$3473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3992407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3864201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$175006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5678 |
| **Franklin FTSE Saudi Arabia ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$278136 | &nbsp;&nbsp;$(278135) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$72 |
| **Franklin FTSE South Korea ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$25188196 | &nbsp;&nbsp;$(25188159) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;$9718 |
| **Franklin FTSE Switzerland ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1201979 | &nbsp;&nbsp;$(1199721) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;$1210 |
| **Franklin FTSE Taiwan ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15877066 | &nbsp;&nbsp;$(15652810) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$224256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224256 | &nbsp;&nbsp;$8425 |

---

189 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **Franklin FTSE United Kingdom ETF<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp;$29775856 | &nbsp;&nbsp;$(29286231) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $489625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 | &nbsp;&nbsp;$18678 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $— | &nbsp;&nbsp;$3108680 | &nbsp;&nbsp; $(3108680) | &nbsp;&nbsp; $— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; $112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32884536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(32394911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$489625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18790 |

---

d. Other Affiliated Transactions

At March 31, 2025, the shares of the Funds were owned by the following entities:

---

| | | |
|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Franklin FTSE Eurozone ETF** |  |  |
| Franklin Resources Inc. | 110000 | &nbsp;&nbsp;&nbsp;13.8% |
| **Franklin FTSE Japan Hedged ETF** |  |  |
| Franklin Resources Inc. | 400000 | &nbsp;&nbsp;&nbsp;14.3% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Funds.

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. At March 31, 2025, the capital loss carryforwards were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Asia ex Japan<br> ETF** | **Franklin<br> FTSE<br> Australia<br> ETF** | **Franklin<br> FTSE<br> Brazil<br> ETF** | **Franklin<br> FTSE<br> Canada<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $5293055 | $1473307 | $73908199 | $4235155 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 311135 | &nbsp;&nbsp;&nbsp;&nbsp; 410990 | &nbsp;&nbsp;&nbsp;&nbsp; 67858853 | &nbsp;&nbsp;&nbsp;&nbsp; 2116603 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $5604190 | $1884297 | $141767052 | $6351758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 190

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> China<br> ETF** | **Franklin<br> FTSE<br> Europe<br> ETF** | **Franklin<br> FTSE<br> Eurozone<br> ETF** | **Franklin<br> FTSE<br> Germany<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $27253806 | $5906218 | $2991138 | $1327997 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 3903104 | &nbsp;&nbsp;&nbsp;&nbsp; 946531 | &nbsp;&nbsp;&nbsp;&nbsp; 799739 | &nbsp;&nbsp;&nbsp;&nbsp; 226371 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $31156910 | $6852749 | $3790877 | $1554368 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Hong Kong<br> ETF** | **Franklin<br> FTSE<br> India<br> ETF** | **Franklin<br> FTSE<br> Japan<br> ETF** | **Franklin<br> FTSE<br> Japan Hedged<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $4923956 | $834730 | $59203485 | $1066019 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 538722 | &nbsp;&nbsp;&nbsp;&nbsp;3209604 | &nbsp;&nbsp;&nbsp;&nbsp; 9875795 | &nbsp;&nbsp;&nbsp;&nbsp; 965099 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $5462678 | $4044334 | $69079280 | $2031118 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Latin America<br> ETF** | **Franklin<br> FTSE<br> Mexico<br> ETF** | **Franklin<br> FTSE<br> Saudi Arabia<br> ETF** | **Franklin<br> FTSE<br> South Korea<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |  |
| Long term | $2842910 | $2304006 | $205943 | $9458430 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 1224004 | &nbsp;&nbsp;&nbsp;&nbsp;2612166 | &nbsp;&nbsp;&nbsp;&nbsp; 339259 | &nbsp;&nbsp;&nbsp;&nbsp;10147699 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $4066914 | $4916172 | $545202 | $19606129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Switzerland<br> ETF** | **Franklin<br> FTSE<br> Taiwan<br> ETF** | **Franklin<br> FTSE<br> United Kingdom<br> ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |  |
| Long term | $2751613 | $4959671 | $15252025 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 747412 | &nbsp;&nbsp;&nbsp;&nbsp;1468982 | &nbsp;&nbsp;&nbsp;&nbsp; 6819627 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $3499025 | $6428653 | $22071652 |

---

For tax purposes, the Funds may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. At March 31, 2025, the deferred losses were as follows:

---

| | |
|:---|:---|
| | **Franklin FTSE Taiwan ETF** |
| Late year ordinary losses | $39367 |

---

191 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

For tax purposes, capital losses may be carried over to offset future capital gains. During the year ended March 31, 2025, the utilized capital loss carryforwards were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Asia ex Japan<br> ETF** | **Franklin<br> FTSE<br> Canada<br> ETF** | **Franklin<br> FTSE<br> Hong Kong<br> ETF** | **Franklin<br> FTSE<br> India<br> ETF** |
| Capital loss carryforwards utilized | $466572 | $44833 | $27258 | $16664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Franklin<br> FTSE<br> South Korea<br> ETF** | **Franklin<br> FTSE<br> United Kingdom<br> ETF** |
| Capital loss carryforwards utilized | $3484631 | $1789709 |

---

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Asia ex Japan ETF** | **Franklin FTSE Asia ex Japan ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $851532 | $715771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Australia ETF** | **Franklin FTSE Australia ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $1660072 | $1132129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Brazil ETF** | **Franklin FTSE Brazil ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $10598965 | $13002222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Canada ETF** | **Franklin FTSE Canada ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $10231884 | $8908973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE China ETF** | **Franklin FTSE China ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $4065568 | $3374793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 192

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Europe ETF** | **Franklin FTSE Europe ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $2726480 | $3162071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Eurozone ETF** | **Franklin FTSE Eurozone ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $611823 | $771809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Germany ETF** | **Franklin FTSE Germany ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $568974 | $553900 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Hong Kong ETF** | **Franklin FTSE Hong Kong ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $506608 | $661136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE India ETF** | **Franklin FTSE India ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $23733043 | $4472209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Japan ETF** | **Franklin FTSE Japan ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $94224019 | $47861526 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Japan Hedged ETF** | **Franklin FTSE Japan Hedged ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from: |  |  |
| Ordinary income | $3331025 | $8554832 |
| Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp; 250445 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $3581470 | $8554832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

193 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Latin America ETF** | **Franklin FTSE Latin America ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $3090596 | $3756222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Mexico ETF** | **Franklin FTSE Mexico ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $2471603 | $1096799 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Saudi Arabia ETF** | **Franklin FTSE Saudi Arabia ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $529436 | $633203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE South Korea ETF** | **Franklin FTSE South Korea ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $10581086 | $7193721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Switzerland ETF** | **Franklin FTSE Switzerland ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $1104558 | $1316860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE Taiwan ETF** | **Franklin FTSE Taiwan ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $6331672 | $5524051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Franklin FTSE United Kingdom ETF** | **Franklin FTSE United Kingdom ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $29746195 | $23620510 |

---

franklintempleton.com Annual Report 194

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

At March 31, 2025, the cost of investments, net unrealized appreciation (depreciation) and undistributed ordinary income for income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Asia ex Japan<br> ETF** | **Franklin<br> FTSE<br> Australia<br> ETF** | **Franklin<br> FTSE<br> Brazil<br> ETF** | **Franklin<br> FTSE<br> Canada<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$26221068 | $61211470 | $184265398 | $356468319 |
| Unrealized appreciation | &nbsp;&nbsp;$7037561 | $2260742 | $22143771 | $62592795 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5020158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6646735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32543639) | &nbsp;&nbsp;&nbsp;&nbsp;(20905230) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$2017403 | $(4385993) | $(10399868) | $41687565 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$72558 | $654325 | $3216741 | $2461544 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> China<br> ETF** | **Franklin<br> FTSE<br> Europe<br> ETF** | **Franklin<br> FTSE<br> Eurozone<br> ETF** | **Franklin<br> FTSE<br> Germany<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$177797918 | $83774285 | $19425287 | $24973202 |
| Unrealized appreciation | &nbsp;&nbsp;$23853144 | $10499943 | $4225638 | $5847546 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27690056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9245254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2044580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3380773) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(3836912) | $1254689 | $2181058 | $2466773 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$685841 | $842263 | $— | $61196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Hong Kong<br> ETF** | **Franklin<br> FTSE<br> India<br> ETF** | **Franklin<br> FTSE<br> Japan<br> ETF** | **Franklin<br> FTSE<br> Japan Hedged<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$12934929 | $1704471775 | $2056283535 | $83332191 |
| Unrealized appreciation | &nbsp;&nbsp;$956507 | $193611248 | $246201911 | $9181149 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1336915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104917522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260158283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7684792) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(380408) | $88693726 | $(13956372) | $1496357 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$96990 | $3039428 | $15928540 | $1696286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Latin America<br> ETF** | **Franklin<br> FTSE<br> Mexico<br> ETF** | **Franklin<br> FTSE<br> Saudi Arabia<br> ETF** | **Franklin<br> FTSE<br> South Korea<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$26991137 | $55053329 | $15861977 | $123593731 |
| Unrealized appreciation | &nbsp;&nbsp;$5242505 | $552062 | $3130345 | $19871490 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3459291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10351173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1223674) | &nbsp;&nbsp;&nbsp;&nbsp;(28434760) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$1783214 | $(9799111) | $1906671 | $(8563270) |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$437080 | $184088 | $261220 | $378061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

195 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Switzerland<br> ETF** | **Franklin<br> FTSE<br> Taiwan<br> ETF** | **Franklin<br> FTSE<br> United Kingdom<br> ETF** |
| Cost of investments | &nbsp;&nbsp;$44288663 | $282674585 | $665059791 |
| Unrealized appreciation | &nbsp;&nbsp;$6422663 | $46504310 | $112653402 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2096881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27191756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70892319) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$4325782 | $19312554 | $41761083 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$497817 | $— | $8578163 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of foreign currency transactions, passive foreign investment company shares, EU reclaims and in-kind shareholder redemptions.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Asia ex Japan<br> ETF** | **Franklin<br> FTSE<br> Australia<br> ETF** | **Franklin<br> FTSE<br> Brazil<br> ETF** | **Franklin<br> FTSE<br> Canada<br> ETF** |
| Purchases | &nbsp;&nbsp;$1318716 | $3199315 | $63365476 | $14222219 |
| Sales | &nbsp;&nbsp;$7317742 | $3010830 | $21392853 | $14350926 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> China<br> ETF** | **Franklin<br> FTSE<br> Europe<br> ETF** | **Franklin<br> FTSE<br> Eurozone<br> ETF** | **Franklin<br> FTSE<br> Germany<br> ETF** |
| Purchases | &nbsp;&nbsp;$39888269 | $5183891 | $865909 | $913769 |
| Sales | &nbsp;&nbsp;$12359363 | $4981317 | $907810 | $907689 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Hong Kong<br> ETF** | **Franklin<br> FTSE<br> India<br> ETF** | **Franklin<br> FTSE<br> Japan<br> ETF** | **Franklin<br> FTSE<br> Japan Hedged<br> ETF** |
| Purchases | &nbsp;&nbsp;$9042553 | $1034329228 | $84972197 | $16140018 |
| Sales | &nbsp;&nbsp;$7402536 | $140939094 | $138421554 | $16759214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Latin America<br> ETF** | **Franklin<br> FTSE<br> Mexico<br> ETF** | **Franklin<br> FTSE<br> Saudi Arabia<br> ETF** | **Franklin<br> FTSE<br> South Korea<br> ETF** |
| Purchases | &nbsp;&nbsp;$6737035 | $7768074 | $2932126 | $40442545 |
| Sales | &nbsp;&nbsp;$25062858 | $7477343 | $2815696 | $193347734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Switzerland<br> ETF** | **Franklin<br> FTSE<br> Taiwan<br> ETF** | **Franklin<br> FTSE<br> United Kingdom<br> ETF** |
| Purchases | &nbsp;&nbsp;$5833224 | $732940196 | $70589688 |
| Sales | &nbsp;&nbsp;$5657540 | $627179763 | $74561543 |

---

franklintempleton.com Annual Report 196

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

5. Investment Transactions (continued)

In-kind transactions associated with creation and redemptions for the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Asia ex Japan<br> ETF** | **Franklin<br> FTSE<br> Australia<br> ETF** | **Franklin<br> FTSE<br> Brazil<br> ETF** | **Franklin<br> FTSE<br> Canada<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$— | $48802854 | $— | $9573119 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$3151871 | $16026349 | $— | $45991753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> China<br> ETF** | **Franklin<br> FTSE<br> Europe<br> ETF** | **Franklin<br> FTSE<br> Eurozone<br> ETF** | **Franklin<br> FTSE<br> Germany<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$4687732 | $23931913 | $— | $12538575 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$10301972 | $10936983 | $— | $9014688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Hong Kong<br> ETF** | **Franklin<br> FTSE<br> India<br> ETF** | **Franklin<br> FTSE<br> Japan<br> ETF** | **Franklin<br> FTSE<br> Japan Hedged<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$299323 | $— | $652496657 | $39640358 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$232591 | $— | $395746214 | $2786851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Latin America<br> ETF** | **Franklin<br> FTSE<br> Mexico<br> ETF** | **Franklin<br> FTSE<br> Saudi Arabia<br> ETF** | **Franklin<br> FTSE<br> South Korea<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$1097158 | $88205421 | $— | $— |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$8853248 | $66472586 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> Switzerland<br> ETF** | **Franklin<br> FTSE<br> Taiwan<br> ETF** | **Franklin<br> FTSE<br> United Kingdom<br> ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$13231879 | $— | $145909270 |
| Value of Securities Delivered<sup>a</sup> | &nbsp;&nbsp;$14099608 | $— | $147441719 |

---

<sup>a</sup>Realized gains and losses from in-kind redemptions, as shown on the Statements of Operations, are not recognized by the Funds for tax purposes.

At March 31, 2025, in connection with securities lending transactions, certain or all Funds loaned investments and received cash collateral as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin<br> FTSE<br> China<br> ETF** | **Franklin<br> FTSE<br> Japan<br> ETF** | **Franklin<br> FTSE<br> Latin America<br> ETF** | **Franklin<br> FTSE<br> Mexico<br> ETF** |
| **Securities lending transactions<sup>a</sup><sup>:</sup>** |  |  |  |  |
| Equity Investments<sup>b</sup> | &nbsp;&nbsp;$29700 | $1489374 | $34414 | $175005 |

---

---

| |
|:---|
| <sup>a</sup>The agreements can be terminated at any time. |
| <sup>b</sup>The gross amount of recognized liability for such transactions is included in payable upon return of securities loaned in the Statements of Assets and Liabilities. |

---

6. Concentration of Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase

197 Annual Report franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

6. Concentration of Risk (continued)

market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Funds have exposure to Russian investments or investments in countries affected by the invasion, the Funds' ability to price, buy, sell, receive or deliver such investments was impaired. The Funds could determine at any time that certain of the most affected securities have little or no value. In addition, any exposure that the Funds may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Funds' portfolio. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact each Fund's performance and the value of an investment in the Funds, even beyond any direct exposure the Funds may have to Russian issuers or issuers in other countries affected by the invasion. The Valuation Committee determined that based on their analysis of the market and access to market participants, the Russian financial instruments held by the Franklin FTSE Europe ETF, Franklin FTSE Eurozone ETF and Franklin FTSE United Kingdom ETF had no value at March 31, 2025.

Certain investments in Chinese companies are made through a special structure known as a (VIE). In a VIE structure, foreign investors, such as Franklin FTSE Asia ex Japan ETF & Franklin FTSE China ETF will only own stock in a shell company rather than directly in the VIE, which must be owned by Chinese nationals (and/or Chinese companies) to obtain the licenses and/or assets required to operate in a restricted or prohibited sector in China. The value of the shell company is derived from its ability to consolidate the VIE into its financials pursuant to contractual arrangements that allow the shell company to exert a degree of control over, and obtain economic benefits arising from, the VIE without formal legal ownership. While VIEs are a long standing industry practice and are well known by Chinese officials and regulators, the structure historically has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure. It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant, detrimental, and possibly permanent losses, and in turn, adversely affect the Funds' returns and net asset value.

7. Other Derivative Information

At March 31, 2025, the Funds' investments in derivative contracts are reflected in the Statements of Assets and Liabilities as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statements of Assets and<br> Liabilities Location** | **Fair Value** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **Franklin FTSE Australia ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $192<sup>a</sup> |
| Totals |  | $— |  | $192 |

---

franklintempleton.com Annual Report 198

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statements of Assets and<br> Liabilities Location** | **Fair Value** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **Franklin FTSE Brazil ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $27981<sup>a</sup> | Variation margin on futures contracts | $— |
| Totals |  | $27981 |  | $— |
| **Franklin FTSE Canada ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $8777<sup>a</sup> | Variation margin on futures contracts | $— |
| Totals |  | $8777 |  | $— |
| **Franklin FTSE Europe ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $31313<sup>a</sup> |
| Totals |  | $— |  | $31313 |
| **Franklin FTSE Eurozone ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $2521<sup>a</sup> |
| Totals |  | $— |  | $2521 |
| **Franklin FTSE Germany ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $2544<sup>a</sup> |
| Totals |  | $— |  | $2544 |
| **Franklin FTSE Hong Kong ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $1419<sup>a</sup> |
| Totals |  | $— |  | $1419 |
| **Franklin FTSE India ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $467269<sup>a</sup> |
| Totals |  | $— |  | $467269 |
| **Franklin FTSE Japan ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $880542<sup>a</sup> |
| Totals |  | $— |  | $880542 |
| **Franklin FTSE Japan Hedged ETF** |  |  |  |  |
| Foreign exchange contracts | Unrealized appreciation on OTC forward exchange contracts | $423 | Unrealized depreciation on OTC forward exchange contracts | $383868 |
| Equity contracts | Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564<sup>a</sup> |
| Totals |  | $423 |  | $403432 |
| **Franklin FTSE Latin America ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $6006<sup>a</sup> | Variation margin on futures contracts | $2267<sup>a</sup> |
| Totals |  | $6006 |  | $2267 |
| **Franklin FTSE South Korea ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $17584<sup>a</sup> |
| Totals |  | $— |  | $17584 |
| **Franklin FTSE Switzerland ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $30812<sup>a</sup> |
| Totals |  | $— |  | $30812 |

---

199 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statements of Assets and<br> Liabilities Location** | **Fair Value** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **Franklin FTSE United Kingdom ETF** |  |  |  |  |
| Equity contracts | Variation margin on futures contracts | $— | Variation margin on futures contracts | $88342<sup>a</sup> |
| Totals |  | $— |  | $88342 |

---

<sup>a</sup>This amount reflects the cumulative appreciation (depreciation) of future contracts as reported in the Schedule of Investments. Only the variation margin receivable/payable at year end is separately reported within the Statements of Assets and Liabilities. Prior variation margin movements were recorded to cash upon receipt or payment.

For the year ended March 31, 2025, the effect of derivative contracts in the Funds' Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
| **Franklin FTSE Asia ex Japan ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(1124) | Futures contracts | $73 |
| **Franklin FTSE Australia ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(829) | Futures contracts | $(10708) |
| **Franklin FTSE Brazil ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $62094 | Forward exchange contracts | $— |
| Equity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(313458) | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34451 |
| Totals |  | $(251364) |  | $34451 |
| **Franklin FTSE Canada ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $151089 | Futures contracts | $(11571) |
| **Franklin FTSE China ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $(13142) | Forward exchange contracts | $— |
| Equity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71591 | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
| Totals |  | $58449 |  | $208 |
| **Franklin FTSE Europe ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $54892 | Futures contracts | $(68824) |
| **Franklin FTSE Eurozone ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $2286 | Futures contracts | $(4479) |

---

franklintempleton.com Annual Report 200

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
| **Franklin FTSE Germany ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $15969 | Futures contracts | $(2544) |
| **Franklin FTSE Hong Kong ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $14625 | Futures contracts | $(1375) |
| **Franklin FTSE India ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $412788 | Futures contracts | $(484938) |
| **Franklin FTSE Japan ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(1009963) | Futures contracts | $(894713) |
| **Franklin FTSE Japan Hedged ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $282129 | Forward exchange contracts | $(1152455) |
| Equity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41269) | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20211) |
| Totals |  | $240860 |  | $(1172666) |
| **Franklin FTSE Latin America ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $3319 | Forward exchange contracts | $— |
| Equity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111179) | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1869) |
| Totals |  | $(107860) |  | $(1869) |
| **Franklin FTSE Mexico ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(40089) | Futures contracts | $— |
| **Franklin FTSE Saudi Arabia ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $(368) | Forward exchange contracts | $— |
| Equity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7796) | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals |  | $(8164) |  | $— |
| **Franklin FTSE South Korea ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $(55617) | Futures contracts | $(139049) |

---

201 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
| **Franklin FTSE Switzerland ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $115729 | Futures contracts | $(33742) |
| **Franklin FTSE Taiwan ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Foreign exchange contracts | Forward exchange contracts | $367368 | Forward exchange contracts | $— |
| Equity contracts | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(162523) | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27096) |
| Totals |  | $204845 |  | $(27096) |
| **Franklin FTSE United Kingdom ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $348363 | Futures contracts | $(253535) |

---

For the year ended March 31, 2025, the average month end notional amount of futures contracts and average month end contract value for forward exchange contracts were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Asia ex Japan<br> ETF** | **Franklin<br> FTSE<br> Australia<br> ETF** | **Franklin<br> FTSE<br> Brazil<br> ETF** | **Franklin<br> FTSE<br> Canada<br> ETF** |
| Futures contracts | $34194 | $285793 | $3034752 | $1127477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> China<br> ETF** | **Franklin<br> FTSE<br> Europe<br> ETF** | **Franklin<br> FTSE<br> Eurozone<br> ETF** | **Franklin<br> FTSE<br> Germany<br> ETF** |
| Futures contracts | $373989 | $971885 | $78175 | $77075 |
| Forward exchange contracts | $156695 | $— | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Hong Kong<br> ETF** | **Franklin<br> FTSE<br> India<br> ETF** | **Franklin<br> FTSE<br> Japan<br> ETF** | **Franklin<br> FTSE<br> Japan Hedged<br> ETF** |
| Futures contracts | $33641 | $18158602 | $11477970 | $703143 |
| Forward exchange contracts | $— | $— | $— | $198773485 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Latin America<br> ETF** | **Franklin<br> FTSE<br> Mexico<br> ETF** | **Franklin<br> FTSE<br> Saudi Arabia<br> ETF** | **Franklin<br> FTSE<br> South Korea<br> ETF** |
| Futures contracts | $681106 | $115640 | $39612 | $911026 |
| Forward exchange contracts | $454 | $— | $6384 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

franklintempleton.com Annual Report 202

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Franklin<br> FTSE<br> Switzerland<br> ETF** | **Franklin<br> FTSE<br> Taiwan<br> ETF** | **Franklin<br> FTSE<br> United Kingdom<br> ETF** |
| Futures contracts | $1094356 | $957427 | $3334375 |
| Forward exchange contracts | $— | $7430498 | $— |

---

At March 31, 2025, the Funds' OTC derivative assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross and Net Amounts of<br> Assets and Liabilities<br> Presented in the<br> Statements of<br> Assets and Liabilities** | &nbsp;&nbsp;**Gross and Net Amounts of<br> Assets and Liabilities<br> Presented in the<br> Statements of<br> Assets and Liabilities** |
| | &nbsp;&nbsp;**Assets<sup>a</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities<sup>a</sup>** |
| **Franklin FTSE Japan Hedged ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | &nbsp;&nbsp;$423 | &nbsp;&nbsp;&nbsp;&nbsp;$383868 |

---

<sup>a</sup>Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

At March 31, 2025, the Funds' OTC derivative assets, which may be offset against the Funds' OTC derivative liabilities and collateral received from the counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | |
| | <br>**Gross and Net Amounts<br> of Assets Presented in<br> the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments<br> Available for Offset** | **Financial<br> Instruments<br> Collateral<br> Received<sup>a</sup>** | **Cash<br> Collateral<br> Received<sup>a</sup>** | <br>&nbsp;&nbsp;&nbsp;**Net Amount (Not<br> less than zero)** |
| **Franklin FTSE Japan Hedged ETF<br> Counterparty** |  |  |  |  |  |
| UBSW | &nbsp;&nbsp;&nbsp;$219 | &nbsp;&nbsp;&nbsp;$(219) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| WFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $423 | $(423) | $— | $— | &nbsp;&nbsp;&nbsp;$— |

---

<sup>a</sup>In some instances, the collateral amounts disclosed in the table above were adjusted due to the requirement to limit collateral amounts to avoid the effect of overcollateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

203 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Other Derivative Information (continued)

At March 31, 2025, the Funds' OTC derivative liabilities, which may be offset against the Funds' OTC derivative assets and collateral pledged to the counterparty, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Amounts Not Offset in the<br> Statements of Assets and Liabilities** | |
| | <br>**Gross and Net Amounts<br> of Liabilities Presented in<br> the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments<br> Available for Offset** | **Financial<br> Instruments<br> Collateral<br> Pledged<sup>a</sup>** | **Cash<br> Collateral<br> Pledged<sup>a</sup>** | <br>&nbsp;&nbsp;&nbsp;**Net Amount (Not<br> less than zero)** |
| **Franklin FTSE Japan Hedged ETF<br> Counterparty** |  |  |  |  |  |
| SSBT | &nbsp;&nbsp;&nbsp;$96016 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$96016 |
| UBSW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96345 |
| WFS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $383868 | $(423) | $— | $— | &nbsp;&nbsp;&nbsp;$383445 |

---

<sup>a</sup>In some instances, the collateral amounts disclosed in the table above were adjusted due to the requirement to limit collateral amounts to avoid the effect of overcollateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

See Note 1(c) regarding derivative financial instruments.

8. Fair Value Measurements

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Funds' assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin FTSE Asia ex Japan ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$28238432 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$28238432 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $28238471 | $— | $— | &nbsp;&nbsp;&nbsp;$28238471 |
| **Franklin FTSE Australia ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$56784899 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$56784899 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $56825477 | $— | $— | &nbsp;&nbsp;&nbsp;$56825477 |

---

franklintempleton.com Annual Report 204

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin FTSE Australia ETF (continued)** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $192 | $— | $— | &nbsp;&nbsp;&nbsp;$192 |
| **Franklin FTSE Brazil ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$173816795 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$173816795 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48735 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $173865530 | $— | $— | &nbsp;&nbsp;&nbsp;$173865530 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $27981 | $— | $— | &nbsp;&nbsp;&nbsp;$27981 |
| **Franklin FTSE Canada ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$397491289 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$397491289 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664595 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $397570162 | $585722 | $— | &nbsp;&nbsp;&nbsp;$398155884 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $8777 | $— | $— | &nbsp;&nbsp;&nbsp;$8777 |
| **Franklin FTSE China ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$173908995 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$173908995 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52011 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $173961006 | $— | $— | &nbsp;&nbsp;&nbsp;$173961006 |
| **Franklin FTSE Europe ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$84982174 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$84982174 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $85028974 | $— | $— | &nbsp;&nbsp;&nbsp;$85028974 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $31313 | $— | $— | &nbsp;&nbsp;&nbsp;$31313 |
| **Franklin FTSE Eurozone ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$21604420 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$21604420 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $21606345 | $— | $— | &nbsp;&nbsp;&nbsp;$21606345 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $2521 | $— | $— | &nbsp;&nbsp;&nbsp;$2521 |

---

205 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin FTSE Germany ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | $27439975 | $— | $— | &nbsp;&nbsp;&nbsp;$27439975 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $2544 | $— | $— | &nbsp;&nbsp;&nbsp;$2544 |
| **Franklin FTSE Hong Kong ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$12554520 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$12554520 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $12554521 | $— | $— | &nbsp;&nbsp;&nbsp;$12554521 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $1419 | $— | $— | &nbsp;&nbsp;&nbsp;$1419 |
| **Franklin FTSE India ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$1778584682 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1778584682 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14580819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14580819 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1793165501 | $— | $— | &nbsp;&nbsp;&nbsp;$1793165501 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $467269 | $— | $— | &nbsp;&nbsp;&nbsp;$467269 |
| **Franklin FTSE Japan ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$2040693124 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2040693124 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634039 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $2042327163 | $— | $— | &nbsp;&nbsp;&nbsp;$2042327163 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $880542 | $— | $— | &nbsp;&nbsp;&nbsp;$880542 |
| **Franklin FTSE Japan Hedged ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$84389696 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$84389696 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438852 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $84828548 | $— | $— | &nbsp;&nbsp;&nbsp;$84828548 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | $— | $423 | $— | &nbsp;&nbsp;&nbsp;$423 |

---

franklintempleton.com Annual Report 206

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin FTSE Japan Hedged ETF (continued)** |  |  |  |  |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Exchange Contracts | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$383868 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$383868 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19564 |
| &nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $19564 | $383868 | $— | &nbsp;&nbsp;&nbsp;$403432 |
| **Franklin FTSE Latin America ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$28721889 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$28721889 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52462 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $28774351 | $— | $— | &nbsp;&nbsp;&nbsp;$28774351 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $6006 | $— | $— | &nbsp;&nbsp;&nbsp;$6006 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $2267 | $— | $— | &nbsp;&nbsp;&nbsp;$2267 |
| **Franklin FTSE Mexico ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$45079212 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$45079212 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175006 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $45254218 | $— | $— | &nbsp;&nbsp;&nbsp;$45254218 |
| **Franklin FTSE Saudi Arabia ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$17768647 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$17768647 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $17768648 | $— | $— | &nbsp;&nbsp;&nbsp;$17768648 |
| **Franklin FTSE South Korea ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$115030424 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$115030424 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $115030461 | $— | $— | &nbsp;&nbsp;&nbsp;$115030461 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $17584 | $— | $— | &nbsp;&nbsp;&nbsp;$17584 |
| **Franklin FTSE Switzerland ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$48612187 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$48612187 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $48614445 | $— | $— | &nbsp;&nbsp;&nbsp;$48614445 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $30812 | $— | $— | &nbsp;&nbsp;&nbsp;$30812 |

---

207 Annual Report franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin FTSE Taiwan ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$301762883 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$301762883 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224256 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $301987139 | $— | $— | &nbsp;&nbsp;&nbsp;$301987139 |
| **Franklin FTSE United Kingdom ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$706331249 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$706331249 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489625 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $706820874 | $— | $— | &nbsp;&nbsp;&nbsp;$706820874 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $88342 | $— | $— | &nbsp;&nbsp;&nbsp;$88342 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedules of Investments. <br> <sup>b</sup>Includes common and preferred stocks, warrants. <br> <sup>c</sup>Includes financial instruments determined to have no value.

9. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

10. Operating Segments

The Funds have adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Funds' financial position or results of operations.

The Funds operate as a single operating segment, which is an investment portfolio. The Funds' Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. Each Fund's portfolio holdings provide details of each Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

11. Subsequent Events

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure other than those already disclosed in the financial statements, except for the following:

On May 21, 2025, the Board of Trustees, on behalf of Franklin FTSE Hong Kong ETF approved a proposal to liquidate the Fund. The Fund is expected to be liquidated on July 8, 2025.

franklintempleton.com Annual Report 208

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

**Abbreviations**

---

| | |
|:---|:---|
| **Selected Portfolio** | **Selected Portfolio** |
| **ADR** | &nbsp;&nbsp;American Depositary Receipt |
| **CDI** | &nbsp;&nbsp;Clearing House Electronic Subregister System Depositary Interest |
| **NVDR** | &nbsp;&nbsp;Non-Voting Depositary Receipt |
| **REIT** | &nbsp;&nbsp;Real Estate Investment Trust |
| **SF** | &nbsp;&nbsp;Single Family |
| **SPA** | &nbsp;&nbsp;Standby Purchase Agreement |
| **SRF** | &nbsp;&nbsp;State Revolving Fund |

---

---

| | |
|:---|:---|
| **Counterparty** | **Counterparty** |
| **SSBT** | &nbsp;&nbsp;State Street Bank & Trust Co. |
| **UBSW** | &nbsp;&nbsp;UBS AG |
| **WFS** | &nbsp;&nbsp;Wells Fargo Bank NA |

---

209 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Franklin FTSE Asia ex Japan ETF, Franklin FTSE Australia ETF, Franklin FTSE Brazil ETF, Franklin FTSE Canada ETF, Franklin FTSE China ETF, Franklin FTSE Europe ETF, Franklin FTSE Eurozone ETF, Franklin FTSE Germany ETF, Franklin FTSE Hong Kong ETF, Franklin FTSE India ETF, Franklin FTSE Japan ETF, Franklin FTSE Japan Hedged ETF, Franklin FTSE Latin America ETF, Franklin FTSE Mexico ETF, Franklin FTSE Saudi Arabia ETF, Franklin FTSE South Korea ETF, Franklin FTSE Switzerland ETF, Franklin FTSE Taiwan ETF and Franklin FTSE United Kingdom ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Franklin FTSE Asia ex Japan ETF, Franklin FTSE Australia ETF, Franklin FTSE Brazil ETF, Franklin FTSE Canada ETF, Franklin FTSE China ETF, Franklin FTSE Europe ETF, Franklin FTSE Eurozone ETF, Franklin FTSE Germany ETF, Franklin FTSE Hong Kong ETF, Franklin FTSE India ETF, Franklin FTSE Japan ETF, Franklin FTSE Japan Hedged ETF, Franklin FTSE Latin America ETF, Franklin FTSE Mexico ETF, Franklin FTSE Saudi Arabia ETF, Franklin FTSE South Korea ETF, Franklin FTSE Switzerland ETF, Franklin FTSE Taiwan ETF and Franklin FTSE United Kingdom ETF (nineteen of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, agent bank and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

franklintempleton.com Annual Report 210

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Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Funds below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin FTSE<br> Asia ex Japan<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Australia<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Brazil<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Canada<br> ETF** |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | $362684 | $1680439 | $— | &nbsp;&nbsp;$12084722 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin FTSE<br> China<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Europe<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> EuroZone<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Germany<br> ETF** |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | $2644653 | $2454671 | $682655 | &nbsp;&nbsp;$663655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin FTSE<br> Hong Kong<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> India<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Japan<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Japan Hedged<br> ETF** |
| Long-Term Capital Gain Dividends | §852(b)(3)(C) | $— | $— | $— | &nbsp;&nbsp;$250445 |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17101502 | &nbsp;&nbsp;$42913599 | &nbsp;&nbsp;$1665456 |
| Short-Term Capital Gain Dividends | §871(k)(2)(C) | $— | $— | $— | &nbsp;&nbsp;$254547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin FTSE<br> Latin America<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Mexico<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Saudi Arabia<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> South Korea<br> ETF** |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | $591469 | $2714152 | $— | &nbsp;&nbsp;$2146938 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin FTSE<br> Switzerland<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Taiwan<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> United Kingdom<br> ETF** |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | $1320042 | $— | &nbsp;&nbsp;$25249639 |

---

Under Section 853 of the Internal Revenue Code, the Funds below intend to elect to pass through to their shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Funds during the fiscal year ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Asia ex Japan<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Australia<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Brazil<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Canada<br> ETF** |
| Foreign Taxes Paid | $193471 | $20367 | $768034 | &nbsp;&nbsp;$1852838 |
| Foreign Source Income | $707161 | $1922284 | $12909278 | &nbsp;&nbsp;$11992174 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> China<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Europe<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> EuroZone<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Germany<br> ETF** |
| Foreign Taxes Paid | $278668 | $196145 | $70832 | &nbsp;&nbsp;$105477 |
| Foreign Source Income | $3655630 | $2641430 | $655767 | &nbsp;&nbsp;$689173 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

211 Annual Report franklintempleton.com

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Tax information (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Hong Kong<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> India<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Japan<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Japan Hedged<br> ETF** |
| Foreign Taxes Paid | $1133 | $9057342 | $4947354 | &nbsp;&nbsp;$193668 |
| Foreign Source Income | $484503 | $16319367 | $48445473 | &nbsp;&nbsp;$1905107 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Latin America<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Mexico<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Saudi Arabia<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> South Korea<br> ETF** |
| Foreign Taxes Paid | $240291 | $242549 | $24522 | &nbsp;&nbsp;$480484 |
| Foreign Source Income | $3230260 | $2905418 | $691815 | &nbsp;&nbsp;$2901943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Franklin FTSE<br> Switzerland<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> Taiwan<br> ETF** | &nbsp;&nbsp;**Franklin FTSE<br> United Kingdom<br> ETF** |
| Foreign Taxes Paid | $215484 | $1454971 | &nbsp;&nbsp;$16822 |
| Foreign Source Income | $1391199 | $6619663 | &nbsp;&nbsp;$25556002 |

---

franklintempleton.com Annual Report 212

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---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

213 Annual Report franklintempleton.com

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Authorized for distribution only when accompanied or preceded by a summary prospectus and/or prospectus. Investors should carefully consider a fund's investment goals, risks,

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

------

charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing.

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

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To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

![](imgc46d9f352.jpg)

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

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**Annual Report**

**Franklin Templeton ETF Trust**

------

[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

------

---

| | | |
|:---|:---|:---|
| **Investment Manager <br>Franklin Advisory<br> Services, LLC** | **Distributor <br>Franklin Distributors, LLC<br> (800) DIAL BEN<sup>®</sup>/342-5236<br> franklintempleton.com** | &nbsp;&nbsp;&nbsp;**Investor Services <br>Transfer Agent<br> State Street Bank and<br> Trust Company<br> 1 Heritage Drive<br> Mail Stop OHD0100<br> North Quincy, MA 02171** |

---

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[**Table of Contents**](#JOB_FT_AR_74ed4f67-ab52-4ba3-ac6e-8be6768cd995_TOC)

------© 2025 Franklin Templeton Investments. All rights reserved.

ETF5-AFSOI 05/25

**Brandywine GLOBAL – ETFs**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](img96e58f321.jpg)

---

| |
|:---|
| **BrandywineGLOBAL - Dynamic US Large Cap Value ETF** |
| **BrandywineGLOBAL - U.S. Fixed Income ETF** |

---

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedules of Investments](#xx_1e5656de-8b95-48b7-b437-905def9a2503_1) | &nbsp;&nbsp;**1** |
| [Statements of Assets and Liabilities](#xx_3406a6cc-a6df-4d96-92d1-42153ce08a62_1) | &nbsp;&nbsp;**9** |
| [Statements of Operations](#xx_cc2d0c5a-41c9-444a-9b35-e120a95b0dd7_1) | &nbsp;&nbsp;**10** |
| [Statements of Changes in Net Assets](#xx_556746a2-d411-473c-ab90-9e86571e20db_1) | &nbsp;&nbsp;**11** |
| [Notes to Financial Statements](#xx_f6d62282-f024-453a-9fb5-b5c573a30513_1) | &nbsp;&nbsp;**12** |
| [Report of Independent Registered Public Accounting Firm](#xx_72193ba0-61f8-4a83-aae5-ada1a51b8cab_1) | &nbsp;&nbsp;**20** |
| [Tax Information](#xx_7e097984-f0f9-44b6-a4b2-d41065b47cba_1) | &nbsp;&nbsp;**21** |
| [Changes In and Disagreements with Accountants](#xx_3046450a-db84-4c12-8946-4bd515956248_1) | &nbsp;&nbsp;**22** |
| [Results of Meeting(s) of Shareholders](#xx_3046450a-db84-4c12-8946-4bd515956248_1) | &nbsp;&nbsp;**22** |
| [Remuneration Paid to Directors, Officers and Others](#xx_3046450a-db84-4c12-8946-4bd515956248_1) | &nbsp;&nbsp;**22** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**BrandywineGLOBAL - Dynamic US Large Cap Value ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> March 31,** | &nbsp;&nbsp;**Year Ended<br> March 31,** | &nbsp;&nbsp;**Period Ended<br> March 31,<br> 2023<sup>a</sup>** | &nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;**Year Ended September 30,** |
| | **2025** | **2024** | &nbsp;&nbsp;**Period Ended<br> March 31,<br> 2023<sup>a</sup>** | **2022** | **2021** | &nbsp;&nbsp;**2020** |
| **Per share operating performance** |  |  |  |  |  |  |
| (for a share outstanding throughout the period) | (for a share outstanding throughout the period) |  |  |  |  |  |
| Net asset value, beginning of period | $13.67 | $11.49 | $11.36 | $15.45 | $11.49 | &nbsp;&nbsp;$11.77 |
| Income from investment operations<sup>b</sup>: |  |  |  |  |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| Net asset value, end of period | &nbsp;&nbsp;$13.51 | &nbsp;&nbsp;$13.67 | &nbsp;&nbsp;$11.49 | &nbsp;&nbsp;$11.36 | &nbsp;&nbsp;$15.45 | &nbsp;&nbsp;$11.49 |
| Total return<sup>d,e</sup> | 1.62% | 20.38% | 14.03% | (13.03)% | 41.75% | &nbsp;&nbsp;1.66% |
| **Ratios to average net assets<sup>f</sup>** |  |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.71%<sup>g</sup> |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.49%<sup>h</sup> | &nbsp;&nbsp;0.49% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.65%<sup>g</sup> |
| Net investment income | 1.81% | 2.05% | 2.40% | 1.24% | 1.37% | &nbsp;&nbsp;1.75% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$110853 | &nbsp;&nbsp;$165481 | &nbsp;&nbsp;$158053 | &nbsp;&nbsp;$155901 | &nbsp;&nbsp;$207109 | &nbsp;&nbsp;$169544 |
| Portfolio turnover rate<sup>i</sup> | 77.56%<sup>j</sup> | 104.99%<sup>j</sup> | 52.48%<sup>j</sup> | 124.00% | 83.00% | &nbsp;&nbsp;141.00% |

---

---

| |
|:---|
| <sup>a</sup>For the period October 1, 2022 through March 31, 2023. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 28, 2022, are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class IS Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed. |
| <sup>e</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>f</sup>Ratios are annualized for periods less than one year. |
| <sup>g</sup>Reflects recapture of expenses waived/reimbursed from prior fiscal years for period prior to the Reorganization. |
| <sup>h</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>i</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>j</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 67.00% | 100.20% | 52.48% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**BrandywineGLOBAL - Dynamic US Large Cap Value ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.1%** |  |  |  |
|  | **Aerospace & Defense 5.5%** |  |  |  |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10411 | &nbsp;&nbsp;$4650698 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1881 | &nbsp;&nbsp;&nbsp;&nbsp; 963091 |
|  | Textron, Inc. | United States | &nbsp;&nbsp; 7141 | &nbsp;&nbsp;&nbsp;&nbsp; 515937 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129726 |
|  | **Air Freight & Logistics 3.1%** |  |  |  |
|  | Expeditors International of Washington, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10052 | &nbsp;&nbsp;&nbsp;&nbsp; 1208753 |
|  | FedEx Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011687 |
|  | United Parcel Service, Inc., Class B | United States | &nbsp;&nbsp;&nbsp;11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229468 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449908 |
|  | **Automobile Components 0.1%** |  |  |  |
|  | BorgWarner, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114829 |
|  | **Automobiles 2.9%** |  |  |  |
|  | General Motors Co. | United States | &nbsp;&nbsp;&nbsp;68426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218075 |
|  | **Banks 2.0%** |  |  |  |
|  | Comerica, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112332 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;9679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379417 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212184 |
|  | Regions Financial Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286836 |
|  | Wells Fargo & Co. | United States | &nbsp;&nbsp;&nbsp;16926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215118 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205887 |
|  | **Beverages 1.7%** |  |  |  |
|  | Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406350 |
|  | PepsiCo, Inc. | United States | &nbsp;&nbsp;&nbsp;10092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513194 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919544 |
|  | **Biotechnology 0.7%** |  |  |  |
|  | Amgen, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821557 |
|  | **Broadline Retail 1.2%** |  |  |  |
|  | eBay, Inc. | United States | &nbsp;&nbsp;&nbsp;20356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378712 |
|  | **Building Products 2.5%** |  |  |  |
|  | A.O. Smith Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298303 |
| <sup>a</sup> | Builders FirstSource, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;12116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513773 |
|  | Carlisle Cos., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949995 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762071 |
|  | **Capital Markets 0.7%** |  |  |  |
|  | Affiliated Managers Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419067 |
|  | Evercore, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375274 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794341 |
|  | **Chemicals 2.4%** |  |  |  |
|  | CF Industries Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;11055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863948 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390504 |
|  | LyondellBasell Industries NV, Class A | United States | &nbsp;&nbsp;&nbsp;20113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415955 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670407 |
|  | **Computers & Peripherals 0.2%** |  |  |  |
|  | NetApp, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258074 |
|  | **Construction & Engineering 0.2%** |  |  |  |
|  | AECOM | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159496 |
| <sup>a</sup> | Fluor Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;2193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78553 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238049 |

---

2 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

BrandywineGLOBAL - Dynamic US Large Cap Value ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Construction Materials 0.6%** |  |  |  |
|  | Martin Marietta Materials, Inc. | United States | &nbsp;&nbsp; 1315 | &nbsp;&nbsp;$628741 |
|  | **Consumer Staples Distribution & Retail 3.0%** |  |  |  |
|  | Sysco Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 12807 | &nbsp;&nbsp;&nbsp;&nbsp; 961037 |
|  | Target Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 6572 | &nbsp;&nbsp;&nbsp;&nbsp; 685854 |
|  | Walmart, Inc. | United States | &nbsp;&nbsp; 18874 | &nbsp;&nbsp;&nbsp;&nbsp; 1656949 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303840 |
|  | **Containers & Packaging 0.5%** |  |  |  |
|  | Amcor PLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;41062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398301 |
|  | Graphic Packaging Holding Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;7507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194882 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593183 |
|  | **Diversified Consumer Services 0.1%** |  |  |  |
|  | ADT, Inc. | United States | &nbsp;&nbsp;&nbsp;12053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98111 |
|  | **Diversified Telecommunication Services 2.3%** |  |  |  |
|  | Verizon Communications, Inc. | United States | &nbsp;&nbsp;&nbsp;56887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580394 |
|  | **Electric Utilities 3.3%** |  |  |  |
|  | NextEra Energy, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;38079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699420 |
|  | NRG Energy, Inc. | United States | &nbsp;&nbsp;&nbsp;10329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986007 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685427 |
|  | **Electronic Equipment, Instruments & Components 1.5%** |  |  |  |
| <sup>a</sup> | Flex Ltd. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;16869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558026 |
|  | Jabil, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;7996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088016 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646042 |
|  | **Entertainment 0.5%** |  |  |  |
|  | Walt Disney Co. | United States | &nbsp;&nbsp;&nbsp;&nbsp;5292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522320 |
|  | **Financial Services 4.6%** |  |  |  |
|  | Corebridge Financial, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;8069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254739 |
| <sup>a</sup> | Corpay, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661173 |
|  | Enact Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77284 |
|  | Equitable Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;15270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795414 |
|  | MGIC Investment Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;21268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527021 |
| <sup>a</sup> | PayPal Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;37913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473823 |
|  | Voya Financial, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92696 |
| <sup>a</sup> | WEX, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198159 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080309 |
|  | **Food Products 1.9%** |  |  |  |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382112 |
|  | Bunge Global SA | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29192 |
|  | General Mills, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;23985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434063 |
|  | Ingredion, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262443 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107810 |
|  | **Health Care Providers & Services 0.9%** |  |  |  |
| <sup>a</sup> | DaVita, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511073 |
| <sup>a</sup> | Tenet Healthcare Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209820 |
|  | Universal Health Services, Inc., Class B | United States | &nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302143 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023036 |
|  | **Hotels, Restaurants & Leisure 2.3%** |  |  |  |
|  | Boyd Gaming Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225204 |
|  | Expedia Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851763 |
|  | Hyatt Hotels Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225400 |
| <sup>a</sup> | MGM Resorts International | United States | &nbsp;&nbsp;&nbsp;23618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700038 |

---

franklintempleton.com Annual Report 3

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

BrandywineGLOBAL - Dynamic US Large Cap Value ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  | Wyndham Hotels & Resorts, Inc. | United States | &nbsp;&nbsp; 5889 | &nbsp;&nbsp;$533013 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535418 |
|  | **Household Durables 3.1%** |  |  |  |
|  | DR Horton, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; 112510 |
|  | Lennar Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp; 6557 | &nbsp;&nbsp;&nbsp;&nbsp; 752613 |
| <sup>a</sup> | NVR, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 804127 |
|  | PulteGroup, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;10212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049794 |
|  | Toll Brothers, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402720 |
| <sup>a</sup> | TopBuild Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286653 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408417 |
|  | **Household Products 2.0%** |  |  |  |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218696 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779792 |
|  | Procter & Gamble Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;6496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107049 |
|  | Reynolds Consumer Products, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83462 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188999 |
|  | **Independent Power Producers & Energy Traders 0.1%** |  |  |  |
| <sup>a</sup> | Talen Energy Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130584 |
|  | **Industrial Conglomerates 6.1%** |  |  |  |
|  | 3M Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;20125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955557 |
|  | Honeywell International, Inc. | United States | &nbsp;&nbsp;&nbsp;17880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786090 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741647 |
|  | **Insurance 4.7%** |  |  |  |
|  | Aflac, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;7938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882626 |
|  | American Financial Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158528 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;10016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963339 |
|  | Chubb Ltd. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510363 |
|  | Globe Life, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202717 |
|  | Hartford Insurance Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659852 |
|  | MetLife, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;9890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794068 |
|  | Old Republic International Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;20186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791695 |
|  | Primerica, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280262 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243450 |
|  | **IT Services 4.8%** |  |  |  |
|  | International Business Machines Corp. | United States | &nbsp;&nbsp;&nbsp;21368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313367 |
|  | **Machinery 9.1%** |  |  |  |
|  | Caterpillar, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;12743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202641 |
|  | CNH Industrial NV | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;33595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412547 |
|  | Cummins, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141048 |
|  | Deere & Co. | United States | &nbsp;&nbsp;&nbsp;11294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300839 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10057075 |
|  | **Media 5.6%** |  |  |  |
|  | Comcast Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;123633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562058 |
|  | Fox Corp., Class A | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;13194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746781 |
|  | Interpublic Group of Cos., Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;27561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748557 |
|  | Nexstar Media Group, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77602 |
|  | Omnicom Group, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44771 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179769 |
|  | **Metals & Mining 1.3%** |  |  |  |
|  | Steel Dynamics, Inc. | United States | &nbsp;&nbsp;&nbsp;11636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455431 |

---

4 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

BrandywineGLOBAL - Dynamic US Large Cap Value ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Multi-Utilities 0.9%** |  |  |  |
|  | Dominion Energy, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 15588 | &nbsp;&nbsp;$874019 |
|  | Public Service Enterprise Group, Inc. | United States | &nbsp;&nbsp; 1409 | &nbsp;&nbsp;&nbsp;&nbsp; 115961 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989980 |
|  | **Oil, Gas & Consumable Fuels 6.8%** |  |  |  |
|  | Antero Midstream Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 21366 | &nbsp;&nbsp;&nbsp;&nbsp; 384588 |
|  | EOG Resources, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 13349 | &nbsp;&nbsp;&nbsp;&nbsp; 1711876 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;12408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807722 |
|  | Ovintiv, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65227 |
|  | Targa Resources Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430810 |
|  | Valero Energy Corp. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;10731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417243 |
|  | Williams Cos., Inc. | United States | &nbsp;&nbsp;&nbsp;28866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725032 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542498 |
|  | **Pharmaceuticals 2.9%** |  |  |  |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;13843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844284 |
|  | Johnson & Johnson | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;11644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931041 |
|  | Merck & Co., Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;4222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378967 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154292 |
|  | **Professional Services 0.5%** |  |  |  |
|  | Leidos Holdings, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306449 |
|  | Robert Half, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222018 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528467 |
|  | **Specialty Retail 1.4%** |  |  |  |
| <sup>a</sup> | AutoNation, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706781 |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438715 |
|  | Murphy USA, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405446 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550942 |
|  | **Textiles, Apparel & Luxury Goods 0.4%** |  |  |  |
|  | Ralph Lauren Corp. | United States | &nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439052 |
|  | **Trading Companies & Distributors 0.3%** |  |  |  |
| <sup>a</sup> | Core & Main, Inc., Class A | United States | &nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302034 |
|  | **Wireless Telecommunication Services 4.4%** |  |  |  |
|  | T-Mobile U.S., Inc. | United States | &nbsp;&nbsp;&nbsp;18281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875726 |
|  | **Total Common Stocks (Cost $103,768,787)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;109867541 |
|  | **Total Investments before Short-Term Investments<br> (Cost $103,768,787)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;109867541 |
|  | **Short-Term Investments 0.9%** |  |  |  |
|  | **Money Market Funds 0.9%** |  |  |  |
| <sup>b</sup> | State Street Institutional U.S. Government Money Market Fund, 4.29% | United States | &nbsp;&nbsp;960454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960454 |
|  | **Total Short-Term Investments (Cost $960,454)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960454 |
|  | **Total Investments (Cost $104,729,241) 100.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;110827995 |
|  | **Other Assets, less Liabilities 0.0%<sup>†</sup>** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25056 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$110853051 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>The rate shown is the annualized seven-day effective yield at period end. |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 5

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**BrandywineGLOBAL - U.S. Fixed Income ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended March 31,<br> 2024<sup>a</sup>** |
| | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended March 31,<br> 2024<sup>a</sup>** |
| **Per share operating performance** |  |  |
| (for a share outstanding throughout the period) |  |  |
| Net asset value, beginning of period | $24.36 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| Net asset value, end of period | &nbsp;&nbsp;$24.50 | &nbsp;&nbsp;$24.36 |
| Total return<sup>d</sup> | 5.27% | &nbsp;&nbsp;0.01% |
| **Ratios to average net assets<sup>e</sup>** |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.39% | &nbsp;&nbsp;0.39% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.39%<sup>f</sup> | &nbsp;&nbsp;0.39% |
| Net investment income | 4.53% | &nbsp;&nbsp;4.51% |
| **Supplemental data** |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$12251 | &nbsp;&nbsp;$12180 |
| Portfolio turnover rate<sup>g</sup> | 156.86%<sup>h</sup> | &nbsp;&nbsp;84.09%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period July 25, 2023 (commencement of operations) to March, 31, 2024. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | |
|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 156.86% | &nbsp;&nbsp;84.09% |

---

6 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**BrandywineGLOBAL - U.S. Fixed Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 11.2%** |  |  |  |
|  | **Aerospace & Defense 0.5%** |  |  |  |
|  | Boeing Co., |  |  |  |
|  | 5.15%, 5/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;$30202 |
|  | 3.20%, 3/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37573 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67775 |
|  | **Agriculture 0.2%** |  |  |  |
|  | BAT Capital Corp., 3.462%, 9/06/29 | United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18930 |
|  | **Banks 5.7%** |  |  |  |
|  | Bank of Nova Scotia, 4.90% to 6/04/25, FRN thereafter, 12/31/99 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124459 |
|  | Citigroup, Inc., |  |  |  |
|  | Series W, 4.00% to 12/10/25, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54283 |
|  | Series P, 5.95% to 5/15/25, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 114921 |
|  | Citizens Financial Group, Inc., 5.841% to 1/23/29, FRN thereafter, 1/23/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30823 |
|  | Truist Financial Corp., Series P, 4.95% to 9/01/25, FRN thereafter, 12/31/99 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99519 |
|  | U.S. Bancorp, Series J, 5.30% to 4/15/27, FRN thereafter, 12/31/99 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49570 |
|  | Wells Fargo & Co., |  |  |  |
|  | Series BB, 3.90% to 3/15/26, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122588 |
|  | <sup>a</sup> Series U, 5.875%, 6/15/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100056 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696219 |
|  | **Financial Services 3.5%** |  |  |  |
|  | American Express Co., Series D, 3.55% to 9/15/26, FRN thereafter, 12/31/99 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523 |
|  | ARES Capital Corp., |  |  |  |
|  | <sup>b</sup> 2.875%, 6/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37242 |
|  | <sup>b</sup> 7.00%, 1/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10310 |
| <sup>b</sup> | Blue Owl Capital Corp., 2.875%, 6/11/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36725 |
|  | Charles Schwab Corp., |  |  |  |
|  | Series G, 5.375% to 6/01/25, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124869 |
|  | Series I, 4.00% to 6/01/26, FRN thereafter, 12/31/99 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 100527 |
| <sup>b</sup> | Golub Capital BDC, Inc., 2.50%, 8/24/26 | United States | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105994 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430190 |
|  | **Media 0.5%** |  |  |  |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |
|  | 4.20%, 3/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19619 |
|  | 6.10%, 6/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41316 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60935 |
|  | **Oil & Gas 0.8%** |  |  |  |
|  | Devon Energy Corp., 7.875%, 9/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34211 |
|  | Occidental Petroleum Corp., |  |  |  |
|  | 6.625%, 9/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42047 |
|  | 5.20%, 8/01/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20002 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96260 |
|  | **Total Corporate Bonds & Notes (Cost $1,368,853)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370309 |
|  | **U.S. Government & Agency Securities 85.5%** |  |  |  |
|  | Government National Mortgage Association, |  |  |  |
|  | 6.00%, 10/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 427114 | &nbsp;&nbsp;&nbsp;&nbsp; 435676 |
|  | 6.00%, 11/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 289233 | &nbsp;&nbsp;&nbsp;&nbsp; 294954 |
|  | 6.00%, 12/20/53 | United States | &nbsp;&nbsp;&nbsp;&nbsp;411298 | &nbsp;&nbsp;&nbsp;&nbsp; 419168 |

---

franklintempleton.com Annual Report 7

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

BrandywineGLOBAL - U.S. Fixed Income ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **U.S. Government & Agency Securities (continued)** |  | |  |
|  | 6.00%, 4/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;$121837 |
|  | 6.00%, 5/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 362789 |
|  | 6.00%, 6/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 85329 |
|  | 6.00%, 7/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 528667 |
|  | 6.00%, 8/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 497213 |
|  | 6.00%, 9/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 508293 |
|  | 6.00%, 10/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 119824 |
|  | 6.00%, 11/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 271750 |
|  | 6.00%, 12/20/54 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 111023 |
|  | 6.00%, 1/20/55 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 464510 |
|  | 6.00%, 2/20/55 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 344478 |
|  | U.S. Treasury Bonds, 3.00%, 8/15/52 | &nbsp;&nbsp;United States | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722555 |
|  | U.S. Treasury Floating Rate Notes, |  | |  |
|  | <sup>a</sup> 3 mo. Treasury money market yield + 0.15%, 4.40%, 4/30/26 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 930554 |
|  | <sup>a</sup> 3 mo. Treasury money market yield + 0.21%, 4.455%, 10/31/26 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 1322320 |
|  | U.S. Treasury Notes, |  | |  |
|  | 3.875%, 8/15/33 | &nbsp;&nbsp; United States | | &nbsp;&nbsp;&nbsp;&nbsp; 1068541 |
|  | 3.875%, 8/15/34 | United States | | &nbsp;&nbsp;&nbsp;&nbsp; 1871850 |
|  | **Total U.S. Government & Agency Securities (Cost $10,402,856)** |  | | &nbsp;&nbsp;&nbsp;&nbsp;10481331 |
|  | **Total Investments before Short-Term Investments (Cost $11,771,709)** |  | | &nbsp;&nbsp;&nbsp;&nbsp;11851640 |
|  | **Short-Term Investments 2.1%** |  | |  |
|  |  |  | <br>&nbsp;&nbsp; 119618<br>&nbsp;&nbsp; 356281<br>&nbsp;&nbsp; 83861<br>&nbsp;&nbsp; 520521<br>&nbsp;&nbsp; 489627<br>&nbsp;&nbsp; 500539<br>&nbsp;&nbsp; 117996<br>&nbsp;&nbsp; 267445<br>&nbsp;&nbsp; 109329<br>&nbsp;&nbsp; 457225<br>&nbsp;&nbsp; 339076<br>&nbsp;&nbsp;&nbsp;&nbsp;970000<br>&nbsp;&nbsp; 930000<br>&nbsp;&nbsp;1320000<br>&nbsp;&nbsp;1090000<br>1920000<br>**Shares** |  |
|  | **Money Market Funds 2.1%** |  |  |  |
| <sup>c</sup> | State Street Institutional U.S. Government Money Market Fund, 4.29% | United States | &nbsp;&nbsp;&nbsp;&nbsp;250165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250165 |
|  | **Total Short-Term Investments (Cost $250,165)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250165 |
|  | **Total Investments (Cost $12,021,874) 98.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12101805 |
|  | **Other Assets, less Liabilities 1.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149111 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$12250916 |

---

---

| |
|:---|
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>b</sup>Security is a business development company. See Note 1(e). |
| <sup>c</sup>The rate shown is the annualized seven-day effective yield at period end. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(b).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest rate contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Yr. Note | &nbsp;&nbsp;Long | &nbsp;&nbsp;28 | &nbsp;&nbsp;$3028375 | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;$15080 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Yr. Note | Long | 6 | &nbsp;&nbsp;&nbsp;&nbsp; 684750 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2985 |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | &nbsp;&nbsp;$18065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 6 regarding other derivative information.

See Abbreviations on page 19.

