# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0001133228-26-008743
**Filing Date:** 2026-6
**Character Count:** 4087063
**Document Hash:** d5b51be466b84fe49b0bac90dcecc81e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008743.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001133228-26-008743

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 325

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**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:** 261059486

**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 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            |

### 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 Booster Index ETF (Series ID: S000089400)

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

### Franklin Multisector Income ETF (Series ID: S000094328)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000262830 | Franklin Multisector Income ETF |  |

### Franklin Dividend Growth ETF (Series ID: S000094832)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000263376 | Franklin Dividend Growth ETF |  |

### Templeton International Insights ETF (Series ID: S000095580)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000264307 | Templeton International Insights ETF |  |

### Putnam International Stock ETF (Series ID: S000095581)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000264308 | Putnam International Stock ETF |  |

### FRANKLIN SMALL CAP ENHANCED ETF (Series ID: S000097279)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000266461 | FRANKLIN SMALL CAP ENHANCED ETF |  |

### Templeton Emerging Markets Debt ETF (Series ID: S000098522)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000268200 | Templeton Emerging Markets Debt ETF |  |

?xml version='1.0' encoding='ASCII'? 2026-04-201014012_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, 2026**

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](img448_202405131411777.jpg) |
| DIEM \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Emerging Market Core Dividend Tilt Index ETF for the period April 1, 2025, to March 31, 2026.

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 Emerging Market Core Dividend Tilt Index ETF | $22 | 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, 2026, Franklin Emerging Market Core Dividend Tilt Index ETF returned 30.30%. The Fund compares its performance to the Morningstar Emerging Markets Target Market Exposure Index-NR (the Parent Index)†, the Linked Morningstar Emerging Markets Target Market Exposure Index-NR††, the Morningstar Emerging Markets Dividend Enhanced Select Index-NR (the Underlying Index)††† and the Linked Morningstar Emerging Markets Dividend Enhanced Select Index-NR††††, which returned 28.11%, 28.11%, 30.84% and 30.84%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance include information technology, financials and energy. |
| ↑ | The individual holdings that contributed most to absolute performance include Taiwan Semiconductor Manufacturing, Samsung Electronics and Hyundai Motor Company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors which materially detracted from absolute performance. |
| ↓ | The individual holdings that detracted most from absolute performance include Info Sys, Meituan and Tata Consultancy Services. |

---

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 1 DIEM-ATSR-0526

------

**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 — 3/31/2026

![image](ts7121img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin Emerging Market Core Dividend Tilt Index ETF** **(NAV)**  | 30.30 | 6.86 | 7.06 |
| **Morningstar Emerging Markets Target Market Exposure** **Index-NR**<sup>†</sup>  | 28.11 | 3.95 | -- |
| **Linked Morningstar Emerging Markets Target Market** **Exposure Index-NR**<sup>††</sup>  | 28.11 | 3.46 | 8.18 |
| **Morningstar Emerging Markets Dividend Enhanced** **Select Index-NR**<sup>†††</sup>  | 30.84 | -- | -- |
| **Linked Morningstar Emerging Markets Dividend** **Enhanced Select Index-NR**<sup>††††</sup>  | 30.84 | 7.42 | 7.65 |

---

† The Morningstar Emerging Markets Target Market Exposure Index-NR did not commence calculation and publication until February 25, 2019.

†† The Linked Morningstar Emerging Markets Target Market Exposure Index-NR measures 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 Morningstar Emerging Markets Dividend Enhanced Select Index-NR did not commence calculation and publication until June 15, 2022.

†††† The Linked Morningstar Emerging Markets Dividend Enhanced Select Index-NR measures 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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $44347198 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 570 |
| **Total Management Fee Paid (based on a unitary fee)** | $48358 |
| **Portfolio Turnover Rate** | 61% |

---

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 2 DIEM-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7121img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Emerging Market Core Dividend Tilt Index ETF PAGE 3 DIEM-ATSR-0526

100001145513397123919844140351344412051135461500819555100001164414547134691108717561155651394615202162482081510000111161309612194972013926134511211013673152201991834.325.86.86.46.05.84.94.53.31.60.60.0 ------

---

| | |
|:---|:---|
| **Franklin International Core Dividend Tilt Index ETF**  | ![image](img448_202405131411777.jpg) |
| DIVI \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin International Core Dividend Tilt Index ETF for the period April 1, 2025, to March 31, 2026.

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 International Core Dividend Tilt Index 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, 2026, Franklin International Core Dividend Tilt Index ETF returned 25.59%. The Fund compares its performance to the Morningstar Developed Markets ex-North America Target Market Exposure Index-NR (the Parent Index)†, 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 (the Underlying Index)††† and the Linked Morningstar Developed Markets ex-North America Dividend Enhanced Select Index-NR††††, which returned 21.86%, 21.86%, 25.41% and 25.41%, 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, industrials and information technology. |
| ↑ | Individual holdings that contributed to absolute returns included ASML Holding NV, HSBC Holdings Plc and Advantest Corp. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance over the period. |
| ↓ | The individual holdings that detracted from absolute returns included Novo Nordisk A/S, SAP SE and Diageo Plc. |

---

Franklin International Core Dividend Tilt Index ETF PAGE 1 DIVI-ATSR-0526

------

**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 — 3/31/2026

![image](ts7073img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin International Core Dividend Tilt Index ETF (NAV)**  | 25.59 | 12.58 | 10.13 |
| **Morningstar Developed Markets ex-North America Target** **Market Exposure Index-NR**<sup>†</sup>  | 21.86 | 7.99 | -- |
| **Linked Morningstar Developed Markets ex-North** **America Target Market Exposure Index-NR**<sup>††</sup>  | 21.86 | 11.11 | 10.79 |
| **Morningstar Developed Markets ex-North America** **Dividend Enhanced Select Index-NR**<sup>†††</sup>  | 25.41 | -- | -- |
| **Linked Morningstar Developed Markets ex-North** **America Dividend Enhanced Select Index-NR**<sup>††††</sup>  | 25.41 | 12.61 | 10.39 |

---

† The Morningstar Developed Markets ex-North America Target Market Exposure Index-NR did not commence calculation and publication until June 10, 2019.

---

| | |
|:---|:---|
| †† | The Linked Morningstar Developed Markets ex-North America Target Market Exposure Index-NR measures the performance of the Fund's old primary benchmark, the MSCI Europe, Australasia and the Far East (EAFE) 100% Hedged to USD Index-NR, from inception through July 31, 2022, followed by the performance of the Parent Index thereafter. |

---

††† The Morningstar Developed Markets ex-North America Dividend Enhanced Select Index-NR did not commence calculation and publication until June 15, 2022.

---

| | |
|:---|:---|
| †††† | The Linked Morningstar Developed Markets ex-North America Dividend Enhanced Select Index-NR measures the performance of the Fund's old underlying index, LibertyQ International Equity Hedged Index-NR, from inception 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2256949401 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 427 |
| **Total Management Fee Paid (based on a unitary fee)** | $1637583 |
| **Portfolio Turnover Rate** | 27% |

---

Franklin International Core Dividend Tilt Index ETF PAGE 2 DIVI-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7073img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On August 1, 2025, 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 was added as a principal risk of the Fund.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Core Dividend Tilt Index ETF PAGE 3 DIVI-ATSR-0526

10000108301119212052111941427715866169071953220555258151000011979128261349912111166821786319117221342317728244100001101811423123701153314752164461756720263213022671627.016.09.68.27.87.15.65.24.84.72.31.7 ------

---

| | |
|:---|:---|
| **Franklin International Dividend Booster Index ETF**  | ![image](img448_202405131411777.jpg) |
| XIDV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin International Dividend Booster Index ETF (previously known as Franklin International Dividend Multiplier Index ETF) for the period April 1, 2025, to March 31, 2026.

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 International Dividend Booster Index ETF | $22 | 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, 2026, Franklin International Dividend Booster Index ETF returned 35.32%. The Fund compares its performance to VettaFi Developed World ex United States Index and the VettaFi New Frontier International Dividend Select Index, which returned 22.83% and 35.83%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute returns were financials, energy and utilities. |
| ↑ | Individual contributors that most contributed to absolute returns were Repsol SA, SITC International Holdings and ENGIE. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from absolute performance over the period was communication services. |
| ↓ | Individual contributors that most detracted from absolute returns were Renault SA, MGM China Holdings Limited and WPP Plc. |

---

Franklin International Dividend Booster Index ETF PAGE 1 XIDV-ATSR-0526

------

**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 Booster Index ETF** 

1/21/2025 — 3/31/2026

![image](ts7133img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/21/2025)** |
| **Franklin International Dividend Booster Index ETF (NAV)**  | 35.32 | 39.27 |
| **VettaFi Developed World ex United States Index**  | 22.83 | 22.13 |
| **VettaFi New Frontier International Dividend Select Index**  | 35.83 | 39.77 |

---

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 Booster 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 Booster Index ETF.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $60745500 |
| **Total Number of Portfolio Holdings** | 87 |
| **Total Management Fee Paid (based on a unitary fee)** | $70660 |
| **Portfolio Turnover Rate** | 66% |

---

Franklin International Dividend Booster Index ETF PAGE 2 XIDV-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7133img004.jpg)

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

† Certain categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the Fund's name was changed to Franklin International Dividend Booster Index ETF.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Dividend Booster Index ETF PAGE 3 XIDV-ATSR-0526

10000109571244313225141011482710000101131135211969125731242210000107711222713018138811463098.21.80.0 ------

---

| | |
|:---|:---|
| **Franklin U.S. Core Dividend Tilt Index ETF**  | ![image](img448_202405131411777.jpg) |
| UDIV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Core Dividend Tilt Index ETF for the period April 1, 2025, to March 31, 2026.

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 | $7 | 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, 2026, Franklin U.S. Core Dividend Tilt Index ETF returned 20.25%. The Fund compares its performance to the Morningstar US Target Market Exposure Index (the Parent Index)†, the Linked Morningstar US Target Market Exposure Index††, the Morningstar US Dividend Enhanced Select Index (the Underlying Index)††† and the Linked Morningstar US Dividend Enhanced Select Index††††, which returned 17.53%, 17.53%, 20.37% and 20.37%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance included information technology, communication services and financials. |
| ↑ | The individual holdings that contributed most to absolute performance included NVIDIA, Broadcom and Google. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | The individual holdings that detracted most from absolute performance were UnitedHealth Group, Accenture and Proctor & Gamble. |

---

Franklin U.S. Core Dividend Tilt Index ETF PAGE 1 UDIV-ATSR-0526

------

**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 — 3/31/2026

![image](ts7067img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin U.S. Core Dividend Tilt Index ETF (NAV)**  | 20.25 | 11.86 | 10.56 |
| **Morningstar US Target Market Exposure Index**<sup>†</sup>  | 17.53 | 11.54 | -- |
| **Linked Morningstar US Target Market Exposure Index**<sup>††</sup>  | 17.53 | 9.98 | 11.72 |
| **Morningstar US Dividend Enhanced Select Index**<sup>†††</sup>  | 20.37 | -- | -- |
| **Linked Morningstar US Dividend Enhanced Select** **Index**<sup>††††</sup>  | 20.37 | 11.94 | 10.59 |

---

† The Morningstar US Target Market Exposure Index did not commence calculation and publication until November 22, 2018.

†† The Linked Morningstar US Target Market Exposure Index measures 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 Morningstar US Dividend Enhanced Select Index did not commence calculation and publication until June 15, 2022.

†††† The Linked Morningstar US Dividend Enhanced Select Index measures 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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $105869699 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 289 |
| **Total Management Fee Paid (based on a unitary fee)** | $50196 |
| **Portfolio Turnover Rate** | 24% |

---

Franklin U.S. Core Dividend Tilt Index ETF PAGE 2 UDIV-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7067img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Dividend Tilt Index ETF PAGE 3 UDIV-ATSR-0526

10000109791173812150104071532017180157902016722313268321000011440131731348111984185901989818060235372545329915100001080411538119461022715043168691552419840219652644033.312.610.68.58.36.76.54.94.03.11.30.2 ------

---

| | |
|:---|:---|
| **Franklin U.S. Dividend Booster Index ETF**  | ![image](img448_202405131411777.jpg) |
| XUDV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Dividend Booster Index ETF (previously known as Franklin U.S. Dividend Multiplier Index ETF) for the period April 1, 2025, to March 31, 2026.

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. Dividend Booster Index 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, 2026, Franklin U.S. Dividend Booster Index ETF returned 19.12%. 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 18.09% and 19.32%, 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, information technology, and consumer discretionary. |
| ↑ | Individual holdings that contributed to absolute return included LyondellBasell Industries, Ford Motor Company, and Edison International. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors which materially detracted from absolute performance. |
| ↓ | Individual holdings that detracted from absolute return included Kraft Heinz Company, General Mills, and IonQ. |

---

Franklin U.S. Dividend Booster Index ETF PAGE 1 XUDV-ATSR-0526

------

**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 Booster Index ETF** 1/21/2025 — 3/31/2026

![image](ts7135img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/21/2025)** |
| **Franklin U.S. Dividend Booster Index ETF (NAV)**  | 19.12 | 13.20 |
| **VettaFi U.S. Equity Large-Cap 500 Index**  | 18.09 | 7.87 |
| **VettaFi New Frontier U.S. Dividend Select Index**  | 19.32 | 13.37 |

---

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 Booster 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 Booster Index ETF.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $59319472 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 98 |
| **Total Management Fee Paid (based on a unitary fee)** | $35805 |
| **Portfolio Turnover Rate** | 65% |

---

Franklin U.S. Dividend Booster Index ETF PAGE 2 XUDV-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7135img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the Fund's name was changed to Franklin U.S. Dividend Booster Index ETF.

On August 1, 2025, the Fund's principal investment strategies were revised to reflect the Underlying Index's (and therefore the Fund's) decreased exposure to the financial services sector.

Related risk disclosure was removed from the Fund's principal risks.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Dividend Booster Index ETF PAGE 3 XUDV-ATSR-0526

10000972810157107291076511588100009270103301116511441109471000098971033610922109621180925.213.710.310.39.48.27.66.64.63.90.2 ------

---

| | |
|:---|:---|
| **Franklin U.S. Large Cap Multifactor Index ETF**  | ![image](img448_202405131411777.jpg) |
| FLQL \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Large Cap Multifactor Index ETF for the period April 1, 2025, to March 31, 2026.

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. Large Cap Multifactor Index ETF | $17 | 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, 2026, Franklin U.S. Large Cap Multifactor Index ETF returned 21.27%. The Fund compares its performance to the Russell 1000 Index and the LibertyQ U.S. Large Cap Equity Index, which returned 17.74% and 21.49%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were information technology, communication services, and industrials. |
| ↑ | The Individual holdings that contributed most to absolute performane were NVIDIA, Broadcom, and Google. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors which materially detracted from absolute performance. |
| ↓ | The individual holdings that detracted most from absolute returns were Netflix, Visa, and Abbott Laboratories. |

---

Franklin U.S. Large Cap Multifactor Index ETF PAGE 1 FLQL-ATSR-0526

------

**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 — 3/31/2026

![image](ts7065img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/26/2017)** |
| **Franklin U.S. Large Cap Multifactor Index ETF (NAV)**  | 21.27 | 12.83 | 13.51 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.19 |
| **Russell 1000 Index**  | 17.74 | 11.34 | 13.55 |
| **LibertyQ U.S. Large Cap Equity Index**  | 21.49 | 12.99 | 13.70 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1732200718 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 212 |
| **Total Management Fee Paid (based on a unitary fee)** | $2394760 |
| **Portfolio Turnover Rate** | 52% |

---

Franklin U.S. Large Cap Multifactor Index ETF PAGE 2 FLQL-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7065img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective December 30, 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.

In connection with this change, 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, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Large Cap Multifactor Index ETF PAGE 3 FLQL-ATSR-0526

1000011384127471143716952193571823723831255583099510000112621224911131180922024918512239342566230303100001127912328113381820820624188932453626455311491000011454128591155817155196121850024208260023158932.312.011.411.110.210.24.82.72.11.81.10.3 ------

---

| | |
|:---|:---|
| **Franklin U.S. Mid Cap Multifactor Index ETF**  | ![image](img448_202405131411777.jpg) |
| FLQM \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Mid Cap Multifactor Index ETF for the period April 1, 2025, to March 31, 2026.

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. Mid Cap Multifactor Index ETF | $31 | 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, 2026, Franklin U.S. Mid Cap Multifactor Index ETF returned 5.33%. The Fund compares its performance to the Russell Midcap Index and the LibertyQ U.S. Mid Cap Equity Index, which returned 15.98% and 5.64%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were industrials, health care and consumer discretionary. |
| ↑ | Individual holdings that contributed most to absolute performance were Tapestry, Cummins, and United Therapeutics. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The information technology and consumer staples sectors detracted most from relative returns. |
| ↓ | Individual holdings that detracted most from absolute performance were Gartner, GoDaddy, and Paychex. |

---

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 1 FLQM-ATSR-0526

------

**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 — 3/31/2026

![image](ts7063img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/26/2017)** |
| **Franklin U.S. Mid Cap Multifactor Index ETF (NAV)**  | 5.33 | 7.54 | 10.46 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.19 |
| **Russell Midcap Index**  | 15.98 | 7.26 | 10.15 |
| **LibertyQ U.S. Mid Cap Equity Index**  | 5.64 | 7.84 | 10.77 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1674981799 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 203 |
| **Total Management Fee Paid (based on a unitary fee)** | $5060769 |
| **Portfolio Turnover Rate** | 25% |

---

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 2 FLQM-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7063img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective December 30, 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.

In connection with this change, 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, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Mid Cap Multifactor Index ETF PAGE 3 FLQM-ATSR-0526

100001100912211101961689418784183762297823072243001000011262122491113118092202491851223934256623030310000111341185496841681617979164002006520586238751000011099123481033417176191481877723554237162505520.318.115.412.59.38.25.93.93.32.10.90.1 ------

---

| | |
|:---|:---|
| **Franklin U.S. Small Cap Multifactor Index ETF**  | ![image](img448_202405131411777.jpg) |
| FLQS \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Small Cap Multifactor Index ETF for the period April 1, 2025, to March 31, 2026.

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. Small Cap Multifactor Index ETF | $37 | 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, 2026, Franklin U.S. Small Cap Multifactor Index ETF returned 10.14%. The Fund compares its performance to the Russell 2000 Index and the LibertyQ U.S. Small Cap Equity Index, which returned 25.72% and 10.52%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were industrials, consumer discretionary and financials. |
| ↑ | Individual holdings that contributed most to absolute performance were Rambus, Viavi Solutions and Primoris Services. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The health care and communications services sectors detracted most from absolute performance. |
| ↓ | Individual holdings that detracted most from absolute performance were Corcept Therapeutics, Commvault Systems, and SPS Commerce. |

---

Franklin U.S. Small Cap Multifactor Index ETF PAGE 1 FLQS-ATSR-0526

------

**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 — 3/31/2026

![image](ts7062img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/26/2017)** |
| **Franklin U.S. Small Cap Multifactor Index ETF (NAV)**  | 10.14 | 4.62 | 7.46 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.19 |
| **Russell 2000 Index**  | 25.72 | 3.77 | 7.98 |
| **LibertyQ U.S. Small Cap Equity Index**  | 10.52 | 4.95 | 7.81 |

---

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

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/exchange-traded-funds.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $47012405 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 482 |
| **Total Management Fee Paid (based on a unitary fee)** | $202964 |
| **Portfolio Turnover Rate** | 23% |

---

Franklin U.S. Small Cap Multifactor Index ETF PAGE 2 FLQS-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7062img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective December 30, 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.

In connection with this change, 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, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Small Cap Multifactor Index ETF PAGE 3 FLQS-ATSR-0526

1000010634111708396151751517814539175321726519015100001126212249111311809220249185122393425662303031000011058112858578167131574613919166621599420109100001078811361856115533155791496118110178981978118.815.914.813.210.76.06.05.54.92.11.90.2 ------

---

| | |
|:---|:---|
| **Franklin Disruptive Commerce ETF**  | ![image](img448_202405131411777.jpg) |
| BUYZ \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Disruptive Commerce ETF for the period April 1, 2025, to March 31, 2026.

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 | $48 | 0.50% |

---

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

For the twelve months ended March 31, 2026, Franklin Disruptive Commerce ETF returned -6.04%. The Fund compares its performance to the Russell 3000 Index, which returned 18.09% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Information technology (IT) sector led with absolute gains that were concentrated in Shopify (IT services industry), as well as AppLovin and Life360 (software). E-commerce platform provider Shopify—the Fund's second-largest holding—rose on improving profitability and margins, strong merchant subscriber growth, and investor optimism around its streamlined cost structure and expanding ecosystem. |
| ↑ | In consumer staples, absolute returns were boosted by Costco Wholesale and Walmart, both of which are large, value-oriented retailers with strong grocery exposure and loyal customer bases. Their shares rose as cost-conscious consumers traded down amid historically elevated inflation, driving resilient sales and steady earnings growth. Walmart continued to grow its e-commerce business with faster delivery, expanded marketplace offerings, and improved fulfillment capabilities, helping it gain online share and compete more effectively with Amazon. |
| ↑ | Alphabet (Google) also contributed to absolute performance and was a major outlier to the upside in the interactive media and services industry, backed by strong advertising growth, improving cost discipline, and investor enthusiasm around its leadership in artificial intelligence. Other key contributors included Netflix in entertainment, eBay and Amazon.com in broadline retail, and Carvana in specialty retail. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Core portfolio holdings were negatively impacted by higher interest rates, which compressed valuations and detracted from absolute performance for many growth-oriented e-commerce and fintech companies. At the same time, slowing consumer spending and normalization after pandemic-era demand weighed on revenue growth. Together, these macroeconomic pressures led investors to rotate away from higher-risk, long-duration growth stocks. |
| ↓ | Most consumer discretionary sector holdings (covering about 41% of the portfolio) traded lower and detracted from absolute performance, including key e-commerce detractors Sea, Alibaba Group Holding and MercadoLibre. Holdings in the hotels, restaurants and leisure industry also declined overall, with "last mile" delivery platform specialist DoorDash trading lower as investors reacted to slowing order growth and continued profitability concerns amid a more price-sensitive consumer environment. |
| ↓ | Fintech companies also detracted from absolute performance as cloud-based transaction and digital payments specialists such as Affirm Holdings, Toast, Adyen and Visa generally declined as the tougher consumer spending backdrop pressured payment volumes and weighed on valuations across digital commerce. |

---

Franklin Disruptive Commerce ETF PAGE 1 BUYZ-ATSR-0526

------

**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 — 3/31/2026

![image](ts7125img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/25/2020)** |
| **Franklin Disruptive Commerce ETF (NAV)**  | -6.04 | -7.99 | 4.38 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.94 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $6437551 |
| **Total Number of Portfolio Holdings** | 56 |
| **Total Management Fee Paid (based on a unitary fee)** | $39886 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7125img004.jpg)

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

Franklin Disruptive Commerce ETF PAGE 2 BUYZ-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Disruptive Commerce ETF PAGE 3 BUYZ-ATSR-0526

1000085281968412482969313014138181298310000862514018156891434318545198832347940.917.115.79.37.57.52.0 ------

---

| | |
|:---|:---|
| **Franklin Dividend Growth ETF**  | ![image](img448_202405131411777.jpg) |
| FRIZ \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Dividend Growth ETF for the period August 28, 2025, to March 31, 2026.

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 Dividend Growth ETF<sup>1</sup>  | $29 | 0.49% |

---

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

---

| | |
|:---|:---|
| 1 | Amounts are for the period August 28, 2025, through March 31, 2026. 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 August 28, 2025, to March 31, 2026, Franklin Dividend Growth ETF returned -0.93%. The Fund compares its performance to the NASDAQ US Broad Dividend Achievers Index, which returned 4.20% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Convenience fuel retailer Casey's General Stores outperformed due to resilient consumer demand, record earnings growth, margin expansion from foodservice strength, and S&P 500 inclusion, which boosted investor demand. |
| ↑ | Renewable electric utility NextEra Energy's outperformance was driven by strong regulated utility earnings, rapid renewable backlog growth and data-center power demand. |
| ↑ | Industrial motion controls manufacturer Parker-Hannifin had a positive impact on booming aerospace demand, margin expansion, earnings beats, raised guidance and early signs of industrial recovery. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Enterprise software giant Microsoft underperformed as heavy artificial intelligence (AI) capital spending, margin pressure and valuation concerns outweighed strong revenue growth and dividend stability. |
| ↓ | Vertical software conglomerate Roper Technologies lagged due to weaker guidance, slower organic growth in key units, and earnings resets. |
| ↓ | Alternative asset manager Apollo Global Management underperformed amid private credit liquidity fears, fund redemption caps, and heightened regulatory and credit-cycle concerns. |

---

Franklin Dividend Growth ETF PAGE 1 47537-ATSR-0526

------

**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 Dividend Growth ETF** 8/28/2025 — 3/31/2026

![image](ts7140img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/28/2025)** |
| **Franklin Dividend Growth ETF (NAV)**  | -0.93 |
| **S&P 500 Index**  | 32.64 |
| **NASDAQ US Broad Dividend Achievers Index**  | 4.20 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4928124 |
| **Total Number of Portfolio Holdings** | 42 |
| **Total Management Fee Paid (based on a unitary fee)** | $14711 |
| **Portfolio Turnover Rate** | 10% |

---

Franklin Dividend Growth ETF PAGE 2 47537-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7140img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Dividend Growth ETF PAGE 3 47537-ATSR-0526

100009976101191010710368102791039110451990710000100001036510608106341064010794107121017910000100001027010289105381046710732109831044221.818.115.510.510.38.14.84.53.82.6 ------

---

| | |
|:---|:---|
| **Franklin Dynamic Municipal Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLMI \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Dynamic Municipal Bond ETF for the period April 1, 2025, to March 31, 2026.

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 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, 2026, Franklin Dynamic Municipal Bond ETF returned 5.63%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 4.49% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AAA rated bonds. |
| ↑ | Overweight allocation to non-rated bonds. |
| ↑ | Yield curve contributions, including an overweight to bonds with 20 years to maturity. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to A rated bonds. |
| ↓ | Overweight to bonds with 20 years to maturity. |
| ↓ | Underweight to bonds with 2 years to maturity. |

---

Franklin Dynamic Municipal Bond ETF PAGE 1 FLMI-ATSR-0526

------

**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 — 3/31/2026

![image](ts7123img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(8/31/2017)** |
| **Franklin Dynamic Municipal Bond ETF (NAV)**  | 5.63 | 2.21 | 2.88 |
| **Bloomberg Municipal Bond Index**  | 4.29 | 0.84 | 2.08 |
| **Bloomberg Municipal 1-15 Year Index**  | 4.49 | 1.17 | 2.07 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1883385478 |
| **Total Number of Portfolio Holdings** | 1210 |
| **Total Management Fee Paid (based on a unitary fee)** | $3244997 |
| **Portfolio Turnover Rate** | 34% |

---

Franklin Dynamic Municipal Bond ETF PAGE 2 FLMI-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7123img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2025, Garrett L. Hamilton was added as a portfolio manager of the Fund.

This is a summary of a certain change to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Dynamic Municipal Bond ETF PAGE 3 FLMI-ATSR-0526

10000984710339105051143311010109201161612076127571000099131044610848114461093410963113051144311934100009878103811072411251107781095111238114151192729.513.312.712.78.06.86.73.73.71.51.00.2 ------

---

| | |
|:---|:---|
| **Franklin Exponential Data ETF**  | ![image](img448_202405131411777.jpg) |
| XDAT \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Exponential Data ETF for the period April 1, 2025, to March 31, 2026.

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 | $48 | 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, 2026, Franklin Exponential Data ETF returned -5.98%. The Fund compares its performance to the Russell 3000 Index, which returned 18.09% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Interactive media and services stocks contributed to absolute returns, led by an exceptional return for Alphabet (Google). The stock surged on a rebound in digital advertising demand, strong operating leverage from cost discipline, and expanding margins that boosted earnings growth. It was further propelled by investor enthusiasm around Google's artificial intelligence (AI) leadership and monetization opportunities across Search, Cloud, and other platforms. |
| ↑ | An overall decline in the information technology (IT) sector (averaging roughly 67% of total net assets) was kept in check by some outliers to the upside which contributed to absolute performance, including Cloudflare in IT services; Arista Networks in communications equipment; and CrowdStrike Holdings, AppLovin, Confluent (sold by period-end) and Life360 in software. Cloud-based network security platform provider Cloudflare, the Fund's largest absolute contributor, rose sharply on accelerating enterprise demand, improving margins and operating leverage, and strong investor enthusiasm for its expanding role in AI infrastructure, cybersecurity, and edge computing. |
| ↑ | Elsewhere in the portfolio, streaming entertainment services provider Netflix advanced and contributed to absolute performance, as did key contributor Equinix in the specialized REITs (real estate investment trusts) industry. Equinix, a data center-focused company providing colocation and interconnection services for global digital infrastructure, rallied on elevated demand for data center capacity driven by cloud and AI workloads, resulting in steady recurring revenue growth throughout the period under review. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Software industry holdings covered about half the portfolio and declined dramatically detracting from absolute performance in the latter half of the period, which translated into overall losses for most holdings, including key detractors Monday.com, Oracle (purchased during the period), Fair Isaac, Trend Micro, Zscaler and GitLab. Data-oriented software companies lagged as elevated interest rates compressed high-growth valuations just as enterprise customers tightened spending and optimized existing data stacks, while surging AI investment shifted budgets toward infrastructure and hyperscalers, intensifying competition and raising doubts about near-term revenue growth for standalone data platforms. |
| ↓ | All seven data-centric positions in the capital markets industry detracted from absolute performance, including large losses for digital trading platform providers such as Robinhood Markets and Coinbase Global, whose revenues are closely tied to transaction activity in volatile asset classes like cryptocurrencies and equities. They sold off amid regulatory uncertainty, and because trading volumes and crypto prices weakened, reducing their transaction-based revenues. |
| ↓ | China-based companies such as Tencent Holdings and Alibaba Group Holding detracted from absolute performance with sustained significant losses as persistent regulatory scrutiny, a weak domestic economy and consumer slowdown, and ongoing geopolitical tensions—including concerns over U.S.-China relations and potential delisting risks—undermined investor confidence and pressured growth expectations. |

---

Franklin Exponential Data ETF PAGE 1 XDAT-ATSR-0526

------

**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 — 3/31/2026

![image](ts7118img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(1/12/2021)** |
| **Franklin Exponential Data ETF (NAV)**  | -5.98 | -2.00 | -3.20 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 11.28 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $3160115 |
| **Total Number of Portfolio Holdings** | 69 |
| **Total Management Fee Paid (based on a unitary fee)** | $20045 |
| **Portfolio Turnover Rate** | 31% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7118img004.jpg)

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

Franklin Exponential Data ETF PAGE 2 XDAT-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Exponential Data ETF PAGE 3 XDAT-ATSR-0526

100009336911267449084897584381000010682119561093014132151521789257.328.04.12.52.41.20.44.1 ------

---

| | |
|:---|:---|
| **Franklin Focused Growth ETF**  | ![image](img448_202405131411777.jpg) |
| FFOG \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Focused Growth ETF for the period April 1, 2025, to March 31, 2026.

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 | $60 | 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, 2026, Franklin Focused Growth ETF returned 17.50%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 18.81% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stong absolute returns were driven by semiconductor and semiconductor equipment stocks such as NVIDIA, Broadcom and Taiwan Semiconductor Manufacturing, backed by surging demand tied to artificial intelligence (AI) and data center buildouts, easing inventory corrections, accelerating profits and expectations of improving end-market growth. |
| ↑ | Mixed results in the software industry contributed to absolute performance buoyed by overall contributions from Microsoft, AppLovin, Cadence Design Systems and ServiceNow (sold by period-end) foremost. AppLovin was an outlier to the upside, driven by strong revenue and margin growth from its high-performing AXON AI advertising engine, improving profitability and cash flow, and investor enthusiasm for its expanding role in AI-powered ad optimization despite broader volatility in software stocks. |
| ↑ | Select consumer discretionary sector stocks fared well and contributed to absolute performance, including the Fund's large positions in Amazon.com and Tesla. In the interactive media and services industry, tech giants Alphabet (Google) and Meta Platforms were also notable absolute contributors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Most financials sector holdings depreciated and detracted from absolute performance, including key detractors, Tradeweb Markets (capital markets; sold by period-end) and Affirm Holdings (financial services; bought and sold during the period). Aerospace and defense companies such as Kratos Defense & Security Solutions (purchased during the period) also fared poorly as elevated interest rates weighed on valuations; investor rotation favored larger, more established defense primes over smaller, higher-growth names; and concerns about uneven contract timing, budget visibility, and execution risks pressured sentiment. |
| ↓ | Health care sector holdings detracted from absolute performance, as gains in the biotechnology and pharmaceuticals industry were countered by overall declines in health care technology, health care equipment and supplies, and life sciences tools and services, where Thermo Fisher Scientific shed about one-fifth of its equity value before it was completely sold. |
| ↓ | The rest of the major detractors to absolute performance were scattered across different industries and held for only a portion of the period under review, including Roblox (bought and sold during the period) in entertainment; Constellation Software (bought and sold during the period) in software; Carvana (purchased during the period) in specialty retail; Apple (purchased during the period) in technology hardware, storage and peripherals; and Snowflake (bought and sold during the period) in information technology (IT) services. |

---

Franklin Focused Growth ETF PAGE 1 FFOG-ATSR-0526

------

**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 — 3/31/2026

![image](ts7116img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(4/13/2016)** |
| **Franklin Focused Growth ETF (NAV)**  | 17.50 | 8.50 | 16.17 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 19.73 |
| **Russell 1000 Growth Index**  | 18.81 | 12.76 | 16.77 |

---

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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $207097867 |
| **Total Number of Portfolio Holdings** | 41 |
| **Total Management Fee Paid (based on a unitary fee)** | $970658 |
| **Portfolio Turnover Rate** | 37% |

---

Franklin Focused Growth ETF PAGE 2 FFOG-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7116img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Focused Growth ETF PAGE 3 FFOG-ATSR-0526

10000116821497417152177972961829694249933682737902445351000011734133551452613200214542401221952283823043135935100001168214165159711611726229301572687037348402474781855.114.914.36.84.33.30.80.5 ------

---

| | |
|:---|:---|
| **Franklin Genomic Advancements ETF**  | ![image](img448_202405131411777.jpg) |
| HELX \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Genomic Advancements ETF for the period April 1, 2025, to March 31, 2026.

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 | $56 | 0.50% |

---

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

For the twelve months ended March 31, 2026, Franklin Genomic Advancements ETF returned 22.84%. The Fund compares its performance to the Russell 3000 Index, which returned 18.09% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Biotechnology and pharmaceuticals stocks, led by key absolute contributors Insmed, United Therapeutics, Natera, BridgeBio Pharma, Exact Sciences (sold by period-end), Alnylam Pharmaceuticals, Ligand Pharmaceuticals and AstraZeneca. In general, both industries rallied on a combination of renewed investor appetite for defensive growth, strong drug pipelines, regulatory approvals, and company-specific drug development successes. |
| ↑ | To a lesser extent, select health care services stocks contributed to absolute performance such as Guardant Health, which more than doubled in value; and life sciences tools and services industry stocks such as Medpace Holdings and Adaptive Biotechnologies. |
| ↑ | A solitary position in the fertilizers and agricultural chemicals industry also contributed to absolute performance, where a major agricultural biotech company that provides genetically engineered crop seeds, conventional and hybrid (non-GMO) seeds, crop protection products and digital farming solutions rallied strongly. The company made progress using artificial intelligence across its operations, applying it to existing genetic modification and gene editing (e.g., CRISPR) tools and techniques alongside traditional breeding methods. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Health care technology industry holdings detracted from absolute performance, where Doximity was a standout detractor. The Fund eliminated positions in all three related stocks by period-end. |
| ↓ | Mixed results in the biotech industry, where overall gains were reduced by a host of absolute detractors, including Vertex Pharmaceuticals, Ultragenyx Pharmaceutical, Sarepta Therapeutics (sold by period-end), BioMarin Pharmaceutical (sold by period-end), Recursion Pharmaceuticals and Twist Bioscience. |
| ↓ | Mixed results in the health care services industry, where the downside was anchored by a substantial selloff in GeneDx Holdings, a genomic testing company specializing in genetic diagnostics for rare diseases and inherited conditions. The company's ongoing losses, cash burn, reimbursement and pricing pressures in genetic testing, and uncertainty around the pace of revenue growth and path to sustained profitability weighed on sentiment and detracted from absolute performance. |

---

Franklin Genomic Advancements ETF PAGE 1 HELX-ATSR-0526

------

**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 — 3/31/2026

![image](ts7078img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/25/2020)** |
| **Franklin Genomic Advancements ETF (NAV)**  | 22.84 | -5.15 | 4.79 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.94 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $21448484 |
| **Total Number of Portfolio Holdings** | 61 |
| **Total Management Fee Paid (based on a unitary fee)** | $85277 |
| **Portfolio Turnover Rate** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7078img004.jpg)

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

Franklin Genomic Advancements ETF PAGE 2 HELX-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Genomic Advancements ETF PAGE 3 HELX-ATSR-0526

10000903217325148541220513152108281330110000862514018156891434318545198832347996.52.80.7 ------

---

| | |
|:---|:---|
| **Franklin High Yield Corporate ETF**  | ![image](img448_202405131411777.jpg) |
| FLHY \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Corporate ETF for the period April 1, 2025, to March 31, 2026.

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 High Yield Corporate ETF | $42 | 0.40% |

---

\* 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, 2026, Franklin High Yield Corporate ETF returned 8.05%. The Fund compares its performance to the ICE BofA U.S. High Yield Constrained Index, which returned 6.90% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in the energy sector |
| ↑ | Ratings-quality tilt, primarily favoring Ca, C and Ba-rated bonds |
| ↑ | security selection in the technology sector |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in the chemicals sector |
| ↓ | Underweight positioning and security selection in the wired sector |
| ↓ | Yield curve positioning |

---

Franklin High Yield Corporate ETF PAGE 1 FLHY-ATSR-0526

------

**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 — 3/31/2026

![image](ts7077img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/30/2018)** |
| **Franklin High Yield Corporate ETF (NAV)**  | 8.05 | 4.64 | 5.83 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | 1.98 |
| **ICE BofA U.S. High Yield Constrained Index**  | 6.90 | 4.20 | 5.09 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $867461452 |
| **Total Number of Portfolio Holdings** | 268 |
| **Total Management Fee Paid (based on a unitary fee)** | $2685741 |
| **Portfolio Turnover Rate** | 36% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7077img004.jpg)

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

† Certain categories may represent less than 0.1%.

Franklin High Yield Corporate ETF PAGE 2 FLHY-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Corporate ETF PAGE 3 FLHY-ATSR-0526

1000010707101581242212337120071346314427155881000010452113861146610990104651064211162116471000010525973912001119661153712814137871473895.20.20.20.20.20.00.04.0 ------

---

| | |
|:---|:---|
| **Franklin Income Equity Focus ETF**  | ![image](img448_202405131411777.jpg) |
| INCE \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Income Equity Focus ETF for the period April 1, 2025, to March 31, 2026.

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 Income Equity Focus ETF | $32 | 0.29% |

---

\* 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, 2026, Franklin Income Equity Focus ETF returned 21.01%. The Fund compares its performance to the MSCI USA High Dividend Yield Index and the S&P 500 Index, which returned 13.33% and 17.80%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Information technology (IT), industrials, and materials sectors led absolute performance during the period. |
| ↑ | On an individual issuer basis, returns were driven by Albemarle, Exxon Mobil, and Analog Devices. |
| ↑ | Relative returns benefited from stock selection within the materials and IT sectors, in addition to selection and an underweight allocation among health care securities. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Within the Fund's equity allocation, returns were hindered by the consumer discretionary sector. |
| ↓ | UnitedHealth Group, Procter & Gamble, and Comcast were among the Fund's leading detractors. |
| ↓ | Stock selection and underweight positioning within the energy sector weakened relative performance. |

---

Franklin Income Equity Focus ETF PAGE 1 INCE-ATSR-0526

------

**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 — 3/31/2026

![image](ts7064img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(9/20/2016)** |
| **Franklin Income Equity Focus ETF (NAV)**  | 21.01 | 11.31 | 13.07 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.79 |
| **MSCI USA High Dividend Yield Index**  | 13.33 | 9.00 | 10.15 |
| **S&P 500 Index**  | 17.80 | 12.07 | 14.33 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $113154213 |
| **Total Number of Portfolio Holdings** | 47 |
| **Total Management Fee Paid (based on a unitary fee)** | $290203 |
| **Portfolio Turnover Rate** | 69% |

---

Franklin Income Equity Focus ETF PAGE 2 INCE-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7064img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Income Equity Focus ETF PAGE 3 INCE-ATSR-0526

100001084012257140941314518865215022102424816266353223110000110191254213641123962014722550206152665428578337461000010838120101326511558160921793117395202412184624758100001101212553137451278619991231192133227706299933533334.310.89.69.37.96.45.75.33.32.72.02.7 ------

---

| | |
|:---|:---|
| **Franklin Income Focus ETF**  | ![image](img448_202405131411777.jpg) |
| INCM \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Income Focus ETF for the period April 1, 2025, to March 31, 2026.

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 Income Focus ETF | $40 | 0.37% |

---

\* 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, 2026, Franklin Income Focus ETF returned 13.65%. The Fund compares its performance to the Blended Benchmark†, which returned 9.65% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care, industrials, and consumer discretionary sectors led absolute fixed income performance. Community Health Systems was a top contributor within health care, while U.S. Treasuries (USTs) and Venture Global Partners II also assisted returns during the period. |
| ↑ | Among equities, returns were driven by the materials, industrials, and energy sectors. On an individual issuer basis, Albemarle, Johnson & Johnson, and Exxon Mobil added value. |
| ↑ | Underweight fixed income allocation to USTs and security selection among industrials assisted relative results. Meanwhile, equity returns benefited from selection within the materials and financials sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, Coreweave was a slight detractor within the information technology (IT) sector. |
| ↓ | Consumer discretionary stocks modestly weighed on equity performance during the period. By issuer, Procter & Gamble, Qualcomm, and Accenture hindered results. |
| ↓ | Relative fixed income returns were weakened by selection within the health care sector. As for equities, selection among energy stocks and an overweight allocation to the IT sector detracted from relative returns. |

---

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

The Fund utilized equity-linked notes to generate investment income for the portfolio while maintaining prospects for capital appreciation, as well as equity call and put options to sell and reduce positions and/or initiate and add to positions. In aggregate, these derivatives contributed to performance.

Franklin Income Focus ETF PAGE 1 INCM-ATSR-0526

------

**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 — 3/31/2026

![image](ts7076img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(6/6/2023)** |
| **Franklin Income Focus ETF (NAV)**  | 13.65 | 10.61 |
| **Russell 3000 Index**  | 18.09 | 17.32 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 4.22 |
| **Blended Benchmark**<sup>†</sup>  | 9.65 | 10.32 |

---

† 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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1370474881 |
| **Total Number of Portfolio Holdings** | 301 |
| **Total Management Fee Paid (based on a unitary fee)** | $3368092 |
| **Portfolio Turnover Rate** | 42% |

---

Franklin Income Focus ETF PAGE 2 INCM-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7076img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Income Focus ETF PAGE 3 INCM-ATSR-0526

1000010100982710606108401092411627113351169112011124721279013287100001000096751084311929123131307913424127901419615356157251510310000100009677103371025610263107961046610757108871110811230112251000010318101371092211376113131214911807121821235812829129951335828.927.020.57.85.54.50.45.4 ------

---

| | |
|:---|:---|
| **Franklin Intelligent Machines ETF**  | ![image](img448_202405131411777.jpg) |
| IQM \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Intelligent Machines ETF for the period April 1, 2025, to March 31, 2026.

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 Intelligent Machines ETF | $64 | 0.50% |

---

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

For the twelve months ended March 31, 2026, Franklin Intelligent Machines ETF returned 55.55%. The Fund compares its performance to the Russell 3000 Index, which returned 18.09% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Widespread absolute gains across 17 out of 19 industry allocations, led by semiconductor and semiconductor equipment stocks such as NVIDIA, Broadcom, Taiwan Semiconductor Manufacturing and Teradyne. Teradyne and several other semiconductor holdings more than doubled in value on surging demand tied to artificial intelligence (AI) and data center buildouts, easing inventory corrections, and expectations of improving end-market growth. |
| ↑ | Most of the holdings in the electrical equipment; and electronic equipment, instruments and components industries rallied along with semiconductor stocks amid the spike in global data center and power demand for large AI and cloud computing infrastructure projects. When combined, electrical equipment stocks rose more than 200%, led by key absolute contributors GE Vernova, while Celestica and Amphenol contributed to an absolute gain of more than 100% among makers of electronic instruments and components. |
| ↑ | High-tech construction and engineering firms like Quanta Services added solidly to overall absolute gains, as did aerospace and defense holdings such as Kratos Defense & Security Solutions. Select automobile and component companies also posted strong absolute gains, including electric vehicle (EV) manufacturer Tesla, which also benefited from rising demand for its battery storage and solar solutions. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Most of the key individual detractors reduced overall absolute gains in the information technology (IT) sector and were not held for the entire period under review. These included newly purchased positions in SK Hynix and Advantest in semiconductors; Coherent in electronic equipment, instruments and components; Everpure in technology hardware, storage and peripherals; and both CoreWeave and Cloudflare in IT services, all of which had been viewed as opportunities for the longer term. |
| ↓ | The Fund also eliminated a few holdings that fell sharply, including key absolute detractors Oracle (bought and sold during the period), and Aurora Innovation. |
| ↓ | In the automobiles industry, BYD (purchased during the period) was the sole absolute detractor. Shares of BYD, a Chinese manufacturer of EVs, batteries, and renewable energy equipment, declined as intensifying EV price competition in China pressured margins, while slowing demand growth and investor concerns about profitability weighed on sentiment. |

---

Franklin Intelligent Machines ETF PAGE 1 IQM-ATSR-0526

------

**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 — 3/31/2026

![image](ts7075img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/25/2020)** |
| **Franklin Intelligent Machines ETF (NAV)**  | 55.55 | 15.37 | 23.02 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.94 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $74997207 |
| **Total Number of Portfolio Holdings** | 86 |
| **Total Management Fee Paid (based on a unitary fee)** | $246412 |
| **Portfolio Turnover Rate** | 33% |

---

Franklin Intelligent Machines ETF PAGE 2 IQM-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7075img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Intelligent Machines ETF PAGE 3 IQM-ATSR-0526

10000826817298185551769723384227313535910000862514018156891434318545198832347961.324.77.23.12.51.2 ------

---

| | |
|:---|:---|
| **Franklin International Aggregate Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLIA \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin International Aggregate Bond ETF for the period April 1, 2025, to March 31, 2026.

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 International Aggregate Bond ETF | $25 | 0.25% |

---

\* 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, 2026, Franklin International Aggregate Bond ETF returned 2.58%. The Fund compares its performance to the Bloomberg Global Aggregate ex-USD Index Hedged USD, which returned 2.77% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Duration positioning in Japanese bonds |
| ↑ | Duration positioning in South Korean bonds |
| ↑ | Security selection in Italian government bonds |

---

---

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

---

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

The Fund utilized currency forwards to hedge the portfolio, as it is benchmarked against a U.S.-dollar-hedged index, which detracted from performance.

Franklin International Aggregate Bond ETF PAGE 1 FLIA-ATSR-0526

------

**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 — 3/31/2026

![image](ts7074img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/30/2018)** |
| **Franklin International Aggregate Bond ETF (NAV)**  | 2.58 | 0.72 | 1.06 |
| **Bloomberg Global Aggregate Index**  | 4.26 | -1.46 | 0.46 |
| **Bloomberg Global Aggregate ex-USD Index Hedged USD**  | 2.77 | 1.13 | 2.22 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $716193587 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 59 |
| **Total Management Fee Paid (based on a unitary fee)** | $1664069 |
| **Portfolio Turnover Rate** | 32% |

---

Franklin International Aggregate Bond ETF PAGE 2 FLIA-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7074img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective February 26, 2026, Sameer Kackar, CFA and Michael V. Salm were added as portfolio managers of the Fund.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin International Aggregate Bond ETF PAGE 3 FLIA-ATSR-0526

1000010000104051048110130988910288105871086110000102011063011126104139573962099141033610000105191104511206108071045411073115361185681.57.910.6 ------

---

| | |
|:---|:---|
| **Franklin Investment Grade Corporate ETF**  | ![image](img448_202405131411777.jpg) |
| FLCO \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Investment Grade Corporate ETF for the period April 1, 2025, to March 31, 2026.

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 Investment Grade Corporate 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, 2026, Franklin Investment Grade Corporate ETF returned 4.53%. The Fund compares itsperformance to the Bloomberg U.S. Corporate - Investment Grade Index, which returned 4.78% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Selection in the capital goods sector |
| ↑ | Selection in the communications sector |
| ↑ | Underweight allocation to the technology sector |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in the banking sector |
| ↓ | Underweight allocation to the energy sector |
| ↓ | Overweight allocation to U.S. Treasuries |

---

Franklin Investment Grade Corporate ETF PAGE 1 FLCO-ATSR-0526

------

**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 — 3/31/2026

![image](ts7072img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/3/2016)** |
| **Franklin Investment Grade Corporate ETF (NAV)**  | 4.53 | 0.43 | 2.13 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | 1.51 |
| **Bloomberg U.S. Corporate - Investment Grade Index**  | 4.78 | 0.76 | 2.44 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $590819176 |
| **Total Number of Portfolio Holdings** | 225 |
| **Total Management Fee Paid (based on a unitary fee)** | $2042957 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7072img004.jpg)

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

Franklin Investment Grade Corporate ETF PAGE 2 FLCO-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Investment Grade Corporate ETF PAGE 3 FLCO-ATSR-0526

1000098171005110498109211195111437106981114011681122101000098579976104231135411434109601043510613111301161410000991710184106871121912198116861103811526120911266998.50.51.0 ------

---

| | |
|:---|:---|
| **Franklin Multisector Income ETF**  | ![image](img448_202405131411777.jpg) |
| MULT \| The Nasdaq Stock Market LLC  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Multisector Income ETF for the period August 26, 2025, to March 31, 2026.

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 Multisector Income ETF<sup>1</sup>  | $23 | 0.39% |

---

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

---

| | |
|:---|:---|
| 1 | Amounts are for the period August 26, 2025, through March 31, 2026. 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 August 26, 2025, to March 31, 2026, Franklin Multisector Income ETF returned 2.66%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 2.27% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight to the two- and 10-year portions of the U.S. Treasury yield curve |
| ↑ | Allocation to and security selection in high-yield corporate bonds |
| ↑ | Underweight exposure and security selection in investment-grade corporate bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight to the five-year segment of the U.S. Treasury yield curve |
| ↓ | Underweight exposure to agency mortgage-backed securities |
| ↓ | Security selection in the loans sector |

---

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

The Fund utilized interest rate futures and swaps to manage duration exposure which, in aggregate, contributed modestly to performance.

Franklin Multisector Income ETF PAGE 1 46894-ATSR-0526

------

**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 Multisector Income ETF** 8/26/2025 — 3/31/2026

![image](ts7137img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(8/26/2025)** |
| **Franklin Multisector Income ETF (NAV)**  | 2.66 |
| **Bloomberg U.S. Aggregate Index**  | 2.27 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $15067460 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 293 |
| **Total Management Fee Paid (based on a unitary fee)** | $34752 |
| **Portfolio Turnover Rate** | 103% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7137img004.jpg)

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

Franklin Multisector Income ETF PAGE 2 46894-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Multisector Income ETF PAGE 3 46894-ATSR-0526

10000100721010410147102131026010292103941026610000100001010910172102351022010231103991021639.716.015.69.88.06.70.73.5 ------

---

| | |
|:---|:---|
| **Franklin Municipal Green Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLMB \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Municipal Green Bond ETF for the period April 1, 2025, to March 31, 2026.

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 | $31 | 0.30% |

---

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

For the twelve months ended March 31, 2026, Franklin Municipal Green Bond ETF returned 4.62%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.29% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Selection in: | Selection in: |
| ↑ | AAA rated bonds |
| ↑ | A rated bonds |
| ↑ | BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight allocation to bonds with 20 years to maturity |
| ↓ | Overweight allocation to bonds with 5 years to maturity |
| ↓ | Underweight allocation to bonds with 2 years to maturity |

---

Franklin Municipal Green Bond ETF PAGE 1 FLMB-ATSR-0526

------

**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 — 3/31/2026

![image](ts7071img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(8/31/2017)** |
| **Franklin Municipal Green Bond ETF (NAV)**  | 4.62 | 0.58 | 2.17 |
| **Bloomberg Municipal Bond Index**  | 4.29 | 0.84 | 2.08 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $86320410 |
| **Total Number of Portfolio Holdings** | 94 |
| **Total Management Fee Paid (based on a unitary fee)** | $279591 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7071img004.jpg)

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

Franklin Municipal Green Bond ETF PAGE 2 FLMB-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Municipal Green Bond ETF PAGE 3 FLMB-ATSR-0526

1000098551048311104116771104210856113241148812019100009913104461084811446109341096311305114431193416.815.815.815.111.110.15.44.13.72.1 ------

---

| | |
|:---|:---|
| **Franklin Senior Loan ETF**  | ![image](img448_202405131411777.jpg) |
| FLBL \| Cboe BZX Exchange, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Senior Loan ETF for the period April 1, 2025, to March 31, 2026.

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 | $44 | 0.43% |

---

\* 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, 2026, Franklin Senior Loan ETF returned 2.95%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan 100 Index, which returned 5.94% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweighted allocation to the media non-cable sector |
| ↑ | Underweighted allocation to retailers |
| ↑ | Security selection in the gaming industry |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in the media non-cable sector |
| ↓ | Underweight in lower-quality loans versus the benchmark |
| ↓ | Yield curve positioning |

---

Franklin Senior Loan ETF PAGE 1 FLBL-ATSR-0526

------

**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 — 3/31/2026

![image](ts7070img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/30/2018)** |
| **Franklin Senior Loan ETF (NAV)**  | 2.95 | 5.15 | 4.54 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | 1.98 |
| **Morningstar LSTA U.S. Leveraged Loan 100 Index**  | 5.94 | 5.91 | 5.27 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $802610628 |
| **Total Number of Portfolio Holdings** | 218 |
| **Total Management Fee Paid (based on a unitary fee)** | $4540274 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7070img004.jpg)

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

† Certain categories may represent less than 0.1%.

Franklin Senior Loan ETF PAGE 2 FLBL-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Senior Loan ETF PAGE 3 FLBL-ATSR-0526

100001024498421101311317116031297213752141571000010452113861146610990104651064211162116471000010261973311220114781177613208141411498087.34.22.70.30.05.5 ------

---

| | |
|:---|:---|
| **Franklin Systematic Style Premia ETF**  | ![image](img448_202405131411777.jpg) |
| FLSP \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Systematic Style Premia ETF for the period April 1, 2025, to March 31, 2026.

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 | $49 | 0.46% |

---

\* 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, 2026, Franklin Systematic Style Premia ETF returned 13.73%. The Fund compares its performance to the ICE BofA U.S. 3-Month Treasury Bill Index, which returned 4.00% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The long-short equity strategy was a key driver of performance, as momentum and value factors added to returns, reflecting favorable stock selection and systematic factor positioning across the portfolio. |
| ↑ | The macro strategy contributed positively, driven primarily by equities, where carry, value and momentum were broadly additive, further bolstered by commodities led by sulphur gasoil, silver and soybean oil, along with foreign exchange and a smaller positive contribution from rates. |
| ↑ | Country positioning within long-short equities also aided results, particularly in Japan and Hong Kong. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The quality exposure detracted within long short equity, partially offsetting gains from momentum and value factors. |
| ↓ | Long positioning in software and short positioning in semiconductor-related industries weighed on results. |
| ↓ | Currency positioning also detracted, led by exposures to the Czech koruna, euro and Hungarian forint. |

---

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

The Fund utilized interest rate futures, FX forwards, equity index futures, swap contracts and commodities futures contracts to positively position the portfolio and minimize risk in accordance with the Fund's strategy. In aggregate, these derivatives contributed to performance.

Franklin Systematic Style Premia ETF PAGE 1 FLSP-ATSR-0526

------

**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 — 3/31/2026

![image](ts7069img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/18/2019)** |
| **Franklin Systematic Style Premia ETF (NAV)**  | 13.73 | 8.63 | 4.00 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.20 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | 0.90 |
| **ICE BofA U.S. 3-Month Treasury Bill Index**  | 4.00 | 3.34 | 2.77 |

---

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

Effective December 16, 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $710422614 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 277 |
| **Total Management Fee Paid (based on a unitary fee)** | $2108853 |
| **Portfolio Turnover Rate** | 68% |

---

Franklin Systematic Style Premia ETF PAGE 2 FLSP-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7069img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective December 16, 2025, the list of primary investments of the Fund's top-down risk premia strategy was updated to include risk premia total return swaps, including total return swaps referencing proprietary or third-party indices designed to capture systematic factor exposures across equity, fixed income, commodity and currency asset classes. The Fund's bottom-up long/short equity strategy was also updated to state that the Fund may also utilize risk premia total return swaps to obtain long or short equity index exposures or take long or short positions in individual equities. In addition, the list of derivatives the Fund may use, among other instruments, was updated to include risk premia total return swaps.

Effective January 1, 2026, the investment management services provided by the Fund's sub-advisor, K2/D&S Management Co., L.L.C ("K2 Advisors") and the personnel of K2 Advisors who provided such services for the Fund, were transferred to the Fund's investment manager, Franklin Advisers, Inc. Therefore, the sub-advisory agreement with K2 Advisors with respect to the Fund was terminated.

In addition, effective September 30, 2025, Chandra Seethamraju, PhD stepped down as a member of the Fund's portfolio management team.

During the period, a voluntary waiver was established for the Fund pursuant to which the investment manager waives a portion of the Fund's unified management fee so that such fee decreases as Fund assets increase according to the following schedule: 0.65% of the value of the Fund's total assets up to and including $250 million; 0.55% of the value of the Fund's total assets over $250 million and up to and including $500 million; 0.45% of the value of the Fund's total assets over $500 million and up to and including $1 billion; and 0.39% of the value of the Fund's total assets over $1 billion. Effective December 16, 2025, the voluntary waiver was changed so that the investment manager waives a portion of the Fund's unified management fee so that such fee decreases as Fund assets increase according to the following schedule: 0.55% of the value of the Fund's total assets up to and including $500 million; 0.45% of the value of the Fund's total assets over $500 million and up to and including $1 billion; and 0.39% of the value of the Fund's total assets over $1 billion. This waiver is voluntary and may be modified or terminated at any time by the investment manager without notice.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Systematic Style Premia ETF PAGE 3 FLSP-ATSR-0526

1000092668460931396041083311251127961000079101285614389131541700818236215341000010315103889957948196411011210552100001005710069100761032810869114101186612.211.811.08.36.84.74.63.53.23.11.029.8 ------

---

| | |
|:---|:---|
| **Franklin U.S. Core Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLCB \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Core Bond ETF for the period April 1, 2025, to March 31, 2026.

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 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, 2026, Franklin U.S. Core Bond ETF returned 4.33%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.35% 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 |
| ↑ | Underweight to the 10-year portion of the U.S. Treasury (UST) yield curve |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in commercial mortgage-backed securities |
| ↓ | Lack of exposure to sovereign emerging market bonds |
| ↓ | Overweight to the 20-year portion of the UST yield curve |

---

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

The Fund utilized interest rate swaps to manage duration exposure, which detracted from performance.

Franklin U.S. Core Bond ETF PAGE 1 FLCB-ATSR-0526

------

**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 — 3/31/2026

![image](ts7068img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(9/17/2019)** |
| **Franklin U.S. Core Bond ETF (NAV)**  | 4.33 | 0.19 | 0.93 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | 0.98 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2882937224 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 525 |
| **Total Management Fee Paid (based on a unitary fee)** | $4000086 |
| **Portfolio Turnover Rate** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7068img004.jpg)

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

Franklin U.S. Core Bond ETF PAGE 2 FLCB-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Core Bond ETF PAGE 3 FLCB-ATSR-0526

10000103131052610029953997011018510626100001033310407997594989659101301057136.328.625.95.31.40.71.8 ------

---

| | |
|:---|:---|
| **Franklin U.S. Treasury Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLGV \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Treasury Bond ETF for the period April 1, 2025, to March 31, 2026.

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. 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, 2026, Franklin U.S. Treasury Bond ETF returned 3.41%. The Fund compares its performance to the Bloomberg U.S. Treasury Index, which returned 3.25% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight exposure to the 30-year portion of the U.S. Treasury (UST) yield curve |
| ↑ | Underweight exposure to the 10-year segment of the UST yield curve |
| ↑ | Overweight exposure to the five-year portion of the UST yield curve |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to the six-month portion of the UST yield curve |

---

Franklin U.S. Treasury Bond ETF PAGE 1 FLGV-ATSR-0526

------

**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 — 3/31/2026

![image](ts7061img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/9/2020)** |
| **Franklin U.S. Treasury Bond ETF (NAV)**  | 3.41 | 0.08 | -0.52 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | 0.02 |
| **Bloomberg U.S. Treasury Index**  | 3.25 | -0.14 | -0.79 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1006822740 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid (based on a unitary fee)** | $927502 |
| **Portfolio Turnover Rate** | 24% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7061img004.jpg)

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

Franklin U.S. Treasury Bond ETF PAGE 2 FLGV-ATSR-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Treasury Bond ETF PAGE 3 FLGV-ATSR-0526

10000966493408972897393849704100009788938189329084952799421000095129163875087549149944795.43.90.7 ------

---

| | |
|:---|:---|
| **Franklin Ultra Short Bond ETF**  | ![image](img448_202405131411777.jpg) |
| FLUD \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Ultra Short Bond ETF for the period April 1, 2025, to March 31, 2026.

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 Ultra Short 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, 2026, Franklin Ultra Short Bond ETF returned 4.59%. The Fund compares its performance to the ICE BofA U.S. 3-Month Treasury Bill Index, which returned 4.00% 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 supported results |

---

**There were no significant detractors from performance during the period.**

Franklin Ultra Short Bond ETF PAGE 1 FLUD-ATSR-0526

------

**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 — 3/31/2026

![image](ts7060img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(7/14/2020)** |
| **Franklin Ultra Short Bond ETF (NAV)**  | 4.59 | 3.49 | 3.21 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 0.31 | -0.22 |
| **ICE BofA U.S. 3-Month Treasury Bill Index**  | 4.00 | 3.34 | 2.93 |

---

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

Effective 12/9/24, the Fund changed its 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $232498330 |
| **Total Number of Portfolio Holdings** | 470 |
| **Total Management Fee Paid (based on a unitary fee)** | $244939 |
| **Portfolio Turnover Rate** | 34% |

---

Franklin Ultra Short Bond ETF PAGE 2 FLUD-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7060img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ultra Short Bond ETF PAGE 3 FLUD-ATSR-0526

10000100911001210212108661145211977100009644924388018950938797951000010008100141026510803113401179378.90.820.3 ------

---

| | |
|:---|:---|
| **Franklin FTSE Asia Ex Japan ETF**  | ![image](img448_202405131411777.jpg) |
| FLAX \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Asia Ex Japan ETF for the period April 1, 2025, to March 31, 2026.

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 | $22 | 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, 2026, Franklin FTSE Asia Ex Japan ETF returned 28.30%. The Fund compares its performance to the FTSE Asia ex Japan Capped Index-NR, which returned 28.19% for the same period..

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were information technology, financials and industrials. |
| ↑ | Individual holdings that contributed to absolute returns included Taiwan Semiconductor Manufacturing, Samsung Electronics, and SK Hynix. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from absolute performance was consumer discretionary. |
| ↓ | Individual holdings that hindered absolute returns included Meituan, Xiaomi and HDFC Bank. |

---

Franklin FTSE Asia Ex Japan ETF PAGE 1 FLAX-ATSR-0526

------

**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 — 3/31/2026

![image](ts7113img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE Asia Ex Japan ETF (NAV)**  | 28.30 | 3.09 | 5.11 |
| **FTSE Asia Pacific ex Japan Australia and New Zealand** **Index-NR**  | 28.19 | 3.50 | 5.42 |
| **FTSE Asia ex Japan Capped Index-NR**  | 28.19 | 3.50 | 5.46 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $40994006 |
| **Total Number of Portfolio Holdings** | 1596 |
| **Total Management Fee Paid (based on a unitary fee)** | $65702 |
| **Portfolio Turnover Rate** | 7% |

---

Franklin FTSE Asia Ex Japan ETF PAGE 2 FLAX-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7113img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Asia Ex Japan ETF PAGE 3 FLAX-ATSR-0526

10000997994618148128861116710150105601169415003100009830929880081273711108100991063811798151241000098159324803112769111351012410634118271516134.618.911.19.27.54.53.63.13.02.32.10.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Australia ETF**  | ![image](img448_202405131411777.jpg) |
| FLAU \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Australia ETF for the period April 1, 2025, to March 31, 2026.

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 | $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, 2026, Franklin FTSE Australia ETF returned 22.01%. The Fund compares its performance to the FTSE Australia Capped Index-NR, which returned 22.04% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, materials, and energy. |
| ↑ | Individual holdings that contributed to absolute returns were BHP Group Ltd., Commonwealth Bank of Australia, and Westpac Banking Corp. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from absolute performance was health care. |
| ↓ | Individual holdings that hindered absolute returns included CSL Ltd., Xero Ltd., and James Hardie Industries Plc. |

---

Franklin FTSE Australia ETF PAGE 1 FLAU-ATSR-0526

------

**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 — 3/31/2026

![image](ts7111img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Australia ETF (NAV)**  | 22.01 | 6.52 | 7.03 |
| **FTSE Australia Index-NR**  | 22.04 | 6.56 | 7.02 |
| **FTSE Australia Capped Index-NR**  | 22.04 | 6.56 | 7.02 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $87063346 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 108 |
| **Total Management Fee Paid (based on a unitary fee)** | $63574 |
| **Portfolio Turnover Rate** | 7% |

---

Franklin FTSE Australia ETF PAGE 2 FLAU-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7111img004.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, 2025, the Fund's principal investment strategies were revised to reflect the Underlying Index's (and therefore the Fund's) increased exposure to the banking industry and decreased exposure to the financial services sector.

Related disclosure regarding the risks of investing in the banking industry was added as a principal risk of the Fund and risk disclosure regarding the risks of the financial services sector was removed.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Australia ETF PAGE 3 FLAU-ATSR-0526

10000979510187751512906147041324814842145081770210000984910238755112958147641330814920145861780010000984910238755112958147641330814920145861780038.223.56.76.35.55.55.14.01.91.81.50.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Brazil ETF**  | ![image](img448_202405131411777.jpg) |
| FLBR \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Brazil ETF for the period April 1, 2025, to March 31, 2026.

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 Brazil ETF | $24 | 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, 2026, Franklin FTSE Brazil ETF returned 55.29%. The Fund compares its performance to the FTSE Brazil Capped Index-NR, which returned 55.63% 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 materials. |
| ↑ | Individual holdings that contributed to absolute returns were Vale SA, Itau Unibanco Holding SA and Petroleo Brasileiro SA - Petrobras. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | Individual holdings that hindered absolute returns included Ambipar Participacoes e Empreendimentos SA, Banco do Brasil SA and Hapvida Participacoes e Investimentos SA. |

---

Franklin FTSE Brazil ETF PAGE 1 FLBR-ATSR-0526

------

**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 — 3/31/2026

![image](ts7108img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/3/2017)** |
| **Franklin FTSE Brazil ETF (NAV)**  | 55.29 | 11.99 | 6.24 |
| **FTSE Brazil Index-NR**  | 55.63 | 12.36 | 6.47 |
| **FTSE Brazil Capped Index-NR**  | 55.63 | 12.35 | 6.54 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $501933414 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Total Management Fee Paid (based on a unitary fee)** | $483705 |
| **Portfolio Turnover Rate** | 14% |

---

Franklin FTSE Brazil ETF PAGE 2 FLBR-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7108img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Brazil ETF PAGE 3 FLBR-ATSR-0526

10000114861102864319443116179344119251071016631100001170611197654696271187195921228911075172351000011706112626583968211938964512357111361733128.218.815.114.98.55.53.62.11.70.80.70.1 ------

---

| | |
|:---|:---|
| **Franklin FTSE Canada ETF**  | ![image](img448_202405131411777.jpg) |
| FLCA \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Canada ETF for the period April 1, 2025, to March 31, 2026.

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 Canada ETF | $11 | 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, 2026, Franklin FTSE Canada ETF returned 34.36%. The Fund compares its performance to the FTSE Canada Capped Index-NR, which returned 34.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, materials and energy. |
| ↑ | Individual holdings that contributed to absolute returns were Royal Bank of Canada, Toronto-Dominion Bank and Shopify. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were industrials and real estate. |
| ↓ | Individual holdings that hindered absolute returns included Constellation Software, Thomas Reuters and Waste Connections. |

---

Franklin FTSE Canada ETF PAGE 1 FLCA-ATSR-0526

------

**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 — 3/31/2026

![image](ts7106img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Canada ETF (NAV)**  | 34.36 | 12.66 | 10.95 |
| **FTSE Canada Index-NR**  | 34.16 | 12.45 | 10.71 |
| **FTSE Canada Capped Index-NR**  | 34.16 | 12.45 | 10.71 |

---

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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $676928745 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 87 |
| **Total Management Fee Paid (based on a unitary fee)** | $457777 |
| **Portfolio Turnover Rate** | 17% |

---

Franklin FTSE Canada ETF PAGE 2 FLCA-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7106img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Canada ETF PAGE 3 FLCA-ATSR-0526

100009594100248295131971609414030162551782723953100009583999282481307515925138461600717520235061000095839992824813075159251384616007175202350635.618.717.110.58.23.53.12.30.60.20.2 ------

---

| | |
|:---|:---|
| **Franklin FTSE China ETF**  | ![image](img448_202405131411777.jpg) |
| FLCH \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE China ETF for the period April 1, 2025, to March 31, 2026.

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 China 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, 2026, Franklin FTSE China ETF returned 5.90%. The Fund compares its performance to the FTSE China Capped Index-NR, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, materials and industrials. |
| ↑ | Individual holdings that contributed to absolute returns were China Construction Bank Corp., Industrial and Commercial Bank of China and Zijin Mining Group. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were consumer discretionary and real estate. |
| ↓ | Individual holdings that hindered absolute returns included Xiaomi Corp, Alibaba Group Holding and Meituan. |

---

Franklin FTSE China ETF PAGE 1 FLCH-ATSR-0526

------

**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 — 3/31/2026

![image](ts7103img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE China ETF (NAV)**  | 5.90 | -4.79 | 0.54 |
| **FTSE China Index-NR**  | 6.16 | -4.64 | 0.69 |
| **FTSE China Capped Index-NR**  | 6.16 | -4.64 | 0.73 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $271927786 |
| **Total Number of Portfolio Holdings** | 1022 |
| **Total Management Fee Paid (based on a unitary fee)** | $438867 |
| **Portfolio Turnover Rate** | 7% |

---

Franklin FTSE China ETF PAGE 2 FLCH-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7103img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE China ETF PAGE 3 FLCH-ATSR-0526

10000104179798924613376914586267095988310466100001037897279199133509140861971149916105261000010394979492621344292038678715399841059925.118.317.49.17.75.95.53.63.42.21.60.2 ------

---

| | |
|:---|:---|
| **Franklin FTSE Europe ETF**  | ![image](img448_202405131411777.jpg) |
| FLEE \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Europe ETF for the period April 1, 2025, to March 31, 2026.

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 Europe 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, 2026, Franklin FTSE Europe ETF returned 19.77%. The Fund compares its performance to the FTSE Developed Europe Capped Index-NR, which returned 19.42% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, industrials and information technology. |
| ↑ | Individual holdings that contributed to absolute returns were ASML Holding NV, HSBC Holdings Plc and Banco Santander S.A. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from absolute performance was consumer discretionary. |
| ↓ | Individual holdings that hindered absolute returns included Novo Nordisk A/S, SAP SE and Relx Plc. |

---

Franklin FTSE Europe ETF PAGE 1 FLEE-ATSR-0526

------

**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 — 3/31/2026

![image](ts7101img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Europe ETF (NAV)**  | 19.77 | 9.07 | 7.48 |
| **FTSE Developed Europe Index-NR**  | 19.42 | 8.76 | 7.22 |
| **FTSE Developed Europe Capped Index-NR**  | 19.42 | 8.76 | 7.22 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $107072951 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 500 |
| **Total Management Fee Paid (based on a unitary fee)** | $101144 |
| **Portfolio Turnover Rate** | 5% |

---

Franklin FTSE Europe ETF PAGE 2 FLEE-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7101img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Europe ETF PAGE 3 FLEE-ATSR-0526

10000997496078123118791227012432142681531218340100009955957480801179312158122421401915029179471000099559574808011793121581224214019150291794723.818.713.68.87.46.85.85.75.33.20.90.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Eurozone ETF**  | ![image](img448_202405131411777.jpg) |
| FLEU \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Eurozone ETF for the period April 1, 2025, to March 31, 2026.

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 Eurozone 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, 2026, Franklin FTSE Eurozone ETF returned 20.09%. The Fund compares its performance to the FTSE Developed Eurozone Index-NR and the Linked FTSE Developed Eurozone Index-NR†, which both returned 19.80% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that most contributed to absolute performance were financials, industrials and information technology. |
| ↑ | The individual holdings that most contributed to absolute performance were ASML Holding NV, Siemens Energy AG and Banco Santander, SA. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from absolute performance was consumer discretionary. |
| ↓ | The individual holdings that most detracted from absolute performance were SAP SE, Hermes International SCA and Sanofi SA. |

---

Franklin FTSE Eurozone ETF PAGE 1 FLEU-ATSR-0526

------

**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 — 3/31/2026

![image](ts7098img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Eurozone ETF (NAV)**  | 20.09 | 11.43 | 9.50 |
| **FTSE Developed Eurozone Index-NR**  | 19.80 | 9.09 | 7.02 |
| **Linked FTSE Developed Eurozone Index-NR**<sup>†</sup>  | 19.80 | 11.26 | 9.37 |

---

† The Linked FTSE Developed Eurozone Index-NR measures 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $63599483 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 263 |
| **Total Management Fee Paid (based on a unitary fee)** | $45593 |
| **Portfolio Turnover Rate** | 6% |

---

Franklin FTSE Eurozone ETF PAGE 2 FLEU-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7098img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Eurozone ETF PAGE 3 FLEU-ATSR-0526

10000953910205911612482135751459616625178562144310000959610268915812525136001457416620178212134910000974510427930012719138111480116877180982168125.020.012.89.17.76.35.54.34.24.20.90.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Germany ETF**  | ![image](img448_202405131411777.jpg) |
| FLGR \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Germany ETF for the period April 1, 2025, to March 31, 2026.

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 Germany 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, 2026, Franklin FTSE Germany ETF returned 8.20%. The Fund compares its performance to the FTSE Germany Capped Index-NR, which returned 7.93% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were industrials, financials, and utilities. |
| ↑ | Individual holdings that contributed to absolute returns were Siemens Energy AG, Allianz SE, and Bayer AG. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were information technology, consumer staples, and consumer discretionary. |
| ↓ | Individual holdings that hindered absolute returns included SAP SE, Adidas AG, and Beiersdorf AG. |

---

Franklin FTSE Germany ETF PAGE 1 FLGR-ATSR-0526

------

**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 — 3/31/2026

![image](ts7095img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Germany ETF (NAV)**  | 8.20 | 6.26 | 4.88 |
| **FTSE Germany Index-NR**  | 7.93 | 5.96 | 4.67 |
| **FTSE Germany Capped Index-NR**  | 7.93 | 5.96 | 4.67 |

---

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 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $39992660 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 64 |
| **Total Management Fee Paid (based on a unitary fee)** | $45152 |
| **Portfolio Turnover Rate** | 6% |

---

Franklin FTSE Germany ETF PAGE 2 FLGR-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7095img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Germany ETF PAGE 3 FLGR-ATSR-0526

10000962883076895110179730996511537137941492610000967983576918110299722991811443136501473210000967983576918110299722991811443136501473229.122.013.38.17.66.45.55.11.61.3 ------

---

| | |
|:---|:---|
| **Franklin FTSE India ETF**  | ![image](img448_202405131411777.jpg) |
| FLIN \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE India ETF for the period April 1, 2025, to March 31, 2026.

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 | $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, 2026, Franklin FTSE India ETF returned -12.17%. The Fund compares its performance to the FTSE India Capped Index-NR, which returned -12.08% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | On an absolute basis, there were no sectors that contributed to performance. |
| ↑ | Individual holdings that contributed to absolute return included Bharti Enterprises Holding PVT Ltd., GE Vernova T&D India Ltd. and Vedanta Ltd. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were financials, information technology and consumer staples. |
| ↓ | Individual holdings that detracted from absolute returns included HDFC Bank, Ltd., Infosys Ltd. and ICICI Bank Ltd. |

---

Franklin FTSE India ETF PAGE 1 FLIN-ATSR-0526

------

**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 — 3/31/2026

![image](ts7089img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE India ETF (NAV)**  | -12.17 | 4.28 | 4.92 |
| **FTSE India Index-NR**  | -12.08 | 5.91 | 6.40 |
| **FTSE India Capped Index-NR**  | -12.08 | 5.91 | 6.39 |

---

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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2456752876 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 273 |
| **Total Management Fee Paid (based on a unitary fee)** | $4712522 |
| **Portfolio Turnover Rate** | 14% |

---

Franklin FTSE India ETF PAGE 2 FLIN-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7089img004.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, 2025, 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 was added as a principal risk of the Fund.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE India ETF PAGE 3 FLIN-ATSR-0526

1000095879938685911994138831226616424168391479010000963310078691212489147761296218324189311664310000963310078691212489147741296018321189281664127.411.610.59.79.28.56.85.74.74.71.20.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Japan ETF**  | ![image](img448_202405131411777.jpg) |
| FLJP \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Japan ETF for the period April 1, 2025, to March 31, 2026.

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 Japan 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, 2026, Franklin FTSE Japan ETF returned 26.40%. The Fund compares its performance to the FTSE Japan Capped Index-NR, which returned 26.36% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were industrials, information technology and financials. |
| ↑ | Individual holdings that contributed to absolute returns included Advantest, Softbank Group and Mitsubishi. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | Individual holdings that detracted from absolute returns were Sony Group, Daiichi Sankyo and Keyence. |

---

Franklin FTSE Japan ETF PAGE 1 FLJP-ATSR-0526

------

**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 — 3/31/2026

![image](ts7088img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Japan ETF (NAV)**  | 26.40 | 6.53 | 6.46 |
| **FTSE Japan Index-NR (USD)**  | 26.36 | 6.52 | 6.41 |
| **FTSE Japan Capped Index-NR**  | 26.36 | 6.52 | 6.41 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2896359147 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 478 |
| **Total Management Fee Paid (based on a unitary fee)** | $2187146 |
| **Portfolio Turnover Rate** | 5% |

---

Franklin FTSE Japan ETF PAGE 2 FLJP-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7088img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Japan ETF PAGE 3 FLJP-ATSR-0526

10000102349475879812337114481092013541133931692910000101619324864812113112511072713360131441660810000100899324864812113112511072713287131441660826.016.115.812.96.25.95.25.23.51.51.20.5 ------

---

| | |
|:---|:---|
| **Franklin FTSE Japan Hedged ETF**  | ![image](img448_202405131411777.jpg) |
| FLJH \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Japan Hedged ETF for the period April 1, 2025, to March 31, 2026.

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 Japan Hedged ETF | $11 | 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, 2026, Franklin FTSE Japan Hedged ETF returned 39.06%. The Fund compares its performance to the FTSE Japan Capped Hedged Index-NR, which returned 38.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were industrials, information technology and financials. |
| ↑ | Individual holdings that contributed to absolute returns were Advantest, Softbank Group and Mitsubishi. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | Individual holdings that hindered absolute returns included Sony Group, Daiichi Sankyo and Terumo. |

---

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

The Fund utilized cash forwards in order to seek to replicate the hedge impact incorporated in the calculation of the Underlying Index, which contributed to performance.

Franklin FTSE Japan Hedged ETF PAGE 1 FLJH-ATSR-0526

------

**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 — 3/31/2026

![image](ts7087img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Japan Hedged ETF (NAV)**  | 39.06 | 18.48 | 13.63 |
| **FTSE Japan Index-NR**  | 26.36 | 6.52 | 6.41 |
| **FTSE Japan Capped Hedged Index-NR**  | 38.96 | 18.47 | 13.67 |

---

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 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $132572828 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 478 |
| **Total Management Fee Paid (based on a unitary fee)** | $93834 |
| **Portfolio Turnover Rate** | 18% |

---

Franklin FTSE Japan Hedged ETF PAGE 2 FLJH-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7087img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Japan Hedged ETF PAGE 3 FLJH-ATSR-0526

100009623944587211254512788138302053121060292871000010161932486481211311251107271336013144166081000096519472876312597128511392720638211522939326.016.115.813.06.36.05.25.23.51.51.20.2 ------

---

| | |
|:---|:---|
| **Franklin FTSE Latin America ETF**  | ![image](img448_202405131411777.jpg) |
| FLLA \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Latin America ETF for the period April 1, 2025, to March 31, 2026.

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 Latin America ETF | $24 | 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, 2026, Franklin FTSE Latin America ETF returned 53.19%. The Fund compares its performance to the FTSE Latin America Capped Index-NR, which returned 53.49% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, materials and utilities. |
| ↑ | Individual holdings that contributed to absolute returns were Itau Unibanco Holdings SA, Vale SA and Grupo Mexico SAB de CV. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | Individual holdings that hindered absolute returns included Ambipar Participacoes e Empreendimentos SA, Banco do Brasil SA and Hapvida Participacoes e Investimentos SA. |

---

Franklin FTSE Latin America ETF PAGE 1 FLLA-ATSR-0526

------

**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 — 3/31/2026

![image](ts7086img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/9/2018)** |
| **Franklin FTSE Latin America ETF (NAV)**  | 53.19 | 12.04 | 6.55 |
| **FTSE Latin America Index**  | 54.50 | 12.90 | 7.26 |
| **FTSE Latin America Capped Index-NR**  | 53.49 | 12.26 | 6.73 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $89173858 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 131 |
| **Total Management Fee Paid (based on a unitary fee)** | $85493 |
| **Portfolio Turnover Rate** | 12% |

---

Franklin FTSE Latin America ETF PAGE 2 FLLA-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7086img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Latin America ETF PAGE 3 FLLA-ATSR-0526

1000010142603591011102498061200110489160681000010516628695201158710403128481130417464100001049762519440114421021112537109661683226.818.112.011.710.29.54.03.42.91.00.40.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Mexico ETF**  | ![image](img448_202405131411777.jpg) |
| FLMX \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Mexico ETF for the period April 1, 2025, to March 31, 2026.

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 Mexico ETF | $24 | 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, 2026, Franklin FTSE Mexico ETF returned 52.06%. The Fund compares its performance to the FTSE Mexico Capped Index-NR, which returned 52.46% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were materials, financials and consumer staples. |
| ↑ | Individual holdings that contributed to absolute returns included Grupo Mexico SAB de CV, Grupo Financiero Banorte SAB de CV and America Movil SAB de CV. |

---

**There were no significant detractors from performance during the period.**

Franklin FTSE Mexico ETF PAGE 1 FLMX-ATSR-0526

------

**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 — 3/31/2026

![image](ts7085img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/3/2017)** |
| **Franklin FTSE Mexico ETF (NAV)**  | 52.06 | 14.53 | 7.85 |
| **FTSE Mexico Index-NR**  | 53.04 | 14.05 | 7.82 |
| **FTSE Mexico Capped Index-NR**  | 52.46 | 14.54 | 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 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $87555308 |
| **Total Number of Portfolio Holdings** | 35 |
| **Total Management Fee Paid (based on a unitary fee)** | $123298 |
| **Portfolio Turnover Rate** | 21% |

---

Franklin FTSE Mexico ETF PAGE 2 FLMX-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7085img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Mexico ETF PAGE 3 FLMX-ATSR-0526

1000010063912961049580122941366516215124141887610000999790286116971912364136241612412252187501000010002907660669530122291360216182123211878528.521.920.212.09.66.31.50.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Saudi Arabia ETF**  | ![image](img448_202405131411777.jpg) |
| FLSA \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Saudi Arabia ETF for the period April 1, 2025, to March 31, 2026.

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 Saudi Arabia ETF | $39 | 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, 2026, Franklin FTSE Saudi Arabia ETF returned -1.07%. The Fund compares its performance to the FTSE Saudi Arabia Capped Index-NR, which returned -0.72% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were materials, financials and energy. |
| ↑ | Individual holdings that contributed to absolute returns were Saudi Arabian Mining Co., Saudi National Bank and Al Rajhi Bank. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were utilities, information technology and consumer staples. |
| ↓ | Individual holdings that hindered absolute returns included ACWA Power Co., Elm Co. and Al Marai Co. JSC. |

---

Franklin FTSE Saudi Arabia ETF PAGE 1 FLSA-ATSR-0526

------

**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 — 3/31/2026

![image](ts7083img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/9/2018)** |
| **Franklin FTSE Saudi Arabia ETF (NAV)**  | -1.07 | 5.11 | 7.03 |
| **FTSE All World Index-NR**  | 20.04 | 9.47 | 10.86 |
| **FTSE Saudi Arabia Capped Index-NR**  | -0.72 | 5.46 | 7.41 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $5071498 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 64 |
| **Total Management Fee Paid (based on a unitary fee)** | $66022 |
| **Portfolio Turnover Rate** | 60% |

---

Franklin FTSE Saudi Arabia ETF PAGE 2 FLSA-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7083img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Saudi Arabia ETF PAGE 3 FLSA-ATSR-0526

10000112878408129581801014941174341680216621100001056793791450115537143911770318994228001000011271842213039181801511017703171321700841.916.412.68.74.43.63.03.02.62.41.4 ------

---

| | |
|:---|:---|
| **Franklin FTSE South Korea ETF**  | ![image](img448_202405131411777.jpg) |
| FLKR \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE South Korea ETF for the period April 1, 2025, to March 31, 2026.

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 South Korea ETF | $14 | 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, 2026, Franklin FTSE South Korea ETF returned 111.11%. The Fund compares its performance to the FTSE South Korea Capped Index-NR, which returned 111.39% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were information technology, industrials and financials. |
| ↑ | Individual holdings that contributed to absolute returns included Samsung Electronics, SK Hynix and Doosan Enerbility. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | Individual holdings that hindered absolute returns included Hyundai Rotem, Samyang Foods and HLB. |

---

Franklin FTSE South Korea ETF PAGE 1 FLKR-ATSR-0526

------

**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 — 3/31/2026

![image](ts7082img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE South Korea ETF (NAV)**  | 111.11 | 6.83 | 7.31 |
| **FTSE South Korea Index-NR**  | 116.73 | 6.85 | 7.65 |
| **FTSE South Korea Capped Index-NR**  | 111.39 | 6.85 | 7.32 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $420781815 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 156 |
| **Total Management Fee Paid (based on a unitary fee)** | $206039 |
| **Portfolio Turnover Rate** | 30% |

---

Franklin FTSE South Korea ETF PAGE 2 FLKR-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7082img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE South Korea ETF PAGE 3 FLKR-ATSR-0526

10000101838470675613008107789161103958575181031000010198851870541356111188951710964871518888100001022184966758130231079691711040085821814243.521.611.98.04.53.53.02.31.10.60.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Switzerland ETF**  | ![image](img448_202405131411777.jpg) |
| FLSW \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Switzerland ETF for the period April 1, 2025, to March 31, 2026.

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 Switzerland 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, 2026, Franklin FTSE Switzerland ETF returned 15.04%. The Fund compares its performance to the FTSE Switzerland Capped Index-NR, which returned 14.81% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were health care, industrials, and financials. |
| ↑ | Individual holdings that contributed to absolute returns were Novartis, Roche, and ABB. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors that detracted from absolute performance. |
| ↓ | Individual holdings that hindered absolute returns included Sika, Alcon, and Partners Group. |

---

Franklin FTSE Switzerland ETF PAGE 1 FLSW-ATSR-0526

------

**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 — 3/31/2026

![image](ts7081img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE Switzerland ETF (NAV)**  | 15.04 | 7.93 | 8.99 |
| **FTSE Switzerland Index-NR**  | 15.20 | 7.60 | 8.46 |
| **FTSE Switzerland Capped Index-NR**  | 14.81 | 7.59 | 8.55 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $75854220 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 50 |
| **Total Management Fee Paid (based on a unitary fee)** | $53549 |
| **Portfolio Turnover Rate** | 12% |

---

Franklin FTSE Switzerland ETF PAGE 2 FLSW-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7081img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Switzerland ETF PAGE 3 FLSW-ATSR-0526

10000980910410107951376815726147461590517531201681000097891046610830134491533114300152441683419392100009784103521066913528154121439915479169851950038.817.914.612.47.74.71.31.31.10.20.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Taiwan ETF**  | ![image](img448_202405131411777.jpg) |
| FLTW \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Taiwan ETF for the period April 1, 2025, to March 31, 2026.

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 Taiwan ETF | $24 | 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, 2026, Franklin FTSE Taiwan ETF returned 57.35%. The Fund compares its performance to the FTSE Taiwan Capped Index-NR, which returned 57.59% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were information technology, financials and industrials. |
| ↑ | Individual holdings that contributed to absolute returns were Taiwan Semiconductor Manufacturing, Delta Electronics and Hon Hai Precision Industry. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The sectors that detracted most from absolute performance were consumer discretionary and health care. |
| ↓ | Individual holdings that detracted most from absolute returns were E Ink Holdings, Caliway Biopharmaceuticals, and Novatek Microelectronics. |

---

Franklin FTSE Taiwan ETF PAGE 1 FLTW-ATSR-0526

------

**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 — 3/31/2026

![image](ts7080img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE Taiwan ETF (NAV)**  | 57.35 | 12.53 | 14.36 |
| **FTSE Taiwan Index-NR**  | 74.67 | 16.53 | 18.18 |
| **FTSE Taiwan Capped Index-NR**  | 57.59 | 12.77 | 14.53 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1443693190 |
| **Total Number of Portfolio Holdings** | 133 |
| **Total Management Fee Paid (based on a unitary fee)** | $1216522 |
| **Portfolio Turnover Rate** | 57% |

---

Franklin FTSE Taiwan ETF PAGE 2 FLTW-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7080img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Taiwan ETF PAGE 3 FLTW-ATSR-0526

10000102279763944217123186171627919840196393090110000106631014610191195392095118244232762403741985100001050910062973417622192181683820547203893213171.715.44.52.92.41.11.10.60.20.10.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE United Kingdom ETF**  | ![image](img448_202405131411777.jpg) |
| FLGB \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE United Kingdom ETF for the period April 1, 2025, to March 31, 2026.

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 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, 2026, Franklin FTSE United Kingdom ETF returned 24.74%. The Fund compares its performance to the FTSE UK Capped Index-NR, which returned 24.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance were financials, materials and health care. |
| ↑ | Individual holdings that contributed to absolute returns were HSBC Holdings Plc., AstraZeneca Plc. And Rolls-Royce Holdings. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | There were no sectors which materially detracted from absolute performance. |
| ↓ | Individual holdings that hindered absolute returns included Relx Plc., London Stock Exchange Group Plc. and Diageo Plc. |

---

Franklin FTSE United Kingdom ETF PAGE 1 FLGB-ATSR-0526

------

**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 — 3/31/2026

![image](ts7079img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/2/2017)** |
| **Franklin FTSE United Kingdom ETF (NAV)**  | 24.74 | 11.81 | 7.73 |
| **FTSE UK Index-NR**  | 24.86 | 11.92 | 7.82 |
| **FTSE UK Capped Index-NR**  | 24.86 | 11.92 | 7.82 |

---

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.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $820507922 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 96 |
| **Total Management Fee Paid (based on a unitary fee)** | $776757 |
| **Portfolio Turnover Rate** | 5% |

---

Franklin FTSE United Kingdom ETF PAGE 2 FLGB-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7079img004.jpg)

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

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE United Kingdom ETF PAGE 3 FLGB-ATSR-0526

10000101801012878581070211802117181314614994187031000010082100487801106241172211648130821494318657100001008210048780110624117221164813082149431865723.614.614.113.712.68.35.04.22.30.90.70.0 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img11746_202406031205768.jpg) |
| **BrandywineGLOBAL-Dynamic US Large Cap Value ETF**  | **BrandywineGLOBAL-Dynamic US Large Cap Value ETF**  |
| DVAL \| The Nasdaq Stock Market LLC  | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about BrandywineGLOBAL-Dynamic US Large Cap Value ETF for the period April 1, 2025, to March 31, 2026.

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 | $52 | 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, 2026, BrandywineGLOBAL-Dynamic US Large Cap Value ETF returned 11.43%. The Fund compares its performance to the Russell 1000 Value Index and the S&P 500 Index, which returned 15.87% and 17.80%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight positions in healthcare providers & services and healthcare equipment & supplies within technology contributed positively. |
| ↑ | Within consumer discretionary, an overweight to automobiles and strong stock selection in broadline retail added value. |
| ↑ | Not owning real estate investment trusts resulted in no weight in real estate. |
| ↑ | From a factor perspective, the Fund's net overweight companies with low share growth were a positive as share repurchasers outperformed share issuers. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Being overweight wireless telecommunication services (T-Mobile US Inc.) and poor selection in diversified telecommunications (Comcast corporation) detracted as these industries and securities underperformed. |
| ↓ | Overweight in banks during the first quarter of 2026 and poor selection in the industry was a detractor within financials. |
| ↓ | Underweight semiconductors and semiconductor equipment was a negative within technology. |
| ↓ | From a factor perspective being underweight high 12-1 Month Momentum (a financial metric that measures a stock's return from 12 months ago to 1 month ago) detracted as this group outperformed. |

---

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 1 DVAL-ATSR-0526

------

**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** 

3/31/2016 — 3/31/2026

![image](ts7128img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **BrandywineGLOBAL-Dynamic US Large Cap Value ETF** **(NAV)**  | 11.43 | 7.12 | 10.64 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.72 |
| **Russell 1000 Value Index**  | 15.87 | 9.43 | 10.58 |
| **S&P 500 Index**  | 17.80 | 12.06 | 14.16 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $81956311 |
| **Total Number of Portfolio Holdings** | 106 |
| **Total Management Fee Paid (based on a unitary fee)** | $549877 |
| **Portfolio Turnover Rate** | 80% |

---

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 2 DVAL-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7128img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

On August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's decreased exposure to securities in the energy sector.

Related risk disclosure was removed from the Fund's principal risks.

This is a summary of certain changes to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

BrandywineGLOBAL-Dynamic US Large Cap Value ETF PAGE 3 DVAL-ATSR-0526

100001123912995136561147319491211282016324272246642748610000118071343814616132822158724161220882855830620361571000011922127511347411161174211945418303220132359327337100001171713357146251360521271245992269829480319133759431.714.810.410.09.18.27.23.93.20.70.8 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img11746_202406031205768.jpg) |
| **BrandywineGLOBAL - U.S. Fixed Income ETF**  | **BrandywineGLOBAL - U.S. Fixed Income ETF**  |
| USFI \| The Nasdaq Stock Market LLC  | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about BrandywineGLOBAL - U.S. Fixed Income ETF for the period April 1, 2025, to March 31, 2026.

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 - 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, 2026, BrandywineGLOBAL - U.S. Fixed Income ETF returned 4.87%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.S. Government sovereign duration was the largest contributor to performance, as the Fund stayed tactical with positioning over the period. Performance was largely driven by a decline in U.S. Treasury yields as growth moderated and inflation eased. Markets increasingly priced a shift away from peak policy restrictiveness toward eventual easing, while periodic risk-off sentiment linked to geopolitical tensions and slowing activity supported demand for high-quality duration. |
| ↑ | U.S. agency mortgage-backed securities contributed positively and benefited from yield advantage relative to treasuries and steady income generation, while investor demand for carry helped offset periods of mortgage spread widening tied to rate volatility and prepayment uncertainty. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | An underweight to U.S. investment-grade corporate credit was a detractor as the sector was supported by income and generally resilient corporate fundamentals. |

---

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

The Fund utilized interest rate futures, for hedging and alpha purposes and to manage its duration, which contributed to performance.

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 1 USFI-ATSR-0526

------

**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 — 3/31/2026

![image](ts7130img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(7/25/2023)** |
| **BrandywineGLOBAL - U.S. Fixed Income ETF (NAV)**  | 4.87 | 3.76 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 4.30 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $13537931 |
| **Total Number of Portfolio Holdings** | 52 |
| **Total Management Fee Paid (based on a unitary fee)** | $49419 |
| **Portfolio Turnover Rate** | 199% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7130img005.jpg)

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

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 2 USFI-ATSR-0526

------

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, Paul Mielczarski was added as a portfolio manager of the Fund.

This is a summary of a change to the Fund since April 1, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

BrandywineGLOBAL - U.S. Fixed Income ETF PAGE 3 USFI-ATSR-0526

10000942210172100019950106741028610528106821089310992110421000096841034410264102701080410473107641089411115112381123258.325.58.84.01.42.0 ------

---

| | |
|:---|:---|
| **Franklin FTSE Russia ETF**  | ![image](img448_202405131411777.jpg) |
| FLRU  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin FTSE Russia ETF for the period April 1, 2025, to March 31, 2026.

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><sup>,</sup><sup>\*\*</sup>  |
| Franklin FTSE Russia ETF | $0 | 0.00% |

---

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

\*\* 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 — 3/31/2026

![image](ts7084img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(2/6/2018)** |
| **Franklin FTSE Russia ETF (NAV)**<sup>†</sup>  | -- | -79.21 | -60.54 |
| **FTSE Russia Capped Index**<sup>††</sup>  | -- | -- | -- |

---

† Total return information is based on unadjusted net asset value. During the 12-month period ended March 31, 2026, the Fund's unrounded NAV per share increased from $0.005939 as of March 31, 2025, to $0.006163 as of March 31, 2026. 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 2.36% 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 |

---

Franklin FTSE Russia ETF PAGE 1 FLRU-ATSR-0526

------

disclosed in the latest prospectus dated August 1, 2025, the 5 Year and Since Inception Underlying Index returns were -2.06% and -3.71%, respectively as of December 31, 2023.

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets**<sup>\*</sup>  | $4949 |
| **Total Number of Portfolio Holdings** | 36 |
| **Total Management Fee Paid (based on a unitary fee)** | $0 |
| **Portfolio Turnover Rate** | 0% |

---

\* As of March 31, 2026, 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, 2026)

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

![image](ts7084img004.jpg)

\* As of March 31, 2026, 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](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin FTSE Russia ETF PAGE 2 FLRU-ATSR-0526

100001014210079867813214000001000097569689834312705873170430000.00.00.00.00.00.00.00.0100.0 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Enhanced ETF**  | ![image](img448_202405131411777.jpg) |
| FSML \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Small Cap Enhanced ETF for the period December 9, 2025, to March 31, 2026.

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 Small Cap Enhanced ETF<sup>1</sup>  | $14 | 0.45% |

---

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

---

| | |
|:---|:---|
| 1 | Amounts are for the period December 9, 2025, through March 31, 2026. 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 December 9, 2025, to March 31, 2026, Franklin Small Cap Enhanced ETF returned -0.90%. The Fund compares its performance to the Russell 2000 Index, which returned -0.77% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the information technology sector. |
| ↑ | Security selection in the energy sector. |
| ↑ | Allocation to the information technology sector, which varied during the review period. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care sector. |
| ↓ | Security selection in the real estate sector. |
| ↓ | Underweight allocation to the energy sector. |

---

Franklin Small Cap Enhanced ETF PAGE 1 50069-ATSR-0526

------

**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 Small Cap Enhanced ETF** 12/9/2025 — 3/31/2026

![image](ts7147img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/9/2025)** |
| **Franklin Small Cap Enhanced ETF (NAV)**  | -0.90 |
| **Russell 1000 Index**  | 32.71 |
| **Russell 2000 Index**  | -0.77 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $112499257 |
| **Total Number of Portfolio Holdings** | 300 |
| **Total Management Fee Paid (based on a unitary fee)** | $100028 |
| **Portfolio Turnover Rate** | 37% |

---

Franklin Small Cap Enhanced ETF PAGE 2 50069-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7147img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Enhanced ETF PAGE 3 50069-ATSR-0526

10000986210391104319910100001000010138100839582100001000010535106201008919.418.216.314.49.35.75.74.62.51.61.50.8 ------

---

| | |
|:---|:---|
| **Franklin U.S. Equity Index ETF**  | ![image](img448_202405131411777.jpg) |
| USPX \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Equity Index ETF for the period April 1, 2025, to March 31, 2026.

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. 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, 2026, Franklin U.S. Equity Index ETF returned 17.47%. The Fund compares its performance to the Morningstar US Target Market Exposure Index (the Underlying Index)† and the Linked Morningstar US Target Market Exposure Index††, which both returned 17.53% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The sectors that contributed most to absolute performance include information technology, communication services and industrials. |
| ↑ | The individual holdings that contributed most to absolute performance included Nvidia, Broadcom, and Google. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The only sector that detracted from absolute performance was health care. |
| ↓ | There were no individual holdings that detracted from absolute performance. |

---

Franklin U.S. Equity Index ETF PAGE 1 USPX-ATSR-0526

------

**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 — 3/31/2026

![image](ts7066img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/1/2016)** |
| **Franklin U.S. Equity Index ETF (NAV)**  | 17.47 | 10.51 | 11.10 |
| **Morningstar US Target Market Exposure Index**<sup>†</sup>  | 17.53 | 11.54 | - |
| **Linked Morningstar US Target Market Exposure Index**<sup>††</sup>  | 17.53 | 10.56 | 11.12 |

---

† The Morningstar US Target Market Exposure Index did not commence calculation and publication until November 22, 2018.

†† The Linked Morningstar US Target Market Exposure Index measures 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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $1642280761 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 507 |
| **Total Management Fee Paid (based on a unitary fee)** | $435055 |
| **Portfolio Turnover Rate** | 3% |

---

Franklin U.S. Equity Index ETF PAGE 2 USPX-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7066img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin U.S. Equity Index ETF PAGE 3 USPX-ATSR-0526

1000010995125171320511815170781861517009221692396428152100001083812351130271166116837183601678821880236612780932.712.610.59.99.59.15.14.12.52.01.90.1 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img411319_202509231542383.jpg) |
| **Putnam International Stock ETF**  | **Putnam International Stock ETF**  |
| PGRI \| NYSE Arca, Inc.  | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Putnam International Stock ETF for the period October 21, 2025, to March 31, 2026.

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>  |
| Putnam International Stock ETF<sup>1</sup>  | $24 | 0.55% |

---

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

---

| | |
|:---|:---|
| 1 | Amounts are for the period October 21, 2025, through March 31, 2026. 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 October 21, 2025, to March 31, 2026, Putnam International Stock ETF returned -4.60%. The Fund compares its performance to the MSCI All Country World ex-US Growth Index-NR, which returned 7.23% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight position in Hoya, a Japanese manufacturer of optical products. |
| ↑ | Overweight position in AIA Group, an Asian life insurance company. |
| ↑ | Out-of-benchmark position in British American Tobacco, a multinational consumer goods company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight position in Alibaba Group, a Chinese technology company. |
| ↓ | Overweight position in Airbus, a European aerospace corporation. |
| ↓ | Overweight position in Nintendo, a Japanese consumer electronics and video game company. |

---

Putnam International Stock ETF PAGE 1 47497-ATSR-0526

------

**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 –** **Putnam International Stock ETF** 10/21/2025 — 3/31/2026

![image](ts7145img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/21/2025)** |
| **Putnam International Stock ETF (NAV)**  | -4.60 |
| **MSCI All Country World ex-U.S. Index-NR**  | 2.34 |
| **MSCI All Country World ex-US Growth Index-NR**  | 7.23 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4763145 |
| **Total Number of Portfolio Holdings** | 27 |
| **Total Management Fee Paid (based on a unitary fee)** | $11994 |
| **Portfolio Turnover Rate** | 21% |

---

Putnam International Stock ETF PAGE 2 47497-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7145img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective November 17, 2025, the Fund's principal investment strategies were revised to clarify that the Fund predominantly invests in "equity securities" of large and midsize companies located outside of the U.S. rather than in "common stocks" of large and midsize companies located outside of the U.S.

This is a summary of certain changes to the Fund since October 21, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam International Stock ETF PAGE 3 47497-ATSR-0526

1000099369884990410445107939540100001000099971029710913114611022410000100009820100151056810987965220.117.216.39.99.68.98.37.32.4 ------

---

| | |
|:---|:---|
| **Templeton Emerging Markets Debt ETF**  | ![image](img448_202405131411777.jpg) |
| TEMD \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Templeton Emerging Markets Debt ETF for the period January 20, 2026, to March 31, 2026.

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>  |
| Templeton Emerging Markets Debt ETF<sup>1</sup>  | $8 | 0.44% |

---

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

---

| | |
|:---|:---|
| 1 | Amounts are for the period January 20, 2026, through March 31, 2026. 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 20, 2026, to March 31, 2026, Templeton Emerging Markets Debt ETF returned -1.46%. The Fund compares its performance to the JP Morgan EMBI Global Diversified Index, which returned -1.01% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Sovereign credit exposures contributed to relative performance. Positioning in sub investment-grade sovereign credits in the Middle East/Africa contributed. |
| ↑ | Within currency positions, the Fund's positions in the Brazilian real and South Korean won contributed to absolute performance. |
| ↑ | Within currency positions, the Fund's overweighted position in the Brazilian real and underweighted position in the South Korean won contributed to relative performance. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Sovereign credit exposures detracted from absolute performance. Select exposures to sub investment-grade sovereign credits in the Middle East/Africa and Asia detracted. |
| ↓ | Currency positions detracted from absolute performance, due to the Fund's positions in the Egyptian pound and Indian rupee. |
| ↓ | Currency positions detracted from relative performance, due to the Fund's overweighted positions in the Egyptian pound and Indian rupee. |

---

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

The Fund utilized currency forward contracts to gain positive or negative exposure to select currencies for both investment and hedging purposes. In aggregate, these positions detracted from performance.

Templeton Emerging Markets Debt ETF PAGE 1 48762-ATSR-0526

------

**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 –** **Templeton Emerging Markets Debt ETF** 1/20/2026 — 3/31/2026

![image](ts7150img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(1/20/2026)** |
| **Templeton Emerging Markets Debt ETF (NAV)**  | -1.46 |
| **Bloomberg Global Aggregate Index**  | 4.15 |
| **JP Morgan EMBI Global Diversified Index**  | -1.01 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $48963228 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 38 |
| **Total Management Fee Paid (based on a unitary fee)** | $42107 |
| **Portfolio Turnover Rate** | 0% |

---

Templeton Emerging Markets Debt ETF PAGE 2 48762-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7150img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton Emerging Markets Debt ETF PAGE 3 48762-ATSR-0526

10000100801023798541000010000101129801100001000010139980790.91.27.9 ------

---

| | |
|:---|:---|
| **Templeton International Insights ETF**  | ![image](img448_202405131411777.jpg) |
| TINS \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Templeton International Insights ETF for the period October 21, 2025, to March 31, 2026.

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>  |
| Templeton International Insights ETF<sup>1</sup>  | $24 | 0.54% |

---

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

---

| | |
|:---|:---|
| 1 | Amounts are for the period October 21, 2025, through March 31, 2026. 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 20, 2026, to March 31, 2026, Templeton International Insights ETF returned 4.81%. The Fund compares its performance to the MSCI All Country World ex-U.S. Index-NR, which returned 2.62% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Stock selection in the information technology sector was the top contributor to relative performance for the period. The pace of artificial intelligence (AI)-driven change continued to accelerate, requiring a more discriminating approach to both direct and indirect exposures. The Fund remained focused on semi-conductor companies that we believed would benefit from stronger demand for AI, electric vehicles, and green energy. |
| ↑ | Stock selection in the industrials sector also contributed. The Fund's industrials positioning was skewed toward Europe, particularly Germany as we believed this cyclical sector would benefit from improving macroeconomic conditions, structural demand for electrification and AI-driven investment in capital-intensive sectors. |
| ↑ | Regionally, stock selection and an overweight in the U.K. contributed significantly to relative performance. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Stock selection in the health care sector was the top detractor from relative performance. |
| ↓ | Stock selection and an underweight in the materials sector also detracted from relative performance. |
| ↓ | Regionally, stock selection in Ireland was the largest detractor from relative performance. |

---

Templeton International Insights ETF PAGE 1 TINS-ATSR-0526

------

**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 –** **Templeton International Insights ETF** 10/21/2025 — 3/31/2026

![image](ts7142img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/21/2025)** |
| **Templeton International Insights ETF (NAV)**  | 4.81 |
| **MSCI All Country World ex-U.S. Index-NR**  | 2.62 |

---

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.

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $5229054 |
| **Total Number of Portfolio Holdings** | 46 |
| **Total Management Fee Paid (based on a unitary fee)** | $12554 |
| **Portfolio Turnover Rate** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7142img004.jpg)

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

Templeton International Insights ETF PAGE 2 TINS-ATSR-0526

------

**HOW HAS THE FUND CHANGED?**

Effective December 15, 2025, Matthew R. Nagle, CFA stepped down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since October 21, 2025. 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, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Templeton International Insights ETF PAGE 3 TINS-ATSR-0526

1000099561008410373110701155910481100001000099971029710913114611022423.414.411.410.58.58.45.75.65.43.03.7 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img456_202405131420813.jpg) |
| **Western Asset Bond ETF**  | **Western Asset Bond ETF**  |
| WABF \| The Nasdaq Stock Market LLC  | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about Western Asset Bond ETF for the period April 1, 2025, to March 31, 2026.

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>  |
| 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, 2026, Western Asset Bond ETF returned 4.75%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 4.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Investment-grade credit positioning |
| ↑ | Structured credit positioning |
| ↑ | Emerging market debt positioning |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Duration positioning |
| ↓ | Yield curve positioning |

---

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

The Fund utilized Treasury futures, options, and swaps to manage duration, yield curve positioning and credit exposure. In aggregate, these derivatives detracted from performance.

Western Asset Bond ETF PAGE 1 WABF-ATSR-0526

------

**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 — 3/31/2026

![image](ts7059img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(9/19/2023)** |
| **Western Asset Bond ETF (NAV)**  | 4.75 | 5.88 |
| **Bloomberg U.S. Aggregate Index**  | 4.35 | 5.48 |

---

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, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $16359043 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 436 |
| **Total Management Fee Paid (based on a unitary fee)** | $57465 |
| **Portfolio Turnover Rate** | 336% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7059img005.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-0526

------

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Western Asset Bond ETF PAGE 3 WABF-ATSR-0526

1000098201061110529105291112710738110321120511450115771155510000100001068210599106061115710815111161125011479116051159932.925.517.610.19.81.41.30.00.01.4 ------

&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 officer and principal financial 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 officer and principal financial 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 an "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, 2025 and March 31, 2026 (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 $1,167,743 in March 31, 2025 and $1,263,961 in March 31, 2026.

&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, 2025 and $0 in March 31, 2026.

&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 $334,000 in March 31, 2025 and $391,750 in March 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in March 31, 2025 and $0 in March 31, 2026.

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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp; 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 $1,500,152 in March 31, 2025 and $4,066,959 in March 31, 2026.

&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.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

![](imge4a9cde91.gif)

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img641160022.gif)

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

**Franklin International Core Dividend Tilt Index ETF**

**Franklin International Dividend Booster Index ETF**

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

**Franklin U.S. Dividend Booster 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**

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** <u>accessibility@franklintempleton.com</u>**.**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_SOI-Header-SOI-5012_1) | **1** |
| [Statements of Assets and Liabilities](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_SAL-Header-SAL_1) | **83** |
| [Statements of Operations](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_SOP-Header-SOP_1) | **85** |
| [Statements of Changes in Net Assets](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_SOC-Header-SOC-5012_1) | **87** |
| [Financial Highlights](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_FH-Header-Financialhighlights-5012_1) | **95** |
| [Notes to Financial Statements](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_NTF-Header-Notestofinancialstatements-5012_1) | **103** |
| [Report of Independent Registered Public Accounting Firm](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_RIRPAF-Header-Auditletter_1) | **123** |
| [Important Tax Information](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_ITI-Header-Importanttaxinfo-5012_1) | **124** |
| [Changes in and Disagreements with Accountants](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_TSR-TOCTSRDisclosures-5012_1) | **125** |
| [Results of Meeting(s) of Shareholders](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_TSR-TOCTSRDisclosures-5012_1) | **125** |
| [Remuneration Paid to Directors, Officers and Others](#xx_055a2840-673a-41f1-81b8-81ca320e9fe7_TSR-TOCTSRDisclosures-5012_1) | **125** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedules of Investments

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.8%** | **Common Stocks — 96.8%** | **Common Stocks — 96.8%** |
| **Communication Services — 6.4%** | **Communication Services — 6.4%** | **Communication Services — 6.4%** |
| Diversified Telecommunication Services — 1.9% | Diversified Telecommunication Services — 1.9% | Diversified Telecommunication Services — 1.9% |
| China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; $70835<br> <sup>(a)</sup><br>|
| Emirates Integrated Telecommunications Co. PJSC | &nbsp;&nbsp; 11388 | &nbsp;&nbsp; 31002<br>|
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 42497 | &nbsp;&nbsp; 215649<br>|
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 2327 | &nbsp;&nbsp; 43757<br>|
| LG Uplus Corp. | &nbsp;&nbsp; 2769 | &nbsp;&nbsp; 28076<br>|
| Ooredoo QPSC | &nbsp;&nbsp; 14196 | &nbsp;&nbsp; 48425<br>|
| Saudi Telecom Co. | &nbsp;&nbsp; 21463 | &nbsp;&nbsp; 243079<br>|
| Tata Communications Ltd. | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 20876<br>|
| Telekom Malaysia Bhd | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 6839<br>|
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 629200 | &nbsp;&nbsp; 113292<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 821830 |
| Entertainment — 0.9% | Entertainment — 0.9% | Entertainment — 0.9% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 7750<br>|
| International Games System Co. Ltd. | &nbsp;&nbsp; 3278 | &nbsp;&nbsp; 77208<br>|
| NetEase Inc. | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 310980<br> <sup>(b)</sup><br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 395938 |
| Interactive Media & Services — 2.0% | Interactive Media & Services — 2.0% | Interactive Media & Services — 2.0% |
| Info Edge India Ltd. | &nbsp;&nbsp; 4849 | &nbsp;&nbsp; 49472<br>|
| NAVER Corp. | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 32495<br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 13400 | &nbsp;&nbsp; 827224<br> <sup>(b)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 909191 |
| Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1841<br>|
| Oriental Pearl Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 3546<br>|
| Total Media | Total Media | &nbsp;&nbsp; 5387 |
| Wireless Telecommunication Services — 1.6% | Wireless Telecommunication Services — 1.6% | Wireless Telecommunication Services — 1.6% |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 176434<br>|
| Axiata Group Bhd | &nbsp;&nbsp; 28600 | &nbsp;&nbsp; 15610<br>|
| CelcomDigi Bhd | &nbsp;&nbsp; 46800 | &nbsp;&nbsp; 34213<br>|
| Etihad Etisalat Co. | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 73520<br>|
| Globe Telecom Inc. | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 12171<br>|
| Indosat Tbk PT | &nbsp;&nbsp; 74100 | &nbsp;&nbsp; 9113<br>|
| Maxis Bhd | &nbsp;&nbsp; 36400 | &nbsp;&nbsp; 32364<br>|
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 27742 | &nbsp;&nbsp; 51075<br>|
| PLDT Inc. | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 23555<br>|
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 64845<br>|
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 55233<br>|
| TIM SA | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 47853<br>|
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 14677 | &nbsp;&nbsp; 34944<br>|
| Vodacom Group Ltd. | &nbsp;&nbsp; 7111 | &nbsp;&nbsp; 59954<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 690884 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2823230** |
| **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| Bosch Ltd. | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 35458<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; $15680<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 50869<br> <sup>(a)</sup><br>|
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 39489<br>|
| Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 7232<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 148728 |
| Automobiles — 1.1% | Automobiles — 1.1% | Automobiles — 1.1% |
| AIMA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 4684<br>|
| Bajaj Auto Ltd. | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 77030<br>|
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 8710 | &nbsp;&nbsp; 19797<br>|
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 1599 | &nbsp;&nbsp; 85354<br>|
| Hyundai Motor Co. | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 181498<br>|
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 32168<br>|
| Kia Corp. | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 61620<br>|
| Tofas Turk Otomobil Fabrikasi AS | &nbsp;&nbsp; 1482 | &nbsp;&nbsp; 9121<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 471272 |
| Broadline Retail — 2.9% | Broadline Retail — 2.9% | Broadline Retail — 2.9% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 58461 | &nbsp;&nbsp; 887332<br> <sup>(b)</sup><br>|
| JD.com Inc., Class A Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 375399<br> <sup>(b)</sup><br>|
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 20401<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1283132 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 2925<br>|
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Allwyn AG | &nbsp;&nbsp; 2106 | &nbsp;&nbsp; 31763<br>|
| Eternal Ltd. | &nbsp;&nbsp; 4589 | &nbsp;&nbsp; 11,079<br> \*<br>|
| H World Group Ltd. | &nbsp;&nbsp; 20800 | &nbsp;&nbsp; 103732<br> <sup>(b)</sup><br>|
| Haidilao International Holding Ltd. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 36402<br> <sup>(a)(b)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 182976 |
| Household Durables — 0.6% | Household Durables — 0.6% | Household Durables — 0.6% |
| Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 28474<br>|
| Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 18883<br>|
| Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 68713<br>|
| Hisense Home Appliances Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 4054<br>|
| Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 5089<br>|
| Hisense Visual Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 4209<br>|
| Jason Furniture Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 5803<br>|
| Midea Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 69643<br>|
| Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 55580<br>|
| Oppein Home Group Inc., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 3859<br>|
| Zhejiang Supor Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 3174<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 267481 |
| Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 34346 | &nbsp;&nbsp; 35437<br>|
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 20800 | &nbsp;&nbsp; 28865<br>|
| Jarir Marketing Co. | &nbsp;&nbsp; 6942 | &nbsp;&nbsp; 26121<br>|
| MR DIY Group M Bhd | &nbsp;&nbsp; 24700 | &nbsp;&nbsp; 9333<br> <sup>(a)</sup><br>|
| Mr Price Group Ltd. | &nbsp;&nbsp; 3302 | &nbsp;&nbsp; 29585<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; $21036<br>|
| Pop Mart International Group Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 18316<br> <sup>(a)(b)</sup><br>|
| PTT Oil & Retail Business PCL, NVDR | &nbsp;&nbsp; 41600 | &nbsp;&nbsp; 16524<br>|
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 2592<br>|
| Vibra Energia SA | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 78718<br>|
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6815<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 273342 |
| Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 12120 | &nbsp;&nbsp; 117023<br>|
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 30611<br>|
| Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 7978<br>|
| Li Ning Co. Ltd. | &nbsp;&nbsp; 32500 | &nbsp;&nbsp; 88709<br>|
| Page Industries Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 26131<br>|
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 62054<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 332506 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2962362** |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| Beverages — 1.5% | Beverages — 1.5% | Beverages — 1.5% |
| Ambev SA | &nbsp;&nbsp; 54600 | &nbsp;&nbsp; 159452<br>|
| Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 5957<br>|
| Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 11607<br>|
| Anhui Yingjia Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 4706<br>|
| Arca Continental SAB de CV | &nbsp;&nbsp; 5811 | &nbsp;&nbsp; 66583<br>|
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 19500 | &nbsp;&nbsp; 63771<br>|
| China Resources Beverage Holdings Co. Ltd. | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5790<br>|
| Chongqing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3283<br>|
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 5135 | &nbsp;&nbsp; 49723<br>|
| Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 4988<br>|
| Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 9550<br>|
| Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 220438<br>|
| Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 19703<br>|
| Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 58313<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 683864 |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 20800 | &nbsp;&nbsp; 10091<br>|
| Nahdi Medical Co. | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 14928<br>|
| President Chain Store Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 49156<br>|
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 12986<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 87161 |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Anjoy Foods Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 4051<br>|
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 40300 | &nbsp;&nbsp; 25539<br>|
| China Feihe Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 17311<br> <sup>(a)</sup><br>|
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 74590<br>|
| COFCO Sugar Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 2658<br>|
| Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 5639<br>|
| Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 3869<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; $10691<br>|
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 57200 | &nbsp;&nbsp; 21373<br>|
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 21746<br>|
| Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 4700 | &nbsp;&nbsp; 28383<br>|
| PPB Group Bhd | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 26970<br>|
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13049<br>|
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 131029<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 386898 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 18486 | &nbsp;&nbsp; 43475<br>|
| Unilever Indonesia Tbk PT | &nbsp;&nbsp; 84500 | &nbsp;&nbsp; 9050<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 52525 |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 30645<br>|
| Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 18240<br> <sup>(a)</sup><br>|
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 22799<br>|
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 16901<br>|
| Procter & Gamble Hygiene & Health Care Ltd. | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 12778<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 101363 |
| Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% |
| ITC Ltd. | &nbsp;&nbsp; 35685 | &nbsp;&nbsp; 108241<br>|
| Smoore International Holdings Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 14724<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 122965 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1434776** |
| **Energy — 5.4%** | **Energy — 5.4%** | **Energy — 5.4%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 31577 | &nbsp;&nbsp; 44013<br>|
| Oil, Gas & Consumable Fuels — 5.3% | Oil, Gas & Consumable Fuels — 5.3% | Oil, Gas & Consumable Fuels — 5.3% |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 146900 | &nbsp;&nbsp; 22301<br>|
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 27092 | &nbsp;&nbsp; 80263<br>|
| China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 35198<br>|
| China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 229418<br>|
| Coal India Ltd. | &nbsp;&nbsp; 26039 | &nbsp;&nbsp; 123663<br>|
| Ecopetrol SA | &nbsp;&nbsp; 50622 | &nbsp;&nbsp; 38743<br>|
| Gazprom PJSC | &nbsp;&nbsp; 44709 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Golden Energy Mines Tbk PT | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 3337<br>|
| Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5022<br>|
| Guangzhou Development Group Inc., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2688<br>|
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 12675 | &nbsp;&nbsp; 44821<br>|
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 52143 | &nbsp;&nbsp; 74436<br>|
| Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 22370<br>|
| Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 3092<br>|
| LUKOIL PJSC | &nbsp;&nbsp; 2268 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 4407 | &nbsp;&nbsp; 52017<br>|
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 31388<br>|
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 50531 | &nbsp;&nbsp; 151648<br>|
| Oil India Ltd. | &nbsp;&nbsp; 7423 | &nbsp;&nbsp; 37209<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 216000 | &nbsp;&nbsp; $296166<br>|
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 24700 | &nbsp;&nbsp; 254996<br>|
| Petronet LNG Ltd. | &nbsp;&nbsp; 9815 | &nbsp;&nbsp; 25710<br>|
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1536<br>|
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 76392<br>|
| PTT PCL, NVDR | &nbsp;&nbsp; 113100 | &nbsp;&nbsp; 120027<br>|
| Qatar Fuel QSC | &nbsp;&nbsp; 9282 | &nbsp;&nbsp; 36914<br>|
| Rosneft Oil Co. PJSC | &nbsp;&nbsp; 20055 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Saudi Arabian Oil Co. | &nbsp;&nbsp; 51935 | &nbsp;&nbsp; 379209<br> <sup>(a)</sup><br>|
| Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 28900<br>|
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 3316<br>|
| Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3772<br>|
| Surgutneftegas PAO | &nbsp;&nbsp; 132846 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Tatneft PJSC | &nbsp;&nbsp; 29792 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 9126 | &nbsp;&nbsp; 52985<br>|
| United Tractors Tbk PT | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 28502<br>|
| Yancoal Australia Ltd. | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 14771<br>|
| Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 10926<br>|
| Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 63185<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2354921 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2398934** |
| **Financials — 24.5%** | **Financials — 24.5%** | **Financials — 24.5%** |
| Banks — 18.6% | Banks — 18.6% | Banks — 18.6% |
| Absa Group Ltd. | &nbsp;&nbsp; 11011 | &nbsp;&nbsp; 155148<br>|
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 43173 | &nbsp;&nbsp; 145269<br>|
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 19396 | &nbsp;&nbsp; 108774<br>|
| Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 11350<br>|
| Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 18471<br>|
| Al Rayan Bank | &nbsp;&nbsp; 78351 | &nbsp;&nbsp; 46998<br>|
| Alinma Bank | &nbsp;&nbsp; 13910 | &nbsp;&nbsp; 106977<br>|
| AMMB Holdings Bhd | &nbsp;&nbsp; 35100 | &nbsp;&nbsp; 57127<br>|
| Arab National Bank | &nbsp;&nbsp; 10127 | &nbsp;&nbsp; 58129<br>|
| Banco de Chile | &nbsp;&nbsp; 527462 | &nbsp;&nbsp; 94973<br>|
| Banco Santander Brasil SA | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 30511<br>|
| Banco Santander Chile | &nbsp;&nbsp; 759083 | &nbsp;&nbsp; 62355<br>|
| Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 39378<br>|
| Bank Al-Jazira | &nbsp;&nbsp; 7488 | &nbsp;&nbsp; 23426<br>|
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 483600 | &nbsp;&nbsp; 183543<br>|
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 178100 | &nbsp;&nbsp; 39404<br>|
| Bank of Baroda | &nbsp;&nbsp; 13273 | &nbsp;&nbsp; 34649<br>|
| Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 14520<br>|
| Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 3625<br>|
| Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 6445<br>|
| Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 715000 | &nbsp;&nbsp; 453247<br>|
| Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 17128<br>|
| Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 70039<br>|
| Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 8246<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank of India | &nbsp;&nbsp; 12480 | &nbsp;&nbsp; $18025<br>|
| Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 24665<br>|
| Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 6432<br>|
| Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 26012<br>|
| Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 16788<br>|
| Bank of Suzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 3147<br>|
| Bank of the Philippine Islands | &nbsp;&nbsp; 28470 | &nbsp;&nbsp; 46817<br>|
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 822900 | &nbsp;&nbsp; 161244<br>|
| Banque Saudi Fransi | &nbsp;&nbsp; 14755 | &nbsp;&nbsp; 77970<br>|
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 45500 | &nbsp;&nbsp; 248387<br>|
| Canara Bank | &nbsp;&nbsp; 23764 | &nbsp;&nbsp; 30930<br>|
| China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 21872<br>|
| China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 91694<br>|
| China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 12714<br>|
| China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 598000 | &nbsp;&nbsp; 639935<br>|
| China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 18126<br>|
| China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 15122<br>|
| China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 96212<br>|
| China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 245137<br>|
| China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 31200 | &nbsp;&nbsp; 17121<br>|
| China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 84500 | &nbsp;&nbsp; 39555<br>|
| China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 6776<br>|
| China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 8224<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 7962<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 22517<br>|
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 100100 | &nbsp;&nbsp; 186652<br>|
| Commercial Bank of Kuwait KPSC | &nbsp;&nbsp; 15704 | &nbsp;&nbsp; 24347<br>|
| Commercial Bank PSQC | &nbsp;&nbsp; 40443 | &nbsp;&nbsp; 47385<br>|
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 182000 | &nbsp;&nbsp; 292043<br>|
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 37791 | &nbsp;&nbsp; 75308<br>|
| Dukhan Bank | &nbsp;&nbsp; 30160 | &nbsp;&nbsp; 28677<br>|
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 5551 | &nbsp;&nbsp; 40424<br>|
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 50583 | &nbsp;&nbsp; 234098<br>|
| Grupo Cibest SA | &nbsp;&nbsp; 3146 | &nbsp;&nbsp; 73007<br>|
| Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 32825 | &nbsp;&nbsp; 361664<br>|
| Hong Leong Bank Bhd | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 49220<br>|
| Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 13778<br>|
| Indian Bank | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 9968<br>|
| Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 43141<br>|
| Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 351000 | &nbsp;&nbsp; 307117<br>|
| Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 49593<br>|
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 82817<br>|
| Komercni Banka AS | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 46710<br>|
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 42900 | &nbsp;&nbsp; 45528<br>|
| Malayan Banking Bhd | &nbsp;&nbsp; 92300 | &nbsp;&nbsp; 258960<br>|
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 46905<br>|
| National Bank of Greece SA | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 158593<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Nedbank Group Ltd. | &nbsp;&nbsp; 6357 | &nbsp;&nbsp; $99068<br>|
| Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 27112<br>|
| Piraeus Bank SA | &nbsp;&nbsp; 5889 | &nbsp;&nbsp; 47,402<br> \*<br>|
| Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 104000 | &nbsp;&nbsp; 65131<br> <sup>(a)</sup><br>|
| Public Bank Bhd | &nbsp;&nbsp; 184600 | &nbsp;&nbsp; 213368<br>|
| Punjab National Bank | &nbsp;&nbsp; 30017 | &nbsp;&nbsp; 31824<br>|
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 13715 | &nbsp;&nbsp; 41887<br>|
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 21775 | &nbsp;&nbsp; 135458<br>|
| Qatar National Bank QPSC | &nbsp;&nbsp; 12194 | &nbsp;&nbsp; 57068<br>|
| RHB Bank Bhd | &nbsp;&nbsp; 46800 | &nbsp;&nbsp; 97553<br>|
| Riyad Bank | &nbsp;&nbsp; 16692 | &nbsp;&nbsp; 131130<br>|
| Saudi Awwal Bank | &nbsp;&nbsp; 11349 | &nbsp;&nbsp; 112807<br>|
| Saudi Investment Bank | &nbsp;&nbsp; 7410 | &nbsp;&nbsp; 26124<br>|
| Saudi National Bank | &nbsp;&nbsp; 33709 | &nbsp;&nbsp; 375662<br>|
| Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 63435<br>|
| Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 28600 | &nbsp;&nbsp; 42154<br>|
| Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 10288<br>|
| Standard Bank Group Ltd. | &nbsp;&nbsp; 17173 | &nbsp;&nbsp; 305437<br>|
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 509600 | &nbsp;&nbsp; 35539<br>|
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 65895<br>|
| Union Bank of India Ltd. | &nbsp;&nbsp; 20319 | &nbsp;&nbsp; 35176<br>|
| Woori Financial Group Inc. | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 44612<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 8233181 |
| Capital Markets — 0.4% | Capital Markets — 0.4% | Capital Markets — 0.4% |
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 4766<br>|
| Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 14770<br>|
| HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 9417<br> <sup>(a)</sup><br>|
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 77343<br>|
| Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp; 21224 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 1781 | &nbsp;&nbsp; 11881<br>|
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 52545<br>|
| SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 4427<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 175149 |
| Financial Services — 1.3% | Financial Services — 1.3% | Financial Services — 1.3% |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 19624 | &nbsp;&nbsp; 67214<br>|
| Far East Horizon Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 14367<br>|
| FirstRand Ltd. | &nbsp;&nbsp; 67457 | &nbsp;&nbsp; 339462<br>|
| Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 21931 | &nbsp;&nbsp; 20169<br> <sup>(a)</sup><br>|
| Jiangsu Financial Leasing Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3795<br>|
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 16159 | &nbsp;&nbsp; 64654<br>|
| REC Ltd. | &nbsp;&nbsp; 14547 | &nbsp;&nbsp; 46793<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 556454 |
| Insurance — 4.2% | Insurance — 4.2% | Insurance — 4.2% |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 51995<br>|
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 22841<br>|
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 274867<br>|
| China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 23314 | &nbsp;&nbsp; 73152<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; $336253<br>|
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 117415<br>|
| New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 17817<br>|
| New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 69064<br>|
| Old Mutual Ltd. | &nbsp;&nbsp; 57681 | &nbsp;&nbsp; 46502<br>|
| OUTsurance Group Ltd. | &nbsp;&nbsp; 10569 | &nbsp;&nbsp; 42974<br>|
| People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 17908<br>|
| PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 141869<br>|
| Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 53436<br>|
| Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 50500 | &nbsp;&nbsp; 382927<br>|
| Porto Seguro SA | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 25149<br>|
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 71037<br>|
| Sanlam Ltd. | &nbsp;&nbsp; 24661 | &nbsp;&nbsp; 128192<br>|
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 32500 | &nbsp;&nbsp; 10249<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1883647 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **10848431** |
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 2758<br>|
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Autobio Diagnostics Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 4359<br>|
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 12436<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 16795 |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |
| Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 2981<br>|
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 20889<br>|
| Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 116419<br> <sup>(a)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 140289 |
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 6622<br>|
| Hubei Jumpcan Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 4954<br>|
| Richter Gedeon Nyrt | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 61079<br>|
| Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4145<br>|
| Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 8398<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 85198 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **245040** |
| **Industrials — 5.8%** | **Industrials — 5.8%** | **Industrials — 5.8%** |
| Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10601<br>|
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 52097<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 62698 |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 12728<br>|
| Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2319<br>|
| Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 15686<br>|
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 31255<br> <sup>(b)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 61988 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Building Products — 0.0%†† | Building Products — 0.0%†† | Building Products — 0.0%†† |
| Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; $4909<br>|
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 26712<br>|
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 19316<br>|
| Shanghai M&G Stationery Inc., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 3293<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 49321 |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |
| China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 19500 | &nbsp;&nbsp; 15331<br>|
| China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 26795<br>|
| Enka Insaat ve Sanayi AS | &nbsp;&nbsp; 11024 | &nbsp;&nbsp; 23161<br>|
| Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 7582<br>|
| Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1944<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 74813 |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 2,338<br> \*<br>|
| Ecopro Co. Ltd. | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 22496<br>|
| Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 5490<br>|
| Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 13324<br>|
| Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 4935<br>|
| Sichuan Huafeng Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1131 | &nbsp;&nbsp; 16,913<br> \*<br>|
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 43165<br>|
| WEG SA | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 76193<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 184854 |
| Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 4186 | &nbsp;&nbsp; 18770<br>|
| Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 13116<br>|
| GMexico Transportes SAB de CV | &nbsp;&nbsp; 5148 | &nbsp;&nbsp; 9730<br> <sup>(c)(d)</sup><br>|
| Localiza Rent a Car SA | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 116956<br>|
| Rumo SA | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 40454<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 199026 |
| Industrial Conglomerates — 1.5% | Industrial Conglomerates — 1.5% | Industrial Conglomerates — 1.5% |
| Astra International Tbk PT | &nbsp;&nbsp; 241800 | &nbsp;&nbsp; 88926<br>|
| Bidvest Group Ltd. | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 54437<br>|
| CITIC Ltd. | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 97995<br>|
| Far Eastern New Century Corp. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 32083<br>|
| Industries Qatar QSC | &nbsp;&nbsp; 36621 | &nbsp;&nbsp; 107017<br>|
| KOC Holding AS | &nbsp;&nbsp; 8931 | &nbsp;&nbsp; 39113<br>|
| LG Corp. | &nbsp;&nbsp; 1482 | &nbsp;&nbsp; 80116<br>|
| Quinenco SA | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 16401<br>|
| Sime Darby Bhd | &nbsp;&nbsp; 36400 | &nbsp;&nbsp; 20317<br>|
| SK Square Co. Ltd. | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 114,824<br> \*<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 651229 |
| Machinery — 0.9% | Machinery — 0.9% | Machinery — 0.9% |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 37895 | &nbsp;&nbsp; 61580<br>|
| Cummins India Ltd. | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 62912<br>|
| HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 9146<br>|
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 105110<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; $21706<br>|
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 37097<br>|
| Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 7019<br>|
| Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 24392<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 41898<br>|
| Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 11942<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 8094<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 20800 | &nbsp;&nbsp; 22948<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 413844 |
| Marine Transportation — 0.8% | Marine Transportation — 0.8% | Marine Transportation — 0.8% |
| COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 22602<br>|
| COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 49412<br>|
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 81123<br>|
| HMM Co. Ltd. | &nbsp;&nbsp; 3432 | &nbsp;&nbsp; 43851<br>|
| MISC Bhd | &nbsp;&nbsp; 23400 | &nbsp;&nbsp; 48776<br>|
| Orient Overseas International Ltd. | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 34597<br>|
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 31351<br>|
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 30904<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 342616 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Eva Airways Corp. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 41415<br>|
| Latam Airlines Group SA | &nbsp;&nbsp; 4377217 | &nbsp;&nbsp; 106933<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 148348 |
| Professional Services — 0.0%†† | Professional Services — 0.0%†† | Professional Services — 0.0%†† |
| L&T Technology Services Ltd. | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 11552<br> <sup>(a)</sup><br>|
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Posco International Corp. | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 24275<br>|
| Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 2089<br>|
| Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 3343<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 29707 |
| Transportation Infrastructure — 0.8% | Transportation Infrastructure — 0.8% | Transportation Infrastructure — 0.8% |
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 7424<br>|
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 13570 | &nbsp;&nbsp; 25339<br>|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 4914 | &nbsp;&nbsp; 120429<br>|
| Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 2145 | &nbsp;&nbsp; 71812<br>|
| Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 2268<br>|
| Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 12870<br>|
| Qingdao Port International Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1621<br>|
| Qingdao Port International Co. Ltd., Class H Shares | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 11292<br> <sup>(a)</sup><br>|
| Salik Co. PJSC | &nbsp;&nbsp; 22841 | &nbsp;&nbsp; 31650<br>|
| Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 2014<br>|
| Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 5748<br>|
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 21430<br>|
| Westports Holdings Bhd | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 17135<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 331032 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2565937** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Information Technology — 33.5%** | **Information Technology — 33.5%** | **Information Technology — 33.5%** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| Accton Technology Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; $47232<br>|
| Electronic Equipment, Instruments & Components — 3.2% | Electronic Equipment, Instruments & Components — 3.2% | Electronic Equipment, Instruments & Components — 3.2% |
| Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 15862<br>|
| Delta Electronics Inc. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 198561<br>|
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 20418<br>|
| E Ink Holdings Inc. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 55505<br>|
| Elite Material Co. Ltd. | &nbsp;&nbsp; 1279 | &nbsp;&nbsp; 104016<br>|
| Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 77488<br>|
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 4040<br>|
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 53100 | &nbsp;&nbsp; 311425<br>|
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 33530<br>|
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 80821<br>|
| Lotes Co. Ltd. | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; 80859<br>|
| Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 9012<br>|
| Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 20392<br>|
| Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 6356<br>|
| Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 7347<br>|
| Tripod Technology Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 63528<br>|
| Unimicron Technology Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 55615<br>|
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 61088<br>|
| WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 20899<br>|
| Yageo Corp. | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 114248<br>|
| Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 8295<br>|
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 71051<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1420356 |
| IT Services — 2.8% | IT Services — 2.8% | IT Services — 2.8% |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 15585<br>|
| HCL Technologies Ltd. | &nbsp;&nbsp; 12701 | &nbsp;&nbsp; 179651<br>|
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 1339 | &nbsp;&nbsp; 6000<br>|
| Infosys Ltd. | &nbsp;&nbsp; 31317 | &nbsp;&nbsp; 412921<br>|
| LTIMindtree Ltd. | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 46761<br> <sup>(a)</sup><br>|
| Mphasis Ltd. | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 29264<br>|
| Persistent Systems Ltd. | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 56820<br>|
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 12168 | &nbsp;&nbsp; 302619<br>|
| Tech Mahindra Ltd. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 109642<br>|
| Wipro Ltd. | &nbsp;&nbsp; 35971 | &nbsp;&nbsp; 71162<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 1230425 |
| Semiconductors & Semiconductor Equipment — 19.1% | Semiconductors & Semiconductor Equipment — 19.1% | Semiconductors & Semiconductor Equipment — 19.1% |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 35678<br>|
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 133578<br>|
| Biwin Storage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 9,975<br> \*<br>|
| Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 3,700<br> \*<br>|
| eMemory Technology Inc. | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 38829<br>|
| Global Unichip Corp. | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 23025<br>|
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 49587<br>|
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 40477<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Henan Shijia Photons Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 297 | &nbsp;&nbsp; $3577<br>|
| Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 9,904<br> \*<sup>(a)</sup><br>|
| Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 17809<br>|
| MediaTek Inc. | &nbsp;&nbsp; 11440 | &nbsp;&nbsp; 533175<br>|
| Nanya Technology Corp. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 31,045<br> \*<br>|
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 7550 | &nbsp;&nbsp; 89622<br>|
| Phison Electronics Corp. | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 60995<br>|
| Powertech Technology Inc. | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 53228<br>|
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 5776 | &nbsp;&nbsp; 86360<br>|
| Shenzhen Techwinsemi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 11007<br>|
| SK hynix Inc. | &nbsp;&nbsp; 2704 | &nbsp;&nbsp; 1424691<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 5450110<br>|
| United Microelectronics Corp. | &nbsp;&nbsp; 156000 | &nbsp;&nbsp; 275696<br>|
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 58054<br>|
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 11,804<br> \*<br>|
| Yuanjie Semiconductor Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 29115<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8481041 |
| Software — 0.1% | Software — 0.1% | Software — 0.1% |
| 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 10070<br>|
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 19374<br>|
| Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 7326<br>|
| Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 8065<br>|
| Tata Elxsi Ltd. | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 18531<br>|
| Total Software | Total Software | &nbsp;&nbsp; 63366 |
| Technology Hardware, Storage & Peripherals — 8.2% | Technology Hardware, Storage & Peripherals — 8.2% | Technology Hardware, Storage & Peripherals — 8.2% |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 16620<br>|
| Asustek Computer Inc. | &nbsp;&nbsp; 8260 | &nbsp;&nbsp; 141843<br>|
| Compal Electronics Inc. | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 43835<br>|
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 7420 | &nbsp;&nbsp; 51641<br>|
| GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 4280<br>|
| Inventec Corp. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 48857<br>|
| Lenovo Group Ltd. | &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 91031<br>|
| Lite-On Technology Corp. | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 131842<br>|
| Pegatron Corp. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 61970<br>|
| Quanta Computer Inc. | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 304895<br>|
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 22672 | &nbsp;&nbsp; 2474951<br>|
| Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 7330<br>|
| Wistron Corp. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 149437<br>|
| Wiwynn Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 103222<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3631754 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **14874174** |
| **Materials — 4.5%** | **Materials — 4.5%** | **Materials — 4.5%** |
| Chemicals — 0.8% | Chemicals — 0.8% | Chemicals — 0.8% |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 5186<br>|
| Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 4310<br>|
| Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 21879<br>|
| PhosAgro PJSC | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| PhosAgro PJSC, GDR | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $0<br> \*<sup>(c)(d)(e)</sup><br>|
| PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 93934<br>|
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 3887 | &nbsp;&nbsp; 16760<br>|
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 16279<br>|
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 9516 | &nbsp;&nbsp; 152911<br>|
| Saudi Industrial Investment Group | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 13291<br>|
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 20271<br>|
| Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 8702<br>|
| Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 5839<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 359362 |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 13078<br>|
| Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 13340 | &nbsp;&nbsp; 36072<br>|
| Asia Cement Corp. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 28220<br>|
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 5763<br>|
| Huaxin Building Materials Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4297<br>|
| Huaxin Building Materials Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 5316<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 92746 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Klabin SA | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 43713<br>|
| Metals & Mining — 3.4% | Metals & Mining — 3.4% | Metals & Mining — 3.4% |
| Alrosa PJSC | &nbsp;&nbsp; 54971 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Aneka Tambang Tbk | &nbsp;&nbsp; 110500 | &nbsp;&nbsp; 22757<br>|
| Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 19500 | &nbsp;&nbsp; 18098<br>|
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 41100 | &nbsp;&nbsp; 182219<br>|
| China Nonferrous Mining Corp. Ltd. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 26379<br>|
| Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 6151<br>|
| CSN Mineracao SA | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6162<br>|
| GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 69300 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Gold Fields Ltd. | &nbsp;&nbsp; 4043 | &nbsp;&nbsp; 179623<br>|
| Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 6223<br>|
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 27530<br>|
| Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 5101<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 3668<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 6053<br>|
| Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 8094<br>|
| Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 39144<br>|
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 48277<br>|
| Kumba Iron Ore Ltd. | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 12368<br>|
| Nanjing Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 4141<br>|
| NMDC Ltd. | &nbsp;&nbsp; 40950 | &nbsp;&nbsp; 32929<br>|
| Novolipetsk Steel PJSC | &nbsp;&nbsp; 35119 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Polyus PJSC | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Severstal PAO | &nbsp;&nbsp; 6090 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Tata Steel Ltd. | &nbsp;&nbsp; 107913 | &nbsp;&nbsp; 218286<br>|
| Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 10046<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; $5468<br>|
| United Co. RUSAL International PJSC | &nbsp;&nbsp; 24749 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Vale SA | &nbsp;&nbsp; 30540 | &nbsp;&nbsp; 482375<br>|
| Vedanta Ltd. | &nbsp;&nbsp; 20033 | &nbsp;&nbsp; 138300<br>|
| Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 9411<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 1498803 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1994624** |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 35373 | &nbsp;&nbsp; 57192<br>|
| KLCCP Stapled Group | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 14545<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 71737 |
| Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 20909<br>|
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 45500 | &nbsp;&nbsp; 67030<br>|
| China Resources Land Ltd. | &nbsp;&nbsp; 32500 | &nbsp;&nbsp; 118721<br>|
| China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 46799<br> <sup>(a)</sup><br>|
| DLF Ltd. | &nbsp;&nbsp; 10114 | &nbsp;&nbsp; 53754<br>|
| Emaar Development PJSC | &nbsp;&nbsp; 11765 | &nbsp;&nbsp; 43238<br>|
| Emaar Properties PJSC | &nbsp;&nbsp; 86801 | &nbsp;&nbsp; 276474<br>|
| Longfor Group Holdings Ltd. | &nbsp;&nbsp; 25760 | &nbsp;&nbsp; 24806<br> <sup>(a)(b)</sup><br>|
| Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 4331<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 656062 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **727799** |
| **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** |
| Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% |
| Axia Energia | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 131206<br>|
| CEZ AS | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; 103896<br>|
| Cia Energetica de Minas Gerais | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 12510<br>|
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 28600 | &nbsp;&nbsp; 84508<br>|
| CPFL Energia SA | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 24278<br>|
| Enel Americas SA | &nbsp;&nbsp; 231699 | &nbsp;&nbsp; 19678<br>|
| Equatorial SA | &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 111646<br>|
| Inter RAO UES PJSC | &nbsp;&nbsp; 811741 | &nbsp;&nbsp; 0<br> \*<sup>(c)(d)(e)</sup><br>|
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 35818<br>|
| Korea Electric Power Corp. | &nbsp;&nbsp; 2405 | &nbsp;&nbsp; 65399<br>|
| Manila Electric Co. | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 36999<br>|
| Neoenergia SA | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 41512<br>|
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 53339 | &nbsp;&nbsp; 166514<br>|
| Saudi Energy Co. | &nbsp;&nbsp; 8528 | &nbsp;&nbsp; 38475<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 872439 |
| Gas Utilities — 0.8% | Gas Utilities — 0.8% | Gas Utilities — 0.8% |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 24789<br>|
| China Gas Holdings Ltd. | &nbsp;&nbsp; 31200 | &nbsp;&nbsp; 28453<br>|
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 25243<br>|
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 73529<br>|
| ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 8350<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Gas Utilities — continued | Gas Utilities — continued | Gas Utilities — continued | Gas Utilities — continued |
| GAIL India Ltd. | GAIL India Ltd. | &nbsp;&nbsp; 37947 | &nbsp;&nbsp; $55095<br>|
| Grupo Energia Bogota SA ESP | Grupo Energia Bogota SA ESP | &nbsp;&nbsp; 34424 | &nbsp;&nbsp; 27852<br>|
| Indraprastha Gas Ltd. | Indraprastha Gas Ltd. | &nbsp;&nbsp; 8996 | &nbsp;&nbsp; 13811<br>|
| Kunlun Energy Co. Ltd. | Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 36530<br>|
| Petronas Gas Bhd | Petronas Gas Bhd | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 51897<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 345549 |
| Independent Power and Renewable Electricity Producers — 1.1% | Independent Power and Renewable Electricity Producers — 1.1% | Independent Power and Renewable Electricity Producers — 1.1% | Independent Power and Renewable Electricity Producers — 1.1% |
| Aboitiz Power Corp. | Aboitiz Power Corp. | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 13353<br>|
| China Longyuan Power Group Corp. Ltd., Class H Shares | China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 35467<br>|
| China Power International Development Ltd. | China Power International Development Ltd. | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 20959<br>|
| China Resources Power Holdings Co. Ltd. | China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 60521<br>|
| Engie Brasil Energia SA | Engie Brasil Energia SA | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 24519<br>|
| GD Power Development Co. Ltd., Class A Shares | GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 9110<br>|
| Global Power Synergy PCL, NVDR | Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 10722<br>|
| Huadian Power International Corp. Ltd., Class A Shares | Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 5319<br>|
| Huadian Power International Corp. Ltd., Class H Shares | Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 13365<br>|
| Huaneng Power International Inc., Class A Shares | Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 9249<br>|
| Huaneng Power International Inc., Class H Shares | Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 39132<br>|
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 2891<br>|
| NHPC Ltd. | NHPC Ltd. | &nbsp;&nbsp; 39182 | &nbsp;&nbsp; 30454<br>|
| NTPC Ltd. | NTPC Ltd. | &nbsp;&nbsp; 55978 | &nbsp;&nbsp; 218751<br>|
| Shaanxi Energy Investment Co. Ltd., Class A Shares | Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 12174<br>|
| Shenergy Co. Ltd., Class A Shares | Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 5031<br>|
| Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 6132<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 517149 |
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| Dubai Electricity & Water Authority PJSC | Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 107887 | &nbsp;&nbsp; 79007<br>|
| Nebras Energy | Nebras Energy | &nbsp;&nbsp; 7033 | &nbsp;&nbsp; 27738<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 106745 |
| Water Utilities — 0.5% | Water Utilities — 0.5% | Water Utilities — 0.5% | Water Utilities — 0.5% |
| Beijing Enterprises Water Group Ltd. | Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 17974<br>|
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 175757<br>|
| Guangdong Investment Ltd. | Guangdong Investment Ltd. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 25933<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 219664 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2061546** |
| **Total Common Stocks (Cost — $40,043,723)** | **Total Common Stocks (Cost — $40,043,723)** | **Total Common Stocks (Cost — $40,043,723)** | &nbsp;&nbsp; **42936853**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 2.7%** | **Preferred Stocks — 2.7%** | **Preferred Stocks — 2.7%** | **Preferred Stocks — 2.7%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| Hyundai Motor Co.  | &nbsp;&nbsp; 1.114% | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 13605<br> <sup>(f)</sup><br>|
| Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.118% | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 21707<br> <sup>(f)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **35312** |
| **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** |
| Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% |
| Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.531% | &nbsp;&nbsp; 31200 | &nbsp;&nbsp; 290792<br> <sup>(f)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Surgutneftegas PAO  | &nbsp;&nbsp; — | &nbsp;&nbsp; 162582 | &nbsp;&nbsp; $0<br> \*<sup>(d)(e)(f)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **290792** |
| **Financials — 1.2%** | **Financials — 1.2%** | **Financials — 1.2%** | **Financials — 1.2%** |
| Banks — 1.2% | Banks — 1.2% | Banks — 1.2% | Banks — 1.2% |
| Grupo Cibest SA  | &nbsp;&nbsp; 1.671% | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 95941<br> <sup>(f)</sup><br>|
| Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.034% | &nbsp;&nbsp; 50700 | &nbsp;&nbsp; 422148<br> <sup>(f)</sup><br>|
| Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 518089 |
| Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† |
| Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.471% | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 6052<br> <sup>(f)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **524141** |
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% |
| Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.497% | &nbsp;&nbsp; 3536 | &nbsp;&nbsp; **263183**<br> <sup>(f)</sup><br>|
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Axia Energia, Class B Shares  | &nbsp;&nbsp; 2.025% | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 31955<br> <sup>(f)</sup><br>|
| Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 1.157% | &nbsp;&nbsp; 23400 | &nbsp;&nbsp; 56507<br> <sup>(f)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **88462** |
| **Total Preferred Stocks (Cost — $1,017,320)** | **Total Preferred Stocks (Cost — $1,017,320)** | **Total Preferred Stocks (Cost — $1,017,320)** | &nbsp;&nbsp; **1201890** |
| **Total Investments before Short-Term Investments (Cost — $41,061,043)** | **Total Investments before Short-Term Investments (Cost — $41,061,043)** | **Total Investments before Short-Term Investments (Cost — $41,061,043)** | &nbsp;&nbsp; **44138743** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $412)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 412<br>| &nbsp;&nbsp; **412**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Investments — 99.5% (Cost — $41,061,455)** | **Total Investments — 99.5% (Cost — $41,061,455)** | **Total Investments — 99.5% (Cost — $41,061,455)** | &nbsp;&nbsp; **44139155** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 208043 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$44347198** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Variable interest entity (VIE). See Note 8 regarding investments made through a VIE structure. At March 31, 2026, the value of these securities was <br> $2,615,446, representing 5.90% of net assets.<br>|
| <sup>(c)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(d)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(e)</sup> | Value is less than $1. |
| <sup>(f)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $412 and the cost was $412 (Note 6).<br>|
| <sup>(i)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