8 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

March 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> Dynamic US Large Cap<br> Value ETF** | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> U.S. Fixed Income<br> ETF** |
| Assets: |  |  |
| Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$104729241 | &nbsp;&nbsp;&nbsp;$12021874 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$110827995 | &nbsp;&nbsp;&nbsp;$12101805 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70399 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27378 |
| Deposits with brokers for: |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110899389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12254937 |
| Liabilities: |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | $110853051 | &nbsp;&nbsp;&nbsp;$12250916 |
| Net assets consist of: |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$114387170 | &nbsp;&nbsp;&nbsp;$12500000 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3534119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$110853051 | &nbsp;&nbsp;&nbsp;$12250916 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8202953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| Net asset value per share | $13.51 | &nbsp;&nbsp;&nbsp;$24.50 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 9

------

[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Operations

for the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**BrandywineGLOBAL -<br> Dynamic US Large Cap<br> Value ETF** | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> U.S. Fixed Income<br> ETF** |
| Investment income: |  |  |
| Dividends: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$2977345 | &nbsp;&nbsp;&nbsp;$15312 |
| Interest: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977531 | &nbsp;&nbsp;&nbsp;&nbsp;599029 |
| Expenses: |  |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343748 | &nbsp;&nbsp;&nbsp;&nbsp;551811 |
| Realized and unrealized gains (losses): |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2067951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46967) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;20408537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;18340586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51684 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(18731870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23365 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(18731870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23501 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75185 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$1952464 | &nbsp;&nbsp;&nbsp;$626996 |

---

10 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> Dynamic US Large Cap Value ETF** | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> Dynamic US Large Cap Value ETF** | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> U.S. Fixed Income ETF** | &nbsp;&nbsp;&nbsp;**BrandywineGLOBAL -<br> U.S. Fixed Income ETF** |
| | **Year Ended<br> March 31, 2025**  | **Year Ended<br> March 31, 2024**  | **Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>**  |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$2343748 | &nbsp;&nbsp;&nbsp;$3109385 | &nbsp;&nbsp;&nbsp;$551811 | &nbsp;&nbsp;&nbsp;$371116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18340586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450035) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18731870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21686811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28904271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4424) |
| Distributions to shareholders (Note 1d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3144713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1760860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315464) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53436029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19714823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54628278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7428588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12180112 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165481329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158052741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12180112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| End of period | $110853051 | $165481329 | $12250916 | &nbsp;&nbsp;&nbsp;$12180112 |

---

<sup>a</sup>For the period July 25, 2023 (commencement of operations) to March 31, 2024.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 11

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, two of which are included in this report (each a "Fund", collectively referenced as "Funds"). The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946") and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Funds are exchange traded funds (ETF) and seek to provide the investment results that closely correspond, before fees and expenses, to the performance of Fund's corresponding underlying index.

The following summarizes the Funds' significant accounting policies.

a. Financial Instrument Valuation

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Funds' Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, ETFs and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the

security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Investments in open-end mutual funds are valued at the closing NAV.

The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Funds' business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Funds' portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Funds' portfolio securities to the latest indications of fair value at 4 p.m. Eastern time on March 31, 2025.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Funds' NAV is not calculated, which could result in differences between the value of the Funds' portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation

12 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

changes due to an open foreign market are adjusted and reflected by the Funds for financial reporting purposes.

b. Derivative Financial Instruments

Certain or all Funds invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Fund to gains or losses in excess of the amounts shown in the Statements of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statements of Operations.

Certain or all Funds entered into exchange traded futures contracts primarily to manage and/or gain exposure to equity price risk. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed in the Funds' Schedule of Investments.

c. Income and Deferred Taxes

It is the Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Fund invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invests. When

a capital gain tax is determined to apply, certain or all Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

Each Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, the Funds have determined that no tax liability is required in the financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Funds invest.

d. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Dividend income and capital gain distributions are recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Funds. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated among the Funds based on the ratio of net assets of Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

franklintempleton.com Annual Report 13

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

e. Business development companies

Certain or all Funds may invest in securities of closed-end investment companies that have elected to be treated as a

business development company under the 1940 Act. The Funds may purchase a business development company to gain exposure to the securities in the underlying portfolio.

The risks of owning a business development company

generally reflect the risks of owning the underlying

securities. Business development companies have expenses

that reduce their value.

f. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and

liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Funds are issued and redeemed at their respective NAV only in aggregations of a specified number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Funds. Once created, shares of the Funds generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Funds' shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Funds regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Fund. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Funds' shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 5100000 | $69588592 | &nbsp;&nbsp;&nbsp; 3400000 | $41842853 |
| Shares redeemed | &nbsp;&nbsp;(9000000) | &nbsp;&nbsp;&nbsp;&nbsp;(123024621) | &nbsp;&nbsp;&nbsp;(5050000) | &nbsp;&nbsp;&nbsp;&nbsp;(61557676) |
| Net increase (decrease) | &nbsp;&nbsp;(3900000) | $(53436029) | &nbsp;&nbsp;&nbsp;(1650000) | $(19714823) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

14 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**BrandywineGLOBAL - U.S. Fixed Income ETF** | &nbsp;&nbsp;**BrandywineGLOBAL - U.S. Fixed Income ETF** | &nbsp;&nbsp;**BrandywineGLOBAL - U.S. Fixed Income ETF** | &nbsp;&nbsp;**BrandywineGLOBAL - U.S. Fixed Income ETF** |
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; 500001 | $12500025 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp; (25) |
| Net increase (decrease) | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp; 500000 | $12500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup>For the period July 25, 2023 (commencement of operations) to March, 31, 2024.

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Funds are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal Underwriter |
| Brandywine Global Investment Management, LLC (Brandywine Global) | &nbsp;&nbsp;&nbsp;Investment manager |

---

a. Management fees

The Funds pay a unified management fee to Advisers whereby Advisers has agreed to reimburse the Funds' acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Funds, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Funds' Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other

non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement. The gross effective investment management fees are based on the average daily net assets of each of the Funds as follows:

---

| | |
|:---|:---|
| | **Gross Effective Investment<br> Management Fee Rate** |
| BrandywineGLOBAL - Dynamic US Large Cap Value ETF | 0.49% |
| BrandywineGLOBAL - U.S. Fixed Income ETF | 0.39% |

---

Under a subadvisory agreement, Brandywine Global provides subadvisory services to the Funds. The subadvisory fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Funds.

b. Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Funds' average daily net assets, and is not an additional expense of the Fund.

franklintempleton.com Annual Report 15

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Other Affiliated Transactions

At March 31, 2025, the shares of the Fund is owned by the following entity.

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **BrandywineGLOBAL - U.S. Fixed Income ETF** |  |  |
| Franklin Resources Inc. | 185000 | &nbsp;&nbsp;&nbsp;37.0% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Fund.

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. At March 31, 2025, the utilized capital loss carryforwards were as follows:

---

| | | |
|:---|:---|:---|
| | **BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | **BrandywineGLOBAL - U.S. Fixed Income ETF** |
| Capital loss carryforwards not subject to expiration: |  |  |
| Long term | $2898894 | $— |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 8954046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320430 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $11852940 | $320430 |

---

For tax purposes, capital losses may be carried over to offset future capital gains. During the year ended March 31, 2025, the utilized capital loss carryforwards were as follows:

---

| | |
|:---|:---|
| | **BrandywineGLOBAL - U.S. Fixed Income ETF** |
| Capital loss carryforwards utilized | $45282 |

---

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **BrandywineGLOBAL -<br> Dynamic US Large Cap Value ETF** | **BrandywineGLOBAL -<br> Dynamic US Large Cap Value ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $3144713 | $1760860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **BrandywineGLOBAL -<br> U.S. Fixed Income ETF** | **BrandywineGLOBAL -<br> U.S. Fixed Income ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $556192 | $315464 |

---

At March 31, 2025, the cost of investments, net unrealized appreciation (depreciation) and undistributed ordinary income for income tax purposes were as follows:

16 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | **BrandywineGLOBAL - U.S. Fixed Income ETF** |
| Cost of investments | &nbsp;&nbsp;$104854895 | $12081183 |
| Unrealized appreciation | &nbsp;&nbsp;$10780546 | $86363 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4807446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65741) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$5973100 | $20622 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$2345719 | $50724 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of in-kind transactions and wash sales.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | **BrandywineGLOBAL - U.S. Fixed Income ETF** |
| Purchases | &nbsp;&nbsp;$98860504 | $18348401 |
| Sales | &nbsp;&nbsp;$100947898 | $18112457 |

---

In-kind transactions associated with creation and redemptions for the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**BrandywineGLOBAL - Dynamic US Large Cap Value ETF** | **BrandywineGLOBAL - U.S. Fixed Income ETF** |
| Cost of Securities Received | &nbsp;&nbsp;$68594296 | $— |
| Value of Securities Delivered | &nbsp;&nbsp;$119089176 | $— |

---

6. Other Derivative Information

At March 31, 2025, the Fund's investments in derivative contracts are reflected in the Statements of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Liability Derivatives** | **Liability Derivatives** |
| | **Asset Derivatives**<br>**Statements of Assets and<br> Liabilities Location** | **Statements of Assets and<br> Liabilities Location** | **Fair Value** |
| **BrandywineGLOBAL - U.S. Fixed Income ETF** |  |  |  |
| Interest rate contracts | Variation margin on futures contracts $18065<sup>a</sup> | Variation margin on futures contracts | $— |

---

<sup>a</sup>This amount reflects the cumulative appreciation (depreciation) of future contracts as reported in the Schedule of Investments. Only the variation margin receivable/payable at year end is separately reported within the Statements of Assets and Liabilities. Prior variation margin movements were recorded to cash upon receipt or payment.

For the year ended March 31, 2025, the effect of derivative contracts in the Fund's Statements of Operations was as follows:

franklintempleton.com Annual Report 17

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

6. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statements of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statements of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
| **BrandywineGLOBAL - U.S. Fixed Income ETF** |  |  |  |  |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Interest rate contracts | Futures contracts | $98651 | Futures contracts | $136 |

---

For the year ended March 31, 2025, the average month end notional amount of futures contracts were as follows:

---

| | |
|:---|:---|
| | **BrandywineGLOBAL - U.S. Fixed Income ETF** |
| Futures contracts | $5223484 |

---

See Note 1(b) regarding derivative financial instruments.

7. Fair Value Measurements

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Funds' assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **BrandywineGLOBAL - Dynamic US Large Cap Value ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$109867541 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$109867541 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960454 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $110827995 | $— | $— | &nbsp;&nbsp;&nbsp;$110827995 |
| **BrandywineGLOBAL - U.S. Fixed Income ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1370309 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1370309 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10481331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10481331 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250165 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $250165 | $11851640 | $— | &nbsp;&nbsp;&nbsp;$12101805 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $18065 | $— | $— | &nbsp;&nbsp;&nbsp;$18065 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedules of Investments. <br> <sup>b</sup>Includes common stocks.

18 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Operating Segments

The Funds have adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Funds' financial position or results of operations.

The Funds operate as a single operating segment, which is an investment portfolio. The Funds' Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. Each Fund's portfolio holdings provide details of each Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

9. Subsequent Events

The Funds has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **BDC** | &nbsp;&nbsp;Business Development Companies |
| **FRN** | &nbsp;&nbsp;Floating Rate Note |

---

franklintempleton.com Annual Report 19

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of BrandywineGLOBAL – Dynamic US Large Cap Value ETF and BrandywineGLOBAL – U.S. Fixed Income ETF

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BrandywineGLOBAL – Dynamic US Large Cap Value ETF and BrandywineGLOBAL –U.S. Fixed Income ETF (two of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

BrandywineGLOBAL – Dynamic US Large Cap Value ETF<sup>(1)</sup>

BrandywineGLOBAL – U.S. Fixed Income ETF<sup>(2)</sup>

<sup>(1)</sup> The statements of changes in net assets for each of the two years in the period ended March 31, 2025.

<sup>(2)</sup> The statements of changes in net assets for the year ended March 31, 2025 and the period July 25, 2023 (commencement of operations) to March 31, 2024.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

20 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Fund below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**BrandywineGLOBAL<br> - Dynamic US Large Cap<br> Value ETF** | &nbsp;&nbsp;**BrandywineGLOBAL<br> - U.S. Fixed<br> Income ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | $2710041 | &nbsp;&nbsp;$— |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$2823393 | &nbsp;&nbsp;$— |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$531504 |
| Section 163(j) Interest Dividends | §163(j) | $— | &nbsp;&nbsp;$531440 |

---

franklintempleton.com Annual Report 21

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

22 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_81cbf32b-ab86-4ede-a568-d7ec34d5bc17_TOC)

------

![](img8644272b2.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

BWETF-AFSOI 05/25

**Clearbridge Sustainable Infrastructure ETF**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](imgffe37c4e1.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedule of Investments](#xx_41304dbb-f51c-44ef-ae90-e7071407ac25_1) | &nbsp;&nbsp;**1** |
| [Statement of Assets and Liabilities](#xx_c096a3e9-731c-470f-a29a-4ce59dfbeeef_1) | &nbsp;&nbsp;**4** |
| [Statement of Operations](#xx_ec87eb9b-5fbf-4bfc-99e4-bc03b1e73f6b_1) | &nbsp;&nbsp;**5** |
| [Statements of Changes in Net Assets](#xx_c9dd1397-f2d6-458f-9f4c-4e2f9a3010f6_1) | &nbsp;&nbsp;**6** |
| [Notes to Financial Statements](#xx_9e66e0ac-2fcc-40fb-9691-e7f0e80f6833_1) | &nbsp;&nbsp;**7** |
| [Report of Independent Registered Public Accounting Firm](#xx_fc01cf1e-4078-426a-bae9-d1073c788830_1) | &nbsp;&nbsp;**13** |
| [Tax Information](#xx_68531c91-1172-45cb-8696-745883e2adc9_1) | &nbsp;&nbsp;**14** |
| [Changes In and Disagreements with Accountants](#xx_14b09e2a-5198-41e8-a7a5-5d3b5b667e57_1) | &nbsp;&nbsp;**15** |
| [Results of Meeting(s) of Shareholders](#xx_14b09e2a-5198-41e8-a7a5-5d3b5b667e57_1) | &nbsp;&nbsp;**15** |
| [Remuneration Paid to Directors, Officers and Others](#xx_14b09e2a-5198-41e8-a7a5-5d3b5b667e57_1) | &nbsp;&nbsp;**15** |

---

Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**ClearBridge Sustainable Infrastructure ETF**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Period Ended March 31,<br> 2023<sup>a</sup>** |
| | **2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**Period Ended March 31,<br> 2023<sup>a</sup>** |
| **Per share operating performance** |  |  |  |
| (for a share outstanding throughout the period) |  |  |  |
| Net asset value, beginning of period | $23.72 | $25.22 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.74) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$23.99 | &nbsp;&nbsp;$23.72 | &nbsp;&nbsp;$25.22 |
| Total return<sup>d</sup> | 3.47% | (3.03)% | &nbsp;&nbsp;0.88% |
| **Ratios to average net assets<sup>e</sup>** |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;0.59% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.59%<sup>f</sup> | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;0.59% |
| Net investment income | 2.52% | 2.89% | &nbsp;&nbsp;1.82% |
| **Supplemental data** |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$9597 | &nbsp;&nbsp;$8304 | &nbsp;&nbsp;$2522 |
| Portfolio turnover rate<sup>g</sup> | 24.89%<sup>h</sup> | 37.99%<sup>h</sup> | &nbsp;&nbsp;6.33%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period December 14, 2022 (commencement of operations) to March 31, 2023. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 24.89% | 36.79% | &nbsp;&nbsp;6.33% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**ClearBridge Sustainable Infrastructure ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 96.2%** |  |  |  |
|  | **Australia 3.5%** |  |  |  |
|  | Atlas Arteria Ltd. | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp; 48313 | &nbsp;&nbsp;$146016 |
|  | Transurban Group | Transportation Infrastructure | &nbsp;&nbsp; 23072 | &nbsp;&nbsp;&nbsp;&nbsp; 192512 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338528 |
|  | **Brazil 1.8%** |  |  |  |
|  | Equatorial Energia SA | Electric Utilities | &nbsp;&nbsp; 30991 | &nbsp;&nbsp;&nbsp;&nbsp; 173145 |
|  | **Canada 3.3%** |  |  |  |
| <sup>a</sup> | Hydro One Ltd. | Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317187 |
|  | **Denmark 2.9%** |  |  |  |
| <sup>a,b</sup> | Orsted AS | Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;6339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276626 |
|  | **France 8.8%** |  |  |  |
|  | Getlink SE | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;27324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470771 |
|  | Vinci SA | Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372485 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843256 |
|  | **Germany 3.3%** |  |  |  |
|  | E.ON SE | Multi-Utilities | &nbsp;&nbsp;&nbsp;21009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316807 |
|  | **Italy 10.9%** |  |  |  |
| <sup>a</sup> | Enav SpA | &nbsp;&nbsp;Transportation Infrastructure | &nbsp;&nbsp;&nbsp;75834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298829 |
|  | Enel SpA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;54538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441663 |
|  | Terna - Rete Elettrica Nazionale | Electric Utilities | &nbsp;&nbsp;&nbsp;34266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309587 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1050079 |
|  | **Netherlands 4.6%** |  |  |  |
|  | Ferrovial SE | Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;9963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443181 |
|  | **Portugal 3.2%** |  |  |  |
|  | EDP SA | Electric Utilities | &nbsp;&nbsp;&nbsp;90350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303719 |
|  | **Spain 11.6%** |  |  |  |
| <sup>a</sup> | Cellnex Telecom SA | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;8676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307677 |
|  | Iberdrola SA | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;16009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258356 |
|  | Redeia Corp. SA | Electric Utilities | &nbsp;&nbsp;&nbsp;27190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545119 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1111152 |
|  | **United Kingdom 18.0%** |  |  |  |
|  | National Grid PLC | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;25084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326848 |
|  | Pennon Group PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;52153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301578 |
|  | Severn Trent PLC | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;15936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520611 |
|  | SSE PLC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;16891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347525 |
|  | United Utilities Group PLC | Water Utilities | &nbsp;&nbsp;&nbsp;17646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1726264 |
|  | **United States 24.3%** |  |  |  |
|  | American Water Works Co., Inc. | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361276 |
|  | Crown Castle, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361991 |
|  | CSX Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279202 |
|  | Entergy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324520 |
|  | Exelon Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;8438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388823 |
|  | NextEra Energy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430799 |
|  | Public Service Enterprise Group, Inc. | Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190854 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2337465 |
|  | **Total Common Stocks (Cost $8,868,938)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9237409 |

---

2 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

Franklin Templeton ETF Trust

Schedule of Investment

ClearBridge Sustainable Infrastructure ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Preferred Stock 1.5%** |  |  |  |
|  | **Brazil 1.5%** |  |  |  |
| <sup>c</sup> | Cia Paranaense de Energia - Copel, Class B, 3.631%, pfd. | Electric Utilities | &nbsp;&nbsp; 77160 | &nbsp;&nbsp;$140238 |
|  | **Total Preferred Stocks (Cost $142,691)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140238 |
|  | **Total Investments before Short-Term Investments (Cost $9,011,629)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9377647 |
|  | **Short-Term Investments 2.2%** |  |  |  |
|  | **Money Market Funds 2.2%** |  |  |  |
|  | **United States 2.2%** |  |  |  |
| <sup>d</sup> | JPMorgan 100% U.S. Treasury Securities Money Market Fund, 4.17% | Money Market Funds | &nbsp;&nbsp;205658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205658 |
|  | **Total Short-Term Investments (Cost $205,658)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205658 |
|  | **Total Investments (Cost $9,217,287) 99.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9583305 |
|  | **Other Assets, less Liabilities 0.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13765 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$9597070 |

---

---

| |
|:---|
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $1,200,319, representing 12.5% of net assets. |
| <sup>b</sup>Non-income producing. |
| <sup>c</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |

---

See Abbreviations on page 12.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 3

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

March 31, 2025

**ClearBridge Sustainable Infrastructure ETF**

---

| | |
|:---|:---|
| Assets: |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$9217287 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$9583305 |
| Foreign currency, at value (cost $1,772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601730 |
| Liabilities: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$9597070 |
| Net assets consist of: |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$9663919 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$9597070 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;$23.99 |

---

4 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended March 31, 2025

**ClearBridge Sustainable Infrastructure ETF**

---

| | |
|:---|:---|
| Investment income: |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$263533 |
| Interest: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;276533 |
| Expenses: |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;224445 |
| Realized and unrealized gains (losses): |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(331243) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(329882) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346227 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;346393 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16511 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$240956 |

---

---

| | |
|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$21579 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 5

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

**ClearBridge Sustainable Infrastructure ETF**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$224445 | &nbsp;&nbsp;&nbsp;$178868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15844 |
| Distributions to shareholders (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201196) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781607 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8303528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521921 |
| End of year | $9597070 | &nbsp;&nbsp;&nbsp;$8303528 |

---

6 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company, consisting of fifty-one separate funds, one of which is included in this report (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946"), and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Fund is an exchange traded fund (ETF) and seeks to provide the investment results that closely correspond, before fees and expenses, to the performance of Fund corresponding underlying index.

The following summarizes the Fund's significant accounting policies.

a. Financial Instrument Valuation

The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, ETFs and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security is determined. Over-the-counter (OTC) securities are

valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Investments in open-end mutual fund are valued at the closing NAV.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on Fund business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time on March 31, 2025.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund's NAV is not calculated, which could result in differences between the value of the Fund's portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes

franklintempleton.com Annual Report 7

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Derivative Financial Instruments

During the year ended March 31, 2025, the Fund did not invest in derivative instruments.

d. Income and Deferred Taxes

It is Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Fund invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invest. When a capital gain tax is determined to apply, Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

e. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest Income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated to the Fund based on the ratio of net assets of Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the expense. These expenses are paid by the Fund or by the

8 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

e. Security Transactions, Investment Income, Expenses and Distributions (continued)

investment manager, as applicable, according to the terms of the unified management fee agreement.

f. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Fund are issued and redeemed at their respective NAV only in aggregations of a specified number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Fund's shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Fund regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Fund.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp;50000 | $1256793 | &nbsp;&nbsp;&nbsp;300000 | $7059636 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(50000) | &nbsp;&nbsp;&nbsp;&nbsp;(1092677) |
| Net increase (decrease) | &nbsp;&nbsp;50000 | $1256793 | &nbsp;&nbsp;&nbsp;250000 | $5966959 |

---

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:

franklintempleton.com Annual Report 9

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Advisory Services, LLC (FASL) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

---

a. Management fees

The Fund pays a unified management fee to Advisers whereby Advisers has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pays all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement.

The Fund pays gross effective investment management fees of 0.59% per year on the average daily net assets of the Fund.

b. Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

c. Other Affiliated Transactions

At March 31, 2025, the shares of ClearBridge Sustainable Infrastructure ETF were owned by the following entity:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **ClearBridge Sustainable Infrastructure ETF** |  |  |
| Franklin Resources Inc. | 49000 | &nbsp;&nbsp;&nbsp;12.3% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Fund.

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains, if any. At March 31, 2025, the capital loss carryforwards were as follows:

---

| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Capital loss carryforwards not subject to expiration: |  |
| Long term | $267264 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp;166702 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $433966 |

---

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $204207 | $201196 |

---

10 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

At March 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Cost of investments | &nbsp;&nbsp;$9228792 |
| Unrealized appreciation | &nbsp;&nbsp;$777799 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423286) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$354513 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$12483 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of in-kind transactions and wash sales.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were $2,247,266 and $2,147,624, respectively.

In-kind transactions associated with creation for the year ended March 31, 2025 was $1,141,419.

6. Fair Value Measurements

The Fund follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Fund's assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **ClearBridge Sustainable Infrastructure ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$9377647 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9377647 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205658 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $9583305 | $— | $— | &nbsp;&nbsp;&nbsp;$9583305 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedule of Investments. <br> <sup>b</sup>Includes common and preferred stocks.

7. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15,

franklintempleton.com Annual Report 11

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. New Accounting Pronouncements (continued)

2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

8. Operating Segments

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's portfolio holdings provide details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

9. Subsequent Events

The Fund has evaluated subsequent events through the issuance of these financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **REIT** | &nbsp;&nbsp;Real Estate Investment Trust |
| **SPA** | &nbsp;&nbsp;Standby Purchase Agreement |

---

12 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of ClearBridge Sustainable Infrastructure ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ClearBridge Sustainable Infrastructure ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2025 and the period December 14, 2022 (commencement of operations) to March 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the two years in the period ended March 31, 2025 and the period December 14, 2022 (commencement of operations) to March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

franklintempleton.com Annual Report 13

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

FRANKLIN TEMPLETON ETF TRUST

Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Fund hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**ClearBridge Sustainable<br> Infrastructure ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | &nbsp;&nbsp;$53033 |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$204207 |

---

14 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

franklintempleton.com Annual Report 15

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[**Table of Contents**](#JOB_FT_AR_f4194bdf-4832-4c0c-a10d-9835796d8a4f_TOC)

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![](img78bf72e72.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

INFR_AFSOI 05/25

**Western Asset Bond ETF**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](imgba0e637f1.jpg)

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**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedule of Investments](#xx_f475f747-4f40-4fd5-92b3-e77c3b39792c_1) | &nbsp;&nbsp;**1** |
| [Statement of Assets and Liabilities](#xx_a56ca33b-1d0b-4f1d-914f-1d04ac4a4208_1) | &nbsp;&nbsp;**18** |
| [Statement of Operations](#xx_6a4d2c52-4117-429a-8112-a72a776c95f8_1) | &nbsp;&nbsp;**19** |
| [Statements of Changes in Net Assets](#xx_76e4de58-6a9d-49b2-8c26-8d9c9be6a650_1) | &nbsp;&nbsp;**20** |
| [Notes to Financial Statements](#xx_e7cc9c79-ca4c-4655-9c35-3798cb15c9fc_1) | &nbsp;&nbsp;**21** |
| [Report of Independent Registered Public Accounting Firm](#xx_def9574e-6eed-4ff2-b4cb-7afaeb4705e8_1) | &nbsp;&nbsp;**31** |
| [Tax Information](#xx_a684ee7c-08df-445e-aafc-04743805c43b_1) | &nbsp;&nbsp;**32** |
| [Changes In and Disagreements with Accountants](#xx_aecb1921-3caf-400c-b315-9a42d667878f_1) | &nbsp;&nbsp;**33** |
| [Results of Meeting(s) of Shareholders](#xx_aecb1921-3caf-400c-b315-9a42d667878f_1) | &nbsp;&nbsp;**33** |
| [Remuneration Paid to Directors, Officers and Others](#xx_aecb1921-3caf-400c-b315-9a42d667878f_1) | &nbsp;&nbsp;**33** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Western Asset Bond ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended March 31,<br> 2024<sup>a</sup>** |
| | &nbsp;&nbsp;**Year Ended March 31,<br> 2025** | &nbsp;&nbsp;**Period Ended March 31,<br> 2024<sup>a</sup>** |
| **Per share operating performance** |  |  |
| (for a share outstanding throughout the period) |  |  |
| Net asset value, beginning of period | $25.74 | &nbsp;&nbsp;$25.00 |
| Income from investment operations<sup>b</sup>: |  |  |
| Net investment income<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Less distributions from: |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Net asset value, end of period | &nbsp;&nbsp;$25.28 | &nbsp;&nbsp;$25.74 |
| Total return<sup>d</sup> | 4.77% | &nbsp;&nbsp;5.29% |
| **Ratios to average net assets<sup>e</sup>** |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.35%<sup>f</sup> | &nbsp;&nbsp;0.35% |
| Net investment income | 5.14% | &nbsp;&nbsp;5.25% |
| **Supplemental data** |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$18962 | &nbsp;&nbsp;$41177 |
| Portfolio turnover rate<sup>g</sup> | 67.07%<sup>h</sup> | &nbsp;&nbsp;69.47%<sup>h</sup> |

---

---

| |
|:---|
| <sup>a</sup>For the period September 19, 2023 (commencement of operations) to March 31, 2024. |
| <sup>b</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>c</sup>Based on average daily shares outstanding. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>Ratios are annualized for periods less than one year. |
| <sup>f</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>g</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | |
|:---|:---|:---|
| <sup>h</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 67.07% | &nbsp;&nbsp;69.47% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Western Asset Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes 38.2%** |  |  |  |
|  | **Aerospace & Defense 1.0%** |  |  |  |
|  | Boeing Co., |  |  |  |
|  | 3.25%, 2/01/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;$8240 |
|  | 2.70%, 2/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19295 |
|  | 5.15%, 5/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10068 |
|  | General Dynamics Corp., 4.25%, 4/01/40 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845 |
|  | L3Harris Technologies, Inc., 4.854%, 4/27/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9660 |
|  | Lockheed Martin Corp., |  |  |  |
|  | 4.50%, 5/15/36 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9562 |
|  | 4.15%, 6/15/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24013 |
|  | Northrop Grumman Corp., |  |  |  |
|  | 5.25%, 5/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9464 |
|  | 3.25%, 1/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19367 |
|  | RTX Corp., |  |  |  |
|  | 4.50%, 6/01/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17602 |
|  | 2.25%, 7/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17775 |
|  | 3.95%, 8/16/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29933 |
|  | 6.00%, 3/15/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10625 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194449 |
|  | **Agriculture 0.6%** |  |  |  |
|  | Altria Group, Inc., |  |  |  |
|  | 3.875%, 9/16/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7332 |
|  | 5.80%, 2/14/39 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20106 |
|  | 6.875%, 11/01/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 33095 |
|  | BAT Capital Corp., |  |  |  |
|  | 3.557%, 8/15/27 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9760 |
|  | 4.54%, 8/15/47 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 31981 |
|  | Philip Morris International, Inc., 2.10%, 5/01/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119976 |
|  | **Airlines 0.8%** |  |  |  |
| <sup>a</sup> | American Airlines, Inc., 8.50%, 5/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60949 |
|  | Delta Air Lines, Inc., 7.375%, 1/15/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40725 |
|  | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |
|  | <sup>a</sup> 4.75%, 10/20/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9961 |
|  | <sup>a</sup> first lien, 4.50%, 10/20/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 6667 | &nbsp;&nbsp;&nbsp;&nbsp; 6645 |
| <sup>a</sup> | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13567 |
| <sup>a</sup> | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 11.00%, 3/06/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;25225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22482 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154329 |
|  | **Apparel 0.1%** |  |  |  |
|  | NIKE, Inc., |  |  |  |
|  | 2.85%, 3/27/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9261 |
|  | 2.75%, 3/27/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9728 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18989 |
|  | **Auto Manufacturers 0.3%** |  |  |  |
|  | General Motors Co., |  |  |  |
|  | 6.125%, 10/01/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12062 |
|  | 6.25%, 10/02/43 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9629 |
| <sup>a</sup> | PM General Purchaser LLC, 9.50%, 10/01/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28650 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50341 |

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2 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds & Notes (continued)** |  |  |  |
| **Banks 8.1%** |  |  |  |
| Bank of America Corp., |  |  |  |
| 4.083% to 3/20/50, FRN thereafter, 3/20/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;$31458 |
| 3.97% to 3/05/28, FRN thereafter, 3/05/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98258 |
| 5.00%, 1/21/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9377 |
| 1.319% to 6/19/25, FRN thereafter, 6/19/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69502 |
| 4.571% to 4/27/32, FRN thereafter, 4/27/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 86996 |
| Bank of Montreal, 1.85%, 5/01/25 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19954 |
| Bank of Nova Scotia, |  |  |  |
| 4.588% to 2/04/32, FRN thereafter, 5/04/37 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9241 |
| 1.30%, 6/11/25 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9937 |
| Citigroup, Inc., |  |  |  |
| 4.30%, 11/20/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29884 |
| 4.40%, 6/10/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29995 |
| 3.98% to 3/20/29, FRN thereafter, 3/20/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38789 |
| 4.412% to 3/31/30, FRN thereafter, 3/31/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 107229 |
| 4.45%, 9/29/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29865 |
| 4.75%, 5/18/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8488 |
| Goldman Sachs Group, Inc., |  |  |  |
| 2.615% to 4/22/31, FRN thereafter, 4/22/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17468 |
| 5.15%, 5/22/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18154 |
| 1.093% to 12/09/25, FRN thereafter, 12/09/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29282 |
| 6.75%, 10/01/37 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10822 |
| 4.75%, 10/21/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17682 |
| 3.691% to 6/05/27, FRN thereafter, 6/05/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49054 |
| 2.60%, 2/07/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18131 |
| 4.25%, 10/21/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9975 |
| HSBC Holdings PLC, 4.762% to 3/29/32, FRN thereafter, 3/29/33 | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191044 |
| JPMorgan Chase & Co., |  |  |  |
| 3.109% to 4/22/40, FRN thereafter, 4/22/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15118 |
| 3.109% to 4/22/50, FRN thereafter, 4/22/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6666 |
| 3.509% to 1/23/28, FRN thereafter, 1/23/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48608 |
| 2.083% to 4/22/25, FRN thereafter, 4/22/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29951 |
| 2.545% to 11/08/31, FRN thereafter, 11/08/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 43258 |
| 5.294% to 7/22/34, FRN thereafter, 7/22/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10044 |
| Morgan Stanley, |  |  |  |
| 2.188% to 4/28/25, FRN thereafter, 4/28/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19961 |
| 3.772% to 1/24/28, FRN thereafter, 1/24/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29351 |
| 2.511% to 10/20/31, FRN thereafter, 10/20/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 25759 |
| 5.32% to 7/19/34, FRN thereafter, 7/19/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40020 |
| PNC Financial Services Group, Inc., |  |  |  |
| 5.582% to 6/12/28, FRN thereafter, 6/12/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10285 |
| 5.812% to 6/12/25, FRN thereafter, 6/12/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10016 |
| Royal Bank of Canada, |  |  |  |
| 1.15%, 6/10/25 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9935 |
| 3.875%, 5/04/32 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9384 |
| 5.15%, 2/01/34 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| Toronto-Dominion Bank, |  |  |  |
| 1.15%, 6/12/25 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9932 |
| 4.456%, 6/08/32 | &nbsp;&nbsp; Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9658 |
| Truist Financial Corp., 6.047% to 6/08/26, FRN thereafter, 6/08/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20339 |
| U.S. Bancorp, |  |  |  |
| 5.775% to 6/12/28, FRN thereafter, 6/12/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| 5.836% to 6/10/33, FRN thereafter, 6/12/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10322 |

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franklintempleton.com Annual Report 3

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
|  | Wells Fargo & Co., |  |  |  |
|  | 5.013% to 4/04/50, FRN thereafter, 4/04/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;$72066 |
|  | 4.478% to 4/04/30, FRN thereafter, 4/04/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19665 |
|  | 2.188% to 4/30/25, FRN thereafter, 4/30/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29938 |
|  | 2.393% to 6/02/27, FRN thereafter, 6/02/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28637 |
|  | 3.584% to 5/22/27, FRN thereafter, 5/22/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48963 |
|  | 4.75%, 12/07/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16878 |
|  | 3.35% to 3/02/32, FRN thereafter, 3/02/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544709 |
|  | **Beverages 0.4%** |  |  |  |
|  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/01/46 | &nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32302 |
|  | Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
|  | 3.50%, 6/01/30 | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9531 |
|  | 4.75%, 1/23/29 | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20207 |
|  | Constellation Brands, Inc., 4.35%, 5/09/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72001 |
|  | **Biotechnology 0.1%** |  |  |  |
|  | Amgen, Inc., 4.663%, 6/15/51 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 |
|  | Gilead Sciences, Inc., 4.75%, 3/01/46 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17552 |
|  | **Chemicals 0.9%** |  |  |  |
| <sup>b</sup> | OCP SA, 3.75%, 6/23/31 | Morocco | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177766 |
|  | **Commercial Services & Supplies 0.2%** |  |  |  |
|  | PayPal Holdings, Inc., 5.15%, 6/01/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048 |
|  | United Rentals North America, Inc., |  |  |  |
|  | 3.875%, 2/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9082 |
|  | <sup>a</sup> 6.125%, 3/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20037 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39167 |
|  | **Construction Materials 0.1%** |  |  |  |
| <sup>a</sup> | Quikrete Holdings, Inc., 6.375%, 3/01/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20143 |
|  | **Electric 1.4%** |  |  |  |
| <sup>b</sup> | Comision Federal de Electricidad, 3.875%, 7/26/33 | &nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164857 |
|  | Consolidated Edison Co. of New York, Inc., |  |  |  |
|  | Series 20B, 3.95%, 4/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7744 |
|  | Series 20A, 3.35%, 4/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9461 |
|  | Exelon Corp., 5.625%, 6/15/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10162 |
|  | FirstEnergy Corp., |  |  |  |
|  | Series B, 3.90%, 7/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9836 |
|  | Series C, 4.85%, 7/15/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8561 |
|  | Florida Power & Light Co., 5.70%, 3/15/55 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218 |
| <sup>a</sup> | Oncor Electric Delivery Co. LLC, 5.35%, 4/01/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10116 |
|  | Pacific Gas & Electric Co., |  |  |  |
|  | 3.50%, 8/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6654 |
|  | 2.50%, 2/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8599 |
|  | 2.10%, 8/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9383 |
|  | Progress Energy, Inc., 6.00%, 12/01/39 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10280 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265871 |
|  | **Electric Utilities 0.1%** |  |  |  |
|  | Georgia Power Co., 5.20%, 3/15/35 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10071 |

---

4 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Electronic Equipment, Instruments & Components<br> 0.1%** |  |  |  |
|  | Honeywell International, Inc., 5.00%, 3/01/35 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$9966 |
|  | **Energy Equipment & Services 0.1%** |  |  |  |
| <sup>a</sup> | Schlumberger Holdings Corp., 3.90%, 5/17/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848 |
|  | **Entertainment 0.4%** |  |  |  |
| <sup>a</sup> | Caesars Entertainment, Inc., 7.00%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30430 |
|  | Warnermedia Holdings, Inc., |  |  |  |
|  | 3.755%, 3/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19513 |
|  | 5.05%, 3/15/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8002 |
|  | 4.279%, 3/15/32 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 8814 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66759 |
|  | **Environmental Control 0.2%** |  |  |  |
| <sup>a</sup> | GFL Environmental, Inc., 6.75%, 1/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30962 |
|  | Waste Connections, Inc., 5.00%, 3/01/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40933 |
|  | **Financial Services 1.0%** |  |  |  |
|  | Air Lease Corp., |  |  |  |
|  | 3.375%, 7/01/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19936 |
|  | 5.30%, 2/01/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10175 |
|  | American Express Co., 4.05%, 5/03/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887 |
|  | Charles Schwab Corp., |  |  |  |
|  | 5.875%, 8/24/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20376 |
|  | 6.136% to 8/24/33, FRN thereafter, 8/24/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10649 |
|  | Intercontinental Exchange, Inc., 4.60%, 3/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819 |
| <sup>a</sup> | Jane Street Group/JSG Finance, Inc., 7.125%, 4/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82241 |
|  | Mastercard, Inc., 3.85%, 3/26/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926 |
|  | Visa, Inc., |  |  |  |
|  | 4.30%, 12/14/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8726 |
|  | 2.05%, 4/15/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 17956 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197691 |
|  | **Food 0.4%** |  |  |  |
|  | Kraft Heinz Foods Co., 5.20%, 7/15/45 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354 |
|  | Mars, Inc., |  |  |  |
|  | <sup>a</sup> 2.70%, 4/01/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10000 |
|  | <sup>a</sup> 5.00%, 3/01/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30138 |
|  | Mondelez International, Inc., 1.50%, 5/04/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19938 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78430 |
|  | **Health Care Providers & Services 1.1%** |  |  |  |
|  | Centene Corp., |  |  |  |
|  | 4.25%, 12/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9766 |
|  | 4.625%, 12/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9588 |
|  | Cigna Group, |  |  |  |
|  | 4.80%, 8/15/38 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9349 |
|  | 4.375%, 10/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9927 |
|  | Elevance Health, Inc., 3.65%, 12/01/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9808 |
|  | HCA, Inc., |  |  |  |
|  | 7.69%, 6/15/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20101 |
|  | 5.875%, 2/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10307 |
|  | 3.50%, 9/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9276 |
|  | 5.50%, 6/15/47 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 9217 |

---

franklintempleton.com Annual Report 5

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Health Care Providers & Services (continued)** |  |  |  |
|  | Humana, Inc., 4.50%, 4/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;$10000 |
| <sup>a</sup> | LifePoint Health, Inc., 9.875%, 8/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52818 |
|  | UnitedHealth Group, Inc., |  |  |  |
|  | 3.875%, 8/15/59 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 14345 |
|  | 4.20%, 5/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19235 |
|  | 4.00%, 5/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9830 |
|  | 5.00%, 4/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 9951 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213518 |
|  | **Healthcare-Products 0.6%** |  |  |  |
|  | Abbott Laboratories, 4.75%, 11/30/36 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848 |
| <sup>a</sup> | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70979 |
|  | Solventum Corp., |  |  |  |
|  | 5.40%, 3/01/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10204 |
|  | 5.45%, 3/13/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10192 |
|  | 5.90%, 4/30/54 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19797 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121020 |
|  | **Home Builders 0.1%** |  |  |  |
|  | Lennar Corp., 4.75%, 11/29/27 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 |
|  | **Insurance 0.3%** |  |  |  |
|  | Aon North America, Inc., 5.45%, 3/01/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20372 |
|  | Berkshire Hathaway Finance Corp., 4.25%, 1/15/49 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 |
|  | MetLife, Inc., 6.40%, 12/15/66 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10160 |
| <sup>a</sup> | Principal Life Global Funding II, 1.25%, 6/23/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9922 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48930 |
|  | **Internet 1.5%** |  |  |  |
|  | Alphabet, Inc., |  |  |  |
|  | 1.90%, 8/15/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 13405 |
|  | 1.10%, 8/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8521 |
|  | Amazon.com, Inc., |  |  |  |
|  | 3.15%, 8/22/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 29344 |
|  | 3.10%, 5/12/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 6799 |
|  | 4.95%, 12/05/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 29146 |
|  | 3.60%, 4/13/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 28279 |
| <sup>b</sup> | Prosus NV, 3.061%, 7/13/31 | China | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172583 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288077 |
|  | **Iron/Steel 0.1%** |  |  |  |
|  | ArcelorMittal SA, 7.00%, 10/15/39 | Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10923 |
|  | **Leisure Time 1.1%** |  |  |  |
| <sup>a</sup> | Carnival Corp., 6.125%, 2/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59171 |
| <sup>a</sup> | NCL Corp. Ltd., 7.75%, 2/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52142 |
| <sup>a</sup> | Royal Caribbean Cruises Ltd., 5.625%, 9/30/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19653 |
| <sup>a</sup> | VOC Escrow Ltd., 5.00%, 2/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68330 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199296 |
|  | **Lodging 0.3%** |  |  |  |
|  | Hilton Domestic Operating Co., Inc., |  |  |  |
|  | <sup>a</sup> 3.625%, 2/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8773 |
|  | <sup>a</sup> 5.875%, 3/15/33 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9911 |
|  | Las Vegas Sands Corp., |  |  |  |
|  | 2.90%, 6/25/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 29843 |
|  | 6.00%, 8/15/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 10226 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58753 |

---

6 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Machinery-Diversified 0.1%** |  |  |  |
|  | Deere & Co., 3.75%, 4/15/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;$15588 |
|  | Otis Worldwide Corp., 2.056%, 4/05/25 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25582 |
|  | **Media 2.5%** |  |  |  |
| <sup>a</sup> | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/01/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153655 |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |
|  | 4.908%, 7/23/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2999 |
|  | 5.375%, 5/01/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8292 |
|  | 5.125%, 7/01/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 7943 |
|  | 5.05%, 3/30/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 29872 |
|  | 5.50%, 4/01/63 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8036 |
|  | 6.55%, 6/01/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10292 |
|  | Comcast Corp., |  |  |  |
|  | 3.999%, 11/01/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 7679 |
|  | 4.15%, 10/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 39575 |
|  | 4.25%, 10/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19634 |
|  | 3.90%, 3/01/38 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 17175 |
|  | 5.35%, 5/15/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 18669 |
|  | 3.45%, 2/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 6929 |
| <sup>a</sup> | DISH DBS Corp., 5.75%, 12/01/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101427 |
|  | Fox Corp., 5.476%, 1/25/39 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9648 |
|  | Time Warner Cable LLC, 6.55%, 5/01/37 | United States | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481527 |
|  | **Mining 0.5%** |  |  |  |
|  | Barrick North America Finance LLC, 5.75%, 5/01/43 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20047 |
|  | BHP Billiton Finance USA Ltd., 5.00%, 9/30/43 | &nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9363 |
|  | Freeport-McMoRan, Inc., 5.45%, 3/15/43 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18770 |
|  | Glencore Funding LLC, |  |  |  |
|  | <sup>a</sup> 3.875%, 10/27/27 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9802 |
|  | <sup>a,c</sup> 5.673%, 4/01/35 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20084 |
|  | <sup>a,c</sup> 6.141%, 4/01/55 | &nbsp;&nbsp; Australia | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10071 |
|  | Yamana Gold, Inc., 4.625%, 12/15/27 | Canada | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98065 |
|  | **Miscellaneous Manufacturing 0.0%<sup>†</sup>** |  |  |  |
|  | Eaton Corp., 4.15%, 11/02/42 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8586 |
|  | **Oil & Gas 5.2%** |  |  |  |
|  | BP Capital Markets America, Inc., |  |  |  |
|  | 2.772%, 11/10/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 18438 |
|  | 3.41%, 2/11/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 29744 |
|  | 3.588%, 4/14/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9860 |
|  | 1.749%, 8/10/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8640 |
|  | Chevron Corp., |  |  |  |
|  | 1.995%, 5/11/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9567 |
|  | 3.078%, 5/11/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 6803 |
|  | Continental Resources, Inc., |  |  |  |
|  | 4.375%, 1/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9804 |
|  | <sup>a</sup> 5.75%, 1/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20163 |
|  | 4.90%, 6/01/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8118 |
|  | <sup>a</sup> 2.268%, 11/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9591 |
|  | Coterra Energy, Inc., |  |  |  |
|  | 3.90%, 5/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19693 |
|  | 4.375%, 3/15/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 19724 |

---

franklintempleton.com Annual Report 7

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Oil & Gas (continued)** |  |  |  |
|  | Devon Energy Corp., |  |  |  |
|  | 5.60%, 7/15/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;$37360 |
|  | 5.85%, 12/15/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20107 |
|  | 4.50%, 1/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19652 |
|  | Diamondback Energy, Inc., 3.50%, 12/01/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9463 |
|  | Ecopetrol SA, 8.875%, 1/13/33 | &nbsp;&nbsp;Colombia | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134254 |
|  | EOG Resources, Inc., 4.375%, 4/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895 |
|  | EQT Corp., |  |  |  |
|  | 5.00%, 1/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
|  | 3.90%, 10/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14736 |
|  | Expand Energy Corp., |  |  |  |
|  | 5.375%, 3/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19868 |
|  | 4.75%, 2/01/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18935 |
|  | Exxon Mobil Corp., |  |  |  |
|  | 3.482%, 3/19/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9604 |
|  | 4.114%, 3/01/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24714 |
| <sup>b</sup> | KazMunayGas National Co. JSC, 3.50%, 4/14/33 | &nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169552 |
|  | Occidental Petroleum Corp., |  |  |  |
|  | 7.50%, 5/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11016 |
|  | 3.20%, 8/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19616 |
|  | 6.625%, 9/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31535 |
|  | 6.45%, 9/15/36 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10301 |
|  | 4.20%, 3/15/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7146 |
|  | 5.55%, 3/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10047 |
|  | 3.40%, 4/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9847 |
|  | Petrobras Global Finance BV, 6.50%, 7/03/33 | &nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121869 |
|  | Pioneer Natural Resources Co., |  |  |  |
|  | 2.15%, 1/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8716 |
|  | 1.125%, 1/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9744 |
| <sup>a</sup> | Range Resources Corp., 4.75%, 2/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19042 |
|  | Shell Finance U.S., Inc., |  |  |  |
|  | 4.375%, 5/11/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8534 |
|  | 2.75%, 4/06/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9202 |
|  | 4.00%, 5/10/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8016 |
|  | 3.25%, 4/06/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 13817 |
|  | Shell International Finance BV, 6.375%, 12/15/38 | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11087 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977889 |
|  | **Oil & Gas Services 0.1%** |  |  |  |
|  | Halliburton Co., 4.85%, 11/15/35 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9596 |
|  | **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |
|  | Cheniere Energy, Inc., 4.625%, 10/15/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19793 |
|  | **Paper & Forest Products 0.3%** |  |  |  |
|  | Suzano Austria GmbH, 3.75%, 1/15/31 | Brazil | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54197 |
|  | **Personal Care Products 0.1%** |  |  |  |
|  | Kenvue, Inc., 4.90%, 3/22/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 |
|  | Procter & Gamble Co., 3.00%, 3/25/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9417 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19437 |
|  | **Pharmaceuticals 1.4%** |  |  |  |
|  | AbbVie, Inc., |  |  |  |
|  | 4.25%, 11/21/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8291 |
|  | 3.20%, 11/21/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28349 |
|  | 4.80%, 3/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10129 |
|  | 4.95%, 3/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10162 |
|  | 5.05%, 3/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10074 |

---

8 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Pharmaceuticals (continued)** |  |  |  |
|  | Becton Dickinson & Co., 4.685%, 12/15/44 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;$8751 |
|  | Bristol-Myers Squibb Co., |  |  |  |
|  | 5.10%, 2/22/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10241 |
|  | 5.20%, 2/22/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20356 |
|  | 5.65%, 2/22/64 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9805 |
|  | CVS Health Corp., |  |  |  |
|  | 5.05%, 3/25/48 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 17081 |
|  | 4.30%, 3/25/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9882 |
|  | 3.875%, 7/20/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9972 |
|  | 2.125%, 9/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 25016 |
|  | Eli Lilly & Co., |  |  |  |
|  | 4.70%, 2/09/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9896 |
|  | 5.10%, 2/09/64 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9331 |
|  | Johnson & Johnson, 3.625%, 3/03/37 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17830 |
|  | Merck & Co., Inc., 1.45%, 6/24/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17207 |
|  | Pfizer, Inc., |  |  |  |
|  | 1.70%, 5/28/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 17463 |
|  | 7.20%, 3/15/39 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp; 11822 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261658 |
|  | **Pipelines 2.8%** |  |  |  |
|  | Cameron LNG LLC, |  |  |  |
|  | <sup>a</sup> 2.902%, 7/15/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8866 |
|  | <sup>a</sup> 3.302%, 1/15/35 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8469 |
|  | Cheniere Energy Partners LP, 3.25%, 1/31/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17611 |
| <sup>a</sup> | Columbia Pipelines Operating Co. LLC, 6.036%, 11/15/33 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10329 |
|  | Energy Transfer LP, |  |  |  |
|  | 6.25%, 4/15/49 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 39717 |
|  | 3.75%, 5/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 18919 |
|  | 2.90%, 5/15/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19954 |
|  | 5.25%, 4/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20242 |
|  | 5.55%, 5/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19998 |
|  | Enterprise Products Operating LLC, |  |  |  |
|  | 2.80%, 1/31/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 18484 |
|  | 3.70%, 1/31/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 29087 |
|  | Series H, 6.65%, 10/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 11094 |
|  | 4.15%, 10/16/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9906 |
|  | 5.375% to 2/15/28, FRN thereafter, 2/15/78 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9807 |
|  | 4.85%, 1/31/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9853 |
|  | Kinder Morgan, Inc., 4.30%, 6/01/25 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9990 |
|  | MPLX LP, |  |  |  |
|  | 4.875%, 6/01/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10000 |
|  | 4.50%, 4/15/38 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8785 |
|  | 4.80%, 2/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20040 |
|  | ONEOK, Inc., 5.80%, 11/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20814 |
|  | Southern Natural Gas Co. LLC, 8.00%, 3/01/32 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11425 |
|  | Targa Resources Corp., 4.95%, 4/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453 |
|  | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |  |  |  |
|  | 5.00%, 1/15/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10004 |
|  | 6.875%, 1/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10229 |
|  | 4.875%, 2/01/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9794 |
| <sup>a</sup> | Tennessee Gas Pipeline Co. LLC, 2.90%, 3/01/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18256 |
|  | Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/01/26 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20362 |
| <sup>a</sup> | Venture Global Calcasieu Pass LLC, 3.875%, 11/01/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43073 |

---

franklintempleton.com Annual Report 9

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Corporate Bonds & Notes (continued)** |  |  |  |
|  | **Pipelines (continued)** |  |  |  |
|  | Western Midstream Operating LP, |  |  |  |
|  | 4.05%, 2/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;$38193 |
|  | 5.25%, 2/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8530 |
|  | Williams Cos., Inc., |  |  |  |
|  | 5.75%, 6/24/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9849 |
|  | 3.50%, 11/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18696 |
|  | 5.15%, 3/15/34 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538700 |
|  | **Real Estate Investment Trusts (REITs) 0.1%** |  |  |  |
|  | Service Properties Trust, 8.375%, 6/15/29 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20010 |
|  | **Retail 0.7%** |  |  |  |
|  | Costco Wholesale Corp., |  |  |  |
|  | 1.60%, 4/20/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8771 |
|  | 1.375%, 6/20/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18854 |
|  | Home Depot, Inc., |  |  |  |
|  | 3.90%, 6/15/47 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15871 |
|  | 2.70%, 4/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9182 |
|  | 2.50%, 4/15/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9671 |
|  | Lowe's Cos., Inc., 4.50%, 4/15/30 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9925 |
|  | McDonald's Corp., |  |  |  |
|  | 4.20%, 4/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8046 |
|  | 3.60%, 7/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9545 |
|  | 3.50%, 3/01/27 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9842 |
|  | Walmart, Inc., |  |  |  |
|  | 1.80%, 9/22/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8578 |
|  | 1.50%, 9/22/28 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18333 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126618 |
|  | **Semiconductors 0.6%** |  |  |  |
| <sup>a</sup> | Broadcom, Inc., 4.926%, 5/15/37 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38477 |
|  | Intel Corp., |  |  |  |
|  | 4.75%, 3/25/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8063 |
|  | 5.125%, 2/10/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10074 |
|  | 1.60%, 8/12/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18062 |
|  | Micron Technology, Inc., 5.30%, 1/15/31 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10114 |
|  | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 5/01/25 | &nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19965 |
|  | Texas Instruments, Inc., 1.75%, 5/04/30 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113530 |
|  | **Software 0.4%** |  |  |  |
|  | Microsoft Corp., 2.921%, 3/17/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6712 |
|  | Oracle Corp., |  |  |  |
|  | 3.60%, 4/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6953 |
|  | 2.875%, 3/25/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17912 |
|  | 1.65%, 3/25/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19443 |
|  | Synopsys, Inc., |  |  |  |
|  | 4.85%, 4/01/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10068 |
|  | 5.00%, 4/01/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10029 |
|  | 5.70%, 4/01/55 | United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9936 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81053 |
|  | **Telecommunications 1.6%** |  |  |  |
|  | AT&T, Inc., |  |  |  |
|  | 4.30%, 2/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9849 |
|  | 3.50%, 9/15/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6824 |
|  | 2.55%, 12/01/33 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16404 |

---

10 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds & Notes (continued)** |  |  |  |
| **Telecommunications (continued)** |  |  |  |
| 5.55%, 8/15/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;$9836 |
| Rogers Communications, Inc., 5.30%, 2/15/34 | &nbsp;&nbsp;Canada | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820 |
| T-Mobile USA, Inc., |  |  |  |
| 3.50%, 4/15/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19990 |
| 3.375%, 4/15/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19016 |
| 3.875%, 4/15/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 76716 |
| 5.15%, 4/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20035 |
| Verizon Communications, Inc., |  |  |  |
| 4.862%, 8/21/46 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17918 |
| 2.355%, 3/15/32 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 50791 |
| <sup>a</sup> 4.78%, 2/15/35 | United States | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48556 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305755 |
| **Transportation 0.3%** |  |  |  |
| Burlington Northern Santa Fe LLC, 2.875%, 6/15/52 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290 |
| Canadian Pacific Railway Co., 3.10%, 12/02/51 | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13033 |
| Union Pacific Corp., |  |  |  |
| 3.75%, 2/05/70 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 13682 |
| 3.839%, 3/20/60 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 14539 |
| 2.891%, 4/06/36 | United States | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16365 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63909 |
| **Total Corporate Bonds & Notes (Cost $7,045,807)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245428 |
| **U.S. Government & Agency Securities<br> 41.8%** |  |  |  |
| Federal Home Loan Mortgage Corp., |  |  |  |
| 2.00%, 3/01/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 67681 | &nbsp;&nbsp;&nbsp;&nbsp; 57867 |
| 2.00%, 8/01/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 377109 | &nbsp;&nbsp;&nbsp;&nbsp; 322342 |
| 2.00%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 99581 | &nbsp;&nbsp;&nbsp;&nbsp; 80085 |
| 2.50%, 11/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 75751 | &nbsp;&nbsp;&nbsp;&nbsp; 64308 |
| 3.00%, 9/01/40 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 95298 | &nbsp;&nbsp;&nbsp;&nbsp; 87805 |
| 4.50%, 10/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 169267 | &nbsp;&nbsp;&nbsp;&nbsp; 162265 |
| 6.00%, 8/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 341118 | &nbsp;&nbsp;&nbsp;&nbsp; 349066 |
| Federal National Mortgage Association, |  |  |  |
| 1.50%, 11/01/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 77706 | &nbsp;&nbsp;&nbsp;&nbsp; 64752 |
| 1.50%, 2/01/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 94055 | &nbsp;&nbsp;&nbsp;&nbsp; 78006 |
| 2.00%, 3/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 179804 | &nbsp;&nbsp;&nbsp;&nbsp; 145340 |
| 2.50%, 11/01/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 72472 | &nbsp;&nbsp;&nbsp;&nbsp; 63952 |
| 2.50%, 12/01/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 76270 | &nbsp;&nbsp;&nbsp;&nbsp; 64876 |
| 2.50%, 2/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 857262 | &nbsp;&nbsp;&nbsp;&nbsp; 723199 |
| 3.00%, 6/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 92826 | &nbsp;&nbsp;&nbsp;&nbsp; 81316 |
| 3.00%, 9/01/61 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 238312 | &nbsp;&nbsp;&nbsp;&nbsp; 202126 |
| 3.50%, 1/01/50 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 172653 | &nbsp;&nbsp;&nbsp;&nbsp; 157760 |
| 4.00%, 5/01/52 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 334441 | &nbsp;&nbsp;&nbsp;&nbsp; 314791 |
| 5.50%, 4/01/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 336750 | &nbsp;&nbsp;&nbsp;&nbsp; 338308 |
| Government National Mortgage Association, |  |  |  |
| 3.00%, 6/20/51 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 69278 | &nbsp;&nbsp;&nbsp;&nbsp; 61011 |
| 5.00%, 8/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 86479 | &nbsp;&nbsp;&nbsp;&nbsp; 85608 |
| 5.50%, 3/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 82379 | &nbsp;&nbsp;&nbsp;&nbsp; 83022 |
| 6.00%, 7/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 88658 | &nbsp;&nbsp;&nbsp;&nbsp; 91082 |
| 6.00%, 9/20/53 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 93226 | &nbsp;&nbsp;&nbsp;&nbsp; 95775 |
| Government National Mortgage Association, TBA, |  |  |  |
| 2.00%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 81802 |
| 2.50%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85308 |
| 3.00%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88586 |
| 3.50%, 4/20/55 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91508 |

---

franklintempleton.com Annual Report 11

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **U.S. Government & Agency Securities<br> (continued)** |  |  |  |
|  | 4.00%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;$93620 |
|  | 4.50%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191906 |
|  | 5.00%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98370 |
|  | 5.50%, 4/20/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100221 |
|  | U.S. Treasury Bonds, |  |  |  |
|  | 4.25%, 8/15/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18884 |
|  | 4.50%, 11/15/54 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19713 |
|  | 4.625%, 5/15/44 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10035 |
|  | 4.625%, 2/15/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60412 |
|  | 4.75%, 11/15/43 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 286136 |
|  | 4.75%, 2/15/45 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30553 |
|  | U.S. Treasury Notes, |  |  |  |
|  | 3.75%, 8/31/31 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9827 |
|  | 3.875%, 8/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29248 |
|  | 4.00%, 2/28/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192882 |
|  | 4.00%, 2/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29598 |
|  | 4.25%, 2/28/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20238 |
|  | 4.25%, 11/15/34 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40125 |
|  | 4.375%, 11/30/30 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 132392 |
|  | 4.625%, 9/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70666 |
|  | 4.625%, 9/30/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102340 |
|  | 4.625%, 4/30/29 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10262 |
|  | 4.875%, 10/31/28 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10320 |
|  | 5.00%, 9/30/25 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60223 |
|  | Uniform Mortgage-Backed Security, TBA, |  |  |  |
|  | 2.00%, 4/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 79489 |
|  | 3.00%, 4/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 606758 |
|  | 5.00%, 4/01/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 294062 |
|  | 6.50%, 4/01/55 | United States | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206255 |
|  | **Total U.S. Government & Agency Securities (Cost $7,792,964)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926401 |
|  | **Foreign Government and Agency<br> Securities 1.0%** |  |  |  |
|  | Mexico Government International Bonds, 4.875%, 5/19/33 | Mexico | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183892 |
|  | **Total Foreign Government and Agency Securities (Cost $186,557)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183892 |
| <sup>d</sup> | **Senior Floating Rate Interests 0.3%** |  |  |  |
|  | **Health Care Equipment & Supplies 0.3%** |  |  |  |
|  | Medline Borrower LP, 2024 USD Add-on Term Loan B, 1 mo. USD Term SOFR + 2.25%, 6.575%, 10/23/28 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29827 |
|  | Sotera Health Holdings LLC, 2024 Term Loan B, 3 mo. USD Term SOFR + 3.25%, 7.549%, 5/30/31 | United States | &nbsp;&nbsp;&nbsp;&nbsp;29850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29832 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59659 |
|  | **Total Floating Rate Loans (Cost $59,657)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59659 |
|  | **Asset-Backed Securities 11.7%** |  |  |  |
| <sup>d</sup> | Accredited Mortgage Loan Trust, Series 2004-4, Class A2D, 1 mo. USD Term SOFR + 0.81%, 5.135%, 1/25/35 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;91196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87105 |
|  | Ally Auto Receivables Trust, Series 2024-2, Class A3, 4.14%, 7/16/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129421 |
| <sup>a,d</sup> | ARES XLIV CLO Ltd., Series 2017-44A, Class A1R, 3 mo. USD Term SOFR + 1.34%, 5.644%, 4/15/34 | Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99877 |