---

| | |
|:---|:---|
| **Summary of Investments by Country** (unaudited)  | **Summary of Investments by Country** (unaudited)  |
| Taiwan | 25.2<br> %<br>|
| China | 23.8 |
| South Korea | 12.3 |
| India | 8.6 |
| Brazil | 6.7 |
| Saudi Arabia | 4.6 |
| South Africa | 3.3 |
| United Arab Emirates | 3.1 |
| Malaysia | 2.6 |
| Mexico | 1.8 |
| Indonesia | 1.6 |
| Thailand | 1.5 |
| Qatar | 1.3 |
| Greece | 0.7 |
| Chile | 0.7 |
| Colombia | 0.6 |
| Turkey | 0.4 |
| Czech Republic | 0.3 |
| Philippines | 0.3 |
| Hungary | 0.3 |
| Kuwait | 0.2 |
| Hong Kong | 0.1 |
| Australia | 0.0<br> ††<br>|
| Russia | 0.0<br> ††<br>|
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $151204 | &nbsp;&nbsp;&nbsp; $145460 | &nbsp;&nbsp;&nbsp; **$(5744)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Communication Services — 4.8%** | **Communication Services — 4.8%** | **Communication Services — 4.8%** |
| Diversified Telecommunication Services — 2.6% | Diversified Telecommunication Services — 2.6% | Diversified Telecommunication Services — 2.6% |
| BT Group PLC | &nbsp;&nbsp; 1016160 | &nbsp;&nbsp; $2820720<br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 258100 | &nbsp;&nbsp; 9501380<br>|
| Elisa oyj | &nbsp;&nbsp; 45820 | &nbsp;&nbsp; 2213116<br>|
| HKT Trust & HKT Ltd. | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1808015<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 110200 | &nbsp;&nbsp; 870396<br> <sup>(a)(b)</sup><br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 1259760 | &nbsp;&nbsp; 6971532<br>|
| Orange SA | &nbsp;&nbsp; 575940 | &nbsp;&nbsp; 11729094<br>|
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 1332496<br>|
| Swisscom AG, Registered Shares | &nbsp;&nbsp; 2083 | &nbsp;&nbsp; 1729028<br>|
| Telefonica SA | &nbsp;&nbsp; 1553240 | &nbsp;&nbsp; 6791695<br> <sup>(b)</sup><br>|
| Telekom Austria AG | &nbsp;&nbsp; 27260 | &nbsp;&nbsp; 286136<br>|
| Telenor ASA | &nbsp;&nbsp; 207060 | &nbsp;&nbsp; 3620008<br>|
| Telia Co. AB | &nbsp;&nbsp; 750520 | &nbsp;&nbsp; 3800560<br>|
| Telstra Group Ltd. | &nbsp;&nbsp; 1223220 | &nbsp;&nbsp; 4465386<br>|
| TPG Telecom Ltd. | &nbsp;&nbsp; 167040 | &nbsp;&nbsp; 459911<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 58399473 |
| Entertainment — 0.6% | Entertainment — 0.6% | Entertainment — 0.6% |
| Capcom Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 1220592<br>|
| Nintendo Co. Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 6398265<br>|
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 80200 | &nbsp;&nbsp; 1262310<br>|
| Toho Co. Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 1823232<br>|
| Universal Music Group NV | &nbsp;&nbsp; 201840 | &nbsp;&nbsp; 3868636<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 14573035 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| REA Group Ltd. | &nbsp;&nbsp; 15080 | &nbsp;&nbsp; 1615551<br>|
| SEEK Ltd. | &nbsp;&nbsp; 103240 | &nbsp;&nbsp; 986392<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 2601943 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Publicis Groupe SA | &nbsp;&nbsp; 53940 | &nbsp;&nbsp; 4402682<br>|
| Wireless Telecommunication Services — 1.3% | Wireless Telecommunication Services — 1.3% | Wireless Telecommunication Services — 1.3% |
| KDDI Corp. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 273908<br>|
| SoftBank Corp. | &nbsp;&nbsp; 8990000 | &nbsp;&nbsp; 11929027<br> <sup>(b)</sup><br>|
| SoftBank Group Corp. | &nbsp;&nbsp; 464000 | &nbsp;&nbsp; 10368471<br>|
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 179220 | &nbsp;&nbsp; 3661064<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 2146580 | &nbsp;&nbsp; 3207176<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 29439646 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **109416779** |
| **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |
| Automobile Components — 0.9% | Automobile Components — 0.9% | Automobile Components — 0.9% |
| Bridgestone Corp. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 4764247<br>|
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 60900 | &nbsp;&nbsp; 2048232<br>|
| Continental AG | &nbsp;&nbsp; 33640 | &nbsp;&nbsp; 2310096<br>|
| Denso Corp. | &nbsp;&nbsp; 110100 | &nbsp;&nbsp; 1347789<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 68400 | &nbsp;&nbsp; 3107215<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; $6584323<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 20161902 |
| Automobiles — 2.7% | Automobiles — 2.7% | Automobiles — 2.7% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 53360 | &nbsp;&nbsp; 4795548<br>|
| Ferrari NV | &nbsp;&nbsp; 6380 | &nbsp;&nbsp; 2124449<br>|
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 638000 | &nbsp;&nbsp; 5042963<br> <sup>(b)</sup><br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 809718<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 230260 | &nbsp;&nbsp; 13899357<br>|
| Stellantis NV | &nbsp;&nbsp; 733120 | &nbsp;&nbsp; 5,118,042<br> \*<br>|
| Subaru Corp. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 2716255<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 1360500 | &nbsp;&nbsp; 27040675<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 410327<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 61957334 |
| Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% |
| Prosus NV | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 234445<br>|
| Wesfarmers Ltd. | &nbsp;&nbsp; 162400 | &nbsp;&nbsp; 8109617<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 8344062 |
| Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% |
| Entain PLC | &nbsp;&nbsp; 196040 | &nbsp;&nbsp; 1450285<br>|
| Evolution AB | &nbsp;&nbsp; 56840 | &nbsp;&nbsp; 3491696<br> <sup>(a)</sup><br>|
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 2589220<br>|
| Genting Singapore Ltd. | &nbsp;&nbsp; 1972000 | &nbsp;&nbsp; 1031741<br>|
| Lottery Corp. Ltd. | &nbsp;&nbsp; 730800 | &nbsp;&nbsp; 2692824<br>|
| Sands China Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 487957<br>|
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 674980<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 12418703 |
| Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% |
| Barratt Redrow PLC | &nbsp;&nbsp; 472120 | &nbsp;&nbsp; 1620587<br>|
| Panasonic Holdings Corp. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 3770419<br>|
| Sekisui House Ltd. | &nbsp;&nbsp; 212900 | &nbsp;&nbsp; 4710591<br>|
| Sony Group Corp. | &nbsp;&nbsp; 522000 | &nbsp;&nbsp; 10529248<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 20630845 |
| Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 18541 | &nbsp;&nbsp; 7182612<br>|
| H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 156600 | &nbsp;&nbsp; 2879254<br>|
| Industria de Diseno Textil SA | &nbsp;&nbsp; 48217 | &nbsp;&nbsp; 2735559<br>|
| Kingfisher PLC | &nbsp;&nbsp; 266800 | &nbsp;&nbsp; 998491<br>|
| ZOZO Inc. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 805707<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 14601623 |
| Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% |
| Asics Corp. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 347444<br>|
| Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 44080 | &nbsp;&nbsp; 7600378<br>|
| Kering SA | &nbsp;&nbsp; 6960 | &nbsp;&nbsp; 2057755<br>|
| LPP SA | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 1579163<br>|
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 15473929<br>|
| Moncler SpA | &nbsp;&nbsp; 8120 | &nbsp;&nbsp; 480891<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Textiles, Apparel & Luxury Goods — continued | Textiles, Apparel & Luxury Goods — continued | Textiles, Apparel & Luxury Goods — continued |
| Pandora A/S | &nbsp;&nbsp; 15660 | &nbsp;&nbsp; $1095529<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 28635089 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **166749558** |
| **Consumer Staples — 7.1%** | **Consumer Staples — 7.1%** | **Consumer Staples — 7.1%** |
| Beverages — 1.1% | Beverages — 1.1% | Beverages — 1.1% |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 1396830<br>|
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 577849<br>|
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 522000 | &nbsp;&nbsp; 479376<br> <sup>(a)</sup><br>|
| Carlsberg AS, Class B Shares | &nbsp;&nbsp; 9280 | &nbsp;&nbsp; 1149304<br>|
| Diageo PLC | &nbsp;&nbsp; 655400 | &nbsp;&nbsp; 12065286<br>|
| Heineken NV | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 88613<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 208300 | &nbsp;&nbsp; 3306038<br>|
| Pernod Ricard SA | &nbsp;&nbsp; 68440 | &nbsp;&nbsp; 5064168<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 24127464 |
| Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% | Consumer Staples Distribution & Retail — 0.7% |
| Aeon Co. Ltd. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 2748155<br>|
| Coles Group Ltd. | &nbsp;&nbsp; 307400 | &nbsp;&nbsp; 4623421<br>|
| J Sainsbury PLC | &nbsp;&nbsp; 127600 | &nbsp;&nbsp; 570422<br>|
| Kesko oyj, Class A Shares | &nbsp;&nbsp; 26680 | &nbsp;&nbsp; 584073<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 89320 | &nbsp;&nbsp; 1963609<br>|
| Tesco PLC | &nbsp;&nbsp; 376420 | &nbsp;&nbsp; 2348396<br>|
| Woolworths Group Ltd. | &nbsp;&nbsp; 97440 | &nbsp;&nbsp; 2429882<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 15267958 |
| Food Products — 2.1% | Food Products — 2.1% | Food Products — 2.1% |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 1603030<br>|
| Danone SA | &nbsp;&nbsp; 66120 | &nbsp;&nbsp; 5259705<br>|
| Nestle SA, Registered Shares | &nbsp;&nbsp; 323060 | &nbsp;&nbsp; 31528051<br>|
| Orkla ASA | &nbsp;&nbsp; 217500 | &nbsp;&nbsp; 2717368<br>|
| Salmar ASA | &nbsp;&nbsp; 23811 | &nbsp;&nbsp; 1381099<br>|
| WH Group Ltd. | &nbsp;&nbsp; 2610000 | &nbsp;&nbsp; 3415551<br> <sup>(a)</sup><br>|
| Wilmar International Ltd. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 1730806<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 47635610 |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Essity AB, Class B Shares | &nbsp;&nbsp; 24303 | &nbsp;&nbsp; 619677<br>|
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 89900 | &nbsp;&nbsp; 6031878<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 6651555 |
| Personal Care Products — 1.1% | Personal Care Products — 1.1% | Personal Care Products — 1.1% |
| Kao Corp. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 2252335<br>|
| L'Oreal SA | &nbsp;&nbsp; 19045 | &nbsp;&nbsp; 7666013<br>|
| Unilever PLC | &nbsp;&nbsp; 287100 | &nbsp;&nbsp; 15897354<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 25815702 |
| Tobacco — 1.8% | Tobacco — 1.8% | Tobacco — 1.8% |
| British American Tobacco PLC | &nbsp;&nbsp; 408900 | &nbsp;&nbsp; 23569137<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 198940 | &nbsp;&nbsp; 8019796<br>|
| Japan Tobacco Inc. | &nbsp;&nbsp; 267000 | &nbsp;&nbsp; 10103338<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 41692271 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **161190560** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 4.7%** | **Energy — 4.7%** | **Energy — 4.7%** |
| Oil, Gas & Consumable Fuels — 4.7% | Oil, Gas & Consumable Fuels — 4.7% | Oil, Gas & Consumable Fuels — 4.7% |
| Aker BP ASA | &nbsp;&nbsp; 89900 | &nbsp;&nbsp; $3332620<br>|
| BP PLC | &nbsp;&nbsp; 1686060 | &nbsp;&nbsp; 13480511<br>|
| Eni SpA | &nbsp;&nbsp; 574200 | &nbsp;&nbsp; 16440590<br>|
| Equinor ASA | &nbsp;&nbsp; 183280 | &nbsp;&nbsp; 7910000<br>|
| OMV AG | &nbsp;&nbsp; 43500 | &nbsp;&nbsp; 3167628<br>|
| ORLEN SA | &nbsp;&nbsp; 169940 | &nbsp;&nbsp; 6123775<br>|
| Repsol SA | &nbsp;&nbsp; 272600 | &nbsp;&nbsp; 7742310<br>|
| Santos Ltd. | &nbsp;&nbsp; 765020 | &nbsp;&nbsp; 4170740<br>|
| Shell PLC | &nbsp;&nbsp; 216920 | &nbsp;&nbsp; 10249252<br>|
| TotalEnergies SE | &nbsp;&nbsp; 208220 | &nbsp;&nbsp; 19411203<br>|
| Var Energi ASA | &nbsp;&nbsp; 220980 | &nbsp;&nbsp; 1146534<br>|
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 535340 | &nbsp;&nbsp; 12851237<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **106026400** |
| **Financials — 27.3%** | **Financials — 27.3%** | **Financials — 27.3%** |
| Banks — 17.0% | Banks — 17.0% | Banks — 17.0% |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 397300 | &nbsp;&nbsp; 9787826<br>|
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 772560 | &nbsp;&nbsp; 6611096<br> <sup>(b)</sup><br>|
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 691940 | &nbsp;&nbsp; 14549870<br>|
| Banco BPM SpA | &nbsp;&nbsp; 466491 | &nbsp;&nbsp; 6374642<br>|
| Banco Santander SA | &nbsp;&nbsp; 561440 | &nbsp;&nbsp; 6138996<br>|
| Bank Hapoalim BM | &nbsp;&nbsp; 187920 | &nbsp;&nbsp; 4363672<br>|
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 199520 | &nbsp;&nbsp; 4409977<br>|
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 74240 | &nbsp;&nbsp; 4331272<br>|
| BAWAG Group AG | &nbsp;&nbsp; 24940 | &nbsp;&nbsp; 3721294<br> <sup>(a)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 236060 | &nbsp;&nbsp; 22028332<br>|
| BPER Banca SpA | &nbsp;&nbsp; 465160 | &nbsp;&nbsp; 5967884<br>|
| CaixaBank SA | &nbsp;&nbsp; 596240 | &nbsp;&nbsp; 6983229<br>|
| Commonwealth Bank of Australia | &nbsp;&nbsp; 154280 | &nbsp;&nbsp; 17720253<br>|
| Credit Agricole SA | &nbsp;&nbsp; 410060 | &nbsp;&nbsp; 7526464<br>|
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 438000 | &nbsp;&nbsp; 19317289<br>|
| DNB Bank ASA | &nbsp;&nbsp; 242440 | &nbsp;&nbsp; 7496489<br>|
| Erste Group Bank AG | &nbsp;&nbsp; 7540 | &nbsp;&nbsp; 803602<br>|
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 151960 | &nbsp;&nbsp; 3315297<br>|
| HSBC Holdings PLC | &nbsp;&nbsp; 1913420 | &nbsp;&nbsp; 30823724<br>|
| ING Bank Slaski SA | &nbsp;&nbsp; 11020 | &nbsp;&nbsp; 1200123<br>|
| ING Groep NV | &nbsp;&nbsp; 343360 | &nbsp;&nbsp; 8745165<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 3731140 | &nbsp;&nbsp; 22187237<br>|
| Israel Discount Bank Ltd., Class A Shares | &nbsp;&nbsp; 183860 | &nbsp;&nbsp; 1833068<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 144700 | &nbsp;&nbsp; 2289787<br>|
| KBC Group NV | &nbsp;&nbsp; 24360 | &nbsp;&nbsp; 2933063<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 5546540 | &nbsp;&nbsp; 6753949<br>|
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 43500 | &nbsp;&nbsp; 830500<br> <sup>(b)</sup><br>|
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 1276000 | &nbsp;&nbsp; 20853605<br>|
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 38686 | &nbsp;&nbsp; 2791028<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 271000 | &nbsp;&nbsp; 10368829<br>|
| National Australia Bank Ltd. | &nbsp;&nbsp; 296380 | &nbsp;&nbsp; 8411934<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| NatWest Group PLC | &nbsp;&nbsp; 1212780 | &nbsp;&nbsp; $8847284<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 967440 | &nbsp;&nbsp; 16355461<br>|
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 9876836<br>|
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 300618 | &nbsp;&nbsp; 7004112<br>|
| Santander Bank Polska SA | &nbsp;&nbsp; 13340 | &nbsp;&nbsp; 2086136<br>|
| Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 224460 | &nbsp;&nbsp; 4059778<br>|
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 406000 | &nbsp;&nbsp; 12775385<br>|
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 1972016<br>|
| Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 444860 | &nbsp;&nbsp; 5746230<br>|
| Svenska Handelsbanken AB, Class B Shares | &nbsp;&nbsp; 10440 | &nbsp;&nbsp; 229485<br> <sup>(b)</sup><br>|
| Swedbank AB, Class A Shares | &nbsp;&nbsp; 331180 | &nbsp;&nbsp; 11086556<br>|
| UniCredit SpA | &nbsp;&nbsp; 195460 | &nbsp;&nbsp; 13706219<br>|
| United Overseas Bank Ltd. | &nbsp;&nbsp; 330100 | &nbsp;&nbsp; 9377332<br>|
| Westpac Banking Corp. | &nbsp;&nbsp; 341040 | &nbsp;&nbsp; 9219336<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 383811662 |
| Capital Markets — 3.5% | Capital Markets — 3.5% | Capital Markets — 3.5% |
| 3i Group PLC | &nbsp;&nbsp; 117160 | &nbsp;&nbsp; 3766681<br>|
| Amundi SA | &nbsp;&nbsp; 22015 | &nbsp;&nbsp; 1860573<br> <sup>(a)</sup><br>|
| ASX Ltd. | &nbsp;&nbsp; 64380 | &nbsp;&nbsp; 2306109<br>|
| CVC Capital Partners PLC | &nbsp;&nbsp; 259840 | &nbsp;&nbsp; 3338172<br> <sup>(a)</sup><br>|
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 522000 | &nbsp;&nbsp; 4790496<br>|
| EQT AB | &nbsp;&nbsp; 143260 | &nbsp;&nbsp; 4308515<br>|
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 161050 | &nbsp;&nbsp; 7982453<br>|
| ICG PLC | &nbsp;&nbsp; 99180 | &nbsp;&nbsp; 1987987<br>|
| Japan Exchange Group Inc. | &nbsp;&nbsp; 297500 | &nbsp;&nbsp; 3378174<br>|
| Julius Baer Group Ltd. | &nbsp;&nbsp; 66120 | &nbsp;&nbsp; 4785687<br>|
| London Stock Exchange Group PLC | &nbsp;&nbsp; 29580 | &nbsp;&nbsp; 3457592<br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 58580 | &nbsp;&nbsp; 8101724<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 754000 | &nbsp;&nbsp; 5706305<br>|
| Nordnet AB publ | &nbsp;&nbsp; 50460 | &nbsp;&nbsp; 1615567<br>|
| Partners Group Holding AG | &nbsp;&nbsp; 7540 | &nbsp;&nbsp; 7940200<br>|
| SBI Holdings Inc. | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 3196596<br>|
| Schroders PLC | &nbsp;&nbsp; 269120 | &nbsp;&nbsp; 2038834<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 197780 | &nbsp;&nbsp; 7563660<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 78125325 |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| Adyen NV | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2,842,177<br> \*<sup>(a)</sup><br>|
| Banca Mediolanum SpA | &nbsp;&nbsp; 73218 | &nbsp;&nbsp; 1457771<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 27260 | &nbsp;&nbsp; 2442047<br>|
| M&G PLC | &nbsp;&nbsp; 755740 | &nbsp;&nbsp; 2710735<br>|
| ORIX Corp. | &nbsp;&nbsp; 157100 | &nbsp;&nbsp; 4549373<br>|
| Poste Italiane SpA | &nbsp;&nbsp; 156020 | &nbsp;&nbsp; 3620492<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 17622595 |
| Insurance — 6.0% | Insurance — 6.0% | Insurance — 6.0% |
| Admiral Group PLC | &nbsp;&nbsp; 69020 | &nbsp;&nbsp; 2867024<br>|
| Ageas SA/NV | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 4213480<br>|
| AIA Group Ltd. | &nbsp;&nbsp; 928000 | &nbsp;&nbsp; 10043213<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Allianz SE, Registered Shares | &nbsp;&nbsp; 46980 | &nbsp;&nbsp; $19449034<br>|
| Aviva PLC | &nbsp;&nbsp; 1073897 | &nbsp;&nbsp; 8502548<br>|
| AXA SA | &nbsp;&nbsp; 332089 | &nbsp;&nbsp; 15014515<br>|
| Generali | &nbsp;&nbsp; 73080 | &nbsp;&nbsp; 2905837<br>|
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 43500 | &nbsp;&nbsp; 1125352<br>|
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 503440 | &nbsp;&nbsp; 2530877<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 1928500 | &nbsp;&nbsp; 6263684<br>|
| Medibank Private Ltd. | &nbsp;&nbsp; 919880 | &nbsp;&nbsp; 2746913<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 8700 | &nbsp;&nbsp; 5407020<br>|
| NN Group NV | &nbsp;&nbsp; 89900 | &nbsp;&nbsp; 6946260<br>|
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 194880 | &nbsp;&nbsp; 3348671<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 40100 | &nbsp;&nbsp; 1515376<br>|
| Standard Life PLC | &nbsp;&nbsp; 259840 | &nbsp;&nbsp; 2324886<br>|
| Suncorp Group Ltd. | &nbsp;&nbsp; 47560 | &nbsp;&nbsp; 526068<br>|
| Swiss Re AG | &nbsp;&nbsp; 56260 | &nbsp;&nbsp; 9255892<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 7992910<br>|
| Tryg A/S | &nbsp;&nbsp; 100340 | &nbsp;&nbsp; 2384185<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 29000 | &nbsp;&nbsp; 20260842<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 135624587 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **615184169** |
| **Health Care — 9.7%** | **Health Care — 9.7%** | **Health Care — 9.7%** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| Argenx SE | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 2,489,194<br> \*<br>|
| CSL Ltd. | &nbsp;&nbsp; 62060 | &nbsp;&nbsp; 5983840<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 8473034 |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |
| Coloplast A/S, Class B Shares | &nbsp;&nbsp; 50460 | &nbsp;&nbsp; 3395433<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; 18560 | &nbsp;&nbsp; 4242750<br>|
| Hoya Corp. | &nbsp;&nbsp; 23440 | &nbsp;&nbsp; 3911824<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; 147320 | &nbsp;&nbsp; 3961780<br>|
| Smith & Nephew PLC | &nbsp;&nbsp; 51620 | &nbsp;&nbsp; 806644<br>|
| Sysmex Corp. | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 1535466<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 17853897 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 160660 | &nbsp;&nbsp; 2250237<br>|
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| M3 Inc. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 1,170,645<br> \*<br>|
| Pro Medicus Ltd. | &nbsp;&nbsp; 10440 | &nbsp;&nbsp; 835877<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 2006522 |
| Life Sciences Tools & Services — 0.0%†† | Life Sciences Tools & Services — 0.0%†† | Life Sciences Tools & Services — 0.0%†† |
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 308452<br>|
| Pharmaceuticals — 8.3% | Pharmaceuticals — 8.3% | Pharmaceuticals — 8.3% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 638000 | &nbsp;&nbsp; 10101967<br>|
| AstraZeneca PLC | &nbsp;&nbsp; 170520 | &nbsp;&nbsp; 33032610<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 79800 | &nbsp;&nbsp; 4319302<br>|
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 195500 | &nbsp;&nbsp; 3399038<br>|
| Eisai Co. Ltd. | &nbsp;&nbsp; 97916 | &nbsp;&nbsp; 2997981<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Galderma Group AG | &nbsp;&nbsp; 9280 | &nbsp;&nbsp; $1771579<br>|
| GSK PLC | &nbsp;&nbsp; 586380 | &nbsp;&nbsp; 15960064<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 182700 | &nbsp;&nbsp; 27479462<br>|
| Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 406580 | &nbsp;&nbsp; 14475487<br>|
| Orion oyj, Class A Shares | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 418007<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 19720 | &nbsp;&nbsp; 1583680<br>|
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 327723<br>|
| Roche Holding AG | &nbsp;&nbsp; 77720 | &nbsp;&nbsp; 30438036<br>|
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 1180860<br>|
| Sanofi SA | &nbsp;&nbsp; 248240 | &nbsp;&nbsp; 23659747<br>|
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 18500 | &nbsp;&nbsp; 403397<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 406000 | &nbsp;&nbsp; 14454611<br>|
| UCB SA | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 1381995<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 187385546 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **218277688** |
| **Industrials — 16.2%** | **Industrials — 16.2%** | **Industrials — 16.2%** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| Airbus SE | &nbsp;&nbsp; 45820 | &nbsp;&nbsp; 8490298<br>|
| BAE Systems PLC | &nbsp;&nbsp; 221560 | &nbsp;&nbsp; 6427762<br>|
| Elbit Systems Ltd. | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 987988<br>|
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 19720 | &nbsp;&nbsp; 835589<br>|
| Leonardo SpA  | &nbsp;&nbsp; 16660 | &nbsp;&nbsp; 1114116<br>|
| Rheinmetall AG | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 7722596<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 671060 | &nbsp;&nbsp; 10017366<br>|
| Saab AB, Class B Shares | &nbsp;&nbsp; 29580 | &nbsp;&nbsp; 1917092<br>|
| Safran SA | &nbsp;&nbsp; 7540 | &nbsp;&nbsp; 2427312<br>|
| Thales SA | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 1010834<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 40950953 |
| Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% |
| Deutsche Post AG | &nbsp;&nbsp; 212860 | &nbsp;&nbsp; 10975262<br>|
| DSV A/S | &nbsp;&nbsp; 8120 | &nbsp;&nbsp; 1916878<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 12892140 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| AGC Inc. | &nbsp;&nbsp; 78400 | &nbsp;&nbsp; 2709430<br>|
| Daikin Industries Ltd. | &nbsp;&nbsp; 28026 | &nbsp;&nbsp; 3291632<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 6001062 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Rentokil Initial PLC | &nbsp;&nbsp; 455880 | &nbsp;&nbsp; 2807457<br>|
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| Bouygues SA | &nbsp;&nbsp; 50460 | &nbsp;&nbsp; 2872698<br>|
| Ferrovial SE | &nbsp;&nbsp; 41180 | &nbsp;&nbsp; 2629545<br>|
| Kajima Corp. | &nbsp;&nbsp; 17700 | &nbsp;&nbsp; 657200<br>|
| Obayashi Corp. | &nbsp;&nbsp; 69500 | &nbsp;&nbsp; 1640845<br>|
| Skanska AB, Class B Shares  | &nbsp;&nbsp; 22015 | &nbsp;&nbsp; 583754<br>|
| Vinci SA | &nbsp;&nbsp; 38280 | &nbsp;&nbsp; 5661032<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 14045074 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — 2.9% | Electrical Equipment — 2.9% | Electrical Equipment — 2.9% |
| ABB Ltd., Registered Shares | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; $11411611<br>|
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 17416 | &nbsp;&nbsp; 1158220<br>|
| Fujikura Ltd. | &nbsp;&nbsp; 271800 | &nbsp;&nbsp; 6987630<br>|
| Legrand SA | &nbsp;&nbsp; 18560 | &nbsp;&nbsp; 2816382<br>|
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 219000 | &nbsp;&nbsp; 6866377<br>|
| NIDEC Corp. | &nbsp;&nbsp; 80100 | &nbsp;&nbsp; 989,859<br> \*<br>|
| Prysmian SpA | &nbsp;&nbsp; 24360 | &nbsp;&nbsp; 2772516<br>|
| Schneider Electric SE | &nbsp;&nbsp; 56260 | &nbsp;&nbsp; 14850895<br>|
| Siemens Energy AG | &nbsp;&nbsp; 93960 | &nbsp;&nbsp; 15400084<br>|
| Vestas Wind Systems A/S | &nbsp;&nbsp; 55100 | &nbsp;&nbsp; 1615516<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 64869090 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| MTR Corp. Ltd. | &nbsp;&nbsp; 550500 | &nbsp;&nbsp; 2245477<br>|
| Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 4409071<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 528661 | &nbsp;&nbsp; 14834010<br>|
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 21100 | &nbsp;&nbsp; 566036<br>|
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 30492 | &nbsp;&nbsp; 2169506<br>|
| Keppel Ltd. | &nbsp;&nbsp; 33600 | &nbsp;&nbsp; 306532<br>|
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 134600 | &nbsp;&nbsp; 2205261<br>|
| Siemens AG, Registered Shares | &nbsp;&nbsp; 90480 | &nbsp;&nbsp; 21444439<br>|
| Swire Pacific Ltd., Class A Shares | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 664058<br>|
| Swire Pacific Ltd., Class B Shares | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 261218<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 46860131 |
| Machinery — 3.1% | Machinery — 3.1% | Machinery — 3.1% |
| ANDRITZ AG | &nbsp;&nbsp; 23200 | &nbsp;&nbsp; 1590497<br>|
| Atlas Copco AB, Class A Shares | &nbsp;&nbsp; 186180 | &nbsp;&nbsp; 3188586<br>|
| Atlas Copco AB, Class B Shares | &nbsp;&nbsp; 113680 | &nbsp;&nbsp; 1728545<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 90500 | &nbsp;&nbsp; 3084361<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 138040 | &nbsp;&nbsp; 6595790<br>|
| FANUC Corp. | &nbsp;&nbsp; 128820 | &nbsp;&nbsp; 4293190<br>|
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 26500 | &nbsp;&nbsp; 878003<br>|
| IHI Corp. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 2288063<br>|
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 146000 | &nbsp;&nbsp; 2658633<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 186400 | &nbsp;&nbsp; 7045215<br>|
| Kone oyj, Class B Shares | &nbsp;&nbsp; 70760 | &nbsp;&nbsp; 4466195<br>|
| Makita Corp. | &nbsp;&nbsp; 83000 | &nbsp;&nbsp; 2648758<br>|
| Metso oyj | &nbsp;&nbsp; 210540 | &nbsp;&nbsp; 3575690<br>|
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 59500 | &nbsp;&nbsp; 948095<br>|
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 9237564<br>|
| Sandvik AB | &nbsp;&nbsp; 32141 | &nbsp;&nbsp; 1205846<br>|
| SKF AB, Class B Shares | &nbsp;&nbsp; 102660 | &nbsp;&nbsp; 2416100<br>|
| SMC Corp. | &nbsp;&nbsp; 6210 | &nbsp;&nbsp; 2336996<br> <sup>(b)</sup><br>|
| Spirax Group PLC | &nbsp;&nbsp; 24406 | &nbsp;&nbsp; 2148294<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 228250 | &nbsp;&nbsp; 2972415<br>|
| Volvo AB, Class A Shares | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 171225<br>|
| Volvo AB, Class B Shares | &nbsp;&nbsp; 43500 | &nbsp;&nbsp; 1395014<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Wartsila oyj Abp | &nbsp;&nbsp; 73660 | &nbsp;&nbsp; $2691261<br>|
| Yaskawa Electric Corp. | &nbsp;&nbsp; 44300 | &nbsp;&nbsp; 1119404<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 70683740 |
| Marine Transportation — 0.8% | Marine Transportation — 0.8% | Marine Transportation — 0.8% |
| A.P. Moller - Maersk A/S, Class A Shares | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 2112565<br>|
| A.P. Moller - Maersk A/S, Class B Shares | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 2314649<br>|
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 1924219<br> <sup>(b)</sup><br>|
| Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 15660 | &nbsp;&nbsp; 3513780<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 102500 | &nbsp;&nbsp; 4185304<br> <sup>(b)</sup><br>|
| Nippon Yusen KK | &nbsp;&nbsp; 122500 | &nbsp;&nbsp; 4441386<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 18491903 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 59500 | &nbsp;&nbsp; 957259<br>|
| Singapore Airlines Ltd. | &nbsp;&nbsp; 522000 | &nbsp;&nbsp; 2670387<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 3627646 |
| Professional Services — 1.2% | Professional Services — 1.2% | Professional Services — 1.2% |
| Bureau Veritas SA | &nbsp;&nbsp; 96280 | &nbsp;&nbsp; 2850999<br>|
| Experian PLC | &nbsp;&nbsp; 95120 | &nbsp;&nbsp; 3258793<br>|
| Intertek Group PLC | &nbsp;&nbsp; 62060 | &nbsp;&nbsp; 2985468<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 5127601<br>|
| RELX PLC | &nbsp;&nbsp; 162400 | &nbsp;&nbsp; 5302521<br>|
| SGS SA, Registered Shares | &nbsp;&nbsp; 45240 | &nbsp;&nbsp; 4734844<br>|
| Wolters Kluwer NV | &nbsp;&nbsp; 34800 | &nbsp;&nbsp; 2591039<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 26851265 |
| Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% |
| Bunzl PLC | &nbsp;&nbsp; 52200 | &nbsp;&nbsp; 1552942<br>|
| ITOCHU Corp. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 7198504<br>|
| Marubeni Corp. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 6144522<br>|
| Mitsubishi Corp. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 11630624<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 135800 | &nbsp;&nbsp; 5086631<br>|
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 80200 | &nbsp;&nbsp; 859520<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 6321705<br>|
| Toyota Tsusho Corp. | &nbsp;&nbsp; 74100 | &nbsp;&nbsp; 2771356<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 41565804 |
| Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% |
| Aena SME SA | &nbsp;&nbsp; 117160 | &nbsp;&nbsp; 3444989<br> <sup>(a)</sup><br>|
| Transurban Group | &nbsp;&nbsp; 1001660 | &nbsp;&nbsp; 9611378<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 13056367 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **364948109** |
| **Information Technology — 8.3%** | **Information Technology — 8.3%** | **Information Technology — 8.3%** |
| Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% |
| Nokia oyj | &nbsp;&nbsp; 385700 | &nbsp;&nbsp; 3020166<br>|
| Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 371780 | &nbsp;&nbsp; 4148560<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 7168726 |
| Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% |
| Hexagon AB, Class B Shares | &nbsp;&nbsp; 32736 | &nbsp;&nbsp; 309413<br>|
| Ibiden Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 2687636<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Keyence Corp. | &nbsp;&nbsp; 15851 | &nbsp;&nbsp; $5465999<br>|
| Kyocera Corp. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 1733912<br>|
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 6214156<br>|
| TDK Corp. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 4300509<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 20711625 |
| IT Services — 0.6% | IT Services — 0.6% | IT Services — 0.6% |
| Capgemini SE | &nbsp;&nbsp; 26100 | &nbsp;&nbsp; 3022278<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 94760 | &nbsp;&nbsp; 1889363<br>|
| NEC Corp. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 2804299<br>|
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 40840 | &nbsp;&nbsp; 1112068<br>|
| Obic Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 1404337<br>|
| Otsuka Corp. | &nbsp;&nbsp; 80340 | &nbsp;&nbsp; 1525596<br>|
| TIS Inc. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 1225332<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 12983273 |
| Semiconductors & Semiconductor Equipment — 5.3% | Semiconductors & Semiconductor Equipment — 5.3% | Semiconductors & Semiconductor Equipment — 5.3% |
| Advantest Corp. | &nbsp;&nbsp; 98800 | &nbsp;&nbsp; 12625583<br>|
| ASM International NV | &nbsp;&nbsp; 7540 | &nbsp;&nbsp; 5533993<br>|
| ASML Holding NV | &nbsp;&nbsp; 45674 | &nbsp;&nbsp; 58898544<br>|
| Disco Corp. | &nbsp;&nbsp; 15820 | &nbsp;&nbsp; 6089740<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 127020 | &nbsp;&nbsp; 5561392<br>|
| Kioxia Holdings Corp. | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 2,698,473<br> \*<br>|
| Lasertec Corp. | &nbsp;&nbsp; 19100 | &nbsp;&nbsp; 4003929<br>|
| Renesas Electronics Corp. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 3137520<br>|
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 64864 | &nbsp;&nbsp; 3645007<br>|
| STMicroelectronics NV | &nbsp;&nbsp; 60900 | &nbsp;&nbsp; 2007183<br>|
| Tokyo Electron Ltd. | &nbsp;&nbsp; 65543 | &nbsp;&nbsp; 15338273<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 119539637 |
| Software — 1.0% | Software — 1.0% | Software — 1.0% |
| Dassault Systemes SE | &nbsp;&nbsp; 52200 | &nbsp;&nbsp; 1038701<br>|
| Oracle Corp. Japan | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 562655<br>|
| Sage Group PLC | &nbsp;&nbsp; 108460 | &nbsp;&nbsp; 1198273<br>|
| SAP SE | &nbsp;&nbsp; 106720 | &nbsp;&nbsp; 18063231<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 31207 | &nbsp;&nbsp; 1027875<br>|
| WiseTech Global Ltd. | &nbsp;&nbsp; 9280 | &nbsp;&nbsp; 241650<br>|
| Total Software | Total Software | &nbsp;&nbsp; 22132385 |
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| Canon Inc. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 3176894<br>|
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 1417147<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4594041 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **187129687** |
| **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** |
| Chemicals — 1.5% | Chemicals — 1.5% | Chemicals — 1.5% |
| Asahi Kasei Corp. | &nbsp;&nbsp; 322700 | &nbsp;&nbsp; 3060873<br>|
| BASF SE | &nbsp;&nbsp; 178060 | &nbsp;&nbsp; 10750421<br>|
| DSM-Firmenich AG | &nbsp;&nbsp; 42920 | &nbsp;&nbsp; 3038357<br>|
| Givaudan SA, Registered Shares | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 1446297<br>|
| ICL Group Ltd. | &nbsp;&nbsp; 197200 | &nbsp;&nbsp; 1011138<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; $3277516<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 77728 | &nbsp;&nbsp; 1497005<br>|
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 246000 | &nbsp;&nbsp; 9678258<br>|
| Syensqo SA | &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 264530<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 34024395 |
| Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% |
| Holcim AG | &nbsp;&nbsp; 138106 | &nbsp;&nbsp; 11157789<br>|
| Metals & Mining — 3.4% | Metals & Mining — 3.4% | Metals & Mining — 3.4% |
| BHP Group Ltd. | &nbsp;&nbsp; 625820 | &nbsp;&nbsp; 21598372<br>|
| Evolution Mining Ltd. | &nbsp;&nbsp; 174580 | &nbsp;&nbsp; 1508972<br>|
| Fortescue Ltd. | &nbsp;&nbsp; 538820 | &nbsp;&nbsp; 7495159<br>|
| JFE Holdings Inc. | &nbsp;&nbsp; 232000 | &nbsp;&nbsp; 2647533<br>|
| Nippon Steel Corp. | &nbsp;&nbsp; 1798000 | &nbsp;&nbsp; 6508694<br>|
| Norsk Hydro ASA | &nbsp;&nbsp; 214020 | &nbsp;&nbsp; 2252044<br>|
| Northern Star Resources Ltd. | &nbsp;&nbsp; 162400 | &nbsp;&nbsp; 2264597<br>|
| Rio Tinto Ltd. | &nbsp;&nbsp; 91640 | &nbsp;&nbsp; 10132032<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 212860 | &nbsp;&nbsp; 19491692<br>|
| SSAB AB, Class A Shares | &nbsp;&nbsp; 39440 | &nbsp;&nbsp; 304963<br>|
| SSAB AB, Class B Shares | &nbsp;&nbsp; 107300 | &nbsp;&nbsp; 827425<br>|
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 25800 | &nbsp;&nbsp; 1436036<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 76467519 |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| UPM-Kymmene oyj | &nbsp;&nbsp; 177480 | &nbsp;&nbsp; 5480397<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **127130100** |
| **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| Diversified REITs — 0.5% | Diversified REITs — 0.5% | Diversified REITs — 0.5% |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1972000 | &nbsp;&nbsp; 3500275<br>|
| GPT Group | &nbsp;&nbsp; 583480 | &nbsp;&nbsp; 1810304<br>|
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 696000 | &nbsp;&nbsp; 712103<br>|
| Mirvac Group | &nbsp;&nbsp; 1397220 | &nbsp;&nbsp; 1693812<br>|
| Stockland | &nbsp;&nbsp; 829400 | &nbsp;&nbsp; 2448322<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 10164816 |
| Industrial REITs — 0.2% | Industrial REITs — 0.2% | Industrial REITs — 0.2% |
| Segro PLC | &nbsp;&nbsp; 450080 | &nbsp;&nbsp; 3821083<br>|
| Warehouses De Pauw, CVA | &nbsp;&nbsp; 63800 | &nbsp;&nbsp; 1640751<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 5461834 |
| Office REITs — 0.2% | Office REITs — 0.2% | Office REITs — 0.2% |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 1698913<br>|
| Nippon Building Fund Inc. | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2417122<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 4116035 |
| Real Estate Management & Development — 1.0% | Real Estate Management & Development — 1.0% | Real Estate Management & Development — 1.0% |
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 754000 | &nbsp;&nbsp; 1589645<br>|
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 511000 | &nbsp;&nbsp; 2897765<br>|
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 116000 | &nbsp;&nbsp; 2681803<br> <sup>(b)</sup><br>|
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 431500 | &nbsp;&nbsp; 1591666<br>|
| Hulic Co. Ltd. | &nbsp;&nbsp; 174000 | &nbsp;&nbsp; 2000962<br>|
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 603551<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 1215400 | &nbsp;&nbsp; $1781198<br>|
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 127409 | &nbsp;&nbsp; 2099595<br>|
| Swire Properties Ltd. | &nbsp;&nbsp; 348000 | &nbsp;&nbsp; 1009352<br>|
| Vonovia SE | &nbsp;&nbsp; 193140 | &nbsp;&nbsp; 4797873<br>|
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 491122 | &nbsp;&nbsp; 1416951<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 22470361 |
| Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% |
| Link REIT | &nbsp;&nbsp; 812000 | &nbsp;&nbsp; 3730547<br>|
| Scentre Group | &nbsp;&nbsp; 1787560 | &nbsp;&nbsp; 4064676<br>|
| Vicinity Ltd. | &nbsp;&nbsp; 1235400 | &nbsp;&nbsp; 1979934<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 9775157 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **51988203** |
| **Utilities — 5.2%** | **Utilities — 5.2%** | **Utilities — 5.2%** |
| Electric Utilities — 2.8% | Electric Utilities — 2.8% | Electric Utilities — 2.8% |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 221400 | &nbsp;&nbsp; 1766354<br>|
| CLP Holdings Ltd. | &nbsp;&nbsp; 436200 | &nbsp;&nbsp; 4089271<br>|
| EDP SA | &nbsp;&nbsp; 961060 | &nbsp;&nbsp; 5010683<br>|
| Endesa SA | &nbsp;&nbsp; 102660 | &nbsp;&nbsp; 4267717<br>|
| Enel SpA | &nbsp;&nbsp; 1938940 | &nbsp;&nbsp; 20944185<br>|
| Fortum oyj | &nbsp;&nbsp; 136300 | &nbsp;&nbsp; 3436141<br>|
| Iberdrola SA | &nbsp;&nbsp; 390340 | &nbsp;&nbsp; 8880307<br>|
| Origin Energy Ltd. | &nbsp;&nbsp; 567240 | &nbsp;&nbsp; 4809664<br>|
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 477000 | &nbsp;&nbsp; 3714299<br>|
| SSE PLC | &nbsp;&nbsp; 28420 | &nbsp;&nbsp; 972539<br>|
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 343940 | &nbsp;&nbsp; 3908981<br>|
| Verbund AG | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 1535531<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 63335672 |
| Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% |
| APA Group | &nbsp;&nbsp; 417600 | &nbsp;&nbsp; 2845842<br>|
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 3480000 | &nbsp;&nbsp; 3151450<br>|
| Naturgy Energy Group SA | &nbsp;&nbsp; 49300 | &nbsp;&nbsp; 1471210<br>|
| Snam SpA | &nbsp;&nbsp; 702960 | &nbsp;&nbsp; 5308415<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 12776917 |
| Multi-Utilities — 1.5% | Multi-Utilities — 1.5% | Multi-Utilities — 1.5% |
| A2A SpA | &nbsp;&nbsp; 514460 | &nbsp;&nbsp; 1439223<br>|
| E.ON SE | &nbsp;&nbsp; 74240 | &nbsp;&nbsp; 1621825<br>|
| Engie SA | &nbsp;&nbsp; 491840 | &nbsp;&nbsp; 15703201<br>|
| National Grid PLC | &nbsp;&nbsp; 602620 | &nbsp;&nbsp; 10088394<br>|
| Veolia Environnement SA | &nbsp;&nbsp; 140940 | &nbsp;&nbsp; 5303691<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 34156334 |
| Water Utilities — 0.3% | Water Utilities — 0.3% | Water Utilities — 0.3% |
| Severn Trent PLC | &nbsp;&nbsp; 89320 | &nbsp;&nbsp; 3639594<br>|
| United Utilities Group PLC | &nbsp;&nbsp; 229100 | &nbsp;&nbsp; 3972799<br>|
| Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 7612393 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **117881316** |
| **Total Common Stocks (Cost — $1,884,231,024)** | **Total Common Stocks (Cost — $1,884,231,024)** | &nbsp;&nbsp; **2225922569**<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Core Dividend Tilt Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** | **Consumer Discretionary — 0.5%** |
| Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.549% | &nbsp;&nbsp; 10440 | &nbsp;&nbsp; $936455<br> <sup>(c)</sup><br>|
| Dr. Ing hc F Porsche AG  | &nbsp;&nbsp; 2.608% | &nbsp;&nbsp; 39440 | &nbsp;&nbsp; 1759998<br> <sup>(b)(c)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.088% | &nbsp;&nbsp; 75980 | &nbsp;&nbsp; 7563814<br> <sup>(c)</sup><br>|
| **Total Preferred Stocks (Cost — $11,317,304)** | **Total Preferred Stocks (Cost — $11,317,304)** | **Total Preferred Stocks (Cost — $11,317,304)** | &nbsp;&nbsp; **10260267** |
| **Total Investments before Short-Term Investments (Cost — $1,895,548,328)** | **Total Investments before Short-Term Investments (Cost — $1,895,548,328)** | **Total Investments before Short-Term Investments (Cost — $1,895,548,328)** | &nbsp;&nbsp; **2236182836** |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |
| **Investments from Cash Collateral Received for Loaned Securities — 1.7%** | **Investments from Cash Collateral Received for Loaned Securities — 1.7%** | **Investments from Cash Collateral Received for Loaned Securities — 1.7%** | **Investments from Cash Collateral Received for Loaned Securities — 1.7%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $39,080,929) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 39080929<br>| &nbsp;&nbsp; **39080929**<br> <sup>(d)(e)(f)</sup><br>|
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $124,350)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 124350<br>| &nbsp;&nbsp; **124350**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Short-Term Investments (Cost — $39,205,279)** | **Total Short-Term Investments (Cost — $39,205,279)** | **Total Short-Term Investments (Cost — $39,205,279)** | &nbsp;&nbsp; **39205279** |
| **Total Investments — 100.8% (Cost — $1,934,753,607)** | **Total Investments — 100.8% (Cost — $1,934,753,607)** | **Total Investments — 100.8% (Cost — $1,934,753,607)** | &nbsp;&nbsp; **2275388115** |
| Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | &nbsp;&nbsp; (18438714)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2256949401** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | A portion or all of the security is on loan at March 31, 2026 (Note 1).  |
| <sup>(c)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $39,205,279 and the cost was $39,205,279 (Note 6).<br>|
| <sup>(f)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $14236833 | &nbsp;&nbsp;&nbsp; $14215390 | &nbsp;&nbsp;&nbsp; **$(21443)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Core Dividend Tilt Index ETF**

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Japan | 22.5<br> %<br>|
| United Kingdom | 11.1 |
| Australia | 9.0 |
| United States | 9.0 |
| France | 7.7 |
| Germany | 7.4 |
| Italy | 5.4 |
| Netherlands | 4.5 |
| Switzerland | 3.4 |
| Spain | 2.8 |
| Sweden | 2.6 |
| Hong Kong | 2.5 |
| Singapore | 2.3 |
| Finland | 2.0 |
| Norway | 1.4 |
| Denmark | 1.1 |
| Poland | 1.1 |
| Israel | 0.7 |
| Belgium | 0.6 |
| Austria | 0.5 |
| Portugal | 0.2 |
| Luxembourg | 0.2 |
| Macau | 0.1 |
| China | 0.1 |
| Indonesia | 0.1 |
| Short-Term Investments | 1.7 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.3%** | **Common Stocks — 97.3%** | **Common Stocks — 97.3%** |
| **Communication Services — 7.3%** | **Communication Services — 7.3%** | **Communication Services — 7.3%** |
| Diversified Telecommunication Services — 5.6% | Diversified Telecommunication Services — 5.6% | Diversified Telecommunication Services — 5.6% |
| HKT Trust & HKT Ltd. | &nbsp;&nbsp; 705983 | &nbsp;&nbsp; $1100369<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 109446 | &nbsp;&nbsp; 864441<br> <sup>(a)</sup><br>|
| TELUS Corp. | &nbsp;&nbsp; 112047 | &nbsp;&nbsp; 1435563<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 3400373 |
| Media — 0.8% | Media — 0.8% | Media — 0.8% |
| Publicis Groupe SA | &nbsp;&nbsp; 5797 | &nbsp;&nbsp; 473162<br>|
| Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% |
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 26690 | &nbsp;&nbsp; 545217<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4418752** |
| **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** |
| Automobile Components — 0.9% | Automobile Components — 0.9% | Automobile Components — 0.9% |
| Magna International Inc. | &nbsp;&nbsp; 6324 | &nbsp;&nbsp; 352942<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 204422<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 557364 |
| Automobiles — 5.2% | Automobiles — 5.2% | Automobiles — 5.2% |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 62900 | &nbsp;&nbsp; 497182<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 21300 | &nbsp;&nbsp; 297362<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 13549 | &nbsp;&nbsp; 817869<br>|
| Renault SA | &nbsp;&nbsp; 35496 | &nbsp;&nbsp; 1186874<br>|
| Subaru Corp. | &nbsp;&nbsp; 23200 | &nbsp;&nbsp; 362167<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 3161454 |
| Hotels, Restaurants & Leisure — 2.8% | Hotels, Restaurants & Leisure — 2.8% | Hotels, Restaurants & Leisure — 2.8% |
| Sands China Ltd. | &nbsp;&nbsp; 357600 | &nbsp;&nbsp; 752127<br>|
| Sodexo SA | &nbsp;&nbsp; 18683 | &nbsp;&nbsp; 949321<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1701448 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5420266** |
| **Consumer Staples — 9.2%** | **Consumer Staples — 9.2%** | **Consumer Staples — 9.2%** |
| Beverages — 1.5% | Beverages — 1.5% | Beverages — 1.5% |
| Pernod Ricard SA | &nbsp;&nbsp; 12427 | &nbsp;&nbsp; 919527<br>|
| Consumer Staples Distribution & Retail — 3.4% | Consumer Staples Distribution & Retail — 3.4% | Consumer Staples Distribution & Retail — 3.4% |
| Carrefour SA | &nbsp;&nbsp; 82076 | &nbsp;&nbsp; 1504103<br>|
| J Sainsbury PLC | &nbsp;&nbsp; 129353 | &nbsp;&nbsp; 578259<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2082362 |
| Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% |
| Wilmar International Ltd. | &nbsp;&nbsp; 74800 | &nbsp;&nbsp; 223214<br>|
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 142578<br>|
| Tobacco — 3.7% | Tobacco — 3.7% | Tobacco — 3.7% |
| British American Tobacco PLC | &nbsp;&nbsp; 15436 | &nbsp;&nbsp; 889736<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 19482 | &nbsp;&nbsp; 785371<br>|
| Japan Tobacco Inc. | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 552467<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 2227574 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5595255** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 12.5%** | **Energy — 12.5%** | **Energy — 12.5%** |
| Oil, Gas & Consumable Fuels — 12.5% | Oil, Gas & Consumable Fuels — 12.5% | Oil, Gas & Consumable Fuels — 12.5% |
| Enbridge Inc. | &nbsp;&nbsp; 13617 | &nbsp;&nbsp; $735809<br>|
| Eni SpA | &nbsp;&nbsp; 18632 | &nbsp;&nbsp; 533475<br>|
| Frontline PLC | &nbsp;&nbsp; 29138 | &nbsp;&nbsp; 1016739<br>|
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 3179 | &nbsp;&nbsp; 744290<br>|
| OMV AG | &nbsp;&nbsp; 20621 | &nbsp;&nbsp; 1501601<br>|
| Repsol SA | &nbsp;&nbsp; 33524 | &nbsp;&nbsp; 952139<br>|
| Santos Ltd. | &nbsp;&nbsp; 134844 | &nbsp;&nbsp; 735143<br>|
| Var Energi ASA | &nbsp;&nbsp; 100759 | &nbsp;&nbsp; 522779<br>|
| Whitecap Resources Inc. | &nbsp;&nbsp; 76415 | &nbsp;&nbsp; 859672<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **7601647** |
| **Financials — 30.6%** | **Financials — 30.6%** | **Financials — 30.6%** |
| Banks — 14.1% | Banks — 14.1% | Banks — 14.1% |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 138584 | &nbsp;&nbsp; 1185917<br>|
| Banco BPM SpA | &nbsp;&nbsp; 88247 | &nbsp;&nbsp; 1205903<br>|
| Banco de Sabadell SA | &nbsp;&nbsp; 346443 | &nbsp;&nbsp; 1214679<br>|
| Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 128270<br>|
| BPER Banca SpA | &nbsp;&nbsp; 63869 | &nbsp;&nbsp; 819423<br>|
| CaixaBank SA | &nbsp;&nbsp; 29699 | &nbsp;&nbsp; 347838<br>|
| Credit Agricole SA | &nbsp;&nbsp; 44030 | &nbsp;&nbsp; 808151<br>|
| Danske Bank A/S | &nbsp;&nbsp; 15419 | &nbsp;&nbsp; 742491<br>|
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 9200 | &nbsp;&nbsp; 405751<br>|
| Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 59194 | &nbsp;&nbsp; 764605<br>|
| Swedbank AB, Class A Shares | &nbsp;&nbsp; 28101 | &nbsp;&nbsp; 940707<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 8563735 |
| Capital Markets — 2.2% | Capital Markets — 2.2% | Capital Markets — 2.2% |
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 13073 | &nbsp;&nbsp; 818658<br> <sup>(a)</sup><br>|
| Partners Group Holding AG | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 509689<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1328347 |
| Financial Services — 3.7% | Financial Services — 3.7% | Financial Services — 3.7% |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 7293 | &nbsp;&nbsp; 653333<br>|
| M&G PLC | &nbsp;&nbsp; 241383 | &nbsp;&nbsp; 865808<br>|
| Poste Italiane SpA | &nbsp;&nbsp; 30770 | &nbsp;&nbsp; 714027<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 2233168 |
| Insurance — 10.6% | Insurance — 10.6% | Insurance — 10.6% |
| Admiral Group PLC | &nbsp;&nbsp; 22967 | &nbsp;&nbsp; 954027<br>|
| Aegon Ltd. | &nbsp;&nbsp; 140080 | &nbsp;&nbsp; 1005200<br>|
| ASR Nederland NV | &nbsp;&nbsp; 8449 | &nbsp;&nbsp; 576114<br>|
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 73491 | &nbsp;&nbsp; 369451<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 447814 | &nbsp;&nbsp; 1454480<br>|
| Standard Life PLC | &nbsp;&nbsp; 136272 | &nbsp;&nbsp; 1219277<br>|
| Swiss Re AG | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 218153<br>|
| Tryg A/S | &nbsp;&nbsp; 9741 | &nbsp;&nbsp; 231457<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 399628<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 6427787 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **18553037** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 5.9%** | **Health Care — 5.9%** | **Health Care — 5.9%** |
| Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% |
| Coloplast A/S, Class B Shares | &nbsp;&nbsp; 8381 | &nbsp;&nbsp; $563954<br>|
| Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 46835 | &nbsp;&nbsp; 655981<br>|
| Pharmaceuticals — 3.9% | Pharmaceuticals — 3.9% | Pharmaceuticals — 3.9% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 18700 | &nbsp;&nbsp; 296092<br>|
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 14100 | &nbsp;&nbsp; 245148<br>|
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 321920<br>|
| Roche Holding AG | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 226366<br>|
| Sanofi SA | &nbsp;&nbsp; 9945 | &nbsp;&nbsp; 947858<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 302621<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2340005 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3559940** |
| **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** |
| Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% |
| Ayvens SA | &nbsp;&nbsp; 99246 | &nbsp;&nbsp; 1145799<br> <sup>(a)</sup><br>|
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| Keppel Ltd. | &nbsp;&nbsp; 14500 | &nbsp;&nbsp; 132283<br>|
| Marine Transportation — 2.6% | Marine Transportation — 2.6% | Marine Transportation — 2.6% |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 43800 | &nbsp;&nbsp; 726559<br>|
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 201000 | &nbsp;&nbsp; 873712<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 1600271 |
| Professional Services — 0.8% | Professional Services — 0.8% | Professional Services — 0.8% |
| Wolters Kluwer NV | &nbsp;&nbsp; 6426 | &nbsp;&nbsp; 478449<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3356802** |
| **Information Technology — 0.8%** | **Information Technology — 0.8%** | **Information Technology — 0.8%** |
| Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 59588<br>|
| Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Oracle Corp. Japan | &nbsp;&nbsp; 8300 | &nbsp;&nbsp; 449042<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **508630** |
| **Materials — 8.0%** | **Materials — 8.0%** | **Materials — 8.0%** |
| Chemicals — 1.9% | Chemicals — 1.9% | Chemicals — 1.9% |
| Evonik Industries AG | &nbsp;&nbsp; 60979 | &nbsp;&nbsp; 1176855<br>|
| Metals & Mining — 4.7% | Metals & Mining — 4.7% | Metals & Mining — 4.7% |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 43333 | &nbsp;&nbsp; 763338<br>|
| Fortescue Ltd. | &nbsp;&nbsp; 43282 | &nbsp;&nbsp; 602067<br>|
| Glencore PLC | &nbsp;&nbsp; 46614 | &nbsp;&nbsp; 347612<br>|
| Rio Tinto Ltd. | &nbsp;&nbsp; 4182 | &nbsp;&nbsp; 462376<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 7038 | &nbsp;&nbsp; 644473<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 2819866 |
| Paper & Forest Products — 1.4% | Paper & Forest Products — 1.4% | Paper & Forest Products — 1.4% |
| UPM-Kymmene oyj | &nbsp;&nbsp; 28101 | &nbsp;&nbsp; 867729<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4864450** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| Real Estate Management & Development — 0.9% | Real Estate Management & Development — 0.9% | Real Estate Management & Development — 0.9% |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 24375 | &nbsp;&nbsp; **563525**<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Dividend Booster Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Utilities — 7.7%** | **Utilities — 7.7%** | **Utilities — 7.7%** | **Utilities — 7.7%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| EDP SA | EDP SA | &nbsp;&nbsp; 99076 | &nbsp;&nbsp; $516553<br>|
| Gas Utilities — 4.2% | Gas Utilities — 4.2% | Gas Utilities — 4.2% | Gas Utilities — 4.2% |
| APA Group | APA Group | &nbsp;&nbsp; 168062 | &nbsp;&nbsp; 1145301<br>|
| Naturgy Energy Group SA | Naturgy Energy Group SA | &nbsp;&nbsp; 46937 | &nbsp;&nbsp; 1400693<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 2545994 |
| Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% |
| Meridian Energy Ltd. | Meridian Energy Ltd. | &nbsp;&nbsp; 127823 | &nbsp;&nbsp; 403229<br>|
| Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% |
| Engie SA | Engie SA | &nbsp;&nbsp; 21692 | &nbsp;&nbsp; 692570<br>|
| Sembcorp Industries Ltd. | Sembcorp Industries Ltd. | &nbsp;&nbsp; 102700 | &nbsp;&nbsp; 527769<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1220339 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4686115** |
| **Total Common Stocks (Cost — $56,176,368)** | **Total Common Stocks (Cost — $56,176,368)** | **Total Common Stocks (Cost — $56,176,368)** | &nbsp;&nbsp; **59128419**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** | **Preferred Stocks — 1.8%** |
| **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** |
| Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% |
| Volkswagen AG (Cost — $1,179,623) | &nbsp;&nbsp; 6.088% | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; **1093259**<br> <sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $57,355,991)** | **Total Investments before Short-Term Investments (Cost — $57,355,991)** | **Total Investments before Short-Term Investments (Cost — $57,355,991)** | &nbsp;&nbsp; **60221678** |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $95)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 95<br>| &nbsp;&nbsp; **95**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.1% (Cost — $57,356,086)** | **Total Investments — 99.1% (Cost — $57,356,086)** | **Total Investments — 99.1% (Cost — $57,356,086)** | &nbsp;&nbsp; **60221773** |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp; 523727 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$60745500** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $95 and the cost was $95 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Dividend Booster Index ETF**

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| France | 14.0<br> %<br>|
| United Kingdom | 11.4 |
| Australia | 9.5 |
| Italy | 8.8 |
| Japan | 8.0 |
| Spain | 6.5 |
| Germany | 6.5 |
| Canada | 5.6 |
| United States | 4.0 |
| Sweden | 3.7 |
| Norway | 2.6 |
| Denmark | 2.6 |
| Austria | 2.5 |
| Netherlands | 1.9 |
| Hong Kong | 1.8 |
| China | 1.8 |
| Singapore | 1.8 |
| Switzerland | 1.7 |
| Finland | 1.4 |
| Macau | 1.2 |
| Belgium | 1.1 |
| Portugal | 0.9 |
| New Zealand | 0.7 |
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 10.6%** | **Communication Services — 10.6%** | **Communication Services — 10.6%** |
| Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% |
| AT&T Inc. | &nbsp;&nbsp; 29889 | &nbsp;&nbsp; $866482<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 20213 | &nbsp;&nbsp; 580315<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 18614 | &nbsp;&nbsp; 934423<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 2381220 |
| Entertainment — 0.8% | Entertainment — 0.8% | Entertainment — 0.8% |
| Netflix Inc. | &nbsp;&nbsp; 6396 | &nbsp;&nbsp; 614,975<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 64,705<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 102741<br>|
| Warner Bros. Discovery Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 18,014<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 800435 |
| Interactive Media & Services — 7.5% | Interactive Media & Services — 7.5% | Interactive Media & Services — 7.5% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 10701 | &nbsp;&nbsp; 3077179<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 9307 | &nbsp;&nbsp; 2669806<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 3813 | &nbsp;&nbsp; 2181532<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 7928517 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Omnicom Group Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 132772<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **11242944** |
| **Consumer Discretionary — 8.5%** | **Consumer Discretionary — 8.5%** | **Consumer Discretionary — 8.5%** |
| Automobiles — 2.1% | Automobiles — 2.1% | Automobiles — 2.1% |
| Ford Motor Co. | &nbsp;&nbsp; 25297 | &nbsp;&nbsp; 291927<br>|
| Tesla Inc. | &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 1,905,219<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 2197146 |
| Broadline Retail — 3.5% | Broadline Retail — 3.5% | Broadline Retail — 3.5% |
| Amazon.com Inc. | &nbsp;&nbsp; 17179 | &nbsp;&nbsp; 3,577,870<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 29855<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 88,180<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 3695905 |
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| Genuine Parts Co. | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 91051<br>|
| Hotels, Restaurants & Leisure — 1.1% | Hotels, Restaurants & Leisure — 1.1% | Hotels, Restaurants & Leisure — 1.1% |
| Booking Holdings Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 58944<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 136640<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 14710<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 86,186<br> \*<br>|
| McDonald's Corp. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 280333<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 124106<br>|
| Starbucks Corp. | &nbsp;&nbsp; 5166 | &nbsp;&nbsp; 462822<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1163741 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Garmin Ltd. | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 152199<br>|
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Best Buy Co. Inc. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 68437<br>|
| Carvana Co. | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 90,227<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 969568<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Lowe's Cos. Inc. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; $251875<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 2911 | &nbsp;&nbsp; 131868<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1511975 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| NIKE Inc., Class B Shares | &nbsp;&nbsp; 4182 | &nbsp;&nbsp; 220893<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **9032910** |
| **Consumer Staples — 6.5%** | **Consumer Staples — 6.5%** | **Consumer Staples — 6.5%** |
| Beverages — 1.7% | Beverages — 1.7% | Beverages — 1.7% |
| Coca-Cola Co. | &nbsp;&nbsp; 9553 | &nbsp;&nbsp; 726506<br>|
| Constellation Brands Inc., Class A Shares | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 86100<br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 7257 | &nbsp;&nbsp; 191077<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 5002 | &nbsp;&nbsp; 776760<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 1780443 |
| Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 490243<br>|
| Sysco Corp. | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 184245<br>|
| Target Corp. | &nbsp;&nbsp; 2378 | &nbsp;&nbsp; 288214<br>|
| Walmart Inc. | &nbsp;&nbsp; 4428 | &nbsp;&nbsp; 550312<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1513014 |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 187758<br>|
| General Mills Inc. | &nbsp;&nbsp; 3075 | &nbsp;&nbsp; 114452<br>|
| Hershey Co. | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 110805<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 4879 | &nbsp;&nbsp; 109729<br>|
| McCormick & Co. Inc., Non Voting Shares | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; 57905<br>|
| Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 5453 | &nbsp;&nbsp; 314311<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 105075<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1000035 |
| Household Products — 0.9% | Household Products — 0.9% | Household Products — 0.9% |
| Clorox Co. | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 76479<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 2009 | &nbsp;&nbsp; 193808<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 4715 | &nbsp;&nbsp; 681035<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 951322 |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 67679<br>|
| Kenvue Inc. | &nbsp;&nbsp; 10168 | &nbsp;&nbsp; 175296<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 242975 |
| Tobacco — 1.3% | Tobacco — 1.3% | Tobacco — 1.3% |
| Altria Group Inc. | &nbsp;&nbsp; 9635 | &nbsp;&nbsp; 635814<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 4428 | &nbsp;&nbsp; 732125<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 1367939 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6855728** |
| **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| SLB Ltd. | &nbsp;&nbsp; 1353 | &nbsp;&nbsp; 69531<br>|
| Oil, Gas & Consumable Fuels — 4.8% | Oil, Gas & Consumable Fuels — 4.8% | Oil, Gas & Consumable Fuels — 4.8% |
| Chevron Corp. | &nbsp;&nbsp; 6273 | &nbsp;&nbsp; 1297883<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| ConocoPhillips | &nbsp;&nbsp; 2542 | &nbsp;&nbsp; $335544<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 4141 | &nbsp;&nbsp; 145515<br>|
| Diamondback Energy Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 40547<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 397134<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 7872 | &nbsp;&nbsp; 1335563<br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 10947 | &nbsp;&nbsp; 367053<br>|
| ONEOK Inc. | &nbsp;&nbsp; 3321 | &nbsp;&nbsp; 300185<br>|
| Phillips 66 | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 388408<br>|
| Tatneft PJSC | &nbsp;&nbsp; 15990 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Valero Energy Corp. | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 141824<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 4592 | &nbsp;&nbsp; 334206<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 5083862 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5153393** |
| **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** |
| Banks — 5.6% | Banks — 5.6% | Banks — 5.6% |
| Bank of America Corp. | &nbsp;&nbsp; 15129 | &nbsp;&nbsp; 737539<br>|
| Citigroup Inc. | &nbsp;&nbsp; 5043 | &nbsp;&nbsp; 571927<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp; 147526<br>|
| East-West Bancorp Inc. | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 87543<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 5289 | &nbsp;&nbsp; 245727<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 11480 | &nbsp;&nbsp; 179662<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 5658 | &nbsp;&nbsp; 1664357<br>|
| KeyCorp | &nbsp;&nbsp; 5658 | &nbsp;&nbsp; 113443<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 186461<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 2337 | &nbsp;&nbsp; 486306<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 131018<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 7421 | &nbsp;&nbsp; 341143<br>|
| US Bancorp | &nbsp;&nbsp; 9061 | &nbsp;&nbsp; 471263<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 6519 | &nbsp;&nbsp; 518978<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 5882893 |
| Capital Markets — 4.2% | Capital Markets — 4.2% | Capital Markets — 4.2% |
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 129720<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 1353 | &nbsp;&nbsp; 160506<br>|
| Blackrock Inc. | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 749172<br>|
| Blackstone Inc. | &nbsp;&nbsp; 4268 | &nbsp;&nbsp; 490777<br>|
| Carlyle Group Inc. | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 63488<br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp; 231191<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 57,272<br> \*<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 589655<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 1353 | &nbsp;&nbsp; 125152<br>|
| Morgan Stanley | &nbsp;&nbsp; 5289 | &nbsp;&nbsp; 870411<br>|
| MSCI Inc. | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 198895<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 1681 | &nbsp;&nbsp; 142700<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 148782<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 96,604<br> \*<br>|
| S&P Global Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 87195<br>|
| State Street Corp. | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 207558<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; $110872<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 4459950 |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% |
| American Express Co. | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 37205<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 72242<br>|
| SoFi Technologies Inc. | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 43,623<br> \*<br>|
| Synchrony Financial | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 33466<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 186536 |
| Financial Services — 1.0% | Financial Services — 1.0% | Financial Services — 1.0% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 2214 | &nbsp;&nbsp; 246684<br>|
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 19,647<br> \*<br>|
| Block Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 24,674<br> \*<br>|
| Corebridge Financial Inc. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 36744<br>|
| Equitable Holdings Inc. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 63903<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 2870 | &nbsp;&nbsp; 134632<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 61458<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 1558 | &nbsp;&nbsp; 470890<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1058632 |
| Insurance — 1.5% | Insurance — 1.5% | Insurance — 1.5% |
| Allstate Corp. | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 93510<br>|
| American International Group Inc. | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 55535<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 135478<br>|
| Fidelity National Financial Inc. | &nbsp;&nbsp; 1517 | &nbsp;&nbsp; 70358<br>|
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 56892<br>|
| MetLife Inc. | &nbsp;&nbsp; 3116 | &nbsp;&nbsp; 220364<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 118945<br>|
| Progressive Corp. | &nbsp;&nbsp; 3362 | &nbsp;&nbsp; 666483<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; 192254<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1609819 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 4305 | &nbsp;&nbsp; 91051<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **13288881** |
| **Health Care — 8.3%** | **Health Care — 8.3%** | **Health Care — 8.3%** |
| Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% |
| AbbVie Inc. | &nbsp;&nbsp; 4756 | &nbsp;&nbsp; 1034382<br>|
| Amgen Inc. | &nbsp;&nbsp; 1517 | &nbsp;&nbsp; 533757<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 377135<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 1945274 |
| Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% |
| Abbott Laboratories | &nbsp;&nbsp; 3239 | &nbsp;&nbsp; 332548<br>|
| Becton Dickinson & Co. | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 116036<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 151,205<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 5904 | &nbsp;&nbsp; 511581<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1111370 |
| Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% |
| Cigna Group | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 87494<br>|
| CVS Health Corp. | &nbsp;&nbsp; 5453 | &nbsp;&nbsp; 391634<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Elevance Health Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; $120028<br>|
| Humana Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 35545<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; 521427<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1156128 |
| Pharmaceuticals — 4.3% | Pharmaceuticals — 4.3% | Pharmaceuticals — 4.3% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 10947 | &nbsp;&nbsp; 663936<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 1421 | &nbsp;&nbsp; 1306993<br>|
| Johnson & Johnson | &nbsp;&nbsp; 4059 | &nbsp;&nbsp; 992182<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 5986 | &nbsp;&nbsp; 720056<br>|
| Pfizer Inc. | &nbsp;&nbsp; 31242 | &nbsp;&nbsp; 877275<br>|
| Zoetis Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 4847<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4565289 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **8778061** |
| **Industrials — 6.7%** | **Industrials — 6.7%** | **Industrials — 6.7%** |
| Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 69,649<br> \*<br>|
| Boeing Co. | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 89,762<br> \*<br>|
| General Electric Co. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 349037<br>|
| Lockheed Martin Corp. | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 99120<br>|
| Rocket Lab Corp. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 76,358<br> \*<br>|
| RTX Corp. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 347992<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 1031918 |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| FedEx Corp. | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 102223<br>|
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 4797 | &nbsp;&nbsp; 471929<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 574152 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Carrier Global Corp. | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; 108509<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 112748<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 119605<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 340862 |
| Commercial Services & Supplies — 0.0%†† | Commercial Services & Supplies — 0.0%†† | Commercial Services & Supplies — 0.0%†† |
| Cintas Corp. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 7442<br>|
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 56539<br>|
| Electrical Equipment — 1.5% | Electrical Equipment — 1.5% | Electrical Equipment — 1.5% |
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 83,326<br> \*<br>|
| Eaton Corp. PLC | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 307954<br>|
| Emerson Electric Co. | &nbsp;&nbsp; 1681 | &nbsp;&nbsp; 220245<br>|
| GE Vernova Inc. | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 429467<br>|
| Hubbell Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 120722<br>|
| Rockwell Automation Inc. | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 220711<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 205475<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 1587900 |
| Ground Transportation — 0.6% | Ground Transportation — 0.6% | Ground Transportation — 0.6% |
| Norfolk Southern Corp. | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 223573<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 2214 | &nbsp;&nbsp; 159,253<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued |
| Union Pacific Corp. | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; $278528<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 661354 |
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| 3M Co. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 178633<br>|
| Honeywell International Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 203879<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 382512 |
| Machinery — 1.2% | Machinery — 1.2% | Machinery — 1.2% |
| Caterpillar Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 464750<br>|
| Cummins Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 220588<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 1681 | &nbsp;&nbsp; 437548<br>|
| Snap-on Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 104244<br>|
| Xylem Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 48995<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1276125 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Southwest Airlines Co. | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 52373<br>|
| Professional Services — 0.6% | Professional Services — 0.6% | Professional Services — 0.6% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 441510<br>|
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 53293<br>|
| Paychex Inc. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 158631<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 653434 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Fastenal Co. | &nbsp;&nbsp; 6150 | &nbsp;&nbsp; 285360<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 66945<br>|
| United Rentals Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 29871<br>|
| Watsco Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 74577<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 456753 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7081364** |
| **Information Technology — 33.3%** | **Information Technology — 33.3%** | **Information Technology — 33.3%** |
| Communications Equipment — 1.0% | Communications Equipment — 1.0% | Communications Equipment — 1.0% |
| Arista Networks Inc. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 211,427<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 10496 | &nbsp;&nbsp; 814385<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 1025812 |
| Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% | Electronic Equipment, Instruments & Components — 0.9% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 2993 | &nbsp;&nbsp; 378166<br>|
| CDW Corp. | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 89313<br>|
| Corning Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 239715<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 231385<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 938579 |
| IT Services — 1.6% | IT Services — 1.6% | IT Services — 1.6% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 2870 | &nbsp;&nbsp; 569092<br>|
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 126,899<br> \*<br>|
| Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 153436<br>|
| International Business Machines Corp. | &nbsp;&nbsp; 2542 | &nbsp;&nbsp; 616155<br>|
| MongoDB Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 50,178<br> \*<br>|
| Snowflake Inc. | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 86,571<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 50914<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 1653245 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 2993 | &nbsp;&nbsp; $608,866<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 1517 | &nbsp;&nbsp; 482618<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 588562<br>|
| Astera Labs Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 35,949<br> \*<br>|
| Broadcom Inc. | &nbsp;&nbsp; 8241 | &nbsp;&nbsp; 2550672<br>|
| Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 42,335<br> \*<br>|
| Entegris Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 48068<br>|
| Intel Corp. | &nbsp;&nbsp; 7913 | &nbsp;&nbsp; 349,201<br> \*<br>|
| KLA Corp. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 482950<br>|
| Lam Research Corp. | &nbsp;&nbsp; 3075 | &nbsp;&nbsp; 657005<br>|
| Marvell Technology Inc. | &nbsp;&nbsp; 1558 | &nbsp;&nbsp; 154320<br>|
| Microchip Technology Inc. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp; 222517<br>|
| Micron Technology Inc. | &nbsp;&nbsp; 2214 | &nbsp;&nbsp; 747978<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 224137<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 41984 | &nbsp;&nbsp; 7322010<br>|
| NXP Semiconductors NV | &nbsp;&nbsp; 1476 | &nbsp;&nbsp; 290565<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 659997<br>|
| Teradyne Inc. | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 109394<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 3362 | &nbsp;&nbsp; 652699<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 16229843 |
| Software — 7.1% | Software — 7.1% | Software — 7.1% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 146,862<br> \*<br>|
| Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 24479<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 91,141<br> \*<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 160,068<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 58,081<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 33,505<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 59446<br>|
| HubSpot Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 10,008<br> \*<br>|
| Intuit Inc. | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 212731<br>|
| Microsoft Corp. | &nbsp;&nbsp; 13202 | &nbsp;&nbsp; 4886984<br>|
| Oracle Corp. | &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 518710<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 3772 | &nbsp;&nbsp; 551,768<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 164,328<br> \*<br>|
| Salesforce Inc. | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 267872<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 128,597<br> \*<br>|
| Strategy Inc. | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 46,051<br> \*<br>|
| Synopsys Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 97,534<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 34,511<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 7492676 |
| Technology Hardware, Storage & Peripherals — 7.4% | Technology Hardware, Storage & Peripherals — 7.4% | Technology Hardware, Storage & Peripherals — 7.4% |
| Apple Inc. | &nbsp;&nbsp; 26814 | &nbsp;&nbsp; 6805125<br>|
| Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 181692<br>|
| Everpure Inc., Class A Shares | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 24,206<br> \*<br>|
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7175 | &nbsp;&nbsp; 170837<br>|
| HP Inc. | &nbsp;&nbsp; 5248 | &nbsp;&nbsp; 100814<br>|
| NetApp Inc. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 109148<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 656 | &nbsp;&nbsp; $256994<br>|
| Super Micro Computer Inc. | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 21,472<br> \*<br>|
| Western Digital Corp. | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 199622<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 7869910 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **35210065** |
| **Materials — 1.3%** | **Materials — 1.3%** | **Materials — 1.3%** |
| Chemicals — 0.8% | Chemicals — 0.8% | Chemicals — 0.8% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 297752<br>|
| Dow Inc. | &nbsp;&nbsp; 3485 | &nbsp;&nbsp; 145150<br>|
| DuPont de Nemours Inc. | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 118302<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 99089<br>|
| PPG Industries Inc. | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 148991<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 809284 |
| Containers & Packaging — 0.4% | Containers & Packaging — 0.4% | Containers & Packaging — 0.4% |
| Amcor PLC | &nbsp;&nbsp; 2911 | &nbsp;&nbsp; 115712<br>|
| International Paper Co. | &nbsp;&nbsp; 3280 | &nbsp;&nbsp; 117096<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 113113<br>|
| Smurfit Westrock PLC | &nbsp;&nbsp; 3198 | &nbsp;&nbsp; 127441<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 473362 |
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 31036<br>|
| Newmont Corp. | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 62135<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 93171 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1375817** |
| **Real Estate — 3.9%** | **Real Estate — 3.9%** | **Real Estate — 3.9%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| WP Carey Inc. | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 83591<br>|
| Health Care REITs — 0.0%†† | Health Care REITs — 0.0%†† | Health Care REITs — 0.0%†† |
| Ventas Inc. | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 10059<br>|
| Industrial REITs — 0.6% | Industrial REITs — 0.6% | Industrial REITs — 0.6% |
| Prologis Inc. | &nbsp;&nbsp; 5002 | &nbsp;&nbsp; 661164<br>|
| Residential REITs — 0.5% | Residential REITs — 0.5% | Residential REITs — 0.5% |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 127250<br>|
| Equity Residential | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; 113982<br>|
| Essex Property Trust Inc. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 79376<br>|
| Invitation Homes Inc. | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 78451<br>|
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 80111<br>|
| Sun Communities Inc. | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 77465<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 556635 |
| Retail REITs — 0.7% | Retail REITs — 0.7% | Retail REITs — 0.7% |
| Kimco Realty Corp. | &nbsp;&nbsp; 3854 | &nbsp;&nbsp; 86599<br>|
| Realty Income Corp. | &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 313548<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; 359443<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 759590 |
| Specialized REITs — 2.0% | Specialized REITs — 2.0% | Specialized REITs — 2.0% |
| American Tower Corp. | &nbsp;&nbsp; 2583 | &nbsp;&nbsp; 445774<br>|
| Crown Castle Inc. | &nbsp;&nbsp; 2296 | &nbsp;&nbsp; 186688<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued |
| Digital Realty Trust Inc. | Digital Realty Trust Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; $317710<br>|
| Equinix Inc. | Equinix Inc. | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 347005<br>|
| Extra Space Storage Inc. | Extra Space Storage Inc. | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 155913<br>|
| Iron Mountain Inc. | Iron Mountain Inc. | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 167510<br>|
| Public Storage | Public Storage | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 233228<br>|
| VICI Properties Inc. | VICI Properties Inc. | &nbsp;&nbsp; 6027 | &nbsp;&nbsp; 164658<br>|
| Weyerhaeuser Co. | Weyerhaeuser Co. | &nbsp;&nbsp; 3854 | &nbsp;&nbsp; 94153<br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 2112639 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4183678** |
| **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** |
| Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% |
| Alliant Energy Corp. | Alliant Energy Corp. | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 102976<br>|
| American Electric Power Co. Inc. | American Electric Power Co. Inc. | &nbsp;&nbsp; 2091 | &nbsp;&nbsp; 274088<br>|
| Constellation Energy Corp. | Constellation Energy Corp. | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 103043<br>|
| Duke Energy Corp. | Duke Energy Corp. | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 241584<br>|
| Edison International | Edison International | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 165021<br>|
| Entergy Corp. | Entergy Corp. | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 36854<br>|
| Evergy Inc. | Evergy Inc. | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 104121<br>|
| Eversource Energy | Eversource Energy | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; 150546<br>|
| Exelon Corp. | Exelon Corp. | &nbsp;&nbsp; 5658 | &nbsp;&nbsp; 277355<br>|
| FirstEnergy Corp. | FirstEnergy Corp. | &nbsp;&nbsp; 2870 | &nbsp;&nbsp; 145394<br>|
| NextEra Energy Inc. | NextEra Energy Inc. | &nbsp;&nbsp; 3198 | &nbsp;&nbsp; 297030<br>|
| PPL Corp. | PPL Corp. | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 20361<br>|
| Southern Co. | Southern Co. | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 102890<br>|
| Xcel Energy Inc. | Xcel Energy Inc. | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 74912<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2096175 |
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Vistra Corp. | Vistra Corp. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 61635<br>|
| Multi-Utilities — 1.1% | Multi-Utilities — 1.1% | Multi-Utilities — 1.1% | Multi-Utilities — 1.1% |
| Consolidated Edison Inc. | Consolidated Edison Inc. | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 64965<br>|
| Dominion Energy Inc. | Dominion Energy Inc. | &nbsp;&nbsp; 4756 | &nbsp;&nbsp; 294016<br>|
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 119900<br>|
| NiSource Inc. | NiSource Inc. | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 12318<br>|
| Public Service Enterprise Group Inc. | Public Service Enterprise Group Inc. | &nbsp;&nbsp; 2829 | &nbsp;&nbsp; 229008<br>|
| Sempra | Sempra | &nbsp;&nbsp; 2378 | &nbsp;&nbsp; 231070<br>|
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 204103<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1155380 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3313190** |
| **Total Investments before Short-Term Investments (Cost — $98,302,100)** | **Total Investments before Short-Term Investments (Cost — $98,302,100)** | **Total Investments before Short-Term Investments (Cost — $98,302,100)** | &nbsp;&nbsp; **105516031** |
|  | Rate |  |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $215,351)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 215351<br>| &nbsp;&nbsp; **215351**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.9% (Cost — $98,517,451)** | **Total Investments — 99.9% (Cost — $98,517,451)** | **Total Investments — 99.9% (Cost — $98,517,451)** | &nbsp;&nbsp; **105731382** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 138317 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$105869699** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(b)</sup> | Value is less than $1. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $215,351 and the cost was $215,351 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $235097 | &nbsp;&nbsp;&nbsp; $229976 | &nbsp;&nbsp;&nbsp; **$(5121)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Communication Services — 6.5%** | **Communication Services — 6.5%** | **Communication Services — 6.5%** |
| Diversified Telecommunication Services — 5.6% | Diversified Telecommunication Services — 5.6% | Diversified Telecommunication Services — 5.6% |
| AT&T Inc. | &nbsp;&nbsp; 2142 | &nbsp;&nbsp; $62097<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 13104 | &nbsp;&nbsp; 376216<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 57456 | &nbsp;&nbsp; 2884291<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 3322604 |
| Media — 0.9% | Media — 0.9% | Media — 0.9% |
| Omnicom Group Inc. | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 569343<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3891947** |
| **Consumer Discretionary — 7.6%** | **Consumer Discretionary — 7.6%** | **Consumer Discretionary — 7.6%** |
| Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% |
| Ford Motor Co. | &nbsp;&nbsp; 92652 | &nbsp;&nbsp; 1069204<br>|
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| Genuine Parts Co. | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 57740<br>|
| Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% |
| Darden Restaurants Inc. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 57636<br>|
| McDonald's Corp. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 52212<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 109848 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Lennar Corp., Class A Shares | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 54709<br>|
| Specialty Retail — 5.4% | Specialty Retail — 5.4% | Specialty Retail — 5.4% |
| Best Buy Co. Inc. | &nbsp;&nbsp; 46494 | &nbsp;&nbsp; 2984915<br>|
| Carvana Co. | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 158,447<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 55254<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 3198616 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4490117** |
| **Consumer Staples — 13.7%** | **Consumer Staples — 13.7%** | **Consumer Staples — 13.7%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 66629<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 58699<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 125328 |
| Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% |
| Target Corp. | &nbsp;&nbsp; 3024 | &nbsp;&nbsp; 366509<br>|
| Food Products — 6.7% | Food Products — 6.7% | Food Products — 6.7% |
| General Mills Inc. | &nbsp;&nbsp; 26376 | &nbsp;&nbsp; 981715<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 130326 | &nbsp;&nbsp; 2931032<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 61891<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 3974638 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 56724<br>|
| Personal Care Products — 1.2% | Personal Care Products — 1.2% | Personal Care Products — 1.2% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 48229<br>|
| Kenvue Inc. | &nbsp;&nbsp; 38640 | &nbsp;&nbsp; 666154<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 714383 |
| Tobacco — 4.9% | Tobacco — 4.9% | Tobacco — 4.9% |
| Altria Group Inc. | &nbsp;&nbsp; 42966 | &nbsp;&nbsp; 2835327<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued |
| Philip Morris International Inc. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; $55554<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 2890881 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8128463** |
| **Energy — 8.2%** | **Energy — 8.2%** | **Energy — 8.2%** |
| Oil, Gas & Consumable Fuels — 8.2% | Oil, Gas & Consumable Fuels — 8.2% | Oil, Gas & Consumable Fuels — 8.2% |
| Chevron Corp. | &nbsp;&nbsp; 4914 | &nbsp;&nbsp; 1016707<br>|
| ConocoPhillips | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 60984<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 63463<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 63403<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 60719<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 64132<br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 20874 | &nbsp;&nbsp; 699905<br>|
| ONEOK Inc. | &nbsp;&nbsp; 28518 | &nbsp;&nbsp; 2577742<br>|
| Phillips 66 | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 122425<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 62264<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 58078<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4849822** |
| **Financials — 25.1%** | **Financials — 25.1%** | **Financials — 25.1%** |
| Banks — 9.0% | Banks — 9.0% | Banks — 9.0% |
| Citigroup Inc. | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 61922<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 60450<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 1344 | &nbsp;&nbsp; 62442<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 37212 | &nbsp;&nbsp; 582368<br>|
| KeyCorp | &nbsp;&nbsp; 65058 | &nbsp;&nbsp; 1304413<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 60776<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 43512 | &nbsp;&nbsp; 1136533<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 30492 | &nbsp;&nbsp; 1401717<br>|
| US Bancorp | &nbsp;&nbsp; 12558 | &nbsp;&nbsp; 653141<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 5323762 |
| Capital Markets — 12.5% | Capital Markets — 12.5% | Capital Markets — 12.5% |
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 2061990<br>|
| Blackstone Inc. | &nbsp;&nbsp; 14112 | &nbsp;&nbsp; 1622739<br>|
| CME Group Inc. | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 1550588<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 95,337<br> \*<br>|
| Morgan Stanley | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 62208<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 4158 | &nbsp;&nbsp; 288,149<br> \*<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 19446 | &nbsp;&nbsp; 1752862<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 7433873 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| SoFi Technologies Inc. | &nbsp;&nbsp; 13146 | &nbsp;&nbsp; 208,758<br> \*<br>|
| Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% |
| Affirm Holdings Inc. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 57,733<br> \*<br>|
| Corebridge Financial Inc. | &nbsp;&nbsp; 2562 | &nbsp;&nbsp; 61130<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 55166<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 174029 |
| Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% |
| Principal Financial Group Inc. | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 60554<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Progressive Corp. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; $58283<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 16716 | &nbsp;&nbsp; 1632986<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1751823 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **14892245** |
| **Health Care — 9.4%** | **Health Care — 9.4%** | **Health Care — 9.4%** |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| AbbVie Inc. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 54807<br>|
| Amgen Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 59111<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 52682<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 166600 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Medtronic PLC | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 58229<br>|
| Health Care Providers & Services — 0.7% | Health Care Providers & Services — 0.7% | Health Care Providers & Services — 0.7% |
| CVS Health Corp. | &nbsp;&nbsp; 2982 | &nbsp;&nbsp; 214167<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 227296<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 441463 |
| Pharmaceuticals — 8.3% | Pharmaceuticals — 8.3% | Pharmaceuticals — 8.3% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 28560 | &nbsp;&nbsp; 1732164<br>|
| Johnson & Johnson | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 61599<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 60626<br>|
| Pfizer Inc. | &nbsp;&nbsp; 108360 | &nbsp;&nbsp; 3042749<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4897138 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5563430** |
| **Industrials — 10.2%** | **Industrials — 10.2%** | **Industrials — 10.2%** |
| Aerospace & Defense — 0.8% | Aerospace & Defense — 0.8% | Aerospace & Defense — 0.8% |
| Lockheed Martin Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 50769<br>|
| Rocket Lab Corp. | &nbsp;&nbsp; 6762 | &nbsp;&nbsp; 434,255<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 485024 |
| Air Freight & Logistics — 4.9% | Air Freight & Logistics — 4.9% | Air Freight & Logistics — 4.9% |
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 29736 | &nbsp;&nbsp; 2925428<br>|
| Electrical Equipment — 1.2% | Electrical Equipment — 1.2% | Electrical Equipment — 1.2% |
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 4788 | &nbsp;&nbsp; 648,726<br> \*<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 52622<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 701348 |
| Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% |
| PACCAR Inc. | &nbsp;&nbsp; 3108 | &nbsp;&nbsp; 358974<br>|
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Southwest Airlines Co. | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 56806<br>|
| Professional Services — 2.5% | Professional Services — 2.5% | Professional Services — 2.5% |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 58803<br>|
| Paychex Inc. | &nbsp;&nbsp; 15582 | &nbsp;&nbsp; 1435414<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1494217 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Fastenal Co. | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; 60413<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **6082210** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Information Technology — 10.3%** | **Information Technology — 10.3%** | **Information Technology — 10.3%** | **Information Technology — 10.3%** |
| Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% |
| Lumentum Holdings Inc. | Lumentum Holdings Inc. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; $531,287<br> \*<br>|
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| CoreWeave Inc., Class A Shares | CoreWeave Inc., Class A Shares | &nbsp;&nbsp; 5418 | &nbsp;&nbsp; 419,732<br> \*<br>|
| Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% | Semiconductors & Semiconductor Equipment — 2.3% |
| Credo Technology Group Holding Ltd. | Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 1974 | &nbsp;&nbsp; 185,299<br> \*<br>|
| Microchip Technology Inc. | Microchip Technology Inc. | &nbsp;&nbsp; 15246 | &nbsp;&nbsp; 985044<br>|
| Micron Technology Inc. | Micron Technology Inc. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 42568<br>|
| QUALCOMM Inc. | QUALCOMM Inc. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 54088<br>|
| Texas Instruments Inc. | Texas Instruments Inc. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 65231<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1332230 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% | Software — 0.2% |
| AppLovin Corp., Class A Shares | AppLovin Corp., Class A Shares | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 133,728<br> \*<br>|
| Technology Hardware, Storage & Peripherals — 6.2% | Technology Hardware, Storage & Peripherals — 6.2% | Technology Hardware, Storage & Peripherals — 6.2% | Technology Hardware, Storage & Peripherals — 6.2% |
| HP Inc. | HP Inc. | &nbsp;&nbsp; 126378 | &nbsp;&nbsp; 2427721<br>|
| IonQ Inc. | IonQ Inc. | &nbsp;&nbsp; 12054 | &nbsp;&nbsp; 347,517<br> \*<br>|
| Sandisk Corp. | Sandisk Corp. | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 720,476<br> \*<br>|
| Seagate Technology Holdings PLC | Seagate Technology Holdings PLC | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 59939<br>|
| Super Micro Computer Inc. | Super Micro Computer Inc. | &nbsp;&nbsp; 2604 | &nbsp;&nbsp; 59,293<br> \*<br>|
| Western Digital Corp. | Western Digital Corp. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 68164<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3683110 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **6100087** |
| **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** |
| Chemicals — 3.7% | Chemicals — 3.7% | Chemicals — 3.7% | Chemicals — 3.7% |
| LyondellBasell Industries NV, Class A Shares | LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 27090 | &nbsp;&nbsp; 2182370<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Amcor PLC | Amcor PLC | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 56763<br>|
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| Newmont Corp. | Newmont Corp. | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 54558<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2293691** |
| **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** | **Utilities — 4.6%** |
| Electric Utilities — 4.3% | Electric Utilities — 4.3% | Electric Utilities — 4.3% | Electric Utilities — 4.3% |
| Edison International | Edison International | &nbsp;&nbsp; 21714 | &nbsp;&nbsp; 1589031<br>|
| Eversource Energy | Eversource Energy | &nbsp;&nbsp; 14196 | &nbsp;&nbsp; 983499<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2572530 |
| Multi-Utilities — 0.3% | Multi-Utilities — 0.3% | Multi-Utilities — 0.3% | Multi-Utilities — 0.3% |
| Dominion Energy Inc. | Dominion Energy Inc. | &nbsp;&nbsp; 2982 | &nbsp;&nbsp; 184347<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2756877** |
| **Total Investments before Short-Term Investments (Cost — $55,690,080)** | **Total Investments before Short-Term Investments (Cost — $55,690,080)** | **Total Investments before Short-Term Investments (Cost — $55,690,080)** | &nbsp;&nbsp; **59048889** |
|  | Rate |  |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $108,241)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 108241<br>| &nbsp;&nbsp; **108241**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.7% (Cost — $55,798,321)** | **Total Investments — 99.7% (Cost — $55,798,321)** | **Total Investments — 99.7% (Cost — $55,798,321)** | &nbsp;&nbsp; **59157130** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 162342 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$59319472** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

\* Non-income producing security.

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

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $108,241 and the cost was $108,241 (Note 6). 

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

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $203204 | &nbsp;&nbsp;&nbsp; $197123 | &nbsp;&nbsp;&nbsp; **$(6081)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 11.1%** | **Communication Services — 11.1%** | **Communication Services — 11.1%** |
| Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% |
| Verizon Communications Inc. | &nbsp;&nbsp; 451584 | &nbsp;&nbsp; $22669517<br>|
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| Electronic Arts Inc. | &nbsp;&nbsp; 23552 | &nbsp;&nbsp; 4801546<br>|
| Madison Square Garden Sports Corp. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 1,810,125<br> \*<br>|
| Warner Bros. Discovery Inc. | &nbsp;&nbsp; 196096 | &nbsp;&nbsp; 5,384,796<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 11996467 |
| Interactive Media & Services — 8.7% | Interactive Media & Services — 8.7% | Interactive Media & Services — 8.7% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 215040 | &nbsp;&nbsp; 61836903<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 174592 | &nbsp;&nbsp; 50083461<br>|
| Match Group Inc. | &nbsp;&nbsp; 58316 | &nbsp;&nbsp; 1790884<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 36616320<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 150327568 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| New York Times Co., Class A Shares | &nbsp;&nbsp; 23040 | &nbsp;&nbsp; 1929139<br>|
| Nexstar Media Group Inc. | &nbsp;&nbsp; 7168 | &nbsp;&nbsp; 1296189<br>|
| Versant Media Group Inc. | &nbsp;&nbsp; 54784 | &nbsp;&nbsp; 2,028,104<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 5253432 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| Millicom International Cellular SA | &nbsp;&nbsp; 25088 | &nbsp;&nbsp; 1880095<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **192127079** |
| **Consumer Discretionary — 11.4%** | **Consumer Discretionary — 11.4%** | **Consumer Discretionary — 11.4%** |
| Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% |
| BorgWarner Inc. | &nbsp;&nbsp; 34304 | &nbsp;&nbsp; 1861335<br>|
| Lear Corp. | &nbsp;&nbsp; 13824 | &nbsp;&nbsp; 1673810<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 3535145 |
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| General Motors Co. | &nbsp;&nbsp; 102400 | &nbsp;&nbsp; 7628800<br>|
| Tesla Inc. | &nbsp;&nbsp; 66560 | &nbsp;&nbsp; 24,743,680<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 32372480 |
| Broadline Retail — 3.1% | Broadline Retail — 3.1% | Broadline Retail — 3.1% |
| Amazon.com Inc. | &nbsp;&nbsp; 228864 | &nbsp;&nbsp; 47,665,505<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 49152 | &nbsp;&nbsp; 4473815<br>|
| Macy's Inc. | &nbsp;&nbsp; 92672 | &nbsp;&nbsp; 1676437<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 53815757 |
| Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% | Hotels, Restaurants & Leisure — 2.4% |
| Boyd Gaming Corp. | &nbsp;&nbsp; 22016 | &nbsp;&nbsp; 1809275<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 12288 | &nbsp;&nbsp; 2837176<br>|
| Marriott International Inc., Class A Shares | &nbsp;&nbsp; 10240 | &nbsp;&nbsp; 3349197<br>|
| McDonald's Corp. | &nbsp;&nbsp; 64512 | &nbsp;&nbsp; 20049684<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 24576 | &nbsp;&nbsp; 6762824<br>|
| Travel + Leisure Co. | &nbsp;&nbsp; 24576 | &nbsp;&nbsp; 1700413<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 28160 | &nbsp;&nbsp; 4378317<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 40886886 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| PulteGroup Inc. | &nbsp;&nbsp; 16896 | &nbsp;&nbsp; 1987138<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — 3.4% | Specialty Retail — 3.4% | Specialty Retail — 3.4% |
| Best Buy Co. Inc. | &nbsp;&nbsp; 29696 | &nbsp;&nbsp; $1906483<br>|
| Five Below Inc. | &nbsp;&nbsp; 8704 | &nbsp;&nbsp; 1,988,690<br> \*<br>|
| Gap Inc. | &nbsp;&nbsp; 65024 | &nbsp;&nbsp; 1573581<br>|
| Home Depot Inc. | &nbsp;&nbsp; 73216 | &nbsp;&nbsp; 24080010<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 26112 | &nbsp;&nbsp; 5656643<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 120320 | &nbsp;&nbsp; 19215104<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 5259 | &nbsp;&nbsp; 2,748,932<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 13312 | &nbsp;&nbsp; 2427177<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 59596620 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Ralph Lauren Corp. | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 1761229<br>|
| Tapestry Inc. | &nbsp;&nbsp; 24064 | &nbsp;&nbsp; 3395671<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5156900 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **197350926** |
| **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 9728 | &nbsp;&nbsp; 1865247<br>|
| Monster Beverage Corp. | &nbsp;&nbsp; 74240 | &nbsp;&nbsp; 5,379,430<br> \*<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 7244677 |
| Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% |
| Casey's General Stores Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 1863321<br>|
| Dollar General Corp. | &nbsp;&nbsp; 22016 | &nbsp;&nbsp; 2613960<br>|
| Target Corp. | &nbsp;&nbsp; 22016 | &nbsp;&nbsp; 2668339<br>|
| Walmart Inc. | &nbsp;&nbsp; 227328 | &nbsp;&nbsp; 28252324<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 35397944 |
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Bunge Global SA | &nbsp;&nbsp; 16384 | &nbsp;&nbsp; 2084045<br>|
| Seaboard Corp. | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 1939329<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 4023374 |
| Tobacco — 2.1% | Tobacco — 2.1% | Tobacco — 2.1% |
| Altria Group Inc. | &nbsp;&nbsp; 214016 | &nbsp;&nbsp; 14122916<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 136192 | &nbsp;&nbsp; 22517985<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 36640901 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **83306896** |
| **Energy — 1.1%** | **Energy — 1.1%** | **Energy — 1.1%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| TechnipFMC PLC | &nbsp;&nbsp; 27648 | &nbsp;&nbsp; 1911306<br>|
| Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% |
| APA Corp. | &nbsp;&nbsp; 60416 | &nbsp;&nbsp; 2564055<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 3220480<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 64512 | &nbsp;&nbsp; 10945106<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 16729641 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **18640947** |
| **Financials — 10.2%** | **Financials — 10.2%** | **Financials — 10.2%** |
| Banks — 2.8% | Banks — 2.8% | Banks — 2.8% |
| Central BanCo Inc. | &nbsp;&nbsp; 75776 | &nbsp;&nbsp; 1814835<br>|
| Citigroup Inc. | &nbsp;&nbsp; 203776 | &nbsp;&nbsp; 23110236<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; $2302848<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 70656 | &nbsp;&nbsp; 20784169<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 48012088 |
| Capital Markets — 4.4% | Capital Markets — 4.4% | Capital Markets — 4.4% |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 6144 | &nbsp;&nbsp; 1700045<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 73728 | &nbsp;&nbsp; 8746353<br>|
| Cboe Global Markets Inc. | &nbsp;&nbsp; 6144 | &nbsp;&nbsp; 1726894<br>|
| CME Group Inc. | &nbsp;&nbsp; 16896 | &nbsp;&nbsp; 4990234<br>|
| Evercore Inc., Class A Shares | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 1681208<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 26112 | &nbsp;&nbsp; 22090491<br>|
| Invesco Ltd. | &nbsp;&nbsp; 69632 | &nbsp;&nbsp; 1691361<br>|
| Janus Henderson Group PLC | &nbsp;&nbsp; 35328 | &nbsp;&nbsp; 1814799<br>|
| Moody's Corp. | &nbsp;&nbsp; 15872 | &nbsp;&nbsp; 6924160<br>|
| Morgan Stanley | &nbsp;&nbsp; 97280 | &nbsp;&nbsp; 16009370<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 18432 | &nbsp;&nbsp; 2572554<br>|
| SEI Investments Co. | &nbsp;&nbsp; 22528 | &nbsp;&nbsp; 1767772<br>|
| State Street Corp. | &nbsp;&nbsp; 24576 | &nbsp;&nbsp; 3110339<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 19968 | &nbsp;&nbsp; 1799915<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 76625495 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| OneMain Holdings Inc. | &nbsp;&nbsp; 33280 | &nbsp;&nbsp; 1780147<br>|
| Synchrony Financial | &nbsp;&nbsp; 41472 | &nbsp;&nbsp; 2820926<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 4601073 |
| Financial Services — 1.3% | Financial Services — 1.3% | Financial Services — 1.3% |
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 40448 | &nbsp;&nbsp; 19,382,682<br> \*<br>|
| MGIC Investment Corp. | &nbsp;&nbsp; 68418 | &nbsp;&nbsp; 1795972<br>|
| Western Union Co. | &nbsp;&nbsp; 189952 | &nbsp;&nbsp; 1658281<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 22836935 |
| Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% |
| Brighthouse Financial Inc. | &nbsp;&nbsp; 30720 | &nbsp;&nbsp; 1,839,514<br> \*<br>|
| Chubb Ltd. | &nbsp;&nbsp; 18432 | &nbsp;&nbsp; 6007542<br>|
| Lincoln National Corp. | &nbsp;&nbsp; 53248 | &nbsp;&nbsp; 1890304<br>|
| Loews Corp. | &nbsp;&nbsp; 17408 | &nbsp;&nbsp; 1858130<br>|
| Old Republic International Corp. | &nbsp;&nbsp; 42496 | &nbsp;&nbsp; 1695590<br>|
| Reinsurance Group of America Inc. | &nbsp;&nbsp; 8704 | &nbsp;&nbsp; 1777009<br>|
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 6144 | &nbsp;&nbsp; 1826181<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 9728 | &nbsp;&nbsp; 2837463<br>|
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 1783931<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 21515664 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.2% | Mortgage Real Estate Investment Trusts (REITs) — 0.2% | Mortgage Real Estate Investment Trusts (REITs) — 0.2% |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 78848 | &nbsp;&nbsp; 1667635<br>|
| Rithm Capital Corp. | &nbsp;&nbsp; 182272 | &nbsp;&nbsp; 1727939<br>|
| Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 3395574 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **176986829** |
| **Health Care — 12.0%** | **Health Care — 12.0%** | **Health Care — 12.0%** |
| Biotechnology — 3.9% | Biotechnology — 3.9% | Biotechnology — 3.9% |
| AbbVie Inc. | &nbsp;&nbsp; 123904 | &nbsp;&nbsp; 26947881<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Amgen Inc. | &nbsp;&nbsp; 25600 | &nbsp;&nbsp; $9007360<br>|
| Biogen Inc. | &nbsp;&nbsp; 9728 | &nbsp;&nbsp; 1,783,434<br> \*<br>|
| Exelixis Inc. | &nbsp;&nbsp; 44301 | &nbsp;&nbsp; 1,900,070<br> \*<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 123392 | &nbsp;&nbsp; 17197143<br>|
| Halozyme Therapeutics Inc. | &nbsp;&nbsp; 26112 | &nbsp;&nbsp; 1,687,619<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 7168 | &nbsp;&nbsp; 5538283<br>|
| Roivant Sciences Ltd. | &nbsp;&nbsp; 66048 | &nbsp;&nbsp; 1,829,530<br> \*<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 2,428,846<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 68320166 |
| Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% | Health Care Equipment & Supplies — 1.1% |
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 8704 | &nbsp;&nbsp; 4,890,691<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 122368 | &nbsp;&nbsp; 10603187<br>|
| ResMed Inc. | &nbsp;&nbsp; 14336 | &nbsp;&nbsp; 3218145<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 18712023 |
| Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% | Health Care Providers & Services — 1.6% |
| Cardinal Health Inc. | &nbsp;&nbsp; 27136 | &nbsp;&nbsp; 5734108<br>|
| Cencora Inc. | &nbsp;&nbsp; 13312 | &nbsp;&nbsp; 4181832<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 17408 | &nbsp;&nbsp; 8238162<br>|
| McKesson Corp. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp; 4873707<br>|
| Quest Diagnostics Inc. | &nbsp;&nbsp; 11776 | &nbsp;&nbsp; 2307860<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 1649388<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 26985057 |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |
| Medpace Holdings Inc. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 1,966,858<br> \*<br>|
| Pharmaceuticals — 5.3% | Pharmaceuticals — 5.3% | Pharmaceuticals — 5.3% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 211968 | &nbsp;&nbsp; 12855859<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 18944 | &nbsp;&nbsp; 17424123<br>|
| Johnson & Johnson | &nbsp;&nbsp; 136704 | &nbsp;&nbsp; 33415926<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 118784 | &nbsp;&nbsp; 14288528<br>|
| Pfizer Inc. | &nbsp;&nbsp; 421376 | &nbsp;&nbsp; 11832238<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 44032 | &nbsp;&nbsp; 2112215<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 91928889 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **207912993** |
| **Industrials — 10.2%** | **Industrials — 10.2%** | **Industrials — 10.2%** |
| Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% |
| ATI Inc. | &nbsp;&nbsp; 11264 | &nbsp;&nbsp; 1,638,461<br> \*<br>|
| Curtiss-Wright Corp. | &nbsp;&nbsp; 4096 | &nbsp;&nbsp; 2789868<br>|
| General Dynamics Corp. | &nbsp;&nbsp; 22016 | &nbsp;&nbsp; 7556331<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 43520 | &nbsp;&nbsp; 10029619<br>|
| Huntington Ingalls Industries Inc. | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 1945088<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 8704 | &nbsp;&nbsp; 3004186<br>|
| Lockheed Martin Corp. | &nbsp;&nbsp; 10685 | &nbsp;&nbsp; 6457907<br>|
| RTX Corp. | &nbsp;&nbsp; 92160 | &nbsp;&nbsp; 17777664<br>|
| Woodward Inc. | &nbsp;&nbsp; 6656 | &nbsp;&nbsp; 2382316<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 53581440 |
| Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 13824 | &nbsp;&nbsp; 2295752<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Air Freight & Logistics — continued | Air Freight & Logistics — continued | Air Freight & Logistics — continued |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 12800 | &nbsp;&nbsp; $1833344<br>|
| FedEx Corp. | &nbsp;&nbsp; 10240 | &nbsp;&nbsp; 3647283<br>|
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 34304 | &nbsp;&nbsp; 3374827<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 11151206 |
| Building Products — 0.5% | Building Products — 0.5% | Building Products — 0.5% |
| AO Smith Corp. | &nbsp;&nbsp; 23552 | &nbsp;&nbsp; 1553019<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 55808 | &nbsp;&nbsp; 7308057<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 8861076 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Rollins Inc. | &nbsp;&nbsp; 30208 | &nbsp;&nbsp; 1613409<br>|
| Construction & Engineering — 0.9% | Construction & Engineering — 0.9% | Construction & Engineering — 0.9% |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp; 6354386<br>|
| EMCOR Group Inc. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp; 3402132<br>|
| Quanta Services Inc. | &nbsp;&nbsp; 12288 | &nbsp;&nbsp; 6746358<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 16502876 |
| Electrical Equipment — 0.3% | Electrical Equipment — 0.3% | Electrical Equipment — 0.3% |
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 18944 | &nbsp;&nbsp; 4746988<br>|
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| J.B. Hunt Transport Services Inc. | &nbsp;&nbsp; 7680 | &nbsp;&nbsp; 1627392<br>|
| Machinery — 3.6% | Machinery — 3.6% | Machinery — 3.6% |
| Allison Transmission Holdings Inc. | &nbsp;&nbsp; 14848 | &nbsp;&nbsp; 1738107<br>|
| Caterpillar Inc. | &nbsp;&nbsp; 36352 | &nbsp;&nbsp; 25753938<br>|
| Cummins Inc. | &nbsp;&nbsp; 10752 | &nbsp;&nbsp; 5784791<br>|
| Donaldson Co. Inc. | &nbsp;&nbsp; 20480 | &nbsp;&nbsp; 1738138<br>|
| Flowserve Corp. | &nbsp;&nbsp; 21504 | &nbsp;&nbsp; 1580759<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 29184 | &nbsp;&nbsp; 7596303<br>|
| Lincoln Electric Holdings Inc. | &nbsp;&nbsp; 6656 | &nbsp;&nbsp; 1657877<br>|
| Mueller Industries Inc. | &nbsp;&nbsp; 15360 | &nbsp;&nbsp; 1701888<br>|
| Oshkosh Corp. | &nbsp;&nbsp; 10752 | &nbsp;&nbsp; 1582802<br>|
| Parker-Hannifin Corp. | &nbsp;&nbsp; 12288 | &nbsp;&nbsp; 11000709<br>|
| Snap-on Inc. | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 1859686<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 61994998 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 54784 | &nbsp;&nbsp; 3642041<br>|
| Southwest Airlines Co. | &nbsp;&nbsp; 37376 | &nbsp;&nbsp; 1404216<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 5046257 |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Leidos Holdings Inc. | &nbsp;&nbsp; 11264 | &nbsp;&nbsp; 1751777<br>|
| Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% |
| Fastenal Co. | &nbsp;&nbsp; 125952 | &nbsp;&nbsp; 5844173<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 13312 | &nbsp;&nbsp; 3105157<br>|
| MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 19456 | &nbsp;&nbsp; 1795205<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 10744535 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **177621954** |
| **Information Technology — 32.3%** | **Information Technology — 32.3%** | **Information Technology — 32.3%** |
| Communications Equipment — 2.4% | Communications Equipment — 2.4% | Communications Equipment — 2.4% |
| Arista Networks Inc. | &nbsp;&nbsp; 113152 | &nbsp;&nbsp; 13,892,803<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Communications Equipment — continued | Communications Equipment — continued | Communications Equipment — continued |
| Cisco Systems Inc. | &nbsp;&nbsp; 329216 | &nbsp;&nbsp; $25543870<br>|
| Ubiquiti Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 2023142<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 41459815 |
| Electronic Equipment, Instruments & Components — 2.0% | Electronic Equipment, Instruments & Components — 2.0% | Electronic Equipment, Instruments & Components — 2.0% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 142336 | &nbsp;&nbsp; 17984154<br>|
| Coherent Corp. | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 2,195,343<br> \*<br>|
| Corning Inc. | &nbsp;&nbsp; 94208 | &nbsp;&nbsp; 12809462<br>|
| Keysight Technologies Inc. | &nbsp;&nbsp; 8704 | &nbsp;&nbsp; 2,457,748<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 35446707 |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Amdocs Ltd. | &nbsp;&nbsp; 26112 | &nbsp;&nbsp; 1704069<br>|
| Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% |
| Amkor Technology Inc. | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 1729152<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 22528 | &nbsp;&nbsp; 7167058<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 70144 | &nbsp;&nbsp; 23974518<br>|
| Broadcom Inc. | &nbsp;&nbsp; 137443 | &nbsp;&nbsp; 42539983<br>|
| KLA Corp. | &nbsp;&nbsp; 14848 | &nbsp;&nbsp; 21862343<br>|
| Lam Research Corp. | &nbsp;&nbsp; 109247 | &nbsp;&nbsp; 23341714<br>|
| MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp; 7168 | &nbsp;&nbsp; 1,591,798<br> \*<br>|
| MKS Inc. | &nbsp;&nbsp; 7680 | &nbsp;&nbsp; 1764941<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 4608 | &nbsp;&nbsp; 5038157<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 662528 | &nbsp;&nbsp; 115544883<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 113664 | &nbsp;&nbsp; 14637650<br>|
| Skyworks Solutions Inc. | &nbsp;&nbsp; 30720 | &nbsp;&nbsp; 1645056<br>|
| Teradyne Inc. | &nbsp;&nbsp; 14336 | &nbsp;&nbsp; 4250050<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 265087303 |
| Software — 5.1% | Software — 5.1% | Software — 5.1% |
| Dropbox Inc., Class A Shares | &nbsp;&nbsp; 73216 | &nbsp;&nbsp; 1,663,468<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 62976 | &nbsp;&nbsp; 5,146,399<br> \*<br>|
| Microsoft Corp. | &nbsp;&nbsp; 205824 | &nbsp;&nbsp; 76189870<br>|
| Pegasystems Inc. | &nbsp;&nbsp; 41984 | &nbsp;&nbsp; 1786839<br>|
| RingCentral Inc., Class A Shares | &nbsp;&nbsp; 50176 | &nbsp;&nbsp; 1866045<br>|
| Teradata Corp. | &nbsp;&nbsp; 57856 | &nbsp;&nbsp; 1,482,849<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 88135470 |
| Technology Hardware, Storage & Peripherals — 7.4% | Technology Hardware, Storage & Peripherals — 7.4% | Technology Hardware, Storage & Peripherals — 7.4% |
| Apple Inc. | &nbsp;&nbsp; 487424 | &nbsp;&nbsp; 123703337<br>|
| HP Inc. | &nbsp;&nbsp; 96256 | &nbsp;&nbsp; 1849078<br>|
| NetApp Inc. | &nbsp;&nbsp; 20480 | &nbsp;&nbsp; 2096947<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 127649362 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **559482726** |
| **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 19968 | &nbsp;&nbsp; 2592645<br>|
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Sealed Air Corp. | &nbsp;&nbsp; 43520 | &nbsp;&nbsp; 1830016<br>|
| Sonoco Products Co. | &nbsp;&nbsp; 32256 | &nbsp;&nbsp; 1744727<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 3574743 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — 1.7% | Metals & Mining — 1.7% | Metals & Mining — 1.7% |
| Alcoa Corp. | &nbsp;&nbsp; 29696 | &nbsp;&nbsp; $1969736<br>|
| Anglogold Ashanti PLC | &nbsp;&nbsp; 60928 | &nbsp;&nbsp; 5931950<br>|
| Newmont Corp. | &nbsp;&nbsp; 136192 | &nbsp;&nbsp; 14742784<br>|
| Royal Gold Inc. | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 2345380<br>|
| Southern Copper Corp. | &nbsp;&nbsp; 12800 | &nbsp;&nbsp; 2202368<br>|
| Steel Dynamics Inc. | &nbsp;&nbsp; 13824 | &nbsp;&nbsp; 2488320<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 29680538 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **35847926** |
| **Real Estate — 2.7%** | **Real Estate — 2.7%** | **Real Estate — 2.7%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| WP Carey Inc. | &nbsp;&nbsp; 25600 | &nbsp;&nbsp; 1739776<br>|
| Health Care REITs — 0.9% | Health Care REITs — 0.9% | Health Care REITs — 0.9% |
| Medical Properties Trust Inc. | &nbsp;&nbsp; 317440 | &nbsp;&nbsp; 1469747<br> <sup>(a)</sup><br>|
| Omega Healthcare Investors Inc. | &nbsp;&nbsp; 37888 | &nbsp;&nbsp; 1660252<br>|
| Welltower Inc. | &nbsp;&nbsp; 65536 | &nbsp;&nbsp; 12957123<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 16087122 |
| Industrial REITs — 0.5% | Industrial REITs — 0.5% | Industrial REITs — 0.5% |
| EastGroup Properties Inc. | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 1705789<br>|
| First Industrial Realty Trust Inc. | &nbsp;&nbsp; 29184 | &nbsp;&nbsp; 1688294<br>|
| Prologis Inc. | &nbsp;&nbsp; 43008 | &nbsp;&nbsp; 5684798<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 9078881 |
| Office REITs — 0.1% | Office REITs — 0.1% | Office REITs — 0.1% |
| Kilroy Realty Corp. | &nbsp;&nbsp; 61440 | &nbsp;&nbsp; 1733222<br> <sup>(a)</sup><br>|
| Retail REITs — 0.7% | Retail REITs — 0.7% | Retail REITs — 0.7% |
| Agree Realty Corp. | &nbsp;&nbsp; 23040 | &nbsp;&nbsp; 1736755<br>|
| NNN REIT Inc. | &nbsp;&nbsp; 40448 | &nbsp;&nbsp; 1700030<br>|
| Realty Income Corp. | &nbsp;&nbsp; 101376 | &nbsp;&nbsp; 6202184<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 15872 | &nbsp;&nbsp; 2960604<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 12599573 |
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| EPR Properties | &nbsp;&nbsp; 30720 | &nbsp;&nbsp; 1534771<br>|
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 37376 | &nbsp;&nbsp; 1658373<br>|
| VICI Properties Inc. | &nbsp;&nbsp; 110592 | &nbsp;&nbsp; 3021374<br>|
| Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 6214518 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **47453092** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| Electric Utilities — 1.4% | Electric Utilities — 1.4% | Electric Utilities — 1.4% |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 40448 | &nbsp;&nbsp; 5301924<br>|
| Edison International | &nbsp;&nbsp; 24576 | &nbsp;&nbsp; 1798472<br>|
| Entergy Corp. | &nbsp;&nbsp; 44544 | &nbsp;&nbsp; 5004964<br>|
| Evergy Inc. | &nbsp;&nbsp; 23552 | &nbsp;&nbsp; 1929380<br>|
| FirstEnergy Corp. | &nbsp;&nbsp; 35840 | &nbsp;&nbsp; 1815654<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 95232 | &nbsp;&nbsp; 8845148<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 24695542 |
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| Atmos Energy Corp. | &nbsp;&nbsp; 14848 | &nbsp;&nbsp; 2742723<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Gas Utilities — continued | Gas Utilities — continued | Gas Utilities — continued | Gas Utilities — continued |
| National Fuel Gas Co. | National Fuel Gas Co. | &nbsp;&nbsp; 19968 | &nbsp;&nbsp; $1876193<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 4618916 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| AES Corp. | AES Corp. | &nbsp;&nbsp; 109568 | &nbsp;&nbsp; 1543813<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **30858271** |
| **Total Investments before Short-Term Investments (Cost — $1,431,505,694)** | **Total Investments before Short-Term Investments (Cost — $1,431,505,694)** | **Total Investments before Short-Term Investments (Cost — $1,431,505,694)** | &nbsp;&nbsp; **1727589639** |
|  | Rate |  |  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $2,996,925) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 2996925<br>| &nbsp;&nbsp; **2996925**<br> <sup>(b)(c)(d)</sup><br>|
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $2,995,859)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 2995859<br>| &nbsp;&nbsp; **2995859**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Short-Term Investments (Cost — $5,992,784)** | **Total Short-Term Investments (Cost — $5,992,784)** | **Total Short-Term Investments (Cost — $5,992,784)** | &nbsp;&nbsp; **5992784** |
| **Total Investments — 100.1% (Cost — $1,437,498,478)** | **Total Investments — 100.1% (Cost — $1,437,498,478)** | **Total Investments — 100.1% (Cost — $1,437,498,478)** | &nbsp;&nbsp; **1733582423** |
| Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp; (1381705)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1732200718** |