---

12 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Asset-Backed Securities (continued)** |  |  |  |
| <sup>a,d</sup> | Bain Capital Credit CLO Ltd., Series 2023-1A, Class AN, 3 mo. USD Term SOFR + 1.83%, 6.138%, 4/16/36 | &nbsp;&nbsp;Jersey | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;$200048 |
| <sup>a,d</sup> | Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class A, 30 day USD SOFR Average + 1.45%, 5.79%, 6/25/47 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 71431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71206 |
|  | Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3, ABS, 3.66%, 5/17/27 | &nbsp;&nbsp;United States | &nbsp;&nbsp; 53255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53014 |
|  | College Avenue Student Loans LLC, |  |  |  |
|  | <sup>a</sup> Series 2021-C, Class C, 3.06%, 7/26/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 148831 | &nbsp;&nbsp;&nbsp; 136231 |
|  | <sup>a</sup> Series 2023-A, Class C, 6.06%, 5/25/55 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101881 |
| <sup>a,d</sup> | Dryden 87 CLO Ltd., Series 2021-87A, Class A1, 3 mo. USD Term SOFR + 1.36%, 5.684%, 5/20/34 | &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350089 |
| <sup>a</sup> | Ent Auto Receivables Trust, Series 2023-1A, Class A4, 6.26%, 11/15/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103052 |
| <sup>a</sup> | Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 1/22/29 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;49314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 |
| <sup>a</sup> | Gilead Aviation LLC, Series 2025-1A, Class A, 5.789%, 3/15/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100726 |
| <sup>a,d</sup> | Nelnet Student Loan Trust, Series 2021-CA, Class AFL, 1 mo. USD Term SOFR + 0.85%, 5.174%, 4/20/62 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;98067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97254 |
| <sup>d</sup> | New Century Home Equity Loan Trust, Series 2004-2, Class M2, 1 mo. USD Term SOFR + 1.04%, 5.365%, 8/25/34 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;80734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92454 |
| <sup>a,d</sup> | Palmer Square CLO Ltd., Series 2021-1A, Class A1AR, 3 mo. USD Term SOFR + 1.15%, 5.472%, 4/20/38 | &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99835 |
| <sup>a,d</sup> | Point Au Roche Park CLO Ltd., Series 2021-1A, Class A, 3 mo. USD Term SOFR + 1.34%, 5.635%, 7/20/34 | &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100076 |
| <sup>a</sup> | Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A, 3.228%, 3/15/40 | &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;135084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128456 |
| <sup>a,d</sup> | Sycamore Tree CLO Ltd., Series 2025-6A, Class A1, 3 mo. USD Term SOFR + 1.20%, 5.482%, 4/20/38 | &nbsp;&nbsp;Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99892 |
| <sup>a,d</sup> | Voya CLO Ltd., Series 2018-2A, Class A1, 3 mo. USD Term SOFR + 1.26%, 5.564%, 7/15/31 | Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;110147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110211 |
|  | **Total Asset-Backed Securities (Cost $2,172,967)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2210328 |
|  |  |  | **Shares** |  |
|  | **Common Stocks 0.0%<sup>†</sup>** |  |  |  |
|  | **Aerospace & Defense 0.0%<sup>†</sup>** |  |  |  |
| <sup>e</sup> | Spirit Aviation Holdings, Inc. | United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 |
|  | **Total Common Stocks (Cost $5,792)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 |
|  |  |  | **Principal Amount\*** |  |
|  | **Mortgage-Backed Securities 0.6%** |  |  |  |
|  | Federal Home Loan Mortgage Corp. REMICS, Series 5274, Class IO, CMO, IO, 2.50%, 1/25/51 | United States | &nbsp;&nbsp;&nbsp;&nbsp;604013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102160 |
|  | **Total Mortgage-Backed Securities (Cost $97,020)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102160 |

---

franklintempleton.com Annual Report 13

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Residential Mortgage-Backed Securities<br> 2.5%** |  |  |  |
|  | Federal Home Loan Mortgage Corp. STACR REMICS Trust, |  |  |  |
|  | <sup>a,d</sup> Series 2022-DNA1, Class M1B, 30 day USD SOFR Average + 1.85%, 6.19%, 1/25/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;$100359 |
|  | <sup>a,d</sup> Series 2022-DNA2, Class M1B, 30 day USD SOFR Average + 2.40%, 6.74%, 2/25/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 173074 |
|  | <sup>a,d</sup> Series 2022-DNA4, Class M1B, 30 day USD SOFR Average + 3.35%, 7.69%, 5/25/42 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103948 |
|  | <sup>a,d</sup> Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.75%, 8.09%, 2/25/42 | United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103475 |
|  | **Total Residential Mortgage-Backed Securities (Cost $475,450)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480856 |
|  | **Commercial Mortgage-Backed Securities<br> 13.5%** |  |  |  |
|  | Angel Oak Mortgage Trust, |  |  |  |
|  | <sup>a,d</sup> Series 2022-3, Class A3, 4.141%, 1/25/67 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 93587 | &nbsp;&nbsp;&nbsp;&nbsp; 87880 |
|  | <sup>a</sup> Series 2023-1, Class A1, 4.75%, 9/26/67 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 132107 | &nbsp;&nbsp;&nbsp;&nbsp; 131057 |
|  | Bank, Series 2017-BNK7, Class A5, 3.435%, 9/15/60 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96942 |
|  | Benchmark Mortgage Trust, Series 2023-B39, Class A5, 5.754%, 7/15/56 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156967 |
| <sup>a,d</sup> | BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 1 mo. USD Term SOFR + 0.81%, 5.134%, 9/15/36 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109092 |
|  | BX Trust, |  |  |  |
|  | <sup>a</sup> Series 2019-OC11, Class A, 3.202%, 12/09/41 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 120176 |
|  | <sup>a,d</sup> Series 2021-BXMF, Class A, 1 mo. USD Term SOFR + 0.75%, 5.069%, 10/15/26 | &nbsp;&nbsp; United States | &nbsp;&nbsp; 88883 | &nbsp;&nbsp;&nbsp;&nbsp; 88419 |
|  | CGMS Commercial Mortgage Trust, Series 2017-B1, Class A3, 3.197%, 8/15/50 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;164500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158752 |
| <sup>a</sup> | Deephaven Residential Mortgage Trust, Series 2024-1, Class A1, 5.735%, 7/25/69 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;107838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108143 |
| <sup>a,d</sup> | Extended Stay America Trust, Series 2021-ESH, Class C, 1 mo. USD Term SOFR + 1.81%, 6.134%, 7/15/38 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;121261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121230 |
| <sup>a,d</sup> | FS Commercial Mortgage Trust, Series 2023-4SZN, Class B, 7.544%, 11/10/39 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103182 |
| <sup>a,d</sup> | GCAT Trust, Series 2024-INV1, Class 1A2, 5.50%, 1/25/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;85239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84567 |
| <sup>d</sup> | GS Mortgage Securities Trust, Series 2018-GS10, Class A5, 4.155%, 7/10/51 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106201 |
| <sup>a,d</sup> | LAQ Mortgage Trust, Series 2023-LAQ, Class A, 1 mo. USD Term SOFR + 2.09%, 6.411%, 3/15/36 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;18475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18479 |
| <sup>a,d</sup> | MIC Trust, Series 2023-MIC, Class A, 8.437%, 12/05/38 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108925 |
| <sup>a,d</sup> | Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50%, 2/25/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;71288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72265 |
| <sup>d</sup> | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014%, 12/15/56 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106648 |
| <sup>a,d</sup> | PFP Ltd., Series 2024-11, Class A, 1 mo. USD Term SOFR + 1.83%, 6.154%, 9/17/39 | &nbsp;&nbsp;Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;97562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98051 |
| <sup>a,d</sup> | RCKT Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 6/25/54 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;89649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91107 |
| <sup>a</sup> | SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.353%, 8/25/62 | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;163158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162805 |
|  | UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.301%, 10/15/50 | United States | &nbsp;&nbsp;&nbsp;&nbsp;118434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115433 |

---

14 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | | | &nbsp;&nbsp;**Principal Amount\*** | &nbsp;&nbsp;**Value** |
|  | **Commercial Mortgage-Backed Securities<br> (continued)** | | | | |  |
|  | Verus Securitization Trust, | | | | |  |
|  | <sup>a</sup> Series 2023-4, Class A1, 5.811%, 5/25/68 | | | | | &nbsp;&nbsp;$67498 |
|  | <sup>a,d</sup> Series 2022-7, Class A3, 5.35%, 7/25/67 | | | | | &nbsp;&nbsp;&nbsp;&nbsp; 88255 |
|  | <sup>a</sup> Series 2024-4, Class A3, 6.674%, 6/25/69 | | | | | &nbsp;&nbsp;&nbsp;&nbsp; 85748 |
|  | <sup>a</sup> Series 2024-3, Class A3, 6.845%, 4/25/69 | | | | | &nbsp;&nbsp;&nbsp;&nbsp; 78614 |
|  | **Total Commercial Mortgage-Backed Securities (Cost $2,488,296)** | | | | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566436 |
|  |  | | <br>**Expiration<br> Date** | <br>**Contracts** | <br>&nbsp;&nbsp;&nbsp; 67382<br>&nbsp;&nbsp;&nbsp; 88619<br>&nbsp;&nbsp;&nbsp; 84977<br>&nbsp;&nbsp;&nbsp; 77677<br>**Notional<br> Amount** |  |
|  | **Purchased Options 0.1%** | |  |  | |  |
|  | 3 Month SOFR 96.25 Put | | &nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;4 | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 |
|  | 3 Month SOFR 96.75 Call | | &nbsp;&nbsp;&nbsp;6/12/26 | &nbsp;&nbsp;16 | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400 |
|  | 3 Month SOFR 96.375 Call | | 12/12/25 | 4 | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 |
|  | **Total Purchased Option (Cost $20,050)** | |  |  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21050 |
|  | **Total Investments before Short-Term Investments (Cost $20,344,560)** | |  |  | | &nbsp;&nbsp;&nbsp;&nbsp;20801124 |
|  |  | <br>&nbsp;&nbsp; United States<br>&nbsp;&nbsp; United States<br>&nbsp;&nbsp; United States<br>United States<br>**Country** |  |  | <br>&nbsp;&nbsp;$963750<br>&nbsp;&nbsp;&nbsp;3863400<br>&nbsp;&nbsp;&nbsp;&nbsp;963750<br>**Shares** |  |
|  | **Short-Term Investments 0.6%** |  |  |  |  |  |
|  | **Money Market Funds 0.6%** |  |  |  |  |  |
| <sup>f</sup> | Invesco Government & Agency Portfolio, 3.74% | United States |  |  | &nbsp;&nbsp;&nbsp;&nbsp;118057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118057 |
|  | **Total Short-Term Investments (Cost $118,057)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118057 |
|  | **Total Investments (Cost $20,462,617) 110.3%** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20919181 |
|  | **Other Assets, less Liabilities (10.3)%** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1957629) |
|  | **Net Assets 100.0%** |  |  |  |  | &nbsp;&nbsp;$18961552 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| \*The principal amount is stated in U.S. dollars unless otherwise indicated. |
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the aggregate value of these securities was $5,412,412, representing 28.5% of net assets. |
| <sup>b</sup>Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At March 31, 2025, the aggregate value of these securities was $684,758, representing 3.6% of net assets. |
| <sup>c</sup>Security purchased on a when-issued basis. See Note 1(d). |
| <sup>d</sup>Variable rate security. The rate shown represents the yield at period end. |
| <sup>e</sup>Non-income producing. |
| <sup>f</sup>The rate shown is the annualized seven-day effective yield at period end. |

---

franklintempleton.com Annual Report 15

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

At March 31, 2025, the Fund had the following centrally cleared interest rate swap contracts outstanding. See Note 1(c).

**Centrally Cleared Interest Rate Swap Contracts**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Payments<br> Made by<br> the Fund** | **Payments<br> Received by<br> the Fund** | **Maturity<br> Date** | **Notional<br> Amount** | **Value** | **Unamortized<br> Upfront<br> Payments<br> (Receipts)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest rate contracts** |  |  |  |  |  |  |  |
| Chicago Mercantile Exchange | Daily SOFR<br> Compound annually | &nbsp;&nbsp;4.220% annually | &nbsp;&nbsp;1/17/36 | &nbsp;&nbsp;$261000 | &nbsp;&nbsp;$(9056) | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$(9056) |
| Chicago Mercantile Exchange | Daily SOFR<br> Compound annually | &nbsp;&nbsp;4.060% annually | &nbsp;&nbsp;11/30/31 | &nbsp;&nbsp;&nbsp;1451000 | &nbsp;&nbsp;&nbsp;(29320) | &nbsp;&nbsp;&nbsp;(14914) | &nbsp;&nbsp;&nbsp;(14406) |
| Chicago Mercantile Exchange | 4.100% annually | &nbsp;&nbsp;Daily SOFR<br> Compound annually | &nbsp;&nbsp;1/17/28 | &nbsp;&nbsp;&nbsp;1102000 | &nbsp;&nbsp;&nbsp;&nbsp;11966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;11923 |
| Chicago Mercantile Exchange | Daily SOFR<br> Compound annually | 4.060% annually | 11/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;(6228) | &nbsp;&nbsp;&nbsp;&nbsp;(4648) | &nbsp;&nbsp;&nbsp;&nbsp;(1580) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(13119) |

---

At March 31, 2025, the Fund had the following centrally cleared credit default swap contracts outstanding. See Note 1(c).

**Centrally Cleared Credit Default Swap Contracts**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Reference<br> Entity** | **Periodic<br> Payment<br> Rate<br> Received<br> (Paid)** | **Payment<br> Frequency** | **Maturity<br> Date** | **Notional<br> Amount<sup>a</sup>** | **Value** | **Unamortized<br> Upfront<br> Payments<br> (Receipts)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **Contracts to Sell<br> Protection<sup>b,c</sup>** |  |  |  |  |  |  |  |  |
| Intercontinental Exchange, Inc. | CDX.NA.IG.S44 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;Quarterly | &nbsp;&nbsp;6/20/30 | $1514000 | &nbsp;&nbsp;$27477 | &nbsp;&nbsp;$29813 | &nbsp;&nbsp;$(2336) |
| Intercontinental Exchange, Inc. | CDX.NA.HY.S44 | 5.000% | Quarterly | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;$(2157) |

---

---

| |
|:---|
| <sup>a</sup>In U.S. dollars unless otherwise indicated. For contracts to sell protection, the notional amount is equal to the maximum potential amount of the future payments.<br> No recourse provisions have been entered into in association with the contracts. |
| <sup>b</sup>Performance triggers for settlement of contract include default, bankruptcy or restructuring for single name swaps, and failure to pay or bankruptcy of the underlying securities for traded index swaps. |
| <sup>c</sup>The fund enters contracts to sell protection to create a long credit position. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

**Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest rate contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3-Month CME Term SOFR | &nbsp;&nbsp; Long | &nbsp;&nbsp; 4 | &nbsp;&nbsp;$965650 | &nbsp;&nbsp;3/16/27 | &nbsp;&nbsp;$4088 |
| &nbsp;&nbsp;&nbsp;3-Month CME Term SOFR | &nbsp;&nbsp; Long | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;1686563 | &nbsp;&nbsp;3/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1319 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Yr. Note | &nbsp;&nbsp; Long | &nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;4975187 | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 38237 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond Long | &nbsp;&nbsp; Long | &nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;2814750 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 34614 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond Ultra | &nbsp;&nbsp; Long | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 122250 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Yr. Note | &nbsp;&nbsp;Short | &nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;1112188 | &nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11314) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Yr. Note | &nbsp;&nbsp;Short | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;1450203 | &nbsp;&nbsp;6/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7036) |

---

16 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Western Asset Bond ETF (continued)

**Futures Contracts (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;Type | &nbsp;&nbsp;Number of<br> Contracts | &nbsp;&nbsp;Notional<br> Amount\* | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest rate contracts (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Yr. Note | Short | 17 | $1940125 | 6/18/25 | &nbsp;&nbsp;$(44186) |
| &nbsp;&nbsp;&nbsp;Total Futures Contracts |  |  |  |  | &nbsp;&nbsp;$17002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

At March 31, 2025, the Fund had the following written options contracts. See Note 1(c).

**Options Written**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br> Date** | **Strike<br> Price** | **Contracts** | **Notional<br> Amount<sup>\*</sup>** | **Value** |
| **Call Options Written (Exchange Traded)** |  |  |  |  |  |
| 3 Month SOFR 96.87 Call | 12/12/25 | $96.88 | 4 | $963750 | $1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums received—$1,792) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  |  |  | $1700 |
| **Put Options Written (Exchange Traded)** |  |  |  |  |  |
| 3 Month SOFR 95.62 Put | 6/13/25 | &nbsp;&nbsp;&nbsp;95.63 | 4 | &nbsp;&nbsp;&nbsp;959200 | &nbsp;&nbsp;&nbsp; 50 |
| 1 Year Mid-Curve SOFR 96.25 Put | 12/12/25 | &nbsp;&nbsp;&nbsp;96.25 | 4 | &nbsp;&nbsp;&nbsp;965650 | &nbsp;&nbsp;&nbsp;2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Premiums received—$4,383) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** |  |  |  |  | $2550 |
| **Total Options Written (Premiums received—$6,175)** |  |  |  |  | **$4250** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup>Notional amount denominated in U.S. dollars, unless otherwise noted.

See Note 6 regarding other derivative information.

See Abbreviations on page 30.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 17

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

March 31, 2025

**Western Asset Bond ETF**

---

| | |
|:---|:---|
| Assets: |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$20462617 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$20919181 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38460 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139883 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023621 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 |
| Deposits with brokers for: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140740 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22337492 |
| Liabilities: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364705 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
| Options written, at value (premiums received $6,175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$18961552 |
| Net assets consist of: |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$18486858 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$18961552 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;$25.28 |

---

18 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended March 31, 2025

---

| | |
|:---|:---|
| Investment income: |  |
| Interest: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$2122305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;2122305 |
| Expenses: |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1988302 |
| Realized and unrealized gains (losses): |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169278 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41684 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169961) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74516 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386383) |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36494) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404083) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329567) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$1658735 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 19

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

**Western Asset Bond ETF**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>**  |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$1988302 | &nbsp;&nbsp;&nbsp;$1160518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239713 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2475214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(948540) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21398916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39885774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22215395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41176947 |
| Net assets: |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41176947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| End of period | $18961552 | &nbsp;&nbsp;&nbsp;$41176947 |

---

<sup>a</sup>For the period September 19, 2023 (commencement of operations) to March 31, 2024.

20 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, one of which is included in this report (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946"), and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Fund is an exchange traded fund (ETF) and seek to provide the investment results that closely correspond, before fees and expenses, to the performance of Fund corresponding underlying index.

The following summarizes the Fund's significant accounting policies.

a. Financial Instrument Valuation

The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, ETFs and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security is determined. Over-the-counter (OTC) securities are

valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Investments in open-end mutual funds are valued at the closing NAV.

Certain derivative financial instruments are centrally cleared or trade in the OTC market. The Fund's pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Fund's net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

Debt securities generally trade in the over-the-counter (OTC) market rather than on a securities exchange. The Fund's pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or

franklintempleton.com Annual Report 21

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on Fund business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time on March 31, 2025. At March 31, 2025, certain securities may have been fair valued using these procedures, in which case the securities were categorized as Level 2 inputs within the fair value hierarchy (referred to as "market level fair value").

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund's NAV is not calculated, which could result in differences between the value of the Fund's portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally,

events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Derivative Financial Instruments

The Fund invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Fund to gains or losses in excess of the amounts shown in the Statement of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statement of Operations.

Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. The Fund attempts to reduce their exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, events of default, or early termination.

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments (continued)

Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty. Termination events applicable to the Fund include failure of the Fund to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. Early termination by the counterparty may result in an immediate payment by the Fund of any net liability owed to that counterparty under the ISDA agreement.

Collateral requirements differ by type of derivative. Collateral terms are contract specific for OTC derivatives. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of agreement. Generally, collateral is determined at the close of Fund business each day and any additional collateral required due to changes in derivative values may be delivered by the Fund or the counterparty the next business day, or within a few business days. Collateral pledged and/or received by the Fund, if any, is held in segregated accounts with the Fund's custodian/counterparty broker and can be in the form of cash and/or securities. Unrestricted cash may be invested according to the Fund's investment objectives. To the extent that the amounts due to the Fund from its counterparties are not subject to collateralization or are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance.

The Fund entered into credit default swap contracts primarily to manage and/or gain exposure to credit risk. A credit default swap is an agreement between the Fund and a counterparty whereby the buyer of the contract receives credit protection and the seller of the contract guarantees the credit worthiness of a referenced debt obligation. These agreements may be privately negotiated in the over-the-counter market (OTC credit default swaps) or may be executed in a multilateral trade facility platform, such as a registered exchange (centrally cleared credit default swaps). The underlying referenced debt obligation may be a single

issuer of corporate or sovereign debt, a credit index, a basket of issuers or indices, or a tranche of a credit index or basket of issuers or indices. In the event of a default of the underlying referenced debt obligation, the buyer is entitled to receive the notional amount of the credit default swap contract from the seller in exchange for the referenced debt obligation, a net settlement amount equal to the notional amount of the credit default swap less the recovery value of the referenced debt obligation, or other agreed upon amount. For centrally cleared credit default swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable. Over the term of the contract, the buyer pays the seller a periodic stream of payments, provided that no event of default has occurred. Such periodic payments are accrued daily as an unrealized appreciation or depreciation until the payments are made, at which time they are realized. Credit default swap contracts outstanding at period end, if any, are listed in the Fund's Schedule of Investments.

The Fund entered into Interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between the Fund and a counterparty to exchange cash flows based on the difference between two interest rates, applied to a notional amount. These agreements may be privately negotiated in the over-the-counter market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps). For centrally cleared interest rate swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statement of Assets and Liabilities. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized appreciation or depreciation until the payments are made, at which time they are realized. Interest rate swap contracts outstanding at period end, if any, are listed in the Fund's Schedule of Investments.

The Fund entered into exchange traded futures contracts primarily to manage and/or gain exposure to interest rate risk. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statement of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed in the Fund's Schedule of Investments.

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments (continued)

The Fund entered into purchased or wrote exchange traded option contracts primarily to manage and/or gain exposure to interest rate risk. An option is a contract entitling the holder to purchase or sell a specific amount of shares or units of an asset or notional amount of a swap (swaption), at a specified price. When an option is purchased or written, an amount equal to the premium paid or received is recorded as an asset or liability, respectively. Upon exercise of an option, the acquisition cost or sales proceeds of the underlying investment is adjusted by any premium received or paid. Upon expiration of an option, any premium received or paid is recorded as a realized gain or loss. Upon closing an option other than through expiration or exercise, the difference between the premium received or paid and the cost to close the position is recorded as a realized gain or loss. Written option contracts outstanding at period end, if any, are listed in the Fund's Schedule of Investments.

A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

See Note 6 regarding other derivative information.

d. Securities Purchased on a When-Issued and Delayed Delivery Basis

The Fund purchases securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date.

e. Income and Deferred Taxes

It is the Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Fund invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, the Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

f. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest Income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

f. Security Transactions, Investment Income, Expenses and Distributions (continued)

included in interest income. Dividend income and capital gain distributions are recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated among the Fund based on the ratio of net assets of the Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that

incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

g. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

h. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Fund are issued and redeemed at their respective NAV only in aggregations of a specified number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Fund's shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Fund regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Fund. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Fund's shares were as follows:

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** | &nbsp;&nbsp;&nbsp;**Period Ended<br> March 31, 2024<sup>a</sup>** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; — | $— | &nbsp;&nbsp;&nbsp;1700001 | $42502642 |
| Shares redeemed | &nbsp;&nbsp;(850000) | &nbsp;&nbsp;&nbsp;&nbsp;(21398916) | &nbsp;&nbsp;&nbsp; (100001) | &nbsp;&nbsp;&nbsp;&nbsp;(2616868) |
| Net increase (decrease) | &nbsp;&nbsp;(850000) | $(21398916) | &nbsp;&nbsp;&nbsp;1600000 | $39885774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>a</sup>For the period September 19, 2023 (commencement of operations) to March 31, 2024.

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

---

a. Management fees

The Fund pays a unified management fee to Advisers whereby Advisers has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement.

The Fund pays gross effective investment management fees of 0.35% per year on the average daily net assets of the Fund. Under a subadvisory agreement, Western Asset Management Company, LLC provides subadvisory services to the Fund. The subadvisory fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

b. Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

c. Other Affiliated Transactions

At March 31, 2025, the shares of Western Asset Bond ETF is owned by the following investment entity:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Western Asset Bond ETF** |  |  |
| Franklin Resources Inc. | 502000 | &nbsp;&nbsp;&nbsp;66.9% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Fund.

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. At March 31, 2025, there were no capital loss carryforwards.

For tax purposes, the Fund may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. March 31, 2025, the deferred losses were as follows:

---

| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Post October capital losses | $93577 |
| Late-year ordinary losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The tax character of distributions paid during the year ended March 31, 2025 and period ended March 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31,<br> 2025** | **Period Ended<br> March 31,<br> 2024** |
| Distributions paid from: |  |  |
| Ordinary income | $2425299 | $948540 |
| Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp; 49915 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $2475214 | $948540 |

---

At March 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Cost of investments | &nbsp;&nbsp;$20485525 |
| Unrealized appreciation | &nbsp;&nbsp;$492365 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58709) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$433656 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$134616 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of derivative financial instruments.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were $23,780,688 and $42,450,495, respectively.

There were no In-kind transactions associated with creation and redemptions for the year ended March 31, 2025.

6. Other Derivative Information

At March 31, 2025, the Fund's investments in derivative contracts are reflected in the Statement of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Liability Derivatives** | **Liability Derivatives** |
| | **Asset Derivatives**<br>**Statement of Assets and<br> Liabilities Location** | **Statement of Assets and<br> Liabilities Location** | **Fair Value** |
| Interest rate contracts | Variation margin on futures contracts $79538<sup>a</sup> | Variation margin on futures contracts | $62536<sup>a</sup> |
| Interest rate contracts | Investments in securities at value &nbsp;&nbsp;&nbsp;&nbsp;21050<sup>b</sup> | Investments in securities at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

6. Other Derivative Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Statement of Assets and<br> Liabilities Location** | **Fair Value** | **Statement of Assets and<br> Liabilities Location** | **Fair Value** |
| Interest rate contracts | Written options | $— | Written options | $4250 |
| Credit default contracts | Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179<sup>a</sup> | Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;2336<sup>a</sup> |
| Interest rate contracts | Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;11923<sup>a</sup> | Variation margin on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;25042<sup>a</sup> |
| Totals |  | $112690 |  | $94164 |

---

---

| |
|:---|
| <sup>a</sup>This amount reflects the cumulative appreciation (depreciation) of futures contracts and centrally cleared swap contracts as reported in the Schedule of Investments. Only the variation margin receivable/payable at year end is separately reported within the Statements of Assets and Liabilities. Prior variation margin movements were recorded to cash upon receipt or payment. |
| <sup>b</sup>Represents purchased options, at value. |

---

For the year ended March 31, 2025, the effect of derivative contracts in the Fund's Statement of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statement of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statement of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Interest rate contracts | Futures contracts | $(169961) | Futures contracts | $(36494) |
| Interest rate contracts | Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35247)<sup>a</sup> | Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538<sup>a</sup> |
| Interest rate contracts | Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41684 | Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
| Credit default contracts | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10997 | Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2627) |
| Interest rate contracts | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22518 | Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20689 |
| Totals |  | $(130009) |  | $(14162) |

---

<sup>a</sup>Represents realized gain (loss) and change in unrealized appreciation (depreciation), respectively, for purchased options during the period.

For the year ended March 31, 2025, the average month end notional amount of futures contracts, options and swap contracts were as follows:

---

| | |
|:---|:---|
| | **Western Asset Bond ETF** |
| Credit default contracts | $2177077 |
| Interest rate contracts | $3757385 |
| Futures contracts | $20658066 |
| Purchased Options | $85115 |
| Written Options | $208846 |

---

7. Fair Value Measurements

The Fund follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of financial instruments)

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Fair Value Measurements (continued)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Fund's assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Western Asset Bond ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7245428 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7245428 |
| &nbsp;&nbsp;&nbsp;Senior Floating Rate Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59659 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102160 |
| &nbsp;&nbsp;&nbsp;Foreign Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183892 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2210328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2210328 |
| &nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480856 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566436 |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 |
| &nbsp;&nbsp;&nbsp;Call Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18575 |
| &nbsp;&nbsp;&nbsp;Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926401 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118057 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $144021 | $20775160 | $— | &nbsp;&nbsp;&nbsp;$20919181 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$79538 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$79538 |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11923 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $79538 | $12102 | $— | &nbsp;&nbsp;&nbsp;$91640 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;$62536 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$62536 |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25042 |
| &nbsp;&nbsp;&nbsp;Put Options Written (Exchange Traded) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 |
| &nbsp;&nbsp;&nbsp;Call Options Written (Exchange Traded) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 |
| &nbsp;&nbsp;&nbsp;Total Other Financial Instruments | $66786 | $27378 | $— | &nbsp;&nbsp;&nbsp;$94164 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedule of Investments. <br> <sup>b</sup>Includes common stocks.