---

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

\* Non-income producing security.

<sup>(a)</sup> A portion or all of the security is on loan at March 31, 2026 (Note 1). 

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

<sup>(c)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $5,992,784 and the cost was $5,992,784 (Note 6). 

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

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

---

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

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $3982748 | &nbsp;&nbsp;&nbsp; $3942450 | &nbsp;&nbsp;&nbsp; **$(40298)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 3.3%** | **Communication Services — 3.3%** | **Communication Services — 3.3%** |
| Entertainment — 1.1% | Entertainment — 1.1% | Entertainment — 1.1% |
| Electronic Arts Inc. | &nbsp;&nbsp; 86010 | &nbsp;&nbsp; $17534859<br>|
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 288530 | &nbsp;&nbsp; 5,291,640<br> \*<br>|
| Media — 1.7% | Media — 1.7% | Media — 1.7% |
| Fox Corp., Class A Shares | &nbsp;&nbsp; 127490 | &nbsp;&nbsp; 7445416<br>|
| Fox Corp., Class B Shares | &nbsp;&nbsp; 74420 | &nbsp;&nbsp; 3951702<br>|
| Nexstar Media Group Inc. | &nbsp;&nbsp; 12810 | &nbsp;&nbsp; 2316432<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 179340 | &nbsp;&nbsp; 13506095<br>|
| Sirius XM Holdings Inc. | &nbsp;&nbsp; 53070 | &nbsp;&nbsp; 1224856<br>|
| Total Media | Total Media | &nbsp;&nbsp; 28444501 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| Millicom International Cellular SA | &nbsp;&nbsp; 53070 | &nbsp;&nbsp; 3977066<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **55248066** |
| **Consumer Discretionary — 18.1%** | **Consumer Discretionary — 18.1%** | **Consumer Discretionary — 18.1%** |
| Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% |
| Lear Corp. | &nbsp;&nbsp; 23180 | &nbsp;&nbsp; 2806634<br>|
| Broadline Retail — 1.6% | Broadline Retail — 1.6% | Broadline Retail — 1.6% |
| Dillard's Inc., Class A Shares | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1046961<br>|
| eBay Inc. | &nbsp;&nbsp; 209230 | &nbsp;&nbsp; 19044115<br>|
| Etsy Inc. | &nbsp;&nbsp; 47580 | &nbsp;&nbsp; 2,378,048<br> \*<br>|
| Macy's Inc. | &nbsp;&nbsp; 213500 | &nbsp;&nbsp; 3862215<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 26331339 |
| Distributors — 1.1% | Distributors — 1.1% | Distributors — 1.1% |
| Genuine Parts Co. | &nbsp;&nbsp; 91500 | &nbsp;&nbsp; 9676125<br>|
| LKQ Corp. | &nbsp;&nbsp; 174460 | &nbsp;&nbsp; 5123891<br>|
| Pool Corp. | &nbsp;&nbsp; 20740 | &nbsp;&nbsp; 4196324<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 18996340 |
| Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% |
| Duolingo Inc. | &nbsp;&nbsp; 16470 | &nbsp;&nbsp; 1,623,448<br> \*<br>|
| Grand Canyon Education Inc. | &nbsp;&nbsp; 17080 | &nbsp;&nbsp; 2,904,112<br> \*<br>|
| H&R Block Inc. | &nbsp;&nbsp; 94550 | &nbsp;&nbsp; 3001017<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 7528577 |
| Hotels, Restaurants & Leisure — 3.3% | Hotels, Restaurants & Leisure — 3.3% | Hotels, Restaurants & Leisure — 3.3% |
| Boyd Gaming Corp. | &nbsp;&nbsp; 17690 | &nbsp;&nbsp; 1453764<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 50020 | &nbsp;&nbsp; 9805921<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 67710 | &nbsp;&nbsp; 15633562<br>|
| Texas Roadhouse Inc. | &nbsp;&nbsp; 56120 | &nbsp;&nbsp; 9267657<br>|
| Wendy's Co. | &nbsp;&nbsp; 120780 | &nbsp;&nbsp; 839421<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 112850 | &nbsp;&nbsp; 17545918<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 54546243 |
| Household Durables — 3.2% | Household Durables — 3.2% | Household Durables — 3.2% |
| Garmin Ltd. | &nbsp;&nbsp; 88450 | &nbsp;&nbsp; 20521285<br>|
| NVR Inc. | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; 10,550,318<br> \*<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 116510 | &nbsp;&nbsp; 13702741<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Somnigroup International Inc. | &nbsp;&nbsp; 118950 | &nbsp;&nbsp; $8792784<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 53567128 |
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| YETI Holdings Inc. | &nbsp;&nbsp; 34770 | &nbsp;&nbsp; 1,272,234<br> \*<br>|
| Specialty Retail — 5.0% | Specialty Retail — 5.0% | Specialty Retail — 5.0% |
| AutoNation Inc. | &nbsp;&nbsp; 17080 | &nbsp;&nbsp; 3,335,041<br> \*<br>|
| Bath & Body Works Inc. | &nbsp;&nbsp; 150060 | &nbsp;&nbsp; 2801620<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 162870 | &nbsp;&nbsp; 10456254<br>|
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 38430 | &nbsp;&nbsp; 7620285<br>|
| Gap Inc. | &nbsp;&nbsp; 136640 | &nbsp;&nbsp; 3306688<br>|
| Murphy USA Inc. | &nbsp;&nbsp; 12810 | &nbsp;&nbsp; 6327756<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 316590 | &nbsp;&nbsp; 14341527<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 32330 | &nbsp;&nbsp; 16,899,214<br> \*<br>|
| Wayfair Inc., Class A Shares  | &nbsp;&nbsp; 29280 | &nbsp;&nbsp; 2,202,149<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 90890 | &nbsp;&nbsp; 16571973<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 83862507 |
| Textiles, Apparel & Luxury Goods — 3.2% | Textiles, Apparel & Luxury Goods — 3.2% | Textiles, Apparel & Luxury Goods — 3.2% |
| Columbia Sportswear Co. | &nbsp;&nbsp; 17690 | &nbsp;&nbsp; 969589<br>|
| Crocs Inc. | &nbsp;&nbsp; 36600 | &nbsp;&nbsp; 3,038,532<br> \*<br>|
| Deckers Outdoor Corp. | &nbsp;&nbsp; 101870 | &nbsp;&nbsp; 10,196,169<br> \*<br>|
| Lululemon Athletica Inc. | &nbsp;&nbsp; 52460 | &nbsp;&nbsp; 8,031,626<br> \*<br>|
| Ralph Lauren Corp. | &nbsp;&nbsp; 28670 | &nbsp;&nbsp; 9862193<br>|
| Tapestry Inc. | &nbsp;&nbsp; 158600 | &nbsp;&nbsp; 22380046<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 54478155 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **303389157** |
| **Consumer Staples — 9.3%** | **Consumer Staples — 9.3%** | **Consumer Staples — 9.3%** |
| Beverages — 0.5% | Beverages — 0.5% | Beverages — 0.5% |
| Brown-Forman Corp., Class A Shares | &nbsp;&nbsp; 20130 | &nbsp;&nbsp; 539283<br> <sup>(a)</sup><br>|
| Brown-Forman Corp., Class B Shares | &nbsp;&nbsp; 43310 | &nbsp;&nbsp; 1145116<br>|
| Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 36600 | &nbsp;&nbsp; 7017684<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 8702083 |
| Consumer Staples Distribution & Retail — 5.2% | Consumer Staples Distribution & Retail — 5.2% | Consumer Staples Distribution & Retail — 5.2% |
| Albertsons Cos. Inc., Class A Shares | &nbsp;&nbsp; 362950 | &nbsp;&nbsp; 6184668<br>|
| BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 92110 | &nbsp;&nbsp; 9,065,466<br> \*<br>|
| Casey's General Stores Inc. | &nbsp;&nbsp; 21960 | &nbsp;&nbsp; 15983806<br>|
| Dollar General Corp. | &nbsp;&nbsp; 140300 | &nbsp;&nbsp; 16657819<br>|
| Kroger Co. | &nbsp;&nbsp; 257420 | &nbsp;&nbsp; 18626911<br>|
| Sprouts Farmers Market Inc. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 3,763,944<br> \*<br>|
| Sysco Corp. | &nbsp;&nbsp; 227530 | &nbsp;&nbsp; 16229715<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 86512329 |
| Food Products — 2.1% | Food Products — 2.1% | Food Products — 2.1% |
| Flowers Foods Inc. | &nbsp;&nbsp; 156160 | &nbsp;&nbsp; 1272704<br>|
| General Mills Inc. | &nbsp;&nbsp; 300730 | &nbsp;&nbsp; 11193171<br>|
| Hershey Co. | &nbsp;&nbsp; 92110 | &nbsp;&nbsp; 19148748<br>|
| Ingredion Inc. | &nbsp;&nbsp; 32330 | &nbsp;&nbsp; 3642298<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 691008<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 35947929 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Products — 0.5% | Household Products — 0.5% | Household Products — 0.5% |
| Clorox Co. | &nbsp;&nbsp; 79910 | &nbsp;&nbsp; $8281073<br>|
| Personal Care Products — 1.0% | Personal Care Products — 1.0% | Personal Care Products — 1.0% |
| BellRing Brands Inc. | &nbsp;&nbsp; 64660 | &nbsp;&nbsp; 1,040,379<br> \*<br>|
| Kenvue Inc. | &nbsp;&nbsp; 913170 | &nbsp;&nbsp; 15743051<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 16783430 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **156226844** |
| **Energy — 5.9%** | **Energy — 5.9%** | **Energy — 5.9%** |
| Oil, Gas & Consumable Fuels — 5.9% | Oil, Gas & Consumable Fuels — 5.9% | Oil, Gas & Consumable Fuels — 5.9% |
| Antero Midstream Corp. | &nbsp;&nbsp; 251320 | &nbsp;&nbsp; 5730096<br>|
| APA Corp. | &nbsp;&nbsp; 241560 | &nbsp;&nbsp; 10251807<br>|
| Cheniere Energy Inc. | &nbsp;&nbsp; 82960 | &nbsp;&nbsp; 23540730<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 385520 | &nbsp;&nbsp; 19399367<br>|
| DT Midstream Inc. | &nbsp;&nbsp; 60390 | &nbsp;&nbsp; 8132721<br>|
| Ovintiv Inc. | &nbsp;&nbsp; 164090 | &nbsp;&nbsp; 9740382<br>|
| Permian Resources Corp., Class A Shares | &nbsp;&nbsp; 287920 | &nbsp;&nbsp; 6138454<br>|
| Texas Pacific Land Corp. | &nbsp;&nbsp; 34770 | &nbsp;&nbsp; 16500451<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **99434008** |
| **Financials — 15.4%** | **Financials — 15.4%** | **Financials — 15.4%** |
| Banks — 0.7% | Banks — 0.7% | Banks — 0.7% |
| Columbia Banking System Inc. | &nbsp;&nbsp; 161650 | &nbsp;&nbsp; 4434059<br>|
| Commerce Bancshares Inc. | &nbsp;&nbsp; 71370 | &nbsp;&nbsp; 3511404<br>|
| Prosperity Bancshares Inc. | &nbsp;&nbsp; 59170 | &nbsp;&nbsp; 3975041<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 11920504 |
| Capital Markets — 3.3% | Capital Markets — 3.3% | Capital Markets — 3.3% |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 20130 | &nbsp;&nbsp; 5569971<br>|
| FactSet Research Systems Inc. | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 3970917<br>|
| Invesco Ltd. | &nbsp;&nbsp; 225700 | &nbsp;&nbsp; 5482253<br>|
| Janus Henderson Group PLC | &nbsp;&nbsp; 79300 | &nbsp;&nbsp; 4073641<br>|
| MarketAxess Holdings Inc. | &nbsp;&nbsp; 10370 | &nbsp;&nbsp; 1710843<br>|
| MSCI Inc. | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; 16439805<br>|
| SEI Investments Co. | &nbsp;&nbsp; 81130 | &nbsp;&nbsp; 6366271<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 125660 | &nbsp;&nbsp; 11326992<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 54940693 |
| Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% |
| Ally Financial Inc. | &nbsp;&nbsp; 163480 | &nbsp;&nbsp; 6413320<br>|
| OneMain Holdings Inc. | &nbsp;&nbsp; 71980 | &nbsp;&nbsp; 3850210<br>|
| Synchrony Financial | &nbsp;&nbsp; 223870 | &nbsp;&nbsp; 15227638<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 25491168 |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| MGIC Investment Corp. | &nbsp;&nbsp; 211670 | &nbsp;&nbsp; 5556337<br>|
| Western Union Co. | &nbsp;&nbsp; 300120 | &nbsp;&nbsp; 2620048<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 8176385 |
| Insurance — 9.1% | Insurance — 9.1% | Insurance — 9.1% |
| Allstate Corp. | &nbsp;&nbsp; 81130 | &nbsp;&nbsp; 16821494<br>|
| Arch Capital Group Ltd. | &nbsp;&nbsp; 184830 | &nbsp;&nbsp; 17,741,832<br> \*<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 103700 | &nbsp;&nbsp; 16317195<br>|
| CNA Financial Corp. | &nbsp;&nbsp; 15250 | &nbsp;&nbsp; 700280<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Everest Group Ltd. | &nbsp;&nbsp; 34770 | &nbsp;&nbsp; $11364574<br>|
| Globe Life Inc. | &nbsp;&nbsp; 65270 | &nbsp;&nbsp; 9083626<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 126270 | &nbsp;&nbsp; 17075492<br>|
| Kinsale Capital Group Inc. | &nbsp;&nbsp; 17080 | &nbsp;&nbsp; 5835553<br>|
| Markel Group Inc. | &nbsp;&nbsp; 5850 | &nbsp;&nbsp; 11,197,309<br> \*<br>|
| Old Republic International Corp. | &nbsp;&nbsp; 151890 | &nbsp;&nbsp; 6060411<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 95770 | &nbsp;&nbsp; 8629835<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 160430 | &nbsp;&nbsp; 15672407<br>|
| Unum Group | &nbsp;&nbsp; 103700 | &nbsp;&nbsp; 7573211<br>|
| WR Berkley Corp. | &nbsp;&nbsp; 132370 | &nbsp;&nbsp; 8773484<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 152846703 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.3% | Mortgage Real Estate Investment Trusts (REITs) — 0.3% | Mortgage Real Estate Investment Trusts (REITs) — 0.3% |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 195810 | &nbsp;&nbsp; 4141381<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **257516834** |
| **Health Care — 12.5%** | **Health Care — 12.5%** | **Health Care — 12.5%** |
| Biotechnology — 4.0% | Biotechnology — 4.0% | Biotechnology — 4.0% |
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 38430 | &nbsp;&nbsp; 12,715,334<br> \*<br>|
| Exelixis Inc. | &nbsp;&nbsp; 184830 | &nbsp;&nbsp; 7,927,359<br> \*<br>|
| Halozyme Therapeutics Inc. | &nbsp;&nbsp; 63440 | &nbsp;&nbsp; 4,100,127<br> \*<br>|
| Incyte Corp. | &nbsp;&nbsp; 137860 | &nbsp;&nbsp; 12,975,383<br> \*<br>|
| Neurocrine Biosciences Inc. | &nbsp;&nbsp; 79910 | &nbsp;&nbsp; 10,527,344<br> \*<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; 18,085,890<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 66331437 |
| Health Care Equipment & Supplies — 2.3% | Health Care Equipment & Supplies — 2.3% | Health Care Equipment & Supplies — 2.3% |
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 23180 | &nbsp;&nbsp; 13,024,610<br> \*<br>|
| Inspire Medical Systems Inc. | &nbsp;&nbsp; 17690 | &nbsp;&nbsp; 912,450<br> \*<br>|
| ResMed Inc. | &nbsp;&nbsp; 67710 | &nbsp;&nbsp; 15199541<br>|
| STERIS PLC | &nbsp;&nbsp; 46970 | &nbsp;&nbsp; 10386476<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 39523077 |
| Health Care Providers & Services — 2.9% | Health Care Providers & Services — 2.9% | Health Care Providers & Services — 2.9% |
| Acadia Healthcare Co. Inc. | &nbsp;&nbsp; 57340 | &nbsp;&nbsp; 1,341,183<br> \*<br>|
| Cencora Inc. | &nbsp;&nbsp; 46970 | &nbsp;&nbsp; 14755156<br>|
| Chemed Corp. | &nbsp;&nbsp; 8540 | &nbsp;&nbsp; 3225900<br>|
| Encompass Health Corp. | &nbsp;&nbsp; 87840 | &nbsp;&nbsp; 8496763<br>|
| Tenet Healthcare Corp. | &nbsp;&nbsp; 62220 | &nbsp;&nbsp; 11,741,536<br> \*<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 47580 | &nbsp;&nbsp; 8515392<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 48075930 |
| Life Sciences Tools & Services — 1.8% | Life Sciences Tools & Services — 1.8% | Life Sciences Tools & Services — 1.8% |
| Medpace Holdings Inc. | &nbsp;&nbsp; 6710 | &nbsp;&nbsp; 3,222,075<br> \*<br>|
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 11734 | &nbsp;&nbsp; 14,798,921<br> \*<br>|
| Waters Corp. | &nbsp;&nbsp; 42700 | &nbsp;&nbsp; 12,716,060<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 30737056 |
| Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% |
| Organon & Co. | &nbsp;&nbsp; 220210 | &nbsp;&nbsp; 1319058<br>|
| Perrigo Co. PLC | &nbsp;&nbsp; 38430 | &nbsp;&nbsp; 412738<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 270840 | &nbsp;&nbsp; 12992195<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Viatris Inc. | &nbsp;&nbsp; 721020 | &nbsp;&nbsp; $9740980<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 24464971 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **209132471** |
| **Industrials — 20.3%** | **Industrials — 20.3%** | **Industrials — 20.3%** |
| Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% | Aerospace & Defense — 0.7% |
| HEICO Corp. | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 5017860<br>|
| HEICO Corp., Class A Shares | &nbsp;&nbsp; 32940 | &nbsp;&nbsp; 6953305<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 11971165 |
| Air Freight & Logistics — 1.6% | Air Freight & Logistics — 1.6% | Air Freight & Logistics — 1.6% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 83570 | &nbsp;&nbsp; 13878470<br>|
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 95770 | &nbsp;&nbsp; 13717137<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 27595607 |
| Building Products — 1.4% | Building Products — 1.4% | Building Products — 1.4% |
| Allegion PLC | &nbsp;&nbsp; 56730 | &nbsp;&nbsp; 8242302<br>|
| Armstrong World Industries Inc. | &nbsp;&nbsp; 22570 | &nbsp;&nbsp; 3719536<br>|
| Lennox International Inc. | &nbsp;&nbsp; 23180 | &nbsp;&nbsp; 10758533<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 22720371 |
| Commercial Services & Supplies — 1.5% | Commercial Services & Supplies — 1.5% | Commercial Services & Supplies — 1.5% |
| Rollins Inc. | &nbsp;&nbsp; 212280 | &nbsp;&nbsp; 11337875<br>|
| Veralto Corp. | &nbsp;&nbsp; 154330 | &nbsp;&nbsp; 13645858<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 24983733 |
| Ground Transportation — 2.0% | Ground Transportation — 2.0% | Ground Transportation — 2.0% |
| Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp; 70150 | &nbsp;&nbsp; 4039237<br>|
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 117120 | &nbsp;&nbsp; 22885248<br>|
| Saia Inc. | &nbsp;&nbsp; 14640 | &nbsp;&nbsp; 5,142,739<br> \*<br>|
| Schneider National Inc., Class B Shares | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; 803980<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 32871204 |
| Machinery — 4.0% | Machinery — 4.0% | Machinery — 4.0% |
| Allison Transmission Holdings Inc. | &nbsp;&nbsp; 63440 | &nbsp;&nbsp; 7426286<br>|
| Cummins Inc. | &nbsp;&nbsp; 34770 | &nbsp;&nbsp; 18706956<br>|
| Donaldson Co. Inc. | &nbsp;&nbsp; 75640 | &nbsp;&nbsp; 6419567<br>|
| Otis Worldwide Corp. | &nbsp;&nbsp; 195200 | &nbsp;&nbsp; 15046016<br>|
| Snap-on Inc. | &nbsp;&nbsp; 34770 | &nbsp;&nbsp; 12629159<br>|
| Toro Co. | &nbsp;&nbsp; 63440 | &nbsp;&nbsp; 5927834<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 66155818 |
| Passenger Airlines — 2.0% | Passenger Airlines — 2.0% | Passenger Airlines — 2.0% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 270230 | &nbsp;&nbsp; 17964891<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 170190 | &nbsp;&nbsp; 15,669,393<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 33634284 |
| Professional Services — 3.6% | Professional Services — 3.6% | Professional Services — 3.6% |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 112850 | &nbsp;&nbsp; 8805685<br>|
| CACI International Inc., Class A Shares | &nbsp;&nbsp; 12200 | &nbsp;&nbsp; 6,635,214<br> \*<br>|
| Concentrix Corp. | &nbsp;&nbsp; 28670 | &nbsp;&nbsp; 784411<br>|
| Genpact Ltd. | &nbsp;&nbsp; 122000 | &nbsp;&nbsp; 4544500<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 70760 | &nbsp;&nbsp; 11004595<br>|
| ManpowerGroup Inc. | &nbsp;&nbsp; 29280 | &nbsp;&nbsp; 862589<br>|
| Paychex Inc. | &nbsp;&nbsp; 154940 | &nbsp;&nbsp; 14273073<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Professional Services — continued | Professional Services — continued | Professional Services — continued |
| Paycom Software Inc. | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; $3706970<br>|
| Robert Half Inc. | &nbsp;&nbsp; 71980 | &nbsp;&nbsp; 1828292<br>|
| Verisk Analytics Inc. | &nbsp;&nbsp; 40260 | &nbsp;&nbsp; 7639335<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 60084664 |
| Trading Companies & Distributors — 3.5% | Trading Companies & Distributors — 3.5% | Trading Companies & Distributors — 3.5% |
| Fastenal Co. | &nbsp;&nbsp; 428830 | &nbsp;&nbsp; 19897712<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 68930 | &nbsp;&nbsp; 16078612<br>|
| MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 35380 | &nbsp;&nbsp; 3264512<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 18300 | &nbsp;&nbsp; 19961823<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 59202659 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **339219505** |
| **Information Technology — 8.2%** | **Information Technology — 8.2%** | **Information Technology — 8.2%** |
| Communications Equipment — 0.8% | Communications Equipment — 0.8% | Communications Equipment — 0.8% |
| F5 Inc. | &nbsp;&nbsp; 38430 | &nbsp;&nbsp; 11,118,952<br> \*<br>|
| Ubiquiti Inc. | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 1655658<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 12774610 |
| Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% |
| Ingram Micro Holding Corp. | &nbsp;&nbsp; 9150 | &nbsp;&nbsp; 213286<br>|
| Vontier Corp. | &nbsp;&nbsp; 101870 | &nbsp;&nbsp; 3613329<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3826615 |
| IT Services — 2.0% | IT Services — 2.0% | IT Services — 2.0% |
| Amdocs Ltd. | &nbsp;&nbsp; 69540 | &nbsp;&nbsp; 4538180<br>|
| Gartner Inc. | &nbsp;&nbsp; 43920 | &nbsp;&nbsp; 6,954,293<br> \*<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 94550 | &nbsp;&nbsp; 7,816,449<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 57950 | &nbsp;&nbsp; 14392462<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 33701384 |
| Semiconductors & Semiconductor Equipment — 1.5% | Semiconductors & Semiconductor Equipment — 1.5% | Semiconductors & Semiconductor Equipment — 1.5% |
| Cirrus Logic Inc. | &nbsp;&nbsp; 33550 | &nbsp;&nbsp; 4,852,001<br> \*<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 18666 | &nbsp;&nbsp; 20408471<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 25260472 |
| Software — 2.1% | Software — 2.1% | Software — 2.1% |
| Appfolio Inc., Class A Shares | &nbsp;&nbsp; 14030 | &nbsp;&nbsp; 2,214,215<br> \*<br>|
| DocuSign Inc. | &nbsp;&nbsp; 111630 | &nbsp;&nbsp; 5,292,378<br> \*<br>|
| Dolby Laboratories Inc., Class A Shares | &nbsp;&nbsp; 42700 | &nbsp;&nbsp; 2564562<br>|
| Dropbox Inc., Class A Shares | &nbsp;&nbsp; 120170 | &nbsp;&nbsp; 2,730,262<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 9582 | &nbsp;&nbsp; 10,229,168<br> \*<br>|
| Manhattan Associates Inc. | &nbsp;&nbsp; 50630 | &nbsp;&nbsp; 6,739,866<br> \*<br>|
| Pegasystems Inc. | &nbsp;&nbsp; 50020 | &nbsp;&nbsp; 2128851<br>|
| RingCentral Inc., Class A Shares | &nbsp;&nbsp; 40260 | &nbsp;&nbsp; 1497269<br>|
| Teradata Corp. | &nbsp;&nbsp; 62220 | &nbsp;&nbsp; 1,594,699<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 34991270 |
| Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% |
| HP Inc. | &nbsp;&nbsp; 582550 | &nbsp;&nbsp; 11190786<br>|
| NetApp Inc. | &nbsp;&nbsp; 155550 | &nbsp;&nbsp; 15926764<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 27117550 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **137671901** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| NewMarket Corp. | NewMarket Corp. | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; $2345877<br>|
| Containers & Packaging — 0.8% | Containers & Packaging — 0.8% | Containers & Packaging — 0.8% | Containers & Packaging — 0.8% |
| Avery Dennison Corp. | Avery Dennison Corp. | &nbsp;&nbsp; 49410 | &nbsp;&nbsp; 8532119<br>|
| Sealed Air Corp. | Sealed Air Corp. | &nbsp;&nbsp; 96380 | &nbsp;&nbsp; 4052779<br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 12584898 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14930775** |
| **Real Estate — 3.8%** | **Real Estate — 3.8%** | **Real Estate — 3.8%** | **Real Estate — 3.8%** |
| Diversified REITs — 0.5% | Diversified REITs — 0.5% | Diversified REITs — 0.5% | Diversified REITs — 0.5% |
| WP Carey Inc. | WP Carey Inc. | &nbsp;&nbsp; 126270 | &nbsp;&nbsp; 8581309<br>|
| Health Care REITs — 0.6% | Health Care REITs — 0.6% | Health Care REITs — 0.6% | Health Care REITs — 0.6% |
| Alexandria Real Estate Equities Inc. | Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 50020 | &nbsp;&nbsp; 2321928<br>|
| Omega Healthcare Investors Inc. | Omega Healthcare Investors Inc. | &nbsp;&nbsp; 188490 | &nbsp;&nbsp; 8259632<br>|
| Total Health Care REITs | Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 10581560 |
| Industrial REITs — 0.5% | Industrial REITs — 0.5% | Industrial REITs — 0.5% | Industrial REITs — 0.5% |
| EastGroup Properties Inc. | EastGroup Properties Inc. | &nbsp;&nbsp; 23790 | &nbsp;&nbsp; 4403291<br>|
| STAG Industrial Inc.  | STAG Industrial Inc.  | &nbsp;&nbsp; 117730 | &nbsp;&nbsp; 4245344<br>|
| Total Industrial REITs | Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 8648635 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Cousins Properties Inc. | Cousins Properties Inc. | &nbsp;&nbsp; 100040 | &nbsp;&nbsp; 2257903<br>|
| Highwoods Properties Inc. | Highwoods Properties Inc. | &nbsp;&nbsp; 79300 | &nbsp;&nbsp; 1697813<br>|
| Kilroy Realty Corp. | Kilroy Realty Corp. | &nbsp;&nbsp; 78080 | &nbsp;&nbsp; 2202637<br> <sup>(a)</sup><br>|
| Total Office REITs | Total Office REITs | Total Office REITs | &nbsp;&nbsp; 6158353 |
| Residential REITs — 1.1% | Residential REITs — 1.1% | Residential REITs — 1.1% | Residential REITs — 1.1% |
| American Homes 4 Rent, Class A Shares | American Homes 4 Rent, Class A Shares | &nbsp;&nbsp; 143960 | &nbsp;&nbsp; 4019363<br>|
| Camden Property Trust | Camden Property Trust | &nbsp;&nbsp; 65880 | &nbsp;&nbsp; 6433841<br>|
| Equity LifeStyle Properties Inc. | Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 129930 | &nbsp;&nbsp; 8110230<br>|
| Total Residential REITs | Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 18563434 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| NNN REIT Inc. | NNN REIT Inc. | &nbsp;&nbsp; 129320 | &nbsp;&nbsp; 5435320<br>|
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| Lamar Advertising Co., Class A Shares | Lamar Advertising Co., Class A Shares | &nbsp;&nbsp; 50630 | &nbsp;&nbsp; 6412796<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **64381407** |
| **Utilities — 2.1%** | **Utilities — 2.1%** | **Utilities — 2.1%** | **Utilities — 2.1%** |
| Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% |
| Edison International | Edison International | &nbsp;&nbsp; 107970 | &nbsp;&nbsp; 7901244<br>|
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| National Fuel Gas Co. | National Fuel Gas Co. | &nbsp;&nbsp; 58560 | &nbsp;&nbsp; 5502298<br>|
| Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% |
| AES Corp. | AES Corp. | &nbsp;&nbsp; 316590 | &nbsp;&nbsp; 4460753<br>|
| Water Utilities — 1.0% | Water Utilities — 1.0% | Water Utilities — 1.0% | Water Utilities — 1.0% |
| American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp; 123220 | &nbsp;&nbsp; 16769010<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **34633305** |
| **Total Investments before Short-Term Investments (Cost — $1,636,221,027)** | **Total Investments before Short-Term Investments (Cost — $1,636,221,027)** | **Total Investments before Short-Term Investments (Cost — $1,636,221,027)** | &nbsp;&nbsp; **1671784273** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $1,331,438)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 1331438<br>| &nbsp;&nbsp; **$1331438**<br> <sup>(b)(c)(d)</sup><br>|
| **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $851,350) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 851350<br>| &nbsp;&nbsp; **851350**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Short-Term Investments (Cost — $2,182,788)** | **Total Short-Term Investments (Cost — $2,182,788)** | **Total Short-Term Investments (Cost — $2,182,788)** | &nbsp;&nbsp; **2182788** |
| **Total Investments — 99.9% (Cost — $1,638,403,815)** | **Total Investments — 99.9% (Cost — $1,638,403,815)** | **Total Investments — 99.9% (Cost — $1,638,403,815)** | &nbsp;&nbsp; **1673967061** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 1014738 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1674981799** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | A portion or all of the security is on loan at March 31, 2026 (Note 1).  |
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $2,182,788 and the cost was $2,182,788 (Note 6).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P MidCap 400 Index | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $2735254 | &nbsp;&nbsp;&nbsp; $2717200 | &nbsp;&nbsp;&nbsp; **$(18054)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| IDT Corp., Class B Shares | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; $56170<br>|
| Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† |
| Playstudios Inc. | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 2,353<br> \*<br>|
| Playtika Holding Corp. | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 9480<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 11833 |
| Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% | Interactive Media & Services — 0.8% |
| Arena Group Holdings Inc. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 1,337<br> \*<br>|
| Cargurus Inc. | &nbsp;&nbsp; 5610 | &nbsp;&nbsp; 191,020<br> \*<br>|
| EverQuote Inc., Class A Shares | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 29,853<br> \*<br>|
| fuboTV Inc., Class A Shares | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 8,533<br> \*<sup>(a)</sup><br>|
| Shutterstock Inc. | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; 29599<br>|
| Travelzoo | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 2,214<br> \*<br>|
| Yelp Inc. | &nbsp;&nbsp; 4598 | &nbsp;&nbsp; 113,755<br> \*<br>|
| ZipRecruiter Inc., Class A Shares | &nbsp;&nbsp; 4686 | &nbsp;&nbsp; 8,622<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 384933 |
| Media — 0.6% | Media — 0.6% | Media — 0.6% |
| AMC Networks Inc., Class A Shares | &nbsp;&nbsp; 2068 | &nbsp;&nbsp; 14,042<br> \*<br>|
| Cable One Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 22,073<br> \*<br>|
| Gambling.com Group Ltd. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 4,524<br> \*<br>|
| Ibotta Inc., Class A Shares | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 23,077<br> \*<br>|
| iHeartMedia Inc., Class A Shares | &nbsp;&nbsp; 3806 | &nbsp;&nbsp; 11,114<br> \*<br>|
| John Wiley & Sons Inc., Class A Shares | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 114833<br>|
| Scholastic Corp. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 59293<br>|
| Thryv Holdings Inc. | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 3,255<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 252211 |
| Wireless Telecommunication Services — 0.6% | Wireless Telecommunication Services — 0.6% | Wireless Telecommunication Services — 0.6% |
| Spok Holdings Inc. | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 14628<br>|
| Telephone and Data Systems Inc. | &nbsp;&nbsp; 6336 | &nbsp;&nbsp; 266746<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 281374 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **986521** |
| **Consumer Discretionary — 15.9%** | **Consumer Discretionary — 15.9%** | **Consumer Discretionary — 15.9%** |
| Automobile Components — 1.6% | Automobile Components — 1.6% | Automobile Components — 1.6% |
| Dorman Products Inc. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 160,715<br> \*<br>|
| Garrett Motion Inc. | &nbsp;&nbsp; 5214 | &nbsp;&nbsp; 94738<br>|
| LCI Industries | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 183978<br>|
| Patrick Industries Inc. | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 212588<br>|
| Standard Motor Products Inc. | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 54264<br>|
| XPEL Inc. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 68,160<br> \*<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 774443 |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% |
| Kohl's Corp. | &nbsp;&nbsp; 3432 | &nbsp;&nbsp; 44273<br>|
| Savers Value Village Inc. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 12,767<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 57040 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Weyco Group Inc. | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 13397<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Diversified Consumer Services — 3.5% | Diversified Consumer Services — 3.5% | Diversified Consumer Services — 3.5% |
| American Public Education Inc. | &nbsp;&nbsp; 968 | &nbsp;&nbsp; $55,060<br> \*<br>|
| Covista Inc. | &nbsp;&nbsp; 2376 | &nbsp;&nbsp; 273,834<br> \*<br>|
| Frontdoor Inc. | &nbsp;&nbsp; 4708 | &nbsp;&nbsp; 248,865<br> \*<br>|
| Laureate Education Inc. | &nbsp;&nbsp; 5918 | &nbsp;&nbsp; 206,183<br> \*<br>|
| Lincoln Educational Services Corp. | &nbsp;&nbsp; 2266 | &nbsp;&nbsp; 92,181<br> \*<br>|
| Matthews International Corp., Class A Shares | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 46579<br>|
| Mister Car Wash Inc. | &nbsp;&nbsp; 4884 | &nbsp;&nbsp; 34,042<br> \*<br>|
| Perdoceo Education Corp. | &nbsp;&nbsp; 5478 | &nbsp;&nbsp; 203836<br>|
| Strategic Education Inc. | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 124108<br>|
| Stride Inc. | &nbsp;&nbsp; 2772 | &nbsp;&nbsp; 244,407<br> \*<br>|
| Universal Technical Institute Inc. | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 108,806<br> \*<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 1637901 |
| Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% |
| Bloomin' Brands Inc. | &nbsp;&nbsp; 7304 | &nbsp;&nbsp; 39442<br>|
| Cheesecake Factory Inc. | &nbsp;&nbsp; 4202 | &nbsp;&nbsp; 230059<br>|
| Cracker Barrel Old Country Store Inc.  | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 51947<br> <sup>(a)</sup><br>|
| Jack in the Box Inc. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 11275<br>|
| Monarch Casino & Resort Inc. | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 96747<br>|
| Nathan's Famous Inc. | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 19945<br>|
| Papa John's International Inc. | &nbsp;&nbsp; 2222 | &nbsp;&nbsp; 72015<br>|
| Portillo's Inc., Class A Shares | &nbsp;&nbsp; 4092 | &nbsp;&nbsp; 21,647<br> \*<br>|
| Rush Street Interactive Inc. | &nbsp;&nbsp; 4598 | &nbsp;&nbsp; 100,006<br> \*<br>|
| Super Group SGHC Ltd. | &nbsp;&nbsp; 9152 | &nbsp;&nbsp; 98842<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 741925 |
| Household Durables — 1.5% | Household Durables — 1.5% | Household Durables — 1.5% |
| Bassett Furniture Industries Inc. | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 6537<br>|
| Cricut Inc., Class A Shares | &nbsp;&nbsp; 2772 | &nbsp;&nbsp; 10367<br>|
| Ethan Allen Interiors Inc. | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 40647<br>|
| Flexsteel Industries Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 9887<br>|
| Hamilton Beach Brands Holding Co., Class A Shares | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 8755<br>|
| Installed Building Products Inc. | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 396664<br>|
| La-Z-Boy Inc. | &nbsp;&nbsp; 2904 | &nbsp;&nbsp; 93334<br>|
| Lovesac Co. | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 12,348<br> \*<br>|
| Sonos Inc. | &nbsp;&nbsp; 7744 | &nbsp;&nbsp; 103,770<br> \*<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 682309 |
| Leisure Products — 0.6% | Leisure Products — 0.6% | Leisure Products — 0.6% |
| Acushnet Holdings Corp. | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 201543<br>|
| Escalade Inc. | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 10954<br>|
| JAKKS Pacific Inc. | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 11394<br>|
| Marine Products Corp. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 4478<br>|
| Smith & Wesson Brands Inc. | &nbsp;&nbsp; 2662 | &nbsp;&nbsp; 38147<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 266516 |
| Specialty Retail — 5.0% | Specialty Retail — 5.0% | Specialty Retail — 5.0% |
| Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 3696 | &nbsp;&nbsp; 337,703<br> \*<br>|
| Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 4356 | &nbsp;&nbsp; 245896<br>|
| American Eagle Outfitters Inc. | &nbsp;&nbsp; 11198 | &nbsp;&nbsp; 187007<br>|
| Buckle Inc. | &nbsp;&nbsp; 2486 | &nbsp;&nbsp; 125195<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Build-A-Bear Workshop Inc. | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; $38723<br>|
| Caleres Inc. | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 25507<br>|
| Designer Brands Inc., Class A Shares | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 11517<br>|
| Envela Corp. | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 5,498<br> \*<br>|
| Genesco Inc. | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 20,409<br> \*<br>|
| Group 1 Automotive Inc. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 254585<br>|
| Haverty Furniture Cos. Inc. | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 23298<br>|
| J Jill Inc. | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 6051<br>|
| Monro Inc. | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 34582<br>|
| RealReal Inc. | &nbsp;&nbsp; 5764 | &nbsp;&nbsp; 52,337<br> \*<br>|
| Revolve Group Inc. | &nbsp;&nbsp; 3058 | &nbsp;&nbsp; 69,141<br> \*<br>|
| Sally Beauty Holdings Inc. | &nbsp;&nbsp; 8558 | &nbsp;&nbsp; 118,528<br> \*<br>|
| Shoe Carnival Inc. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 17492<br>|
| Signet Jewelers Ltd. | &nbsp;&nbsp; 2662 | &nbsp;&nbsp; 225312<br>|
| Sleep Number Corp. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 2,172<br> \*<br>|
| Sonic Automotive Inc., Class A Shares | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 67884<br>|
| Torrid Holdings Inc. | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 3,446<br> \*<br>|
| Upbound Group Inc. | &nbsp;&nbsp; 4026 | &nbsp;&nbsp; 72669<br>|
| Urban Outfitters Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 178,394<br> \*<br>|
| Victoria's Secret & Co. | &nbsp;&nbsp; 3652 | &nbsp;&nbsp; 169,307<br> \*<br>|
| Winmark Corp. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 65843<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 2358496 |
| Textiles, Apparel & Luxury Goods — 2.0% | Textiles, Apparel & Luxury Goods — 2.0% | Textiles, Apparel & Luxury Goods — 2.0% |
| Carter's Inc. | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 71592<br>|
| Ermenegildo Zegna NV | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 31406<br>|
| Figs Inc., Class A Shares | &nbsp;&nbsp; 7436 | &nbsp;&nbsp; 109,830<br> \*<br>|
| G-III Apparel Group Ltd. | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 73128<br>|
| Kontoor Brands Inc. | &nbsp;&nbsp; 4356 | &nbsp;&nbsp; 306183<br>|
| Movado Group Inc. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 28474<br>|
| Oxford Industries Inc. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 43208<br>|
| Rocky Brands Inc. | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 20444<br>|
| Steven Madden Ltd. | &nbsp;&nbsp; 5236 | &nbsp;&nbsp; 177605<br>|
| Superior Group of Cos. Inc. | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 7153<br>|
| Wolverine World Wide Inc. | &nbsp;&nbsp; 5236 | &nbsp;&nbsp; 85451<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 954474 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **7486501** |
| **Consumer Staples — 6.0%** | **Consumer Staples — 6.0%** | **Consumer Staples — 6.0%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| National Beverage Corp. | &nbsp;&nbsp; 1738 | &nbsp;&nbsp; 58,484<br> \*<br>|
| Vita Coco Co. Inc. | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 130,698<br> \*<br>|
| Zevia PBC, Class A Shares | &nbsp;&nbsp; 2376 | &nbsp;&nbsp; 2,780<br> \*<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 191962 |
| Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% |
| Chefs' Warehouse Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 107,248<br> \*<br>|
| Grocery Outlet Holding Corp. | &nbsp;&nbsp; 4972 | &nbsp;&nbsp; 35,053<br> \*<br>|
| Ingles Markets Inc., Class A Shares | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 92946<br>|
| Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 21042<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — continued | Consumer Staples Distribution & Retail — continued | Consumer Staples Distribution & Retail — continued |
| PriceSmart Inc. | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; $288057<br>|
| United Natural Foods Inc. | &nbsp;&nbsp; 4026 | &nbsp;&nbsp; 181,412<br> \*<br>|
| Village Super Market Inc., Class A Shares | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 33446<br>|
| Weis Markets Inc. | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 78238<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 837442 |
| Food Products — 1.6% | Food Products — 1.6% | Food Products — 1.6% |
| Cal-Maine Foods Inc. | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 269902<br>|
| Fresh Del Monte Produce Inc.  | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 73515<br>|
| J&J Snack Foods Corp. | &nbsp;&nbsp; 968 | &nbsp;&nbsp; 76733<br>|
| John B Sanfilippo & Son Inc. | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 45377<br>|
| Lifeway Foods Inc. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 5,531<br> \*<br>|
| Mama's Creations Inc. | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 32,398<br> \*<br>|
| Marzetti Co. | &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 176509<br>|
| Tootsie Roll Industries Inc. | &nbsp;&nbsp; 929 | &nbsp;&nbsp; 39687<br>|
| Vital Farms Inc. | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 31,064<br> \*<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 750716 |
| Household Products — 1.0% | Household Products — 1.0% | Household Products — 1.0% |
| Central Garden & Pet Co. | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 21,841<br> \*<br>|
| Central Garden & Pet Co., Class A Shares | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 110,552<br> \*<br>|
| Energizer Holdings Inc. | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 75860<br>|
| Oil-Dri Corp. of America | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 41528<br>|
| WD-40 Co. | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 210874<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 460655 |
| Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% |
| Edgewell Personal Care Co. | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 64319<br>|
| FitLife Brands Inc. | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 2,812<br> \*<br>|
| Herbalife Ltd. | &nbsp;&nbsp; 5434 | &nbsp;&nbsp; 79,988<br> \*<br>|
| Interparfums Inc. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 139894<br>|
| Lifevantage Corp. | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 2566<br> <sup>(a)</sup><br>|
| Medifast Inc. | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 6,501<br> \*<br>|
| Nature's Sunshine Products Inc. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 29,028<br> \*<br>|
| Niagen Bioscience Inc. | &nbsp;&nbsp; 3828 | &nbsp;&nbsp; 16,881<br> \*<br>|
| Nu Skin Enterprises Inc., Class A Shares | &nbsp;&nbsp; 4004 | &nbsp;&nbsp; 29149<br>|
| USANA Health Sciences Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 15,758<br> \*<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 386896 |
| Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% |
| Turning Point Brands Inc. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 97378<br>|
| Universal Corp. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 92752<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 190130 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2817801** |
| **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** |
| Energy Equipment & Services — 1.2% | Energy Equipment & Services — 1.2% | Energy Equipment & Services — 1.2% |
| Archrock Inc. | &nbsp;&nbsp; 9416 | &nbsp;&nbsp; 327677<br>|
| Kodiak Gas Services Inc. | &nbsp;&nbsp; 4334 | &nbsp;&nbsp; 252759<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 580436 |
| Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% |
| Ardmore Shipping Corp. | &nbsp;&nbsp; 2266 | &nbsp;&nbsp; 34557<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| California Resources Corp. | &nbsp;&nbsp; 4246 | &nbsp;&nbsp; $293908<br>|
| DHT Holdings Inc. | &nbsp;&nbsp; 4488 | &nbsp;&nbsp; 81996<br>|
| Dorian LPG Ltd. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 42134<br>|
| Evolution Petroleum Corp. | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 8464<br>|
| FLEX LNG Ltd. | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 46407<br> <sup>(a)</sup><br>|
| International Seaways Inc. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 197213<br>|
| Magnolia Oil & Gas Corp., Class A Shares | &nbsp;&nbsp; 10648 | &nbsp;&nbsp; 336157<br>|
| Nordic American Tankers Ltd. | &nbsp;&nbsp; 9790 | &nbsp;&nbsp; 57369<br>|
| Northern Oil & Gas Inc. | &nbsp;&nbsp; 6050 | &nbsp;&nbsp; 176841<br>|
| Riley Exploration Permian Inc. | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 32076<br>|
| Scorpio Tankers Inc. | &nbsp;&nbsp; 2816 | &nbsp;&nbsp; 210243<br>|
| SFL Corp. Ltd. | &nbsp;&nbsp; 7678 | &nbsp;&nbsp; 82846<br>|
| Teekay Tankers Ltd., Class A Shares | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 111300<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1711511 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2291947** |
| **Financials — 14.8%** | **Financials — 14.8%** | **Financials — 14.8%** |
| Banks — 4.2% | Banks — 4.2% | Banks — 4.2% |
| Bank First Corp. | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 56455<br>|
| Bank of Marin Bancorp | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 21991<br>|
| Bank7 Corp. | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 10528<br>|
| Central Pacific Financial Corp. | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 52734<br>|
| Chemung Financial Corp. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 15392<br>|
| Citizens & Northern Corp. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 25065<br>|
| City Holding Co. | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 99919<br>|
| Eagle Bancorp Inc. | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 45413<br>|
| First Busey Corp. | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 119527<br>|
| First Business Financial Services Inc. | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 27289<br>|
| First Capital Inc. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 7643<br>|
| First Community Bankshares Inc. | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 41105<br>|
| First Interstate BancSystem Inc., Class A Shares | &nbsp;&nbsp; 4884 | &nbsp;&nbsp; 163126<br>|
| First United Corp. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 10479<br>|
| German American Bancorp Inc. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 51485<br>|
| Heritage Commerce Corp. | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 43655<br>|
| Home Bancorp Inc. | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 25322<br>|
| Home BancShares Inc. | &nbsp;&nbsp; 12936 | &nbsp;&nbsp; 348366<br>|
| Kearny Financial Corp. | &nbsp;&nbsp; 3102 | &nbsp;&nbsp; 23420<br>|
| NBT Bancorp Inc. | &nbsp;&nbsp; 3476 | &nbsp;&nbsp; 148008<br>|
| Nicolet Bankshares Inc. | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 88280<br>|
| Northeast Community Bancorp Inc. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 18326<br>|
| Northwest Bancshares Inc. | &nbsp;&nbsp; 8162 | &nbsp;&nbsp; 103576<br>|
| Ohio Valley Banc Corp. | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 5790<br>|
| Parke Bancorp Inc. | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 18119<br>|
| Peoples Bancorp Inc. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 75930<br>|
| Preferred Bank | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 71826<br>|
| Riverview Bancorp Inc. | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 4840<br>|
| Southern Missouri Bancorp Inc. | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 35167<br>|
| Stock Yards Bancorp Inc. | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 106462<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Tompkins Financial Corp. | &nbsp;&nbsp; 858 | &nbsp;&nbsp; $67645<br>|
| TrustCo Bank Corp. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 54900<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 1987783 |
| Capital Markets — 1.0% | Capital Markets — 1.0% | Capital Markets — 1.0% |
| Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 4158 | &nbsp;&nbsp; 151310<br>|
| Donnelley Financial Solutions Inc. | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 74,670<br> \*<br>|
| GCM Grosvenor Inc., Class A Shares | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 29537<br>|
| PJT Partners Inc., Class A Shares | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 190578<br>|
| Value Line Inc. | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 1623<br>|
| Westwood Holdings Group Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 3986<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 451704 |
| Consumer Finance — 2.2% | Consumer Finance — 2.2% | Consumer Finance — 2.2% |
| Bread Financial Holdings Inc. | &nbsp;&nbsp; 2618 | &nbsp;&nbsp; 196062<br>|
| Consumer Portfolio Services Inc. | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 4,932<br> \*<br>|
| Enova International Inc. | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 227,108<br> \*<br>|
| FirstCash Holdings Inc. | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 483912<br>|
| Medallion Financial Corp. | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 8851<br>|
| NerdWallet Inc., Class A Shares | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 28,088<br> \*<br>|
| Regional Management Corp. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 24833<br>|
| World Acceptance Corp. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 38,621<br> \*<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 1012407 |
| Financial Services — 3.5% | Financial Services — 3.5% | Financial Services — 3.5% |
| Banco Latinoamericano de Comercio Exterior SA, Class E Shares | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 93272<br>|
| Cass Information Systems Inc. | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 31959<br>|
| Enact Holdings Inc. | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 98760<br>|
| Essent Group Ltd. | &nbsp;&nbsp; 7678 | &nbsp;&nbsp; 448702<br>|
| Flywire Corp. | &nbsp;&nbsp; 5786 | &nbsp;&nbsp; 67,349<br> \*<br>|
| International Money Express Inc. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 36,498<br> \*<br>|
| Jackson Financial Inc., Class A Shares | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 511685<br>|
| Pagseguro Digital Ltd., Class A Shares | &nbsp;&nbsp; 7964 | &nbsp;&nbsp; 79799<br>|
| Remitly Global Inc. | &nbsp;&nbsp; 7722 | &nbsp;&nbsp; 121,004<br> \*<br>|
| StoneCo Ltd., Class A Shares | &nbsp;&nbsp; 11440 | &nbsp;&nbsp; 161,533<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1650561 |
| Insurance — 2.7% | Insurance — 2.7% | Insurance — 2.7% |
| Ategrity Specialty Holdings LLC | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 4,784<br> \*<br>|
| Bowhead Specialty Holdings Inc. | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 20,232<br> \*<br>|
| CNO Financial Group Inc. | &nbsp;&nbsp; 6688 | &nbsp;&nbsp; 274609<br>|
| Donegal Group Inc., Class A Shares | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 12851<br>|
| Genworth Financial Inc. | &nbsp;&nbsp; 26972 | &nbsp;&nbsp; 219,012<br> \*<br>|
| Goosehead Insurance Inc., Class A Shares | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 53,496<br> \*<br>|
| Hamilton Insurance Group Ltd., Class B Shares | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 74814<br>|
| Mercury General Corp. | &nbsp;&nbsp; 1760 | &nbsp;&nbsp; 155144<br>|
| Palomar Holdings Inc. | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 141,966<br> \*<br>|
| Selective Insurance Group Inc. | &nbsp;&nbsp; 4114 | &nbsp;&nbsp; 310154<br>|
| Slide Insurance Holdings Inc. | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 15,840<br> \*<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1282902 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Mortgage Real Estate Investment Trusts (REITs) — 1.2% | Mortgage Real Estate Investment Trusts (REITs) — 1.2% | Mortgage Real Estate Investment Trusts (REITs) — 1.2% |
| ACRES Commercial Realty Corp. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; $5,526<br> \*<br>|
| Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp; 8602 | &nbsp;&nbsp; 90837<br>|
| Ares Commercial Real Estate Corp. | &nbsp;&nbsp; 3564 | &nbsp;&nbsp; 17107<br>|
| Blackstone Mortgage Trust Inc., Class A Shares | &nbsp;&nbsp; 13486 | &nbsp;&nbsp; 258257<br>|
| Chicago Atlantic Real Estate Finance Inc. | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 12203<br>|
| Chimera Investment Corp. | &nbsp;&nbsp; 3982 | &nbsp;&nbsp; 49974<br>|
| KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp; 4642 | &nbsp;&nbsp; 28409<br>|
| Ladder Capital Corp. | &nbsp;&nbsp; 3564 | &nbsp;&nbsp; 34820<br>|
| Lument Finance Trust Inc. | &nbsp;&nbsp; 2244 | &nbsp;&nbsp; 2827<br>|
| Nexpoint Real Estate Finance Inc. | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 6520<br>|
| Seven Hills Realty Trust | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 8500<br>|
| Sunrise Realty Trust Inc. | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 2362<br>|
| TPG Mortgage Investment Trust Inc. | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 10132<br>|
| TPG RE Finance Trust Inc. | &nbsp;&nbsp; 4862 | &nbsp;&nbsp; 37972<br>|
| Total Mortgage Real Estate Investment Trusts (REITs) | Total Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp; 565446 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6950803** |
| **Health Care — 10.7%** | **Health Care — 10.7%** | **Health Care — 10.7%** |
| Biotechnology — 3.9% | Biotechnology — 3.9% | Biotechnology — 3.9% |
| ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 9548 | &nbsp;&nbsp; 212,539<br> \*<br>|
| Alkermes PLC | &nbsp;&nbsp; 12166 | &nbsp;&nbsp; 430,190<br> \*<br>|
| Amicus Therapeutics Inc. | &nbsp;&nbsp; 15664 | &nbsp;&nbsp; 226,501<br> \*<br>|
| Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp; 3894 | &nbsp;&nbsp; 57,709<br> \*<br>|
| BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp; 11154 | &nbsp;&nbsp; 106,186<br> \*<br>|
| Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 8162 | &nbsp;&nbsp; 202,091<br> \*<br>|
| Fennec Pharmaceuticals Inc. | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 9,606<br> \*<br>|
| Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp; 5082 | &nbsp;&nbsp; 17,838<br> \*<br>|
| MiMedx Group Inc. | &nbsp;&nbsp; 9548 | &nbsp;&nbsp; 37,715<br> \*<br>|
| Myriad Genetics Inc. | &nbsp;&nbsp; 4334 | &nbsp;&nbsp; 19,503<br> \*<br>|
| Organogenesis Holdings Inc. | &nbsp;&nbsp; 5280 | &nbsp;&nbsp; 12,514<br> \*<br>|
| Protagonist Therapeutics Inc. | &nbsp;&nbsp; 3344 | &nbsp;&nbsp; 352,458<br> \*<br>|
| Protalix BioTherapeutics Inc. | &nbsp;&nbsp; 3278 | &nbsp;&nbsp; 7,113<br> \*<br>|
| Puma Biotechnology Inc. | &nbsp;&nbsp; 3102 | &nbsp;&nbsp; 19,822<br> \*<br>|
| Rigel Pharmaceuticals Inc. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 33,908<br> \*<br>|
| Vanda Pharmaceuticals Inc. | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 25,843<br> \*<br>|
| Vericel Corp. | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 91,298<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 1862834 |
| Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% | Health Care Equipment & Supplies — 2.6% |
| Acme United Corp. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 6916<br>|
| Artivion Inc. | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 100,705<br> \*<br>|
| AtriCure Inc. | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 100,426<br> \*<br>|
| Axogen Inc. | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 104,956<br> \*<br>|
| CONMED Corp. | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 73902<br>|
| Electromed Inc. | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 9,785<br> \*<br>|
| Embecta Corp. | &nbsp;&nbsp; 4598 | &nbsp;&nbsp; 40646<br>|
| iRadimed Corp. | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 65649<br>|
| Lantheus Holdings Inc. | &nbsp;&nbsp; 3696 | &nbsp;&nbsp; 280,342<br> \*<br>|
| LeMaitre Vascular Inc. | &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 141703<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| Merit Medical Systems Inc. | &nbsp;&nbsp; 3432 | &nbsp;&nbsp; $236,568<br> \*<br>|
| Pro-Dex Inc. | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 4,323<br> \*<br>|
| SANUWAVE Health Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 6,086<br> \*<br>|
| Tactile Systems Technology Inc. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 44,839<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1216846 |
| Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% |
| Ardent Health Inc. | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 11,676<br> \*<br>|
| Community Health Systems Inc. | &nbsp;&nbsp; 9130 | &nbsp;&nbsp; 26,842<br> \*<br>|
| Concentra Group Holdings Parent Inc. | &nbsp;&nbsp; 7062 | &nbsp;&nbsp; 151480<br>|
| CorVel Corp. | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 100,993<br> \*<br>|
| Cross Country Healthcare Inc. | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 18,198<br> \*<br>|
| Guardian Pharmacy Services Inc., Class A Shares | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 30,655<br> \*<br>|
| LifeStance Health Group Inc. | &nbsp;&nbsp; 8294 | &nbsp;&nbsp; 52,833<br> \*<br>|
| National HealthCare Corp. | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 126482<br>|
| National Research Corp. | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 18305<br>|
| Option Care Health Inc. | &nbsp;&nbsp; 9746 | &nbsp;&nbsp; 262,362<br> \*<br>|
| Pediatrix Medical Group Inc. | &nbsp;&nbsp; 6710 | &nbsp;&nbsp; 143,527<br> \*<br>|
| Progyny Inc. | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 59,770<br> \*<br>|
| SBC Medical Group Holdings Inc. | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 2,115<br> \*<br>|
| Sonida Senior Living Inc. | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 9,933<br> \*<br>|
| Viemed Healthcare Inc. | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 23,707<br> \*<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1038878 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| HealthStream Inc. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 25059<br>|
| TruBridge Inc. | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 6,764<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 31823 |
| Pharmaceuticals — 1.9% | Pharmaceuticals — 1.9% | Pharmaceuticals — 1.9% |
| Avadel Pharmaceuticals PLC | &nbsp;&nbsp; 4557 | &nbsp;&nbsp; 2,916<br> \*<sup>(b)</sup><br>|
| Biote Corp., Class A Shares | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 1,396<br> \*<br>|
| Collegium Pharmaceutical Inc. | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 65,479<br> \*<br>|
| CorMedix Inc. | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 16,432<br> \*<br>|
| Harmony Biosciences Holdings Inc. | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 82,573<br> \*<br>|
| Indivior Pharmaceuticals Inc. | &nbsp;&nbsp; 7942 | &nbsp;&nbsp; 242,072<br> \*<br>|
| Innoviva Inc. | &nbsp;&nbsp; 3916 | &nbsp;&nbsp; 91,243<br> \*<br>|
| Pacira BioSciences Inc. | &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 48,228<br> \*<br>|
| Phibro Animal Health Corp., Class A Shares | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 82744<br>|
| Prestige Consumer Healthcare Inc. | &nbsp;&nbsp; 3586 | &nbsp;&nbsp; 212,542<br> \*<br>|
| SIGA Technologies Inc. | &nbsp;&nbsp; 3190 | &nbsp;&nbsp; 17067<br>|
| Theravance Biopharma Inc. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 18,924<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 881616 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5031997** |
| **Industrials — 18.7%** | **Industrials — 18.7%** | **Industrials — 18.7%** |
| Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% |
| Byrna Technologies Inc. | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 8,482<br> \*<br>|
| Cadre Holdings Inc. | &nbsp;&nbsp; 1408 | &nbsp;&nbsp; 43198<br>|
| Moog Inc., Class A Shares | &nbsp;&nbsp; 1936 | &nbsp;&nbsp; 566551<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| National Presto Industries Inc. | &nbsp;&nbsp; 330 | &nbsp;&nbsp; $45230<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 663461 |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| Hub Group Inc., Class A Shares | &nbsp;&nbsp; 2904 | &nbsp;&nbsp; 104660<br>|
| Radiant Logistics Inc. | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 14,735<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 119395 |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| Apogee Enterprises Inc. | &nbsp;&nbsp; 1298 | &nbsp;&nbsp; 43535<br>|
| Griffon Corp. | &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 155099<br>|
| Resideo Technologies Inc. | &nbsp;&nbsp; 8712 | &nbsp;&nbsp; 293,681<br> \*<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 492315 |
| Commercial Services & Supplies — 2.4% | Commercial Services & Supplies — 2.4% | Commercial Services & Supplies — 2.4% |
| ACCO Brands Corp. | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 8580<br>|
| BrightView Holdings Inc. | &nbsp;&nbsp; 3784 | &nbsp;&nbsp; 44,613<br> \*<br>|
| Brink's Co. | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 305501<br>|
| Cimpress PLC | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 96,360<br> \*<br>|
| CompX International Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 2570<br>|
| Deluxe Corp. | &nbsp;&nbsp; 3278 | &nbsp;&nbsp; 90276<br>|
| Ennis Inc. | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 42412<br>|
| HNI Corp. | &nbsp;&nbsp; 3850 | &nbsp;&nbsp; 128552<br>|
| Interface Inc. | &nbsp;&nbsp; 3476 | &nbsp;&nbsp; 86622<br>|
| Liquidity Services Inc. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 47,078<br> \*<br>|
| MillerKnoll Inc. | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; 64260<br>|
| NL Industries Inc. | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 3207<br>|
| Quad/Graphics Inc. | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 6689<br>|
| UniFirst Corp. | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 221399<br>|
| Virco Mfg. Corp. | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 4039<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1152158 |
| Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% |
| Bowman Consulting Group Ltd. | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 24,401<br> \*<br>|
| IES Holdings Inc. | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 251,576<br> \*<br>|
| Primoris Services Corp. | &nbsp;&nbsp; 2992 | &nbsp;&nbsp; 427976<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 703953 |
| Electrical Equipment — 0.3% | Electrical Equipment — 0.3% | Electrical Equipment — 0.3% |
| Allient Inc. | &nbsp;&nbsp; 968 | &nbsp;&nbsp; 57199<br>|
| LSI Industries Inc. | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 30281<br>|
| Preformed Line Products Co. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 41695<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 129175 |
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Covenant Logistics Group Inc. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 31657<br>|
| Heartland Express Inc. | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 36608<br>|
| PAMT Corp. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 2,975<br> \*<br>|
| Werner Enterprises Inc. | &nbsp;&nbsp; 4796 | &nbsp;&nbsp; 141050<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 212290 |
| Machinery — 6.8% | Machinery — 6.8% | Machinery — 6.8% |
| Alamo Group Inc. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 101621<br>|
| Atmus Filtration Technologies Inc. | &nbsp;&nbsp; 5126 | &nbsp;&nbsp; 291003<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Blue Bird Corp. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; $87,457<br> \*<br>|
| Douglas Dynamics Inc. | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 46299<br>|
| Enerpac Tool Group Corp. | &nbsp;&nbsp; 2992 | &nbsp;&nbsp; 109118<br>|
| ESCO Technologies Inc. | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 507591<br>|
| Federal Signal Corp. | &nbsp;&nbsp; 3212 | &nbsp;&nbsp; 347346<br>|
| Franklin Electric Co. Inc. | &nbsp;&nbsp; 2904 | &nbsp;&nbsp; 267662<br>|
| Gorman-Rupp Co. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 77911<br>|
| Kadant Inc. | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 212246<br>|
| Kennametal Inc. | &nbsp;&nbsp; 2398 | &nbsp;&nbsp; 86640<br>|
| Luxfer Holdings PLC | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 19293<br>|
| Mueller Water Products Inc., Class A Shares | &nbsp;&nbsp; 9328 | &nbsp;&nbsp; 256427<br>|
| Omega Flex Inc. | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 8877<br>|
| Standex International Corp. | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 185028<br>|
| Tennant Co. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 83266<br>|
| Watts Water Technologies Inc., Class A Shares | &nbsp;&nbsp; 1738 | &nbsp;&nbsp; 504524<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 3192309 |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% | Marine Transportation — 0.2% |
| Costamare Inc. | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 52052<br>|
| Safe Bulkers Inc. | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 23674<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 75726 |
| Professional Services — 3.1% | Professional Services — 3.1% | Professional Services — 3.1% |
| Barrett Business Services Inc. | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 50073<br>|
| CRA International Inc. | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 67666<br>|
| CSG Systems International Inc. | &nbsp;&nbsp; 2244 | &nbsp;&nbsp; 179385<br>|
| Exponent Inc. | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 228245<br>|
| Forrester Research Inc. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 4,358<br> \*<br>|
| Franklin Covey Co. | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 13,548<br> \*<br>|
| HireQuest Inc. | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 1756<br>|
| Huron Consulting Group Inc. | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 140,239<br> \*<br>|
| IBEX Holdings Ltd. | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 17,701<br> \*<br>|
| ICF International Inc. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 81874<br>|
| Innodata Inc. | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 64,573<br> \*<br>|
| Insperity Inc. | &nbsp;&nbsp; 2464 | &nbsp;&nbsp; 66627<br>|
| Kelly Services Inc., Class A Shares | &nbsp;&nbsp; 2046 | &nbsp;&nbsp; 18107<br>|
| Kforce Inc. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 44386<br>|
| Korn Ferry | &nbsp;&nbsp; 3960 | &nbsp;&nbsp; 249282<br>|
| Legalzoom.com Inc. | &nbsp;&nbsp; 9900 | &nbsp;&nbsp; 56,133<br> \*<br>|
| Mistras Group Inc. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 17,884<br> \*<br>|
| RCM Technologies Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 4,632<br> \*<br>|
| Resources Connection Inc. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 8616<br>|
| Upwork Inc. | &nbsp;&nbsp; 8294 | &nbsp;&nbsp; 90,902<br> \*<br>|
| Willdan Group Inc. | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 33,686<br> \*<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1439673 |
| Trading Companies & Distributors — 1.3% | Trading Companies & Distributors — 1.3% | Trading Companies & Distributors — 1.3% |
| DXP Enterprises Inc. | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 119,888<br> \*<br>|
| Global Industrial Co. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 38139<br>|
| Karat Packaging Inc. | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 14128<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| McGrath RentCorp. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; $167405<br>|
| Rush Enterprises Inc., Class A Shares | &nbsp;&nbsp; 3718 | &nbsp;&nbsp; 245797<br>|
| Rush Enterprises Inc., Class B Shares | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 35393<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 620750 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **8801205** |
| **Information Technology — 13.2%** | **Information Technology — 13.2%** | **Information Technology — 13.2%** |
| Communications Equipment — 1.7% | Communications Equipment — 1.7% | Communications Equipment — 1.7% |
| Aviat Networks Inc. | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 16,912<br> \*<br>|
| BK Technologies Corp. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 11,493<br> \*<br>|
| Calix Inc. | &nbsp;&nbsp; 3806 | &nbsp;&nbsp; 186,456<br> \*<br>|
| Extreme Networks Inc. | &nbsp;&nbsp; 4246 | &nbsp;&nbsp; 64,030<br> \*<br>|
| Harmonic Inc. | &nbsp;&nbsp; 7634 | &nbsp;&nbsp; 68,553<br> \*<br>|
| Viavi Solutions Inc. | &nbsp;&nbsp; 13574 | &nbsp;&nbsp; 451,743<br> \*<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 799187 |
| Electronic Equipment, Instruments & Components — 2.9% | Electronic Equipment, Instruments & Components — 2.9% | Electronic Equipment, Instruments & Components — 2.9% |
| Badger Meter Inc. | &nbsp;&nbsp; 1958 | &nbsp;&nbsp; 298301<br>|
| Belden Inc. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 265257<br>|
| ePlus Inc.  | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 125818<br>|
| Frequency Electronics Inc. | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 14,606<br> \*<br>|
| M-Tron Industries Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 7,353<br> \*<br>|
| Napco Security Technologies Inc. | &nbsp;&nbsp; 2222 | &nbsp;&nbsp; 87525<br>|
| OSI Systems Inc. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 280,378<br> \*<br>|
| PC Connection Inc. | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 39870<br>|
| Richardson Electronics Ltd. | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 8191<br>|
| Sanmina Corp. | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 211,054<br> \*<br>|
| Vishay Precision Group Inc. | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 30,568<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1368921 |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Crexendo Inc. | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 4,615<br> \*<br>|
| Hackett Group Inc. | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 21753<br>|
| Information Services Group Inc. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 10391<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 36759 |
| Semiconductors & Semiconductor Equipment — 1.4% | Semiconductors & Semiconductor Equipment — 1.4% | Semiconductors & Semiconductor Equipment — 1.4% |
| Axcelis Technologies Inc. | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 200,680<br> \*<br>|
| NVE Corp. | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 21615<br>|
| Rambus Inc. | &nbsp;&nbsp; 5038 | &nbsp;&nbsp; 433,419<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 655714 |
| Software — 6.9% | Software — 6.9% | Software — 6.9% |
| A10 Networks Inc. | &nbsp;&nbsp; 6006 | &nbsp;&nbsp; 138859<br>|
| ACI Worldwide Inc. | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 270,666<br> \*<br>|
| Agilysys Inc. | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 117,381<br> \*<br>|
| Appian Corp., Class A Shares | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 46,147<br> \*<br>|
| Asana Inc., Class A Shares | &nbsp;&nbsp; 4114 | &nbsp;&nbsp; 26,330<br> \*<br>|
| AvePoint Inc. | &nbsp;&nbsp; 8206 | &nbsp;&nbsp; 78,039<br> \*<br>|
| BlackLine Inc. | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 109,890<br> \*<br>|
| Box Inc., Class A Shares | &nbsp;&nbsp; 9988 | &nbsp;&nbsp; 236,116<br> \*<br>|
| Clear Secure Inc., Class A Shares | &nbsp;&nbsp; 6820 | &nbsp;&nbsp; 330156<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software — continued | Software — continued | Software — continued |
| Commvault Systems Inc. | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; $234,761<br> \*<br>|
| Consensus Cloud Solutions Inc. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 29,248<br> \*<br>|
| Daily Journal Corp. | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 42,446<br> \*<br>|
| Domo Inc., Class B Shares | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 6,597<br> \*<br>|
| eGain Corp. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 9,894<br> \*<br>|
| InterDigital Inc. | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 405284<br>|
| LiveRamp Holdings Inc. | &nbsp;&nbsp; 3036 | &nbsp;&nbsp; 80,515<br> \*<br>|
| Mitek Systems Inc. | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 37,125<br> \*<br>|
| OneSpan Inc. | &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 28494<br>|
| Ooma Inc. | &nbsp;&nbsp; 2068 | &nbsp;&nbsp; 30,089<br> \*<br>|
| PagerDuty Inc. | &nbsp;&nbsp; 3124 | &nbsp;&nbsp; 19,400<br> \*<br>|
| Progress Software Corp. | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 72,795<br> \*<br>|
| Qualys Inc. | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; 249,318<br> \*<br>|
| Rapid7 Inc. | &nbsp;&nbsp; 3256 | &nbsp;&nbsp; 17,941<br> \*<br>|
| Red Violet Inc. | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 18,269<br> \*<br>|
| Rimini Street Inc. | &nbsp;&nbsp; 4268 | &nbsp;&nbsp; 13,999<br> \*<br>|
| SEMrush Holdings Inc., Class A Shares | &nbsp;&nbsp; 2904 | &nbsp;&nbsp; 34,674<br> \*<br>|
| Sprinklr Inc., Class A Shares | &nbsp;&nbsp; 5368 | &nbsp;&nbsp; 32,208<br> \*<br>|
| SPS Commerce Inc. | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 139,620<br> \*<br>|
| Varonis Systems Inc. | &nbsp;&nbsp; 6952 | &nbsp;&nbsp; 149,259<br> \*<br>|
| Via Transportation Inc., Class A Shares | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 4,950<br> \*<br>|
| WM Technology Inc. | &nbsp;&nbsp; 6050 | &nbsp;&nbsp; 3,983<br> \*<br>|
| Workiva Inc. | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 203,338<br> \*<br>|
| Yext Inc. | &nbsp;&nbsp; 7106 | &nbsp;&nbsp; 27,287<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 3245078 |
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| CPI Card Group Inc. | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 5,107<br> \*<br>|
| GPGI Inc. | &nbsp;&nbsp; 3256 | &nbsp;&nbsp; 55678<br>|
| Immersion Corp. | &nbsp;&nbsp; 1958 | &nbsp;&nbsp; 10691<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 71476 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **6177135** |
| **Materials — 1.9%** | **Materials — 1.9%** | **Materials — 1.9%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Hawkins Inc. | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 172339<br>|
| Innospec Inc. | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 110845<br>|
| Sensient Technologies Corp. | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 254825<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 538009 |
| Containers & Packaging — 0.4% | Containers & Packaging — 0.4% | Containers & Packaging — 0.4% |
| Greif Inc., Class A Shares | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 107714<br>|
| Greif Inc., Class B Shares | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 26962<br>|
| Myers Industries Inc. | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 53120<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 187796 |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Caledonia Mining Corp. PLC | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 22861<br>|
| Ryerson Holding Corp. | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 35609<br>|
| SunCoke Energy Inc. | &nbsp;&nbsp; 4928 | &nbsp;&nbsp; 32081<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 90551 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Sylvamo Corp. | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; $91069<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **907425** |
| **Real Estate — 5.5%** | **Real Estate — 5.5%** | **Real Estate — 5.5%** |
| Diversified REITs — 1.4% | Diversified REITs — 1.4% | Diversified REITs — 1.4% |
| American Assets Trust Inc. | &nbsp;&nbsp; 3212 | &nbsp;&nbsp; 59133<br>|
| Broadstone Net Lease Inc. | &nbsp;&nbsp; 13464 | &nbsp;&nbsp; 245987<br>|
| Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 11352 | &nbsp;&nbsp; 344647<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 649767 |
| Health Care REITs — 1.4% | Health Care REITs — 1.4% | Health Care REITs — 1.4% |
| CareTrust REIT Inc. | &nbsp;&nbsp; 12848 | &nbsp;&nbsp; 470879<br>|
| Community Healthcare Trust Inc. | &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 30413<br>|
| LTC Properties Inc. | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 109548<br>|
| Strawberry Fields REIT Inc. | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 4451<br>|
| Universal Health Realty Income Trust | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 37394<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 652685 |
| Industrial REITs — 0.5% | Industrial REITs — 0.5% | Industrial REITs — 0.5% |
| Innovative Industrial Properties Inc. | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 93799<br>|
| LXP Industrial Trust | &nbsp;&nbsp; 2882 | &nbsp;&nbsp; 133321<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 227120 |
| Office REITs — 0.7% | Office REITs — 0.7% | Office REITs — 0.7% |
| Brandywine Realty Trust | &nbsp;&nbsp; 9834 | &nbsp;&nbsp; 26650<br>|
| COPT Defense Properties | &nbsp;&nbsp; 5676 | &nbsp;&nbsp; 173686<br>|
| NET Lease Office Properties | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 9884<br>|
| Peakstone Realty Trust | &nbsp;&nbsp; 2178 | &nbsp;&nbsp; 45499<br>|
| Piedmont Realty Trust Inc. | &nbsp;&nbsp; 8558 | &nbsp;&nbsp; 56,226<br> \*<br>|
| Postal Realty Trust Inc., Class A Shares | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 20824<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 332769 |
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |
| Compass Inc., Class A Shares | &nbsp;&nbsp; 28820 | &nbsp;&nbsp; 210,674<br> \*<br>|
| RMR Group Inc., Class A Shares | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 18378<br>|
| Transcontinental Realty Investors Inc. | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 3,070<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 232122 |
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| Centerspace | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 30334<br>|
| Retail REITs — 0.6% | Retail REITs — 0.6% | Retail REITs — 0.6% |
| SITE Centers Corp. | &nbsp;&nbsp; 2662 | &nbsp;&nbsp; 14375<br>|
| Tanger Inc. | &nbsp;&nbsp; 8184 | &nbsp;&nbsp; 278092<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 292467 |
| Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% |
| Four Corners Property Trust Inc. | &nbsp;&nbsp; 6798 | &nbsp;&nbsp; 160773<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **2578037** |
| **Utilities — 6.0%** | **Utilities — 6.0%** | **Utilities — 6.0%** |
| Electric Utilities — 1.9% | Electric Utilities — 1.9% | Electric Utilities — 1.9% |
| MGE Energy Inc. | &nbsp;&nbsp; 2178 | &nbsp;&nbsp; 168337<br>|
| Portland General Electric Co. | &nbsp;&nbsp; 6314 | &nbsp;&nbsp; 333190<br>|
| TXNM Energy Inc. | &nbsp;&nbsp; 6930 | &nbsp;&nbsp; 405128<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 906655 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Gas Utilities — 1.8% | Gas Utilities — 1.8% | Gas Utilities — 1.8% | Gas Utilities — 1.8% |
| Northwest Natural Holding Co. | Northwest Natural Holding Co. | &nbsp;&nbsp; 2662 | &nbsp;&nbsp; $141672<br>|
| Southwest Gas Holdings Inc. | Southwest Gas Holdings Inc. | &nbsp;&nbsp; 4312 | &nbsp;&nbsp; 374713<br>|
| Spire Inc. | Spire Inc. | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 340611<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 856996 |
| Multi-Utilities — 1.2% | Multi-Utilities — 1.2% | Multi-Utilities — 1.2% | Multi-Utilities — 1.2% |
| Avista Corp. | Avista Corp. | &nbsp;&nbsp; 5302 | &nbsp;&nbsp; 212822<br>|
| Northwestern Energy Group Inc. | Northwestern Energy Group Inc. | &nbsp;&nbsp; 4334 | &nbsp;&nbsp; 285784<br>|
| Unitil Corp. | Unitil Corp. | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 51718<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 550324 |
| Water Utilities — 1.1% | Water Utilities — 1.1% | Water Utilities — 1.1% | Water Utilities — 1.1% |
| American States Water Co. | American States Water Co. | &nbsp;&nbsp; 2530 | &nbsp;&nbsp; 191319<br>|
| California Water Service Group | California Water Service Group | &nbsp;&nbsp; 3718 | &nbsp;&nbsp; 168574<br>|
| H2O America | H2O America | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 126492<br>|
| York Water Co. | York Water Co. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 32155<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 518540 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2832515** |
| **Total Common Stocks (Cost — $48,105,872)** | **Total Common Stocks (Cost — $48,105,872)** | **Total Common Stocks (Cost — $48,105,872)** | &nbsp;&nbsp; **46861887**<br>|
|  |  | Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† |
| M-Tron Industries Inc. (Cost — $0) |  | &nbsp;&nbsp; 110 | &nbsp;&nbsp; **231**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $48,105,872)** | **Total Investments before Short-Term Investments (Cost — $48,105,872)** | **Total Investments before Short-Term Investments (Cost — $48,105,872)** | &nbsp;&nbsp; **46862118** |
|  | Rate | Shares |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** | **Investments from Cash Collateral Received for Loaned Securities — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, <br> Class A Shares (Cost — $88,140) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 88140<br>| &nbsp;&nbsp; **88140**<br> <sup>(c)(d)(e)</sup><br>|
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $189)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 189<br>| &nbsp;&nbsp; **189**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Short-Term Investments (Cost — $88,329)** | **Total Short-Term Investments (Cost — $88,329)** | **Total Short-Term Investments (Cost — $88,329)** | &nbsp;&nbsp; **88329** |
| **Total Investments — 99.9% (Cost — $48,194,201)** | **Total Investments — 99.9% (Cost — $48,194,201)** | **Total Investments — 99.9% (Cost — $48,194,201)** | &nbsp;&nbsp; **46950447** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 61958 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$47012405** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | A portion or all of the security is on loan at March 31, 2026 (Note 1).  |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $88,329 and the cost was $88,329 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