8. Global Credit Facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers), managed by Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totaling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated orunusually large redemption requests.

Under the terms of the Global Credit Facility, the Fund may, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. During the year ended March 31, 2025, the Fund did not use the Global Credit Facility.

franklintempleton.com Annual Report 29

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

9. Operating Segments

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's portfolio holdings provide details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

10. Subsequent Events

The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **CLO** | &nbsp;&nbsp;Collateralized Loan Obligation |
| **FRN** | &nbsp;&nbsp;Floating Rate Note |
| **SOFR** | &nbsp;&nbsp;Secured Overnight Financing Rate |

---

30 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Western Asset Bond ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Western Asset Bond ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statements of changes in net assets for the year ended March 31, 2025 and for the period September 19, 2023 (commencement of operations) to March 31, 2024, including the related notes, and the financial highlights for the year ended March 31, 2025 and the period September 19, 2023 (commencement of operations) to March 31, 2024 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for the year ended March 31, 2025 and for the period September 19, 2023 (commencement of operations) to March 31, 2024 and the financial highlights for the year ended March 31, 2025 and the period September 19, 2023 (commencement of operations) to March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

franklintempleton.com Annual Report 31

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[**Table of Contents**](#JOB_FT_AR_2828fd75-e838-4129-aed8-41b16b23403e_TOC)

Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Fund below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the period ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Western Asset Bond ETF** |
| Long-Term Capital Gain Dividends | §852(b)(3)(C) | &nbsp;&nbsp;$49915 |
| Interest-Related Dividends | §871(k)(1)(C) | &nbsp;&nbsp;$1495619 |
| Short-Term Capital Gain Dividends | §871(k)(2)(C) | &nbsp;&nbsp;$269444 |
| Section 163(j) Interest Dividends | §163(j) | &nbsp;&nbsp;$1836431 |

---

32 Annual Report franklintempleton.com

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---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

franklintempleton.com Annual Report 33

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![](img3db2e3c12.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

WABF-AFSOI 05/25

**Martin Currie Sustainable International Equity ETF**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](img56a98d241.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedule of Investments](#xx_9c71dc82-5ea8-4db4-ad36-237f85a8db8a_1) | &nbsp;&nbsp;**1** |
| [Statement of Assets and Liabilities](#xx_708f8d53-b9e6-4c3e-a1c1-983a5342532f_1) | &nbsp;&nbsp;**4** |
| [Statement of Operations](#xx_708f8d53-b9e6-4c3e-a1c1-983a5342532f_2) | &nbsp;&nbsp;**5** |
| [Statements of Changes in Net Assets](#xx_708f8d53-b9e6-4c3e-a1c1-983a5342532f_3) | &nbsp;&nbsp;**6** |
| [Notes to Financial Statements](#xx_0a87662f-53fd-4a9f-8756-7e69a26a4a60_1) | &nbsp;&nbsp;**7** |
| [Report of Independent Registered Public Accounting Firm](#xx_0011682b-a6b3-4211-ae51-dcc618f988d8_1) | &nbsp;&nbsp;**14** |
| [Tax Information](#xx_a13efa51-887c-4e1e-acbb-57e7cacac8f8_1) | &nbsp;&nbsp;**15** |
| [Changes In and Disagreements with Accountants](#xx_d9ac4499-5e50-47b6-8287-beda24c2298f_1) | &nbsp;&nbsp;**16** |
| [Results of Meeting(s) of Shareholders](#xx_d9ac4499-5e50-47b6-8287-beda24c2298f_1) | &nbsp;&nbsp;**16** |
| [Remuneration Paid to Directors, Officers and Others](#xx_d9ac4499-5e50-47b6-8287-beda24c2298f_1) | &nbsp;&nbsp;**16** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Martin Currie Sustainable International Equity ETF\***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> March 31,** | &nbsp;&nbsp;**Year Ended<br> March 31,** | &nbsp;&nbsp;**Period Ended<br> March 31,<br> 2023<sup>†</sup>** | &nbsp;&nbsp;**Year Ended May 31,** | &nbsp;&nbsp;**Year Ended May 31,** | &nbsp;&nbsp;**Year Ended May 31,** |
| | **2025** | **2024** | &nbsp;&nbsp;**Period Ended<br> March 31,<br> 2023<sup>†</sup>** | **2022** | **2021** | &nbsp;&nbsp;**2020** |
| **Per share operating performance** |  |  |  |  |  |  |
| (for a share outstanding throughout the period) | (for a share outstanding throughout the period) |  |  |  |  |  |
| Net asset value, beginning of period | $15.69 | $14.41 | $13.88 | $18.93 | $12.72 | &nbsp;&nbsp;$11.58 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(2.51) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(4.00) | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>c</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Net asset value, end of period | &nbsp;&nbsp;$13.10 | &nbsp;&nbsp;$15.69 | &nbsp;&nbsp;$14.41 | &nbsp;&nbsp;$13.88 | &nbsp;&nbsp;$18.93 | &nbsp;&nbsp;$12.72 |
| Total return<sup>d</sup> | (15.93)% | 9.44% | 4.30%<sup>e</sup> | (22.38)% | 49.06% | &nbsp;&nbsp;10.26% |
| **Ratios to average net assets<sup>f</sup>** |  |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.59%<sup>g</sup> | &nbsp;&nbsp;0.61%<sup>h</sup> | &nbsp;&nbsp;1.07%<sup>i</sup> | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;4.61%<sup>j</sup> |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.59%<sup>g</sup> | &nbsp;&nbsp;0.61%<sup>h</sup> | &nbsp;&nbsp;0.73%<sup>i</sup> | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.75%<sup>j</sup> |
| Net investment income | 0.58% | 0.60% | 0.03% | 0.57% | 0.22% | &nbsp;&nbsp;0.14% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp;$27068 | &nbsp;&nbsp;$33987 | &nbsp;&nbsp;$19700 | &nbsp;&nbsp;$40848 | &nbsp;&nbsp;$20966 | &nbsp;&nbsp;$4783 |
| Portfolio turnover rate<sup>k</sup> | 18.47%<sup>l</sup> | 20.90%<sup>l</sup> | 26.05%<sup>l</sup> | 25.00% | 49.00% | &nbsp;&nbsp;37.00% |

---

---

| |
|:---|
| \*Effective after the market close on October 28, 2022, the Fund's predecessor mutual fund, Martin Currie International Sustainable Equity Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. |
| <sup>†</sup>For the period June 1, 2022 through March 31, 2023. |
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Amount rounds to less than $0.005 per share. |
| <sup>d</sup>Total return is not annualized for periods less than one year. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>e</sup>The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 28, 2022, are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class IS Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed. |
| <sup>f</sup>Ratios are annualized for periods less than one year, except for non-recurring expenses, if any. |
| <sup>g</sup>Expense ratios are including European Union tax reclaim contingent fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would not have changed for the year ended March 31, 2025. |
| <sup>h</sup>Expense ratios include European Union tax reclaims contingent fees that were incurred by the Fund during the year. Without these fees, the gross and net expense ratios would have been 0.59% and 0.59%, respectively, for the year ended March 31, 2024. |
| <sup>i</sup>Expense ratios are including European Union tax reclaim contingent fees that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 1.06% and 0.73%, respectively, for the period ended March 31, 2023. |
| <sup>j</sup>Reflects recapture of expenses waived/reimbursed from prior fiscal years for period prior to the Reorganization. |
| <sup>k</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | |
|:---|:---|:---|:---|
| <sup>l</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 18.47% | 20.90% | 26.05% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Martin Currie Sustainable International Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.2%** |  |  |  |
|  | **Automobiles 8.2%** |  |  |  |
|  | Ferrari NV | Italy | &nbsp;&nbsp; 5274 | &nbsp;&nbsp;$2234355 |
|  | **Biotechnology 3.6%** |  |  |  |
|  | CSL Ltd. | Australia | &nbsp;&nbsp; 6363 | &nbsp;&nbsp;&nbsp;&nbsp; 988421 |
|  | **Building Products 8.3%** |  |  |  |
|  | Assa Abloy AB, Class B | &nbsp;&nbsp;Sweden | &nbsp;&nbsp; 31132 | &nbsp;&nbsp;&nbsp;&nbsp; 929457 |
|  | Kingspan Group PLC | Ireland | &nbsp;&nbsp; 16567 | &nbsp;&nbsp;&nbsp;&nbsp; 1326965 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256422 |
|  | **Capital Markets 2.9%** |  |  |  |
|  | Partners Group Holding AG | Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788652 |
|  | **Chemicals 6.0%** |  |  |  |
|  | Linde PLC | United States | &nbsp;&nbsp;&nbsp;&nbsp;3463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612511 |
|  | **Electrical Equipment 3.0%** |  |  |  |
|  | Schneider Electric SE | France | &nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803613 |
|  | **Electronic Equipment, Instruments & Components 2.9%** |  |  |  |
|  | Hexagon AB, Class B | Sweden | &nbsp;&nbsp;&nbsp;73209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777269 |
|  | **Financial Services 4.4%** |  |  |  |
| <sup>a,b</sup> | Adyen NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198303 |
|  | **Health Care Equipment & Supplies 9.1%** |  |  |  |
|  | Coloplast AS, Class B | &nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;7184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752236 |
|  | ResMed, Inc., CDI | United States | &nbsp;&nbsp;&nbsp;78024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699778 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452014 |
|  | **Life Sciences Tools & Services 9.9%** |  |  |  |
| <sup>b</sup> | Mettler-Toledo International, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343876 |
| <sup>b</sup> | Oxford Nanopore Technologies PLC | &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;132017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174320 |
|  | Sartorius Stedim Biotech | France | &nbsp;&nbsp;&nbsp;&nbsp;5849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152104 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670300 |
|  | **Machinery 6.0%** |  |  |  |
|  | Atlas Copco AB, Class A | Sweden | &nbsp;&nbsp;101588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612042 |
|  | **Personal Care Products 4.0%** |  |  |  |
|  | L'Oreal SA | France | &nbsp;&nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077339 |
|  | **Pharmaceuticals 3.6%** |  |  |  |
|  | Novo Nordisk AS, Class B | Denmark | &nbsp;&nbsp;&nbsp;14178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964400 |
|  | **Semiconductors & Semiconductor Equipment 10.0%** |  |  |  |
|  | ASML Holding NV | &nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012245 |
|  | BE Semiconductor Industries NV | Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689963 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702208 |
|  | **Software 10.5%** |  |  |  |
|  | Constellation Software, Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763124 |
|  | Dassault Systemes SE | &nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;32870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240586 |
|  | Nemetschek SE | Germany | &nbsp;&nbsp;&nbsp;&nbsp;7356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848628 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852338 |

---

2 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Martin Currie Sustainable International Equity ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Country** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **Textiles, Apparel & Luxury Goods 6.8%** |  |  |  |
| <sup>b</sup> | Lululemon Athletica, Inc. | &nbsp;&nbsp;United States | &nbsp;&nbsp; 1419 | &nbsp;&nbsp;$401662 |
|  | Moncler SpA | Italy | &nbsp;&nbsp; 23691 | &nbsp;&nbsp;&nbsp;&nbsp; 1448453 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850115 |
|  | **Total Common Stocks (Cost $27,843,076)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26840302 |
|  | **Total Investments (Cost $27,843,076) 99.2%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26840302 |
|  | **Other Assets, less Liabilities 0.8%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227440 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$27067742 |

---

---

| |
|:---|
| <sup>a</sup>Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. At March 31, 2025, the value of this security was $1,198,303, representing 4.4% of net assets. |
| <sup>b</sup>Non-income producing. |

---

See Abbreviations on page 13.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 3

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

March 31, 2025

**Martin Currie Sustainable International Equity ETF**

---

| | |
|:---|:---|
| Assets: |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$27843076 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$26840302 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145072 |
| Foreign currency, at value (cost $10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62135 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims receivable (Note 1d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27093726 |
| Liabilities: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims contingent fees payable (Note 1d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11552 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$27067742 |
| Net assets consist of: |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$36472150 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9404408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$27067742 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066807 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;$13.10 |

---

4 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended March 31, 2025

**Martin Currie Sustainable International Equity ETF**

---

| | |
|:---|:---|
| Investment income: |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$354333 |
| European Union tax reclaims (Note 1d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 |
| Interest: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360594 |
| Expenses: |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181889 |
| European Union tax reclaim contingent fees (Note 1d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177916 |
| Realized and unrealized gains (losses): |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(1955589) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156378 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(1798398) |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(3654464) |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(3653295) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;(5451693) |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(5273777) |

---

---

| | |
|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$47931 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 5

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

**Martin Currie Sustainable International Equity ETF**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$177916 | &nbsp;&nbsp;&nbsp;$191190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1798398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3653295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5273777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237101 |
| Distributions to shareholders (Note 1e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190339) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1483076) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6918863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14286792 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33986605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19699813 |
| End of year | $27067742 | &nbsp;&nbsp;&nbsp;$33986605 |

---

6 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, one of which is included in this report (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, Financial Services - Investment Companies (ASC 946), and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Fund is an exchange traded fund (ETF) and seek to provide the investment results that closely correspond, before fees and expenses, to the performance of Fund corresponding underlying index.

The Martin Currie Sustainable International Equity ETF adopted the performance of the Martin Currie International Sustainable Equity Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the Fund (the "Reorganization") that was effective after the market close on October 28, 2022. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to October 28, 2022 are those of the predecessor mutual fund.

Prior to the Fund's listing on October 31, 2022, the net asset value (NAV) performance of the Class IS Shares of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

The following summarizes the Fund's significant accounting policies.

a. Financial Instrument Valuation

The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the NAV per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted

by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, ETFs and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security is determined. Over-the counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Investments in open-end mutual funds are valued at the closing NAV.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on Fund business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held

franklintempleton.com Annual Report 7

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time on March 31, 2025. At March 31, 2025, certain securities may have been fair valued using these procedures, in which case the securities were categorized as Level 2 inputs within the fair value hierarchy (referred to as "market level fair value").

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund's NAV is not calculated, which could result in differences between the value of the Fund's portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the

values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

c. Derivative Financial Instruments

During the year ended March 31, 2025, the Fund did not invest in derivative instruments.

d. Income and Deferred Taxes

It is Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Fund invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on

8 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

d. Income and Deferred Taxes (continued)

its technical merits. As of March 31, 2025, Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

As a result of several court cases, in certain countries across the European Union the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (EU reclaims). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statement of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaims contingent fees in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

e. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Dividend income and capital gain distributions are recorded on the ex-dividend date except for certain dividends from securities where the

dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated among the Fund based on the ratio of net assets of Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

f. Accounting Estimates

The preparation of financial statement in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Fund are issued and redeemed at their respective NAV only in aggregations of a specific number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Fund's shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

franklintempleton.com Annual Report 9

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

Authorized Participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Fund regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Fund. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 100000 | $1312689 | &nbsp;&nbsp;&nbsp; 900000 | $12800723 |
| Shares redeemed | &nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;(2795765) | &nbsp;&nbsp;&nbsp;(100000) | &nbsp;&nbsp;&nbsp;&nbsp;(1560693) |
| Net increase (decrease) | &nbsp;&nbsp;(100000) | $(1483076) | &nbsp;&nbsp;&nbsp; 800000 | $11240030 |

---

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Institutional, LLC (FT Institutional) | &nbsp;&nbsp;&nbsp;Investment manager |
| Martin Currie Inc. (Subadvisor) | &nbsp;&nbsp;&nbsp;Subadvisor |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

---

a. Management fees

The Fund pays a unified management fee to Advisers whereby Advisers has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. Advisers pays Martin Currie for its services. The fee is calculated daily and paid monthly according to the terms of the management agreement. The Fund pays gross effective investment management fees of 0.59% per year on the average daily net assets of the Fund.

Under a subadvisory agreement, Martin Currie Inc. provides subadvisory services to the Fund. The subadvisory fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

b. Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

10 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Other Affiliated Transactions

At March 31, 2025, the shares of Martin Currie Sustainable International Equity ETF were owned by the following entity:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Martin Currie Sustainable International Equity ETF** |  |  |
| Franklin Resources Inc. | 215000 | &nbsp;&nbsp;&nbsp;10.4% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Fund.

4. Income Taxes

For tax purposes, capital losses of the predecessor mutual fund may be carried over to offset future capital gains, if any. At March 31, 2025, the capital loss carryforwards were as follows:

---

| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Capital loss carryforwards not subject to expiration: |  |
| Long term | $4392025 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp;3853317 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $8245342 |

---

For tax purposes, the Funds may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. At March 31, 2025, the deferred losses were as follows:

---

| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Post October capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Late-year ordinary losses | $386 |

---

For tax purposes, capital losses may be carried over to offset future capital gains. During the year ended March 31, 2025, the following Fund utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Capital loss carryforwards utilized | $4105 |

---

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $162010 | $190339 |

---

franklintempleton.com Annual Report 11

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

At March 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Cost of investments | &nbsp;&nbsp;$28033971 |
| Unrealized appreciation | &nbsp;&nbsp;$2162091 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3355760) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(1193669) |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of in-kind transactions and wash sales.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were $5,660,526 and $5,634,344, respectively.

In-kind transactions associated with creation and redemptions for the year ended March 31, 2025, $1,306,770 and $2,780,135, respectively.

6. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Fund's assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Martin Currie Sustainable International Equity ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | $26840302 | $— | $— | &nbsp;&nbsp;&nbsp;$26840302 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedule of Investments. <br> <sup>b</sup>Includes common stocks.

7. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

12 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Operating Segments

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's portfolio holdings provide details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

9. Subsequent Events

The Fund has evaluated subsequent events through the issuance of these financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **CDI** | &nbsp;&nbsp;Clearing House Electronic Subregister System Depositary Interest |
| **SPA** | &nbsp;&nbsp;Standby Purchase Agreement |

---

franklintempleton.com Annual Report 13

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Martin Currie Sustainable International Equity ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Martin Currie Sustainable International Equity ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2025, the period June 1, 2022 through March 31, 2023 and each of the three years in the period ended May 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the two years in the period ended March 31, 2025, the period June 1, 2022 through March 31, 2023 and each of the three years in the period ended May 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

14 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Fund below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pursuant to:** | |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$187551 |

---

Under Section 853 of the Internal Revenue Code, the Funds below intend to elect to pass through to their shareholders the following amounts, or amounts as finally determined, of foreign taxes paid and foreign source income earned by the Fund during the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| Foreign Taxes Paid | &nbsp;&nbsp;$25541 |
| Foreign Source Income | &nbsp;&nbsp;$182976 |

---

franklintempleton.com Annual Report 15

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

16 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_9450efbb-8570-432b-b563-8c1a0a288c6a_TOC)

------

![](imgd1e38bf12.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

MCSE-AFSOI 05/25

**Franklin U.S. Equity Index ETF**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](imgb26c5b271.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedule of Investments](#xx_fab91b18-c5e0-4954-82c0-43f52f608870_1) | &nbsp;&nbsp;**1** |
| [Statement of Assets and Liabilities](#xx_4f76cbbf-b374-4363-a144-0c514e51a309_1) | &nbsp;&nbsp;**13** |
| [Statement of Operations](#xx_a9fac1d4-54ef-4c8b-968e-4386e8618e07_1) | &nbsp;&nbsp;**14** |
| [Statements of Changes in Net Assets](#xx_83e3d1f3-d69d-4ee9-9ece-6fa6dc06a382_1) | &nbsp;&nbsp;**15** |
| [Notes to Financial Statements](#xx_02abb210-be0a-47ac-a674-f17c15f13c5b_1) | &nbsp;&nbsp;**16** |
| [Report of Independent Registered Public Accounting Firm](#xx_90b02c86-3f97-41f5-9193-61f2c3a1af8a_1) | &nbsp;&nbsp;**25** |
| [Tax Information](#xx_6eb3f1f8-de3e-4244-971b-7954a94bc461_1) | &nbsp;&nbsp;**26** |
| [Changes In and Disagreements with Accountants](#xx_02e6685a-af9b-4245-bdfe-a7f95a265a2e_1) | &nbsp;&nbsp;**27** |
| [Results of Meeting(s) of Shareholders](#xx_02e6685a-af9b-4245-bdfe-a7f95a265a2e_1) | &nbsp;&nbsp;**27** |
| [Remuneration Paid to Directors, Officers and Others](#xx_02e6685a-af9b-4245-bdfe-a7f95a265a2e_1) | &nbsp;&nbsp;**27** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin U.S. Equity Index ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $45.88 | $35.70 | $40.04 | $37.65 | &nbsp;&nbsp;$26.77 |
| Income from investment operations<sup>a</sup>: |  |  |  |  |  |
| Net investment income<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;(4.10) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;10.97 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;11.78 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;(0.90) |
| Net asset value, end of year | &nbsp;&nbsp;$48.96 | &nbsp;&nbsp;$45.88 | &nbsp;&nbsp;$35.70 | &nbsp;&nbsp;$40.04 | &nbsp;&nbsp;$37.65 |
| Total return<sup>c</sup> | 8.10% | 30.34% | (8.63)% | 9.00% | &nbsp;&nbsp;44.55% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;0.35% | &nbsp;&nbsp;0.35% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;0.03%<sup>d</sup> | &nbsp;&nbsp;0.03%<sup>d</sup> | &nbsp;&nbsp;0.03%<sup>d</sup> | &nbsp;&nbsp;0.35%<sup>d</sup> | &nbsp;&nbsp;0.34% |
| Net investment income | 1.29% | 1.51% | 1.73% | 2.63% | &nbsp;&nbsp;2.45% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$1226390 | &nbsp;&nbsp;$1101166 | &nbsp;&nbsp;$681913 | &nbsp;&nbsp;$16014 | &nbsp;&nbsp;$15059 |
| Portfolio turnover rate<sup>e</sup> | 3.37%<sup>f</sup> | 3.77%<sup>f</sup> | 6.33%<sup>f</sup> | 24.13%<sup>f</sup> | &nbsp;&nbsp;31.70%<sup>f</sup> |

---

---

| |
|:---|
| <sup>a</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>b</sup>Based on average daily shares outstanding. |
| <sup>c</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>d</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>e</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <sup>f</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 3.37% | 3.77% | 6.33% | 24.13% | &nbsp;&nbsp;31.70% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin U.S. Equity Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 99.8%** |  |  |  |
|  | **Brazil 0.2%** |  |  |  |
| <sup>a</sup> | MercadoLibre, Inc. | Broadline Retail | &nbsp;&nbsp; 1213 | &nbsp;&nbsp;$2366405 |
|  | **Ireland 0.1%** |  |  |  |
|  | TE Connectivity PLC | Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 7515 | &nbsp;&nbsp;&nbsp;&nbsp; 1062020 |
|  | **Jersey 0.0%<sup>†</sup>** |  |  |  |
| <sup>a</sup> | Aptiv PLC | Automobile Components | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp;&nbsp; 357714 |
|  | **Netherlands 0.1%** |  |  |  |
|  | NXP Semiconductors NV | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237861 |
| <sup>a,b,c</sup> | **Russia 0.0%** |  |  |  |
|  | Alrosa PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Gazprom PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | GMK Norilskiy Nickel PAO | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Inter RAO UES PJSC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | LUKOIL PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Novolipetsk Steel PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | PhosAgro PJSC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | PhosAgro PJSC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Polyus PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Rosneft Oil Co. PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Severstal PAO | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Surgutneftegas PAO | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Tatneft PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | United Co. RUSAL International PJSC | Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **United Kingdom 0.1%** |  |  |  |
|  | CNH Industrial NV | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276853 |
| <sup>a</sup> | Flutter Entertainment PLC | Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887972 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164825 |
|  | **United States 99.3%** |  |  |  |
|  | 3M Co. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986575 |
|  | Abbott Laboratories | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781816 |
|  | AbbVie, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342287 |
|  | Accenture PLC, Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846293 |
| <sup>a</sup> | Adobe, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227268 |
| <sup>a</sup> | Advanced Micro Devices, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169292 |
|  | AES Corp. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217785 |
|  | Aflac, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392655 |
|  | Agilent Technologies, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820498 |
|  | Air Products & Chemicals, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625304 |
| <sup>a</sup> | Airbnb, Inc., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256839 |
| <sup>a</sup> | Akamai Technologies, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322644 |
|  | Albemarle Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216492 |
|  | Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370780 |
| <sup>a</sup> | Align Technology, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318355 |
|  | Allegion PLC | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261442 |
|  | Alliant Energy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419112 |
|  | Allstate Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348647 |
| <sup>a</sup> | Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811680 |
|  | Alphabet, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;146292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22622595 |
|  | Alphabet, Inc., Class C | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;128757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20115706 |
|  | Altria Group, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555952 |
| <sup>a</sup> | Amazon.com, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;240480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45753725 |
|  | Amcor PLC | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354758 |
|  | Ameren Corp. | Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653905 |

---

2 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | American Electric Power Co., Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 13527 | &nbsp;&nbsp;$1478095 |
|  | American Express Co. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp; 14028 | &nbsp;&nbsp;&nbsp;&nbsp; 3774233 |
|  | American Financial Group, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 2004 | &nbsp;&nbsp;&nbsp;&nbsp; 263205 |
|  | American International Group, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 15531 | &nbsp;&nbsp;&nbsp;&nbsp; 1350265 |
|  | American Tower Corp. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp; 11523 | &nbsp;&nbsp;&nbsp;&nbsp; 2507405 |
|  | American Water Works Co., Inc. | &nbsp;&nbsp;Water Utilities | &nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp;&nbsp; 739075 |
|  | Ameriprise Financial, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212696 |
|  | AMETEK, Inc. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034906 |
|  | Amgen, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214337 |
|  | Amphenol Corp., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971635 |
|  | Analog Devices, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525917 |
|  | Annaly Capital Management, Inc. | &nbsp;&nbsp;Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254383 |
| <sup>a</sup> | ANSYS, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634386 |
|  | Aon PLC, Class A | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199385 |
|  | Apollo Global Management, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372139 |
|  | Apple, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;377253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83799209 |
|  | Applied Materials, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980910 |
| <sup>a</sup> | AppLovin Corp., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593000 |
|  | Arch Capital Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915537 |
|  | Archer-Daniels-Midland Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577272 |
|  | ARES Management Corp., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661064 |
| <sup>a</sup> | Arista Networks, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979691 |
|  | Arthur J Gallagher & Co. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075583 |
|  | AT&T, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;180360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100581 |
| <sup>a</sup> | Atlassian Corp., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850538 |
|  | Atmos Energy Corp. | &nbsp;&nbsp;Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619557 |
| <sup>a</sup> | Autodesk, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442780 |
|  | Automatic Data Processing, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061411 |
| <sup>a</sup> | AutoZone, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540363 |
|  | AvalonBay Communities, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752672 |
| <sup>a</sup> | Avantor, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276121 |
|  | Avery Dennison Corp. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356652 |
| <sup>a</sup> | Axon Enterprise, Inc. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054004 |
|  | Baker Hughes Co. | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100947 |
|  | Ball Corp. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391306 |
|  | Bank of America Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;171843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171008 |
|  | Bank of New York Mellon Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512679 |
|  | Baxter International, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445880 |
|  | Becton Dickinson & Co. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721386 |
|  | Bentley Systems, Inc., Class B | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137965 |
| <sup>a</sup> | Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24014032 |
|  | Best Buy Co., Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368786 |
| <sup>a</sup> | Biogen, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479898 |
| <sup>a</sup> | BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318741 |
|  | Bio-Techne Corp. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234989 |
|  | Blackrock, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319305 |
|  | Blackstone, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521072 |
| <sup>a</sup> | Block, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762141 |
| <sup>a</sup> | Boeing Co. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161485 |
|  | Booking Holdings, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740811 |
|  | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314367 |
| <sup>a</sup> | Boston Scientific Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740025 |
|  | Bristol-Myers Squibb Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116711 |
|  | Broadcom, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;115230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19292959 |
|  | Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728835 |
|  | Brown & Brown, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747893 |
|  | Brown-Forman Corp., Class A | Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33537 |

---

franklintempleton.com Annual Report 3

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Brown-Forman Corp., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp; 7515 | &nbsp;&nbsp;$255059 |
| <sup>a</sup> | Builders FirstSource, Inc. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 3006 | &nbsp;&nbsp;&nbsp;&nbsp; 375570 |
|  | Bunge Global SA | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 3507 | &nbsp;&nbsp;&nbsp;&nbsp; 268005 |
| <sup>a</sup> | Burlington Stores, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 1503 | &nbsp;&nbsp;&nbsp;&nbsp; 358210 |
|  | BXP, Inc. | &nbsp;&nbsp;Office REITs | &nbsp;&nbsp; 4008 | &nbsp;&nbsp;&nbsp;&nbsp; 269298 |
| <sup>a</sup> | Cadence Design Systems, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 7014 | &nbsp;&nbsp;&nbsp;&nbsp; 1783871 |
|  | Camden Property Trust | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306362 |
|  | Campbell's Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199999 |
|  | Capital One Financial Corp. | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706757 |
|  | Cardinal Health, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828273 |
|  | Carlyle Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218386 |
| <sup>a</sup> | CarMax, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312303 |
| <sup>a</sup> | Carnival Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508796 |
|  | Carrier Global Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334063 |
| <sup>a</sup> | Carvana Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628494 |
|  | Caterpillar, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965515 |
| <sup>a</sup> | CBRE Group, Inc., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982812 |
|  | CDW Corp. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562032 |
|  | Celanese Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142209 |
|  | Cencora, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253908 |
| <sup>a</sup> | Centene Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760393 |
|  | CenterPoint Energy, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580839 |
|  | CF Industries Holdings, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352378 |
|  | Charles Schwab Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098244 |
| <sup>a</sup> | Charter Communications, Inc., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923168 |
|  | Cheniere Energy, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275245 |
|  | Chevron Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872608 |
| <sup>a</sup> | Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710554 |
|  | Chubb Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874643 |
|  | Church & Dwight Co., Inc. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717016 |
|  | Cigna Group | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307606 |
|  | Cincinnati Financial Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592062 |
|  | Cintas Corp. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750499 |
|  | Cisco Systems, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152425 |
|  | Citigroup, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378769 |
|  | Citizens Financial Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472097 |
|  | Clorox Co. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442634 |
| <sup>a</sup> | Cloudflare, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846865 |
|  | CME Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392385 |
|  | CMS Energy Corp. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564452 |
|  | Coca-Cola Co. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032798 |
|  | Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958163 |
| <sup>a</sup> | Coinbase Global, Inc., Class A | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862872 |
|  | Colgate-Palmolive Co. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924692 |
|  | Comcast Corp., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530998 |
|  | Conagra Brands, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320680 |
|  | ConocoPhillips | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367361 |
|  | Consolidated Edison, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941895 |
|  | Constellation Brands, Inc., Class A | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735548 |
|  | Constellation Energy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616266 |
| <sup>a</sup> | Cooper Cos., Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422594 |
| <sup>a</sup> | Copart, Inc. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247470 |
|  | Corebridge Financial, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189799 |
|  | Corning, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894495 |
| <sup>a</sup> | Corpay, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524126 |
|  | Corteva, Inc. | Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103478 |