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

---

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

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro E-mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $126168 | &nbsp;&nbsp;&nbsp; $125610 | &nbsp;&nbsp;&nbsp; **$(558)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin Emerging <br>Market Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Dividend Booster <br>Index ETF<br>| Franklin U.S. <br>Core Dividend Tilt <br>Index ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value <br> (Cost — $41,061,043, $1,895,548,328, <br> $57,355,991 and $98,302,100, <br> respectively)<br>| &nbsp;&nbsp; $44138743 | &nbsp;&nbsp; $2236182836 <br><sup>†</sup><br>| &nbsp;&nbsp; $60221678 | &nbsp;&nbsp; $105516031 |
| Investments in affiliated securities, at <br> value (Cost — $412, $39,205,279, $95 <br> and $215,351, respectively)<br>| &nbsp;&nbsp; 412 | &nbsp;&nbsp; 39205279 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 215351 |
| Foreign currency, at value (Cost — <br> $51,790, $5,365,458, $183,991 and —, <br> respectively)<br>| &nbsp;&nbsp; 51411 | &nbsp;&nbsp; 5335867 | &nbsp;&nbsp; 183966 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 |
| Dividends receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 134026 | &nbsp;&nbsp; 13987780 | &nbsp;&nbsp; 360277 | &nbsp;&nbsp; 110387 |
| Deposits with brokers for open futures <br> contracts<br>| &nbsp;&nbsp; 6906 | &nbsp;&nbsp; 521500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17028 |
| Receivable from brokers — net variation <br> margin on open futures contracts<br>| &nbsp;&nbsp; 4779 | &nbsp;&nbsp; 402068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6427 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 3741 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends receivable from affiliated <br> investments<br>| &nbsp;&nbsp; 411 | &nbsp;&nbsp; 2048 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 578 |
| Receivable for securities sold  | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| European Union tax reclaims <br> receivable (Note 1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 679302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other receivables | &nbsp;&nbsp; 20729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **44361199** | &nbsp;&nbsp; **2296327009** | &nbsp;&nbsp; **60766111** | &nbsp;&nbsp; **105875802** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 7182 | &nbsp;&nbsp; 173970 | &nbsp;&nbsp; 10150 | &nbsp;&nbsp; 5525 |
| Due to custodian | &nbsp;&nbsp; 6408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10366 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 578 |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 39080929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses | &nbsp;&nbsp; — | &nbsp;&nbsp; 120658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **14001** | &nbsp;&nbsp; **39377608** | &nbsp;&nbsp; **20611** | &nbsp;&nbsp; **6103** |
| **Total Net Assets** | &nbsp;&nbsp; **$44347198** | &nbsp;&nbsp; **$2256949401** | &nbsp;&nbsp; **$60745500** | &nbsp;&nbsp; **$105869699** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $71030613 | &nbsp;&nbsp; $1972360998 | &nbsp;&nbsp; $58401462 | &nbsp;&nbsp; $101128162 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (26683415) | &nbsp;&nbsp; 284588403 | &nbsp;&nbsp; 2344038 | &nbsp;&nbsp; 4741537 |
| **Total Net Assets** | &nbsp;&nbsp; **$44347198** | &nbsp;&nbsp; **$2256949401** | &nbsp;&nbsp; **$60745500** | &nbsp;&nbsp; **$105869699** |
| **Shares Outstanding** | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 58000000 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 2050000 |
| **Net Asset Value** | $34.11 | $38.91 | $35.73 | $51.64 |
| **† Includes securities loaned** | &nbsp;&nbsp; — | &nbsp;&nbsp; 35346376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities (cont'd)

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin U.S. <br>Dividend Booster <br>Index ETF <br>| Franklin U.S. <br>Large Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Mid Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Small Cap Multifactor <br>Index ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value <br> (Cost — $55,690,080, $1,431,505,694, <br> $1,636,221,027 and $48,105,872, <br> respectively)<br>| &nbsp;&nbsp; $59048889 | &nbsp;&nbsp; $1727589639 <br><sup>†</sup><br>| &nbsp;&nbsp; $1671784273 <br><sup>†</sup><br>| &nbsp;&nbsp; $46862118 <br><sup>†</sup><br>|
| Investments in affiliated securities, at <br> value (Cost — $108,241, $5,992,784, <br> $2,182,788 and $88,329, respectively)<br>| &nbsp;&nbsp; 108241 | &nbsp;&nbsp; 5992784 | &nbsp;&nbsp; 2182788 | &nbsp;&nbsp; 88329 |
| Cash | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; — |
| Dividends receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 136744 | &nbsp;&nbsp; 1167717 | &nbsp;&nbsp; 1992718 | &nbsp;&nbsp; 64458 |
| Deposits with brokers for open futures <br> contracts<br>| &nbsp;&nbsp; 14595 | &nbsp;&nbsp; 291903 | &nbsp;&nbsp; 195224 | &nbsp;&nbsp; 10702 |
| Receivable from brokers — net variation <br> margin on open futures contracts<br>| &nbsp;&nbsp; 5509 | &nbsp;&nbsp; 23071 | &nbsp;&nbsp; 76880 | &nbsp;&nbsp; 4226 |
| Dividends receivable from affiliated <br> investments<br>| &nbsp;&nbsp; 576 | &nbsp;&nbsp; 6730 | &nbsp;&nbsp; 6506 | &nbsp;&nbsp; 188 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 84579377 | &nbsp;&nbsp; 5491744 | &nbsp;&nbsp; — |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6736345 | &nbsp;&nbsp; — | &nbsp;&nbsp; 143395 |
| **Total Assets** | &nbsp;&nbsp; **59324554** | &nbsp;&nbsp; **1826397566** | &nbsp;&nbsp; **1681740133** | &nbsp;&nbsp; **47173416** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 4506 | &nbsp;&nbsp; 222521 | &nbsp;&nbsp; 433817 | &nbsp;&nbsp; 14483 |
| Payable for securities purchased | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 84211052 | &nbsp;&nbsp; 5473167 | &nbsp;&nbsp; 189 |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58199 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 6766350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 2996925 | &nbsp;&nbsp; 851350 | &nbsp;&nbsp; 88140 |
| **Total Liabilities** | &nbsp;&nbsp; **5082** | &nbsp;&nbsp; **94196848** | &nbsp;&nbsp; **6758334** | &nbsp;&nbsp; **161011** |
| **Total Net Assets** | &nbsp;&nbsp; **$59319472** | &nbsp;&nbsp; **$1732200718** | &nbsp;&nbsp; **$1674981799** | &nbsp;&nbsp; **$47012405** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $56909476 | &nbsp;&nbsp; $1594955440 | &nbsp;&nbsp; $1684274217 | &nbsp;&nbsp; $52602476 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 2409996 | &nbsp;&nbsp; 137245278 | &nbsp;&nbsp; (9292418) | &nbsp;&nbsp; (5590071) |
| **Total Net Assets** | &nbsp;&nbsp; **$59319472** | &nbsp;&nbsp; **$1732200718** | &nbsp;&nbsp; **$1674981799** | &nbsp;&nbsp; **$47012405** |
| **Shares Outstanding** | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 25600000 | &nbsp;&nbsp; 30500000 | &nbsp;&nbsp; 1100000 |
| **Net Asset Value** | $28.25 | $67.66 | $54.92 | $42.74 |
| **† Includes securities loaned** | &nbsp;&nbsp; — | &nbsp;&nbsp; 2908771 | &nbsp;&nbsp; 829996 | &nbsp;&nbsp; 86100 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin Emerging <br>Market Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Core Dividend <br>Tilt Index ETF<br>| Franklin International <br>Dividend Booster <br>Index ETF<br>| Franklin U.S. <br>Core Dividend Tilt <br>Index ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends and interest from unaffiliated <br> investments<br>| &nbsp;&nbsp; $992163 | &nbsp;&nbsp; $69486496 | &nbsp;&nbsp; $2061101 | &nbsp;&nbsp; $1554862 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 78114 | &nbsp;&nbsp; 901 | &nbsp;&nbsp; 3500 |
| European Union tax reclaims (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 563658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income from affiliated <br> investments<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 14816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (105933) | &nbsp;&nbsp; (6427388) | &nbsp;&nbsp; (240465) | (683) |
| **Total Investment Income** | &nbsp;&nbsp; **888114** | &nbsp;&nbsp; **63715696** | &nbsp;&nbsp; **1821537** | &nbsp;&nbsp; **1557681** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 48545 | &nbsp;&nbsp; 1644604 | &nbsp;&nbsp; 70666 | &nbsp;&nbsp; 50264 |
| **Total Expenses** | &nbsp;&nbsp; **48545** | &nbsp;&nbsp; **1644604** | &nbsp;&nbsp; **70666** | &nbsp;&nbsp; **50264** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| (187) | &nbsp;&nbsp; (7021) | (6) | (68) |
| **Net Expenses** | &nbsp;&nbsp; **48358** | &nbsp;&nbsp; **1637583** | &nbsp;&nbsp; **70660** | &nbsp;&nbsp; **50196** |
| **Net Investment Income** | &nbsp;&nbsp; **839756** | &nbsp;&nbsp; **62078113** | &nbsp;&nbsp; **1750877** | &nbsp;&nbsp; **1507485** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated <br> securities<br>| &nbsp;&nbsp; 786,473<br> †<br>| &nbsp;&nbsp; 41067963 | &nbsp;&nbsp; 4478392 | &nbsp;&nbsp; 5301846 |
| Futures contracts | &nbsp;&nbsp; 16450 | &nbsp;&nbsp; 1670246 | &nbsp;&nbsp; 9563 | &nbsp;&nbsp; 7826 |
| Forward foreign currency contracts | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (15525) | &nbsp;&nbsp; 318664 | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; — |
| **Net Realized Gain**  | &nbsp;&nbsp; **787403** | &nbsp;&nbsp; **43056873** | &nbsp;&nbsp; **4489623** | &nbsp;&nbsp; **5309672** |
| Change in Net Unrealized Appreciation <br> (Depreciation) From:<br>|  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 2,876,360<br> ‡<br>| &nbsp;&nbsp; 257844308 | &nbsp;&nbsp; 2768068 | &nbsp;&nbsp; 4452147 |
| Futures contracts | &nbsp;&nbsp; (3847) | &nbsp;&nbsp; 303947 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4712) |
| Foreign currencies | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 39779 | &nbsp;&nbsp; (3035) | &nbsp;&nbsp; 1739 |
| **Change in Net Unrealized** <br> **Appreciation (Depreciation)** <br>| &nbsp;&nbsp; **2874688** | &nbsp;&nbsp; **258188034** | &nbsp;&nbsp; **2765033** | &nbsp;&nbsp; **4449174** |
| **Net Gain on Investments, Futures** <br> **Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **3662091** | &nbsp;&nbsp; **301244907** | &nbsp;&nbsp; **7254656** | &nbsp;&nbsp; **9758846** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$4501847** | &nbsp;&nbsp; **$363323020** | &nbsp;&nbsp; **$9005533** | &nbsp;&nbsp; **$11266331** |

---

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

† Net
 of foreign capital gains tax of $56,251.

‡ Net
 of change in accrued foreign capital gains tax of $(44,512).

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations (cont'd)

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin U.S. <br>Dividend Booster <br>Index ETF <br>| Franklin U.S. <br>Large Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Mid Cap Multifactor <br>Index ETF<br>| Franklin U.S. <br>Small Cap Multifactor <br>Index ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends and interest from unaffiliated <br> investments<br>| &nbsp;&nbsp; $1849157 | &nbsp;&nbsp; $21466100 | &nbsp;&nbsp; $29623594 | &nbsp;&nbsp; $974200 |
| Dividends from affiliated investments | &nbsp;&nbsp; 3688 | &nbsp;&nbsp; 44411 | &nbsp;&nbsp; 95534 | &nbsp;&nbsp; 3456 |
| Securities lending income from affiliated <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13340 | &nbsp;&nbsp; 5467 | &nbsp;&nbsp; 897 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; (10722) | &nbsp;&nbsp; (19847) | (388) |
| **Total Investment Income** | &nbsp;&nbsp; **1852845** | &nbsp;&nbsp; **21513129** | &nbsp;&nbsp; **29704748** | &nbsp;&nbsp; **978165** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 35829 | &nbsp;&nbsp; 2399788 | &nbsp;&nbsp; 5068241 | &nbsp;&nbsp; 203377 |
| **Total Expenses** | &nbsp;&nbsp; **35829** | &nbsp;&nbsp; **2399788** | &nbsp;&nbsp; **5068241** | &nbsp;&nbsp; **203377** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| (24) | &nbsp;&nbsp; (5028) | &nbsp;&nbsp; (7472) | (413) |
| **Net Expenses** | &nbsp;&nbsp; **35805** | &nbsp;&nbsp; **2394760** | &nbsp;&nbsp; **5060769** | &nbsp;&nbsp; **202964** |
| **Net Investment Income** | &nbsp;&nbsp; **1817040** | &nbsp;&nbsp; **19118369** | &nbsp;&nbsp; **24643979** | &nbsp;&nbsp; **775201** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated <br> securities<br>| &nbsp;&nbsp; 2563533 | &nbsp;&nbsp; 188122188 | &nbsp;&nbsp; 53007220 | &nbsp;&nbsp; 7321271 |
| Futures contracts | &nbsp;&nbsp; 10711 | &nbsp;&nbsp; 309428 | &nbsp;&nbsp; 250925 | &nbsp;&nbsp; (4592) |
| **Net Realized Gain**  | &nbsp;&nbsp; **2574244** | &nbsp;&nbsp; **188431616** | &nbsp;&nbsp; **53258145** | &nbsp;&nbsp; **7316679** |
| Change in Net Unrealized Appreciation <br> (Depreciation) From:<br>|  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 3402782 | &nbsp;&nbsp; 71858622 | &nbsp;&nbsp; 13761701 | &nbsp;&nbsp; (2367676)<br>|
| Futures contracts | &nbsp;&nbsp; (6081) | &nbsp;&nbsp; (36398) | &nbsp;&nbsp; (44914) | (558) |
| **Change in Net Unrealized** <br> **Appreciation (Depreciation)** <br>| &nbsp;&nbsp; **3396701** | &nbsp;&nbsp; **71822224** | &nbsp;&nbsp; **13716787** | &nbsp;&nbsp; **(2368234)** |
| **Net Gain on Investments and Futures** <br> **Contracts** <br>| &nbsp;&nbsp; **5970945** | &nbsp;&nbsp; **260253840** | &nbsp;&nbsp; **66974932** | &nbsp;&nbsp; **4948445** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$7787985** | &nbsp;&nbsp; **$279372209** | &nbsp;&nbsp; **$91618911** | &nbsp;&nbsp; **$5723646** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets

Franklin Emerging Market Core Dividend Tilt Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $839756 | $540580 |
| Net realized gain  | &nbsp;&nbsp; 787403 | 195251 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 2874688 | 601993 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **4501847** | **1337824** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (785753) | (657583) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(785753)** | **(657583)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (800,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 27112651 |  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **27112651** | **—** |
| **Increase in Net Assets** | &nbsp;&nbsp; **30828745** | **680241** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 13518453 | 12838212 |
| **End of year** | &nbsp;&nbsp; **$44347198** | **$13518453** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin International Core Dividend Tilt Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $62078113 | $35494570 |
| Net realized gain (loss)  | &nbsp;&nbsp; 43056873 | (8427390) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 258188034 | 17711407 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **363323020** | **44778587** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (75503361) | (38523649) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(75503361)** | **(38523649)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (23,000,000 and 16,200,000 shares issued, respectively)  | &nbsp;&nbsp; 861285759 | 523258748 |
| Cost of shares repurchased (4,300,000 and 800,000 shares repurchased, respectively)  | &nbsp;&nbsp; (161304029)<br>| (26564471)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **699981730** | **496694277** |
| **Increase in Net Assets** | &nbsp;&nbsp; **987801389** | **502949215** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1269148012 | 766198797 |
| **End of year** | &nbsp;&nbsp; **$2256949401** | **$1269148012** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin International Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025<sup>(a)</sup> <br>|
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1750877 | $62226 |
| Net realized gain  | &nbsp;&nbsp; 4489623 | 279450 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 2765033 | 97475 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **9005533** | **439151** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1779247) | (5532) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1779247)** | **(5532)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,300,000 and 300,000 shares issued, respectively)  | &nbsp;&nbsp; 75126674 | 7926353 |
| Cost of shares repurchased (800,000 and 100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (27164709)<br>| (2802723)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **47961965** | **5123630** |
| **Increase in Net Assets** | &nbsp;&nbsp; **55188251** | **5557249** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 5557249 |  |
| **End of year** | &nbsp;&nbsp; **$60745500** | **$5557249** |

---

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

<sup>(a)</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Core Dividend Tilt Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1507485 | $926841 |
| Net realized gain  | &nbsp;&nbsp; 5309672 | 8860501 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4449174 | (6700708) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **11266331** | **3086634** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1505032) | (974631) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1505032)** | **(974631)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,250,000 and 550,000 shares issued, respectively)  | &nbsp;&nbsp; 64455484 | 24873761 |
| Cost of shares repurchased (350,000 and 950,000 shares repurchased, respectively)  | &nbsp;&nbsp; (18569807)<br>| (39296808)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **45885677** | **(14423047)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **55646976** | **(12311044)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 50222723 | 62533767 |
| **End of year** | &nbsp;&nbsp; **$105869699** | **$50222723** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin U.S. Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025<sup>(a)</sup> <br>|
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1817040 | $11413 |
| Net realized gain (loss)  | &nbsp;&nbsp; 2574244 | (2230) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3396701 | (43973) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **7787985** | **(34790)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1999874) | (7258) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1999874)** | **(7258)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,700,000 and 50,000 shares issued, respectively)  | &nbsp;&nbsp; 69691514 | 1277343 |
| Cost of shares repurchased (650,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (17395448)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **52296066** | **1277343** |
| **Increase in Net Assets** | &nbsp;&nbsp; **58084177** | **1235295** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1235295 |  |
| **End of year** | &nbsp;&nbsp; **$59319472** | **$1235295** |

---

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

<sup>(a)</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Large Cap Multifactor Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $19118369 | $17825338 |
| Net realized gain  | &nbsp;&nbsp; 188431616 | 105350161 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 71822224 | (33093150) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **279372209** | **90082349** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (19986756) | (17114556) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(19986756)** | **(17114556)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (11,550,000 and 7,250,000 shares issued, respectively)  | &nbsp;&nbsp; 770822344 | 415707272 |
| Cost of shares repurchased (10,700,000 and 6,600,000 shares repurchased, respectively)  | &nbsp;&nbsp; (695190146)<br>| (375306585)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **75632198** | **40400687** |
| **Increase in Net Assets** | &nbsp;&nbsp; **335017651** | **113368480** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1397183067 | 1283814587 |
| **End of year** | &nbsp;&nbsp; **$1732200718** | **$1397183067** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin U.S. Mid Cap Multifactor Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $24643979 | $16015205 |
| Net realized gain  | &nbsp;&nbsp; 53258145 | 35484031 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 13716787 | (69822862) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **91618911** | **(18323626)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (26495207) | (14786439) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(26495207)** | **(14786439)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (8,050,000 and 20,900,000 shares issued, respectively)  | &nbsp;&nbsp; 433621210 | 1134557591 |
| Cost of shares repurchased (5,250,000 and 4,650,000 shares repurchased, respectively)  | &nbsp;&nbsp; (290415952)<br>| (246782343)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **143205258** | **887775248** |
| **Increase in Net Assets** | &nbsp;&nbsp; **208328962** | **854665183** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1466652837 | 611987654 |
| **End of year** | &nbsp;&nbsp; **$1674981799** | **$1466652837** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Small Cap Multifactor Index ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $775201 | $546293 |
| Net realized gain  | &nbsp;&nbsp; 7316679 | 2925172 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (2368234) | (4402823) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **5723646** | **(931358)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (848241) | (606537) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(848241)** | **(606537)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (650,000 and 450,000 shares issued, respectively)  | &nbsp;&nbsp; 27921852 | 18229373 |
| Cost of shares repurchased (650,000 and 250,000 shares repurchased, respectively)  | &nbsp;&nbsp; (29088057)<br>| (9897829)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(1166205)** | **8331544** |
| **Increase in Net Assets** | &nbsp;&nbsp; **3709200** | **6793649** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 43303205 | 36509556 |
| **End of year** | &nbsp;&nbsp; **$47012405** | **$43303205** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights

Franklin Emerging Market Core Dividend Tilt Index ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.04 | &nbsp;&nbsp;&nbsp; $25.68 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $28.33 | &nbsp;&nbsp;&nbsp; $30.78 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Net realized and unrealized gain (loss) | 7.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>|
| **Total income (loss) from operations** | **8.09** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** | &nbsp;&nbsp;&nbsp;&nbsp;**2.93** | &nbsp;&nbsp;&nbsp; **(3.03)** | &nbsp;&nbsp;&nbsp; **(1.23)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.02)**<br>| &nbsp;&nbsp;&nbsp; **(1.32)**<br>| &nbsp;&nbsp;&nbsp; **(1.13)**<br>| &nbsp;&nbsp;&nbsp; **(1.42)**<br>| &nbsp;&nbsp;&nbsp; **(1.22)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $34.11 | &nbsp;&nbsp;&nbsp; $27.04 | &nbsp;&nbsp;&nbsp; $25.68 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $28.33 |
| **Total return, based on NAV**<sup>2</sup> <br>| **30.30%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.67%**<br>| &nbsp;&nbsp;&nbsp; **(10.36)%**<br>| &nbsp;&nbsp;&nbsp; **(4.21)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $44347 | &nbsp;&nbsp;&nbsp; $13518 | &nbsp;&nbsp;&nbsp; $12838 | &nbsp;&nbsp;&nbsp; $11939 | &nbsp;&nbsp;&nbsp; $17000 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net expenses | 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>34</sup><br>|
| Net investment income | 3.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **61%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp;&nbsp; **51%**<br>| &nbsp;&nbsp;&nbsp; **111%**<br>| &nbsp;&nbsp;&nbsp; **34%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin International Core Dividend Tilt Index ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $26.52 |
| **Income from operations:** | **Income from operations:** |  |  |  |  |
| Net investment income | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net realized and unrealized gain | 6.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **Total income from operations** | **8.14** | &nbsp;&nbsp;&nbsp;&nbsp;**1.58** | &nbsp;&nbsp;&nbsp;&nbsp;**4.38** | &nbsp;&nbsp;&nbsp;&nbsp;**1.64** | &nbsp;&nbsp;&nbsp;&nbsp;**2.93** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; **(1.52)**<br>| &nbsp;&nbsp;&nbsp; **(1.35)**<br>| &nbsp;&nbsp;&nbsp; **(0.95)**<br>| &nbsp;&nbsp;&nbsp; **(1.66)**<br>| &nbsp;&nbsp;&nbsp; **(0.80)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $38.91 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $28.63 | &nbsp;&nbsp;&nbsp; $28.65 |
| **Total return, based on NAV**<sup>2</sup> <br>| **25.59%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.14%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.64%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.56%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.13%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $2256949 | &nbsp;&nbsp;&nbsp; $1269148 | &nbsp;&nbsp;&nbsp; $766199 | &nbsp;&nbsp;&nbsp; $240459 | &nbsp;&nbsp;&nbsp; $17192 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Net expenses | 0.09 <br><sup>45</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>345</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 <br><sup>345</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>45</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net investment income | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 |
| **Portfolio turnover rate**<sup>6</sup> <br>| &nbsp;&nbsp; **27%**<br>| &nbsp;&nbsp;&nbsp; **26%**<br>| &nbsp;&nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **49%**<br>| &nbsp;&nbsp;&nbsp; **30%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</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 years ended March 31, 2025 and 2024. 

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin International Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>12</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.79 | &nbsp;&nbsp;&nbsp; $25.38 |
| **Income from operations:** | **Income from operations:** |  |
| Net investment income | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain | 7.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| **Total income from operations** | **9.56** | &nbsp;&nbsp;&nbsp;&nbsp;**2.43** |
| **Less distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.62)**<br>| &nbsp;&nbsp;&nbsp; **(0.02)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $35.73 | &nbsp;&nbsp;&nbsp; $27.79 |
| **Total return, based on NAV**<sup>3</sup> <br>| **35.32%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9.57%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $60746 | &nbsp;&nbsp;&nbsp; $5557 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>4</sup><br>|
| Net expenses | 0.19 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>4</sup><br>|
| Net investment income | 4.71 | &nbsp;&nbsp;&nbsp;&nbsp; 5.94 <br><sup>4</sup><br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **66%**<br>| &nbsp;&nbsp;&nbsp; **25%**<br>|

---

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

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

<sup>2</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Core Dividend Tilt Index ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $36.29 | &nbsp;&nbsp;&nbsp; $33.29 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Net realized and unrealized gain (loss) | 7.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| **Total income (loss) from operations** | **8.82** | &nbsp;&nbsp;&nbsp;&nbsp;**4.29** | &nbsp;&nbsp;&nbsp;&nbsp;**8.84** | &nbsp;&nbsp;&nbsp; **(3.00)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.01** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.85)**<br>| &nbsp;&nbsp;&nbsp; **(0.96)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>| &nbsp;&nbsp;&nbsp; **(1.00)**<br>| &nbsp;&nbsp;&nbsp; **(1.01)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $51.64 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $36.29 |
| **Total return, based on NAV**<sup>2</sup> <br>| **20.25%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.64%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.72%**<br>| &nbsp;&nbsp;&nbsp; **(8.09)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.14%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $105870 | &nbsp;&nbsp;&nbsp; $50233 | &nbsp;&nbsp;&nbsp; $62534 | &nbsp;&nbsp;&nbsp; $24219 | &nbsp;&nbsp;&nbsp; $30851 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net expenses | 0.06 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net investment income | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **131%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin U.S. Dividend Booster Index ETF

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

---

| | | |
|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>12</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.71 | &nbsp;&nbsp;&nbsp; $25.55 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |
| Net investment income | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 3.41 | &nbsp;&nbsp;&nbsp; (0.92)<br>|
| **Total income (loss) from operations** | **4.63** | &nbsp;&nbsp;&nbsp; **(0.69)** |
| **Less distributions from:** |  |  |
| Net investment income | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.09)**<br>| &nbsp;&nbsp;&nbsp; **(0.15)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp; $24.71 |
| **Total return, based on NAV**<sup>3</sup> <br>| **19.12%**<br>| &nbsp;&nbsp;&nbsp; **(2.72)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $59319 | &nbsp;&nbsp;&nbsp; $1235 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>4</sup><br>|
| Net expenses | 0.09 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>4</sup><br>|
| Net investment income | 4.56 | &nbsp;&nbsp;&nbsp;&nbsp; 4.82 <br><sup>4</sup><br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **65%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>|

---

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

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

<sup>2</sup> For the period January 21, 2025 (inception date) through March 31, 2025.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Large Cap Multifactor Index ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $56.45 | &nbsp;&nbsp;&nbsp; $53.27 | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $40.04 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net realized and unrealized gain (loss) | 11.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.89 |
| **Total income (loss) from operations** | **12.00** | &nbsp;&nbsp;&nbsp;&nbsp;**3.87** | &nbsp;&nbsp;&nbsp;&nbsp;**12.58** | &nbsp;&nbsp;&nbsp; **(2.66)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.66** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.79)**<br>| &nbsp;&nbsp;&nbsp; **(0.69)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>| &nbsp;&nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $67.66 | &nbsp;&nbsp;&nbsp; $56.45 | &nbsp;&nbsp;&nbsp; $53.27 | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $44.86 |
| **Total return, based on NAV**<sup>2</sup> <br>| **21.27%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.25%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **30.68%**<br>| &nbsp;&nbsp;&nbsp; **(5.79)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.19%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $1732 | &nbsp;&nbsp;&nbsp; $1397 | &nbsp;&nbsp;&nbsp; $1284 | &nbsp;&nbsp;&nbsp; $860 | &nbsp;&nbsp;&nbsp; $967 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net investment income | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **52%**<br>| &nbsp;&nbsp;&nbsp; **53%**<br>| &nbsp;&nbsp;&nbsp; **56%**<br>| &nbsp;&nbsp;&nbsp; **52%**<br>| &nbsp;&nbsp;&nbsp; **68%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin U.S. Mid Cap Multifactor Index ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $52.95 | &nbsp;&nbsp;&nbsp; $53.45 | &nbsp;&nbsp;&nbsp; $43.31 | &nbsp;&nbsp;&nbsp; $44.90 | &nbsp;&nbsp;&nbsp; $40.84 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain (loss) | 2.02 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.03 |
| **Total income (loss) from operations** | **2.83** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**10.75** | &nbsp;&nbsp;&nbsp; **(1.02)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.57** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.86)**<br>| &nbsp;&nbsp;&nbsp; **(0.72)**<br>| &nbsp;&nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp;&nbsp; **(0.57)**<br>| &nbsp;&nbsp;&nbsp; **(0.51)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $54.92 | &nbsp;&nbsp;&nbsp; $52.95 | &nbsp;&nbsp;&nbsp; $53.45 | &nbsp;&nbsp;&nbsp; $43.31 | &nbsp;&nbsp;&nbsp; $44.90 |
| **Total return, based on NAV**<sup>2</sup> <br>| **5.33%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **25.04%**<br>| &nbsp;&nbsp;&nbsp; **(2.17)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.18%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $1674982 | &nbsp;&nbsp;&nbsp; $1466653 | &nbsp;&nbsp;&nbsp; $611988 | &nbsp;&nbsp;&nbsp; $166748 | &nbsp;&nbsp;&nbsp; $62855 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net investment income | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **25%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **23%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Small Cap Multifactor Index ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.37 | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $34.10 | &nbsp;&nbsp;&nbsp; $36.16 | &nbsp;&nbsp;&nbsp; $36.53 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) | 3.42 | &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Total income (loss) from operations** | **3.99** | &nbsp;&nbsp;&nbsp; **(0.60)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.96** | &nbsp;&nbsp;&nbsp; **(1.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**0.02** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.62)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp;&nbsp; **(0.39)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $42.74 | &nbsp;&nbsp;&nbsp; $39.37 | &nbsp;&nbsp;&nbsp; $40.57 | &nbsp;&nbsp;&nbsp; $34.10 | &nbsp;&nbsp;&nbsp; $36.16 |
| **Total return, based on NAV**<sup>2</sup> <br>| **10.14%**<br>| &nbsp;&nbsp;&nbsp; **(1.52)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20.59%**<br>| &nbsp;&nbsp;&nbsp; **(4.21)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.02%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $47012 | &nbsp;&nbsp;&nbsp; $43303 | &nbsp;&nbsp;&nbsp; $36510 | &nbsp;&nbsp;&nbsp; $17048 | &nbsp;&nbsp;&nbsp; $16273 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **23%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **29%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

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

The Funds intend to be diversified in approximately the same proportion as the Funds' underlying index is diversified. The Funds may become "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Funds' underlying index. A "non-diversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

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

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

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds' Board of Trustees (the "Board").

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities. Additionally, if the closing net asset value per share for an underlying fund is not available on the day of valuation, the Valuation Committee may adjust the underlying fund's last available net asset value per share to account for significant events that have occurred subsequent to the underlying fund's last net asset value per share calculation but prior to the day of valuation.

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

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

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

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

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

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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

**Emerging Market Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; $2398934 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $2398934 |
| Financials | &nbsp;&nbsp; 10848431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 10848431 |
| Industrials | &nbsp;&nbsp; 2556207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9730 | &nbsp;&nbsp; 2565937 |
| Materials | &nbsp;&nbsp; 1994624 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1994624 |
| Utilities | &nbsp;&nbsp; 2061546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2061546 |
| Other Common Stocks | &nbsp;&nbsp; 23067381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23067381 |
| Preferred Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; 290792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 290792 |
| Other Preferred Stocks | &nbsp;&nbsp; 911098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 911098 |
| Total Long-Term Investments | &nbsp;&nbsp; 44129013 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9730 | &nbsp;&nbsp; 44138743 |
| Short-Term Investments† | &nbsp;&nbsp; 412 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 412 |
| **Total Investments** | &nbsp;&nbsp; **$44129425** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$9730** | &nbsp;&nbsp; **$44139155** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $5744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5744 |

---

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

---

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

---

**International Core Dividend Tilt Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2225922569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2225922569 |
| Preferred Stocks | &nbsp;&nbsp; 10260267 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10260267 |
| Total Long-Term Investments | &nbsp;&nbsp; 2236182836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2236182836 |
| Short-Term Investments†: |  |  |  |  |
| Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; 39080929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39080929 |
| Money Market Funds | &nbsp;&nbsp; 124350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124350 |
| Total Short-Term Investments | &nbsp;&nbsp; 39205279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39205279 |
| **Total Investments** | &nbsp;&nbsp; **$2275388115** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2275388115** |

---

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $21443 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $21443 |

---

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

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

**International Dividend Booster Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $59128419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $59128419 |
| Preferred Stocks | &nbsp;&nbsp; 1093259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1093259 |
| Total Long-Term Investments | &nbsp;&nbsp; 60221678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60221678 |
| Short-Term Investments† | &nbsp;&nbsp; 95 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95 |
| **Total Investments** | &nbsp;&nbsp; **$60221773** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$60221773** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; $5153393 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $5153393 |
| Other Common Stocks | &nbsp;&nbsp; 100362638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100362638 |
| Total Long-Term Investments | &nbsp;&nbsp; 105516031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 105516031 |
| Short-Term Investments† | &nbsp;&nbsp; 215351 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 215351 |
| **Total Investments** | &nbsp;&nbsp; **$105731382** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$105731382** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $5121 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5121 |

---

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $59048889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $59048889 |

---

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Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $108241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $108241 |
| **Total Investments** | &nbsp;&nbsp; **$59157130** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$59157130** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $6081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6081 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1727589639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1727589639 |
| Short-Term Investments†: |  |  |  |  |
| Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; 2996925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2996925 |
| Money Market Funds | &nbsp;&nbsp; 2995859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2995859 |
| Total Short-Term Investments | &nbsp;&nbsp; 5992784 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5992784 |
| **Total Investments** | &nbsp;&nbsp; **$1733582423** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1733582423** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $40298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $40298 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1671784273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1671784273 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1331438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1331438 |
| Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; 851350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 851350 |
| Total Short-Term Investments | &nbsp;&nbsp; 2182788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2182788 |
| **Total Investments** | &nbsp;&nbsp; **$1673967061** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1673967061** |

---

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Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $18054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $18054 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $5029081 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2916 | &nbsp;&nbsp; $5031997 |
| Other Common Stocks | &nbsp;&nbsp; 41829890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41829890 |
| Rights | &nbsp;&nbsp; 231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 231 |
| Total Long-Term Investments | &nbsp;&nbsp; 46859202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2916 | &nbsp;&nbsp; 46862118 |
| Short-Term Investments†: |  |  |  |  |
| Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 88140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88140 |
| Money Market Funds | &nbsp;&nbsp; 189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 189 |
| Total Short-Term Investments | &nbsp;&nbsp; 88329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88329 |
| **Total Investments** | &nbsp;&nbsp; **$46947531** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2916** | &nbsp;&nbsp; **$46950447** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $558 |

---

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

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

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

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

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

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

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Franklin Templeton ETF Trust 2026 Annual Report

------

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

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' 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.

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

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

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

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

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

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

As of March 31, 2026, the Funds did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

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Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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

**(f) Securities lending.** Certain or all Funds participate in an agency based securities lending program to earn additional income. The Funds receive 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 Funds business each day; any additional collateral required due to changes in security values is delivered to the Funds 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. ("Franklin Advisers"), an affiliate of the Funds. These securities received as collateral are held in segregated accounts with the Funds' custodian. The Funds 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 Funds 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 Funds bear the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Funds. If the borrower defaults on its obligation to return the securities loaned, the Funds have the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Funds in the event of default by a third party borrower.

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

**(h) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds are generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

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

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

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. In some cases, the Funds may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statements of Assets and Liabilities and dividend income in the Statements of Operations. In many cases, however, the Funds may not receive such amounts for an extended period of time, depending on the country of investment.

As a result of several court cases, in certain countries across the European Union, International Core Dividend Tilt Index ETF 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,

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Franklin Templeton ETF Trust 2026 Annual Report

------

and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by International Core Dividend Tilt Index ETF, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

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

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| International Core Dividend Tilt Index ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $(62747623)<br>| &nbsp;&nbsp; $62747623 |
| International Dividend Booster Index ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (5004408)<br>| &nbsp;&nbsp; 5004408 |
| U.S. Core Dividend Tilt Index ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (6932250)<br>| &nbsp;&nbsp; 6932250 |
| U.S. Dividend Booster Index ETF <sup>(a)</sup> <br>| &nbsp;&nbsp; (3336067)<br>| &nbsp;&nbsp; 3336067 |
| U.S. Large Cap Multifactor Index ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (219052826)<br>| &nbsp;&nbsp; 219052826 |
| U.S. Mid Cap Multifactor Index ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (72116265)<br>| &nbsp;&nbsp; 72116265 |
| U.S. Small Cap Multifactor Index ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (8779408)<br>| &nbsp;&nbsp; 8779408 |

---

<sup>(a)</sup>

Reclassifications are due to a book/tax differences in the treatment of an in-kind distribution of securities and book/tax differences in the treatment of various items.

During the current year, Franklin Emerging Market Core Dividend Tilt Index ETF had no reclassifications.

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

Franklin Advisory Services, LLC ("FASL") is each Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is each Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is each Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton 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.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Funds. The subadvisory fee is paid by FASL based on the Funds' average daily net assets and is not an additional expense of the Funds.

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

Each Fund pays gross effective investment management fee, calculated daily and paid monthly according to the terms of the management agreement, at an annual rate of each Funds' average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; 0.19% |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 0.09% |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 0.19% |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 0.06% |
| U.S. Dividend Booster Index ETF | &nbsp;&nbsp; 0.09% |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 0.15% |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 0.30% |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 0.35% |

---

FASL pays FT Institutional for its services to the Funds. With respect to each Fund, FASL pays FT Institutional a monthly fee equal to 50% of the net investment advisory fee payable by each Fund to FASL (the "Net Investment Advisory Fee"), calculated daily. The Net Investment Advisory Fee is equal to (i) 96% of an amount equal to the total investment management fees payable to FASL, minus any Fund fees and/or expenses waived or reimbursed by FASL, including as part of each Fund's unitary management fee structure pursuant to the investment management agreement between FASL and the Trust, on behalf of each Fund, minus (ii) any fees payable by FASL to Franklin Templeton Services for fund administrative services.

The manager has agreed to waive the Funds' management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the year ended March 31, 2026, fees waived and/or expenses reimbursed, all of which was an affiliated money market fund waiver, amounted to as follows:

---

| | |
|:---|:---|
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $187 |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 7021 |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 6 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 68 |
| U.S. Dividend Booster Index ETF  | &nbsp;&nbsp; 24 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 5028 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 7472 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 413 |

---

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

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

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

As of March 31, 2026, Franklin Resources and its affiliates owned 42% and 28% of the Franklin International Dividend Booster Index ETF and Franklin U.S. Dividend Booster Index ETF , respectively.

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $40672582 | &nbsp;&nbsp; $16044970 |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 507558751 | &nbsp;&nbsp; 481720620 |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 27240153 | &nbsp;&nbsp; 24889306 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 25342539 | &nbsp;&nbsp; 19948453 |
| U.S. Dividend Booster Index ETF  | &nbsp;&nbsp; 25355867 | &nbsp;&nbsp; 25399482 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 835695937 | &nbsp;&nbsp; 838125520 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 412629888 | &nbsp;&nbsp; 411898344 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 13138708 | &nbsp;&nbsp; 13216138 |

---

During the year ended March 31, 2026, in-kind transactions (Note 5) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| Emerging Market Core Dividend Tilt Index ETF | &nbsp;&nbsp; $2395792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; 820342844 | &nbsp;&nbsp; $164449056 | &nbsp;&nbsp; $63617844 |
| International Dividend Booster Index ETF | &nbsp;&nbsp; 72585195 | &nbsp;&nbsp; 27477076 | &nbsp;&nbsp; 5005660 |
| U.S. Core Dividend Tilt Index ETF | &nbsp;&nbsp; 58956925 | &nbsp;&nbsp; 18675291 | &nbsp;&nbsp; 6923875 |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| U.S. Dividend Booster Index ETF  | &nbsp;&nbsp; $69385232 | &nbsp;&nbsp; $17478748 | &nbsp;&nbsp; $3512972 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 764696942 | &nbsp;&nbsp; 689995612 | &nbsp;&nbsp; 219280864 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 431509588 | &nbsp;&nbsp; 289861123 | &nbsp;&nbsp; 72294408 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 27865300 | &nbsp;&nbsp; 29011177 | &nbsp;&nbsp; 8837364 |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Funds.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, in connection with securities lending transactions, certain or all Funds loaned investments and received cash collateral as follows:

---

| | |
|:---|:---|
| **Securities Lending Transactions**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Equity** <br>**Investments**<sup>(b)</sup><br>|
| International Core Dividend Tilt Index ETF | &nbsp;&nbsp; $$39080929 |
| U.S. Large Cap Multifactor Index ETF | &nbsp;&nbsp; 2996925 |
| U.S. Mid Cap Multifactor Index ETF | &nbsp;&nbsp; 851350 |
| U.S. Small Cap Multifactor Index ETF | &nbsp;&nbsp; 88140 |

---

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

<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. 

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Market Core Dividend Tilt Index ETF | Emerging Market Core Dividend Tilt Index ETF | Emerging Market Core Dividend Tilt Index ETF | Emerging Market Core Dividend Tilt Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $41476604 | &nbsp;&nbsp; $5886609 | &nbsp;&nbsp; $(3224058)<br>| &nbsp;&nbsp; $2662551 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5744)<br>| &nbsp;&nbsp; (5744)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Core Dividend Tilt Index ETF | International Core Dividend Tilt Index ETF | International Core Dividend Tilt Index ETF | International Core Dividend Tilt Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $1955989803 | &nbsp;&nbsp; $413717420 | &nbsp;&nbsp; $(94319108)<br>| &nbsp;&nbsp; $319398312 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (21443)<br>| &nbsp;&nbsp; (21443)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Dividend Booster Index ETF | International Dividend Booster Index ETF | International Dividend Booster Index ETF | International Dividend Booster Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $57579005 | &nbsp;&nbsp; $4056275 | &nbsp;&nbsp; $(1413507)<br>| &nbsp;&nbsp; $2642768 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Core Dividend Tilt Index ETF | U.S. Core Dividend Tilt Index ETF | U.S. Core Dividend Tilt Index ETF | U.S. Core Dividend Tilt Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $98580231 | &nbsp;&nbsp; $11279290 | &nbsp;&nbsp; $(4128139)<br>| &nbsp;&nbsp; $7151151 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5121)<br>| &nbsp;&nbsp; (5121)<br>|

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Dividend Booster Index ETF  | U.S. Dividend Booster Index ETF  | U.S. Dividend Booster Index ETF  | U.S. Dividend Booster Index ETF  |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $55800023 | &nbsp;&nbsp; $5308123 | &nbsp;&nbsp; $(1951016)<br>| &nbsp;&nbsp; $3357107 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6081)<br>| &nbsp;&nbsp; (6081)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Large Cap Multifactor Index ETF | U.S. Large Cap Multifactor Index ETF | U.S. Large Cap Multifactor Index ETF | U.S. Large Cap Multifactor Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $1438352764 | &nbsp;&nbsp; $315066920 | &nbsp;&nbsp; $(19837261)<br>| &nbsp;&nbsp; $295229659 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (40298)<br>| &nbsp;&nbsp; (40298)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Mid Cap Multifactor Index ETF | U.S. Mid Cap Multifactor Index ETF | U.S. Mid Cap Multifactor Index ETF | U.S. Mid Cap Multifactor Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $1644904522 | &nbsp;&nbsp; $213885530 | &nbsp;&nbsp; $(184822991)<br>| &nbsp;&nbsp; $29062539 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18054)<br>| &nbsp;&nbsp; (18054)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Small Cap Multifactor Index ETF | U.S. Small Cap Multifactor Index ETF | U.S. Small Cap Multifactor Index ETF | U.S. Small Cap Multifactor Index ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $48283218 | &nbsp;&nbsp; $5325625 | &nbsp;&nbsp; $(6658396)<br>| &nbsp;&nbsp; $(1332771)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (558)<br>| &nbsp;&nbsp; (558)<br>|

---

**4. Derivative instruments and hedging activities** 

**Emerging Market Core Dividend Tilt Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $5744 |

---

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

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $16450 | &nbsp;&nbsp; $16450 |
| Forward foreign currency contracts | &nbsp;&nbsp; $5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| **Total** | &nbsp;&nbsp; **$5** | &nbsp;&nbsp; **$16450** | &nbsp;&nbsp; **$16455** |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(3847)<br>|

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $81953 |

---

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

\* Based on the average of the market values at each month-end during the period.

**International Core Dividend Tilt Index ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $21443 |

---

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

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1670246 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $303947 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $8953314 |

---

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

\* Based on the average of the market values at each month-end during the period.

**International Dividend Booster Index ETF**

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following table provides information about the effect of derivatives and hedging activities on the Funds' Statement of Operations for the year ended March 31, 2026. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $9563 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $40849 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $5121 |

---

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

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $7826 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(4712)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $96810 |

---

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

\* Based on the average of the market values at each month-end during the period.

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

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $6081 |

---

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

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $10711 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(6081)<br>|

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $104605 |

---

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

\* Based on the average of the market values at each month-end during the period.

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

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $40298 |

---

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

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $309428 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(36398)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1953547 |

---

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

\* Based on the average of the market values at each month-end during the period.

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

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $18054 |

---

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

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $250925 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(44914)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $2100562 |

---

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

\* Based on the average of the market values at each month-end during the period.

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

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $558 |

---

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

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statements of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(4592)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(558)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $56014 |

---

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

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on each transaction date. Transactions in capital shares of the

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined in the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following companies were considered affiliated companies for all or some portion of the year ended March 31, 2026. The following transactions were effected in such companies for the year ended March 31, 2026.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Emerging Market Core <br> Dividend Tilt Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Emerging Market Core <br> Dividend Tilt Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $7 | $5618742 | 5618742 | $5618337 | 5618337 |  | $1845 |  |  | $412 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 71943705 | 71943705 | 71943705 | 71943705 |  |  | $39 |  |  |
| **Total** | **$7** | **$77562447** |  | **$77562042** |  | **—** | **$1845** | **$39** | **—** | **$412** |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International <br> Core Dividend <br> Tilt Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| International <br> Core Dividend <br> Tilt Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| $3560250 | $230636614 | 230636614 | $195115935 | 195115935 |  |  | $14816 |  | $39080929 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| 441748 | 116521159 | 116521159 | 116838557 | 116838557 |  | $78114 |  |  | 124350 |
| **Total** | **$4001998** | **$347157773** |  | **$311954492** |  | **—** | **$78114** | **$14816** | **—** | **$39205279** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Dividend Booster Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| International Dividend Booster Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>| $13 | $3970866 | 3970866 | $3970784 | 3970784 |  | $901 |  | $95 |

---

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Core Dividend Tilt Index <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Core Dividend Tilt Index <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $34773 | $2786720 | 2786720 | $2606142 | 2606142 |  | $3500 |  |  | $215351 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>|  | 76100 | 76100 | 76100 | 76100 |  |  | $2 |  |  |
| **Total** | **$34773** | **$2862820** |  | **$2682242** |  | **—** | **$3500** | **$2** | **—** | **$215351** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Dividend Booster Index ETF  | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Dividend Booster Index ETF  | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>| $2958 | $2638818 | 2638818 | $2533535 | 2533535 |  | $3688 |  | $108241 |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Large Cap <br> Multifactor Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Large Cap <br> Multifactor Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $796250 | $46053713 | 46053713 | $43853038 | 43853038 |  |  | $13340 |  | $2996925 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 401882 | 42524470 | 42524470 | 39930493 | 39930493 |  | $44411 |  |  | 2995859 |
| **Total** | **$1198132** | **$88578183** |  | **$83783531** |  | **—** | **$44411** | **$13340** | **—** | **$5992784** |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Mid Cap <br> Multifactor Index <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Mid Cap <br> Multifactor Index <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| $1731422 | $55590630 | 55590630 | $55990614 | 55990614 |  | $95534 |  |  | $1331438 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| 490875 | 54045685 | 54045685 | 53685210 | 53685210 |  |  | $5467 |  | 851350 |
| **Total** | **$2222297** | **$109636315** |  | **$109675824** |  | **—** | **$95534** | **$5467** | **—** | **$2182788** |

---

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Small Cap <br> Multifactor Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Small Cap <br> Multifactor Index ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $7400 | $10539945 | 10539945 | $10459205 | 10459205 |  |  | $897 |  | $88140 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 158 | 3707041 | 3707041 | 3707010 | 3707010 |  | $3456 |  |  | 189 |
| **Total** | **$7558** | **$14246986** |  | **$14166215** |  | **—** | **$3456** | **$897** | **—** | **$88329** |

---

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

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

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

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Emerging Market <br>Core Dividend <br>Tilt Index ETF<br>| International <br>Core Dividend <br>Tilt Index ETF<br>| International <br>Dividend Booster <br>Index ETF<br>| U.S. Core <br>Dividend Tilt <br>Index ETF<br>| U.S. Dividend <br>Booster <br>Index ETF <br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $785753 | &nbsp;&nbsp; $75503361 | &nbsp;&nbsp; $1779247 | &nbsp;&nbsp; $1505032 | &nbsp;&nbsp; $1999874 |
| **Total distributions paid** | &nbsp;&nbsp; **$785753** | &nbsp;&nbsp; **$75503361** | &nbsp;&nbsp; **$1779247** | &nbsp;&nbsp; **$1505032** | &nbsp;&nbsp; **$1999874** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | U.S. Large Cap <br>Multifactor <br>Index ETF<br>| U.S. Mid Cap <br>Multifactor <br>Index ETF<br>| U.S.Small Cap <br>Multifactor <br>Index ETF<br>|
| **Distributions paid from:** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $19986756 | &nbsp;&nbsp; $26495207 | &nbsp;&nbsp; $848241 |
| **Total distributions paid** | &nbsp;&nbsp; **$19986756** | &nbsp;&nbsp; **$26495207** | &nbsp;&nbsp; **$848241** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Emerging Market <br>Core Dividend <br>Tilt Index ETF<br>| International <br>Core Dividend <br>Tilt Index ETF<br>| International <br>Dividend Booster <br>Index ETF<br>| U.S. Core <br>Dividend Tilt <br>Index ETF<br>| U.S. Dividend <br>Booster <br>Index ETF <br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $657583 | &nbsp;&nbsp; $38523649 | &nbsp;&nbsp; $5532 | &nbsp;&nbsp; $974631 | &nbsp;&nbsp; $7258 |
| **Total distributions paid** | &nbsp;&nbsp; **$657583** | &nbsp;&nbsp; **$38523649** | &nbsp;&nbsp; **$5532** | &nbsp;&nbsp; **$974631** | &nbsp;&nbsp; **$7258** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | U.S. Large Cap <br>Multifactor <br>Index ETF<br>| U.S. Mid Cap <br>Multifactor <br>Index ETF<br>| U.S.Small Cap <br>Multifactor <br>Index ETF<br>|
| **Distributions paid from:** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $17114556 | &nbsp;&nbsp; $14786439 | &nbsp;&nbsp; $606537 |
| **Total distributions paid** | &nbsp;&nbsp; **$17114556** | &nbsp;&nbsp; **$14786439** | &nbsp;&nbsp; **$606537** |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Emerging Market <br>Core Dividend <br>Tilt Index ETF<br>| International <br>Core Dividend <br>Tilt Index ETF<br>| International <br>Dividend Booster <br>Index ETF<br>| U.S. Core <br>Dividend Tilt <br>Index ETF<br>| U.S. Dividend <br>Booster <br>Index ETF <br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $252927 | &nbsp;&nbsp; $10637065 | &nbsp;&nbsp; $250349 | &nbsp;&nbsp; $80164 | &nbsp;&nbsp; — |
| Deferred capital losses\* | &nbsp;&nbsp; (29596167)<br>| &nbsp;&nbsp; (46039506)<br>| &nbsp;&nbsp; (545900)<br>| &nbsp;&nbsp; (2492372)<br>| &nbsp;&nbsp; $(947111)<br>|
| Other book/tax temporary differences(a) | &nbsp;&nbsp; 5748 | &nbsp;&nbsp; 568147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5120 | &nbsp;&nbsp; 6081 |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 2654077 | &nbsp;&nbsp; 319422697 | &nbsp;&nbsp; 2639589 | &nbsp;&nbsp; 7148625 | &nbsp;&nbsp; 3351027 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(26683415)**<br>| &nbsp;&nbsp; **$284588403** | &nbsp;&nbsp; **$2344038** | &nbsp;&nbsp; **$4741537** | &nbsp;&nbsp; **$2409996** |

---

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Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | |
|:---|:---|:---|:---|
|  | U.S. Large Cap <br>Multifactor <br>Index ETF<br>| U.S. Mid Cap <br>Multifactor <br>Index ETF<br>| U.S.Small Cap <br>Multifactor <br>Index ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $1457774 | &nbsp;&nbsp; $5472282 | &nbsp;&nbsp; — |
| Deferred capital losses\* | &nbsp;&nbsp; (159442157)<br>| &nbsp;&nbsp; (43827233)<br>| &nbsp;&nbsp; $(4257297)<br>|
| Other book/tax temporary differences(a) | &nbsp;&nbsp; 40300 | &nbsp;&nbsp; 18048 | &nbsp;&nbsp; 555 |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 295189361 | &nbsp;&nbsp; 29044485 | &nbsp;&nbsp; (1333329)<br>|
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$137245278** | &nbsp;&nbsp; **$(9292418)**<br>| &nbsp;&nbsp; **$(5590071)**<br>|

---

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

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

**8. Concentration of risk**

Ongoing or threatened military conflicts throughout the world may cause significant market disruptions and volatility. The hostilities and sanctions resulting from those conflicts may also have a significant impact on certain investments of the Fund as well as the Fund's performance and liquidity. 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 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.

**9. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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 Booster Index ETF, Franklin U.S. Core Dividend Tilt Index ETF, Franklin U.S. Dividend Booster 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 each of the funds listed in the table below (eight of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, 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 listed in the table below as of March 31, 2026, 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> <br>|
| Franklin International Core Dividend Tilt Index ETF<sup>(1)</sup> <br>|
| Franklin International Dividend Booster Index ETF<sup>(2)</sup> <br>|
| Franklin U.S. Core Dividend Tilt Index ETF<sup>(1)</sup> <br>|
| Franklin U.S. Dividend Booster Index ETF<sup>(2)</sup> <br>|
| Franklin U.S. Large Cap Multifactor Index ETF<sup>(1)</sup> <br>|
| Franklin U.S. Mid Cap Multifactor Index ETF<sup>(1)</sup> <br>|
| Franklin U.S. Small Cap Multifactor Index ETF<sup>(1)</sup> <br>|

---

<sup>(1)</sup>

Statements of changes in net assets for each of the two years in the period ended March 31, 2026

<sup>(2)</sup>

Statements of changes in net assets for the year ended March 31, 2026 and for the period January 21, 2025 (inception date) through 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.

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, 2026 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 28, 2026

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Important Tax Information (unaudited)

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

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

The Funds hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **Emerging Market** <br>**Core Dividend** <br>**Tilt Index ETF**<br>| &nbsp;&nbsp; **International** <br>**Core Dividend** <br>**Tilt Index ETF**<br>| &nbsp;&nbsp; **International** <br>**Dividend Booster** <br>**Index ETF**<br>| &nbsp;&nbsp; **U.S. Dividend** <br>**Booster** <br>**Index ETF**<br>| &nbsp;&nbsp; **U.S. Large Cap** <br>**Multifactor** <br>**Index ETF**<br>|
| Income Eligible for <br> Dividends Received <br> Deduction (DRD)<br>| §854(b)(1)(A) |  |  |  | $1752557 | $18850249 |
| Qualified Dividend Income <br> Earned (QDI)<br>| §854(b)(1)(B) | $440517 | $62051237 | $1779350 | $1810495 | $19520818 |
| Qualified Business <br> Income Dividends Earned<br>| §199A |  |  |  |  | $465938 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **U.S. Mid Cap** <br>**Multifactor** <br>**Index ETF**<br>| &nbsp;&nbsp; **U.S.Small Cap** <br>**Multifactor** <br>**Index ETF**<br>|
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $24812772 | $743054 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $25581997 | $745172 |
| Qualified Business Income Dividends Earned | §199A | $913210 | $103069 |

---

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

Under Section 853 of the Internal Revenue Code, the Funds intends to elect to pass through to its 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, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Emerging Market** <br>**Core Dividend** <br>**Tilt Index ETF**<br>| &nbsp;&nbsp; **International** <br>**Core Dividend** <br>**Tilt Index ETF**<br>| &nbsp;&nbsp; **International** <br>**Dividend Booster** <br>**Index ETF**<br>|
| Foreign Taxes Paid | $161430 | $4451009 | $164424 |
| Foreign Source Income Earned | $950454 | $65258532 | $1906273 |

---

------

Franklin Templeton ETF Trust

------

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

---

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

---

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Franklin Templeton ETF Trust

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Templeton ETF Trust**

Franklin Emerging Market Core Dividend Tilt Index ETF

Franklin International Core Dividend Tilt Index ETF

Franklin International Dividend Booster Index ETF

Franklin U.S. Core Dividend Tilt Index ETF

Franklin U.S. Dividend Booster 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

The Funds are a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](imgd7eca5bc3.jpg)

**ETF-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

![](img1f5586be1.gif)

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img4ed578e32.gif)

**Franklin Disruptive Commerce ETF**

**Franklin Dividend Growth 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 Multisector Income 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**

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** <u>accessibility@franklintempleton.com</u>**.**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_SOI-Header-SOI-4995_1) | **1** |
| [Statements of Assets and Liabilities](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_SAL-Header-SAL_1) | **182** |
| [Statements of Operations](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_SOP-Header-SOP_1) | **188** |
| [Statements of Changes in Net Assets](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_SOC-Header-SOC-4995_1) | **193** |
| [Financial Highlights](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_FH-Header-Financialhighlights-4995_1) | **212** |
| [Notes to Financial Statements](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_NTF-Header-Notestofinancialstatements-4995_1) | **231** |
| [Report of Independent Registered Public Accounting Firm](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_RIRPAF-Header-Auditletter-4995_1) | **264** |
| [Important Tax Information](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_ITI-Header-Importanttaxinfo_1) | **266** |
| [Changes in and Disagreements with Accountants](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_TSR-TOCTSRDisclosures-4995_1) | **267** |
| [Results of Meeting(s) of Shareholders](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_TSR-TOCTSRDisclosures-4995_1) | **267** |
| [Remuneration Paid to Directors, Officers and Others](#xx_9338bc26-4345-4ea5-b013-b9fb777db4c7_TSR-TOCTSRDisclosures-4995_1) | **267** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedules of Investments

March 31, 2026

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.7%** | **Common Stocks — 96.7%** | **Common Stocks — 96.7%** |
| **Communication Services — 16.5%** | **Communication Services — 16.5%** | **Communication Services — 16.5%** |
| Entertainment — 8.2% | Entertainment — 8.2% | Entertainment — 8.2% |
| Netflix Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; $246,144<br> \*<br>|
| Nintendo Co. Ltd., ADR | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; 55388<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 64,139<br> \*<br>|
| Roku Inc. | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 82,982<br> \*<br>|
| Spotify Technology SA | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 80,980<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 529633 |
| Interactive Media & Services — 8.3% | Interactive Media & Services — 8.3% | Interactive Media & Services — 8.3% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 181450<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 267757<br>|
| Scout24 SE | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 22814<br> <sup>(a)</sup><br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 63153<br> <sup>(b)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 535174 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1064807** |
| **Consumer Discretionary — 39.5%** | **Consumer Discretionary — 39.5%** | **Consumer Discretionary — 39.5%** |
| Broadline Retail — 21.8% | Broadline Retail — 21.8% | Broadline Retail — 21.8% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 56296<br> <sup>(b)</sup><br>|
| Amazon.com Inc. | &nbsp;&nbsp; 3140 | &nbsp;&nbsp; 653,968<br> \*<br>|
| Coupang Inc. | &nbsp;&nbsp; 2663 | &nbsp;&nbsp; 50,277<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; 169661<br>|
| Etsy Inc. | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 29,038<br> \*<br>|
| Global-e Online Ltd. | &nbsp;&nbsp; 968 | &nbsp;&nbsp; 29,863<br> \*<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 255,895<br> \*<br>|
| Naspers Ltd., Class N Shares | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 30667<br>|
| PDD Holdings Inc., ADR | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 49,966<br> \*<sup>(b)</sup><br>|
| Prosus NV | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 29598<br>|
| Sea Ltd., ADR | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 47,450<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1402679 |
| Distributors — 1.1% | Distributors — 1.1% | Distributors — 1.1% |
| GigaCloud Technology Inc., Class A Shares | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 69,295<br> \*<br>|
| Hotels, Restaurants & Leisure — 9.6% | Hotels, Restaurants & Leisure — 9.6% | Hotels, Restaurants & Leisure — 9.6% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 63,266<br> \*<br>|
| Booking Holdings Inc. | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 223147<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 223,874<br> \*<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 108749<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 619036 |
| Specialty Retail — 6.0% | Specialty Retail — 6.0% | Specialty Retail — 6.0% |
| Carvana Co. | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 236,414<br> \*<br>|
| Chewy Inc., Class A Shares | &nbsp;&nbsp; 2854 | &nbsp;&nbsp; 77,058<br> \*<br>|
| Revolve Group Inc. | &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 45,649<br> \*<br>|
| Wayfair Inc., Class A Shares  | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 30,686<br> \*<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 389807 |
| Textiles, Apparel & Luxury Goods — 1.0% | Textiles, Apparel & Luxury Goods — 1.0% | Textiles, Apparel & Luxury Goods — 1.0% |
| Figs Inc., Class A Shares | &nbsp;&nbsp; 4385 | &nbsp;&nbsp; 64,767<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2545584** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 7.3%** | **Consumer Staples — 7.3%** | **Consumer Staples — 7.3%** |
| Consumer Staples Distribution & Retail — 7.3% | Consumer Staples Distribution & Retail — 7.3% | Consumer Staples Distribution & Retail — 7.3% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 181 | &nbsp;&nbsp; $180354<br>|
| Maplebear Inc. | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 55,740<br> \*<br>|
| Walmart Inc. | &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 230291<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **466385** |
| **Financials — 9.0%** | **Financials — 9.0%** | **Financials — 9.0%** |
| Capital Markets — 1.2% | Capital Markets — 1.2% | Capital Markets — 1.2% |
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 29,334<br> \*<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 46,362<br> \*<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 75696 |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% |
| Dave Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 14,972<br> \*<br>|
| Financial Services — 7.6% | Financial Services — 7.6% | Financial Services — 7.6% |
| Adyen NV, ADR | &nbsp;&nbsp; 5324 | &nbsp;&nbsp; 53,080<br> \*<br>|
| Affirm Holdings Inc. | &nbsp;&nbsp; 1802 | &nbsp;&nbsp; 82,568<br> \*<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 195867<br>|
| Toast Inc., Class A Shares | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 16,436<br> \*<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 472 | &nbsp;&nbsp; 142657<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 490608 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **581276** |
| **Industrials — 7.2%** | **Industrials — 7.2%** | **Industrials — 7.2%** |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 30224<br>|
| Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% |
| Liquidity Services Inc. | &nbsp;&nbsp; 1607 | &nbsp;&nbsp; 49,126<br> \*<br>|
| RB Global Inc. | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 16007<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 65133 |
| Electrical Equipment — 0.7% | Electrical Equipment — 0.7% | Electrical Equipment — 0.7% |
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 46,473<br> \*<br>|
| Ground Transportation — 3.9% | Ground Transportation — 3.9% | Ground Transportation — 3.9% |
| Lyft Inc., Class A Shares | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 13,859<br> \*<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 161,483<br> \*<br>|
| XPO Inc. | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 75,485<br> \*<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 250827 |
| Trading Companies & Distributors — 1.1% | Trading Companies & Distributors — 1.1% | Trading Companies & Distributors — 1.1% |
| Fastenal Co. | &nbsp;&nbsp; 1537 | &nbsp;&nbsp; 71317<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **463974** |
| **Information Technology — 15.2%** | **Information Technology — 15.2%** | **Information Technology — 15.2%** |
| IT Services — 9.3% | IT Services — 9.3% | IT Services — 9.3% |
| Shopify Inc., Class A Shares | &nbsp;&nbsp; 5029 | &nbsp;&nbsp; 596,540<br> \*<br>|
| Software — 5.9% | Software — 5.9% | Software — 5.9% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 278,998<br> \*<br>|
| Descartes Systems Group Inc. | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 32,202<br> \*<br>|
| Figma Inc., Class A Shares | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 24,353<br> \*<br>|
| Life360 Inc. | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 13,103<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software — continued | Software — continued | Software — continued |
| Manhattan Associates Inc. | &nbsp;&nbsp; 233 | &nbsp;&nbsp; $31,017<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 379673 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **976213** |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| Industrial REITs — 2.0% | Industrial REITs — 2.0% | Industrial REITs — 2.0% |
| Prologis Inc. | &nbsp;&nbsp; 950 | &nbsp;&nbsp; **125571**<br>|
| **Total Investments — 96.7% (Cost — $6,143,034)** | **Total Investments — 96.7% (Cost — $6,143,034)** | &nbsp;&nbsp; **6223810** |
| Other Assets in Excess of Liabilities — 3.3% | Other Assets in Excess of Liabilities — 3.3% | &nbsp;&nbsp; 213741 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$6437551** |

---

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

\* Non-income producing security.

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

<sup>(b)</sup> Variable interest entity (VIE). See Note 10 regarding investments made through a VIE structure. At March 31, 2026, the value of these securities was $169,415, representing 2.6% of net assets. 