---

4 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
| <sup>a</sup> | CoStar Group, Inc. | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp; 10020 | &nbsp;&nbsp;$793885 |
|  | Costco Wholesale Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp; 11022 | &nbsp;&nbsp;&nbsp;&nbsp; 10424387 |
|  | Coterra Energy, Inc., Class A | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 19038 | &nbsp;&nbsp;&nbsp;&nbsp; 550198 |
| <sup>a</sup> | Coupang, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp; 30060 | &nbsp;&nbsp;&nbsp;&nbsp; 659216 |
|  | CRH PLC | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp; 17034 | &nbsp;&nbsp;&nbsp;&nbsp; 1498481 |
| <sup>a</sup> | Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp;&nbsp; 2119711 |
|  | Crown Castle, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148823 |
|  | Crown Holdings, Inc. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268316 |
|  | CSX Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415465 |
|  | Cummins, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099234 |
|  | CVS Health Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138393 |
|  | Danaher Corp. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389265 |
|  | Darden Restaurants, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624527 |
| <sup>a</sup> | Datadog, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745563 |
| <sup>a</sup> | Dayforce, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233787 |
| <sup>a</sup> | Deckers Outdoor Corp. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448134 |
|  | Deere & Co. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056877 |
|  | Dell Technologies, Inc., Class C | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730658 |
|  | Delta Air Lines, Inc. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698995 |
|  | Devon Energy Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618334 |
| <sup>a</sup> | Dexcom, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684266 |
|  | Diamondback Energy, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800999 |
|  | Digital Realty Trust, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220401 |
|  | Discover Financial Services | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026248 |
| <sup>a</sup> | Docusign, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407814 |
|  | Dollar General Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484582 |
| <sup>a</sup> | Dollar Tree, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413711 |
|  | Dominion Energy, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179825 |
|  | Domino's Pizza, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460369 |
| <sup>a</sup> | DoorDash, Inc., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648220 |
|  | Dover Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616110 |
|  | Dow, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612322 |
|  | DR Horton, Inc. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955382 |
|  | DTE Energy Co. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692733 |
|  | Duke Energy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383172 |
|  | DuPont de Nemours, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785708 |
| <sup>a</sup> | Dynatrace, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330710 |
|  | East West Bancorp, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314788 |
|  | Eastman Chemical Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264859 |
|  | Eaton Corp. PLC | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723737 |
|  | eBay, Inc. | &nbsp;&nbsp;Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814386 |
|  | Ecolab, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651176 |
|  | Edison International | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560859 |
| <sup>a</sup> | Edwards Lifesciences Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089374 |
|  | Electronic Arts, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868854 |
|  | Elevance Health, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614980 |
|  | Eli Lilly & Co. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16551236 |
|  | Emerson Electric Co. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538030 |
| <sup>a</sup> | Enphase Energy, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217609 |
|  | Entegris, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350620 |
|  | Entergy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899440 |
|  | EOG Resources, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798951 |
| <sup>a</sup> | EPAM Systems, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253767 |
|  | EQT Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749516 |
|  | Equifax, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732141 |
|  | Equinix, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042452 |
|  | Equitable Holdings, Inc. | Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391456 |

---

franklintempleton.com Annual Report 5

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp; 4509 | &nbsp;&nbsp;$300750 |
|  | Equity Residential | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp; 8517 | &nbsp;&nbsp;&nbsp;&nbsp; 609647 |
|  | Essex Property Trust, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp; 1503 | &nbsp;&nbsp;&nbsp;&nbsp; 460775 |
|  | Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp;&nbsp; 396792 |
|  | Everest Group Ltd. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp;&nbsp; 364057 |
|  | Evergy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 5511 | &nbsp;&nbsp;&nbsp;&nbsp; 379983 |
|  | Eversource Energy | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560108 |
| <sup>a</sup> | Exact Sciences Corp. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195195 |
|  | Exelon Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154304 |
|  | Expedia Group, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505309 |
|  | Expeditors International of Washington, Inc. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421717 |
|  | Extra Space Storage, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818328 |
|  | Exxon Mobil Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;109218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12989297 |
| <sup>a</sup> | F5, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400204 |
|  | FactSet Research Systems, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455549 |
| <sup>a</sup> | Fair Isaac Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128626 |
|  | Fastenal Co. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126724 |
|  | FedEx Corp. | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343472 |
|  | Ferguson Enterprises, Inc. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802752 |
|  | Fidelity National Financial, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423866 |
|  | Fidelity National Information Services, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010196 |
|  | Fifth Third Bancorp | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667733 |
|  | First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496904 |
| <sup>a</sup> | First Solar, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316707 |
|  | FirstEnergy Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506261 |
| <sup>a</sup> | Fiserv, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097803 |
| <sup>a</sup> | Flex Ltd. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314889 |
|  | Ford Motor Co. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994956 |
| <sup>a</sup> | Fortinet, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591467 |
|  | Fortive Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659937 |
|  | Fox Corp., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340279 |
|  | Fox Corp., Class B | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184854 |
|  | Franklin Resources, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135020 |
|  | Freeport-McMoRan, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365686 |
|  | Garmin Ltd. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870257 |
| <sup>a</sup> | Gartner, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841159 |
|  | GE HealthCare Technologies, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808714 |
|  | GE Vernova, Inc. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141234 |
|  | Gen Digital, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385600 |
|  | General Dynamics Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638751 |
|  | General Electric Co. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5414858 |
|  | General Mills, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838734 |
|  | General Motors Co. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178101 |
|  | Genuine Parts Co. | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417824 |
|  | Gilead Sciences, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480497 |
|  | Global Payments, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637753 |
| <sup>a</sup> | GoDaddy, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631751 |
|  | Goldman Sachs Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379061 |
|  | Halliburton Co. | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559256 |
|  | Hartford Insurance Group, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867842 |
|  | HCA Healthcare, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558085 |
|  | Healthpeak Properties, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364688 |
|  | HEICO Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267724 |
|  | HEICO Corp., Class A | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422784 |
|  | Hershey Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599802 |
|  | Hess Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120346 |
|  | Hewlett Packard Enterprise Co. | Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502478 |

---

6 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;$1368031 |
| <sup>a</sup> | Hologic, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp;&nbsp; 371361 |
|  | Home Depot, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 25050 | &nbsp;&nbsp;&nbsp;&nbsp; 9180574 |
|  | Honeywell International, Inc. | &nbsp;&nbsp;Industrial Conglomerates | &nbsp;&nbsp; 16533 | &nbsp;&nbsp;&nbsp;&nbsp; 3500863 |
|  | Hormel Foods Corp. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 7515 | &nbsp;&nbsp;&nbsp;&nbsp; 232514 |
|  | Host Hotels & Resorts, Inc. | &nbsp;&nbsp;Hotel & Resort REITs | &nbsp;&nbsp; 16533 | &nbsp;&nbsp;&nbsp;&nbsp; 234934 |
|  | Howmet Aerospace, Inc. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299895 |
|  | HP, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665889 |
|  | Hubbell, Inc., Class B | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497358 |
| <sup>a</sup> | HubSpot, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858649 |
|  | Humana, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795388 |
|  | Huntington Bancshares, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526401 |
|  | IDEX Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362664 |
| <sup>a</sup> | IDEXX Laboratories, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841580 |
|  | Illinois Tool Works, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863795 |
| <sup>a</sup> | Illumina, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317995 |
| <sup>a</sup> | Incyte Corp. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242684 |
|  | Ingersoll Rand, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801901 |
| <sup>a</sup> | Insulet Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526270 |
|  | Intel Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;107715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446208 |
|  | Intercontinental Exchange, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506252 |
|  | International Business Machines Corp. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730618 |
|  | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505474 |
|  | International Paper Co. | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694937 |
|  | Interpublic Group of Cos., Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258536 |
|  | Intuit, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306526 |
| <sup>a</sup> | Intuitive Surgical, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466345 |
|  | Invitation Homes, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506336 |
| <sup>a</sup> | IQVIA Holdings, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706610 |
|  | Iron Mountain, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646591 |
|  | J.M. Smucker Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355940 |
|  | Jack Henry & Associates, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365930 |
|  | Jacobs Solutions, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363395 |
|  | JB Hunt Transport Services, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296492 |
|  | Johnson & Johnson | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053387 |
|  | Johnson Controls International PLC | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324459 |
|  | JPMorgan Chase & Co. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205342 |
|  | Juniper Networks, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290099 |
|  | Kellanova | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537257 |
|  | Kenvue, Inc. | &nbsp;&nbsp;Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045216 |
|  | Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942932 |
|  | KeyCorp | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376517 |
| <sup>a</sup> | Keysight Technologies, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675313 |
|  | Kimberly-Clark Corp. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211288 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361802 |
|  | Kinder Morgan, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400766 |
|  | KKR & Co., Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911380 |
|  | KLA Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384059 |
|  | Kraft Heinz Co. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670799 |
|  | Kroger Co. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153031 |
|  | L3Harris Technologies, Inc. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943779 |
|  | Labcorp Holdings, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466411 |
|  | Lam Research Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331053 |
|  | Lamb Weston Holdings, Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186923 |
|  | Las Vegas Sands Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367719 |
|  | Leidos Holdings, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473235 |
|  | Lennar Corp., Class A | Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690057 |

---

franklintempleton.com Annual Report 7

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Lennox International, Inc. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp; 1002 | &nbsp;&nbsp;$561952 |
| <sup>a</sup> | Liberty Media Corp.-Liberty Formula One, Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; 40816 |
| <sup>a</sup> | Liberty Media Corp.-Liberty Formula One, Class C | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 5511 | &nbsp;&nbsp;&nbsp;&nbsp; 496045 |
|  | Linde PLC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp; 12024 | &nbsp;&nbsp;&nbsp;&nbsp; 5598855 |
|  | Lineage, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp; 2004 | &nbsp;&nbsp;&nbsp;&nbsp; 117495 |
| <sup>a</sup> | Live Nation Entertainment, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 3507 | &nbsp;&nbsp;&nbsp;&nbsp; 457944 |
|  | Lockheed Martin Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461819 |
|  | Loews Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414422 |
|  | Lowe's Cos., Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271750 |
|  | LPL Financial Holdings, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655589 |
| <sup>a</sup> | Lululemon Athletica, Inc. | &nbsp;&nbsp;Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709065 |
|  | LyondellBasell Industries NV, Class A | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458515 |
|  | M&T Bank Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716430 |
|  | Marathon Petroleum Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167851 |
| <sup>a</sup> | Markel Group, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575840 |
|  | Marriott International, Inc., Class A | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312720 |
|  | Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056476 |
|  | Martin Marietta Materials, Inc. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718629 |
|  | Marvell Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326403 |
|  | Masco Corp. | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383235 |
|  | Mastercard, Inc., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11258933 |
|  | McCormick & Co., Inc. | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536085 |
|  | McDonald's Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5633905 |
|  | McKesson Corp. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023008 |
|  | Medtronic PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881271 |
|  | Merck & Co., Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711160 |
|  | Meta Platforms, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31763200 |
|  | MetLife, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166533 |
| <sup>a</sup> | Mettler-Toledo International, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591636 |
| <sup>a</sup> | MGM Resorts International | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163346 |
|  | Microchip Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654842 |
|  | Micron Technology, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394254 |
|  | Microsoft Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;186873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70150255 |
| <sup>a</sup> | MicroStrategy, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733079 |
|  | Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503745 |
| <sup>a</sup> | Moderna, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241457 |
| <sup>a</sup> | Molina Healthcare, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495073 |
|  | Molson Coors Beverage Co., Class B | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274463 |
|  | Mondelez International, Inc., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277521 |
| <sup>a</sup> | MongoDB, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351502 |
|  | Monolithic Power Systems, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581140 |
| <sup>a</sup> | Monster Beverage Corp. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026148 |
|  | Moody's Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866486 |
|  | Morgan Stanley | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624004 |
|  | Motorola Solutions, Inc. | &nbsp;&nbsp;Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754742 |
|  | MSCI, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133262 |
|  | Nasdaq, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722111 |
|  | NetApp, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440078 |
| <sup>a</sup> | Netflix, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997654 |
| <sup>a</sup> | Neurocrine Biosciences, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277053 |
|  | Newmont Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378732 |
|  | News Corp., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259107 |
|  | News Corp., Class B | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76077 |
|  | NextEra Energy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658137 |
|  | NIKE, Inc., Class B | Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876405 |

---

8 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | NiSource, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp; 11523 | &nbsp;&nbsp;$461957 |
|  | Norfolk Southern Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp; 5511 | &nbsp;&nbsp;&nbsp;&nbsp; 1305280 |
|  | Northern Trust Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp;&nbsp; 494237 |
|  | Northrop Grumman Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp; 3507 | &nbsp;&nbsp;&nbsp;&nbsp; 1795619 |
|  | NRG Energy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp;&nbsp; 478255 |
|  | Nucor Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp;&nbsp; 723484 |
|  | NVIDIA Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;593184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64289282 |
| <sup>a</sup> | NVR, Inc. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478130 |
|  | Occidental Petroleum Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840798 |
| <sup>a</sup> | Okta, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421722 |
|  | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746014 |
|  | Omnicom Group, Inc. | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415379 |
| <sup>a</sup> | ON Semiconductor Corp. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448485 |
|  | ONEOK, Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441567 |
|  | Oracle Corp. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673630 |
| <sup>a</sup> | O'Reilly Automotive, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153168 |
|  | Otis Worldwide Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034064 |
|  | Owens Corning | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286211 |
|  | PACCAR, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268342 |
|  | Packaging Corp. of America | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496040 |
| <sup>a</sup> | Palantir Technologies, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566715 |
| <sup>a</sup> | Palo Alto Networks, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821191 |
|  | Parker-Hannifin Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827197 |
|  | Paychex, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236708 |
|  | Paycom Software, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328375 |
| <sup>a</sup> | PayPal Holdings, Inc. | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634512 |
|  | Pentair PLC | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350620 |
|  | PepsiCo, Inc. | &nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183276 |
|  | Pfizer, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;142284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605477 |
|  | PG&E Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920968 |
|  | Philip Morris International, Inc. | &nbsp;&nbsp;Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202851 |
|  | Phillips 66 | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299133 |
| <sup>a</sup> | Pinterest, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465930 |
|  | PNC Financial Services Group, Inc. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761215 |
|  | Pool Corp. | &nbsp;&nbsp;Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318987 |
|  | PPG Industries, Inc. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657412 |
|  | PPL Corp. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669371 |
|  | Principal Financial Group, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507232 |
|  | Procter & Gamble Co. | &nbsp;&nbsp;Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074890 |
|  | Progressive Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111852 |
|  | Prologis, Inc. | &nbsp;&nbsp;Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576312 |
|  | Prudential Financial, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007130 |
| <sup>a</sup> | PTC, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465780 |
|  | Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030807 |
|  | Public Storage | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199554 |
|  | PulteGroup, Inc. | &nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515028 |
|  | QUALCOMM, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309682 |
|  | Quanta Services, Inc. | &nbsp;&nbsp;Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891409 |
|  | Quest Diagnostics, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508615 |
|  | Raymond James Financial, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626345 |
|  | Realty Income Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278772 |
|  | Regency Centers Corp. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295630 |
|  | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588746 |
|  | Regions Financial Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500790 |
|  | Reinsurance Group of America, Inc. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295941 |
|  | Republic Services, Inc. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213222 |
|  | ResMed, Inc. | Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785042 |

---

franklintempleton.com Annual Report 9

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
|  | Revvity, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp; 3006 | &nbsp;&nbsp;$318035 |
| <sup>a</sup> | ROBLOX Corp., Class A | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp; 14028 | &nbsp;&nbsp;&nbsp;&nbsp; 817692 |
|  | Rockwell Automation, Inc. | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp; 3006 | &nbsp;&nbsp;&nbsp;&nbsp; 776690 |
|  | Rollins, Inc. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp; 7515 | &nbsp;&nbsp;&nbsp;&nbsp; 406035 |
|  | Roper Technologies, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp; 1476898 |
|  | Ross Stores, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp; 8016 | &nbsp;&nbsp;&nbsp;&nbsp; 1024365 |
|  | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235105 |
|  | Royalty Pharma PLC, Class A | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311923 |
|  | RTX Corp. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379922 |
|  | S&P Global, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072930 |
|  | Salesforce, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6184625 |
|  | SBA Communications Corp. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551125 |
|  | Schlumberger NV | &nbsp;&nbsp;Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486868 |
|  | Seagate Technology Holdings PLC | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425600 |
|  | Sempra | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108292 |
| <sup>a</sup> | ServiceNow, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988661 |
|  | Sherwin-Williams Co. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924386 |
|  | Simon Property Group, Inc. | &nbsp;&nbsp;Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248091 |
|  | Skyworks Solutions, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259037 |
|  | Smurfit WestRock PLC | &nbsp;&nbsp;Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564377 |
| <sup>a</sup> | Snap, Inc., Class A | &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235640 |
|  | Snap-on, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506526 |
| <sup>a</sup> | Snowflake, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171619 |
|  | Southern Co. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533682 |
|  | Southern Copper Corp. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188509 |
|  | Southwest Airlines Co. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504707 |
|  | SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460334 |
|  | Stanley Black & Decker, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308135 |
|  | Starbucks Corp. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801156 |
|  | State Street Corp. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672818 |
|  | Steel Dynamics, Inc. | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438656 |
|  | STERIS PLC | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567758 |
|  | Stryker Corp. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356950 |
|  | Sun Communities, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386692 |
| <sup>a</sup> | Super Micro Computer, Inc. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428856 |
|  | Synchrony Financial | &nbsp;&nbsp;Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503936 |
| <sup>a</sup> | Synopsys, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718831 |
|  | Sysco Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939876 |
|  | T. Rowe Price Group, Inc. | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506296 |
| <sup>a</sup> | Take-Two Interactive Software, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830658 |
|  | Targa Resources Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104790 |
|  | Target Corp. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202540 |
| <sup>a</sup> | Teledyne Technologies, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498705 |
|  | Teradyne, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331061 |
| <sup>a</sup> | Tesla, Inc. | &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18177482 |
|  | Texas Instruments, Inc. | &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141366 |
|  | Texas Pacific Land Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663820 |
|  | Textron, Inc. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361973 |
|  | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736654 |
|  | TJX Cos., Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417221 |
|  | T-Mobile U.S., Inc. | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073299 |
|  | Tractor Supply Co. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745338 |
| <sup>a</sup> | Trade Desk, Inc., Class A | &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630539 |
|  | Trane Technologies PLC | &nbsp;&nbsp;Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856766 |
|  | TransDigm Group, Inc. | &nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079085 |
|  | TransUnion | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415780 |
|  | Travelers Cos., Inc. | Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457439 |

---

10 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
| <sup>a</sup> | Trimble, Inc. | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;$394688 |
|  | Truist Financial Corp. | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 33567 | &nbsp;&nbsp;&nbsp;&nbsp; 1381282 |
| <sup>a</sup> | Twilio, Inc., Class A | &nbsp;&nbsp;IT Services | &nbsp;&nbsp; 3507 | &nbsp;&nbsp;&nbsp;&nbsp; 343370 |
| <sup>a</sup> | Tyler Technologies, Inc. | &nbsp;&nbsp;Software | &nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp;&nbsp; 582553 |
|  | Tyson Foods, Inc., Class A | &nbsp;&nbsp;Food Products | &nbsp;&nbsp; 7014 | &nbsp;&nbsp;&nbsp;&nbsp; 447563 |
|  | U.S. Bancorp | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 39078 | &nbsp;&nbsp;&nbsp;&nbsp; 1649873 |
| <sup>a</sup> | Uber Technologies, Inc. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832800 |
|  | UDR, Inc. | &nbsp;&nbsp;Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339453 |
| <sup>a</sup> | Ulta Beauty, Inc. | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367273 |
|  | Union Pacific Corp. | &nbsp;&nbsp;Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550687 |
| <sup>a</sup> | United Airlines Holdings, Inc. | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553505 |
|  | United Parcel Service, Inc., Class B | &nbsp;&nbsp;Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038885 |
|  | United Rentals, Inc. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941930 |
|  | UnitedHealth Group, Inc. | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12070342 |
|  | Universal Health Services, Inc., Class B | &nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282414 |
|  | Valero Energy Corp. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058673 |
| <sup>a</sup> | Veeva Systems, Inc., Class A | &nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812326 |
|  | Ventas, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723424 |
|  | Veralto Corp. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585869 |
| <sup>a</sup> | VeriSign, Inc. | &nbsp;&nbsp;IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508755 |
|  | Verisk Analytics, Inc. | &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043753 |
|  | Verizon Communications, Inc. | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;105711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795051 |
| <sup>a</sup> | Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157633 |
|  | Vertiv Holdings Co., Class A | &nbsp;&nbsp;Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651100 |
|  | Viatris, Inc. | &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261823 |
|  | VICI Properties, Inc. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866159 |
|  | Visa, Inc., Class A | &nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15099920 |
|  | Vistra Corp. | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000236 |
|  | Vulcan Materials Co. | &nbsp;&nbsp;Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818183 |
|  | W.R. Berkley Corp. | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534767 |
|  | Walmart, Inc. | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;108717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9544265 |
|  | Walt Disney Co. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499832 |
| <sup>a</sup> | Warner Bros Discovery, Inc. | &nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607457 |
|  | Waste Management, Inc. | &nbsp;&nbsp;Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087757 |
| <sup>a</sup> | Waters Corp. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553961 |
|  | Watsco, Inc. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509317 |
|  | WEC Energy Group, Inc. | &nbsp;&nbsp;Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873584 |
|  | Wells Fargo & Co. | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934520 |
|  | Welltower, Inc. | &nbsp;&nbsp;Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379505 |
|  | West Pharmaceutical Services, Inc. | &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448656 |
| <sup>a</sup> | Western Digital Corp. | &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344342 |
|  | Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817707 |
|  | Westlake Corp. | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100230 |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528094 |
|  | Williams Cos., Inc. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826325 |
|  | Willis Towers Watson PLC | &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846565 |
| <sup>a</sup> | Workday, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286984 |
|  | WP Carey, Inc. | &nbsp;&nbsp;Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347799 |
|  | WW Grainger, Inc. | &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989806 |
|  | Xcel Energy, Inc. | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028508 |
|  | Xylem, Inc. | &nbsp;&nbsp;Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718194 |
|  | Yum! Brands, Inc. | &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103723 |
| <sup>a</sup> | Zebra Technologies Corp., Class A | &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424688 |
| <sup>a</sup> | Zillow Group, Inc., Class A | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100491 |
| <sup>a</sup> | Zillow Group, Inc., Class C | &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274788 |
|  | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567032 |
|  | Zoetis, Inc. | Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897262 |

---

franklintempleton.com Annual Report 11

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Franklin Templeton ETF Trust

Schedule of Investments

Franklin U.S. Equity Index ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks (continued)** |  |  |  |
|  | **United States (continued)** |  |  |  |
| <sup>a</sup> | Zoom Communications, Inc., Class A | &nbsp;&nbsp;Software | &nbsp;&nbsp; 6012 | &nbsp;&nbsp;$443505 |
| <sup>a</sup> | Zscaler, Inc. | Software | &nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp; 497042 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1217879482 |
|  | **Total Common Stocks (Cost $982,168,929)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1224068307 |
|  | **Preferred Stock 0.0%** |  |  |  |
|  | **Russia 0.0%** |  |  |  |
| <sup>a,b,c</sup> | Surgutneftegas PAO, pfd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Preferred Stocks (Cost $6,128)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Investments before Short-Term Investments (Cost $982,175,057)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1224068307 |
|  | **Short-Term Investments 0.1%** |  |  |  |
|  | **Money Market Funds 0.1%** |  |  |  |
|  | **United States 0.1%** |  |  |  |
| <sup>d,e</sup> | Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | Money Market Funds | &nbsp;&nbsp;1318013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318013 |
|  | **Total Short-Term Investments (Cost $1,318,013)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318013 |
|  | **Total Investments (Cost $983,493,070) 99.9%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1225386320 |
|  | **Other Assets, less Liabilities 0.1%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003362 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$1226389682 |

---

---

| |
|:---|
| <sup>†</sup>Rounds to less than 0.1% of net assets. |
| <sup>a</sup>Non-income producing. |
| <sup>b</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. |
| <sup>c</sup>See Note 6 regarding investments in Russian securities. |
| <sup>d</sup>The rate shown is the annualized seven-day effective yield at period end. |
| <sup>e</sup>See Note 3(c) regarding investments in affiliated management investment companies. |

---

At March 31, 2025, the Fund had the following futures contracts outstanding. See Note 1(c).

 **Futures Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Notional<br> Amount\*** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini | &nbsp;&nbsp;Long | &nbsp;&nbsp;5 | &nbsp;&nbsp;$1413313 | &nbsp;&nbsp;6/20/25 | &nbsp;&nbsp;$18676 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*As of year end.

See Note 7 regarding other derivative information.

See Abbreviations on page 24.

12 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

March 31, 2025

**Franklin U.S. Equity Index ETF**

---

| | |
|:---|:---|
| Assets: |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$982175057 |
| &nbsp;&nbsp;&nbsp;Cost – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318013 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1224068307 |
| &nbsp;&nbsp;&nbsp;Value – Non-controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318013 |
| Foreign currency, at value (cost $2,973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46509655 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668430 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7596 |
| Deposits with brokers for: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272653358 |
| Liabilities: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46226255 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30457 |
| &nbsp;&nbsp;&nbsp;Due to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46263676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$1226389682 |
| Net assets consist of: |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$993874283 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232515399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$1226389682 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050000 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;$48.96 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 13

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended March 31, 2025

**Franklin U.S. Equity Index ETF**

---

| | |
|:---|:---|
| Investment income: |  |
| Dividends: (net of foreign taxes)<sup>a</sup> |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$15176108 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73517 |
| Interest: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 |
| Interest from securities loaned (Note 1d): |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (net of fees and rebates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9208 |
| &nbsp;&nbsp;&nbsp;Non-Controlled affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;15264637 |
| Expenses: |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;14917216 |
| Realized and unrealized gains (losses): |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7554807) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62213536 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;54772611 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13432086 |
| &nbsp;&nbsp;&nbsp;Translation of other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;13414002 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;68186613 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$83103829 |

---

---

| | |
|:---|:---|
| <sup>a</sup>Foreign taxes withheld on dividends | &nbsp;&nbsp;$3733 |

---

14 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets

**Franklin U.S. Equity Index ETF**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$14917216 | &nbsp;&nbsp;&nbsp;$13236120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54772611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26887063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207357740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83103829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247480923 |
| Distributions to shareholders (Note 1f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15125452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12897623) |
| Capital share transactions: (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57244887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184670434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125223264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419253734 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101166418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681912684 |
| End of year | $1226389682 | &nbsp;&nbsp;&nbsp;$1101166418 |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 15

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company. consisting of fifty-one separate funds, one of which is included in this report (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946"), and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Fund is an exchange traded fund (ETF) and seek to provide the investment results that closely correspond, before fees and expenses, to the performance of Fund corresponding underlying index.

The following summarizes the Fund's significant accounting policies.

a. Financial Instrument Valuation

The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Fund's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities, ETFs and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security is determined. Over-the-counter (OTC) securities are

valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

Investments in open-end mutual fund are valued at the closing NAV.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on Fund business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Fund's portfolio securities to the latest indications of fair value at 4 p.m. Eastern time on March 31, 2025. At March 31, 2025, certain securities may have been fair valued using these procedures, in which case the securities were categorized as Level 2 inputs within the fair value hierarchy (referred to as "market level fair value").

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund's NAV is not calculated, which could result in differences between the value of the Fund's portfolio securities on the last business day and the last calendar day

16 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

a. Financial Instrument Valuation (continued)

of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Derivative Financial Instruments

The Fund invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would

normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements which expose the Fund to gains or losses in excess of the amounts shown in the Statement of Assets and Liabilities. Realized gain and loss and unrealized appreciation and depreciation on these contracts for the period are included in the Statement of Operations.

Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. Fund attempt to reduce their exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, events of default, or early termination. Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty.

Termination events applicable to the Fund include failure of the Fund to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. However, absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by the Fund of any net liability owed to that counterparty under the ISDA agreement.

Collateral requirements differ by type of derivative. Collateral terms are contract specific for OTC derivatives. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of agreement. Generally, collateral is determined at the close of Fund business each day and any additional collateral required due to changes in derivative values may be delivered by the Fund or the counterparty the next

franklintempleton.com Annual Report 17

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

c. Derivative Financial Instruments (continued)

business day, or within a few business days. Collateral pledged and/or received by the Fund, if any, is held in segregated accounts with the Fund's custodian/counterparty broker and can be in the form of cash and/or securities. Unrestricted cash may be invested according to the Fund's investment objectives. To the extent that the amounts due to the Fund from its counterparties are not subject to collateralization or are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance.

The Fund entered into exchange traded futures contracts primarily to manage and/or gain exposure to equity price risk. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable in the Statement of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed in the Fund's Schedule of Investments.

See Note 7 regarding other derivative information.

d. Securities Lending

The Fund participates in an agency based securities lending program to earn additional income. The Fund receives cash collateral against the loaned securities in an amount equal to at least 102% of the fair value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the fair value of loaned securities, as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The collateral is deposited into a joint cash account with other fund and is used to invest in a money market fund managed by Franklin Advisers, Inc., an affiliate of the Fund. These securities received as collateral are held in segregated accounts with the Fund's custodian. The Fund cannot repledge or resell these securities received as collateral. As such, the non-cash collateral is excluded from the Statement of Assets and Liabilities. The Fund may receive income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower. Income from securities loaned, net of fees paid to the securities lending agent and/or third-party vendor, is reported separately in the Statement of Operations. The Fund bears the market risk with respect to the collateral investment, securities loaned,

and the risk that the agent may default on its obligations to the Fund. If the borrower defaults on its obligation to return the securities loaned, the Fund has the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Fund in the event of default by a third party borrower.