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dividend Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.4%** | **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |
| **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** |
| Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% |
| Marriott International Inc., Class A Shares | &nbsp;&nbsp; 249 | &nbsp;&nbsp; $81441<br>|
| McDonald's Corp. | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 97277<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 178718 |
| Household Durables — 1.4% | Household Durables — 1.4% | Household Durables — 1.4% |
| DR Horton Inc. | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 66552<br>|
| Specialty Retail — 3.1% | Specialty Retail — 3.1% | Specialty Retail — 3.1% |
| Lowe's Cos. Inc. | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 81753<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; 69988<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 151741 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **397011** |
| **Consumer Staples — 10.5%** | **Consumer Staples — 10.5%** | **Consumer Staples — 10.5%** |
| Beverages — 2.5% | Beverages — 2.5% | Beverages — 2.5% |
| Coca-Cola Co. | &nbsp;&nbsp; 1638 | &nbsp;&nbsp; 124570<br>|
| Consumer Staples Distribution & Retail — 5.4% | Consumer Staples Distribution & Retail — 5.4% | Consumer Staples Distribution & Retail — 5.4% |
| Casey's General Stores Inc. | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 74970<br>|
| Walmart Inc. | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 190894<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 265864 |
| Household Products — 2.6% | Household Products — 2.6% | Household Products — 2.6% |
| Procter & Gamble Co. | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 129418<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **519852** |
| **Energy — 4.5%** | **Energy — 4.5%** | **Energy — 4.5%** |
| Oil, Gas & Consumable Fuels — 4.5% | Oil, Gas & Consumable Fuels — 4.5% | Oil, Gas & Consumable Fuels — 4.5% |
| Chevron Corp. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 144830<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 75899<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **220729** |
| **Financials — 18.1%** | **Financials — 18.1%** | **Financials — 18.1%** |
| Banks — 4.0% | Banks — 4.0% | Banks — 4.0% |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 197381<br>|
| Capital Markets — 6.7% | Capital Markets — 6.7% | Capital Markets — 6.7% |
| Charles Schwab Corp. | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 101217<br>|
| Morgan Stanley | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 135112<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 94143<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 330472 |
| Financial Services — 5.7% | Financial Services — 5.7% | Financial Services — 5.7% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 101838<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 175904<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 277742 |
| Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% |
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 84123<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **889718** |
| **Health Care — 15.5%** | **Health Care — 15.5%** | **Health Care — 15.5%** |
| Health Care Equipment & Supplies — 5.7% | Health Care Equipment & Supplies — 5.7% | Health Care Equipment & Supplies — 5.7% |
| Abbott Laboratories | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 106469<br>|
| STERIS PLC | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 67887<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dividend Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| Stryker Corp. | &nbsp;&nbsp; 324 | &nbsp;&nbsp; $106463<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 280819 |
| Life Sciences Tools & Services — 1.6% | Life Sciences Tools & Services — 1.6% | Life Sciences Tools & Services — 1.6% |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 78153<br>|
| Pharmaceuticals — 8.2% | Pharmaceuticals — 8.2% | Pharmaceuticals — 8.2% |
| Eli Lilly & Co. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 187633<br>|
| Johnson & Johnson | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 138842<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 80113<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 406588 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **765560** |
| **Industrials — 10.3%** | **Industrials — 10.3%** | **Industrials — 10.3%** |
| Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% |
| RTX Corp. | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 126928<br>|
| Building Products — 1.8% | Building Products — 1.8% | Building Products — 1.8% |
| Carrier Global Corp. | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 88125<br>|
| Commercial Services & Supplies — 1.3% | Commercial Services & Supplies — 1.3% | Commercial Services & Supplies — 1.3% |
| Cintas Corp. | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 64442<br>|
| Machinery — 2.5% | Machinery — 2.5% | Machinery — 2.5% |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 124439<br>|
| Trading Companies & Distributors — 2.1% | Trading Companies & Distributors — 2.1% | Trading Companies & Distributors — 2.1% |
| W.W. Grainger Inc. | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 101445<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **505379** |
| **Information Technology — 21.8%** | **Information Technology — 21.8%** | **Information Technology — 21.8%** |
| Electronic Equipment, Instruments & Components — 1.9% | Electronic Equipment, Instruments & Components — 1.9% | Electronic Equipment, Instruments & Components — 1.9% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 95773<br>|
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 36684<br>|
| Semiconductors & Semiconductor Equipment — 6.6% | Semiconductors & Semiconductor Equipment — 6.6% | Semiconductors & Semiconductor Equipment — 6.6% |
| Broadcom Inc. | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 229656<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 93770<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 323426 |
| Software — 8.6% | Software — 8.6% | Software — 8.6% |
| Microsoft Corp. | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 297247<br>|
| Oracle Corp. | &nbsp;&nbsp; 859 | &nbsp;&nbsp; 126367<br>|
| Total Software | Total Software | &nbsp;&nbsp; 423614 |
| Technology Hardware, Storage & Peripherals — 4.0% | Technology Hardware, Storage & Peripherals — 4.0% | Technology Hardware, Storage & Peripherals — 4.0% |
| Apple Inc. | &nbsp;&nbsp; 768 | &nbsp;&nbsp; 194911<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1074408** |
| **Materials — 4.8%** | **Materials — 4.8%** | **Materials — 4.8%** |
| Chemicals — 4.8% | Chemicals — 4.8% | Chemicals — 4.8% |
| Linde PLC | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 175995<br>|
| Sherwin-Williams Co. | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 62187<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **238182** |
| **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** |
| Electric Utilities — 3.8% | Electric Utilities — 3.8% | Electric Utilities — 3.8% |
| Evergy Inc. | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 72253<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dividend Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| NextEra Energy Inc. | NextEra Energy Inc. | &nbsp;&nbsp; 1251 | &nbsp;&nbsp; $116193<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **188446** |
| **Total Investments before Short-Term Investments (Cost — $4,894,891)** | **Total Investments before Short-Term Investments (Cost — $4,894,891)** | **Total Investments before Short-Term Investments (Cost — $4,894,891)** | &nbsp;&nbsp; **4799285** |
|  | Rate |  |  |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $128,493)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 128493<br>| &nbsp;&nbsp; **128493**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 100.0% (Cost — $5,023,384)** | **Total Investments — 100.0% (Cost — $5,023,384)** | **Total Investments — 100.0% (Cost — $5,023,384)** | &nbsp;&nbsp; **4927778** |
| Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp; 346 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$4928124** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $128,493 and the cost was $128,493 (Note 6).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 92.6%** | **Municipal Bonds — 92.6%** | **Municipal Bonds — 92.6%** | **Municipal Bonds — 92.6%** | **Municipal Bonds — 92.6%** |
| Alabama — 10.0% | Alabama — 10.0% | Alabama — 10.0% | Alabama — 10.0% | Alabama — 10.0% |
| Black Belt Energy Gas District, AL, Gas Project Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; $9975000 | &nbsp;&nbsp; $10259524<br> <sup>(a)(b)</sup><br>|
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202109<br> <sup>(a)(b)</sup><br>|
| Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014966<br> <sup>(c)</sup><br>|
| Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1054801<br> <sup>(c)</sup><br>|
| Series C | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 15250000 | &nbsp;&nbsp; 16136112<br> <sup>(a)(b)(c)</sup><br>|
| Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 25960000 | &nbsp;&nbsp; 27062277<br>|
| Energy Southeast, AL, A Cooperative District, Energy Supply Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 19590000 | &nbsp;&nbsp; 20397227<br>|
| Series A-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 2185000 | &nbsp;&nbsp; 2350740<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 6480000 | &nbsp;&nbsp; 6913613<br> <sup>(a)(b)</sup><br>|
| Series B-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 1020601<br> <sup>(a)(b)</sup><br>|
| Homewood Educational Building Authority, AL, Horizons II LLC, Student <br> Housing & Parking Project, Series C  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1107808<br>|
| Huntsville, AL, Health Care Authority Revenue, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 928963<br>|
| Infirmary Health System, AL, Special Care Facilities Financing Authority of <br> Mobile Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp; 2348622<br>|
| Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/40 | &nbsp;&nbsp; 2680000 | &nbsp;&nbsp; 2522331<br>|
| MidCity Improvement District, AL, Special Assessment Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 578313<br>|
| Series 2024 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245552<br> <sup>(c)</sup><br>|
| Mobile County, AL, Revenue, Gomesa Project, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89742<br> <sup>(c)</sup><br>|
| Selma, AL, Industrial Development Board Revenue, International Paper <br> Company Project, Refunding  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp; 2723752<br>|
| Southeast Alabama Gas Supply, Gas Supply Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 2940000 | &nbsp;&nbsp; 3116827<br> <sup>(a)(b)</sup><br>|
| Southeast Energy Authority, AL, Cooperative District Energy Supply Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 18395000 | &nbsp;&nbsp; 18513114<br> <sup>(a)(b)</sup><br>|
| Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 18475000 | &nbsp;&nbsp; 19309593<br>|
| Southeast Energy Authority, AL, Cooperative District, Commodity Supply <br> Revenue, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 899648<br> <sup>(a)(b)</sup><br>|
| Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 31145000 | &nbsp;&nbsp; 31836771<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 13945000 | &nbsp;&nbsp; 14335555<br> <sup>(a)(b)</sup><br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp; 2837075<br> <sup>(a)(b)</sup><br>|
| Total Alabama | Total Alabama | Total Alabama | Total Alabama | &nbsp;&nbsp; 187805636 |
| Alaska — 0.3% | Alaska — 0.3% | Alaska — 0.3% | Alaska — 0.3% | Alaska — 0.3% |
| Alaska State Housing Finance Corp., General Mortgage Revenue II, Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1965537<br>|
| Alaska State Railroad Corp., Cruise Port Revenue: |  |  |  |  |
| Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536646<br> <sup>(d)</sup><br>|
| Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1066297<br> <sup>(d)</sup><br>|
| Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1057920<br> <sup>(d)</sup><br>|
| Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, <br> Asset Backed Senior Bonds, Class 1, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990435<br>|
| Total Alaska | Total Alaska | Total Alaska | Total Alaska | &nbsp;&nbsp; 5616835 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Arizona — 0.5% | Arizona — 0.5% | Arizona — 0.5% | Arizona — 0.5% | Arizona — 0.5% |
| Chandler, AZ, IDA Revenue, Intel Corp. Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; $2730000 | &nbsp;&nbsp; $2773191<br> <sup>(a)(b)(d)</sup><br>|
| Glendale, AZ, IDA Revenue, People of Faith Inc., Obligated Group, Series 2020 <br> A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 155499<br>|
| Maricopa County, AZ, IDA Education Revenue, Grand Canyon University <br> Project  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp; 3084755<br> <sup>(c)</sup><br>|
| Sierra Vista, AZ, IDA Revenue: |  |  |  |  |
| American Leadership Academy Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1611426<br> <sup>(c)</sup><br>|
| Georgetown CDA Project | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244978<br> <sup>(c)</sup><br>|
| Tempe, AZ, IDA Revenue: |  |  |  |  |
| Friendship Village of Tempe Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226829<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1526408<br>|
| Total Arizona | Total Arizona | Total Arizona | Total Arizona | &nbsp;&nbsp; 9623086 |
| Arkansas — 0.7% | Arkansas — 0.7% | Arkansas — 0.7% | Arkansas — 0.7% | Arkansas — 0.7% |
| Arkansas State Development Finance Authority Health Care Revenue: |  |  |  |  |
| Baptist Memorial Health Care Corp., Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141976<br>|
| Baptist Memorial Health Care Corp., Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2499939<br>|
| Arkansas State Development Finance Authority Hospital Revenue: |  |  |  |  |
| Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1502943<br>|
| Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 162780<br>|
| Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corporation Project, Series B  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/3/36 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5467832<br> <sup>(a)(b)(c)(d)</sup><br>|
| Fayetteville, AR, Public Facilities Board Revenue, Butterfield Trail Village <br> Project, Series 2026  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp; 871820<br>|
| Jonesboro, AR, City Water & Light Plant, Public Utility System Revenue, <br> Series 2025  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2425317<br>|
| Total Arkansas | Total Arkansas | Total Arkansas | Total Arkansas | &nbsp;&nbsp; 13072607 |
| California — 6.6% | California — 6.6% | California — 6.6% | California — 6.6% | California — 6.6% |
| California State Community Choice Financing Authority Revenue: |  |  |  |  |
| Clean Energy Project, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1267147<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5289799<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 7895000 | &nbsp;&nbsp; 8065571<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1830000 | &nbsp;&nbsp; 1971259<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 24065000 | &nbsp;&nbsp; 25012740<br>|
| Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 8880000 | &nbsp;&nbsp; 9397245<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 4.115% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4595000 | &nbsp;&nbsp; 4661003<br> <sup>(a)(b)</sup><br>|
| Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp; 1077113<br> <sup>(a)(b)</sup><br>|
| California State Community College Financing Authority Revenue, Napa Valley <br> Properties LLC, College Project, Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 417983<br> <sup>(c)</sup><br>|
| California State Community Housing Agency Essential Housing Revenue: |  |  |  |  |
| Junior Bonds Aster, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/43 | &nbsp;&nbsp; 4218000 | &nbsp;&nbsp; 3911391<br> <sup>(c)</sup><br>|
| Junior Bonds Fountains, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/46 | &nbsp;&nbsp; 3855000 | &nbsp;&nbsp; 3294227<br> <sup>(c)</sup><br>|
| Junior Bonds Glendale Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2320000 | &nbsp;&nbsp; 1821611<br> <sup>(c)</sup><br>|
| Junior Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 877535<br> <sup>(c)</sup><br>|
| The Arbors, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp; 4747887<br> <sup>(c)</sup><br>|
| Verdant Green Valley, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 2135000 | &nbsp;&nbsp; 1951678<br> <sup>(c)</sup><br>|
| California State Health Facilities Financing Authority Revenue, Episcopal <br> Communities & Services, Initial Entrance Fees  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000292<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| California State Infrastructure & Economic Development Bank Revenue, <br> Brightline West Passenger Rail Project, Series B, Refunding  | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp; $212000<br> <sup>(a)(b)(c)(d)</sup><br>|
| California State MFA Revenue: |  |  |  |  |
| Mobile Home Park, Subordinate Revenue, Caritas Projects, Series B, <br> Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 120794<br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127279<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102428<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 507940<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517912<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 222146<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 273620<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/36 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1170272<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp; 1525812<br> <sup>(d)</sup><br>|
| Senior Lien, LINXS APM Project, Series A, AG | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141180<br> <sup>(d)</sup><br>|
| California State MFA Special Finance Agency Essential Housing Revenue: |  |  |  |  |
| Junior Bonds Solana at Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 5835000 | &nbsp;&nbsp; 5170263<br> <sup>(c)</sup><br>|
| Junior Bonds Solana at Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 7420000 | &nbsp;&nbsp; 6788533<br> <sup>(c)</sup><br>|
| Junior Bonds Solana at Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp; 2845328<br> <sup>(c)</sup><br>|
| Junior Bonds Solana at Grand, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp; 1586638<br> <sup>(c)</sup><br>|
| California State MFA, Special Tax Revenue: |  |  |  |  |
| Improvement Area One, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 314499<br>|
| Improvement Area One, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 281768<br>|
| Improvement Area Two | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 717227<br>|
| Series C | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64397<br>|
| Series C | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 428658<br>|
| Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 780309<br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 365263<br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 563114<br>|
| Series D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 283263<br>|
| California State PCFA Solid Waste Disposal Revenue, Calplant I Project, Green <br> Bonds, Series 2017  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 2,812<br> \*<sup>(c)(d)(e)(f)(g)</sup><br>|
| California State School Finance Authority Revenue: |  |  |  |  |
| Aspire Public School, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1450087<br> <sup>(c)</sup><br>|
| Classical Academy, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 130139<br> <sup>(c)</sup><br>|
| Community High School Foundation Inc., Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51277<br> <sup>(c)(h)</sup><br>|
| Community High School Foundation Inc., Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50593<br> <sup>(c)</sup><br>|
| Community High School Foundation Inc., Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125210<br> <sup>(c)</sup><br>|
| John Adams Academies, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 247606<br> <sup>(c)</sup><br>|
| Orange Springs Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2301561<br> <sup>(c)(i)</sup><br>|
| Orange Springs Obligated Group, Series A | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 963000<br> <sup>(c)(i)</sup><br>|
| River Springs Charter School, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2215000 | &nbsp;&nbsp; 2200227<br> <sup>(c)</sup><br>|
| California Statewide CDA Community Improvement Authority Essential <br> Housing Revenue: |  |  |  |  |
| Jefferson-Anaheim, Social Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 142813<br> <sup>(c)</sup><br>|
| Mezzanine Lien, Waterscape Apartments, Social Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1980000 | &nbsp;&nbsp; 1656234<br> <sup>(c)</sup><br>|
| Mezzanine Lien,Towne-Glendale, Social Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 811343<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| Parallel-Anaheim, Social Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $88428<br> <sup>(c)</sup><br>|
| Renaissance at City Center, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 7130000 | &nbsp;&nbsp; 6664017<br> <sup>(c)</sup><br>|
| Elsinore Valley, CA, Municipal Water Special Tax Revenue, Community <br> Facilities District No 2020, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100569<br> <sup>(c)</sup><br>|
| Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, <br> Series B (3 mo. Term SOFR x 0.670 + 0.262%) | &nbsp;&nbsp; 4.072% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3032113<br> <sup>(b)</sup><br>|
| Rancho Cordova, CA, Special Tax Revenue: |  |  |  |  |
| Improvement Area Two, Series 2026 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208924<br>|
| Improvement Area Two, Series 2026 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514263<br>|
| River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| Improvement Area One, Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 450862<br>|
| Improvement Area Three, Community Facilities District No 2003-1, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 428848<br>|
| Improvement Area Three, Community Facilities District No 2003-1, <br> Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 591008<br>|
| Improvement Area Two, Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 524888<br>|
| San Francisco, CA, City & County Development Special Tax Revenue, Mission <br> Rock Facilities & Services, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98774<br> <sup>(c)</sup><br>|
| Southern California Public Power Authority, Natural Gas Project Revenue, <br> Project Number 1, Series A  | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1376043<br> <sup>(b)</sup><br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 124086763 |
| Colorado — 1.4% | Colorado — 1.4% | Colorado — 1.4% | Colorado — 1.4% | Colorado — 1.4% |
| Bradburn, CO, Metropolitan District No 2, Colorado Limited Tax, GO, <br> Improvement Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 597761<br>|
| City & County of Broomfield, CO, Water Activity Enterprise Water Revenue, <br> Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1396533<br>|
| Colorado Educational & Cultural Facilities Authority, Charter School, Golden <br> View Classical Academy Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200178<br>|
| Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| Christian Living Neighborhoods, Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100691<br>|
| Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp; 1548918<br>|
| Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp; 1652199<br>|
| Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp; 1736106<br>|
| Commonspirit Health Initiatives, Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2055735<br>|
| Improvement Second Tier Bonds, Bethesda Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 3575000 | &nbsp;&nbsp; 3616872<br>|
| Colorado State Health Facilities Authority, Improvement & Refunding <br> Revenue, Christian Living Neighborhoods, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 221685<br>|
| Denver, CO, Health & Hospital Authority Revenue: |  |  |  |  |
| Series 2017, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 195676<br> <sup>(c)</sup><br>|
| Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp; 996450<br>|
| Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp; 1140815<br>|
| Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp; 2117613<br>|
| Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 2820000 | &nbsp;&nbsp; 2589853<br>|
| E-470 Public Highway Authority Revenue, CO, Senior Bonds, Series B, <br> Refunding (SOFR x 0.670 + 0.750%) | &nbsp;&nbsp; 3.182% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998911<br> <sup>(a)(b)</sup><br>|
| Kinston Metropolitan District, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 568950<br> <sup>(c)</sup><br>|
| Maiker Housing Partners, CO, MFH Revenue, Verrbena Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1010206<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued | Colorado — continued |
| Raindance, CO, Metropolitan District No 1, Non-Potable Water System <br> Revenue, Water Activity Enterprise, Series 2020  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; $1247000 | &nbsp;&nbsp; $1241631<br>|
| Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1393143<br> <sup>(c)</sup><br>|
| Southlands Metropolitan District No 1, CO, GO: |  |  |  |  |
| Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100012<br>|
| Series A | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 134040<br>|
| Series A, Refunding | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99289<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 813203<br>|
| Sterling Ranch, CO, Community Authority Board, Sterling Ranch Metropolitan <br> District No 1, Special Assessment Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 773000 | &nbsp;&nbsp; 794160<br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 27320630 |
| Connecticut — 0.9% | Connecticut — 0.9% | Connecticut — 0.9% | Connecticut — 0.9% | Connecticut — 0.9% |
| Connecticut State HEFA Revenue: |  |  |  |  |
| Hartford Healthcare Issue, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 9480000 | &nbsp;&nbsp; 10059109<br>|
| Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1366247<br>|
| Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5479833<br>|
| McLean Affiliates Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100617<br> <sup>(c)</sup><br>|
| Sacred Heart University, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5126<br>|
| Total Connecticut | Total Connecticut | Total Connecticut | Total Connecticut | &nbsp;&nbsp; 17010932 |
| Delaware — 0.1% | Delaware — 0.1% | Delaware — 0.1% | Delaware — 0.1% | Delaware — 0.1% |
| Delaware State EDA, Charter Schools Revenue, Series 2021, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 899116<br>|
| Delaware State Housing Authority, Senior Single-Family Mortgage Revenue, <br> Series B, GNMA / FNMA / FHLMC  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp; 1010285<br>|
| Kent County, DE, Student Housing & Dining Facility Revenue, University <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101331<br>|
| Total Delaware | Total Delaware | Total Delaware | Total Delaware | &nbsp;&nbsp; 2010732 |
| District of Columbia — 0.2% | District of Columbia — 0.2% | District of Columbia — 0.2% | District of Columbia — 0.2% | District of Columbia — 0.2% |
| District of Columbia Revenue: |  |  |  |  |
| Smart Street Lighting Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/33 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279966<br> <sup>(d)</sup><br>|
| Smart Street Lighting Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/36 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28474<br> <sup>(d)</sup><br>|
| Smart Street Lighting Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/37 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 136482<br> <sup>(d)</sup><br>|
| Metropolitan Washington, DC, Transit Authority, Dedicated Tax Revenue, <br> Second Lien, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/15/50 | &nbsp;&nbsp; 3365000 | &nbsp;&nbsp; 3534510<br>|
| Total District of Columbia | Total District of Columbia | Total District of Columbia | Total District of Columbia | &nbsp;&nbsp; 3979432 |
| Florida — 10.1% | Florida — 10.1% | Florida — 10.1% | Florida — 10.1% | Florida — 10.1% |
| Angeline, FL, Community Development District, Special Assessment Revenue, <br> Capital Improvement Bonds, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302107<br>|
| Antillia, FL, Community Development District Miami-Dade County Special <br> Assessment Revenue, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 349723<br>|
| Artisan, FL, Lakes East Community Development District Revenue, Manatee <br> County Florida Capital Improvement Bond  | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99870<br> <sup>(c)</sup><br>|
| Astonia, FL, Community Development District Polk County, Special <br> Assessment Revenue, Assessment Area One, Series 2020  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 143620<br> <sup>(c)</sup><br>|
| Avalon, FL, Groves Community Development District Special Assessment <br> Revenue, Assessment Area One, Series 2021  | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34963<br>|
| Avalon, FL, Park West Community Development District Special Assessment <br> Revenue, Series 2020, Refunding  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97724<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Aventura, FL, Isles Community Development District Miami-Dade County <br> Special Assessment Revenue, Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; $1210000 | &nbsp;&nbsp; $1224119<br>|
| Babcock Ranch, FL, Community Independent Special District, Special <br> Assessment Revenue: |  |  |  |  |
| Assessment Area Three | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 141305<br>|
| Assessment Area Two | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48911<br>|
| Series 2022 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 571232<br>|
| Series 2022 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55404<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1037968<br>|
| Bella Tara, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 830570<br>|
| Belmond Reserve, FL, Community Development District Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97983<br>|
| Berry Bay, FL, Community Development District Special Assessment Revenue, <br> Assessment Area One, Series 2021  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94601<br>|
| Black Creek, FL, Community Development District Miami-Dade County Florida <br> Special Assessment Revenue, Expansion Area Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104731<br>|
| Brevard County, FL, Health Facilities Authority Hospital Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 3315000 | &nbsp;&nbsp; 3382510<br>|
| Brightshore, FL, Community Development District, Capital Improvement <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 820870<br>|
| Brightwater, FL, Community Development District Capital Improvement <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255517<br> <sup>(c)</sup><br>|
| Buena Lago, FL, Community Development District Capital Improvement <br> Revenue, Series 2022  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 687916<br>|
| Capital Projects, FL, Finance Authority Revenue: |  |  |  |  |
| Student Housing, Loan Program, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985056<br> <sup>(c)</sup><br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1053449<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp; 1625336<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035911<br>|
| Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030958<br>|
| Capital Trust Agency Inc., FL, Educational Facilities Revenue: |  |  |  |  |
| Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 117190<br> <sup>(c)</sup><br>|
| Liza Jackson Preparatory School Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 284362<br>|
| Liza Jackson Preparatory School Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1118062<br>|
| South Tech Schools Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 2210000 | &nbsp;&nbsp; 2205838<br> <sup>(c)</sup><br>|
| Capital Trust Agency Inc., FL, Senior Revenue: |  |  |  |  |
| Educational Growth Fund LLC, Charter School Portfolio Projects, Series A-1 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 76650<br> <sup>(c)</sup><br>|
| Wonderful Foundations Charter School Portfolio Project, Series A-1 | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237047<br> <sup>(c)</sup><br>|
| Wonderful Foundations Charter School Portfolio Project, Series A-1 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 459089<br> <sup>(c)</sup><br>|
| Capital Trust Agency Inc., FL, Student Housing Revenue: |  |  |  |  |
| University Bridge LLC, Student Housing Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299061<br> <sup>(c)</sup><br>|
| University Bridge LLC, Student Housing Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 4475000 | &nbsp;&nbsp; 4464179<br> <sup>(c)</sup><br>|
| Capital Trust Authority, FL, Educational Facilities Revenue: |  |  |  |  |
| Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1812251<br> <sup>(c)</sup><br>|
| Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1019799<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Madron Tech Student Housing I LLC, Florida Institute of Technology Project, <br> Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; $1150000 | &nbsp;&nbsp; $1142640<br> <sup>(c)</sup><br>|
| Madron Tech Student Housing I LLC, Florida Institute of Technology Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1754012<br> <sup>(c)</sup><br>|
| Capital Trust Authority, FL, MFH Revenue, Gulf Coast Portfolio, Refunding  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 729466<br> <sup>(c)</sup><br>|
| Caymas, FL, Community Development District Revenue, Collier County Capital <br> Improvement Bond, Assessment Area One  | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 242066<br>|
| Caymas, FL, Community Development District Revenue, Capital Improvement <br> Revenue, Collier County Capital Improvement Bond, Assessment Area Two  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 693975<br>|
| Cedar Crossings, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 596094<br> <sup>(c)</sup><br>|
| Celebration, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/41 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41600<br>|
| Center Lake Ranch West, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1202315<br> <sup>(c)</sup><br>|
| Central Parc, FL, Community Development District Special Assessment <br> Revenue, City of North Port Florida, Series 2024  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1010936<br>|
| Chaparral of Palm Bay, FL, Community Development District Revenue, Capital <br> Improvement, Assessment Area Two  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 412498<br>|
| Charlotte County, FL, IDA Revenue: |  |  |  |  |
| Town & Country Utilities Project | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509109<br> <sup>(d)</sup><br>|
| Town & Country Utilities Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1378434<br> <sup>(c)(d)</sup><br>|
| Coddington, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Capital Improvement, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 283323<br>|
| Capital Improvement, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73379<br>|
| Connerton East, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167289<br>|
| Assessment Area Three | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 673641<br>|
| Assessment Area Two | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512430<br>|
| Coral Bay, FL, Community Development District, Special Assessment Revenue, <br> Series 2022  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 289566<br>|
| Coral Keys, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 161755<br>|
| Cordoba Ranch, FL, Community Development District, Special Assessment <br> Revenue, Series 2021, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97103<br>|
| Cordova Palms, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2022 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50241<br>|
| Series 2021 | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93873<br>|
| Creekside, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 296133<br>|
| Creekview, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1147709<br>|
| Cresswind DeLand, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 747649<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Cross Creek North, FL, Community Development District, Special Assessment <br> Revenue, Series 2022  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $954576<br>|
| Curiosity Creek, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301817<br> <sup>(c)</sup><br>|
| Cypress Bluff, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 661644<br>|
| Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 53980<br> <sup>(c)</sup><br>|
| Cypress Park Estates, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55104<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 139320<br>|
| Cypress Ridge, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 299487<br>|
| Darby, FL, Community Development District, Special Assessment Revenue, <br> Series 2024A-2  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206705<br>|
| Del Webb Oak Creek, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 106056<br>|
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86407<br>|
| Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 377229<br> <sup>(c)</sup><br>|
| Del Webb River Reserve, FL, Community Development District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 437362<br>|
| Downtown Doral South, FL, Community Development District, Special <br> Assessment Revenue, Series 2018  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166178<br> <sup>(c)</sup><br>|
| DW Bayview, FL, Community Development District, Special Assessment <br> Revenue, Series 2021  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96878<br> <sup>(c)</sup><br>|
| EA McKinnon Groves, FL, Community Development District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 851444<br>|
| East 547, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117890<br>|
| East Bonita Beach Road, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One, Series 2021  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96718<br>|
| East Nassau County, FL, Special Assessment Revenue, Stewardship District, <br> Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033550<br>|
| Eden Hills, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 570373<br>|
| Edgewater East, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95589<br>|
| Series 2022 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123908<br>|
| Edgewater West, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/41 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1849941<br>|
| Enbrook, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95692<br> <sup>(c)</sup><br>|
| Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 229523<br> <sup>(c)</sup><br>|
| Entrada, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298590<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Epperson North, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; $80000 | &nbsp;&nbsp; $75931<br>|
| Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136059<br>|
| Escambia, FL, County Health Facilities Authority Revenue: |  |  |  |  |
| Baptist Health Care Corp. Obligated Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1091670<br>|
| Baptist Hospital Inc. Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp; 2323888<br>|
| Baptist Hospital Inc. Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 467253<br>|
| Esplanade at Wellen Park, FL, Community Development District, Capital <br> Improvement Revenue, Series 2026  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1229460<br>|
| Everlands II, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126613<br>|
| Everlands, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 755470<br> <sup>(c)</sup><br>|
| Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 278745<br>|
| Firethorn, FL, Community Development District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 368029<br>|
| Florida State Development Finance Corp. Revenue: |  |  |  |  |
| Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 311404<br> <sup>(d)</sup><br>|
| Brightline Passenger Rail Project, Series B | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 241500<br> <sup>(a)(b)(c)(d)</sup><br>|
| Florida State Development Finance Corp., Healthcare Facilities Revenue: |  |  |  |  |
| UF Health Jacksonville Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1179549<br>|
| UF Health Jacksonville Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp; 2710426<br>|
| UF Health Jacksonville Project, Series, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 319537<br>|
| Florida State Development Finance Corp., Senior Living Revenue: |  |  |  |  |
| Glenridge on Palmer Ranch Obligated Group, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208428<br> <sup>(c)</sup><br>|
| Mayflower Retirement Community Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98410<br> <sup>(c)</sup><br>|
| Florida State Housing Finance Corp., Homeowner Mortgage Revenue: |  |  |  |  |
| Series 3, GNMA / FNMA / FHLMC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 435940<br>|
| Series 5, GNMA / FNMA / FHLMC | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 892968<br>|
| Florida State Local Government Finance Commission, Educational Facilities <br> Revenue, Bridgeprep Academy Projects, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030770<br> <sup>(c)</sup><br>|
| Florida State Municipal Loan Council, Capital Improvement Revenue, Shingle <br> Creek Transit and Utility Community Development District  | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 224073<br> <sup>(d)</sup><br>|
| Flow Way, FL, Community Development District, Special Assessment <br> Revenue, Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009921<br>|
| Forest Lake, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 142668<br> <sup>(c)</sup><br>|
| Fox Branch Ranch, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 530186<br>|
| Gardens at Hammock Beach, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 618971<br>|
| Grand Oaks, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150156<br>|
| Grande Pines, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2024  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 436114<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Groves at Lake Marion, FL, Community Development District, Special <br> Assessment Revenue, Series 2026  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 12/15/46 | &nbsp;&nbsp; $455000 | &nbsp;&nbsp; $450724<br> <sup>(c)</sup><br>|
| Hacienda North, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 140951<br>|
| Hammock Oaks, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141703<br>|
| Hammock Reserve, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98205<br>|
| Assessment Area One, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 511711<br>|
| Harmony on Lake Eloise, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Two, Series 2025  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 827622<br>|
| Harmony West, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30334<br>|
| Harvest Hills South, FL, Community Development District, Capital <br> Improvement Revenue, Assessment Area One  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1369365<br>|
| Harvest Ridge, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507800<br>|
| Hawkstone, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 156515<br>|
| Herons Glen, FL, Recreation District, Special Assessment Revenue, <br> Series 2020, Refunding, BAM  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98086<br>|
| Hickory Tree, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 472733<br>|
| Assessment Area One, Series 2024 | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 919230<br>|
| Highland Park, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1267278<br> <sup>(i)</sup><br>|
| Highland Trails, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192602<br>|
| Hillcrest Preserve, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 979040<br> <sup>(c)</sup><br>|
| Hills of Minneola, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| North Parcel Assessment Area Two | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 677006<br>|
| Series 2021 | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24971<br>|
| Hunt Club Grove, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One, Series 2024 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226759<br>|
| Assessment Area One, Series 2024 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 186583<br>|
| Assessment Area Two, Series 2026 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 12/15/46 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 676130<br>|
| Hyde Park No 1, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 366775<br> <sup>(i)</sup><br>|
| Ibis Landing, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 642526<br>|
| Indigo, FL, Community Development District, Special Assessment Revenue, <br> Series 2021  | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94607<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Jacksonville, FL, Health Care Facilities Revenue, Brooks Rehabilitation, <br> Series 2020, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; $1565000 | &nbsp;&nbsp; $1461256<br>|
| Juniper Cove, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505526<br>|
| Kelly Park, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158237<br>|
| Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 651620<br>|
| Keys Edge, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1436497<br>|
| Kindred, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 151626<br>|
| Series 2023 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 417956<br>|
| Kingman Gate, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 108601<br>|
| Series 2021 | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19968<br>|
| Kissimmee Park, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 443658<br>|
| Lake Mattie Preserve, FL, Community Development District, Capital <br> Improvement Revenue, Phase 1 Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007761<br>|
| Lakes at Bella Lago, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 170492<br>|
| Lakes by the Bay South, FL, Community Development District, Special <br> Assessment Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 469144<br>|
| Lakes of Sarasota, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 131070<br>|
| Assessment Area Two Project | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 79957<br>|
| Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 523792<br>|
| Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 633345<br>|
| Lakeside at Satilla, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 604014<br> <sup>(c)</sup><br>|
| Lakewood Ranch Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| Azario Project | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 171986<br>|
| Lakewood Ranch Southeast Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 882359<br>|
| Lorraine Lakes Project | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58798<br> <sup>(c)</sup><br>|
| Northeast Sector Project - Phase 2, Refunding | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98278<br> <sup>(c)</sup><br>|
| Palm Grove Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 593407<br>|
| Star Farms At Lakewood Ranch Project – Phase 1/2 | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94873<br>|
| Taylor Ranch Project | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 539619<br>|
| Villages of Lakewood Ranch South Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 460270<br>|
| Langley South, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180192<br>|
| Lawson Dunes, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65118<br>|
| Lee County, FL, Airport Revenue, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1617873<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Lee County, FL, IDA, Healthcare Facilities Revenue: |  |  |  |  |
| Shell Point Obligated Group | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1003903<br>|
| Shell Point Obligated Group Project, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp; 5280551<br>|
| Longleaf, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Neighborhood 4, Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121492<br> <sup>(c)</sup><br>|
| Neighborhood 4, Assessment Area Two Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240451<br>|
| Neighborhood 4, Assessment Area Two Project, Series 2024 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; 700996<br>|
| Los Cayos, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 268582<br>|
| LT Ranch, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Phase IIA Assessment Area, Series 2022-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120959<br>|
| Series 2022-2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 197607<br>|
| LTC Ranch West Residential, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Four Project, Refunding  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1016230<br>|
| Madeira, FL, Community Development District, Capital Improvement Revenue, <br> Assessment Area Two Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500170<br>|
| Magnolia Island, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250969<br>|
| Magnolia Park, FL, Community Development District, Special Assessment <br> Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp; 47890<br> <sup>(c)</sup><br>|
| Marion Ranch, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 182511<br>|
| Series 2024 | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 891417<br>|
| Meadow View at Twin Creeks, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 66347<br>|
| Miami, FL, HFA Revenue, Miami Jewish Health Systems Inc. Project, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149768<br>|
| Miami-Dade County, FL, Seaport Revenue, Series A, Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1397662<br> <sup>(d)</sup><br>|
| Miami-Dade County, FL, Transit System Sales Surtax Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 6665000 | &nbsp;&nbsp; 6751928<br>|
| Middleton A, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211834<br>|
| Mirada II, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92016<br>|
| Newport Isles, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 437415<br>|
| Newton Road, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 843873<br> <sup>(c)</sup><br>|
| Normandy, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 441825<br> <sup>(c)</sup><br>|
| Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp; 2145154<br> <sup>(c)</sup><br>|
| North Powerline Road, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85397<br> <sup>(c)</sup><br>|
| North River Ranch Improvement Stewardship District, FL, Special Assessment <br> Revenue, Manatee County  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147549<br>|
| Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 410986<br> <sup>(c)</sup><br>|
| Old Hickory, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96682<br>|
| Orlando, FL, Contract Tourist Development Tax Revenue, Series 2025, AG  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp; 2710939<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Pacific Ace, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $503231<br>|
| Palermo, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 758105<br>|
| Series 2023 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65653<br>|
| Palm Beach County, FL, Health Facilities Authority Hospital Revenue: |  |  |  |  |
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 323276<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1014444<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 674320<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88416<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 222605<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 721435<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92575<br>|
| Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 148457<br>|
| Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| Lifespace Communities Inc., Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 1301801<br>|
| Lifespace Communities Inc., Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 725020<br>|
| Lifespace Communities Inc., Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 307000 | &nbsp;&nbsp; 307198<br>|
| Lifespace Communities Inc., Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30017<br>|
| Lifespace Communities Inc., Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1039529<br>|
| Palm Coast Park, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200438<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 266838<br>|
| Palm Gate, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 954729<br>|
| Palm Glades, FL, Community Development District, Senior Special <br> Assessment Revenue, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 778003<br>|
| Parker Pointe, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 704521<br>|
| Parkside Trails, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 348550<br>|
| Parkview at Long Lake Ranch, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95976<br>|
| Parrish Lakes II, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1483461<br>|
| Parrish Lakes, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area Three Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 237497<br>|
| Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155480<br>|
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 909177<br>|
| Parrish Plantation, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area Four, Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81190<br>|
| Assessment Area One, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95970<br>|
| Assessment Area Three Project | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206104<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Parrish Plantation, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; $55000 | &nbsp;&nbsp; $56520<br>|
| Pasadena Ridge, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247373<br>|
| Pasco County, FL, Solid Waste Disposal & Resource Recovery System <br> Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp; 1542344<br> <sup>(d)</sup><br>|
| PBR, FL, Community Development District Revenue, Series A-1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 677857<br>|
| Peace Creek Village, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 839515<br>|
| Series 2025 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 328735<br>|
| Peace Crossing, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 326303<br>|
| Pine Ridge Plantation, FL, Community Development District, Special <br> Assessment Revenue, Refunding  | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148317<br>|
| Pioneer Ranch, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 789549<br>|
| Poitras East, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100423<br>|
| Preserve at Legends Pointe, FL, Community Development District, Capital <br> Improvement Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 632880<br> <sup>(c)</sup><br>|
| Preserve at South Branch, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97648<br>|
| Reflection Bay, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 213890<br>|
| Regal Village, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 246764<br>|
| Reserve at Van Oaks, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184320<br>|
| Reunion East, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96101<br>|
| Reunion West, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Four Project  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 491775<br> <sup>(c)</sup><br>|
| River Hall, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area Five Project | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp; 637155<br> <sup>(c)</sup><br>|
| Assessment Area Four Project | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180937<br>|
| River Landing, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1272728<br>|
| Rivers Edge II, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96700<br>|
| Rivers Edge III, FL, Community Development District, Capital Improvement <br> Revenue, St. Johns County  | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99895<br> <sup>(c)</sup><br>|
| Riverwalk, FL, Community Development District, Special Assessment <br> Revenue, Series A  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255492<br> <sup>(c)</sup><br>|
| Rolling Oaks, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 232011<br> <sup>(c)</sup><br>|
| Rye Ranch, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56025<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Saddle Creek Preserve of Polk County, FL, Community Development District, <br> Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; $80000 | &nbsp;&nbsp; $77952<br>|
| Saltleaf, FL, Community Development District, Capital Improvement Revenue, <br> Series 2026  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 427062<br> <sup>(c)(i)</sup><br>|
| Saltmeadows, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 224631<br>|
| Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 236739<br> <sup>(c)</sup><br>|
| Sanctuary Cove, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69899<br>|
| Sandmine Road, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98818<br> <sup>(c)</sup><br>|
| Assessment Area Two Project, Series 2021 | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14902<br>|
| Sandridge, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99937<br>|
| Sarasota National, FL, Community Development District, Special Assessment <br> Revenue, Series 2020, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96763<br>|
| Sawgrass Village, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163083<br>|
| Sawyers Landing, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148772<br>|
| Scenic Terrace North, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 299969<br>|
| Seaton Creek Reserve, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20295<br> <sup>(c)</sup><br>|
| Sebastian Isles, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 174795<br>|
| Sherwood Manor, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96362<br>|
| Shingle Creek at Bronson, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97414<br>|
| Silver Oaks, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 207390<br>|
| Six Mile Creek, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area Two Project, Series 2021, Refunding | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71792<br>|
| Series 2024 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 736970<br>|
| Somerset Bay, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 306993<br> <sup>(c)</sup><br>|
| Assessment Area One Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 940962<br> <sup>(c)</sup><br>|
| Somerset, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 941107<br>|
| Series 2022, Refunding | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1153011<br>|
| Sorrento Pines, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45593<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Assessment Area One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; $180000 | &nbsp;&nbsp; $185007<br>|
| South Fork East, FL, Community Development District, Capital Improvement <br> Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1373157<br>|
| Southern Groves No 5, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Port St. Lucie, Series 2022 | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530576<br>|
| Port St. Lucie, Series 2024 | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 357302<br>|
| Southpointe of Manatee County, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 668287<br>|
| Springs at Lake Alfred, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 368343<br>|
| St Augustine Lakes, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154399<br>|
| St. Johns County, Series 2022 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 445425<br>|
| St. Johns County, FL, IDA Revenue: |  |  |  |  |
| Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 471860<br>|
| Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 332416<br>|
| Starling, FL, Community Development District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1834771<br> <sup>(c)</sup><br>|
| Stillwater, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93593<br> <sup>(c)</sup><br>|
| Stonegate Preserve, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 721310<br>|
| Stuart Crossing, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 171541<br> <sup>(c)</sup><br>|
| Sugarloaf, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area One  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/15/46 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 596236<br>|
| Summer Woods, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71696<br>|
| Summit View, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 394643<br>|
| Sunbridge Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| Del Webb Phase 1/2 Project | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135681<br>|
| Del Webb Phase 2D/3 Project | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 617705<br> <sup>(i)</sup><br>|
| Weslyn Park Project | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101641<br>|
| Tamarindo, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94649<br>|
| Terra Lago, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1180919<br>|
| Terreno, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 264459<br>|
| Series 2025 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 556885<br>|
| Timber Creek Southwest, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143951<br>|
| Tohoqua, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Phase 2 Project | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96393<br>|
| Phase 4A/5A Project | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59936<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Tradition No 9, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $93245<br>|
| Tranquility, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 885691<br>|
| Trevesta, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96331<br> <sup>(c)</sup><br>|
| Twisted Oaks Pointe, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Assessment Area One Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp; 800387<br>|
| Assessment Area Two Project | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 176293<br>|
| Two Lakes, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300845<br> <sup>(c)</sup><br>|
| Two Ridges, FL, Community Development District, Special Assessment <br> Revenue, Pasco County  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517689<br>|
| Two Rivers West, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2022, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 283755<br>|
| Series 2022, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157202<br>|
| Series 2022, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157646<br>|
| Two Rivers West, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 796990<br>|
| Varrea South, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| Series 2025 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 239682<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 598475<br> <sup>(c)</sup><br>|
| V-Dana, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97384<br>|
| Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 497467<br>|
| Venetian Parc, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009921<br>|
| Venice, IN, Retirement Community Revenue, Tax-Exempt, Isle Project, Series B  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 550447<br> <sup>(c)</sup><br>|
| Veranda, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Veranda Estates Project, Series 2021, Refunding | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 67911<br> <sup>(c)</sup><br>|
| Veranda Estates Project, Series 2024, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 161956<br>|
| Verano No 2, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 627977<br>|
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 826658<br>|
| Verano No 3, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2022  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35873<br>|
| Verano No 4, FL, Community Development District, Special Assessment <br> Revenue, Phase 2 Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258271<br>|
| Viera Stewardship District, FL, Special Assessment Revenue, Village 2 - <br> Series 2021 Project  | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 121298<br>|
| Village No 13, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 78822<br>|
| Village No 5, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Phase 1 Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1073451<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Phase 2 Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp; $1467465<br>|
| Villamar, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| Assessment Area Five Project, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259337<br>|
| Assessment Area Six Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187556<br>|
| Vivid Shores, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500964<br>|
| Waterford, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1156913<br>|
| Waterset South, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Hillsborough County, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105001<br>|
| Hillsborough County, Series 2022 | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262279<br>|
| Hillsborough County, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 305252<br>|
| Waterset South, FL, Community Development District, Special Assessment <br> Revenue, Hillsborough County, Series 2026  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 362061<br>|
| Wellness Ridge, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 352705<br> <sup>(c)</sup><br>|
| Wellness Ridge, FL, Community Development District, Special Assessment <br> Revenue, Lake County, Assessment Area Three, Series 2026  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 738105<br>|
| West Lake, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 696854<br>|
| West Villages Improvement District, FL, Capital Improvement Revenue: |  |  |  |  |
| Unit of Development No 10, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497326<br>|
| Unit of Development No 11, Series 2025 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990324<br>|
| Unit of Development No 12, Assessment Area One, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 426909<br>|
| West Villages Improvement District, FL, Special Assessment Revenue: |  |  |  |  |
| Unit of Development No 7, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93730<br>|
| Unit of Development No 8, Series 2022 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 339092<br>|
| Unit of Development No 8, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 455448<br>|
| Unit of Development No 9, Series 2023 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40551<br>|
| Westside Haines City, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Three  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 875406<br>|
| Willowbrook, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 222115<br>|
| Winding Oaks, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 492329<br>|
| Windsor Cay, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 223468<br>|
| Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 687130<br> <sup>(c)</sup><br>|
| Windward, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98405<br>|
| Wiregrass II, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165623<br>|
| Woodcreek, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 568574<br>|
| Woodland Preserve, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 631570<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Woodland Ranch Estates, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1007432<br>|
| Yarborough Lane, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251453<br>|
| Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 285189<br>|
| Zephyrhills, FL, Abbott Square Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206169<br>|
| Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 765073<br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 190211610 |
| Georgia — 2.6% | Georgia — 2.6% | Georgia — 2.6% | Georgia — 2.6% | Georgia — 2.6% |
| Atlanta, GA, Development Authority Student Housing Revenue: |  |  |  |  |
| PRG-CAU Properties LLC Project at Clark University, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258306<br> <sup>(c)</sup><br>|
| PRG-CAU Properties LLC Project at Clark University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 369472<br> <sup>(c)</sup><br>|
| PRG-CAU Properties LLC Project at Clark University, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 575717<br> <sup>(c)</sup><br>|
| Atlanta, GA, Water & Wastewater Revenue, Series 2015, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5014318<br>|
| DeKalb County, GA, Housing Authority Revenue: |  |  |  |  |
| Summit Pointe, Series 2025 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 6630000 | &nbsp;&nbsp; 6555289<br>|
| The Avenues of North Decatur, Series 2024, Refunding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1977284<br>|
| George L Smith II, GA, Congress Center Authority Revenue, Signia Hotel <br> Management LLC  | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 337985<br> <sup>(c)</sup><br>|
| Georgia State Housing & Finance Authority, Series C  | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2035603<br>|
| Main Street Energy Inc., GA, Energy Project Revenue, Series D  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 6725000 | &nbsp;&nbsp; 7050459<br>|
| Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp; 3323370<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1575233<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 16875000 | &nbsp;&nbsp; 17729113<br> <sup>(a)(b)</sup><br>|
| Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp; 1498437<br> <sup>(a)(b)</sup><br>|
| Series E, LIQ - Royal Bank of Canada | &nbsp;&nbsp; 4.132% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1314025<br> <sup>(a)(b)</sup><br>|
| Rockdale County, GA, Development Authority, MFH Revenue, Affordable <br> Housing Preservation Corp., Refunding  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206481<br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 49821092 |
| Idaho — 0.0%†† | Idaho — 0.0%†† | Idaho — 0.0%†† | Idaho — 0.0%†† | Idaho — 0.0%†† |
| Idaho State Housing & Finance Association, Nonprofit Facilities Revenue, <br> White Pine Charter School Project, Series 2023, School Board Guaranty | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312626<br>|
| Illinois — 12.8% | Illinois — 12.8% | Illinois — 12.8% | Illinois — 12.8% | Illinois — 12.8% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 1033187<br>|
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1196479<br>|
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 2370000 | &nbsp;&nbsp; 2482381<br>|
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1056975<br>|
| Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1372952<br>|
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 464946<br>|
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/45 | &nbsp;&nbsp; 7945000 | &nbsp;&nbsp; 8045071<br>|
| Chicago, IL, Board of Education, Dedicated Capital Improvement, Special Tax <br> Revenue, Series 2023  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 9080000 | &nbsp;&nbsp; 9505278<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Chicago, IL, Board of Education, GO: |  |  |  |  |
| Dedicated, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2123757<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10368165<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2067706<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp; 1944796<br>|
| Dedicated, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp; 2137118<br>|
| Dedicated, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 3095000 | &nbsp;&nbsp; 3097087<br>|
| Dedicated, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 2320000 | &nbsp;&nbsp; 2242320<br>|
| Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533509<br>|
| Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266200<br>|
| Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2326981<br>|
| Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2833507<br>|
| Dedicated, Series C, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 8815000 | &nbsp;&nbsp; 8800724<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 480920<br>|
| Series A, Refunding, NATL | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp; 1267799<br>|
| Chicago, IL, GO: |  |  |  |  |
| Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3213282<br>|
| Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 9365000 | &nbsp;&nbsp; 9663711<br>|
| Colleges Capital Improvement 1999, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 153403<br>|
| Housing & Economic Development, Series F | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1689885<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 649652<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 2195000 | &nbsp;&nbsp; 2252854<br>|
| Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3714852<br>|
| Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2429548<br>|
| Chicago, IL, Midway International Airport: |  |  |  |  |
| Senior Lien, Series A, Refunding, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 828178<br> <sup>(d)</sup><br>|
| Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41804<br> <sup>(d)</sup><br>|
| Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1816759<br> <sup>(d)</sup><br>|
| Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| Senior Lien, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 10250000 | &nbsp;&nbsp; 9704506<br> <sup>(d)</sup><br>|
| Trips Obligated Group, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1542882<br> <sup>(d)</sup><br>|
| Trips Obligated Group, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1094764<br> <sup>(d)</sup><br>|
| Chicago, IL, Park District, GO, Series C, Refunding, BAM  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1444172<br>|
| Illinois State Finance Authority Revenue: |  |  |  |  |
| Ann & Robert H Lurie Childrens Hospital, Series 2017, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/39 | &nbsp;&nbsp; 1765000 | &nbsp;&nbsp; 1669788<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 422601<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 137769<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052614<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78596<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51620<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 280716<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 710696<br>|
| Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1334502<br>|
| Depaul College Prep Foundation, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527034<br> <sup>(c)</sup><br>|
| Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254008<br>|
| Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 258571<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Moornings of Arlington Heights, Series A, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; $2100000 | &nbsp;&nbsp; $2116972<br>|
| Rosalind Franklin University, Woodlands Apartment Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 6175000 | &nbsp;&nbsp; 6412269<br> <sup>(c)</sup><br>|
| Series 2019, Refunding (SOFR x 0.700 + 1.150%) | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 966430<br> <sup>(a)(b)</sup><br>|
| Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1072235<br> <sup>(a)(b)</sup><br>|
| Springfield Sustainable Energy Partners, Series 2026 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp; 1960470<br>|
| Springfield Sustainable Energy Partners, Series 2026 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 5185000 | &nbsp;&nbsp; 5440875<br>|
| Surface Freight Transfer Facilites, Centerpoint Joliet Terminal Railroad <br> Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1511308<br> <sup>(a)(b)(c)(d)</sup><br>|
| Westminster Village, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 970746<br> <sup>(c)</sup><br>|
| Westminster Village, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1905000 | &nbsp;&nbsp; 1876637<br>|
| Illinois State HDA Revenue: |  |  |  |  |
| Series A, Refunding, GNMA / FNMA / FHLMC | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp; 4550231<br>|
| Series H, Refunding, FHA | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp; 2439451<br>|
| Illinois State, GO: |  |  |  |  |
| NATL | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 334554<br>|
| Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 28317<br>|
| Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 5145000 | &nbsp;&nbsp; 4786212<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 6880000 | &nbsp;&nbsp; 6947957<br>|
| Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5701615<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp; 3512635<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp; 8578715<br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6341308<br> <sup>(i)</sup><br>|
| Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6305751<br> <sup>(i)</sup><br>|
| Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5321618<br> <sup>(i)</sup><br>|
| Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp; 5285564<br>|
| Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| McCormick Place Expansion Project, Series A, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 255433<br>|
| McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 31035000 | &nbsp;&nbsp; 29281302<br>|
| McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3440821<br>|
| Northeastern Illinois State University: |  |  |  |  |
| Participation Capital Improvement Projects, BAM | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1760521<br>|
| Participation Capital Improvement Projects, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1664640<br>|
| Northern Illinois State University: |  |  |  |  |
| Participation Energy Savings Projects, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 4510000 | &nbsp;&nbsp; 4229036<br>|
| Participation Energy Savings Projects, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 2025000 | &nbsp;&nbsp; 2093490<br>|
| Sales Tax Securitization Corp., IL, Revenue, Senior Lien, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2371732<br>|
| Village of Lincolnwood, IL, COP, Tax Increment Revenue, North Lincoln <br> Redevelopment Project  | &nbsp;&nbsp; 4.820% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1532773 | &nbsp;&nbsp; 1515281<br> <sup>(c)</sup><br>|
| Village of Villa Park, IL, Tax Increment Revenue, Garden Station <br> Redevelopment Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91739<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 241832490 |
| Indiana — 0.7% | Indiana — 0.7% | Indiana — 0.7% | Indiana — 0.7% | Indiana — 0.7% |
| Goshen, IN, MFH Revenue, Green Oaks of Goshen Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 863794<br> <sup>(c)</sup><br>|
| Indiana State Finance Authority Revenue: |  |  |  |  |
| Federally Taxable University of Evansville Project, Educational Facilities, <br> Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 156406<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Indiana — continued | Indiana — continued | Indiana — continued | Indiana — continued | Indiana — continued |
| Marquette Project, Series A, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; $3205000 | &nbsp;&nbsp; $3268877<br>|
| Senior Living Masonic Home Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1661105<br>|
| Indiana State Housing & CDA, Vita of Marion Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 677500 | &nbsp;&nbsp; 653080<br> <sup>(c)</sup><br>|
| Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |
| Animal Care Shelter Project, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/49 | &nbsp;&nbsp; 3935000 | &nbsp;&nbsp; 4078638<br>|
| Convention Center Hotel, Series E | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1067883<br>|
| Jeffersonville, IN, MFH Revenue, Vivera Senior Living Project, Series A  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94536<br> <sup>(c)</sup><br>|
| Valparaiso, IN, MFH Revenue, Green Oaks Project, Series 2021  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 456104<br> <sup>(c)</sup><br>|
| Total Indiana | Total Indiana | Total Indiana | Total Indiana | &nbsp;&nbsp; 12300423 |
| Iowa — 1.0% | Iowa — 1.0% | Iowa — 1.0% | Iowa — 1.0% | Iowa — 1.0% |
| Crawford County, IA, Memorial Hospital Iowa Revenue, Anticipation Notes, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 517847<br>|
| Iowa State Finance Authority Revenue: |  |  |  |  |
| Lifespace Communities Inc., Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 615699<br>|
| Lifespace Communities Inc., Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1060029<br>|
| Lifespace Communities Inc., Series 2018 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1118440<br>|
| Lifespace Communities Inc., Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 3140000 | &nbsp;&nbsp; 3101959<br>|
| Lifespace Communities Inc., Series 2021, Refunding | &nbsp;&nbsp; 3.091% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497947<br> <sup>(a)(b)</sup><br>|
| Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124139<br>|
| Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1214832<br>|
| Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 567262<br>|
| Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp; 2733085<br> <sup>(a)(b)(j)</sup><br>|
| Presbyterian Homes Mill Pond Project, Series 2025, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015171<br>|
| Iowa State Higher Education Loan Authority Revenue, Private College Facility, <br> University of Dubuque Project, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 6340000 | &nbsp;&nbsp; 6181337<br>|
| Total Iowa | Total Iowa | Total Iowa | Total Iowa | &nbsp;&nbsp; 18747747 |
| Kansas — 0.2% | Kansas — 0.2% | Kansas — 0.2% | Kansas — 0.2% | Kansas — 0.2% |
| Garden City, KS, Special Obligation Revenue, World Star Bond Project - Phase <br> II, Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2520316<br> <sup>(c)</sup><br>|
| Wyandotte County, KS, Unified Government, Sales Tax Revenue, Legends <br> Apartments Garage & West Lawn Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 1725757<br>|
| Total Kansas | Total Kansas | Total Kansas | Total Kansas | &nbsp;&nbsp; 4246073 |
| Kentucky — 4.0% | Kentucky — 4.0% | Kentucky — 4.0% | Kentucky — 4.0% | Kentucky — 4.0% |
| Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| Series A - 2 | &nbsp;&nbsp; 3.632% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp; 1385983<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 31900000 | &nbsp;&nbsp; 32215998<br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2292993<br> <sup>(a)(b)</sup><br>|
| Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 38000000 | &nbsp;&nbsp; 40027167<br>|
| Total Kentucky | Total Kentucky | Total Kentucky | Total Kentucky | &nbsp;&nbsp; 75922141 |
| Louisiana — 0.2% | Louisiana — 0.2% | Louisiana — 0.2% | Louisiana — 0.2% | Louisiana — 0.2% |
| Lakeshore Villages Master, LA, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| Parish of St. Tammany, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 250322<br>|
| Parish of St. Tammany, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 750510<br>|
| Louisiana State Local Government Environmental Facilities & CDA Revenue: |  |  |  |  |
| St. John The Baptist Parish Gomesa Project | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135791<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Louisiana — continued | Louisiana — continued | Louisiana — continued | Louisiana — continued | Louisiana — continued |
| Westlake Chemical Corp, Refunding | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; $1665000 | &nbsp;&nbsp; $1618290<br>|
| New Orleans Aviation Board, LA, General Airport Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1098179<br> <sup>(d)</sup><br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 3853092 |
| Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% |
| Maine State Housing Authority Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 4630000 | &nbsp;&nbsp; 4565807<br>|
| Social Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 994644<br>|
| Total Maine | Total Maine | Total Maine | Total Maine | &nbsp;&nbsp; 5560451 |
| Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% |
| Baltimore, MD, Special Obligation Revenue: |  |  |  |  |
| Harbor Point Project, Series 2016, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135035<br>|
| Harbor Point Project, Series 2019, Refunding | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97046<br> <sup>(c)</sup><br>|
| Baltimore, MD, Water Project Revenue, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5005383<br>|
| Frederick County, MD, Tax Increment Revenue, Oakdale-Lake Linganore <br> Project, Series 2019, Refunding  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 113220<br>|
| Maryland State EDC, Private Activity Revenue: |  |  |  |  |
| Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/36 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp; 934518<br> <sup>(d)</sup><br>|
| Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 442516<br> <sup>(d)</sup><br>|
| Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/37 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155378<br> <sup>(d)</sup><br>|
| Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 288657<br> <sup>(d)</sup><br>|
| Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1188053<br> <sup>(d)</sup><br>|
| Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024198<br> <sup>(d)</sup><br>|
| Town of La Plata, MD, Special Tax Revenue, Heritage Green Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 688952<br> <sup>(c)</sup><br>|
| Total Maryland | Total Maryland | Total Maryland | Total Maryland | &nbsp;&nbsp; 10072956 |
| Massachusetts — 0.5% | Massachusetts — 0.5% | Massachusetts — 0.5% | Massachusetts — 0.5% | Massachusetts — 0.5% |
| Massachusetts State DFA Revenue: |  |  |  |  |
| Bonds Lasell Village Inc. | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1174334<br>|
| Bonds Salem Community Corp., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202461<br>|
| CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203176<br> <sup>(c)</sup><br>|
| CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1511086<br> <sup>(c)</sup><br>|
| Foxborough Regional Charter School, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40266<br>|
| Salem Community Corporation Issue, Series 2022, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1015845<br>|
| Seven Hills Foundation and Affiliates, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 442459<br>|
| WGBH Educational Foundation, Series A, AMBAC | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5789068<br>|
| Total Massachusetts | Total Massachusetts | Total Massachusetts | Total Massachusetts | &nbsp;&nbsp; 10378695 |
| Michigan — 1.9% | Michigan — 1.9% | Michigan — 1.9% | Michigan — 1.9% | Michigan — 1.9% |
| Detroit, MI, Downtown Development Tax Increment Revenue, Series 2024, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1360583<br>|
| Detroit, MI, GO, Unlimited Tax, Series C  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 413757<br>|
| Grand Rapids, MI, EDC: |  |  |  |  |
| Beacon Hill at Eastgate Project, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4015984<br>|
| Beacon Hill At Eastgate Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149231<br>|
| Beacon Hill At Eastgate Project, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 40362<br>|
| Kalamazoo, MI, EDC Revenue: |  |  |  |  |
| Friendship Village of Kalamazoo Project, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017201<br> <sup>(c)</sup><br>|
| Revel Creek Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1116559<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Michigan — continued | Michigan — continued | Michigan — continued | Michigan — continued | Michigan — continued |
| Michigan State Finance Authority Revenue: |  |  |  |  |
| Lawrence Technology University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; $45000 | &nbsp;&nbsp; $44947<br>|
| Lawrence Technology University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 277524<br>|
| The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/44 | &nbsp;&nbsp; 2010000 | &nbsp;&nbsp; 1879719<br>|
| The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/49 | &nbsp;&nbsp; 8995000 | &nbsp;&nbsp; 9357564<br>|
| University of Detroit Mercy, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 858931<br>|
| University of Detroit Mercy, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 846602<br>|
| Michigan State HDA Revenue: |  |  |  |  |
| Rental Housing | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 3365000 | &nbsp;&nbsp; 3460599<br>|
| Single-Family Mortgage | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2529357<br>|
| Single-Family Mortgage, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4054420<br>|
| Michigan State Strategic Fund Ltd. Obligation Revenue: |  |  |  |  |
| I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/33 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76928<br> <sup>(d)</sup><br>|
| I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97373<br> <sup>(d)</sup><br>|
| I-75 Improvement Project, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/30/35 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 662114<br> <sup>(d)</sup><br>|
| I-75 Improvement Project, AG | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 3925923<br> <sup>(d)</sup><br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 36185678 |
| Minnesota — 1.1% | Minnesota — 1.1% | Minnesota — 1.1% | Minnesota — 1.1% | Minnesota — 1.1% |
| Duluth, MN, EDA Revenue, Benedictine Health System, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 121684<br>|
| Minneapolis & St. Paul, MN, Metropolitan Airports Commission Revenue, <br> Subordinate, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6101777<br> <sup>(d)</sup><br>|
| Minnesota State Municipal Gas Agency Revenue: |  |  |  |  |
| Minnesota Community Energy Commodity Supply, Series B, LIQ - Royal <br> Bank of Canada | &nbsp;&nbsp; 3.432% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1396789<br> <sup>(a)(b)</sup><br>|
| Minnesota Community Energy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 9280606<br>|
| Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3022130<br>|
| Total Minnesota | Total Minnesota | Total Minnesota | Total Minnesota | &nbsp;&nbsp; 19922986 |
| Mississippi — 0.1% | Mississippi — 0.1% | Mississippi — 0.1% | Mississippi — 0.1% | Mississippi — 0.1% |
| Mississippi State Development Bank Special Obligation, Mangolia Regional <br> Health Center Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154030<br> <sup>(c)</sup><br>|
| Mississippi State Home Corp., Single-Family Mortgage Revenue, GNMA / <br> FNMA / FHLMC  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1496070<br>|
| Total Mississippi | Total Mississippi | Total Mississippi | Total Mississippi | &nbsp;&nbsp; 1650100 |
| Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% | Missouri — 0.3% |
| Missouri State HEFA Revenue: |  |  |  |  |
| Baptist University, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501476<br> <sup>(c)</sup><br>|
| University of Health Sciences & Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 128547<br>|
| University of Health Sciences & Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp; 1958004<br>|
| University of Health Sciences & Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp; 1914962<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Missouri — continued | Missouri — continued | Missouri — continued | Missouri — continued | Missouri — continued |
| University of Health Sciences & Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; $290000 | &nbsp;&nbsp; $273667<br>|
| Total Missouri | Total Missouri | Total Missouri | Total Missouri | &nbsp;&nbsp; 4776656 |
| Nebraska — 0.3% | Nebraska — 0.3% | Nebraska — 0.3% | Nebraska — 0.3% | Nebraska — 0.3% |
| Nebraska State Investment Finance Authority Revenue, Social Bonds, GNMA <br> / FNMA / FHLMC | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 4840000 | &nbsp;&nbsp; 4947657<br>|
| Nevada — 0.5% | Nevada — 0.5% | Nevada — 0.5% | Nevada — 0.5% | Nevada — 0.5% |
| Henderson, NV, Local Improvement District No T-22, Rainbow Canyon Phase II, <br> Local Improvement Bonds, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20514<br>|
| Henderson, NV, Local Improvement District, Special Assessment Revenue: |  |  |  |  |
| Rainbow Canyon Phase II, Local Improvement Bonds, Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 987248<br>|
| Series 2016, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1590000 | &nbsp;&nbsp; 1565146<br>|
| Las Vegas, NV, Special Improvement, District No 611, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2020  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143241<br>|
| Las Vegas, NV, Special Improvement, District No 815, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2020  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 953949<br>|
| Las Vegas, NV, Special Improvement, District No 816, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2021  | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191509<br>|
| North Las Vegas, NV, Special Assessment Revenue, Special Improvement, <br> District No 66, Local Improvement Bonds, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142771<br> <sup>(c)</sup><br>|
| Reno-Tahoe, NV, Airport Authority Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp; 1763618<br> <sup>(d)</sup><br>|
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1060938<br> <sup>(d)</sup><br>|
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 784699<br> <sup>(d)</sup><br>|
| Tahoe-Douglas, NV, Visitors Authority Revenue: |  |  |  |  |
| Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 771378<br>|
| Series 2020 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264647<br>|
| Total Nevada | Total Nevada | Total Nevada | Total Nevada | &nbsp;&nbsp; 8649658 |
| New Hampshire — 0.3% | New Hampshire — 0.3% | New Hampshire — 0.3% | New Hampshire — 0.3% | New Hampshire — 0.3% |
| National Finance Authority, NH, Revenue: |  |  |  |  |
| Adventist Health Energy Projects, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 989032<br>|
| Grace Christian School Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 4432507<br>|
| Total New Hampshire | Total New Hampshire | Total New Hampshire | Total New Hampshire | &nbsp;&nbsp; 5421539 |
| New Jersey — 0.7% | New Jersey — 0.7% | New Jersey — 0.7% | New Jersey — 0.7% | New Jersey — 0.7% |
| New Jersey State EDA Revenue: |  |  |  |  |
| Continental Airlines Inc. Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 270317<br> <sup>(d)</sup><br>|
| New Jersey American Water Company Inc. Project, Refunding | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 12/3/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94205<br> <sup>(a)(b)(d)</sup><br>|
| Provident Group, Kean Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100422<br>|
| Provident Group, Kean Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50017<br>|
| Provident Group, Rowan Properties LLC, Rowan University Student Housing <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751152<br>|
| New Jersey State Higher Education, Student Assistance Authority Revenue: |  |  |  |  |
| Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3263614<br> <sup>(d)</sup><br>|
| Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 804276<br> <sup>(d)</sup><br>|
| New Jersey State Transportation Trust Fund Authority Revenue, <br> Transportation System, Series A, Refunding  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 7210000 | &nbsp;&nbsp; 7292769<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued | New Jersey — continued |
| Passaic County, NJ, Improvement Authority Revenue, Community Charter <br> School of Paterson Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; $280000 | &nbsp;&nbsp; $289957<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 12916729 |
| New Mexico — 0.1% | New Mexico — 0.1% | New Mexico — 0.1% | New Mexico — 0.1% | New Mexico — 0.1% |
| New Mexico State Hospital Equipment Loan Council Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 989056<br>|
| New York — 5.5% | New York — 5.5% | New York — 5.5% | New York — 5.5% | New York — 5.5% |
| Build NYC Resource Corp., NY, Senior Airport Facilities Revenue: |  |  |  |  |
| Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp; 1229333<br> <sup>(d)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121777<br> <sup>(d)</sup><br>|
| MTA, NY, Dedicated Tax Fund Revenue, Climate Bond, Subseries B-1, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 6445000 | &nbsp;&nbsp; 6612318<br>|
| MTA, NY, Transportation Revenue: |  |  |  |  |
| Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2505822<br>|
| Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 6560000 | &nbsp;&nbsp; 6603990<br>|
| Series A-2 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 11945000 | &nbsp;&nbsp; 11427905<br>|
| New York City, NY, HDC, Tax-Exempt Bonds  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 661440<br>|
| New York City, NY, HDC, MFH Revenue, Tax-Exempt Bonds, Series F  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026531<br>|
| New York State Dormitory Authority Revenue, New York University  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65449<br>|
| New York State Environmental Facilities Corp., Solid Water Disposal Facility <br> Revenue, Casella Waste Systems Inc. Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/3/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261956<br> <sup>(a)(b)(c)(d)</sup><br>|
| New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| American Airlines Inc., John F. Kennedy International Airport Project, <br> Series 2020, Refunding | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29909<br> <sup>(d)</sup><br>|
| American Airlines Inc., John F. Kennedy International Airport Project, <br> Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 199822<br> <sup>(d)</sup><br>|
| American Airlines Inc., John F. Kennedy International Airport Project, <br> Series 2021, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp; 4368729<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp; 2024185<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2190000 | &nbsp;&nbsp; 2302501<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 15680000 | &nbsp;&nbsp; 15909187<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 671513<br> <sup>(d)</sup><br>|
| Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project, Series 2018 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 5415000 | &nbsp;&nbsp; 5335403<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1323748<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 386679<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 4930000 | &nbsp;&nbsp; 5103252<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1309003<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 5350000 | &nbsp;&nbsp; 5092412<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New York — continued | New York — continued | New York — continued | New York — continued | New York — continued |
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; $185000 | &nbsp;&nbsp; $194592<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/41 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36680<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2023, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263991<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 275675<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1548303<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 251972<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264008<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1081724<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 374414<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 3155000 | &nbsp;&nbsp; 3266016<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 3085000 | &nbsp;&nbsp; 3188526<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp; 1301315<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, AG-CR | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4628006<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 442316<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 632293<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2310000 | &nbsp;&nbsp; 2205858<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 2685000 | &nbsp;&nbsp; 2535338<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 466479<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp; 1279103<br> <sup>(d)</sup><br>|
| Oneida Indian Nation of New York, NY: |  |  |  |  |
| Series A | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2532838<br> <sup>(c)</sup><br>|
| Tax Exempt Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268375<br> <sup>(c)</sup><br>|
| Suffolk Regional Off-Track Betting Corp., NY, Tax Exempt Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102376<br>|
| Series 2024 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2044013<br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 103757075 |
| North Carolina — 0.2% | North Carolina — 0.2% | North Carolina — 0.2% | North Carolina — 0.2% | North Carolina — 0.2% |
| North Carolina State Medical Care Commission, Retirement Facilities First <br> Mortgage Revenue: |  |  |  |  |
| Carolina Meadows, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1523651<br>|
| Penick Village Project, Series B-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 405855<br>|
| United Methodist Retirement Homes Project, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 552207<br>|
| United Methodist Retirement Homes Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001949<br>|
| United Methodist Retirement Homes Project, Series B-1 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350180<br>|
| Total North Carolina | Total North Carolina | Total North Carolina | Total North Carolina | &nbsp;&nbsp; 3833842 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| North Dakota — 1.0% | North Dakota — 1.0% | North Dakota — 1.0% | North Dakota — 1.0% | North Dakota — 1.0% |
| Burleigh County, ND, Education Facilities Revenue, University of Mary Project, <br> Series 2016  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; $2050000 | &nbsp;&nbsp; $2050377<br>|
| Grand Forks, ND, Health Care System Revenue: |  |  |  |  |
| Altru Health System, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp; 572818<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp; 1457775<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 161482<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2149710<br>|
| Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 1824419<br>|
| North Dakota State HFA Revenue: |  |  |  |  |
| Home Mortgage Finance Program, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018797<br>|
| Home Mortgage Finance Program, Series C | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7010235<br>|
| Home Mortgage Finance Program, Series C | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001829<br>|
| Home Mortgage Finance Program, Series D | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 2234787<br>|
| Total North Dakota | Total North Dakota | Total North Dakota | Total North Dakota | &nbsp;&nbsp; 19482229 |
| Ohio — 2.5% | Ohio — 2.5% | Ohio — 2.5% | Ohio — 2.5% | Ohio — 2.5% |
| Akron, Bath & Copley, OH, Joint Township Hospital District Revenue: |  |  |  |  |
| Ohio Hospital Facilities, Summa Health Obligated Group, Series 2020, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 578984<br> <sup>(j)</sup><br>|
| Ohio Hospital Facilities, Summa Health Obligated Group, Series 2020, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136851<br> <sup>(j)</sup><br>|
| Columbus, OH, Metropolitan Housing Authority General Revenue: |  |  |  |  |
| Canals Edge Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5255564<br>|
| Orchard Project & The Eden Park Project, Series 2024 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp; 1872081<br>|
| The Falls Project, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1937610<br>|
| Thornton Hall Project, Series F | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1943284<br>|
| Waldren Woods Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 494105<br>|
| Columbus, OH, Metropolitan Housing Authority Affordable Housing Revenue: |  |  |  |  |
| Cobblestone Manor Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp; 2900114<br>|
| Country Ridge Apartments Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982159<br>|
| Cuyahoga County, OH, Revenue, Independent Living Facilities, Eliza Jennings <br> Senior Health Care Network, Series 2022A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 491624<br>|
| Franklin County, OH, Convention Facilities Authority Hotel Project Revenue, <br> Greater Columbus Convention Center, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103464<br>|
| Franklin County, OH, Revenue, Health Care Facilities: |  |  |  |  |
| Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226181<br>|
| The Wesley Communities Obligated Group Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102232<br>|
| The Wesley Communities Obligated Group Project, Unrefunded | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198776<br>|
| Hamilton County, OH, Revenue: |  |  |  |  |
| Life Enriching Communities Project, Series 2025, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508588<br>|
| Life Enriching Communities Project, Series 2025, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 459230<br>|
| Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| Duke Energy Corp. Project, Series B, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp; 3596113<br> <sup>(a)(b)(d)</sup><br>|
| Pratt Paper LLC Project, Series 2017 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 14920000 | &nbsp;&nbsp; 14662335<br> <sup>(c)(d)</sup><br>|
| Ohio State HFA, Residential Mortgage Revenue, Series D, GNMA / FNMA / <br> FHLMC  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3700219<br>|
| Ohio State HFA Revenue, Middletown Phase 1 Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104760<br>|
| Ohio State Higher Educational Facility Commission Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 922230<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued | Ohio — continued |
| Ohio State Hospital Facilities Revenue, Premier Health Partners Obligated <br> Group, Series 2020, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; $1280000 | &nbsp;&nbsp; $1211046<br>|
| Ohio State Hospital Revenue: |  |  |  |  |
| Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1050434<br>|
| Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1257315<br>|
| Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 863409<br>|
| Warren County, OH, Port Authority Revenue, Woodland Lake Development <br> Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1040527<br>|
| West Central Ohio State Port Authority Revenue: |  |  |  |  |
| Global Impact Stem Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 561189<br>|
| Reserve At Honey Creek Phase I Project, Step bond (0.000% to 12/1/28 <br> then 5.500%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp; 822136<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 47982560 |
| Oklahoma — 0.1% | Oklahoma — 0.1% | Oklahoma — 0.1% | Oklahoma — 0.1% | Oklahoma — 0.1% |
| Tulsa, OK, Municipal Airport Trust Revenue, American Airlines Inc. Project, <br> Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1310080<br> <sup>(d)</sup><br>|
| Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% |
| Albany, OR, Hospital Facility Authority Revenue, Mennonite Village Project, <br> Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp; 1948491<br> <sup>(i)</sup><br>|
| Pennsylvania — 2.9% | Pennsylvania — 2.9% | Pennsylvania — 2.9% | Pennsylvania — 2.9% | Pennsylvania — 2.9% |
| Adams County, PA, General Authority Revenue, Brethren Home Community <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 2379828<br>|
| Allegheny County, PA, Higher Education Building Authority Revenue, <br> Commonwealth of Pennsylvania University, Robert Morris University  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15189<br> <sup>(h)</sup><br>|
| Allentown, PA, Commercial & IDA Revenue: |  |  |  |  |
| Education Facility Lease, Executive Education Academy Charter School <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp; 2072879<br> <sup>(c)</sup><br>|
| Education Facility Lease, Executive Education Academy Charter School <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 466348<br> <sup>(c)</sup><br>|
| Allentown, PA, Neighborhood Improvement Zone Development Authority <br> Revenue: |  |  |  |  |
| City Center Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103483<br> <sup>(c)</sup><br>|
| City Center Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 460459<br> <sup>(c)</sup><br>|
| City Center Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 651832<br> <sup>(c)</sup><br>|
| Berks County, PA, Municipal Authority Revenue: |  |  |  |  |
| Tower Health Project, Series A-1 | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 85772<br>|
| Tower Health Project, Series A-2 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 44778<br>|
| Tower Health Project, Series A-3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1206000 | &nbsp;&nbsp; 1135620<br>|
| Tower Health Project, Series B-1, Step bond (0.000% to 11/15/29 then <br> 6.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 283000 | &nbsp;&nbsp; 208878<br>|
| Chester County, PA, IDA Revenue, Avon Grove Charter School, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004934<br>|
| Cumberland County, PA, Municipal Authority Revenue, Messiah Village <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4098135<br>|
| Franklin County, PA, IDA Revenue, Bond Menno-Haven Inc. Project, <br> Series 2018, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101229<br>|
| Lancaster County, PA, Hospital Authority Revenue, Brethren Village Project, <br> Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1863024<br>|
| Montgomery County, PA, HEFA Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 8920000 | &nbsp;&nbsp; 8923335<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Northampton County, PA, General Purpose Authority, Hospital Revenue, St. <br> Luke's University Health Network Project, Series A1, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; $5505000 | &nbsp;&nbsp; $5576197<br>|
| Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| Exempt Facilities Bonds, PPL Energy Supply LLC Project, Series B, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001876<br> <sup>(a)(b)</sup><br>|
| Sewage Sludge Disposal, Philadelphia Biosolids Facility Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 495065<br>|
| The Pennsylvania Rapid Bridge Replacement Project, Series 2015 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 6095000 | &nbsp;&nbsp; 5718586<br> <sup>(d)</sup><br>|
| University of Pittsburgh, Series A, Refunding | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147490<br>|
| Pennsylvania State HFA, Single-Family Mortgage Revenue: |  |  |  |  |
| Series 152A | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp; 5170720<br>|
| Series 2024-146A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1491056<br>|
| Series 2025-148A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1501229<br>|
| Series 2025-149A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp; 3548111<br>|
| Pennsylvania State Higher Education Assistance Agency, Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1583450<br> <sup>(d)</sup><br>|
| Philadelphia, PA, GO, School District, Series A, BAM-TCRS, State Aid <br> Withholding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4078692<br>|
| Philadelphia, PA, IDA Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75,000<br> \*<sup>(e)(f)</sup><br>|
| Philadelphia, PA, Redevelopment Authority Revenue, BAM-TCRS  | &nbsp;&nbsp; 2.799% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 446396<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 54449591 |
| Puerto Rico — 0.7% | Puerto Rico — 0.7% | Puerto Rico — 0.7% | Puerto Rico — 0.7% | Puerto Rico — 0.7% |
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 12391 | &nbsp;&nbsp; 9007<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 130932 | &nbsp;&nbsp; 133474<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 787027 | &nbsp;&nbsp; 831261<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 2312058 | &nbsp;&nbsp; 2525482<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1369628 | &nbsp;&nbsp; 1368057<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1694772 | &nbsp;&nbsp; 1671189<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2718422 | &nbsp;&nbsp; 2627286<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 748607 | &nbsp;&nbsp; 693624<br>|
| Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 37086 | &nbsp;&nbsp; 24894<br> <sup>(b)</sup><br>|
| Puerto Rico Electric Power Authority Revenue: |  |  |  |  |
| Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 171189<br>|
| Refunding, NATL | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175883<br>|
| Puerto Rico GDB Debt Recovery Authority Revenue  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/20/40 | &nbsp;&nbsp; 1338279 | &nbsp;&nbsp; 1312801<br>|
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control <br> Facilities Finance Authority: |  |  |  |  |
| Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 146154<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110618<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 188741<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94261<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 390407<br>|
| Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90084<br>|
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, <br> Series A-2  | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 172664<br>|
| Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | &nbsp;&nbsp; 12737076 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Rhode Island — 0.1% | Rhode Island — 0.1% | Rhode Island — 0.1% | Rhode Island — 0.1% | Rhode Island — 0.1% |
| Rhode Island State Student Loan Authority Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; $1480000 | &nbsp;&nbsp; $1453554<br> <sup>(d)</sup><br>|
| South Carolina — 1.7% | South Carolina — 1.7% | South Carolina — 1.7% | South Carolina — 1.7% | South Carolina — 1.7% |
| Dorchester County, SC, Special Assessment Revenue, Improvement District <br> Bond, Series 2023  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 416244<br>|
| Goose Creek, SC, Special Assessment Revenue, Carnes Crossroads <br> Improvement District, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 800573<br> <sup>(c)</sup><br>|
| Housing Authority of The City of Charleston, SC, General Revenue, 1800 <br> Ashley West, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 4380000 | &nbsp;&nbsp; 4604778<br>|
| Patriots Energy Group Financing Agency, SC, Gas Supply Revenue: |  |  |  |  |
| Subseries A-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 3905000 | &nbsp;&nbsp; 4200785<br> <sup>(a)(b)</sup><br>|
| Subseries B-2, Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.346% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258420<br> <sup>(a)(b)</sup><br>|
| South Carolina State Jobs, EDA Hospital Facilities Revenue: |  |  |  |  |
| Novant Health Obligated Group, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 6890000 | &nbsp;&nbsp; 6539689<br>|
| Novant Health Obligated Group, Series A, AG-CR | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 10665000 | &nbsp;&nbsp; 10300128<br>|
| South Carolina State Jobs-EDA Healthcare Facilities Revenue: |  |  |  |  |
| Beaufort Memorial Hospital & South of Broad Healthcare Project, <br> Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307327<br>|
| Rolling Green Village Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030999<br>|
| Rolling Green Village Project, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012781<br>|
| South Carolina State Jobs-EDA Hospital Facilities Revenue, Beaufort <br> Memorial Hospital & South of Broad Healthcare Project, Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512745<br>|
| South Carolina State Jobs-EDA Revenue: |  |  |  |  |
| Bishop Gadsden Episcopal Retirement Community, Series 2025 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1251812<br>|
| FAH Portfolio - Pelham Apartments, Series B | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 146676<br> <sup>(c)</sup><br>|
| Total South Carolina | Total South Carolina | Total South Carolina | Total South Carolina | &nbsp;&nbsp; 31382957 |
| South Dakota — 0.3% | South Dakota — 0.3% | South Dakota — 0.3% | South Dakota — 0.3% | South Dakota — 0.3% |
| South Dakota HEFA Revenue, Avera Health, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 2890000 | &nbsp;&nbsp; 2745375<br>|
| South Dakota State, HDA Revenue: |  |  |  |  |
| Homeownership Mortgage Bonds, GNMA / FNMA / FHLMC | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1539573<br>|
| Homeownership Mortgage Bonds, Refunding, GNMA / FNMA / FHLMC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1492126<br>|
| Total South Dakota | Total South Dakota | Total South Dakota | Total South Dakota | &nbsp;&nbsp; 5777074 |
| Tennessee — 2.1% | Tennessee — 2.1% | Tennessee — 2.1% | Tennessee — 2.1% | Tennessee — 2.1% |
| Chattanooga, TN, Health Educational and Housing Facility Revenue: |  |  |  |  |
| Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496448<br>|
| Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp; 1774765<br>|
| Cleveland Housing Authority, TN, MFH Revenue: |  |  |  |  |
| Forward Phase 1 Project Subordinate, Series B | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299846<br> <sup>(c)</sup><br>|
| Forward Phase 1 Project Subordinate, Series B | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99949<br> <sup>(c)</sup><br>|
| Metropolitan Nashville, TN, Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 3845000 | &nbsp;&nbsp; 3959862<br> <sup>(d)</sup><br>|
| Tennergy Corp., TN, Gas Supply Revenue  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 5470000 | &nbsp;&nbsp; 5817099<br> <sup>(a)(b)</sup><br>|
| Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |
| The Tennessee Energy Acquisition Corp. Commodity Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp; 6664206<br> <sup>(a)(b)</sup><br>|
| The Tennessee Energy Acquisition Corp. Gas Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 19660000 | &nbsp;&nbsp; 20833909<br>|
| Total Tennessee | Total Tennessee | Total Tennessee | Total Tennessee | &nbsp;&nbsp; 39946084 |
| Texas — 11.7% | Texas — 11.7% | Texas — 11.7% | Texas — 11.7% | Texas — 11.7% |
| Alvarado, TX, Municipal Corp., Special Assessment Revenue, Johnson County, <br> Series 2025  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 570883<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Anna, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Collin County, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; $524000 | &nbsp;&nbsp; $533159<br> <sup>(c)</sup><br>|
| Collin County, Sherley Tract Public Improvement, District No 2 Improvement <br> Area One | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 724033<br> <sup>(c)</sup><br>|
| Crystal Park Public Improvement, District No 2, Series 2025 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 302000 | &nbsp;&nbsp; 300221<br> <sup>(c)</sup><br>|
| Hurricane Creek Public District, Improvement Area Three | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003376<br> <sup>(c)(i)</sup><br>|
| Meadow Vista Public Improvement, District Improvement Area One | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 273424<br> <sup>(c)</sup><br>|
| Woods at Lindsey Place Public Improvement District, Series 2025 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 331000 | &nbsp;&nbsp; 332982<br>|
| Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp; 767241<br> <sup>(c)</sup><br>|
| Basis Texas Charter Schools Inc., Series 2025, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1021149<br> <sup>(c)</sup><br>|
| Aubrey, TX, Special Assessment Revenue, Aubrey Public Improvement, <br> District No 1, Series 2023  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102007<br> <sup>(c)</sup><br>|
| Austin, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Travis Williamson & Hays Counties, Whisper Valley Public Improvement <br> District, Improvement Area Two Project | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121036<br> <sup>(c)</sup><br>|
| Whisper Valley Public Improvement, District Project, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 156000 | &nbsp;&nbsp; 159927<br> <sup>(c)</sup><br>|
| Balch Springs, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp; 736450<br> <sup>(c)</sup><br>|
| Bastrop County, TX, Special Assessment Revenue: |  |  |  |  |
| Double Eagle Ranch Public Improvement, District Improvement Area Two, <br> Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 224404<br>|
| Double Eagle Ranch Public Improvement, District Improvement Area Two, <br> Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512325<br>|
| Bastrop, TX, Municipal Corp., Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 627039<br> <sup>(c)</sup><br>|
| Blue Ridge, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp; 524520<br> <sup>(c)</sup><br>|
| Boyd, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Public Improvement, District No 1, Improvement Area One, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp; 108127<br> <sup>(c)</sup><br>|
| Public Improvement, District No 1, Improvement Area One, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 696812<br> <sup>(c)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp; 176163<br> <sup>(c)</sup><br>|
| Cedar, TX, Port Navigation and Improvement District, GO: |  |  |  |  |
| Unlimited Tax, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501219<br>|
| Unlimited Tax, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 994187<br>|
| Unlimited Tax, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1023185<br>|
| Unlimited Tax, Series A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 765882<br>|
| Unlimited Tax, Series A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 762800<br>|
| Celina, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Collin & Denton Counties, Celina Hills Public Improvement District Project, <br> Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24966<br> <sup>(c)</sup><br>|
| Collin & Denton Counties, Celina Hills Public Improvement District Project, <br> Series 2022 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100600<br> <sup>(c)</sup><br>|
| Collin & Denton Counties, Chalk Hills Public Improvement District No 2, <br> Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 188427<br> <sup>(c)</sup><br>|
| Collin & Denton Counties, Mosaic Public Improvement District, <br> Improvement Area Two, Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252646<br> <sup>(c)</sup><br>|
| Cross Creek Meadows Public Improvement District, Improvement Area One, <br> Series 2023 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1624000 | &nbsp;&nbsp; 1654124<br> <sup>(c)</sup><br>|
| Edgewood Creek Public Improvement District Phase 1 Project, Series 2021 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 173510<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Edgewood Creek Public Improvement District Phase 2 - 3, Series 2021 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; $320000 | &nbsp;&nbsp; $320197<br> <sup>(c)</sup><br>|
| Mosaic Public Improvement District, Phase 1 Project, Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1241076<br> <sup>(c)</sup><br>|
| North Sky Public Improvement District, Improvement Area OneB Project, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 889000 | &nbsp;&nbsp; 858012<br>|
| Parvin Public Improvement District Project, Series 2023 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp; 104435<br> <sup>(c)</sup><br>|
| Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 172849<br> <sup>(c)</sup><br>|
| Series 2020 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95657<br> <sup>(c)</sup><br>|
| Celina, TX, Special Assessment Revenue: |  |  |  |  |
| Parks at Wilson Creek, Series 2021 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 103266<br> <sup>(c)</sup><br>|
| Sutton Fields II Public Improvement District, Neighborhood Improvement <br> Area Five Project, Series 2022 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24440<br> <sup>(c)</sup><br>|
| The Lake at Mustang Ranch Public Improvement District, Phases 8-9 <br> Project, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp; 900821<br> <sup>(c)</sup><br>|
| Club Municipal Management District No 1, TX, Special Assessment Revenue, <br> Improvement Area Two  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp; 327786<br> <sup>(c)</sup><br>|
| Corpus Christi, TX, Special Assessment Revenue, Whitecap Public <br> Improvement District No 1, Improvement Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp; 153843<br>|
| Crandall, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Arbors Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp; 559492<br> <sup>(c)</sup><br>|
| River Ridge Public Improvement District, Improvement Area Two Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 698119<br> <sup>(c)</sup><br>|
| Crandall, TX, Special Assessment Revenue, Cartwright Ranch Public <br> Improvement District, Series 2021  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100450<br> <sup>(c)</sup><br>|
| Dayton, TX, Special Assessment Revenue, Dayton Public Improvement, <br> District No 5, Improvement Area One, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1002519<br> <sup>(c)</sup><br>|
| Decatur, TX, Municipal Corp., Special Assessment Revenue, Wise County, <br> Series 2025  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 404362<br> <sup>(c)</sup><br>|
| Denton County, TX, Special Assessment Revenue: |  |  |  |  |
| Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 383724<br> <sup>(c)</sup><br>|
| Green Meadows Public Improvement District, Improvement Area One <br> Project, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 532388<br> <sup>(c)</sup><br>|
| Tabor Ranch Public Improvement District, Improvement District Area One <br> Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/31/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251713<br> <sup>(c)</sup><br>|
| Dripping Springs, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Heritage Public Improvement District, Improvement Area Three Project, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 1019000 | &nbsp;&nbsp; 1021243<br>|
| Heritage Public Improvement District, Improvement Area Two Project, <br> Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 646000 | &nbsp;&nbsp; 644561<br> <sup>(c)</sup><br>|
| East Montgomery County, TX, GO, Municipal Utility District No 5, Special <br> Assessment Bonds, Series 2023, BAM  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1118467<br>|
| El Paso County, TX, GO: |  |  |  |  |
| Hospital District, Series 2024, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp; 5451621<br>|
| Hospital District, Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 16250000 | &nbsp;&nbsp; 17084795<br>|
| Ennis, TX, Municipal Corp., Special Assessment Revenue, Prairieview Public <br> Improvement District, Improvement Area One & Two Project, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 209689<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| EP Cimarron Ventanas, TX, PFC Residential Development Revenue, Lifestyles <br> at Los Paseos & Lifestyles on the Reserve Project  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; $3300000 | &nbsp;&nbsp; $3213400<br>|
| EP Forty 649, TX, PFC Residential Development Revenue, Home Essential <br> Function, Series 2026  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 810409<br>|
| EP LA Privada, TX, PFC Residential Development Revenue, Home Essential <br> Function, La Privada Apartments Project, Series 2025  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp; 4899972<br>|
| EP Royal Estates, TX, PFC Residential Development Revenue: |  |  |  |  |
| Home Essential Function, El Paso Royal Apartments Project, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp; 3061580<br>|
| Home Essential Function, El Paso Royal Apartments Project, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2030566<br>|
| Fate, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Rockwall County, Williamsburg Public Improvement, District No 1, <br> Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 718000 | &nbsp;&nbsp; 733805<br> <sup>(c)</sup><br>|
| Williamsburg East Public Improvement, District Area One, Series 2020 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 138639<br> <sup>(c)</sup><br>|
| Williamsburg East Public Improvement, Series 2020 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 158000 | &nbsp;&nbsp; 149279<br> <sup>(c)</sup><br>|
| Fort Bend County, TX, GO, Municipal Utility District No 134: |  |  |  |  |
| Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 688556<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp; 1434694<br>|
| Fort Bend County, TX, GO, Municipal Utility District No 229: |  |  |  |  |
| Series 2025, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1429468<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1590946<br>|
| Fulshear, TX, GO, Municipal Utility District No 3A, Series 2023, AG  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 993371<br>|
| FW Chaparral, TX, PFC Residential Development Revenue, Ranch Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3155819<br>|
| FW Ramble, TX, Public Facility Corp., Residential Development Revenue, <br> Ramble & Rose Project, Series 2025  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 6360000 | &nbsp;&nbsp; 6148772<br>|
| FW Texas Street PFC Residential Development Revenue, River District Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 3210000 | &nbsp;&nbsp; 3377629<br>|
| Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1068184<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1070665<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1028114<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533916<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1487212<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 310194<br> <sup>(d)</sup><br>|
| Georgetown, TX, Special Assessment Revenue, Parks at Westhaven Public <br> Improvement District, Series 2022  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1204884<br> <sup>(c)</sup><br>|
| Harris County, TX, GO, Municipal Utility District No 171: |  |  |  |  |
| Series 2023, AG | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1039024<br>|
| Series 2023, AG | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1239656<br>|
| Series 2024, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 942190<br>|
| Series 2025, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 738641<br>|
| Series 2025, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1370473<br>|
| Harris County, TX, GO, Municipal Utility District No 200, Series 2026, BAM  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 939318<br>|
| Harris County, TX, GO, Municipal Utility District No 490: |  |  |  |  |
| Series 2024, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 782199<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1468279<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 1550482<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Series 2025, BAM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; $1690000 | &nbsp;&nbsp; $1681767<br>|
| Harris County, TX, GO, Municipal Utility District No 502, Series 2023, BAM  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1090625<br>|
| Harris County, TX, GO, Municipal Utility District No 540: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 312197<br>|
| Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 424211<br>|
| Harris County, TX, GO, Municipal Utility District No 576: |  |  |  |  |
| Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205072<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 570096<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 652557<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 676858<br>|
| Harris County, TX, Toll Road Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp; 3478095<br>|
| Harris-Waller Counties, TX, GO, Municipal Utility District No 4: |  |  |  |  |
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52543<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 360087<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 668638<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 282889<br>|
| Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 421309<br>|
| Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1284546<br>|
| Hays County, TX, Special Assessment Revenue: |  |  |  |  |
| La Cima Public Improvement District, Neighborhood Improvement Area <br> Three Project, Series 2022 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 268000 | &nbsp;&nbsp; 270788<br> <sup>(c)</sup><br>|
| La Cima Public Improvement District, Neighborhood Improvement Area <br> Three Project, Series 2022 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 584118<br> <sup>(c)</sup><br>|
| La Cima Public Improvement District, Neighborhood Improvement Area <br> Three Project, Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1009288<br> <sup>(c)</sup><br>|
| La Cima Public Improvement District, Neighborhood Improvement Areas <br> One & Two Project, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141345<br> <sup>(c)</sup><br>|
| Horseshoe Bay, TX, Special Assessment Revenue, Public Improvement <br> District, Series 2020, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp; 128421<br>|
| Houston, TX, Airport System Revenue: |  |  |  |  |
| Special Facilities, United Airlines Inc., Terminal Improvement Project, <br> Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 3670000 | &nbsp;&nbsp; 3826694<br> <sup>(d)</sup><br>|
| Special Facilities, United Airlines Inc., Terminal Improvement Project, <br> Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 6180000 | &nbsp;&nbsp; 6407518<br> <sup>(d)</sup><br>|
| Special Facilities, United Airlines Inc., Terminal Improvement Project, <br> Series B, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1817188<br> <sup>(d)</sup><br>|
| Houston, TX, Airport System Special Facilities Revenue: |  |  |  |  |
| United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163496<br> <sup>(d)</sup><br>|
| United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523842<br> <sup>(d)</sup><br>|
| Hutto, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Cottonwood Creek Public Improvement, District Improvement Area Two, <br> Series 2025 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 1407000 | &nbsp;&nbsp; 1396195<br> <sup>(c)</sup><br>|
| Emory Crossing Public Improvement, District Improvement Area Two, <br> Series 2023 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 264000 | &nbsp;&nbsp; 267775<br> <sup>(c)</sup><br>|
| Justin, TX, Special Assessment Revenue, Timberbrook Public Improvement <br> District No 2, Improvement Area One  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 153000 | &nbsp;&nbsp; 155179<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Kaufman, TX, Special Assessment Revenue, Kaufman Public Improvement <br> District Project, Series 2022  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; $142000 | &nbsp;&nbsp; $144492<br> <sup>(c)</sup><br>|
| Kyle, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Kyle Fifty Seven Public Improvement District, Series 2022 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 133000 | &nbsp;&nbsp; 136586<br>|
| Limestone Creek Public Improvement, District Improvement Area One B <br> Project, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1117449<br> <sup>(c)</sup><br>|
| Limestone Creek Public Improvement, District Improvement Area One <br> Project, Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 678000 | &nbsp;&nbsp; 694498<br> <sup>(c)</sup><br>|
| Plum Creek North Public Improvement, District Improvement Area Two <br> Project, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp; 527168<br> <sup>(c)</sup><br>|
| Plum Creek North Public Improvement, District Major Improvement Area <br> Project, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 438388<br> <sup>(c)</sup><br>|
| Plum Creek North Public Improvement, District Major Improvement Area <br> Project, Series 2022 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1092000 | &nbsp;&nbsp; 1057917<br> <sup>(c)</sup><br>|
| Six Creeks Public Improvement, District Improvement Area Five Project, <br> Series 2025 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp; 366792<br> <sup>(c)</sup><br>|
| Six Creeks Public Improvement, District Improvement Area Four Project, <br> Series 2023 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 323000 | &nbsp;&nbsp; 325869<br> <sup>(c)</sup><br>|
| Six Creeks Public Improvement, District Improvement Area Four Project, <br> Series 2023 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 660007<br> <sup>(c)</sup><br>|
| Southwest Kyle Public Improvement, District No 1, Improvement Area Two <br> Project, Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103788<br> <sup>(c)</sup><br>|
| Lago Vista, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Tessera on Lake Travis Public Improvement, District Improvement Area One <br> Project, Series 2020, Refunding | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 123483<br>|
| Tessera on Lake Travis Public Improvement, District Major Improvement <br> Area Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 85925<br> <sup>(c)</sup><br>|
| Lakes Fresh Water Supply District of Denton County, TX, GO, Utility Bonds, <br> BAM  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1352924<br>|
| Lavon, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Elevon Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 490937<br> <sup>(c)</sup><br>|
| Elevon Public Improvement, District Improvement Areas Three & Five, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501197<br>|
| Lakepointe Public Improvement, District Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 423000 | &nbsp;&nbsp; 431409<br> <sup>(c)</sup><br>|
| Lakepointe Public Improvement, District Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 697039<br> <sup>(c)</sup><br>|
| Trails of Lavon Public Improvement District Projects | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310044<br> <sup>(c)</sup><br>|
| Leander, TX, Special Assessment Revenue, Oak Creek Public Improvement <br> District, Series 2020, Refunding  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93359<br>|
| Liberty Hill, TX, Special Assessment Revenue, Summerlyn West Public <br> Improvement District, Series 2020  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71067<br> <sup>(c)</sup><br>|
| Lowry Crossing, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Lowry Trails Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp; 409688<br> <sup>(c)</sup><br>|
| Simpson Road Public Improvement District Projects, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029124<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Manor, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Entradaglen Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; $409000 | &nbsp;&nbsp; $421582<br> <sup>(c)</sup><br>|
| Lagos Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 839000 | &nbsp;&nbsp; 864755<br> <sup>(c)</sup><br>|
| Manor Heights Public Improvement, District Improvement Area Three <br> Project, Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203349<br> <sup>(c)</sup><br>|
| Marble Falls, TX, Special Assessment Revenue, Series 2024  | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1004000 | &nbsp;&nbsp; 989685<br> <sup>(c)</sup><br>|
| Matagorda County, TX, Navigation District No 1, Revenue, Houston LT & <br> Power Co., Refunding, AMBAC  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1163412<br> <sup>(d)</sup><br>|
| Mclendon-Chisholm, TX, Special Assessment Revenue, Series 2022  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 162915<br> <sup>(c)</sup><br>|
| Mesquite, TX, Special Assessment Revenue: |  |  |  |  |
| Heartland Town Center Public Improvement, District Phase 2, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85130<br> <sup>(c)</sup><br>|
| Solterra Public Improvement, District Improvement Area A-1 Projects, <br> Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1521000 | &nbsp;&nbsp; 1573189<br> <sup>(c)</sup><br>|
| Solterra Public Improvement, District Improvement Area C-1 Projects, <br> Series 2023 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp; 104589<br> <sup>(c)</sup><br>|
| Solterra Public Improvement, District Improvement Area C-3 Projects, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 506000 | &nbsp;&nbsp; 503669<br> <sup>(c)</sup><br>|
| Solterra Public Improvement, District Improvement Area C-4 Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 725760<br>|
| Mission, TX, EDC: |  |  |  |  |
| Permian Basin Water Resources Project, Green Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1827000 | &nbsp;&nbsp; 1874791<br> <sup>(c)(d)</sup><br>|
| Solid Waste Disposal Revenue, Graphic Packaging International, LLC <br> Project, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3112617<br> <sup>(a)(b)(d)</sup><br>|
| Montgomery County, TX, Special Assessment Revenue: |  |  |  |  |
| Retirement Life Communities Inc., Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 480771<br>|
| Retirement Life Communities Inc., Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 673580<br>|
| Mustang Ridge, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp; 729215<br> <sup>(c)</sup><br>|
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility <br> Revenue, Wesleyan Homes Inc. Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50385<br>|
| New Hope, TX, Cultural Education Facilities Finance Corp., Student Housing <br> Revenue: |  |  |  |  |
| CHF Collegiate Housing College Station I LLC - Texas A&M University <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85018<br>|
| CHF Collegiate Housing Corpus Christi II LLC - Texas A&M University <br> Corpus Christi Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30000<br> <sup>(j)</sup><br>|
| NCCD College Station Properties LLC - Texas A&M University Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 167457<br>|
| NCCD College Station Properties LLC - Texas A&M University Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 141920<br>|
| NCCD College Station Properties LLC - Texas A&M University Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 126980<br>|
| North Parkway Municipal Management District No 1, TX, Special Assessment <br> Revenue: |  |  |  |  |
| Legacy Hills Public Improvement, District Phase 1A & 1B Improvements, <br> Series 2021 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48919<br> <sup>(c)</sup><br>|
| Major Improvement Project, Series 2021 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 152000 | &nbsp;&nbsp; 149740<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Northlake Municipal Management District No 1, TX, GO, Unlimited Tax Road <br> Bonds, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; $925000 | &nbsp;&nbsp; $951181<br>|
| Northwood Municipal Utility District No 1, TX, GO, Unlimited Tax, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399856<br> <sup>(c)</sup><br>|
| Oak Point, TX, Special Assessment Revenue, Chaparral Park Public <br> Improvement, District Improvement Area One Project, Series 2024  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp; 406427<br> <sup>(c)</sup><br>|
| Pilot Point, TX, Special Assessment Revenue: |  |  |  |  |
| Creekview Public Improvement, District Zone A, Improvement Area One <br> Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154559<br> <sup>(c)</sup><br>|
| Creekview Public Improvement, District Zone A, Improvement Area One <br> Project, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 148918<br> <sup>(c)</sup><br>|
| Port Arthur, TX, Housing Authority Revenue, Willow Lakes Project, <br> Subordinate Bonds, Series A  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1942298<br> <sup>(c)</sup><br>|
| Princeton, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Eastridge Public Improvement, District Improvement Area One Project, <br> Series 2022 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 864787<br> <sup>(c)</sup><br>|
| Eastridge Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300939<br> <sup>(c)</sup><br>|
| Southridge Public Improvement, District Improvement Area Four Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 563000 | &nbsp;&nbsp; 556369<br>|
| Southridge Public Improvement, District Improvement Area One Project, <br> Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; 55964<br> <sup>(c)</sup><br>|
| Southridge Public Improvement, District Improvement Area Three Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 854000 | &nbsp;&nbsp; 882672<br> <sup>(c)</sup><br>|
| Southridge Public Improvement, District Improvement Area Two Project, <br> Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1261000 | &nbsp;&nbsp; 1269896<br> <sup>(c)</sup><br>|
| Westridge Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 544000 | &nbsp;&nbsp; 549176<br> <sup>(c)</sup><br>|
| Whitewing Public Improvement, District No 2 Phase 2 Project, Series 2023 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 99174<br> <sup>(c)</sup><br>|
| Winchester Crossing Public Improvement, District No 3 Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp; 290634<br> <sup>(c)</sup><br>|
| Winchester Public Improvement, District No 2 Project, Series 2022 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1511000 | &nbsp;&nbsp; 1526923<br> <sup>(c)</sup><br>|
| Winchester Public Improvement, District No 3 Project, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1242092<br> <sup>(c)</sup><br>|
| Winchester Public Improvement, District Phase 1 & 2 Project, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95290<br> <sup>(c)</sup><br>|
| Winchester Public Improvement, District Phase 3 & 4 Project, Series 2021 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91778<br> <sup>(c)</sup><br>|
| Windmore Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 821000 | &nbsp;&nbsp; 822149<br> <sup>(c)</sup><br>|
| Windmore Public Improvement, District Improvement Area Two Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 811000 | &nbsp;&nbsp; 835128<br> <sup>(c)</sup><br>|
| Royse City, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Clearview Ranch Public Improvement, District North Zone Improvement <br> Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 619252<br> <sup>(c)</sup><br>|
| Clearview Ranch Public Improvement, District South Zone Improvement <br> Area One Project, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 457000 | &nbsp;&nbsp; 453618<br> <sup>(c)</sup><br>|
| Creekshaw Public Improvement, District Major Improvement Area Project, <br> Series 2020 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/40 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 364883<br> <sup>(c)</sup><br>|
| Liberty Crossing Public Improvement, District Improvement Area Two <br> Project, Series 2024 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 687270<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Sachse, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Sachse Public Improvement, District No 1, Improvement Areas One Project, <br> Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; $173000 | &nbsp;&nbsp; $176988<br> <sup>(c)</sup><br>|
| Sachse Public Improvement, District No 1 Improvement Area One Project, <br> Series 2022 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 490296<br> <sup>(c)</sup><br>|
| Sachse, TX, Special Assessment Revenue: |  |  |  |  |
| Sachse Public Improvement, District No 1, Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103349<br> <sup>(c)</sup><br>|
| Sachse Public Improvement, District No 1, Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 341546<br> <sup>(c)</sup><br>|
| Seagoville, TX, Special Assessment Revenue, Stonehaven Public <br> Improvement, District Improvement Area One  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 667319<br> <sup>(c)</sup><br>|
| Sienna, TX, Municipal Utility District No 6, TX, GO: |  |  |  |  |
| Series 2024, BAM | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1076821<br>|
| Series 2024, BAM | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 996501<br>|
| South Manvel Development Authority, TX, Tax Increment Revenue: |  |  |  |  |
| Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 815909<br>|
| Series 2026, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 805553<br>|
| Southeast Regional Management District, TX, GO, Unlimited Tax Road Bonds, <br> Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 472705<br>|
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital <br> Revenue, Baylor Scott & White Health Project, Series E, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2152696<br>|
| Texas State Department of Housing & Community Affairs, GNMA - <br> Collateralized, Series B  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 1015388<br>|
| Texas State Municipal Gas Acquisition & Supply Corp., Gas Supply Revenue: |  |  |  |  |
| Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 5220000 | &nbsp;&nbsp; 5589243<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3986187<br> <sup>(a)(b)</sup><br>|
| Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 13670000 | &nbsp;&nbsp; 14526328<br>|
| Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 5595000 | &nbsp;&nbsp; 6112121<br> <sup>(a)(b)</sup><br>|
| Tomball, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| Raburn Reserve Public Improvement, District Improvement Area One, <br> Series 2020 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96284<br> <sup>(c)</sup><br>|
| Raburn Reserve Public Improvement, District Improvement Area Two, <br> Series 2023 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 148809<br> <sup>(c)</sup><br>|
| Winfrey Estates Public Improvement District, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 431753<br> <sup>(c)</sup><br>|
| Town of Providence Village, TX, Municipal Corp., Special Assessment <br> Revenue: |  |  |  |  |
| Foree Ranch Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 231000 | &nbsp;&nbsp; 231829<br> <sup>(c)</sup><br>|
| Foree Ranch Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 441895<br> <sup>(c)</sup><br>|
| Town of Providence Village, TX, Special Assessment Revenue, Foree Ranch <br> Public Improvement, District Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 774233<br> <sup>(c)</sup><br>|
| Travis County Development Authority, TX, Contract Assessment Revenue, <br> Turner's Crossing Public Improvement, District Improvement Area One <br> Commercial Lot 98 & Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 285945<br>|
| Travis County, TX, Municipal Utility District No 19, GO, Series 2025, AG  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 877049<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| Travis County, TX, Municipal Utility District No 22, GO: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; $565000 | &nbsp;&nbsp; $577214<br>|
| Series B | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp; 607048<br>|
| Uhland, TX, Special Assessment Revenue: |  |  |  |  |
| Anderson Park Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; 706342<br> <sup>(c)</sup><br>|
| Watermill Public Improvement District, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp; 131282<br> <sup>(c)</sup><br>|
| Viridian, TX, Municipal Management District, Special Assessment Revenue, <br> Series 2020  | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93170<br>|
| Walden Pond, TX, Fresh Water Supply District, GO: |  |  |  |  |
| Unlimited Tax Road Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 203225<br>|
| Unlimited Tax Road Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 422558<br>|
| Westpointe Special Improvement District, TX, GO: |  |  |  |  |
| Limited Ad Valorem Tax Bonds, Series 2025, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 365222<br>|
| Limited Ad Valorem Tax Bonds, Series 2025, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358347<br>|
| Limited Ad Valorem Tax Road Bonds, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 574902<br>|
| Westside, Special Improvement District No 211, TX, GO: |  |  |  |  |
| Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road <br> Bonds, Series 2025, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 409625<br>|
| Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road <br> Bonds, Series 2025, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504104<br>|
| Wharton, TX, Special Assessment Revenue, Wharton Public Improvement <br> District No 2, Series 2025  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 230995<br> <sup>(c)</sup><br>|
| Williamson County, TX, Municipal Utility District No 26, GO: |  |  |  |  |
| Series 2025, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 776467<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 838006<br>|
| Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 872080<br>|
| Total Texas | Total Texas | Total Texas | Total Texas | &nbsp;&nbsp; 220743167 |
| U.S. Virgin Islands — 0.0%†† | U.S. Virgin Islands — 0.0%†† | U.S. Virgin Islands — 0.0%†† | U.S. Virgin Islands — 0.0%†† | U.S. Virgin Islands — 0.0%†† |
| U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. <br> Revenue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 836881<br>|
| Utah — 0.5% | Utah — 0.5% | Utah — 0.5% | Utah — 0.5% | Utah — 0.5% |
| Mida Mountain Village, UT, Public Infrastructure District, Tax Increment <br> Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1949106<br> <sup>(c)</sup><br>|
| Military Installation Development Authority, UT, Tax Allocation Revenue, <br> Series A-2  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239266<br>|
| Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |
| Wallace Stegner Academy, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 235125<br> <sup>(c)</sup><br>|
| Wallace Stegner Academy, Series A | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503092<br> <sup>(c)</sup><br>|
| Utah State Infrastructure Agency, Tax-Exempt Telecommunications Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 457123<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530380<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103350<br>|
| Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98402<br>|
| Series 2023 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/47 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107273<br>|
| Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1390525<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Utah — continued | Utah — continued | Utah — continued | Utah — continued | Utah — continued |
| Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; $1345000 | &nbsp;&nbsp; $1288569<br>|
| Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1415792<br>|
| Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 595283<br>|
| Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/44 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 166259<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 9079545 |
| Virginia — 0.6% | Virginia — 0.6% | Virginia — 0.6% | Virginia — 0.6% | Virginia — 0.6% |
| Peninsula Town Center, VA, Community Development District, Special <br> Assessment Revenue, Refunding  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100777<br> <sup>(c)</sup><br>|
| Virginia Beach, VA, Development Authority, Residential Care Facilities <br> Revenue, Westminster-Canterbury On Chesapeake Bay  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006616<br>|
| Virginia State College Building Authority Revenue, Regent University Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1981797<br>|
| Virginia State HDA Revenue, Rental Housing Bonds  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 752871<br>|
| Virginia State Small Business Financing Authority Revenue: |  |  |  |  |
| Residential Care Facilities, Lifespire of Virginia, Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 3290000 | &nbsp;&nbsp; 3249950<br>|
| The Obligated Group of National Senior Campuses Inc., Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4185000 | &nbsp;&nbsp; 4251148<br>|
| Total Virginia | Total Virginia | Total Virginia | Total Virginia | &nbsp;&nbsp; 11343159 |
| Washington — 1.6% | Washington — 1.6% | Washington — 1.6% | Washington — 1.6% | Washington — 1.6% |
| Energy Northwest, WA, Columbia Generating Station, Electric Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 5470000 | &nbsp;&nbsp; 5474252<br>|
| Jefferson County, WA, Hospital Revenue, Public Hospital District, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 463888<br>|
| King County, WA, Housing Authority Revenue: |  |  |  |  |
| Birch Creek Apartments Project, County GTD | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001844<br>|
| Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1045564<br>|
| Skagit County, WA, Public Hospital District Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100874<br>|
| Spokane County, IA, Washington Airport Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1697829<br> <sup>(d)</sup><br>|
| Vancouver, WA, Housing Authority Revenue: |  |  |  |  |
| Cascara Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1633602<br>|
| Cascara Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1603781<br>|
| Cougar Creek Project, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1254043<br>|
| Fishers Mill and Willow Creek Projects, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017370<br>|
| Fourth Plain Commons, Series 2025, Refunding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 3255000 | &nbsp;&nbsp; 3136047<br>|
| Jens Pointe Project, Series 2025 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3020780<br>|
| Navalia and Alena Projects, Series 2024 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984667<br>|
| Washington State Health Care Facilities Authority Revenue, Seattle Cancer <br> Care Alliance, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 116523<br> <sup>(c)</sup><br>|
| Washington State HFC Revenue: |  |  |  |  |
| Blakeley and Laurel Villages Portfolio, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017279<br> <sup>(c)</sup><br>|
| Bonds for Emerald Heights Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2248911<br>|
| Bonds for Emerald Heights Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1076320<br>|
| Eliseo Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95676<br> <sup>(c)</sup><br>|
| Madison at River's Edge Project | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85948<br> <sup>(c)</sup><br>|
| Presbyterian Retirement Communities Northwest Obligated Group <br> Transforming Age Projects | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102346<br> <sup>(c)</sup><br>|
| Rockwood Retirement Communities Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101518<br> <sup>(c)</sup><br>|
| Seattle Academy of Arts and Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 461554<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Washington — continued | Washington — continued | Washington — continued | Washington — continued | Washington — continued |
| Seattle Academy of Arts and Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $529668<br> <sup>(c)</sup><br>|
| Whatcom County, WA, Public Utility District, GO: |  |  |  |  |
| Private Activity, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 869606<br> <sup>(d)</sup><br>|
| Private Activity, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 1325787<br> <sup>(d)</sup><br>|
| Total Washington | Total Washington | Total Washington | Total Washington | &nbsp;&nbsp; 30465677 |
| West Virginia — 0.3% | West Virginia — 0.3% | West Virginia — 0.3% | West Virginia — 0.3% | West Virginia — 0.3% |
| Ohio County, WV, Tax Increment Revenue, The Highlands Project, Series 2024, <br> Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2804761<br>|
| West Virginia State Hospital Finance Authority, Hospital Revenue, Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/47 | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 1949025<br>|
| Total West Virginia | Total West Virginia | Total West Virginia | Total West Virginia | &nbsp;&nbsp; 4753786 |
| Wisconsin — 1.8% | Wisconsin — 1.8% | Wisconsin — 1.8% | Wisconsin — 1.8% | Wisconsin — 1.8% |
| Public Finance Authority, WI, Revenue: |  |  |  |  |
| Affordable Housing Preservation Corp., Series A-1, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 928415<br>|
| Affordable Housing Preservation Corp., Series A-2, Refunding Step bond <br> (0.000% to 12/1/38 then 6.375%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 235500 | &nbsp;&nbsp; 115368<br>|
| Aggie Apartment Life Holding Corp. II LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 995630<br>|
| Aggie Apartment Life Holding Corporation II LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1022407<br>|
| Bluehub Loan Fund Issue, Green Bonds, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054937<br>|
| Coral Academy of Science Las Vegas, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1805000 | &nbsp;&nbsp; 1745114<br>|
| Coral Academy of Science Reno, Series A | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 670206<br> <sup>(c)</sup><br>|
| Eno River Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 813465<br> <sup>(c)</sup><br>|
| Estancia Valley Classical Academy, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 89803<br> <sup>(c)</sup><br>|
| Foundation Academy Charter School Project, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 729302<br> <sup>(c)</sup><br>|
| Foundation Academy Charter School Project, Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 2859991<br> <sup>(c)</sup><br>|
| Friends Homes, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85833<br> <sup>(c)</sup><br>|
| KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508878<br>|
| KSU Bixby Real Estate Foundation LLC Project, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275458<br>|
| Multi-Family Affordable Housing Certificates, Series 1 | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512916<br> <sup>(c)</sup><br>|
| Multi-Family Affordable Housing Certificates, Series 2023-1 | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 393778<br> <sup>(c)</sup><br>|
| National Senior Communities Inc. Obligated Group, Series 2022 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1294124<br>|
| North East Carolina Preparatory School Project, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 802925<br>|
| Ocean Academy Charter School Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 545166<br> <sup>(c)</sup><br>|
| Patriot Services Group Portfolio Restructuring, Series B | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 548066<br> <sup>(c)</sup><br>|
| Patriot Services Group, Portfolio Restructuring, Series A-1, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503250<br> <sup>(c)</sup><br>|
| Retirement Facilities First Mortgage, Whitestone, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 722415<br> <sup>(c)</sup><br>|
| Signature Preparatory, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 695650<br> <sup>(c)</sup><br>|
| Tree House Apartments Project, Series B | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 227534<br> <sup>(c)</sup><br>|
| Triad Educational Services Inc., Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 141127<br>|
| Triad Educational Services Inc., Series 2025, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp; 3322078<br>|
| Triad Educational Services Inc., Series 2026, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1507304<br> <sup>(c)(i)</sup><br>|
| Triad Educational Services Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 330501<br>|
| Ultimate Medical Academy Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 621159<br> <sup>(c)</sup><br>|
| Whitestone Retirement Facilities First Mortgage, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9986<br> <sup>(c)</sup><br>|
| Whitestone Retirement Facilities First Mortgage, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp; 1388509<br> <sup>(c)</sup><br>|
| Wisconsin State HEFA Revenue: |  |  |  |  |
| Covenant Communities Inc. Project Third Tier, Series C | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9808<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Wisconsin — continued | Wisconsin — continued | Wisconsin — continued | Wisconsin — continued | Wisconsin — continued |
| Covenant Communities Inc. Project Third Tier, Series C | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; $505000 | &nbsp;&nbsp; $471415<br>|
| Saint John's Communities Inc., Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 966601<br>|
| Saint John's Communities Inc., Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 649611<br>|
| Saint John's Communities Inc., Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 469492<br>|
| Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 319060<br>|
| Three Pillars Senior Living Communities, Series B-2 | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135025<br>|
| Wisconsin State Housing and EDA Revenue, Series A, GNMA / FNMA / <br> FHLMC  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 4575000 | &nbsp;&nbsp; 4551205<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 33033512 |
| **Total Municipal Bonds (Cost — $1,739,555,332)** | **Total Municipal Bonds (Cost — $1,739,555,332)** | **Total Municipal Bonds (Cost — $1,739,555,332)** | **Total Municipal Bonds (Cost — $1,739,555,332)** | &nbsp;&nbsp; **1743562448** |
| **Corporate Bonds & Notes — 0.4%** | **Corporate Bonds & Notes — 0.4%** | **Corporate Bonds & Notes — 0.4%** | **Corporate Bonds & Notes — 0.4%** | **Corporate Bonds & Notes — 0.4%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% |
| Grand Canyon University, Secured Notes (Cost — $7,167,373) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; **7412927**<br>|
|  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† |
| DesertXpress Enterprises LLC (Cost — $0) |  | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 8700<br>| &nbsp;&nbsp; **0**<br> \*<sup>(f)(g)(k)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $1,746,722,705)** | **Total Investments before Short-Term Investments (Cost — $1,746,722,705)** | **Total Investments before Short-Term Investments (Cost — $1,746,722,705)** | **Total Investments before Short-Term Investments (Cost — $1,746,722,705)** | &nbsp;&nbsp; **1750975375** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| **Municipal Bonds — 6.3%** | **Municipal Bonds — 6.3%** | **Municipal Bonds — 6.3%** | **Municipal Bonds — 6.3%** | **Municipal Bonds — 6.3%** |
| Colorado — 0.8% | Colorado — 0.8% | Colorado — 0.8% | Colorado — 0.8% | Colorado — 0.8% |
| Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| Children's Hospital, Refunding, LOC - TD Bank N.A. | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; $9700000 | &nbsp;&nbsp; 9700000<br> <sup>(l)(m)</sup><br>|
| Intermountain Health, Series D | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 5/15/64 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 5700000<br> <sup>(l)(m)</sup><br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 15400000 |
| Georgia — 0.3% | Georgia — 0.3% | Georgia — 0.3% | Georgia — 0.3% | Georgia — 0.3% |
| Roswell Development Authority, GA, Revenue, Wellstar Healthcare Inc., LOC - <br> Truist Bank N.A. | &nbsp;&nbsp; 2.780% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 5950000 | &nbsp;&nbsp; 5950000<br> <sup>(l)(m)</sup><br>|
| Louisiana — 0.2% | Louisiana — 0.2% | Louisiana — 0.2% | Louisiana — 0.2% | Louisiana — 0.2% |
| Louisiana State Gasoline & Fuels Tax Revenue, Series A-2, Refunding, LOC - <br> TD Bank N.A. | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3100000<br> <sup>(l)(m)</sup><br>|
| Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% | Maryland — 0.5% |
| Montgomery County, MD, GO, Consolidated Public Improvement Variable Rate <br> Bonds, Series E, Refunding, SPA - U.S. Bank N.A. | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp; 9400000<br> <sup>(l)(m)</sup><br>|
| Michigan — 0.6% | Michigan — 0.6% | Michigan — 0.6% | Michigan — 0.6% | Michigan — 0.6% |
| Grand Traverse County, MI, Hospital Finance Authority Revenue, Munson <br> Healthcare Obligated Group, Series C, Refunding, LOC - PNC Bank N.A.  | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp; 6200000<br> <sup>(l)(m)</sup><br>|
| Green Lake Township, MI, EDC, The Township of Green Lake Michigan <br> Variable Rate Demand Revenue, Series 2004, Refunding, LOC - PNC Bank N.A.  | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 5700000<br> <sup>(l)(m)</sup><br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 11900000 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Minnesota — 0.7% | Minnesota — 0.7% | Minnesota — 0.7% | Minnesota — 0.7% | Minnesota — 0.7% |
| Rochester, MN, Health Care Facilities Variable Rate Revenue, Mayo Clinic, <br> Series D, LOC - Barclays Bank PLC | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/15/64 | &nbsp;&nbsp; $13800000 | &nbsp;&nbsp; $13800000<br> <sup>(l)(m)</sup><br>|
| Missouri — 0.9% | Missouri — 0.9% | Missouri — 0.9% | Missouri — 0.9% | Missouri — 0.9% |
| Missouri State HEFA Revenue, Series F | &nbsp;&nbsp; 2.780% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 16200000 | &nbsp;&nbsp; 16200000<br> <sup>(l)(m)</sup><br>|
| New York — 0.4% | New York — 0.4% | New York — 0.4% | New York — 0.4% | New York — 0.4% |
| New York City, NY, Municipal Water Finance Authority, Water & Sewer <br> System Revenue, Second General Resolution, Series BB-1, SPA - State Street <br> Bank & Trust Co. | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 7930000 | &nbsp;&nbsp; 7930000<br> <sup>(l)(m)</sup><br>|
| Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% |
| Hamilton County, OH, Revenue, Trihealth Inc. Obligated Group Project, <br> Series 2021, Refunding, SPA - JPMorgan Chase & Co. | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2100000<br> <sup>(l)(m)</sup><br>|
| Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% | Oregon — 0.1% |
| Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, <br> LOC - TD Bank N.A. | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2700000<br> <sup>(l)(m)</sup><br>|
| Pennsylvania — 0.6% | Pennsylvania — 0.6% | Pennsylvania — 0.6% | Pennsylvania — 0.6% | Pennsylvania — 0.6% |
| Philadelphia, PA, Authority for IDR: |  |  |  |  |
| The Children's Hospital of Philadelphia Project, Series B-1, SPA - JPMorgan <br> Chase & Co. | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp; 5100000<br> <sup>(l)(m)</sup><br>|
| The Children's Hospital of Philadelphia Project, Series B-2, SPA - JPMorgan <br> Chase & Co. | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 5700000<br> <sup>(l)(m)</sup><br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 10800000 |
| Virginia — 1.1% | Virginia — 1.1% | Virginia — 1.1% | Virginia — 1.1% | Virginia — 1.1% |
| Albemarle County, VA, EDA Revenue, Sentara Martha Jefferson Hospital, <br> Series B, Refunding, SPA - TD Bank N.A.  | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000<br> <sup>(l)(m)</sup><br>|
| Winchester, VA, EDA Revenue, Valley Health System Obligated Group, Series <br> B-1, Refunding, LOC - Truist Bank N.A.  | &nbsp;&nbsp; 2.780% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 19790000 | &nbsp;&nbsp; 19790000<br> <sup>(l)(m)</sup><br>|
| Total Virginia | Total Virginia | Total Virginia | Total Virginia | &nbsp;&nbsp; 20590000 |
| **Total Short-Term Investments (Cost — $119,870,000)** | **Total Short-Term Investments (Cost — $119,870,000)** | **Total Short-Term Investments (Cost — $119,870,000)** | **Total Short-Term Investments (Cost — $119,870,000)** | &nbsp;&nbsp; **119870000** |
| **Total Investments — 99.3% (Cost — $1,866,592,705)** | **Total Investments — 99.3% (Cost — $1,866,592,705)** | **Total Investments — 99.3% (Cost — $1,866,592,705)** | **Total Investments — 99.3% (Cost — $1,866,592,705)** | &nbsp;&nbsp; **1870845375** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 12540103 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1883385478** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Dynamic Municipal Bond ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(d)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(e)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(f)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(g)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(h)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(i)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(j)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(k)</sup> | Value is less than $1. |
| <sup>(l)</sup> | Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no <br> more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(m)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Dynamic Municipal Bond ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| AG-CR |  | Assured Guaranty — Credit Related |
| AMBAC |  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| CDA |  | Communities Development Authority |
| COP |  | Certificates of Participation |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| FHA |  | Federal Housing Administration — Insured Bonds |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GNMA |  | Government National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| HFC |  | Housing Finance Commission |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| LIQ |  | Liquidity Facility |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MFH |  | Multi-Family Housing |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA |  | Pollution Control Financing Authority |
| PEA |  | Public Energy Authority |
| PFC |  | Public Facilities Corporation |
| SOFR |  | Secured Overnight Financing Rate |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| TCRS |  | Transferable Custodial Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 95.7%** | **Common Stocks — 95.7%** | **Common Stocks — 95.7%** |
| **Communication Services — 28.0%** | **Communication Services — 28.0%** | **Communication Services — 28.0%** |
| Entertainment — 5.3% | Entertainment — 5.3% | Entertainment — 5.3% |
| Netflix Inc. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; $96,150<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 10,181<br> \*<br>|
| Roku Inc. | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 61,408<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 167739 |
| Interactive Media & Services — 20.3% | Interactive Media & Services — 20.3% | Interactive Media & Services — 20.3% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 291011<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 242011<br>|
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 10,949<br> \*<br>|
| Reddit Inc., Class A Shares | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 52,783<br> \*<br>|
| Snap Inc., Class A Shares | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 4,945<br> \*<br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 39879<br> <sup>(a)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 641578 |
| Wireless Telecommunication Services — 2.4% | Wireless Telecommunication Services — 2.4% | Wireless Telecommunication Services — 2.4% |
| T-Mobile US Inc. | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 75191<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **884508** |
| **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** |
| Broadline Retail — 1.0% | Broadline Retail — 1.0% | Broadline Retail — 1.0% |
| Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 30361<br> <sup>(a)</sup><br>|
| Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% |
| Duolingo Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 6,309<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **36670** |
| **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** |
| Capital Markets — 4.0% | Capital Markets — 4.0% | Capital Markets — 4.0% |
| Bullish | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 7,075<br> \*<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 28,462<br> \*<br>|
| Moody's Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 17450<br>|
| MSCI Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 18326<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 17,048<br> \*<br>|
| Tradeweb Markets Inc., Class A Shares | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 37298<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 125659 |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Root Inc., Class A Shares | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 3,313<br> \*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **128972** |
| **Health Care — 2.4%** | **Health Care — 2.4%** | **Health Care — 2.4%** |
| Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% |
| Recursion Pharmaceuticals Inc., Class A Shares | &nbsp;&nbsp; 1813 | &nbsp;&nbsp; 5,566<br> \*<br>|
| Health Care Technology — 2.2% | Health Care Technology — 2.2% | Health Care Technology — 2.2% |
| Doximity Inc., Class A Shares | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 12,279<br> \*<br>|
| Schrodinger Inc. | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 15,552<br> \*<br>|
| Simulations Plus Inc. | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 3,452<br> \*<br>|
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 28,457<br> \*<br>|
| Waystar Holding Corp. | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 12,127<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 71867 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **77433** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Verisk Analytics Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp; **$12144**<br>|
| **Information Technology — 57.1%** | **Information Technology — 57.1%** | **Information Technology — 57.1%** |
| Communications Equipment — 2.5% | Communications Equipment — 2.5% | Communications Equipment — 2.5% |
| Arista Networks Inc. | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 80,912<br> \*<br>|
| Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% |
| Celestica Inc. | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 21,407<br> \*<br>|
| Keysight Technologies Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 3,106<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 24513 |
| IT Services — 15.7% | IT Services — 15.7% | IT Services — 15.7% |
| Akamai Technologies Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 3,101<br> \*<br>|
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 352,842<br> \*<br>|
| Kyndryl Holdings Inc. | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 3,214<br> \*<br>|
| MongoDB Inc. | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 54,339<br> \*<br>|
| Snowflake Inc. | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 81,895<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 495391 |
| Software — 38.1% | Software — 38.1% | Software — 38.1% |
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 143,678<br> \*<br>|
| Aurora Innovation Inc. | &nbsp;&nbsp; 1747 | &nbsp;&nbsp; 7,198<br> \*<br>|
| Circle Internet Group Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 10,495<br> \*<br>|
| Clearwater Analytics Holdings Inc., Class A Shares | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 16,673<br> \*<br>|
| Constellation Software Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 12249<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 120,637<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 49,227<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26,688<br> \*<br>|
| Figma Inc., Class A Shares | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 2,262<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 14,219<br> \*<br>|
| Gitlab Inc., Class A Shares | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 7,747<br> \*<br>|
| Guidewire Software Inc. | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 37,988<br> \*<br>|
| HubSpot Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 10,984<br> \*<br>|
| Life360 Inc. | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 18,002<br> \*<br>|
| Microsoft Corp. | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 189157<br>|
| Monday.com Ltd. | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 14,720<br> \*<br>|
| Oracle Corp. | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 27951<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 115,707<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 113,026<br> \*<br>|
| Qualys Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 7,555<br> \*<br>|
| Rubrik Inc., Class A Shares | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 9,647<br> \*<br>|
| Salesforce Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 31921<br>|
| Samsara Inc., Class A Shares | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 19,965<br> \*<br>|
| SentinelOne Inc., Class A Shares | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 17,272<br> \*<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 71,617<br> \*<br>|
| ServiceTitan Inc., Class A Shares | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 20,180<br> \*<br>|
| SoundHound AI Inc., Class A Shares | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 4,156<br> \*<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 22233<br>|
| Tyler Technologies Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 11,299<br> \*<br>|
| Unity Software Inc. | &nbsp;&nbsp; 863 | &nbsp;&nbsp; 18,934<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Software — continued | Software — continued | Software — continued | Software — continued |
| Zscaler Inc. | Zscaler Inc. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; $31,986<br> \*<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 1205373 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1806189** |
| **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** |
| Specialized REITs — 2.5% | Specialized REITs — 2.5% | Specialized REITs — 2.5% | Specialized REITs — 2.5% |
| Crown Castle Inc. | Crown Castle Inc. | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 17319<br>|
| Equinix Inc. | Equinix Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44111<br>|
| SBA Communications Corp. | SBA Communications Corp. | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 16350<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **77780** |
| **Total Investments before Short-Term Investments (Cost — $2,965,391)** | **Total Investments before Short-Term Investments (Cost — $2,965,391)** | **Total Investments before Short-Term Investments (Cost — $2,965,391)** | &nbsp;&nbsp; **3023696** |
|  | Rate |  |  |
| **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $129,820)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 129820<br>| &nbsp;&nbsp; **129820**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.8% (Cost — $3,095,211)** | **Total Investments — 99.8% (Cost — $3,095,211)** | **Total Investments — 99.8% (Cost — $3,095,211)** | &nbsp;&nbsp; **3153516** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 6599 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$3160115** |

---

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

\* Non-income producing security.

<sup>(a)</sup> Variable interest entity (VIE). See Note 10 regarding investments made through a VIE structure. At March 31, 2026, the value of these securities was $70,240, representing 2.2% of net assets. 

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

<sup>(c)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $129,820 and the cost was $129,820 (Note 6). 

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

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Focused Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Communication Services — 14.3%** | **Communication Services — 14.3%** | **Communication Services — 14.3%** |
| Entertainment — 1.6% | Entertainment — 1.6% | Entertainment — 1.6% |
| Netflix Inc. | &nbsp;&nbsp; 34360 | &nbsp;&nbsp; $3,303,714<br> \*<br>|
| Interactive Media & Services — 12.7% | Interactive Media & Services — 12.7% | Interactive Media & Services — 12.7% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 56354 | &nbsp;&nbsp; 16205156<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 17787 | &nbsp;&nbsp; 10176477<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 26381633 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **29685347** |
| **Consumer Discretionary — 14.9%** | **Consumer Discretionary — 14.9%** | **Consumer Discretionary — 14.9%** |
| Automobiles — 3.4% | Automobiles — 3.4% | Automobiles — 3.4% |
| Tesla Inc. | &nbsp;&nbsp; 19264 | &nbsp;&nbsp; 7,161,392<br> \*<br>|
| Broadline Retail — 10.1% | Broadline Retail — 10.1% | Broadline Retail — 10.1% |
| Amazon.com Inc. | &nbsp;&nbsp; 90131 | &nbsp;&nbsp; 18,771,583<br> \*<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 2,150,901<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 20922484 |
| Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% | Hotels, Restaurants & Leisure — 0.7% |
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 9281 | &nbsp;&nbsp; 1,393,542<br> \*<br>|
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Carvana Co. | &nbsp;&nbsp; 4574 | &nbsp;&nbsp; 1,437,974<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **30915392** |
| **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** |
| Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% |
| TechnipFMC PLC | &nbsp;&nbsp; 22223 | &nbsp;&nbsp; **1536276**<br>|
| **Financials — 3.3%** | **Financials — 3.3%** | **Financials — 3.3%** |
| Capital Markets — 0.6% | Capital Markets — 0.6% | Capital Markets — 0.6% |
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 18708 | &nbsp;&nbsp; 1,296,464<br> \*<br>|
| Financial Services — 2.7% | Financial Services — 2.7% | Financial Services — 2.7% |
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 11165 | &nbsp;&nbsp; 5578704<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6875168** |
| **Health Care — 6.8%** | **Health Care — 6.8%** | **Health Care — 6.8%** |
| Biotechnology — 2.9% | Biotechnology — 2.9% | Biotechnology — 2.9% |
| Argenx SE, ADR | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1,109,980<br> \*<br>|
| Ascendis Pharma A/S, ADR | &nbsp;&nbsp; 9854 | &nbsp;&nbsp; 2,253,905<br> \*<br>|
| Natera Inc. | &nbsp;&nbsp; 13421 | &nbsp;&nbsp; 2,684,066<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 6047951 |
| Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% |
| Intuitive Surgical Inc. | &nbsp;&nbsp; 5906 | &nbsp;&nbsp; 2,722,607<br> \*<br>|
| Pharmaceuticals — 2.6% | Pharmaceuticals — 2.6% | Pharmaceuticals — 2.6% |
| Eli Lilly & Co. | &nbsp;&nbsp; 4472 | &nbsp;&nbsp; 4113212<br>|
| Jazz Pharmaceuticals PLC | &nbsp;&nbsp; 6386 | &nbsp;&nbsp; 1,207,273<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 5320485 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **14091043** |
| **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** |
| Aerospace & Defense — 1.9% | Aerospace & Defense — 1.9% | Aerospace & Defense — 1.9% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 5056 | &nbsp;&nbsp; 2,147,233<br> \*<br>|
| Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 24563 | &nbsp;&nbsp; 1,731,937<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3879170 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Focused Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Electrical Equipment — 2.4% | Electrical Equipment — 2.4% | Electrical Equipment — 2.4% | Electrical Equipment — 2.4% |
| Bloom Energy Corp., Class A Shares | Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 16792 | &nbsp;&nbsp; $2,275,148<br> \*<br>|
| GE Vernova Inc. | GE Vernova Inc. | &nbsp;&nbsp; 3163 | &nbsp;&nbsp; 2760983<br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 5036131 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **8915301** |
| **Information Technology — 55.2%** | **Information Technology — 55.2%** | **Information Technology — 55.2%** | **Information Technology — 55.2%** |
| Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% |
| Arista Networks Inc. | Arista Networks Inc. | &nbsp;&nbsp; 16355 | &nbsp;&nbsp; 2,008,067<br> \*<br>|
| Lumentum Holdings Inc. | Lumentum Holdings Inc. | &nbsp;&nbsp; 1558 | &nbsp;&nbsp; 1,094,900<br> \*<br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 3102967 |
| Electronic Equipment, Instruments & Components — 3.7% | Electronic Equipment, Instruments & Components — 3.7% | Electronic Equipment, Instruments & Components — 3.7% | Electronic Equipment, Instruments & Components — 3.7% |
| Amphenol Corp., Class A Shares | Amphenol Corp., Class A Shares | &nbsp;&nbsp; 20180 | &nbsp;&nbsp; 2549743<br>|
| Celestica Inc. | Celestica Inc. | &nbsp;&nbsp; 17955 | &nbsp;&nbsp; 5,057,564<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 7607307 |
| IT Services — 4.3% | IT Services — 4.3% | IT Services — 4.3% | IT Services — 4.3% |
| Cloudflare Inc., Class A Shares | Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 18752 | &nbsp;&nbsp; 3,869,287<br> \*<br>|
| Shopify Inc., Class A Shares | Shopify Inc., Class A Shares | &nbsp;&nbsp; 42598 | &nbsp;&nbsp; 5,052,975<br> \*<br>|
| Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 8922262 |
| Semiconductors & Semiconductor Equipment — 28.4% | Semiconductors & Semiconductor Equipment — 28.4% | Semiconductors & Semiconductor Equipment — 28.4% | Semiconductors & Semiconductor Equipment — 28.4% |
| ASML Holding NV, Registered Shares | ASML Holding NV, Registered Shares | &nbsp;&nbsp; 2243 | &nbsp;&nbsp; 2962622<br>|
| Broadcom Inc. | Broadcom Inc. | &nbsp;&nbsp; 37281 | &nbsp;&nbsp; 11538842<br>|
| KLA Corp. | KLA Corp. | &nbsp;&nbsp; 2865 | &nbsp;&nbsp; 4218455<br>|
| Monolithic Power Systems Inc. | Monolithic Power Systems Inc. | &nbsp;&nbsp; 1986 | &nbsp;&nbsp; 2171393<br>|
| NVIDIA Corp. | NVIDIA Corp. | &nbsp;&nbsp; 154916 | &nbsp;&nbsp; 27017351<br>|
| SK hynix Inc. | SK hynix Inc. | &nbsp;&nbsp; 3079 | &nbsp;&nbsp; 1622272<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 27114 | &nbsp;&nbsp; 9163176<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 58694111 |
| Software — 11.1% | Software — 11.1% | Software — 11.1% | Software — 11.1% |
| AppLovin Corp., Class A Shares | AppLovin Corp., Class A Shares | &nbsp;&nbsp; 7834 | &nbsp;&nbsp; 3,117,932<br> \*<br>|
| Cadence Design Systems Inc. | Cadence Design Systems Inc. | &nbsp;&nbsp; 7586 | &nbsp;&nbsp; 2,107,922<br> \*<br>|
| Microsoft Corp. | Microsoft Corp. | &nbsp;&nbsp; 41827 | &nbsp;&nbsp; 15483100<br>|
| Palantir Technologies Inc., Class A Shares | Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 15914 | &nbsp;&nbsp; 2,327,900<br> \*<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 23036854 |
| Technology Hardware, Storage & Peripherals — 6.2% | Technology Hardware, Storage & Peripherals — 6.2% | Technology Hardware, Storage & Peripherals — 6.2% | Technology Hardware, Storage & Peripherals — 6.2% |
| Apple Inc. | Apple Inc. | &nbsp;&nbsp; 44007 | &nbsp;&nbsp; 11168537<br>|
| Sandisk Corp. | Sandisk Corp. | &nbsp;&nbsp; 2638 | &nbsp;&nbsp; 1,676,027<br> \*<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 12844564 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **114208065** |
| **Total Investments before Short-Term Investments (Cost — $181,551,503)** | **Total Investments before Short-Term Investments (Cost — $181,551,503)** | **Total Investments before Short-Term Investments (Cost — $181,551,503)** | &nbsp;&nbsp; **206226592** |
|  | Rate |  |  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $937,212)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 937212<br>| &nbsp;&nbsp; **937212**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 100.0% (Cost — $182,488,715)** | **Total Investments — 100.0% (Cost — $182,488,715)** | **Total Investments — 100.0% (Cost — $182,488,715)** | &nbsp;&nbsp; **207163804** |
| Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp; (65937)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$207097867** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Focused Growth ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $937,212 and the cost was $937,212 (Note 6).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Genomic Advancements ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.0%** | **Common Stocks — 96.0%** | **Common Stocks — 96.0%** |
| **Health Care — 92.6%** | **Health Care — 92.6%** | **Health Care — 92.6%** |
| Biotechnology — 56.0% | Biotechnology — 56.0% | Biotechnology — 56.0% |
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 1687 | &nbsp;&nbsp; $558,178<br> \*<br>|
| AnaptysBio Inc. | &nbsp;&nbsp; 2041 | &nbsp;&nbsp; 113,194<br> \*<br>|
| Arcutis Biotherapeutics Inc. | &nbsp;&nbsp; 4107 | &nbsp;&nbsp; 96,761<br> \*<br>|
| Argenx SE | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 328,316<br> \*<br>|
| Beam Therapeutics Inc. | &nbsp;&nbsp; 7036 | &nbsp;&nbsp; 167,668<br> \*<br>|
| BeOne Medicines Ltd., ADR | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 62,067<br> \*<br>|
| BioNTech SE, ADR | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; 385,739<br> \*<br>|
| Bridgebio Pharma Inc. | &nbsp;&nbsp; 12192 | &nbsp;&nbsp; 905,378<br> \*<br>|
| CareDx Inc. | &nbsp;&nbsp; 7429 | &nbsp;&nbsp; 128,967<br> \*<br>|
| Caris Life Sciences Inc. | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 9,959<br> \*<br>|
| Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 6375 | &nbsp;&nbsp; 157,845<br> \*<br>|
| CRISPR Therapeutics AG | &nbsp;&nbsp; 4671 | &nbsp;&nbsp; 222,199<br> \*<br>|
| GRAIL Inc. | &nbsp;&nbsp; 4138 | &nbsp;&nbsp; 213,852<br> \*<br>|
| Insmed Inc. | &nbsp;&nbsp; 5932 | &nbsp;&nbsp; 970,001<br> \*<br>|
| Ionis Pharmaceuticals Inc. | &nbsp;&nbsp; 5957 | &nbsp;&nbsp; 447,311<br> \*<br>|
| Krystal Biotech Inc. | &nbsp;&nbsp; 4418 | &nbsp;&nbsp; 1,141,258<br> \*<br>|
| Natera Inc. | &nbsp;&nbsp; 7131 | &nbsp;&nbsp; 1,426,129<br> \*<br>|
| Neurocrine Biosciences Inc. | &nbsp;&nbsp; 2693 | &nbsp;&nbsp; 354,776<br> \*<br>|
| Neurogene Inc. | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 37,094<br> \*<br>|
| Praxis Precision Medicines Inc. | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 214,901<br> \*<br>|
| PTC Therapeutics Inc. | &nbsp;&nbsp; 4652 | &nbsp;&nbsp; 316,941<br> \*<br>|
| Recursion Pharmaceuticals Inc., Class A Shares | &nbsp;&nbsp; 10393 | &nbsp;&nbsp; 31,906<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 577935<br>|
| Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 84,709<br> \*<br>|
| Samsung Episholdings Co. Ltd. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 112,885<br> \*<br>|
| Stoke Therapeutics Inc. | &nbsp;&nbsp; 10539 | &nbsp;&nbsp; 343,150<br> \*<br>|
| Travere Therapeutics Inc. | &nbsp;&nbsp; 10129 | &nbsp;&nbsp; 300,932<br> \*<br>|
| Twist Bioscience Corp. | &nbsp;&nbsp; 7184 | &nbsp;&nbsp; 341,384<br> \*<br>|
| Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp; 4765 | &nbsp;&nbsp; 99,827<br> \*<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 996,206<br> \*<br>|
| Veracyte Inc. | &nbsp;&nbsp; 6788 | &nbsp;&nbsp; 218,641<br> \*<br>|
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 640,785<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 12006894 |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |
| OmniAb Inc., $12.50 EARNOUT | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| OmniAb Inc., $15.00 EARNOUT | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| TransMedics Group Inc. | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 47,916<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 47916 |
| Health Care Providers & Services — 7.6% | Health Care Providers & Services — 7.6% | Health Care Providers & Services — 7.6% |
| GeneDx Holdings Corp. | &nbsp;&nbsp; 1409 | &nbsp;&nbsp; 90,486<br> \*<br>|
| Guardant Health Inc. | &nbsp;&nbsp; 15718 | &nbsp;&nbsp; 1,451,871<br> \*<br>|
| Hinge Health Inc., Class A Shares | &nbsp;&nbsp; 2182 | &nbsp;&nbsp; 84,138<br> \*<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1626495 |
| Life Sciences Tools & Services — 17.2% | Life Sciences Tools & Services — 17.2% | Life Sciences Tools & Services — 17.2% |
| Adaptive Biotechnologies Corp. | &nbsp;&nbsp; 48245 | &nbsp;&nbsp; 669,641<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Genomic Advancements ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Life Sciences Tools & Services — continued | Life Sciences Tools & Services — continued | Life Sciences Tools & Services — continued | Life Sciences Tools & Services — continued |
| Agilent Technologies Inc. | Agilent Technologies Inc. | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; $129481<br>|
| Bio-Rad Laboratories Inc., Class A Shares | Bio-Rad Laboratories Inc., Class A Shares | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 62,997<br> \*<br>|
| Charles River Laboratories International Inc. | Charles River Laboratories International Inc. | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 249,262<br> \*<br>|
| Danaher Corp. | Danaher Corp. | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 199080<br>|
| IQVIA Holdings Inc. | IQVIA Holdings Inc. | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 171,393<br> \*<br>|
| Medpace Holdings Inc. | Medpace Holdings Inc. | &nbsp;&nbsp; 1327 | &nbsp;&nbsp; 637,212<br> \*<br>|
| QIAGEN NV | QIAGEN NV | &nbsp;&nbsp; 3175 | &nbsp;&nbsp; 127127<br>|
| Repligen Corp. | Repligen Corp. | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 219,852<br> \*<br>|
| Samsung Biologics Co. Ltd. | Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 640,230<br> \*<sup>(e)</sup><br>|
| Tempus AI Inc., Class A Shares | Tempus AI Inc., Class A Shares | &nbsp;&nbsp; 8726 | &nbsp;&nbsp; 394,590<br> \*<br>|
| Thermo Fisher Scientific Inc. | Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 192188<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 3693053 |
| Pharmaceuticals — 11.6% | Pharmaceuticals — 11.6% | Pharmaceuticals — 11.6% | Pharmaceuticals — 11.6% |
| AstraZeneca PLC | AstraZeneca PLC | &nbsp;&nbsp; 3695 | &nbsp;&nbsp; 728728<br>|
| Axsome Therapeutics Inc. | Axsome Therapeutics Inc. | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 95,665<br> \*<br>|
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 67382<br>|
| Eli Lilly & Co. | Eli Lilly & Co. | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 545424<br>|
| Jazz Pharmaceuticals PLC | Jazz Pharmaceuticals PLC | &nbsp;&nbsp; 841 | &nbsp;&nbsp; 158,991<br> \*<br>|
| Ligand Pharmaceuticals Inc. | Ligand Pharmaceuticals Inc. | &nbsp;&nbsp; 3794 | &nbsp;&nbsp; 757,472<br> \*<br>|
| Tarsus Pharmaceuticals Inc. | Tarsus Pharmaceuticals Inc. | &nbsp;&nbsp; 1487 | &nbsp;&nbsp; 104,313<br> \*<br>|
| WaVe Life Sciences Ltd. | WaVe Life Sciences Ltd. | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 32,408<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2490383 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **19864741** |
| **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| Software — 0.7% | Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Cadence Design Systems Inc. | Cadence Design Systems Inc. | &nbsp;&nbsp; 545 | &nbsp;&nbsp; **151,439**<br> \*<br>|
| **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** |
| Chemicals — 2.7% | Chemicals — 2.7% | Chemicals — 2.7% | Chemicals — 2.7% |
| Corteva Inc. | Corteva Inc. | &nbsp;&nbsp; 6904 | &nbsp;&nbsp; **577934**<br>|
| **Total Common Stocks (Cost — $16,982,692)** | **Total Common Stocks (Cost — $16,982,692)** | **Total Common Stocks (Cost — $16,982,692)** | &nbsp;&nbsp; **20594114**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** |
| **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** |
| Life Sciences Tools & Services — 1.0% | Life Sciences Tools & Services — 1.0% | Life Sciences Tools & Services — 1.0% | Life Sciences Tools & Services — 1.0% |
| Sartorius AG (Cost — $215,670) | &nbsp;&nbsp; 0.349% | &nbsp;&nbsp; 841 | &nbsp;&nbsp; **205331**<br> <sup>(f)</sup><br>|
| **Total Investments — 97.0% (Cost — $17,198,362)** | **Total Investments — 97.0% (Cost — $17,198,362)** | **Total Investments — 97.0% (Cost — $17,198,362)** | &nbsp;&nbsp; **20799445** |
| Other Assets in Excess of Liabilities — 3.0% | Other Assets in Excess of Liabilities — 3.0% | Other Assets in Excess of Liabilities — 3.0% | &nbsp;&nbsp; 649039 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$21448484** |

---

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

\* Non-income producing security.

<sup>(a)</sup> Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

<sup>(b)</sup> Security is valued using significant unobservable inputs (Note 1).

<sup>(c)</sup> Value is less than $1.

<sup>(d)</sup> Restricted security (Note 7).

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

<sup>(f)</sup> The rate shown represents the yield as of March 31, 2026.

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Genomic Advancements ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 94.3%** | **Corporate Bonds & Notes — 94.3%** | **Corporate Bonds & Notes — 94.3%** | **Corporate Bonds & Notes — 94.3%** | **Corporate Bonds & Notes — 94.3%** |
| **Communication Services — 11.4%** | **Communication Services — 11.4%** | **Communication Services — 11.4%** | **Communication Services — 11.4%** | **Communication Services — 11.4%** |
| Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% |
| Altice France Lux 3/Altice Holdings 1, Senior Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp; $109199<br> <sup>(a)</sup><br>|
| Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2452959<br>| &nbsp;&nbsp; 2480459<br> <sup>(a)</sup><br>|
| Cogent Communications Group LLC/Cogent Finance Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2371495<br> <sup>(a)</sup><br>|
| Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 5950000<br>| &nbsp;&nbsp; 5194584<br> <sup>(a)</sup><br>|
| WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 4950000<br>| &nbsp;&nbsp; 5233709<br> <sup>(a)</sup><br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 15389446 |
| Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% |
| Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 6150000<br>| &nbsp;&nbsp; 6341585<br> <sup>(a)</sup><br>|
| Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp; 2275094<br>|
| Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1875000<br>| &nbsp;&nbsp; 1239948<br>|
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 4362600<br> <sup>(a)</sup><br>|
| OAK-Eagle Acquireco Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp; 1529418<br> <sup>(a)(b)</sup><br>|
| OAK-Eagle Acquireco Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1814303<br> <sup>(a)(b)</sup><br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 17562948 |
| Media — 6.6% | Media — 6.6% | Media — 6.6% | Media — 6.6% | Media — 6.6% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1282935<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5610592<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 2570000<br>| &nbsp;&nbsp; 2579636<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1455920<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 4607715<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1748576<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp; 5894249<br> <sup>(a)</sup><br>|
| EW Scripps Co., Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 5625000<br>| &nbsp;&nbsp; 5466054<br> <sup>(a)</sup><br>|
| Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 3075000<br>| &nbsp;&nbsp; 3077664<br> <sup>(a)</sup><br>|
| Gray Media Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 2267202<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4596782<br> <sup>(a)</sup><br>|
| Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 4555000<br>| &nbsp;&nbsp; 4573387<br> <sup>(a)(b)</sup><br>|
| Nexstar Media Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 2840000<br>| &nbsp;&nbsp; 2863356<br> <sup>(a)</sup><br>|
| Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4070000<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp; 809618<br> <sup>(a)</sup><br>|
| VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 6920000<br>| &nbsp;&nbsp; 6529012<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 57432698 |
| Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% |
| Block Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3114097<br> <sup>(a)</sup><br>|
| Iliad Holding SAS, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 3150000<br>| &nbsp;&nbsp; 3157711<br> <sup>(a)</sup><br>|
| Zegona Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2190000<br>| &nbsp;&nbsp; 2300788<br> <sup>(a)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 8572596 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **98957688** |
| **Consumer Discretionary — 14.1%** | **Consumer Discretionary — 14.1%** | **Consumer Discretionary — 14.1%** | **Consumer Discretionary — 14.1%** | **Consumer Discretionary — 14.1%** |
| Automobile Components — 2.4% | Automobile Components — 2.4% | Automobile Components — 2.4% | Automobile Components — 2.4% | Automobile Components — 2.4% |
| Clarios Global LP/Clarios US Finance Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 4870000<br>| &nbsp;&nbsp; 4912028<br> <sup>(a)</sup><br>|
| Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp; 5272995<br> <sup>(a)</sup><br>|
| Forvia SE, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 5520000<br>| &nbsp;&nbsp; 5392790<br> <sup>(a)</sup><br>|
| IHO Verwaltungs GmbH, Senior Secured Notes (7.750% Cash or 8.500% PIK) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2136269<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| IHO Verwaltungs GmbH, Senior Secured Notes (8.000% Cash or 8.750% PIK) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; $2750000<br>| &nbsp;&nbsp; $2819435<br> <sup>(a)(c)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 20533517 |
| Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% |
| Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/17/35 | &nbsp;&nbsp; 2535000<br>| &nbsp;&nbsp; 2610394<br> <sup>(a)</sup><br>|
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| Grand Canyon University, Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1284908<br>|
| Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% | Hotels, Restaurants & Leisure — 6.5% |
| 1011778 BC ULC/New Red Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp; 5185323<br> <sup>(a)</sup><br>|
| Allwyn Entertainment Financing UK PLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 3231000<br>| &nbsp;&nbsp; 3305417<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4033908<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2810000<br>| &nbsp;&nbsp; 2812599<br> <sup>(a)</sup><br>|
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp; 4580605<br> <sup>(a)</sup><br>|
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2390780<br> <sup>(a)</sup><br>|
| Great Canadian Gaming Corp./Raptor LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3375000<br>| &nbsp;&nbsp; 3294764<br> <sup>(a)</sup><br>|
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp; 5634255<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1614671<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3376685<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1395000<br>| &nbsp;&nbsp; 1354592<br> <sup>(a)</sup><br>|
| Rivers Enterprise Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp; 4890500<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1010103<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3333783<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2856680<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 844384<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp; 2015575<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4195180<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 56729804 |
| Household Durables — 2.2% | Household Durables — 2.2% | Household Durables — 2.2% | Household Durables — 2.2% | Household Durables — 2.2% |
| Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 836104<br> <sup>(a)</sup><br>|
| Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 2725000<br>| &nbsp;&nbsp; 2632938<br> <sup>(a)</sup><br>|
| Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1627254<br> <sup>(a)</sup><br>|
| K Hovnanian Enterprises Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp; 2514803<br> <sup>(a)</sup><br>|
| K Hovnanian Enterprises Inc., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp; 2039518<br> <sup>(a)</sup><br>|
| LGI Homes Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp; 568185<br> <sup>(a)</sup><br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1394213<br> <sup>(a)</sup><br>|
| Taylor Morrison Communities Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp; 1262602<br> <sup>(a)</sup><br>|
| Weekley Homes LLC/Weekley Finance Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 6150000<br>| &nbsp;&nbsp; 5897831<br> <sup>(a)</sup><br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 18773448 |
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| PetSmart LLC/PetSmart Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 7095000<br>| &nbsp;&nbsp; 7134838<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp; 2808985<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2708958<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1780000<br>| &nbsp;&nbsp; 1794938<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 14447719 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% |
| Beach Acquisition Bidco LLC, Senior Notes (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; $7163482<br>| &nbsp;&nbsp; $7634426<br> <sup>(a)(c)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **122014216** |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% |
| Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 7495000<br>| &nbsp;&nbsp; 7314916<br> <sup>(a)</sup><br>|
| Food Products — 1.6% | Food Products — 1.6% | Food Products — 1.6% | Food Products — 1.6% | Food Products — 1.6% |
| Chobani Holdco II LLC, Senior Notes (8.750% Cash or 9.500% PIK) | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3835986<br>| &nbsp;&nbsp; 4090680<br> <sup>(a)(c)</sup><br>|
| Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1675000<br>| &nbsp;&nbsp; 1713704<br> <sup>(a)</sup><br>|
| Industrial F&B Investments III Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/11/33 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; 7584397<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 13388781 |
| Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% |
| Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 6975000<br>| &nbsp;&nbsp; 6985944<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **27689641** |
| **Energy — 11.9%** | **Energy — 11.9%** | **Energy — 11.9%** | **Energy — 11.9%** | **Energy — 11.9%** |
| Energy Equipment & Services — 3.6% | Energy Equipment & Services — 3.6% | Energy Equipment & Services — 3.6% | Energy Equipment & Services — 3.6% | Energy Equipment & Services — 3.6% |
| Archrock Services LP/Archrock Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 5140000<br>| &nbsp;&nbsp; 5092753<br> <sup>(a)</sup><br>|
| Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 4557000<br>| &nbsp;&nbsp; 4629409<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 1635000<br>| &nbsp;&nbsp; 1644111<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp; 1962294<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 1665000<br>| &nbsp;&nbsp; 1692734<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2731459<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp; 922535<br> <sup>(a)</sup><br>|
| Transocean International Ltd., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1705900<br> <sup>(a)</sup><br>|
| Transocean International Ltd., Senior Notes | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1826647<br>|
| Transocean International Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2135000<br>| &nbsp;&nbsp; 2227046<br> <sup>(a)</sup><br>|
| Transocean International Ltd., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1195000<br>| &nbsp;&nbsp; 1277682<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 5335000<br>| &nbsp;&nbsp; 5454605<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 31167175 |
| Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% | Oil, Gas & Consumable Fuels — 8.3% |
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 4320000<br>| &nbsp;&nbsp; 4591991<br> <sup>(a)</sup><br>|
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1426250<br> <sup>(a)</sup><br>|
| Coronado Finance Pty Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp; 4251083<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2044794<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp; 3701829<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 3645000<br>| &nbsp;&nbsp; 3813654<br> <sup>(a)</sup><br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3650000<br>| &nbsp;&nbsp; 3652629<br> <sup>(a)</sup><br>|
| Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3020000<br>| &nbsp;&nbsp; 3086607<br> <sup>(a)</sup><br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1607106<br> <sup>(a)</sup><br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3501457<br> <sup>(a)</sup><br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2643219<br> <sup>(a)</sup><br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3357529<br> <sup>(a)</sup><br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp; 4368548<br> <sup>(a)</sup><br>|
| Martin Midstream Partners LP/Martin Midstream Finance Corp., Secured Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2869143<br> <sup>(a)</sup><br>|
| Northriver Midstream Finance LP, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2308386<br> <sup>(a)</sup><br>|
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 2495000<br>| &nbsp;&nbsp; 2476764<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; $1985000<br>| &nbsp;&nbsp; $1956011<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 1997087<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp; 3016327<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 5700000<br>| &nbsp;&nbsp; 6166257<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2185040<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 216085<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1154778<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1065000<br>| &nbsp;&nbsp; 1110879<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 218732<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1682105<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 2865000<br>| &nbsp;&nbsp; 3036333<br> <sup>(a)</sup><br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 72440623 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **103607798** |
| **Financials — 11.7%** | **Financials — 11.7%** | **Financials — 11.7%** | **Financials — 11.7%** | **Financials — 11.7%** |
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| Cipher Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 3780000<br>| &nbsp;&nbsp; 3920915<br> <sup>(a)</sup><br>|
| Osaic Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 6250000<br>| &nbsp;&nbsp; 6175108<br> <sup>(a)</sup><br>|
| Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 760657<br> <sup>(a)</sup><br>|
| StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp; 1739482<br> <sup>(a)</sup><br>|
| StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp; 5092384<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 17688546 |
| Consumer Finance — 2.6% | Consumer Finance — 2.6% | Consumer Finance — 2.6% | Consumer Finance — 2.6% | Consumer Finance — 2.6% |
| Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp; 2252125<br> <sup>(a)</sup><br>|
| Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp; 4020206<br> <sup>(a)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2556223<br> <sup>(a)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 4250000<br>| &nbsp;&nbsp; 4336989<br> <sup>(a)</sup><br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1102443<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 965058<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 595003<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2435000<br>| &nbsp;&nbsp; 2329908<br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1386156<br> <sup>(a)</sup><br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 909330<br> <sup>(a)</sup><br>|
| PROG Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 1996701<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 22450142 |
| Financial Services — 5.0% | Financial Services — 5.0% | Financial Services — 5.0% | Financial Services — 5.0% | Financial Services — 5.0% |
| CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 3230000<br>| &nbsp;&nbsp; 3082675<br> <sup>(a)</sup><br>|
| CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 2630000<br>| &nbsp;&nbsp; 2477304<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 4950000<br>| &nbsp;&nbsp; 5020760<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1216648<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1225000<br>| &nbsp;&nbsp; 1206293<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp; 736804<br> <sup>(a)</sup><br>|
| Global Net Lease Inc./Global Net Lease Operating Partnership LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp; 2259336<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1357843<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3464138<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp; 3401181<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2875000<br>| &nbsp;&nbsp; 3018661<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; $4450000<br>| &nbsp;&nbsp; $4642436<br> <sup>(a)</sup><br>|
| Pebblebrook Hotel LP/PEB Finance Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1830000<br>| &nbsp;&nbsp; 1834801<br> <sup>(a)</sup><br>|
| PHH Escrow Issuer LLC/PHH Corp., Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 6100000<br>| &nbsp;&nbsp; 5891876<br> <sup>(a)</sup><br>|
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 3970031<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 43580787 |
| Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% | Insurance — 1.4% |
| Acrisure LLC/Acrisure Finance Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1883726<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1983403<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1917142<br> <sup>(a)</sup><br>|
| Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 3020000<br>| &nbsp;&nbsp; 3135630<br> <sup>(a)</sup><br>|
| Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 3540000<br>| &nbsp;&nbsp; 3439366<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 12359267 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.7% | Mortgage Real Estate Investment Trusts (REITs) — 0.7% | Mortgage Real Estate Investment Trusts (REITs) — 0.7% | Mortgage Real Estate Investment Trusts (REITs) — 0.7% | Mortgage Real Estate Investment Trusts (REITs) — 0.7% |
| Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 5700000<br>| &nbsp;&nbsp; 5657316<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **101736058** |
| **Health Care — 7.2%** | **Health Care — 7.2%** | **Health Care — 7.2%** | **Health Care — 7.2%** | **Health Care — 7.2%** |
| Biotechnology — 2.1% | Biotechnology — 2.1% | Biotechnology — 2.1% | Biotechnology — 2.1% | Biotechnology — 2.1% |
| Genmab A/S/Genmab Finance LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 4250000<br>| &nbsp;&nbsp; 4452496<br> <sup>(a)</sup><br>|
| Genmab A/S/Genmab Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2923977<br> <sup>(a)</sup><br>|
| Grifols SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2254207<br> <sup>(a)</sup><br>|
| Kedrion SpA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 8650000<br>| &nbsp;&nbsp; 8387787<br> <sup>(a)</sup><br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 18018467 |
| Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% |
| Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 4238375<br> <sup>(a)</sup><br>|
| Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 153215<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 4391590 |
| Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% |
| CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 962668<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3463617<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 3276039<br> <sup>(a)</sup><br>|
| Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 6650000<br>| &nbsp;&nbsp; 6883508<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 8850000<br>| &nbsp;&nbsp; 8514587<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 852465<br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 784793<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 2245000<br>| &nbsp;&nbsp; 2262403<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1431819<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 28431899 |
| Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% |
| MPH Acquisition Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 180055<br>| &nbsp;&nbsp; 137941<br> <sup>(a)</sup><br>|
| MPH Acquisition Holdings LLC, Senior Secured Notes (6.000% Cash and <br> 0.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 1555974<br>| &nbsp;&nbsp; 1044027<br> <sup>(a)(c)</sup><br>|
| MPH Acquisition Holdings LLC, Senior Secured Notes (6.500% Cash and <br> 5.000% PIK) | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 289523<br>| &nbsp;&nbsp; 261999<br> <sup>(a)(c)</sup><br>|
| Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 1443967 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| IQVIA Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; $5350000<br>| &nbsp;&nbsp; $5439564<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 0.5% | Pharmaceuticals — 0.5% | Pharmaceuticals — 0.5% | Pharmaceuticals — 0.5% | Pharmaceuticals — 0.5% |
| Endo Finance Holdings LP, Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2724408<br> <sup>(a)</sup><br>|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1298634<br>|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 559585<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4582627 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **62308114** |
| **Industrials — 11.0%** | **Industrials — 11.0%** | **Industrials — 11.0%** | **Industrials — 11.0%** | **Industrials — 11.0%** |
| Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% | Aerospace & Defense — 1.7% |
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 152857<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp; 2298580<br> <sup>(a)</sup><br>|
| Efesto Bidco SpA Efesto US LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; 7472296<br> <sup>(a)</sup><br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 4515000<br>| &nbsp;&nbsp; 4577555<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 14501288 |
| Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% |
| Emerald Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1120140<br> <sup>(a)</sup><br>|
| Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 5260000<br>| &nbsp;&nbsp; 5041069<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1674343<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 7835552 |
| Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% | Commercial Services & Supplies — 3.3% |
| Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.290% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003598<br> <sup>(a)</sup><br>|
| Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 6210000<br>| &nbsp;&nbsp; 6032947<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 6825000<br>| &nbsp;&nbsp; 6913820<br> <sup>(a)</sup><br>|
| Veritiv Operating Co., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 3275000<br>| &nbsp;&nbsp; 3407631<br> <sup>(a)</sup><br>|
| Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 4550000<br>| &nbsp;&nbsp; 4612567<br> <sup>(a)</sup><br>|
| Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 6350000<br>| &nbsp;&nbsp; 6542889<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 28513452 |
| Construction & Engineering — 1.0% | Construction & Engineering — 1.0% | Construction & Engineering — 1.0% | Construction & Engineering — 1.0% | Construction & Engineering — 1.0% |
| Arcosa Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3550000<br>| &nbsp;&nbsp; 3427792<br> <sup>(a)</sup><br>|
| Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2563533<br> <sup>(a)</sup><br>|
| VM Consolidated Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2517312<br> <sup>(a)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 8508637 |
| Electrical Equipment — 0.9% | Electrical Equipment — 0.9% | Electrical Equipment — 0.9% | Electrical Equipment — 0.9% | Electrical Equipment — 0.9% |
| Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2568223<br> <sup>(a)</sup><br>|
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1745000<br>| &nbsp;&nbsp; 1738946<br> <sup>(a)</sup><br>|
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 3550000<br>| &nbsp;&nbsp; 3619658<br> <sup>(a)</sup><br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 7926827 |
| Ground Transportation — 1.3% | Ground Transportation — 1.3% | Ground Transportation — 1.3% | Ground Transportation — 1.3% | Ground Transportation — 1.3% |
| Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 6210000<br>| &nbsp;&nbsp; 6383849<br> <sup>(a)</sup><br>|
| XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 5050000<br>| &nbsp;&nbsp; 5212160<br> <sup>(a)</sup><br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 11596009 |
| Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% |
| ATS Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp; 3230785<br> <sup>(a)</sup><br>|
| Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2950000<br>| &nbsp;&nbsp; 2997639<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Machinery — continued | Machinery — continued | Machinery — continued | Machinery — continued | Machinery — continued |
| Esab Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; $2555000<br>| &nbsp;&nbsp; $2579298<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 8807722 |
| Passenger Airlines — 0.6% | Passenger Airlines — 0.6% | Passenger Airlines — 0.6% | Passenger Airlines — 0.6% | Passenger Airlines — 0.6% |
| OneSky Flight LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 5075000<br>| &nbsp;&nbsp; 5242348<br> <sup>(a)</sup><br>|
| Professional Services — 0.3% | Professional Services — 0.3% | Professional Services — 0.3% | Professional Services — 0.3% | Professional Services — 0.3% |
| CACI International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2342817<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **95274652** |
| **Information Technology — 7.4%** | **Information Technology — 7.4%** | **Information Technology — 7.4%** | **Information Technology — 7.4%** | **Information Technology — 7.4%** |
| Communications Equipment — 1.4% | Communications Equipment — 1.4% | Communications Equipment — 1.4% | Communications Equipment — 1.4% | Communications Equipment — 1.4% |
| Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 7300000<br>| &nbsp;&nbsp; 7678067<br> <sup>(a)</sup><br>|
| Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 4770000<br>| &nbsp;&nbsp; 4719715<br> <sup>(a)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 12397782 |
| Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% |
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 3365000<br>| &nbsp;&nbsp; 3480019<br> <sup>(a)</sup><br>|
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 4485000<br>| &nbsp;&nbsp; 4686865<br> <sup>(a)</sup><br>|
| TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 4998288<br> <sup>(a)</sup><br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 13165172 |
| IT Services — 1.1% | IT Services — 1.1% | IT Services — 1.1% | IT Services — 1.1% | IT Services — 1.1% |
| APLD ComputeCo 2 LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 4080000<br>| &nbsp;&nbsp; 4052824<br> <sup>(a)</sup><br>|
| APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 5705000<br>| &nbsp;&nbsp; 5883007<br> <sup>(a)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 9935831 |
| Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% |
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 3645000<br>| &nbsp;&nbsp; 3690151<br> <sup>(a)</sup><br>|
| Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 2105000<br>| &nbsp;&nbsp; 2110138<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5800289 |
| Software — 1.1% | Software — 1.1% | Software — 1.1% | Software — 1.1% | Software — 1.1% |
| Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 6150000<br>| &nbsp;&nbsp; 5983369<br> <sup>(a)</sup><br>|
| McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 3474603<br> <sup>(a)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 9457972 |
| Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% |
| Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 3140000<br>| &nbsp;&nbsp; 3199807<br> <sup>(a)</sup><br>|
| Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 7450000<br>| &nbsp;&nbsp; 7413484<br> <sup>(a)</sup><br>|
| Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3254752<br> <sup>(a)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 13868043 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **64625089** |
| **Materials — 8.0%** | **Materials — 8.0%** | **Materials — 8.0%** | **Materials — 8.0%** | **Materials — 8.0%** |
| Chemicals — 2.5% | Chemicals — 2.5% | Chemicals — 2.5% | Chemicals — 2.5% | Chemicals — 2.5% |
| ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2860000<br>| &nbsp;&nbsp; 2756096<br> <sup>(a)</sup><br>|
| Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3225037<br> <sup>(a)</sup><br>|
| Calderys Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1242102<br> <sup>(a)</sup><br>|
| Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 3078000<br>| &nbsp;&nbsp; 3064242<br> <sup>(a)</sup><br>|
| FMC Corp., Subordinated Notes (8.450% to 11/1/30 then 5 year Treasury <br> Constant Maturity Rate + 4.366%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 5600000<br>| &nbsp;&nbsp; 3610654<br> <sup>(d)</sup><br>|
| GPD Cos. Inc., Senior Secured Notes (10.125% to 12.500% Cash and up to <br> 2.375% PIK) | &nbsp;&nbsp; 12.500% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 2060887<br>| &nbsp;&nbsp; 1123183<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; $6740000<br>| &nbsp;&nbsp; $6942867<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 21964181 |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1857555<br> <sup>(a)</sup><br>|
| Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% |
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 7200000<br>| &nbsp;&nbsp; 6820802<br> <sup>(a)</sup><br>|
| Toucan FinCo Ltd./Toucan FinCo Can Inc./Toucan FinCo US LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 4598486<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 11419288 |
| Metals & Mining — 3.4% | Metals & Mining — 3.4% | Metals & Mining — 3.4% | Metals & Mining — 3.4% | Metals & Mining — 3.4% |
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2635000<br>| &nbsp;&nbsp; 2552794<br> <sup>(a)</sup><br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 4145000<br>| &nbsp;&nbsp; 4053469<br> <sup>(a)</sup><br>|
| Commercial Metals Co., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1025000<br>| &nbsp;&nbsp; 1015182<br> <sup>(a)</sup><br>|
| Commercial Metals Co., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp; 3996846<br> <sup>(a)</sup><br>|
| Constellium SE, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1909098<br> <sup>(a)</sup><br>|
| Constellium SE, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 3135960<br> <sup>(a)</sup><br>|
| Mineral Resources Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp; 5420943<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2840288<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1413231<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 2625000<br>| &nbsp;&nbsp; 2576957<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 28914768 |
| Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% | Paper & Forest Products — 0.6% |
| Magnera Corp., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 5350000<br>| &nbsp;&nbsp; 4835465<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **68991257** |
| **Real Estate — 4.2%** | **Real Estate — 4.2%** | **Real Estate — 4.2%** | **Real Estate — 4.2%** | **Real Estate — 4.2%** |
| Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% |
| MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp; 4109138<br> <sup>(a)</sup><br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2333083<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 6442221 |
| Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% |
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2043220<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp; 2598045<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1426580<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 928385<br> <sup>(a)</sup><br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 6996230 |
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |
| Forestar Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp; 1612926<br> <sup>(a)</sup><br>|
| Specialized REITs — 2.5% | Specialized REITs — 2.5% | Specialized REITs — 2.5% | Specialized REITs — 2.5% | Specialized REITs — 2.5% |
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2753679<br> <sup>(a)</sup><br>|
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4663925<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 5570000<br>| &nbsp;&nbsp; 5572027<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1830000<br>| &nbsp;&nbsp; 1798767<br> <sup>(a)</sup><br>|
| Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 1545000<br>| &nbsp;&nbsp; 1491583<br> <sup>(a)</sup><br>|
| SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4985000<br>| &nbsp;&nbsp; 4930601<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 21210582 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **36261959** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Utilities — 4.2%** | **Utilities — 4.2%** | **Utilities — 4.2%** | **Utilities — 4.2%** | **Utilities — 4.2%** |
| Electric Utilities — 3.0% | Electric Utilities — 3.0% | Electric Utilities — 3.0% | Electric Utilities — 3.0% | Electric Utilities — 3.0% |
| Leeward Renewable Energy Operations LLC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; $7900000<br>| &nbsp;&nbsp; $7422148<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2097879<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 4585000<br>| &nbsp;&nbsp; 4546037<br> <sup>(a)</sup><br>|
| Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp; 2078083<br> <sup>(a)</sup><br>|
| Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp; 1702642<br> <sup>(a)</sup><br>|
| Talen Energy Supply LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2320000<br>| &nbsp;&nbsp; 2434926<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 5250000<br>| &nbsp;&nbsp; 5501799<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 25783514 |
| Independent Power and Renewable Electricity Producers — 1.2% | Independent Power and Renewable Electricity Producers — 1.2% | Independent Power and Renewable Electricity Producers — 1.2% | Independent Power and Renewable Electricity Producers — 1.2% | Independent Power and Renewable Electricity Producers — 1.2% |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 6340000<br>| &nbsp;&nbsp; 6198456<br> <sup>(a)</sup><br>|
| Clearway Energy Operating LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 4825000<br>| &nbsp;&nbsp; 4744883<br> <sup>(a)</sup><br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 10943339 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **36726853** |
| **Total Corporate Bonds & Notes (Cost — $821,988,301)** | **Total Corporate Bonds & Notes (Cost — $821,988,301)** | **Total Corporate Bonds & Notes (Cost — $821,988,301)** | **Total Corporate Bonds & Notes (Cost — $821,988,301)** | &nbsp;&nbsp; **818193325** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** | **Convertible Preferred Stocks — 0.2%** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% |
| Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; **713680**<br>|
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Oracle Corp., Non Voting Shares | &nbsp;&nbsp; 6.500% |  | &nbsp;&nbsp; 26786 | &nbsp;&nbsp; **1205638**<br>|
| **Total Convertible Preferred Stocks (Cost — $1,889,300)** | **Total Convertible Preferred Stocks (Cost — $1,889,300)** | **Total Convertible Preferred Stocks (Cost — $1,889,300)** | **Total Convertible Preferred Stocks (Cost — $1,889,300)** | &nbsp;&nbsp; **1919318** |
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Senior Loans — 0.2%** | **Senior Loans — 0.2%** | **Senior Loans — 0.2%** | **Senior Loans — 0.2%** | **Senior Loans — 0.2%** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† |
| Diamond Sports Net LLC, First Lien Exit Term Loan  |  | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; $71129<br>| &nbsp;&nbsp; **14,226**<br> \*<sup>(e)</sup><br>|
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% | Health Care Technology — 0.2% |
| AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | 6.418% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1462862<br>| &nbsp;&nbsp; **1438177**<br> <sup>(d)(f)(g)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| Hexion Holdings Corp., Second Lien Term Loan (1 mo. Term SOFR + 7.538%)  | 11.205% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 280587<br>| &nbsp;&nbsp; **262699**<br> <sup>(d)(f)(g)</sup><br>|
| **Total Senior Loans (Cost — $1,805,632)** | **Total Senior Loans (Cost — $1,805,632)** | **Total Senior Loans (Cost — $1,805,632)** | **Total Senior Loans (Cost — $1,805,632)** | &nbsp;&nbsp; **1715102** |
| **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** | **Convertible Bonds & Notes — 0.2%** |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% |
| Crescent Energy Co., Senior Notes (Cost — $1,465,000) | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1465000<br>| &nbsp;&nbsp; **1685482**<br> <sup>(a)</sup><br>|
| **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** |
| Arizona — 0.2% | Arizona — 0.2% | Arizona — 0.2% | Arizona — 0.2% | Arizona — 0.2% |
| Maricopa County, AZ, IDA Education Revenue, Grand Canyon University Project <br> (Cost — $1,552,280) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; 1629384<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† |
| Altice France SA | Altice France SA |  | &nbsp;&nbsp; 9795 | &nbsp;&nbsp; **$166,710**<br> \*<br>|
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† | Financial Services — 0.0%†† |
| DSG TOPCO Inc. | DSG TOPCO Inc. |  | &nbsp;&nbsp; 442 | &nbsp;&nbsp; **110**<br> <sup>(h)(i)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† |
| Keenova Therapeutics PLC | Keenova Therapeutics PLC |  | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 127,160<br> \*<br>|
| Par Health Inc. | Par Health Inc. |  | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 9,212<br> \*<br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **136372** |
| **Total Common Stocks (Cost — $237,491)** | **Total Common Stocks (Cost — $237,491)** | **Total Common Stocks (Cost — $237,491)** | **Total Common Stocks (Cost — $237,491)** | &nbsp;&nbsp; **303192**<br>|
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† |
| Altice France SA (Cost — $0) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 501 | &nbsp;&nbsp; **7,383**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $828,938,004)** | **Total Investments before Short-Term Investments (Cost — $828,938,004)** | **Total Investments before Short-Term Investments (Cost — $828,938,004)** | **Total Investments before Short-Term Investments (Cost — $828,938,004)** | &nbsp;&nbsp; **825453186** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $34,462,779)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 34462779<br>| &nbsp;&nbsp; **34462779**<br> <sup>(j)(k)(l)</sup><br>|
| **Total Investments — 99.1% (Cost — $863,400,783)** | **Total Investments — 99.1% (Cost — $863,400,783)** | **Total Investments — 99.1% (Cost — $863,400,783)** | **Total Investments — 99.1% (Cost — $863,400,783)** | &nbsp;&nbsp; **859915965** |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp; 7545487 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$867461452** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(f)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(g)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $34,462,779 and the cost was $34,462,779 (Note 6).<br>|
| <sup>(l)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin High Yield Corporate ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| IDA |  | Industrial Development Authority |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 55.7%** | **Common Stocks — 55.7%** | **Common Stocks — 55.7%** |
| **Communication Services — 2.8%** | **Communication Services — 2.8%** | **Communication Services — 2.8%** |
| Diversified Telecommunication Services — 2.8% | Diversified Telecommunication Services — 2.8% | Diversified Telecommunication Services — 2.8% |
| Verizon Communications Inc. | &nbsp;&nbsp; 62163 | &nbsp;&nbsp; **$3120583**<br>|
| **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** |
| Hotels, Restaurants & Leisure — 1.1% | Hotels, Restaurants & Leisure — 1.1% | Hotels, Restaurants & Leisure — 1.1% |
| McDonald's Corp. | &nbsp;&nbsp; 3946 | &nbsp;&nbsp; 1226377<br>|
| Specialty Retail — 0.9% | Specialty Retail — 0.9% | Specialty Retail — 0.9% |
| Home Depot Inc. | &nbsp;&nbsp; 3142 | &nbsp;&nbsp; 1033373<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2259750** |
| **Consumer Staples — 9.6%** | **Consumer Staples — 9.6%** | **Consumer Staples — 9.6%** |
| Beverages — 4.4% | Beverages — 4.4% | Beverages — 4.4% |
| Coca-Cola Co. | &nbsp;&nbsp; 21334 | &nbsp;&nbsp; 1622451<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 22063 | &nbsp;&nbsp; 3426163<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 5048614 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Nestle SA, ADR | &nbsp;&nbsp; 12293 | &nbsp;&nbsp; 1218236<br>|
| Household Products — 2.6% | Household Products — 2.6% | Household Products — 2.6% |
| Procter & Gamble Co. | &nbsp;&nbsp; 20409 | &nbsp;&nbsp; 2947876<br>|
| Tobacco — 1.5% | Tobacco — 1.5% | Tobacco — 1.5% |
| Philip Morris International Inc. | &nbsp;&nbsp; 10253 | &nbsp;&nbsp; 1695231<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10909957** |
| **Energy — 9.3%** | **Energy — 9.3%** | **Energy — 9.3%** |
| Oil, Gas & Consumable Fuels — 9.3% | Oil, Gas & Consumable Fuels — 9.3% | Oil, Gas & Consumable Fuels — 9.3% |
| Chevron Corp. | &nbsp;&nbsp; 19746 | &nbsp;&nbsp; 4085448<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 27955 | &nbsp;&nbsp; 4742846<br>|
| TotalEnergies SE | &nbsp;&nbsp; 19058 | &nbsp;&nbsp; 1733897<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **10562191** |
| **Financials — 5.6%** | **Financials — 5.6%** | **Financials — 5.6%** |
| Banks — 4.1% | Banks — 4.1% | Banks — 4.1% |
| Bank of America Corp. | &nbsp;&nbsp; 21926 | &nbsp;&nbsp; 1068892<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 12643 | &nbsp;&nbsp; 587394<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 6183 | &nbsp;&nbsp; 1818791<br>|
| US Bancorp | &nbsp;&nbsp; 23059 | &nbsp;&nbsp; 1199299<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 4674376 |
| Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% |
| Blackrock Inc. | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 577026<br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 563880<br>|
| Morgan Stanley | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 490583<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1631489 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6305865** |
| **Health Care — 3.3%** | **Health Care — 3.3%** | **Health Care — 3.3%** |
| Pharmaceuticals — 3.3% | Pharmaceuticals — 3.3% | Pharmaceuticals — 3.3% |
| AstraZeneca PLC | &nbsp;&nbsp; 3975 | &nbsp;&nbsp; 783950<br>|
| Johnson & Johnson | &nbsp;&nbsp; 5094 | &nbsp;&nbsp; 1245177<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 3874 | &nbsp;&nbsp; 466003<br>|
| Pfizer Inc. | &nbsp;&nbsp; 45820 | &nbsp;&nbsp; 1286626<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3781756** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Industrials — 9.7%** | **Industrials — 9.7%** | **Industrials — 9.7%** | **Industrials — 9.7%** | **Industrials — 9.7%** |
| Aerospace & Defense — 4.7% | Aerospace & Defense — 4.7% | Aerospace & Defense — 4.7% | Aerospace & Defense — 4.7% | Aerospace & Defense — 4.7% |
| Lockheed Martin Corp. | Lockheed Martin Corp. |  | &nbsp;&nbsp; 4992 | &nbsp;&nbsp; $3017115<br>|
| RTX Corp. | RTX Corp. |  | &nbsp;&nbsp; 12124 | &nbsp;&nbsp; 2338719<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 5355834 |
| Building Products — 2.5% | Building Products — 2.5% | Building Products — 2.5% | Building Products — 2.5% | Building Products — 2.5% |
| Johnson Controls International PLC | Johnson Controls International PLC |  | &nbsp;&nbsp; 21953 | &nbsp;&nbsp; 2874745<br>|
| Ground Transportation — 1.5% | Ground Transportation — 1.5% | Ground Transportation — 1.5% | Ground Transportation — 1.5% | Ground Transportation — 1.5% |
| Union Pacific Corp. | Union Pacific Corp. |  | &nbsp;&nbsp; 7059 | &nbsp;&nbsp; 1712655<br>|
| Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% |
| Honeywell International Inc. | Honeywell International Inc. |  | &nbsp;&nbsp; 4827 | &nbsp;&nbsp; 1091047<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11034281** |
| **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** |
| IT Services — 1.9% | IT Services — 1.9% | IT Services — 1.9% | IT Services — 1.9% | IT Services — 1.9% |
| Accenture PLC, Class A Shares | Accenture PLC, Class A Shares |  | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 991450<br>|
| International Business Machines Corp. | International Business Machines Corp. |  | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 1211950<br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 2203400 |
| Semiconductors & Semiconductor Equipment — 1.1% | Semiconductors & Semiconductor Equipment — 1.1% | Semiconductors & Semiconductor Equipment — 1.1% | Semiconductors & Semiconductor Equipment — 1.1% | Semiconductors & Semiconductor Equipment — 1.1% |
| Texas Instruments Inc. | Texas Instruments Inc. |  | &nbsp;&nbsp; 6113 | &nbsp;&nbsp; 1186778<br>|
| Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% |
| Dell Technologies Inc., Class C Shares | Dell Technologies Inc., Class C Shares |  | &nbsp;&nbsp; 4941 | &nbsp;&nbsp; 810966<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **4201144** |
| **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** |
| Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% |
| Air Products & Chemicals Inc. | Air Products & Chemicals Inc. |  | &nbsp;&nbsp; 6298 | &nbsp;&nbsp; 1829506<br>|
| Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% |
| Rio Tinto PLC, ADR | Rio Tinto PLC, ADR |  | &nbsp;&nbsp; 27318 | &nbsp;&nbsp; 2548496<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4378002** |
| **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** |
| Electric Utilities — 4.2% | Electric Utilities — 4.2% | Electric Utilities — 4.2% | Electric Utilities — 4.2% | Electric Utilities — 4.2% |
| Duke Energy Corp. | Duke Energy Corp. |  | &nbsp;&nbsp; 12376 | &nbsp;&nbsp; 1620513<br>|
| Southern Co. | Southern Co. |  | &nbsp;&nbsp; 32190 | &nbsp;&nbsp; 3106979<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 4727492 |
| Multi-Utilities — 1.6% | Multi-Utilities — 1.6% | Multi-Utilities — 1.6% | Multi-Utilities — 1.6% | Multi-Utilities — 1.6% |
| Dominion Energy Inc. | Dominion Energy Inc. |  | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 618200<br>|
| Sempra | Sempra |  | &nbsp;&nbsp; 12036 | &nbsp;&nbsp; 1169538<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1787738 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6515230** |
| **Total Common Stocks (Cost — $52,520,843)** | **Total Common Stocks (Cost — $52,520,843)** | **Total Common Stocks (Cost — $52,520,843)** | **Total Common Stocks (Cost — $52,520,843)** | &nbsp;&nbsp; **63068759**<br>|
|  | Rate | Maturity <br>Date<br>|  |  |
| **Equity-Linked Securities — 34.4%** | **Equity-Linked Securities — 34.4%** | **Equity-Linked Securities — 34.4%** | **Equity-Linked Securities — 34.4%** | **Equity-Linked Securities — 34.4%** |
| **Other — 34.4%** |  |  |  |  |
| Barclays Bank PLC into AbbVie Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 1085240<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Analog Devices Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 4200<br>| &nbsp;&nbsp; 1254432<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Nike Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 838741<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Freeport-McMoRan Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 2098083<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Shares | Value |
| BNP Paribas Issuance BV into Nextera Energy Inc. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 2/10/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; $1802785<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Salesforce Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 3/29/27 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp; 473661<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into The Boeing Co. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 4500<br>| &nbsp;&nbsp; 928656<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Alphabet Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp; 840543<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Cisco Systems Inc. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp; 2076660<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into International <br> Business Machines Corp.<br>| &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/21/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 1200936<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Marvell Technology Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 1416979<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Microsoft Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 2000<br>| &nbsp;&nbsp; 789547<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into SLB Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 34000<br>| &nbsp;&nbsp; 1481538<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Microchip Technology Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 12/29/26 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp; 1398975<br> <sup>(a)(b)</sup><br>|
| Merrill Lynch BV into United Health Group Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp; 1667790<br> <sup>(a)(b)</sup><br>|
| Mizuho Markets Cayman LP into Meta Platforms Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 1600<br>| &nbsp;&nbsp; 928588<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Microsoft Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 2250<br>| &nbsp;&nbsp; 900494<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 1041996<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp; 844842<br> <sup>(a)</sup><br>|
| Morgan Stanley Finance II Ltd. into Amazon.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 3777<br>| &nbsp;&nbsp; 824183<br> <sup>(a)</sup><br>|
| Morgan Stanley Finance II Ltd. into Amgen Inc. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; 3500<br>| &nbsp;&nbsp; 1189807<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Analog Devices Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp; 2051654<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Oracle Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 800<br>| &nbsp;&nbsp; 117688<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into QUALCOMM Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 685809<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Texas Instruments Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 2204843<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 2200<br>| &nbsp;&nbsp; 468750<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Apple Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/13/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 1243459<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Lowe's Cos. Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 4700<br>| &nbsp;&nbsp; 1099495<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into QUALCOMM Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/25/26 | &nbsp;&nbsp; 3450<br>| &nbsp;&nbsp; 479085<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/27/27 | &nbsp;&nbsp; 25300<br>| &nbsp;&nbsp; 2314237<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Salesforce.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp; 479300<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 4700<br>| &nbsp;&nbsp; 1582429<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into United Parcel Service Inc. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 10789<br>| &nbsp;&nbsp; 1084821<br> <sup>(a)</sup><br>|
| **Total Equity-Linked Securities (Cost — $39,103,320)** | **Total Equity-Linked Securities (Cost — $39,103,320)** | **Total Equity-Linked Securities (Cost — $39,103,320)** | **Total Equity-Linked Securities (Cost — $39,103,320)** | &nbsp;&nbsp; **38896046** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 7.5%** | **Convertible Preferred Stocks — 7.5%** | **Convertible Preferred Stocks — 7.5%** | **Convertible Preferred Stocks — 7.5%** | **Convertible Preferred Stocks — 7.5%** |
| **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** |
| Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% |
| Ares Management Corp., Non Voting Shares | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 15909 | &nbsp;&nbsp; 575588<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 6.250% |  | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 301650<br>|
| **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |
| Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 19525 | &nbsp;&nbsp; **1266782**<br>|
| **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% |
| Oracle Corp., Non Voting Shares | &nbsp;&nbsp; 6.500% |  | &nbsp;&nbsp; 24930 | &nbsp;&nbsp; 1122099<br>|
| Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% |  | &nbsp;&nbsp; 10586 | &nbsp;&nbsp; 682903<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1805002** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** |
| Chemicals — 1.8% | Chemicals — 1.8% | Chemicals — 1.8% | Chemicals — 1.8% |
| Albemarle Corp., Non Voting Shares | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 29071 | &nbsp;&nbsp; **$2088751**<br>|
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| Electric Utilities — 2.2% | Electric Utilities — 2.2% | Electric Utilities — 2.2% | Electric Utilities — 2.2% |
| NextEra Energy Inc. | &nbsp;&nbsp; 7.299% | &nbsp;&nbsp; 28823 | &nbsp;&nbsp; 1613512<br>|
| PPL Corp., Non Voting Shares | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 307740<br>|
| Southern Co. | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 565400<br>|
| **Total Convertible Preferred Stocks (Cost — $7,530,870)** | **Total Convertible Preferred Stocks (Cost — $7,530,870)** | **Total Convertible Preferred Stocks (Cost — $7,530,870)** | &nbsp;&nbsp; **8524425** |
| **Total Investments before Short-Term Investments (Cost — $99,155,033)** | **Total Investments before Short-Term Investments (Cost — $99,155,033)** | **Total Investments before Short-Term Investments (Cost — $99,155,033)** | &nbsp;&nbsp; **110489230** |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $3,122,478)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 3122478<br>| &nbsp;&nbsp; **3122478**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 100.4% (Cost — $102,277,511)** | **Total Investments — 100.4% (Cost — $102,277,511)** | **Total Investments — 100.4% (Cost — $102,277,511)** | &nbsp;&nbsp; **113611708** |
| Liabilities in Excess of Other Assets — (0.4)% | Liabilities in Excess of Other Assets — (0.4)% | Liabilities in Excess of Other Assets — (0.4)% | &nbsp;&nbsp; (457495)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$113154213** |

---

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

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

<sup>(b)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

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

<sup>(d)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $3,122,478 and the cost was $3,122,478 (Note 6). 