At March 31, 2025, the Fund had no securities on loan.

e. Income and Deferred Taxes

It is Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which the Fund invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined to apply, Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

f. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest Income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as

18 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

f. Security Transactions, Investment Income, Expenses and Distributions (continued)

soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated to the Fund based on the ratio of net assets of Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

g. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

h. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Fund are issued and redeemed at their respective NAV only in aggregations of a specified number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Fund's shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Fund regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Fund.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

franklintempleton.com Annual Report 19

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

2. Shares of Beneficial Interest (continued)

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Transactions in the Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024** |
| | &nbsp;&nbsp;**Shares** | **Amount** | &nbsp;&nbsp;&nbsp;**Shares** | **Amount** |
| Shares sold | &nbsp;&nbsp; 4450000 | $224011018 | &nbsp;&nbsp;&nbsp; 7300000 | $283808492 |
| Shares redeemed | &nbsp;&nbsp;(3400000) | &nbsp;&nbsp;&nbsp;&nbsp;(166766131) | &nbsp;&nbsp;&nbsp;(2400000) | &nbsp;&nbsp;&nbsp;&nbsp;(99138058) |
| Net increase (decrease) | &nbsp;&nbsp; 1050000 | $57244887 | &nbsp;&nbsp;&nbsp; 4900000 | $184670434 |

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3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:

---

| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisers, Inc. (Advisers) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Institutional, LLC (FT Institutional) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Advisory Services, LLC (FASL) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

---

a. Management fees

The Fund pays a unified management fee to FASL whereby FASL has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. The fee is calculated daily and paid monthly according to the terms of the management agreement. The Fund pays gross effective investment management fees of 0.03% per year on the average daily net assets of the Fund.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Fund. The subadvisory fee is paid by FASL based on the Fund's average daily net assets and is not an additional expense of the Fund.

b. Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund's average daily net assets, and is not an additional expense of the Fund.

20 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

c. Investments in Affiliated Management Investment Companies

The Fund invests in one or more affiliated management investment companies. As defined in the 1940 Act, an investment is deemed to be a "Controlled Affiliate" of a fund when a fund owns, either directly or indirectly, 25% or more of the affiliated fund's outstanding shares or has the power to exercise control over management or policies of such fund. The Fund does not invest for purposes of exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment companies, as noted in the Statement of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. During the year ended March 31, 2025, investments in affiliated management investment companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> Beginning<br> of Year** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value at<br> End of<br> Year** | **Number<br> of Shares<br> Held at<br> End of<br> Year** | **Investment<br> Income** |
| **<br> Non-Controlled Affiliates** |  |  |  |  |  |  |  | **Dividend<br> Income** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp;$1132943 | &nbsp;&nbsp;$25137899 | &nbsp;&nbsp;$(24952829) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1318013 | &nbsp;&nbsp;1318013 | &nbsp;&nbsp;$73517 |
|  |  |  |  |  |  |  |  | **Income<br> from<br> Securities<br> loaned** |
| Institutional Fiduciary Trust - Money Market Portfolio, 4.05% | &nbsp;&nbsp; $93105 | &nbsp;&nbsp; $2063065 | &nbsp;&nbsp; $(2156170) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Affiliated Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1226048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27200964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(27108999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1318013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$76016 |

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d. Other Affiliated Transactions

At March 31, 2025, the shares of Franklin U.S. Equity Index ETF were owned by the following entities:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;**Percentage of<br> Outstanding Shares<sup>a</sup>** |
| **Franklin U.S. Equity Index ETF** |  |  |
| Franklin Growth Allocation Fund | 2786525 | &nbsp;&nbsp;&nbsp;11.1% |

---

<sup>a</sup>Investment activities of significant shareholders could have a material impact on the Fund.

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains, if any. At March 31, 2025, the capital loss carryforwards were as follows:

---

| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Capital loss carryforwards not subject to expiration: |  |
| Long term | $6002010 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp; 4191108 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $10193118 |

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franklintempleton.com Annual Report 21

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

The tax character of distributions paid during the year ended March 31, 2025 and 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| Distributions paid from Ordinary income | $15125452 | $12897623 |

---

At March 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Cost of investments | &nbsp;&nbsp;$983710712 |
| Unrealized appreciation | &nbsp;&nbsp;$275439337 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33763729) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$241675608 |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$1032721 |

---

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of in-kind transactions and wash sales.

5. Investment Transactions

Purchases and sales of investments (excluding short term securities and in-kind transactions, if any) for the year ended March 31, 2025, were $39,612,450 and $39,147,207, respectively.

In-kind transactions associated with creation and redemptions for the year ended March 31, 2025, $222,331,369 and $165,459,999, respectively.

6. Concentration of Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund's ability to price, buy, sell, receive or deliver such investments was impaired. The Fund could determine at any time that certain of the most affected securities have little or no value. In addition, any exposure that the Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund's portfolio. The extent and duration of Russia's military actions and the repercussions of

22 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

6. Concentration of Risk (continued)

such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or issuers in other countries affected by the invasion. The Valuation Committee determined that based on their analysis of the market and access to market participants, the Russian financial instruments held by the Fund had no value at March 31, 2025.

7. Other Derivative Information

At March 31, 2025, the Fund's investments in derivative contracts are reflected in the Statement of Assets and Liabilities as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Liability Derivatives** | **Liability Derivatives** |
| | **Asset Derivatives**<br>**Statement of Assets and<br> Liabilities Location** | **Statement of Assets and<br> Liabilities Location** | **Fair Value** |
| Equity contracts | Variation margin on futures contracts $18676<sup>a</sup> | Variation margin on futures contracts | $— |

---

<sup>a</sup>This amount reflects the cumulative appreciation (depreciation) of future contracts as reported in the Schedule of Investments. Only the variation margin receivable/payable at year end is separately reported within the Statements of Assets and Liabilities. Prior variation margin movements were recorded to cash upon receipt or payment.

For the year ended March 31, 2025, the effect of derivative contracts in the Fund's Statement of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Contracts<br> Not Accounted for as<br> Hedging Instruments** | **Statement of<br> Operations Locations** | **Net Realized<br> Gain (Loss)<br> for the Period** | **Statement of<br> Operations Locations** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)<br> for the Period** |
|  | Net realized gain (loss) from: |  | Net change in unrealized<br> appreciation (depreciation) on: |  |
| Equity contracts | Futures contracts | $113752 | Futures contracts | $(18069) |

---

For the period ended March 31, 2025, the average month end notional amount of futures contracts was $1,078,033.

See Note 1(c) regarding derivative financial instruments.

8. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

franklintempleton.com Annual Report 23

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

8. Fair Value Measurements (continued)

A summary of inputs used as of March 31, 2025, in valuing the Fund's assets and liabilities carried at fair value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin U.S. Equity Index ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | &nbsp;&nbsp;&nbsp;$1224068307 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$1224068307 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318013 |
| &nbsp;&nbsp;&nbsp;Total Investments in Securities | $1225386320 | $— | $— | &nbsp;&nbsp;&nbsp;$1225386320 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $18676 | $— | $— | &nbsp;&nbsp;&nbsp;$18676 |

---

<sup>a</sup>For detailed categories, see the accompanying Schedule of Investments. <br> <sup>b</sup>Includes common and preferred stocks. <br> <sup>c</sup>Includes financial instruments determined to have no value.

9. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

10. Operating Segments

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's portfolio holdings provide details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

11. Subsequent Events

The Fund has evaluated subsequent events through the issuance of these financial statements and determined that no events have occurred that require disclosure.

**Abbreviations**

---

| | |
|:---|:---|
| **REIT** | &nbsp;&nbsp;Real Estate Investment Trust |
| **SBA** | &nbsp;&nbsp;Small Business Administration |

---

24 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Franklin U.S. Equity Index ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin U.S. Equity Index ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

franklintempleton.com Annual Report 25

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

Tax information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to the income earned and distributions paid during their fiscal year.

The Fund below hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Pursuant to:** | &nbsp;&nbsp;**Franklin U.S.<br> Equity Index ETF** |
| Dividends Received Deduction (DRD) | §854(b)(1)(A) | &nbsp;&nbsp;$13784931 |
| Qualified Dividend Income (QDI) | §854(b)(1)(B) | &nbsp;&nbsp;$14330767 |

---

26 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

franklintempleton.com Annual Report 27

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[**Table of Contents**](#JOB_FT_AR_cacae36d-e648-47de-9b65-ba0d95e3d535_TOC)

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![](img0a0bd8702.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

USPX-AFSOI 05/25

**Franklin FTSE Russia ETF**

**Financial Statements and Other Important Information**

---

| | |
|:---|:---|
| **Annual Report** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |

---

![](img9b7c36291.jpg)

------

**Table of Contents**

------

---

| | |
|:---|:---|
| [Financial Highlights and Schedule of Investments](#xx_072942b9-b4b1-475d-9ce7-1581048b1790_1) | &nbsp;&nbsp;**1** |
| [Statement of Assets and Liabilities](#xx_293d6782-f178-4016-8692-6e46baf27c3f_1) | &nbsp;&nbsp;**3** |
| [Statement of Operations](#) | &nbsp;&nbsp;**4** |
| [Statements of Changes in Net Assets](#xx_0b764a93-a57a-47e3-b66a-f370027430a3_1) | &nbsp;&nbsp;**5** |
| [Statement of Cash Flows](#) | &nbsp;&nbsp;**6** |
| [Notes to Financial Statements](#xx_77348338-acbb-4764-9fd5-3b52ee91d9e9_1) | &nbsp;&nbsp;**7** |
| [Report of Independent Registered Public Accounting Firm](#xx_3cd311b7-b74f-4716-803c-114e14e19d5d_1) | &nbsp;&nbsp;**14** |
| [Changes In and Disagreements with Accountants](#xx_796eec05-1f23-4944-b499-243e120e2c8a_1) | &nbsp;&nbsp;**15** |
| [Results of Meeting(s) of Shareholders](#xx_796eec05-1f23-4944-b499-243e120e2c8a_1) | &nbsp;&nbsp;**15** |
| [Remuneration Paid to Directors, Officers and Others](#xx_796eec05-1f23-4944-b499-243e120e2c8a_1) | &nbsp;&nbsp;**15** |

---

Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

Franklin Templeton ETF Trust

Financial Highlights

**Franklin FTSE Russia ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;**Year Ended March 31,** |
| | **2025** | **2024** | **2023** | **2022** | &nbsp;&nbsp;**2021** |
| **Per share operating performance** |  |  |  |  |  |
| (for a share outstanding throughout the year) |  |  |  |  |  |
| Net asset value, beginning of year | $0.01<sup>a</sup> | $0.01<sup>a</sup> | $—<sup>b</sup> | $26.98 | &nbsp;&nbsp;$18.91 |
| Income from investment operations<sup>c</sup>: |  |  |  |  |  |
| Net investment income<sup>d</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>b</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>b</sup> | &nbsp;&nbsp;&nbsp;0.01<sup>a</sup> | &nbsp;&nbsp;&nbsp;(27.28) | &nbsp;&nbsp;&nbsp;&nbsp;8.34 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>b</sup> | &nbsp;&nbsp;&nbsp;0.01<sup>a</sup> | &nbsp;&nbsp;&nbsp;(25.60) | &nbsp;&nbsp;&nbsp;&nbsp;9.75 |
| Less distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;(1.68) |
| Net asset value, end of year | &nbsp;&nbsp;$0.01<sup>a</sup> | &nbsp;&nbsp;$0.01<sup>a</sup> | &nbsp;&nbsp;$0.01<sup>a</sup> | &nbsp;&nbsp;$—<sup>b</sup> | &nbsp;&nbsp;$26.98 |
| Total return<sup>e</sup> | 1.65%<sup>f</sup> | 1.52%<sup>g</sup> | 73.56%<sup>h</sup> | (100.00)% | &nbsp;&nbsp;52.27% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses before waiver and payments by affiliates | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19% |
| Expenses net of waiver and payments by affiliates | &nbsp;&nbsp;—% | &nbsp;&nbsp;—% | &nbsp;&nbsp;—% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;0.19%<sup>i</sup> |
| Net investment income | 1.52% | 1.52% | 49.38%<sup>j</sup> | 6.19% | &nbsp;&nbsp;6.02% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$3 | &nbsp;&nbsp;$10794 |
| Portfolio turnover rate<sup>k</sup> | —%<sup>l</sup> | —%<sup>l</sup> | —%<sup>l</sup> | 20.45%<sup>l</sup> | &nbsp;&nbsp;18.82%<sup>l</sup> |

---

---

| |
|:---|
| <sup>a</sup>Actual amount less than $0.01 per share. Amount shown reflects effect of rounding. |
| <sup>b</sup>Amount rounds to less than $0.005 per share. |
| <sup>c</sup>The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of Creation Unit Fund shares in relation to income earned and/or fluctuating fair value of the investments of the Fund. |
| <sup>d</sup>Based on average daily shares outstanding. |
| <sup>e</sup>Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. |
| <sup>f</sup>The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.005946 as of March 31, 2024 to $0.006044 as of March 31, 2025. |
| <sup>g</sup>The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.005857 as of March 31, 2023 to $0.005946 as of March 31, 2024. |
| <sup>h</sup>The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.003378 as of March 31, 2022 to $0.005857 as of March 31, 2023. |
| <sup>i</sup>Benefit of waiver and payments by affiliates rounds to less than 0.01%. |
| <sup>j</sup>47.52% of this amount represents income from refunds of foreign tax withheld included in net investment income. |
| <sup>k</sup>Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash ("Cash creations"). |

---

---

| | | |
|:---|:---|:---|
| <sup>l</sup>Portfolio turnover rate excluding cash in lieu related to in-kind transactions was as follows: | 20.45% | &nbsp;&nbsp;18.82% |

---

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 1

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

Franklin Templeton ETF Trust

Schedule of Investments, March 31, 2025

**Franklin FTSE Russia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**Industry** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
|  | **Common Stocks 0.0%** |  |  |  |
| <sup>a,b,c</sup> | **Russia 0.0%** |  |  |  |
|  | Aeroflot PJSC | &nbsp;&nbsp;Passenger Airlines | &nbsp;&nbsp; 174496 | &nbsp;&nbsp;$— |
|  | Alrosa PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 361232 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Credit Bank of Moscow PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp; 2127840 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Federal Grid Co-Rosseti PJSC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;80095477 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Gazprom PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 981872 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | GMK Norilskiy Nickel PAO | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp; 288800 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Inter RAO UES PJSC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;6229280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | LUKOIL PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | M.Video PJSC | &nbsp;&nbsp;Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Magnit PJSC | &nbsp;&nbsp;Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Magnitogorsk Iron & Steel Works PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Mobile TeleSystems PJSC | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp;Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Mosenergo PJSC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;&nbsp;1418704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Novatek PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Novolipetsk Steel PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | PhosAgro PJSC | &nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Polyus PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Raspadskaya OJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Rosneft Oil Co. PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Rostelecom PJSC | &nbsp;&nbsp;Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | RusHydro PJSC | &nbsp;&nbsp;Electric Utilities | &nbsp;&nbsp;20149712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Sberbank of Russia PJSC | &nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Segezha Group PJSC | &nbsp;&nbsp;Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Severstal PAO | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Sistema AFK PAO | &nbsp;&nbsp;Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Sovcomflot PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Surgutneftegas PAO | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Tatneft PJSC | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Unipro PJSC | &nbsp;&nbsp;Independent Power Producers & Energy Traders | &nbsp;&nbsp;&nbsp;1811376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | United Co. RUSAL International PJSC | &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | VTB Bank PJSC | Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Common Stocks (Cost $21,363,101)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Preferred Stocks 0.0%** |  |  |  |
| <sup>a,b,c</sup> | **Russia 0.0%** |  |  |  |
|  | Bashneft PJSC, pfd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Surgutneftegas PAO, pfd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Tatneft PJSC, pfd. | &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Transneft PJSC, pfd. | Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Preferred Stocks (Cost $1,113,686)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total Investments (Cost $22,476,787) 0.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Other Assets, less Liabilities 100.0%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4835 |
|  | **Net Assets 100.0%** |  |  | &nbsp;&nbsp;$4835 |

---

<sup>a</sup>Non-income producing. <br> <sup>b</sup>Fair valued using significant unobservable inputs. See Note 8 regarding fair value measurements. <br> <sup>c</sup>See Note 6 regarding investments in Russian securities.

2 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

March 31, 2025

---

| | |
|:---|:---|
| Assets: |  |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;Cost – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$22476787 |
| &nbsp;&nbsp;&nbsp;Value – Unaffiliated issuers | &nbsp;&nbsp;&nbsp;$— |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$4835 |
| Net assets consist of: |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;$23214795 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23209960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, at value | &nbsp;&nbsp;&nbsp;$4835 |
| Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 |
| Net asset value per share | &nbsp;&nbsp;&nbsp;$0.01<sup>a</sup> |

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<sup>a</sup>Actual amount less than $0.01 per share. Amount shown reflects effect of rounding.

franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 3

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

FINANCIAL STATEMENTS

Statement of Operations

for the year ended March 31, 2025

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| | |
|:---|:---|
| Investment income: |  |
| Interest: |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;$72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| Expenses: |  |
| Management fees (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived/paid by affiliates (Note 3a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| Realized and unrealized gains (losses): |  |
| Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$72 |

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4 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statements of Changes in Net assets

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2025**  | &nbsp;&nbsp;&nbsp;**Year Ended<br> March 31, 2024**  |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $72 | &nbsp;&nbsp;&nbsp;$72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691 |
| End of year | $4835 | &nbsp;&nbsp;&nbsp;$4763 |

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franklintempleton.com The accompanying notes are an integral part of these financial statements. \| Annual Report 5

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

Franklin Templeton ETF Trust

Financial Statements

Statement of Cash Flows

for the year ended March 31, 2025

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Franklin FTSE<br> Russia ETF** |
| Cash Flows from Operating Activities |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;$72 |
| &nbsp;&nbsp;&nbsp;Decrease in other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| Cash Flows from Financing Activities |  |
| &nbsp;&nbsp;&nbsp;Net change in cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| &nbsp;&nbsp;&nbsp;Cash at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;4599 |
| Cash at end of year | &nbsp;&nbsp;&nbsp;$4753 |

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6 Annual Report \| The accompanying notes are an integral part of these financial statements. franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

Notes to Financial Statements

1. Organization and Significant Accounting Policies

Franklin Templeton ETF Trust (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company consisting of fifty-one separate funds, one of which is included in this report (Fund) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946, Financial Services - Investment Companies ("ASC 946"). The Fund seeks to provide the investment results that closely correspond, before fees and expenses, to the performance of the Fund's underlying index.

The following summarizes the Fund's significant accounting policies.

a. Financial Instrument Valuation

The Fund's investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Trust's Board of Trustees (the Board), the Board has designated the Fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC).

The Fund may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.

Equity securities and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. London time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask

prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on Fund's business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund's portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, an independent pricing service may be used to adjust the Fund's portfolio securities to the latest indications of fair value at 4 p.m.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on those days that the Fund's NAV is not calculated, which could result in differences between the value of the Fund's portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies

franklintempleton.com Annual Report 7

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

b. Foreign Currency Translation (continued)

against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Derivative Financial Instruments

During the year ended March 31, 2025, the Fund did not invest in derivative instruments.

d. Income and Deferred Taxes

It is the Fund's policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income tax is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and

certain foreign currency transactions in the foreign jurisdictions in which the Fund invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invest. When a capital gain tax is determined to apply, Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of March 31, 2025, the Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on the statute of limitations in each jurisdiction in which the Fund invests.

e. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income (including interest income from payment-in-kind securities, if any) and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Dividend income and capital gain distributions are recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions from realized capital gains and other distributions, if any, are recorded on the ex-dividend date. Distributable earnings are determined according to income tax regulations (tax basis) and may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Common expenses incurred by the Trust are allocated to the Fund based on the ratio of net assets of Fund to the combined net assets of the Trust. Certain Fund specific expenses are allocated directly to the Fund that incurred the

8 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

1. Organization and Significant Accounting Policies (continued)

e. Security Transactions, Investment Income, Expenses and Distributions (continued)

expense. These expenses are paid by the Fund or by the investment manager, as applicable, according to the terms of the unified management fee agreement.

f. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Trust's organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

2. Shares of Beneficial Interest

Shares of the Fund are issued and redeemed at their respective NAV only in aggregations of a specified number of shares or multiples thereof (Creation Units). Only certain large institutional investors (Authorized Participants) may engage in creation or redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary market in amounts less than one Creation Unit. The market price of the Fund's shares will be based on the price in the secondary market which may be at, above or below the most recent NAV. Creation Units may be issued and redeemed in exchange for a designated portfolio of securities and/or cash (which may include cash in lieu of certain securities).

Authorized Participants pay a standard transaction fee to the shareholder servicing agent when purchasing or redeeming Creation Units of the Fund regardless of the number of Creation Units that are being created or redeemed on the same day by the Authorized Participant. The standard transaction fee is imposed to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units and is not charged to or paid by the Fund.

In addition, for cash Creation Unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the Authorized Participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in the Statements of Changes in Net Assets.

At March 31, 2025, there were an unlimited number of shares authorized (without par value). Effective March 1, 2022, the Fund suspended new creations of its shares in light of ongoing issues related to Russia's invasion of Ukraine. In addition, effective March 4, 2022, NYSE Arca halted trading of the Fund. On December 23, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Fund completes the liquidation of its portfolio and distributes all its assets to remaining shareholders. The Fund was delisted from NYSE Arca effective December 27, 2022.

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton. Certain officers and trustees of the Fund are also officers and/or directors of the following subsidiaries:

franklintempleton.com Annual Report 9

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

3. Transactions with Affiliates (continued)

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| | |
|:---|:---|
| **Subsidiary** | &nbsp;&nbsp;&nbsp;**Affiliation** |
| Franklin Advisory Services, LLC (FASL) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Institutional, LLC (FT Institutional) | &nbsp;&nbsp;&nbsp;Investment manager |
| Franklin Templeton Services, LLC (FT Services) | &nbsp;&nbsp;&nbsp;Administrative manager |
| Franklin Distributors, LLC (Distributors) | &nbsp;&nbsp;&nbsp;Principal underwriter |

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a. Management fees

The Fund pays a unified management fee to FASL whereby FASL has agreed to reimburse the Fund's acquired fund fees and expenses (if any) and pay all of the ordinary operating expenses of the Fund, including custody, transfer agency, and Trustee fees and expenses, among others, but excluding payments under the Fund's Rule 12b-1 plan (if any), brokerage expenses (including any costs incidental to transactions in portfolio securities or instruments), taxes, interest (including borrowing costs and dividend expenses on securities sold short and overdraft charges), litigation expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), and other non-routine or extraordinary expenses. Effective March 1, 2022, FASL implemented a waiver of its management fee for the Fund, which will continue in effect while the Fund liquidates. The Fund's contractual unified management fee is 0.19% per year on the average daily net assets of the Fund. FASL waived its management fee for the period.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Fund. The subadvisory fee is paid by FASL based on the Fund's average daily net assets and is not an additional expense of the Fund.

b. Administrative Fees

Under an agreement with FASL, FT Services provides administrative services to the Fund. The fee is paid by FASL based on the Fund's average daily net assets, and is not an additional expense of the Fund.

4. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. At March 31, 2025, the capital loss carryforwards were as follows:

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| | |
|:---|:---|
| | **Year Ended<br> March 31, 2025** |
| Capital loss carryforwards not subject to expiration: |  |
| Long term | $313328 |
| Short term | &nbsp;&nbsp;&nbsp;&nbsp;235236 |
| &nbsp;&nbsp;&nbsp;Total capital loss carryforwards | $548564 |

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At March 31, 2025, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

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| | |
|:---|:---|
| | &nbsp;&nbsp;**Year Ended<br> March 31, 2025** |
| Cost of investments | &nbsp;&nbsp;$22661468 |
| Unrealized appreciation | &nbsp;&nbsp;$— |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22661468) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(22661468) |
| Distributable earnings – undistributed ordinary income | &nbsp;&nbsp;$72 |

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10 Annual Report franklintempleton.com

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

4. Income Taxes (continued)

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to wash sales.

5. Investment Transactions

There were no purchases and sales of investments for the year ended March 31, 2025.

6. Concentration of Risk

Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Political and financial uncertainty in many foreign regions may increase market volatility and the economic risk of investing in foreign securities. In addition, certain foreign securities may not be as liquid as U.S. securities.

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict has increased volatility and uncertainty in the financial markets and adversely affected the Fund. The United States and other countries and certain international organizations have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia's invasion of Ukraine. These sanctions froze certain Russian assets and prohibited, among other things, trading in certain Russian securities and doing business with specific Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions also included the removal of some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. A number of large corporations and U.S. states also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. In response, the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. These sanctions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia may result in the devaluation of the Russian currency and a downgrade in the country's credit rating. Ongoing developments related to the war have caused and may continue to cause severe declines in the value and liquidity of Russian securities. As a result, the Fund's ability to price, buy, sell, receive or deliver Russian investments has been severely impaired. For example, the Fund may be prohibited from investing in or acquiring securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in companies operating in or having dealings with Russia, which would prevent the Fund from selling or delivering these investments. Further, any exposure that the Fund may have to Russian counterparties could negatively impact the Fund's portfolio. The liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. The extent and duration of Russia's military actions and the repercussions of such actions are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events have adversely affected the value and liquidity of the Fund's holdings and may continue to significantly impact the Fund's performance and the value of an investment in the Fund. These as well as any other consequences to Russia, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on the Russian government, companies or individuals, along with any retaliatory actions or countermeasures that may be taken by Russia (including cyberattacks on other governments, corporations or individuals), may further decrease the value and liquidity of Russian securities. Additionally, due to current and potential future sanctions or market closures impacting the ability to trade or transfer Russian securities, the Fund may experience higher transaction costs. During this time, the Fund will not meet its investment goal and will experience significant tracking error. These circumstances could also have adverse tax, regulatory and/or other consequences to the Fund.

At March 31, 2025, the Franklin FTSE Russia ETF had 100% of its security holdings invested in securities with significant economic risk or exposure to Russia. The Valuation Committee determined that based on their analysis of the market and access to market participants, the Russian financial instruments held by the Fund had no value at March 31, 2025.

franklintempleton.com Annual Report 11

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

7. Plan of Liquidation

Russia's large-scale invasion of Ukraine on February 24, 2022 has led to economic sanctions on certain Russian individuals and Russian corporate and banking entities, the imposition of capital controls in Russia, and the closure of Russian securities markets. Previously, on March 1, 2022, the Fund suspended new creations of its shares in light of circumstances involving Russia and Ukraine and trading in the Fund was halted by the Fund's listing exchange, NYSE Arca, Inc. ("NYSE Arca"), prior to market open on March 4, 2022. All of the Fund's security holdings had significant economic risk or exposure to Russia. The Fund fair valued all Russian equity securities at $0 as of March 31, 2025, such securities continue to be fair valued at $0). Accordingly, as of March 31, 2025, the Fund's portfolio is comprised of Russian equity securities (currently fair valued at $0 as noted above) and USD cash.

On July 20, 2022, the Board of Trustees of the Trust (the "Board") unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the U.S. Securities and Exchange Commission ("SEC"). On December 23, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Fund completes the liquidation of its portfolio and distributes all its assets to remaining shareholders. The Fund was delisted from NYSE Arca effective December 27, 2022.

The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation. The Fund may make one or more liquidating distributions. It is possible that the liquidation of the Fund will take an extended period of time if circumstances involving Russian securities do not improve. While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund's investment goal and strategies. Additionally, the Fund's underlying index was discontinued effective February 28, 2024. Furthermore, because of the delisting of the Fund by NYSE Arca and the liquidation of the Fund, the Fund is no longer an exchange-traded fund. Upon payment of the final liquidating distribution, it is anticipated that the Fund will be terminated.

The Fund may be terminated at any time, at the discretion of the Board, even if not all of the Russian securities have been sold. Due to the uncertainty involved, there can be no assurance that shareholders will receive any liquidating distribution relating to any unsold Russian securities.

8. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund's financial instruments and are summarized in the following fair value hierarchy:

• Level
 1 – quoted prices in active markets for identical financial instruments

• Level
 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed,
 credit risk, etc.)

• Level
 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of financial instruments)

The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.

A summary of inputs used as of March 31, 2025, in valuing the Fund's assets and liabilities carried at fair value, is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| **Franklin FTSE Russia ETF** |  |  |  |  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities:<sup>a</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Investments<sup>b</sup> | $— | $— | $—<sup>c</sup> | &nbsp;&nbsp;&nbsp;$— |

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<sup>a</sup>For detailed categories, see the accompanying Schedule of Investments. <br> <sup>b</sup>Includes common and preferred stocks. <br> <sup>c</sup>Includes financial instruments determined to have no value.

12 Annual Report franklintempleton.com

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FRANKLIN TEMPLETON ETF TRUST

NOTES TO FINANCIAL STATEMENTS

9. New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while

eliminating certain outdated disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact of the ASU but does not expect it to have a material impact on the financial statements.

10. Operating Segments

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's portfolio holdings provide details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

11. Subsequent Events

The Fund has evaluated subsequent events through the issuance of these financial statements and determined that no events have occurred that require disclosure.

franklintempleton.com Annual Report 13

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[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

FRANKLIN TEMPLETON ETF TRUST

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Franklin FTSE Russia ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin FTSE Russia ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2025, the related statements of operations and cash flows for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of Matter**

As discussed in Note 7 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Fund, and management is in the process of executing its liquidation plan.

/s/PricewaterhouseCoopers LLP

San Francisco, California

May 21, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

14 Annual Report franklintempleton.com

------

[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

---

| | |
|:---|:---|
| **Changes In and Disagreements With Accountants** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Results of Meeting of Shareholders** | For the period covered in the report |

---

------

Not Applicable.

---

| | |
|:---|:---|
| **Remuneration Paid to Directors, Officers, and Others** | For the period covered in the report |

---

------

Not applicable. Remuneration paid to directors, officers and others is included as part of the all-inclusive management fee and not paid directly by the fund.

franklintempleton.com Annual Report 15

------

[**Table of Contents**](#JOB_FT_AR_97a120d1-a520-4dba-aa4b-39cd8c8228bb_TOC)

------

![](img3fb278e92.jpg)© 2025 Franklin Templeton Investments. All rights reserved.

FLRU-AFSOI 05/25

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially
 affected, or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](ftet-efp15781_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ftet-efp15781_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ftet-efp15781_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Templeton ETF Trust** | **Franklin Templeton ETF Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | May 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | May 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Vivek Pai |
|  | Vivek Pai |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | May 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of **Franklin Templeton ETF Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 29, 2025 | /s/ Christopher Kings |
|  |  | Christopher Kings |
|  |  | Chief Executive Officer - Finance and<br> Administration |

---

**<u>CERTIFICATIONS</u>**

I, Vivek Pai, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Templeton ETF Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 29, 2025 | /s/ Vivek Pai |
|  |  | Vivek Pai |
|  |  | Chief Financial Officer, Chief Accounting <br>Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Vivek Pai,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Templeton ETF Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Templeton ETF Trust | Franklin Templeton ETF Trust |
| /s/ Christopher Kings | /s/ Vivek Pai |
| Christopher Kings | Vivek Pai |
| Date: May 29, 2025 | Date: May 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.