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

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 29.2%** | **Corporate Bonds & Notes — 29.2%** | **Corporate Bonds & Notes — 29.2%** | **Corporate Bonds & Notes — 29.2%** | **Corporate Bonds & Notes — 29.2%** |
| **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; $945000<br>| &nbsp;&nbsp; $983342<br>|
| Media — 0.9% | Media — 0.9% | Media — 0.9% | Media — 0.9% | Media — 0.9% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 616000<br>| &nbsp;&nbsp; 615710<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1339734<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1233591<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2710014<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1139405<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2851993<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2578400<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 12468847 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| Connect Holding II LLC, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 4/3/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1989676<br> <sup>(a)</sup><br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp; 906537<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 2896213 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **16348402** |
| **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2234320<br> <sup>(a)</sup><br>|
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1555960<br> <sup>(a)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 3790280 |
| Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1520604<br>|
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 9300000<br>| &nbsp;&nbsp; 9381947<br>|
| Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3166094<br>|
| General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2765488<br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/7/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 874935<br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/9/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2120297<br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 19829365 |
| Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% |
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 5855000<br>| &nbsp;&nbsp; 5634442<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4606144<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2502312<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2021060<br> <sup>(a)</sup><br>|
| Expedia Group Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 518077<br>|
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4206678<br> <sup>(a)</sup><br>|
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1315000<br>| &nbsp;&nbsp; 1257551<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 297943<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 613543<br> <sup>(a)</sup><br>|
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 772630<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 734156<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp; 3764335<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 26928871 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; $2000000<br>| &nbsp;&nbsp; $2065500<br> <sup>(a)</sup><br>|
| Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% |
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1005867<br>|
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Beach Acquisition Bidco LLC, Senior Notes (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 3689170<br>| &nbsp;&nbsp; 3931705<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **57551588** |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, <br> Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 2530000<br>| &nbsp;&nbsp; 2613149<br>|
| Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3145290<br>|
| Post Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 708113<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 6466552 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2003138<br> <sup>(a)</sup><br>|
| Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/19/32 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 976486<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 8/2/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 542477<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 514149<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 2033112 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10502802** |
| **Energy — 3.2%** | **Energy — 3.2%** | **Energy — 3.2%** | **Energy — 3.2%** | **Energy — 3.2%** |
| Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% |
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 748000<br>| &nbsp;&nbsp; 762790<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3067257<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 3830047 |
| Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% |
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1555838<br> <sup>(a)</sup><br>|
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2657402<br> <sup>(a)</sup><br>|
| Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 305625<br> <sup>(a)</sup><br>|
| Cheniere Corpus Christi Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 777487<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2600983<br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2494311<br> <sup>(a)</sup><br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp; 523749<br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 792899<br>|
| Matador Resources Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 455229<br> <sup>(a)</sup><br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2151653<br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5116080<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3641734<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5372390<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3086928<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4166328<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2242806<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; $1600000<br>| &nbsp;&nbsp; $1521169<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 39462611 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **43292658** |
| **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** |
| Banks — 2.0% | Banks — 2.0% | Banks — 2.0% | Banks — 2.0% | Banks — 2.0% |
| Bank of America Corp., Senior Notes (4.571% to 4/27/32 then SOFR + <br> 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1474421<br> <sup>(c)</sup><br>|
| Bank of America Corp., Subordinated Notes (5.425% to 8/15/34 then SOFR + <br> 1.913%) | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1497172<br> <sup>(c)</sup><br>|
| Barclays PLC, Junior Subordinated Notes (7.625% to 9/15/35 then USD 5 year <br> SOFR ICE Swap Rate + 3.686%) | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1010156<br> <sup>(c)(d)</sup><br>|
| Barclays PLC, Senior Notes (7.437% to 11/2/32 then 1 year Treasury Constant <br> Maturity Rate + 3.500%) | &nbsp;&nbsp; 7.437% | &nbsp;&nbsp; 11/2/33 | &nbsp;&nbsp; 1465000<br>| &nbsp;&nbsp; 1638763<br> <sup>(c)</sup><br>|
| Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp; 2771197<br> <sup>(c)(d)</sup><br>|
| Citigroup Inc., Senior Notes (6.270% to 11/17/32 then SOFR + 2.338%) | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 11/17/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 534641<br> <sup>(c)</sup><br>|
| Citigroup Inc., Subordinated Notes (6.020% to 1/24/35 then SOFR + 1.830%) | &nbsp;&nbsp; 6.020% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1021446<br> <sup>(c)</sup><br>|
| Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%) | &nbsp;&nbsp; 6.174% | &nbsp;&nbsp; 5/25/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1553437<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then 5 <br> year Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2053430<br> <sup>(c)(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.040% to 1/23/27 then SOFR + <br> 1.190%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 1/23/28 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 985092<br> <sup>(c)</sup><br>|
| Keybank National Association, Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 604897<br>|
| PNC Financial Services Group Inc., Senior Notes (5.068% to 1/24/33 then <br> SOFR + 1.933%) | &nbsp;&nbsp; 5.068% | &nbsp;&nbsp; 1/24/34 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 510159<br> <sup>(c)</sup><br>|
| Truist Financial Corp., Subordinated Notes (4.916% to 7/28/32 then SOFR + <br> 2.240%) | &nbsp;&nbsp; 4.916% | &nbsp;&nbsp; 7/28/33 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp; 2492126<br> <sup>(c)</sup><br>|
| US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2610366<br> <sup>(c)</sup><br>|
| Wells Fargo & Co., Junior Subordinated Notes (6.125% to 6/15/31 then 5 year <br> Treasury Constant Maturity Rate + 2.340%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5020143<br> <sup>(c)(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.389% to 4/24/33 then SOFR + 2.020%) | &nbsp;&nbsp; 5.389% | &nbsp;&nbsp; 4/24/34 | &nbsp;&nbsp; 1101000<br>| &nbsp;&nbsp; 1117850<br> <sup>(c)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 26895296 |
| Capital Markets — 1.1% | Capital Markets — 1.1% | Capital Markets — 1.1% | Capital Markets — 1.1% | Capital Markets — 1.1% |
| Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + <br> 2.500%) | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 5/19/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 514909<br> <sup>(c)</sup><br>|
| Charles Schwab Corp., Senior Notes (6.196% to 11/17/28 then SOFR + <br> 1.878%) | &nbsp;&nbsp; 6.196% | &nbsp;&nbsp; 11/17/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 522717<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 <br> then 5 year Treasury Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1019938<br> <sup>(c)(d)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (6.561% to 10/24/33 then SOFR + <br> 1.950%) | &nbsp;&nbsp; 6.561% | &nbsp;&nbsp; 10/24/34 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp; 897278<br> <sup>(c)</sup><br>|
| Goldman Sachs Group Inc., Subordinated Notes (5.387% to 2/2/36 then 5 <br> year Treasury Constant Maturity Rate + 1.180%) | &nbsp;&nbsp; 5.387% | &nbsp;&nbsp; 2/2/41 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; 7248877<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (5.250% to 4/21/33 then SOFR + 1.870%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/21/34 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3913571<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes (6.342% to 10/18/32 then SOFR + 2.560%) | &nbsp;&nbsp; 6.342% | &nbsp;&nbsp; 10/18/33 | &nbsp;&nbsp; 1148000<br>| &nbsp;&nbsp; 1228828<br> <sup>(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 15346118 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| Capital One Financial Corp., Senior Notes (4.927% to 5/10/27 then SOFR + <br> 2.057%) | &nbsp;&nbsp; 4.927% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; $765000<br>| &nbsp;&nbsp; $767208<br> <sup>(c)</sup><br>|
| Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR + <br> 2.600%) | &nbsp;&nbsp; 5.817% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1023782<br> <sup>(c)</sup><br>|
| Capital One Financial Corp., Senior Notes (7.624% to 10/30/30 then SOFR + <br> 3.070%) | &nbsp;&nbsp; 7.624% | &nbsp;&nbsp; 10/30/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2762015<br> <sup>(c)</sup><br>|
| Capital One Financial Corp., Subordinated Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/28/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 598665<br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 5151670 |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/6/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 512382<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/10/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 729259<br>|
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 404435<br>|
| Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/26/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 518224<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 2164300 |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4153152<br> <sup>(a)</sup><br>|
| Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1943145<br> <sup>(a)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 541613<br>|
| Five Corners Funding Trust III, Senior Notes | &nbsp;&nbsp; 5.791% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 505704<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 7143614 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **56700998** |
| **Health Care — 5.6%** | **Health Care — 5.6%** | **Health Care — 5.6%** | **Health Care — 5.6%** | **Health Care — 5.6%** |
| Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 505097<br>|
| Genmab A/S/Genmab Finance LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 523823<br> <sup>(a)</sup><br>|
| Genmab A/S/Genmab Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1538935<br> <sup>(a)</sup><br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 2567855 |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |
| Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 697781<br> <sup>(a)</sup><br>|
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.905% | &nbsp;&nbsp; 11/22/32 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 501260<br>|
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1135000<br>| &nbsp;&nbsp; 1098591<br> <sup>(a)</sup><br>|
| Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 459105<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2756737 |
| Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% | Health Care Providers & Services — 4.6% |
| Centene Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1519900<br>|
| Centene Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp; 1704679<br>|
| CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1925336<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 9500000<br>| &nbsp;&nbsp; 8270459<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 8000000<br>| &nbsp;&nbsp; 8592888<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp; 10391181<br> <sup>(a)</sup><br>|
| CVS Health Corp., Junior Subordinated Notes (6.750% to 12/10/34 then 5 <br> year Treasury Constant Maturity Rate + 2.516%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2532370<br> <sup>(c)</sup><br>|
| CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year <br> Treasury Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2578170<br> <sup>(c)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/21/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1011867<br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2520000<br>| &nbsp;&nbsp; 2424493<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp; $512651<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1018118<br> <sup>(a)</sup><br>|
| Fresenius Medical Care US Finance III Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 2/16/31 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 572338<br> <sup>(a)</sup><br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2935000<br>| &nbsp;&nbsp; 2994360<br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2363000<br>| &nbsp;&nbsp; 2369851<br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2531590<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5821657<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3527132<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2556820<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 513578<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 63369438 |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2049378<br> <sup>(a)</sup><br>|
| Endo Finance Holdings LP, Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 523924<br> <sup>(a)</sup><br>|
| Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2447955<br> <sup>(a)</sup><br>|
| Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1941867<br> <sup>(a)</sup><br>|
| Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 615255<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 7578379 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **76272409** |
| **Industrials — 2.7%** | **Industrials — 2.7%** | **Industrials — 2.7%** | **Industrials — 2.7%** | **Industrials — 2.7%** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp; 3112325<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1634640<br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 629500<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/31/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3981833<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 608034<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2501384<br> <sup>(a)</sup><br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3041565<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 15509281 |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 794124<br>|
| Emerald Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 509155<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1014753<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 2318032 |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2026028<br> <sup>(a)</sup><br>|
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| Regal Rexnord Corp., Senior Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1048214<br>|
| Regal Rexnord Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 528727<br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 1576941 |
| Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% |
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 995171<br> <sup>(a)</sup><br>|
| Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 1741667<br>| &nbsp;&nbsp; 1739775<br> <sup>(a)</sup><br>|
| JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 5250000<br>| &nbsp;&nbsp; 4968696<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2454447<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 10158089 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; $550000<br>| &nbsp;&nbsp; $539268<br> <sup>(a)</sup><br>|
| Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/30/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2020497<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3078252<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 493418<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 6131435 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **37719806** |
| **Information Technology — 2.0%** | **Information Technology — 2.0%** | **Information Technology — 2.0%** | **Information Technology — 2.0%** | **Information Technology — 2.0%** |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1905538<br> <sup>(a)</sup><br>|
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.469% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1315000<br>| &nbsp;&nbsp; 1184749<br>|
| NXP BV/NXP Funding LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 511591<br>|
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 759290<br> <sup>(a)</sup><br>|
| Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 751831<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 3207461 |
| Software — 1.5% | Software — 1.5% | Software — 1.5% | Software — 1.5% | Software — 1.5% |
| Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5793772<br> <sup>(a)</sup><br>|
| Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 2832010<br> <sup>(a)</sup><br>|
| McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 2812773<br> <sup>(a)</sup><br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 577460<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/9/32 | &nbsp;&nbsp; 3220000<br>| &nbsp;&nbsp; 3305688<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 961922<br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 4250000<br>| &nbsp;&nbsp; 4238383<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 20522008 |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Dell International LLC/EMC Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 311967<br>|
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 726239<br>|
| HP, Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 759616<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1797822 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **27432829** |
| **Materials — 3.0%** | **Materials — 3.0%** | **Materials — 3.0%** | **Materials — 3.0%** | **Materials — 3.0%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2891010<br> <sup>(a)</sup><br>|
| Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.379% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2611710<br>|
| Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 515050<br> <sup>(a)</sup><br>|
| SCIH Salt Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1244800<br> <sup>(a)</sup><br>|
| SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp; 1142507<br> <sup>(a)</sup><br>|
| Tronox Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2405520<br> <sup>(a)</sup><br>|
| Tronox Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4998546<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 15809143 |
| Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% |
| Ardagh Group SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 4702000<br>| &nbsp;&nbsp; 4933874<br> <sup>(a)</sup><br>|
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 618564<br> <sup>(a)</sup><br>|
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2842001<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued |
| Mauser Packaging Solutions Holding Co., Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; $3000000<br>| &nbsp;&nbsp; $2789933<br> <sup>(a)</sup><br>|
| Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6504648<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 17689020 |
| Metals & Mining — 0.6% | Metals & Mining — 0.6% | Metals & Mining — 0.6% | Metals & Mining — 0.6% | Metals & Mining — 0.6% |
| Alcoa Nederland Holding BV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp; 802663<br> <sup>(a)</sup><br>|
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 11/29/32 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 535625<br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 976243<br> <sup>(a)</sup><br>|
| Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2906407<br> <sup>(a)</sup><br>|
| Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 945745<br> <sup>(a)</sup><br>|
| Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 787500<br> <sup>(a)</sup><br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 786804<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 7740987 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **41239150** |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% |
| Healthpeak OP LLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503572<br>|
| VICI Properties LP, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3253567<br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 3757139 |
| Specialized REITs — 0.2% | Specialized REITs — 0.2% | Specialized REITs — 0.2% | Specialized REITs — 0.2% | Specialized REITs — 0.2% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1285128<br>|
| Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 295917<br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1500546<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 3081591 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6838730** |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% | Electric Utilities — 1.7% |
| American Electric Power Co. Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 310145<br>|
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 286535<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 506391<br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp; 1216217<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2001790<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1513181<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3470257<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 812336<br> <sup>(a)</sup><br>|
| PG&E Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 987322<br>|
| Southern Co., Junior Subordinated Notes (6.000% to 4/1/33 then 5 year <br> Treasury Constant Maturity Rate + 1.993%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/58 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3518749<br> <sup>(c)</sup><br>|
| Southern Co., Junior Subordinated Notes (6.375% to 3/15/35 then 5 year <br> Treasury Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1028935<br> <sup>(c)</sup><br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 502582<br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1465242<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1571943<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 3003058<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp; 530774<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 871071<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 23596528 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% | Independent Power and Renewable Electricity Producers — 0.2% |
| Vistra Corp., Junior Subordinated Notes (8.000% to 10/15/26 then 5 year <br> Treasury Constant Maturity Rate + 6.930%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; $2000000<br>| &nbsp;&nbsp; $2022430<br> <sup>(a)(c)(d)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **25618958** |
| **Total Corporate Bonds & Notes (Cost — $394,719,005)** | **Total Corporate Bonds & Notes (Cost — $394,719,005)** | **Total Corporate Bonds & Notes (Cost — $394,719,005)** | **Total Corporate Bonds & Notes (Cost — $394,719,005)** | &nbsp;&nbsp; **399518330** |
|  |  |  | Shares |  |
| **Common Stocks — 27.2%** | **Common Stocks — 27.2%** | **Common Stocks — 27.2%** | **Common Stocks — 27.2%** | **Common Stocks — 27.2%** |
| **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** | **Communication Services — 1.8%** |
| Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% | Diversified Telecommunication Services — 1.8% |
| Verizon Communications Inc. | Verizon Communications Inc. |  | &nbsp;&nbsp; 481085 | &nbsp;&nbsp; **24150467**<br>|
| **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** |
| Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% |
| Amazon.com Inc. | Amazon.com Inc. |  | &nbsp;&nbsp; 10155 | &nbsp;&nbsp; 2,115,076<br> \*<br>|
| Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% |
| McDonald's Corp. | McDonald's Corp. |  | &nbsp;&nbsp; 12614 | &nbsp;&nbsp; 3920305<br>|
| Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% |
| Home Depot Inc. | Home Depot Inc. |  | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 36178<br>|
| Lowe's Cos. Inc. | Lowe's Cos. Inc. |  | &nbsp;&nbsp; 31188 | &nbsp;&nbsp; 7369100<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 7405278 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **13440659** |
| **Consumer Staples — 6.3%** | **Consumer Staples — 6.3%** | **Consumer Staples — 6.3%** | **Consumer Staples — 6.3%** | **Consumer Staples — 6.3%** |
| Beverages — 2.2% | Beverages — 2.2% | Beverages — 2.2% | Beverages — 2.2% | Beverages — 2.2% |
| Coca-Cola Co. | Coca-Cola Co. |  | &nbsp;&nbsp; 153554 | &nbsp;&nbsp; 11677782<br>|
| PepsiCo Inc. | PepsiCo Inc. |  | &nbsp;&nbsp; 120805 | &nbsp;&nbsp; 18759808<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 30437590 |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Target Corp. | Target Corp. |  | &nbsp;&nbsp; 31309 | &nbsp;&nbsp; 3794651<br>|
| Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% |
| Mondelez International Inc., Class A Shares | Mondelez International Inc., Class A Shares |  | &nbsp;&nbsp; 125358 | &nbsp;&nbsp; 7225635<br>|
| Nestle SA, ADR | Nestle SA, ADR |  | &nbsp;&nbsp; 98776 | &nbsp;&nbsp; 9788702<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 17014337 |
| Household Products — 1.9% | Household Products — 1.9% | Household Products — 1.9% | Household Products — 1.9% | Household Products — 1.9% |
| Procter & Gamble Co. | Procter & Gamble Co. |  | &nbsp;&nbsp; 178615 | &nbsp;&nbsp; 25799151<br>|
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| Philip Morris International Inc. | Philip Morris International Inc. |  | &nbsp;&nbsp; 54269 | &nbsp;&nbsp; 8972836<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **86018565** |
| **Energy — 4.4%** | **Energy — 4.4%** | **Energy — 4.4%** | **Energy — 4.4%** | **Energy — 4.4%** |
| Oil, Gas & Consumable Fuels — 4.4% | Oil, Gas & Consumable Fuels — 4.4% | Oil, Gas & Consumable Fuels — 4.4% | Oil, Gas & Consumable Fuels — 4.4% | Oil, Gas & Consumable Fuels — 4.4% |
| Chevron Corp. | Chevron Corp. |  | &nbsp;&nbsp; 93514 | &nbsp;&nbsp; 19348047<br>|
| ConocoPhillips | ConocoPhillips |  | &nbsp;&nbsp; 41704 | &nbsp;&nbsp; 5504928<br>|
| Exxon Mobil Corp. | Exxon Mobil Corp. |  | &nbsp;&nbsp; 127840 | &nbsp;&nbsp; 21689334<br>|
| Shell PLC, ADR | Shell PLC, ADR |  | &nbsp;&nbsp; 153406 | &nbsp;&nbsp; 14266758<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **60809067** |
| **Financials — 2.5%** | **Financials — 2.5%** | **Financials — 2.5%** | **Financials — 2.5%** | **Financials — 2.5%** |
| Banks — 2.0% | Banks — 2.0% | Banks — 2.0% | Banks — 2.0% | Banks — 2.0% |
| Bank of America Corp. | Bank of America Corp. |  | &nbsp;&nbsp; 172721 | &nbsp;&nbsp; 8420149<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Fifth Third Bancorp | &nbsp;&nbsp; 86047 | &nbsp;&nbsp; $3997743<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 38241<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 182240 | &nbsp;&nbsp; 8377573<br>|
| US Bancorp | &nbsp;&nbsp; 126416 | &nbsp;&nbsp; 6574896<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 27408602 |
| Capital Markets — 0.5% | Capital Markets — 0.5% | Capital Markets — 0.5% |
| Morgan Stanley | &nbsp;&nbsp; 38283 | &nbsp;&nbsp; 6300233<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **33708835** |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Abbott Laboratories | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 22177<br>|
| Medtronic PLC | &nbsp;&nbsp; 101161 | &nbsp;&nbsp; 8765600<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 8787777 |
| Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% |
| Pfizer Inc. | &nbsp;&nbsp; 270456 | &nbsp;&nbsp; 7594405<br>|
| Roche Holding AG, ADR | &nbsp;&nbsp; 248554 | &nbsp;&nbsp; 12355619<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 19950024 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28737801** |
| **Industrials — 1.6%** | **Industrials — 1.6%** | **Industrials — 1.6%** |
| Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% |
| Lockheed Martin Corp. | &nbsp;&nbsp; 14634 | &nbsp;&nbsp; 8844643<br>|
| Air Freight & Logistics — 0.0%†† | Air Freight & Logistics — 0.0%†† | Air Freight & Logistics — 0.0%†† |
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 11216<br>|
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Union Pacific Corp. | &nbsp;&nbsp; 15144 | &nbsp;&nbsp; 3674237<br>|
| Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 39416 | &nbsp;&nbsp; 9371485<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **21901581** |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% |
| Cisco Systems Inc. | &nbsp;&nbsp; 57039 | &nbsp;&nbsp; 4425656<br>|
| IT Services — 0.5% | IT Services — 0.5% | IT Services — 0.5% |
| International Business Machines Corp. | &nbsp;&nbsp; 27567 | &nbsp;&nbsp; 6681965<br>|
| Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% |
| Texas Instruments Inc. | &nbsp;&nbsp; 21977 | &nbsp;&nbsp; 4266615<br>|
| Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Microsoft Corp. | &nbsp;&nbsp; 5852 | &nbsp;&nbsp; 2166235<br>|
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 14007 | &nbsp;&nbsp; 2298969<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **19839440** |
| **Materials — 1.7%** | **Materials — 1.7%** | **Materials — 1.7%** |
| Chemicals — 1.7% | Chemicals — 1.7% | Chemicals — 1.7% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 40196 | &nbsp;&nbsp; 11676536<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 144175 | &nbsp;&nbsp; 11614738<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **23291274** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Utilities — 4.4%** | **Utilities — 4.4%** | **Utilities — 4.4%** | **Utilities — 4.4%** | **Utilities — 4.4%** |
| Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% |
| Duke Energy Corp. | Duke Energy Corp. |  | &nbsp;&nbsp; 130290 | &nbsp;&nbsp; $17060173<br>|
| Southern Co. | Southern Co. |  | &nbsp;&nbsp; 118927 | &nbsp;&nbsp; 11478834<br>|
| Xcel Energy Inc. | Xcel Energy Inc. |  | &nbsp;&nbsp; 55575 | &nbsp;&nbsp; 4414878<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 32953885 |
| Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% |
| Dominion Energy Inc. | Dominion Energy Inc. |  | &nbsp;&nbsp; 121016 | &nbsp;&nbsp; 7481209<br>|
| DTE Energy Co. | DTE Energy Co. |  | &nbsp;&nbsp; 109884 | &nbsp;&nbsp; 16067238<br>|
| Sempra | Sempra |  | &nbsp;&nbsp; 41100 | &nbsp;&nbsp; 3993687<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 27542134 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **60496019** |
| **Total Common Stocks (Cost — $336,918,411)** | **Total Common Stocks (Cost — $336,918,411)** | **Total Common Stocks (Cost — $336,918,411)** | **Total Common Stocks (Cost — $336,918,411)** | &nbsp;&nbsp; **372393708**<br>|
|  | Rate | Maturity <br>Date<br>|  |  |
| **Equity-Linked Securities — 20.7%** | **Equity-Linked Securities — 20.7%** | **Equity-Linked Securities — 20.7%** | **Equity-Linked Securities — 20.7%** | **Equity-Linked Securities — 20.7%** |
| **Other — 20.7%** |  |  |  |  |
| Barclays Bank PLC into AbbVie Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 13022880<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Capital One Financial Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp; 6161378<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 4484745<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Micron Technology Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 9/8/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 3739975<br> <sup>(a)</sup><br>|
| Barclays Bank PLC into Nike Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp; 6989511<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Accenture PLC | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 17000<br>| &nbsp;&nbsp; 3414077<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into AstraZeneca PLC | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 9167278<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Freeport-McMoRan Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp; 4522534<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Salesforce Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 3/29/27 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp; 7957502<br> <sup>(a)</sup><br>|
| BNP Paribas Issuance BV into Target Corp. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 2647697<br> <sup>(a)</sup><br>|
| BNP Paribas SA into Texas Instruments Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 4963404<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Alphabet Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 4202715<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Cisco <br> Systems Inc.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 12237464<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Freeport-<br> Mcmoran Inc.<br>| &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 6/9/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 2251029<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into International <br> Business Machines Corp.<br>| &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/21/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 7205614<br> <sup>(a)</sup><br>|
| Citigroup Global Markets Holdings Inc. into Workday Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/24/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 2692862<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Blackrock Inc. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp; 5763978<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into Marvell Technology Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 10391182<br> <sup>(a)</sup><br>|
| JPMorgan Chase Bank NA into SLB Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 3268098<br> <sup>(a)</sup><br>|
| JPMorgan Structured Products BV into The Home <br> Depot Inc.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 11500<br>| &nbsp;&nbsp; 3968069<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 3112576<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 9/3/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 3187044<br> <sup>(a)</sup><br>|
| Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/3/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 4737929<br> <sup>(e)</sup><br>|
| Merrill Lynch BV into United Health Group Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 7500<br>| &nbsp;&nbsp; 2084737<br> <sup>(a)(e)</sup><br>|
| Mizuho Markets Cayman LP into Meta Platforms Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 7250<br>| &nbsp;&nbsp; 4207663<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Microsoft Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 10900<br>| &nbsp;&nbsp; 4362392<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 3282052<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Shares | Value |
| Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 14000<br>| &nbsp;&nbsp; $4326791<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 4584783<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 14500<br>| &nbsp;&nbsp; 4900084<br> <sup>(a)</sup><br>|
| Morgan Stanley Finance II Ltd. into Amazon.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp; 5237064<br> <sup>(a)</sup><br>|
| Morgan Stanley Finance LLC into JP Morgan Chase & <br> Co.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 11555434<br> <sup>(a)</sup><br>|
| Morgan Stanley Into International Business Machines <br> Corp.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/8/27 | &nbsp;&nbsp; 14000<br>| &nbsp;&nbsp; 3536790<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Analog Devices Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 23500<br>| &nbsp;&nbsp; 6026733<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Oracle Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 14400<br>| &nbsp;&nbsp; 2118382<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into QUALCOMM Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 4114857<br> <sup>(a)</sup><br>|
| Royal Bank of Canada into Texas Instruments Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/20/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 3804555<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp; 2343752<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Lowe's Cos. Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 4678702<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into QUALCOMM Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/25/26 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp; 3332764<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/27/27 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 5030949<br> <sup>(a)</sup><br>|
| UBS AG into Abbott Laboratories | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 15486943<br> <sup>(a)(f)</sup><br>|
| UBS AG into Accenture PLC | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 7500<br>| &nbsp;&nbsp; 1559613<br> <sup>(a)</sup><br>|
| UBS AG into Bank of America Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/3/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 5028925<br> <sup>(a)</sup><br>|
| UBS AG into Exxon Mobil Corp. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 12/4/26 | &nbsp;&nbsp; 87000<br>| &nbsp;&nbsp; 11262975<br> <sup>(a)</sup><br>|
| UBS AG into Texas Instruments Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/24/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 6124070<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Amazon.com | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/26/27 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 5112453<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Microsoft Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp; 10746861<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into NextEra Energy Inc. | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 4469861<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 1837626<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into Target Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp; 3961555<br> <sup>(a)</sup><br>|
| Wells Fargo Bank NA into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 7743801<br> <sup>(a)</sup><br>|
| **Total Equity-Linked Securities (Cost — $281,200,251)** | **Total Equity-Linked Securities (Cost — $281,200,251)** | **Total Equity-Linked Securities (Cost — $281,200,251)** | **Total Equity-Linked Securities (Cost — $281,200,251)** | &nbsp;&nbsp; **282952708** |
|  |  |  | Face <br>Amount<br>|  |
| **U.S. Government & Agency Obligations — 7.8%** | **U.S. Government & Agency Obligations — 7.8%** | **U.S. Government & Agency Obligations — 7.8%** | **U.S. Government & Agency Obligations — 7.8%** | **U.S. Government & Agency Obligations — 7.8%** |
| U.S. Government Obligations — 7.8% | U.S. Government Obligations — 7.8% | U.S. Government Obligations — 7.8% | U.S. Government Obligations — 7.8% | U.S. Government Obligations — 7.8% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; $7000000 | &nbsp;&nbsp; 7092969<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1868906<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; 16558399<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5733750<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/30/27 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5956172<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2557031<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7089141<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 14709961<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 11/30/32 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5873086<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3946250<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3999609<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 9975195<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 22500000 | &nbsp;&nbsp; 21949805<br>|
| **Total U.S. Government & Agency Obligations (Cost — $107,237,765)** | **Total U.S. Government & Agency Obligations (Cost — $107,237,765)** | **Total U.S. Government & Agency Obligations (Cost — $107,237,765)** | **Total U.S. Government & Agency Obligations (Cost — $107,237,765)** | &nbsp;&nbsp; **107310274** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Mortgage-Backed Securities — 5.5%** | **Mortgage-Backed Securities — 5.5%** | **Mortgage-Backed Securities — 5.5%** | **Mortgage-Backed Securities — 5.5%** | **Mortgage-Backed Securities — 5.5%** |
| FHLMC — 1.8% | FHLMC — 1.8% | FHLMC — 1.8% | FHLMC — 1.8% | FHLMC — 1.8% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/53- <br>11/1/54<br>| &nbsp;&nbsp; $5042475 | &nbsp;&nbsp; $4983369<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/53- <br>3/1/56<br>| &nbsp;&nbsp; 17104527 | &nbsp;&nbsp; 17200223<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2336542<br>| &nbsp;&nbsp; 2383610<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 24567202 |
| FNMA — 1.0% | FNMA — 1.0% | FNMA — 1.0% | FNMA — 1.0% | FNMA — 1.0% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/53- <br>11/1/53<br>| &nbsp;&nbsp; 2187661 | &nbsp;&nbsp; 2167058<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/54- <br>1/1/56<br>| &nbsp;&nbsp; 9727163 | &nbsp;&nbsp; 9780212<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 2062027<br>| &nbsp;&nbsp; 2103091<br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 14050361 |
| GNMA — 2.7% | GNMA — 2.7% | GNMA — 2.7% | GNMA — 2.7% | GNMA — 2.7% |
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/54- <br>12/20/55<br>| &nbsp;&nbsp; 5623820 | &nbsp;&nbsp; 5578771<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/20/55- <br>3/20/56<br>| &nbsp;&nbsp; 26598595 | &nbsp;&nbsp; 26816251<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/20/55- <br>1/20/56<br>| &nbsp;&nbsp; 4409448 | &nbsp;&nbsp; 4492472<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 36887494 |
| **Total Mortgage-Backed Securities (Cost — $75,406,122)** | **Total Mortgage-Backed Securities (Cost — $75,406,122)** | **Total Mortgage-Backed Securities (Cost — $75,406,122)** | **Total Mortgage-Backed Securities (Cost — $75,406,122)** | &nbsp;&nbsp; **75505057** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 4.6%** | **Convertible Preferred Stocks — 4.6%** | **Convertible Preferred Stocks — 4.6%** | **Convertible Preferred Stocks — 4.6%** | **Convertible Preferred Stocks — 4.6%** |
| **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** |
| Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% |
| Ares Management Corp., Non Voting Shares | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 181054 | &nbsp;&nbsp; 6550534<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 6.250% |  | &nbsp;&nbsp; 109916 | &nbsp;&nbsp; 4420821<br>|
| **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** |
| Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% |
| Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 115469 | &nbsp;&nbsp; **7491629**<br>|
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| Software — 0.6% | Software — 0.6% | Software — 0.6% | Software — 0.6% | Software — 0.6% |
| Oracle Corp., Non Voting Shares | &nbsp;&nbsp; 6.500% |  | &nbsp;&nbsp; 178563 | &nbsp;&nbsp; **8037121**<br>|
| **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Albemarle Corp., Non Voting Shares | &nbsp;&nbsp; 7.250% |  | &nbsp;&nbsp; 212102 | &nbsp;&nbsp; **15239529**<br>|
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% |
| NextEra Energy Inc. | &nbsp;&nbsp; 7.299% |  | &nbsp;&nbsp; 119867 | &nbsp;&nbsp; 6710154<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 7.234% |  | &nbsp;&nbsp; 126029 | &nbsp;&nbsp; 6621564<br>|
| PPL Corp., Non Voting Shares | &nbsp;&nbsp; 7.000% |  | &nbsp;&nbsp; 43069 | &nbsp;&nbsp; 2209009<br>|
| Southern Co. | &nbsp;&nbsp; 7.125% |  | &nbsp;&nbsp; 110493 | &nbsp;&nbsp; 5679340<br>|
| **Total Convertible Preferred Stocks (Cost — $57,784,108)** | **Total Convertible Preferred Stocks (Cost — $57,784,108)** | **Total Convertible Preferred Stocks (Cost — $57,784,108)** | **Total Convertible Preferred Stocks (Cost — $57,784,108)** | &nbsp;&nbsp; **62959701** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** |
| **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** | **Health Care — 0.4%** |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |
| Hologic Inc., Second Lien Term Loan |  | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; $4500000<br>| &nbsp;&nbsp; $4449118<br> <sup>(g)</sup><br>|
| Hologic Inc., Term Loan B |  | &nbsp;&nbsp; 1/14/33 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1483973<br> <sup>(g)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 5933091 |
| Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† |
| MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 3.750%)  | 7.417% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 164041<br>| &nbsp;&nbsp; 164000<br> <sup>(c)(h)(i)</sup><br>|
| **Total Senior Loans (Cost — $6,114,962)** | **Total Senior Loans (Cost — $6,114,962)** | **Total Senior Loans (Cost — $6,114,962)** | **Total Senior Loans (Cost — $6,114,962)** | &nbsp;&nbsp; **6097091** |
| **Total Investments before Short-Term Investments (Cost — $1,259,380,624)** | **Total Investments before Short-Term Investments (Cost — $1,259,380,624)** | **Total Investments before Short-Term Investments (Cost — $1,259,380,624)** | **Total Investments before Short-Term Investments (Cost — $1,259,380,624)** | &nbsp;&nbsp; **1306736869** |
|  |  |  | Shares |  |
| **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $74,158,691)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 74158691<br>| &nbsp;&nbsp; **74158691**<br> <sup>(j)(k)(l)</sup><br>|
| **Total Investments — 100.8% (Cost — $1,333,539,315)** | **Total Investments — 100.8% (Cost — $1,333,539,315)** | **Total Investments — 100.8% (Cost — $1,333,539,315)** | **Total Investments — 100.8% (Cost — $1,333,539,315)** | &nbsp;&nbsp; **1380895560** |
| Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | Liabilities in Excess of Other Assets — (0.8)% | &nbsp;&nbsp; (10420679)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1370474881** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(e)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(f)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(g)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(i)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $74,158,691 and the cost was $74,158,691 (Note 6).<br>|
| <sup>(l)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| ICE |  | Intercontinental Exchange |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| Interactive Media & Services — 1.2% | Interactive Media & Services — 1.2% | Interactive Media & Services — 1.2% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 3063 | &nbsp;&nbsp; **$880796**<br>|
| **Consumer Discretionary — 7.1%** | **Consumer Discretionary — 7.1%** | **Consumer Discretionary — 7.1%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Hesai Group, ADR | &nbsp;&nbsp; 21655 | &nbsp;&nbsp; 414,044<br> \*<br>|
| Automobiles — 6.0% | Automobiles — 6.0% | Automobiles — 6.0% |
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 404837<br>|
| Tesla Inc. | &nbsp;&nbsp; 10955 | &nbsp;&nbsp; 4,072,521<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 4477358 |
| Household Durables — 0.6% | Household Durables — 0.6% | Household Durables — 0.6% |
| Garmin Ltd. | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 469356<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5360758** |
| **Energy — 3.1%** | **Energy — 3.1%** | **Energy — 3.1%** |
| Energy Equipment & Services — 2.3% | Energy Equipment & Services — 2.3% | Energy Equipment & Services — 2.3% |
| Baker Hughes Co. | &nbsp;&nbsp; 8597 | &nbsp;&nbsp; 524847<br>|
| Oceaneering International Inc. | &nbsp;&nbsp; 7754 | &nbsp;&nbsp; 275,034<br> \*<br>|
| TechnipFMC PLC | &nbsp;&nbsp; 13215 | &nbsp;&nbsp; 913553<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 1713434 |
| Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% | Oil, Gas & Consumable Fuels — 0.8% |
| Cameco Corp. | &nbsp;&nbsp; 5829 | &nbsp;&nbsp; 633088<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2346522** |
| **Health Care — 2.5%** | **Health Care — 2.5%** | **Health Care — 2.5%** |
| Health Care Equipment & Supplies — 2.4% | Health Care Equipment & Supplies — 2.4% | Health Care Equipment & Supplies — 2.4% |
| Hoya Corp. | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 211779<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 314,658<br> \*<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 2730 | &nbsp;&nbsp; 1,258,503<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1784940 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| HeartFlow Inc. | &nbsp;&nbsp; 2286 | &nbsp;&nbsp; 55,619<br> \*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1840559** |
| **Industrials — 24.7%** | **Industrials — 24.7%** | **Industrials — 24.7%** |
| Aerospace & Defense — 9.8% | Aerospace & Defense — 9.8% | Aerospace & Defense — 9.8% |
| AeroVironment Inc. | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 36,427<br> \*<br>|
| Axon Enterprise Inc. | &nbsp;&nbsp; 2436 | &nbsp;&nbsp; 1,034,545<br> \*<br>|
| Curtiss-Wright Corp. | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 481552<br>|
| Elbit Systems Ltd. | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 631723<br>|
| Karman Holdings Inc. | &nbsp;&nbsp; 6624 | &nbsp;&nbsp; 530,251<br> \*<br>|
| Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 35609 | &nbsp;&nbsp; 2,510,791<br> \*<br>|
| Leonardo DRS Inc. | &nbsp;&nbsp; 8390 | &nbsp;&nbsp; 373523<br>|
| Rheinmetall AG, ADR | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 551392<br>|
| Rocket Lab Corp. | &nbsp;&nbsp; 19291 | &nbsp;&nbsp; 1,238,868<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 7389072 |
| Construction & Engineering — 3.3% | Construction & Engineering — 3.3% | Construction & Engineering — 3.3% |
| Dycom Industries Inc. | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 188,384<br> \*<br>|
| Legence Corp., Class A Shares | &nbsp;&nbsp; 7804 | &nbsp;&nbsp; 440,614<br> \*<br>|
| Quanta Services Inc. | &nbsp;&nbsp; 2847 | &nbsp;&nbsp; 1563060<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Valmont Industries Inc. | &nbsp;&nbsp; 666 | &nbsp;&nbsp; $266113<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 2458171 |
| Electrical Equipment — 10.8% | Electrical Equipment — 10.8% | Electrical Equipment — 10.8% |
| Amprius Technologies Inc. | &nbsp;&nbsp; 17060 | &nbsp;&nbsp; 287,632<br> \*<br>|
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 12836 | &nbsp;&nbsp; 1,739,150<br> \*<br>|
| Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 7098 | &nbsp;&nbsp; 555422<br>|
| Forgent Power Solutions Inc. | &nbsp;&nbsp; 8234 | &nbsp;&nbsp; 241,009<br> \*<br>|
| GE Vernova Inc. | &nbsp;&nbsp; 3109 | &nbsp;&nbsp; 2713846<br>|
| Nextpower Inc., Class A Shares | &nbsp;&nbsp; 3990 | &nbsp;&nbsp; 480,994<br> \*<br>|
| nVent Electric PLC | &nbsp;&nbsp; 3417 | &nbsp;&nbsp; 404163<br>|
| Siemens Energy AG | &nbsp;&nbsp; 3806 | &nbsp;&nbsp; 623805<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 4189 | &nbsp;&nbsp; 1049680<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 8095701 |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Uber Technologies Inc. | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 142,493<br> \*<br>|
| Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% |
| Symbotic Inc. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 446,880<br> \*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18532317** |
| **Information Technology — 61.3%** | **Information Technology — 61.3%** | **Information Technology — 61.3%** |
| Communications Equipment — 3.1% | Communications Equipment — 3.1% | Communications Equipment — 3.1% |
| Arista Networks Inc. | &nbsp;&nbsp; 11940 | &nbsp;&nbsp; 1,465,993<br> \*<br>|
| Ciena Corp. | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 449,959<br> \*<br>|
| Lumentum Holdings Inc. | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 405,492<br> \*<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 2321444 |
| Electronic Equipment, Instruments & Components — 11.5% | Electronic Equipment, Instruments & Components — 11.5% | Electronic Equipment, Instruments & Components — 11.5% |
| Advanced Energy Industries Inc. | &nbsp;&nbsp; 1289 | &nbsp;&nbsp; 415973<br>|
| Aeva Technologies Inc. | &nbsp;&nbsp; 6101 | &nbsp;&nbsp; 80,289<br> \*<br>|
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 15456 | &nbsp;&nbsp; 1952866<br>|
| Celestica Inc. | &nbsp;&nbsp; 14262 | &nbsp;&nbsp; 4,017,320<br> \*<br>|
| Coherent Corp. | &nbsp;&nbsp; 1561 | &nbsp;&nbsp; 371,846<br> \*<br>|
| Fabrinet | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 435,991<br> \*<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 2827 | &nbsp;&nbsp; 590899<br>|
| TTM Technologies Inc. | &nbsp;&nbsp; 7761 | &nbsp;&nbsp; 756,077<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 8621261 |
| IT Services — 2.2% | IT Services — 2.2% | IT Services — 2.2% |
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 7282 | &nbsp;&nbsp; 1,502,568<br> \*<br>|
| CoreWeave Inc., Class A Shares | &nbsp;&nbsp; 1564 | &nbsp;&nbsp; 121,163<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 1623731 |
| Semiconductors & Semiconductor Equipment — 33.5% | Semiconductors & Semiconductor Equipment — 33.5% | Semiconductors & Semiconductor Equipment — 33.5% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 321,419<br> \*<br>|
| Advantest Corp. | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; 290721<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 76354<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 3444 | &nbsp;&nbsp; 1177125<br>|
| ASM International NV | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 226791<br>|
| ASML Holding NV, Registered Shares | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 1071193<br>|
| AXT Inc. | &nbsp;&nbsp; 2169 | &nbsp;&nbsp; 123,590<br> \*<br>|
| Broadcom Inc. | &nbsp;&nbsp; 13666 | &nbsp;&nbsp; 4229764<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Infineon Technologies AG |  | &nbsp;&nbsp; 3428 | &nbsp;&nbsp; $150090<br>|
| KLA Corp. |  | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 1388483<br>|
| Lam Research Corp. |  | &nbsp;&nbsp; 7313 | &nbsp;&nbsp; 1562495<br>|
| Marvell Technology Inc. |  | &nbsp;&nbsp; 3962 | &nbsp;&nbsp; 392436<br>|
| Monolithic Power Systems Inc. |  | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 623209<br>|
| NVIDIA Corp. |  | &nbsp;&nbsp; 33429 | &nbsp;&nbsp; 5830018<br>|
| SiTime Corp. |  | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 487,289<br> \*<br>|
| SK hynix Inc. |  | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 577990<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | &nbsp;&nbsp; 12924 | &nbsp;&nbsp; 4367666<br>|
| Teradyne Inc. |  | &nbsp;&nbsp; 6748 | &nbsp;&nbsp; 2000512<br>|
| Tower Semiconductor Ltd. |  | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; 203,030<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 25100175 |
| Software — 5.1% | Software — 5.1% | Software — 5.1% | Software — 5.1% |
| Autodesk Inc. |  | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; 714,130<br> \*<br>|
| Bentley Systems Inc., Class B Shares |  | &nbsp;&nbsp; 4093 | &nbsp;&nbsp; 143746<br>|
| Cadence Design Systems Inc. |  | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; 350,394<br> \*<br>|
| CrowdStrike Holdings Inc., Class A Shares |  | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 126,883<br> \*<br>|
| Dassault Systemes SE |  | &nbsp;&nbsp; 5538 | &nbsp;&nbsp; 110198<br>|
| Descartes Systems Group Inc. |  | &nbsp;&nbsp; 1834 | &nbsp;&nbsp; 130,945<br> \*<br>|
| Nebius Group NV |  | &nbsp;&nbsp; 4435 | &nbsp;&nbsp; 460,176<br> \*<br>|
| Palantir Technologies Inc., Class A Shares |  | &nbsp;&nbsp; 8766 | &nbsp;&nbsp; 1,282,290<br> \*<br>|
| Palo Alto Networks Inc. |  | &nbsp;&nbsp; 1984 | &nbsp;&nbsp; 318,075<br> \*<br>|
| PTC Inc. |  | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 110,287<br> \*<br>|
| Samsara Inc., Class A Shares |  | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 76,373<br> \*<br>|
| Trimble Inc. |  | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 37,051<br> \*<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 3860548 |
| Technology Hardware, Storage & Peripherals — 5.9% | Technology Hardware, Storage & Peripherals — 5.9% | Technology Hardware, Storage & Peripherals — 5.9% | Technology Hardware, Storage & Peripherals — 5.9% |
| Apple Inc. |  | &nbsp;&nbsp; 10807 | &nbsp;&nbsp; 2742708<br>|
| Everpure Inc., Class A Shares |  | &nbsp;&nbsp; 8561 | &nbsp;&nbsp; 505,441<br> \*<br>|
| Sandisk Corp. |  | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 808,788<br> \*<br>|
| Western Digital Corp. |  | &nbsp;&nbsp; 1446 | &nbsp;&nbsp; 391129<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 4448066 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **45975225** |
| **Total Common Stocks (Cost — $56,294,463)** | **Total Common Stocks (Cost — $56,294,463)** | **Total Common Stocks (Cost — $56,294,463)** | &nbsp;&nbsp; **74936177**<br>|
|  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† |
| Constellation Software Inc. (Cost — $0) | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 225<br>| &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $56,294,463)** | **Total Investments — 99.9% (Cost — $56,294,463)** | **Total Investments — 99.9% (Cost — $56,294,463)** | &nbsp;&nbsp; **74936177** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 61030 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$74997207** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Intelligent Machines ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Value |
| **Sovereign Bonds — 75.0%** | **Sovereign Bonds — 75.0%** | **Sovereign Bonds — 75.0%** | **Sovereign Bonds — 75.0%** |
| Australia — 3.2% | Australia — 3.2% | Australia — 3.2% | Australia — 3.2% |
| Australia Government Bond, Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 5/21/28<br> &nbsp;&nbsp; 9000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; $5908699<br> <sup>(a)</sup><br>|
| Australia Government Bond, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/21/34<br> &nbsp;&nbsp; 4000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 2550911<br> <sup>(a)</sup><br>|
| New South Wales Treasury Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/20/27<br> &nbsp;&nbsp; 6000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 4061999<br> <sup>(a)</sup><br>|
| Queensland Treasury Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/21/29<br> &nbsp;&nbsp; 7500000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 4911911<br> <sup>(a)</sup><br>|
| Western Australian Treasury Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/21/26<br> &nbsp;&nbsp; 8000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp; 5477156<br> <sup>(a)</sup><br>|
| Total Australia | Total Australia | Total Australia | &nbsp;&nbsp; 22910676 |
| Austria — 2.2% | Austria — 2.2% | Austria — 2.2% | Austria — 2.2% |
| Republic of Austria Government Bond, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/20/47<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 15712859<br> <sup>(a)</sup><br>|
| Belgium — 4.1% | Belgium — 4.1% | Belgium — 4.1% | Belgium — 4.1% |
| Kingdom of Belgium Government Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 6/22/31<br> &nbsp;&nbsp; 28000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 29214397<br> <sup>(a)</sup><br>|
| Canada — 3.5% | Canada — 3.5% | Canada — 3.5% | Canada — 3.5% |
| Canadian Government Bond | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 6/1/30<br> &nbsp;&nbsp; 15000000 <br><sup>CAD</sup><br>| &nbsp;&nbsp; 10036877<br>|
| Canadian Government Bond | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/37<br> &nbsp;&nbsp; 14500000 <br><sup>CAD</sup><br>| &nbsp;&nbsp; 11814827<br>|
| Canadian Government Bond | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/1/51<br> &nbsp;&nbsp; 6000000 <br><sup>CAD</sup><br>| &nbsp;&nbsp; 3000690<br>|
| Total Canada | Total Canada | Total Canada | &nbsp;&nbsp; 24852394 |
| China — 12.4% | China — 12.4% | China — 12.4% | China — 12.4% |
| China Government Bond | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/4/27<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 17787015<br>|
| China Government Bond | &nbsp;&nbsp; 2.670% | &nbsp;&nbsp; 5/25/33<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 18631741<br>|
| China Government Bond | &nbsp;&nbsp; 2.520% | &nbsp;&nbsp; 8/25/33<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 18454241<br>|
| China Government Bond | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 2/25/34<br> &nbsp;&nbsp; 120000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 18247903<br>|
| China Government Bond | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 10/23/47<br> &nbsp;&nbsp; 80000000 <br><sup>CNH</sup><br>| &nbsp;&nbsp; 15456888<br>|
| Total China | Total China | Total China | &nbsp;&nbsp; 88577788 |
| Cyprus — 0.9% | Cyprus — 0.9% | Cyprus — 0.9% | Cyprus — 0.9% |
| Cyprus Government International Bond, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 4/16/27<br> &nbsp;&nbsp; 6000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 6864244<br> <sup>(a)</sup><br>|
| Finland — 1.8% | Finland — 1.8% | Finland — 1.8% | Finland — 1.8% |
| Finland Government Bond, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 7/4/28<br> &nbsp;&nbsp; 11000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 12734236<br> <sup>(a)</sup><br>|
| France — 2.9% | France — 2.9% | France — 2.9% | France — 2.9% |
| French Republic Government Bond OAT | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/25/29<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 20758417<br> <sup>(a)</sup><br>|
| Ireland — 2.3% | Ireland — 2.3% | Ireland — 2.3% | Ireland — 2.3% |
| Ireland Government Bond, Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 3/18/31<br> &nbsp;&nbsp; 15000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 16199413<br> <sup>(a)</sup><br>|
| Italy — 3.1% | Italy — 3.1% | Italy — 3.1% | Italy — 3.1% |
| Italy Buoni Poliennali Del Tesoro, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/1/26<br> &nbsp;&nbsp; 9000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 10322703<br> <sup>(a)</sup><br>|
| Italy Buoni Poliennali Del Tesoro, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 9/1/50<br> &nbsp;&nbsp; 15000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 12184600<br> <sup>(a)</sup><br>|
| Total Italy | Total Italy | Total Italy | &nbsp;&nbsp; 22507303 |
| Japan — 9.9% | Japan — 9.9% | Japan — 9.9% | Japan — 9.9% |
| Japan Government Five Year Bond | &nbsp;&nbsp; 0.300% | &nbsp;&nbsp; 6/20/28<br> &nbsp;&nbsp; 3500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 21530056<br>|
| Japan Government Ten Year Bond | &nbsp;&nbsp; 0.100% | &nbsp;&nbsp; 12/20/26<br> &nbsp;&nbsp; 3500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 21909324<br>|
| Japan Government Twenty Year Bond | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 3/20/33<br> &nbsp;&nbsp; 3500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 21340616<br>|
| Japan Government Twenty Year Bond | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 12/20/41<br> &nbsp;&nbsp; 1500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 6529520<br>|
| Total Japan | Total Japan | Total Japan | &nbsp;&nbsp; 71309516 |
| Mexico — 1.0% | Mexico — 1.0% | Mexico — 1.0% | Mexico — 1.0% |
| Mexican Bonos, Bonds | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/7/47<br> &nbsp;&nbsp; 150000000 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 7007556<br>|
| Netherlands — 2.2% | Netherlands — 2.2% | Netherlands — 2.2% | Netherlands — 2.2% |
| Netherlands Government Bond | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 1/15/40<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 15955056<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Value |
| Poland — 1.7% | Poland — 1.7% | Poland — 1.7% | Poland — 1.7% |
| Republic of Poland Government Bond | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/25/29<br> &nbsp;&nbsp; 50000000 <br><sup>PLN</sup><br>| &nbsp;&nbsp; $12525578<br>|
| Romania — 1.5% | Romania — 1.5% | Romania — 1.5% | Romania — 1.5% |
| Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/28/32<br> &nbsp;&nbsp; 11000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 10583840<br> <sup>(a)</sup><br>|
| South Korea — 2.2% | South Korea — 2.2% | South Korea — 2.2% | South Korea — 2.2% |
| Korea Treasury Bond | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/10/27<br> &nbsp;&nbsp; 8000000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp; 5327996<br>|
| Korea Treasury Bond | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/10/30<br> &nbsp;&nbsp; 7000000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp; 4750489<br>|
| Korea Treasury Bond | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/10/32<br> &nbsp;&nbsp; 8200000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp; 5480708<br>|
| Total South Korea | Total South Korea | Total South Korea | &nbsp;&nbsp; 15559193 |
| Spain — 4.0% | Spain — 4.0% | Spain — 4.0% | Spain — 4.0% |
| Spain Government Bond, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 10/31/30<br> &nbsp;&nbsp; 27000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 28996248<br> <sup>(a)</sup><br>|
| Supranational — 4.9% | Supranational — 4.9% | Supranational — 4.9% | Supranational — 4.9% |
| Asian Development Bank, Senior Notes | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 6/21/27<br> &nbsp;&nbsp; 240000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp; 1536105<br>|
| European Union, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 2/4/33<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 22561445<br> <sup>(a)</sup><br>|
| European Union, Senior Notes | &nbsp;&nbsp; 0.300% | &nbsp;&nbsp; 11/4/50<br> &nbsp;&nbsp; 21000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 10872565<br> <sup>(a)</sup><br>|
| Total Supranational | Total Supranational | Total Supranational | &nbsp;&nbsp; 34970115 |
| Sweden — 3.6% | Sweden — 3.6% | Sweden — 3.6% | Sweden — 3.6% |
| Sweden Government Bond | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 5/12/28<br> &nbsp;&nbsp; 250000000 <br><sup>SEK</sup><br>| &nbsp;&nbsp; 25524464<br> <sup>(a)</sup><br>|
| United Kingdom — 7.6% | United Kingdom — 7.6% | United Kingdom — 7.6% | United Kingdom — 7.6% |
| United Kingdom Gilt, Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/7/30<br> &nbsp;&nbsp; 20000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 26911382<br> <sup>(a)</sup><br>|
| United Kingdom Gilt, Bonds | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 7/31/33<br> &nbsp;&nbsp; 19000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 19263628<br> <sup>(a)</sup><br>|
| United Kingdom Gilt, Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/29/38<br> &nbsp;&nbsp; 7000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 8152110<br> <sup>(a)</sup><br>|
| Total United Kingdom | Total United Kingdom | Total United Kingdom | &nbsp;&nbsp; 54327120 |
| **Total Sovereign Bonds (Cost — $529,832,433)** | **Total Sovereign Bonds (Cost — $529,832,433)** | **Total Sovereign Bonds (Cost — $529,832,433)** | &nbsp;&nbsp; **537090413** |
| **Corporate Bonds & Notes — 7.3%** | **Corporate Bonds & Notes — 7.3%** | **Corporate Bonds & Notes — 7.3%** | **Corporate Bonds & Notes — 7.3%** |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** |
| Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% |
| Orange SA, Senior Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 3/20/28<br> &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1679258<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/17/34<br> &nbsp;&nbsp; 3000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 3744464<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5423722** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| Coca-Cola Europacific Partners PLC, Senior Notes | &nbsp;&nbsp; 0.200% | &nbsp;&nbsp; 12/2/28<br> &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3199142<br> <sup>(a)</sup><br>|
| Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% |
| Unilever Capital Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 6/6/33<br> &nbsp;&nbsp; 2800000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3210763<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6409905** |
| **Financials — 3.6%** | **Financials — 3.6%** | **Financials — 3.6%** | **Financials — 3.6%** |
| Banks — 2.7% | Banks — 2.7% | Banks — 2.7% | Banks — 2.7% |
| Bank of America Corp., Senior Notes (3 mo. EURIBOR + 0.900%) | &nbsp;&nbsp; 3.261% | &nbsp;&nbsp; 1/28/31<br> &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3420178<br> <sup>(a)(b)</sup><br>|
| Bank of Ireland Group PLC, Senior Notes (5.000% to 7/4/30 then 1 Year EUR <br> Mid-Market Swap Rate + 2.050%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/4/31<br> &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3651658<br> <sup>(a)(b)</sup><br>|
| BNP Paribas SA, Senior Notes (3 mo. EURIBOR + 1.370%) | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/13/31<br> &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3532307<br> <sup>(a)(b)</sup><br>|
| Commerzbank AG, Senior Notes (3 mo. EURIBOR + 1.380%) | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/14/32<br> &nbsp;&nbsp; 3500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 4009927<br> <sup>(a)(b)</sup><br>|
| Nykredit Realkredit A/S, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 1/10/30<br> &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 2290925<br> <sup>(a)</sup><br>|
| US Bancorp, Senior Notes (3 mo. EURIBOR + 1.200%) | &nbsp;&nbsp; 4.009% | &nbsp;&nbsp; 5/21/32<br> &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 2326964<br> <sup>(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 19231959 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Capital Markets — 0.6% | Capital Markets — 0.6% | Capital Markets — 0.6% | Capital Markets — 0.6% | Capital Markets — 0.6% |
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 2/7/29 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; $1089892<br> <sup>(a)</sup><br>|
| UBS Group AG, Senior Notes (4.750% to 3/17/31 then 1 Year EUR Mid-Market <br> Swap Rate + 1.600%) | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/17/32 | &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3619706<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 4709598 |
| Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% |
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 2097138<br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26038695** |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| RELX Finance BV, Senior Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 3/10/28 | &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1648332<br> <sup>(a)</sup><br>|
| Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% |
| Heathrow Funding Ltd., Senior Secured Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 10/8/30 | &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 3071214<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4719546** |
| **Information Technology — 0.8%** | **Information Technology — 0.8%** | **Information Technology — 0.8%** | **Information Technology — 0.8%** | **Information Technology — 0.8%** |
| Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% |
| Apple Inc., Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 1723868<br>|
| Apple Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 3000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 3782354<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5506222** |
| **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** |
| Electric Utilities — 0.6% | Electric Utilities — 0.6% | Electric Utilities — 0.6% | Electric Utilities — 0.6% | Electric Utilities — 0.6% |
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 3000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; **4057382**<br>|
| **Total Corporate Bonds & Notes (Cost — $53,673,990)** | **Total Corporate Bonds & Notes (Cost — $53,673,990)** | **Total Corporate Bonds & Notes (Cost — $53,673,990)** | **Total Corporate Bonds & Notes (Cost — $53,673,990)** | &nbsp;&nbsp; **52155472** |
| **Total Investments before Short-Term Investments (Cost — $583,506,423)** | **Total Investments before Short-Term Investments (Cost — $583,506,423)** | **Total Investments before Short-Term Investments (Cost — $583,506,423)** | **Total Investments before Short-Term Investments (Cost — $583,506,423)** | &nbsp;&nbsp; **589245885** |
|  |  |  | Shares |  |
| **Short-Term Investments — 9.7%** | **Short-Term Investments — 9.7%** | **Short-Term Investments — 9.7%** | **Short-Term Investments — 9.7%** | **Short-Term Investments — 9.7%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $69,987,874)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 69987874<br>| &nbsp;&nbsp; **69987874**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 92.0% (Cost — $653,494,297)** | **Total Investments — 92.0% (Cost — $653,494,297)** | **Total Investments — 92.0% (Cost — $653,494,297)** | **Total Investments — 92.0% (Cost — $653,494,297)** | &nbsp;&nbsp; **659233759** |
| Other Assets in Excess of Liabilities — 8.0% | Other Assets in Excess of Liabilities — 8.0% | Other Assets in Excess of Liabilities — 8.0% | Other Assets in Excess of Liabilities — 8.0% | &nbsp;&nbsp; 56959828 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$716193587** |

---

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

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| <sup>(a)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $69,987,874 and the cost was $69,987,874 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin International Aggregate Bond ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AUD |  | Australian Dollar |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| EURIBOR |  | Euro Interbank Offered Rate |
| GBP |  | British Pound |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| MXN |  | Mexican Peso |
| OAT |  | Obligations Assimilables du Trésor (French Treasury Bonds) |
| PLN |  | Polish Zloty |
| SEK |  | Swedish Krona |

---

At March 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | &nbsp;&nbsp; 12086660 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 17400000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; $85498 |
| USD | &nbsp;&nbsp; 7812053 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 10650000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 146475 |
| USD | &nbsp;&nbsp; 298093 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 250000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 8746 |
| USD | &nbsp;&nbsp; 9584742 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 8000000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 325625 |
| USD | &nbsp;&nbsp; 118938636 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 100450000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 2678848 |
| USD | &nbsp;&nbsp; 5509134 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 4000000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 214925 |
| USD | &nbsp;&nbsp; 29719452 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 21800000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 866013 |
| USD | &nbsp;&nbsp; 29124743 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 4500000000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 702532 |
| USD | &nbsp;&nbsp; 17975454 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 26100000000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 612507 |
| USD | &nbsp;&nbsp; 4913182 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 86288147 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 108469 |
| USD | &nbsp;&nbsp; 10139452 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 36300000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 361347 |
| USD | &nbsp;&nbsp; 11961726 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 106800000 | BNP Paribas SA | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 663610 |
| JPY | &nbsp;&nbsp; 1200000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7570930 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 8326 |
| USD | &nbsp;&nbsp; 10679906 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 15390000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 65086 |
| USD | &nbsp;&nbsp; 17904118 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 24420000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 327271 |
| USD | &nbsp;&nbsp; 109480075 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 756700000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; (602026) |
| USD | &nbsp;&nbsp; 146536118 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 123800000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 3251282 |
| USD | &nbsp;&nbsp; 34746122 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 25500000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 995540 |
| USD | &nbsp;&nbsp; 57565880 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 8899000000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 1359378 |
| USD | &nbsp;&nbsp; 1427475 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 25100000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 29852 |
| USD | &nbsp;&nbsp; 2666123 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 9550000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 93647 |
| USD | &nbsp;&nbsp; 14952123 | &nbsp;&nbsp; SEK | &nbsp;&nbsp; 133500000 | Citibank N.A. | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 829479 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$13132430** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| GBP |  | British Pound |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| MXN |  | Mexican Peso |
| PLN |  | Polish Zloty |
| SEK |  | Swedish Krona |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin International Aggregate Bond ETF**

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| China | 13.4<br> %<br>|
| Japan | 10.8 |
| United Kingdom | 9.9 |
| Supranational | 5.3 |
| France | 4.6 |
| Belgium | 4.4 |
| Spain | 4.4 |
| Sweden | 3.9 |
| Canada | 3.8 |
| Australia | 3.5 |
| Italy | 3.4 |
| Ireland | 3.0 |
| United States | 2.8 |
| Netherlands | 2.4 |
| Austria | 2.4 |
| South Korea | 2.4 |
| Finland | 1.9 |
| Poland | 1.9 |
| Romania | 1.6 |
| Mexico | 1.1 |
| Cyprus | 1.0 |
| Germany | 0.6 |
| Switzerland | 0.6 |
| Denmark | 0.3 |
| Short-Term Investments | 10.6 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 98.1%** | **Corporate Bonds & Notes — 98.1%** | **Corporate Bonds & Notes — 98.1%** | **Corporate Bonds & Notes — 98.1%** | **Corporate Bonds & Notes — 98.1%** |
| **Communication Services — 7.1%** | **Communication Services — 7.1%** | **Communication Services — 7.1%** | **Communication Services — 7.1%** | **Communication Services — 7.1%** |
| Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% | Diversified Telecommunication Services — 2.2% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; $9000000<br>| &nbsp;&nbsp; $6986118<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2568780<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 3380584<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 12935482 |
| Interactive Media & Services — 0.7% | Interactive Media & Services — 0.7% | Interactive Media & Services — 0.7% | Interactive Media & Services — 0.7% | Interactive Media & Services — 0.7% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1780000<br>| &nbsp;&nbsp; 1758346<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2422245<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 4180591 |
| Media — 1.9% | Media — 1.9% | Media — 1.9% | Media — 1.9% | Media — 1.9% |
| Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 3275000<br>| &nbsp;&nbsp; 2937485<br>|
| Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 2466829<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 3825000<br>| &nbsp;&nbsp; 3103130<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 817914<br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 1565000<br>| &nbsp;&nbsp; 1680076<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 11005434 |
| Wireless Telecommunication Services — 2.3% | Wireless Telecommunication Services — 2.3% | Wireless Telecommunication Services — 2.3% | Wireless Telecommunication Services — 2.3% | Wireless Telecommunication Services — 2.3% |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 5.152% | &nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp; 2120000<br>| &nbsp;&nbsp; 2130873<br> <sup>(a)</sup><br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6457058<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2824354<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1527207<br>|
| Vodafone Group PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/28/54 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 945587<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 13885079 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **42006586** |
| **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** | **Consumer Discretionary — 4.8%** |
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/6/34 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4465555<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 4277813<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 9/26/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2390513<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 11133881 |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/12/41 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 479303<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/13/56 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp; 3099697<br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 3579000 |
| Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% |
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1663987<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 1915000<br>| &nbsp;&nbsp; 1870740<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1376000<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 4910727 |
| Specialty Retail — 1.3% | Specialty Retail — 1.3% | Specialty Retail — 1.3% | Specialty Retail — 1.3% | Specialty Retail — 1.3% |
| Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 1/15/52 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 1843239<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp; 3501439<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; $4250000<br>| &nbsp;&nbsp; $2628530<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 7973208 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp; 886941<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **28483757** |
| **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** |
| Beverages — 0.9% | Beverages — 0.9% | Beverages — 0.9% | Beverages — 0.9% | Beverages — 0.9% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 2990000<br>| &nbsp;&nbsp; 2696208<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1554866<br>|
| Keurig Dr Pepper Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 991857<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 5242931 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 2585000<br>| &nbsp;&nbsp; 2439422<br> <sup>(a)</sup><br>|
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 432994<br> <sup>(a)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2872416 |
| Food Products — 2.5% | Food Products — 2.5% | Food Products — 2.5% | Food Products — 2.5% | Food Products — 2.5% |
| JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3690000<br>| &nbsp;&nbsp; 3422402<br>|
| JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3003255<br>|
| Kellanova, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 378240<br>|
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/4/42 | &nbsp;&nbsp; 1775000<br>| &nbsp;&nbsp; 1562193<br>|
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 586967<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/16/40 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp; 960876<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1756354<br> <sup>(a)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1307583<br>|
| Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 2225000<br>| &nbsp;&nbsp; 2021889<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 14999759 |
| Tobacco — 1.5% | Tobacco — 1.5% | Tobacco — 1.5% | Tobacco — 1.5% | Tobacco — 1.5% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp; 3182129<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 1036000<br>| &nbsp;&nbsp; 941831<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 4675000<br>| &nbsp;&nbsp; 4807292<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 8931252 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **32046358** |
| **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/15/56 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 783379<br>|
| Oil, Gas & Consumable Fuels — 5.4% | Oil, Gas & Consumable Fuels — 5.4% | Oil, Gas & Consumable Fuels — 5.4% | Oil, Gas & Consumable Fuels — 5.4% | Oil, Gas & Consumable Fuels — 5.4% |
| Aker BP ASA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1871493<br> <sup>(a)</sup><br>|
| Aker BP ASA, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp; 1326373<br> <sup>(a)</sup><br>|
| Eastern Gas Transmission & Storage Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1391429<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 4530791<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.567% | &nbsp;&nbsp; 3/6/45 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 1860376<br>|
| Hess Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 4167454<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 2120000<br>| &nbsp;&nbsp; 1724606<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 3/15/46 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp; 2093758<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 5/15/56 | &nbsp;&nbsp; $1600000<br>| &nbsp;&nbsp; $1548218<br>|
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3792592<br>|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 2605000<br>| &nbsp;&nbsp; 2583001<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1201452<br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1361347<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp; 2548778<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 32001668 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **32785047** |
| **Financials — 36.6%** | **Financials — 36.6%** | **Financials — 36.6%** | **Financials — 36.6%** | **Financials — 36.6%** |
| Banks — 21.1% | Banks — 21.1% | Banks — 21.1% | Banks — 21.1% | Banks — 21.1% |
| Banco Santander SA, Subordinated Notes | &nbsp;&nbsp; 2.749% | &nbsp;&nbsp; 12/3/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1254578<br>|
| Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%) | &nbsp;&nbsp; 2.592% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3696380<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (4.571% to 4/27/32 then SOFR + 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 6585000<br>| &nbsp;&nbsp; 6472710<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (5.202% to 4/25/28 then SOFR + 1.630%) | &nbsp;&nbsp; 5.202% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 7200000<br>| &nbsp;&nbsp; 7303571<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (5.511% to 1/24/35 then SOFR + 1.310%) | &nbsp;&nbsp; 5.511% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2907383<br> <sup>(b)</sup><br>|
| Bank of America Corp., Subordinated Notes (5.744% to 2/12/35 then SOFR + <br> 1.697%) | &nbsp;&nbsp; 5.744% | &nbsp;&nbsp; 2/12/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1729975<br> <sup>(b)</sup><br>|
| Barclays PLC, Senior Notes (5.086% to 2/25/28 then SOFR + 0.960%) | &nbsp;&nbsp; 5.086% | &nbsp;&nbsp; 2/25/29 | &nbsp;&nbsp; 4795000<br>| &nbsp;&nbsp; 4835499<br> <sup>(b)</sup><br>|
| Citibank NA, Senior Notes | &nbsp;&nbsp; 4.914% | &nbsp;&nbsp; 5/29/30 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp; 6399622<br>|
| Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1702431<br> <sup>(b)(c)</sup><br>|
| Citigroup Inc., Senior Notes (3.057% to 1/25/32 then SOFR + 1.351%) | &nbsp;&nbsp; 3.057% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3618292<br> <sup>(b)</sup><br>|
| Citigroup Inc., Senior Notes (3.668% to 7/24/27 then 3 mo. Term SOFR + 1.652%) | &nbsp;&nbsp; 3.668% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 6450000<br>| &nbsp;&nbsp; 6382757<br> <sup>(b)</sup><br>|
| Danske Bank A/S, Senior Notes (5.427% to 3/1/27 then 1 year Treasury Constant <br> Maturity Rate + 0.950%) | &nbsp;&nbsp; 5.427% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 3079368<br> <sup>(a)(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%) | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 6150000<br>| &nbsp;&nbsp; 5684744<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.963% to 1/25/32 then SOFR + 1.260%) | &nbsp;&nbsp; 2.963% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 7050000<br>| &nbsp;&nbsp; 6398464<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.851% to 7/25/27 then SOFR + 1.990%) | &nbsp;&nbsp; 4.851% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2412305<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (6.087% to 10/23/28 then SOFR + 1.570%) | &nbsp;&nbsp; 6.087% | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; 6350000<br>| &nbsp;&nbsp; 6599140<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1671568<br> <sup>(b)</sup><br>|
| Mitsubishi UFJ Financial Group Inc., Senior Notes (5.159% to 4/24/30 then 1 year <br> Treasury Constant Maturity Rate + 1.170%) | &nbsp;&nbsp; 5.159% | &nbsp;&nbsp; 4/24/31 | &nbsp;&nbsp; 2690000<br>| &nbsp;&nbsp; 2729228<br> <sup>(b)</sup><br>|
| Mizuho Financial Group Inc., Senior Notes (5.778% to 7/6/28 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 5.778% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; 4750000<br>| &nbsp;&nbsp; 4881691<br> <sup>(b)</sup><br>|
| National Australia Bank Ltd., Subordinated Notes | &nbsp;&nbsp; 2.332% | &nbsp;&nbsp; 8/21/30 | &nbsp;&nbsp; 3850000<br>| &nbsp;&nbsp; 3474688<br> <sup>(a)</sup><br>|
| NatWest Group PLC, Senior Notes (4.964% to 8/15/29 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 4.964% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 2875973<br> <sup>(b)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes (5.222% to 1/29/30 then SOFR + <br> 1.072%) | &nbsp;&nbsp; 5.222% | &nbsp;&nbsp; 1/29/31 | &nbsp;&nbsp; 6700000<br>| &nbsp;&nbsp; 6836662<br> <sup>(b)</sup><br>|
| Royal Bank of Canada, Senior Notes (4.970% to 5/2/30 then SOFR + 1.130%) | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 5/2/31 | &nbsp;&nbsp; 3550000<br>| &nbsp;&nbsp; 3589292<br> <sup>(b)</sup><br>|
| Truist Financial Corp., Senior Notes (4.597% to 1/27/31 then SOFR + 0.965%) | &nbsp;&nbsp; 4.597% | &nbsp;&nbsp; 1/27/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2968684<br> <sup>(b)</sup><br>|
| Truist Financial Corp., Senior Notes (7.161% to 10/30/28 then SOFR + 2.446%) | &nbsp;&nbsp; 7.161% | &nbsp;&nbsp; 10/30/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5316122<br> <sup>(b)</sup><br>|
| US Bancorp, Senior Notes (5.100% to 7/23/29 then SOFR + 1.250%) | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 7/23/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3562313<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes (4.808% to 7/25/27 then SOFR + 1.980%) | &nbsp;&nbsp; 4.808% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 7240000<br>| &nbsp;&nbsp; 7271854<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.198% to 1/23/29 then SOFR + 1.500%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4063244<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; $5000000<br>| &nbsp;&nbsp; $5115415<br> <sup>(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 124833953 |
| Capital Markets — 8.9% | Capital Markets — 8.9% | Capital Markets — 8.9% | Capital Markets — 8.9% | Capital Markets — 8.9% |
| BlackRock Funding Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/54 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1442898<br>|
| Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27 then SOFR + 1.114%) | &nbsp;&nbsp; 2.640% | &nbsp;&nbsp; 2/24/28 | &nbsp;&nbsp; 9900000<br>| &nbsp;&nbsp; 9741796<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (5.065% to 1/21/36 then SOFR + 1.190%) | &nbsp;&nbsp; 5.065% | &nbsp;&nbsp; 1/21/37 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp; 1388824<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (5.218% to 4/23/30 then SOFR + 1.580%) | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1729072<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (5.330% to 7/23/34 then SOFR + 1.550%) | &nbsp;&nbsp; 5.330% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6022342<br> <sup>(b)</sup><br>|
| Jackson National Life Global Funding, Secured Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2018911<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (1.794% to 2/13/31 then SOFR + 1.034%) | &nbsp;&nbsp; 1.794% | &nbsp;&nbsp; 2/13/32 | &nbsp;&nbsp; 7925000<br>| &nbsp;&nbsp; 6864546<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.192% to 4/17/30 then SOFR + 1.510%) | &nbsp;&nbsp; 5.192% | &nbsp;&nbsp; 4/17/31 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 4162055<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.250% to 4/21/33 then SOFR + 1.870%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/21/34 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6020879<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.449% to 7/20/28 then SOFR + 1.630%) | &nbsp;&nbsp; 5.449% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1985054<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.900% to 3/13/46 then SOFR + 1.782%) | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/13/47 | &nbsp;&nbsp; 815000<br>| &nbsp;&nbsp; 811690<br> <sup>(b)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1513090<br> <sup>(a)</sup><br>|
| UBS Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + 1.410%) | &nbsp;&nbsp; 3.869% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 5250000<br>| &nbsp;&nbsp; 5190975<br> <sup>(a)(b)</sup><br>|
| UBS Group AG, Senior Notes (5.428% to 2/8/29 then 1 year Treasury Constant <br> Maturity Rate + 1.520%) | &nbsp;&nbsp; 5.428% | &nbsp;&nbsp; 2/8/30 | &nbsp;&nbsp; 3658000<br>| &nbsp;&nbsp; 3737667<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 52629799 |
| Consumer Finance — 1.3% | Consumer Finance — 1.3% | Consumer Finance — 1.3% | Consumer Finance — 1.3% | Consumer Finance — 1.3% |
| American Express Co., Senior Notes (4.804% to 10/24/35 then SOFR + 1.237%) | &nbsp;&nbsp; 4.804% | &nbsp;&nbsp; 10/24/36 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1934555<br> <sup>(b)</sup><br>|
| American Express Co., Senior Notes (5.016% to 4/25/30 then SOFR + 1.440%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 4/25/31 | &nbsp;&nbsp; 2375000<br>| &nbsp;&nbsp; 2415097<br> <sup>(b)</sup><br>|
| Capital One Financial Corp., Subordinated Notes (6.183% to 1/30/35 then SOFR + <br> 2.036%) | &nbsp;&nbsp; 6.183% | &nbsp;&nbsp; 1/30/36 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp; 3103768<br> <sup>(b)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 7453420 |
| Financial Services — 2.6% | Financial Services — 2.6% | Financial Services — 2.6% | Financial Services — 2.6% | Financial Services — 2.6% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 6890000<br>| &nbsp;&nbsp; 6633949<br>|
| Beignet Investor LLC, Senior Secured Notes | &nbsp;&nbsp; 6.581% | &nbsp;&nbsp; 5/30/49 | &nbsp;&nbsp; 2025000<br>| &nbsp;&nbsp; 2083584<br> <sup>(a)</sup><br>|
| Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp; 1352154<br>|
| Berkshire Hathaway Finance Corp., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2115364<br>|
| Gabx Leasing LLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 502915<br> <sup>(a)</sup><br>|
| SMBC Aviation Capital Finance DAC, Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2958356<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 15646322 |
| Insurance — 2.7% | Insurance — 2.7% | Insurance — 2.7% | Insurance — 2.7% | Insurance — 2.7% |
| Aon Global Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1733051<br>|
| Arch Capital Group US Inc., Senior Notes | &nbsp;&nbsp; 5.144% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2135011<br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp; 2715532<br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1152281<br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1326172<br> <sup>(a)</sup><br>|
| Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/19/55 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1639485<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1761344<br>|
| Nippon Life Insurance Co., Subordinated Notes (6.500% to 4/30/35 then 5 year <br> Treasury Constant Maturity Rate + 3.189%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/30/55 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1654297<br> <sup>(a)(b)</sup><br>|
| Pricoa Global Funding I, Secured Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/30/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1627059<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 15744232 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **216307726** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** | **Health Care — 13.2%** |
| Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; $3145000<br>| &nbsp;&nbsp; $3005132<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3455226<br>|
| Regeneron Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp; 2635403<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 9095761 |
| Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% |
| Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 2380000<br>| &nbsp;&nbsp; 2335343<br>|
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp; 3920083<br> <sup>(a)</sup><br>|
| Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.607% | &nbsp;&nbsp; 12/13/51 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp; 1600557<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 7855983 |
| Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% | Health Care Providers & Services — 6.2% |
| Ascension Health, Senior Notes | &nbsp;&nbsp; 2.532% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3762034<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 2120000<br>| &nbsp;&nbsp; 1643699<br>|
| CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/27/32 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp; 3581676<br> <sup>(a)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1290007<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 12/5/43 | &nbsp;&nbsp; 4780000<br>| &nbsp;&nbsp; 4363289<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 5295000<br>| &nbsp;&nbsp; 5029980<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4475917<br>|
| Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/8/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1014375<br>|
| Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 3.002% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 1541185<br>|
| Mayo Clinic, Senior Notes | &nbsp;&nbsp; 3.196% | &nbsp;&nbsp; 11/15/61 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1228659<br>|
| Sutter Health, Senior Notes | &nbsp;&nbsp; 5.164% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2436653<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1455000<br>| &nbsp;&nbsp; 1485009<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 6690000<br>| &nbsp;&nbsp; 4963659<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 36816142 |
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| IQVIA Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2079822<br>|
| Thermo Fisher Scientific Inc., Senior Notes | &nbsp;&nbsp; 4.902% | &nbsp;&nbsp; 2/12/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 993284<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 3073106 |
| Pharmaceuticals — 3.6% | Pharmaceuticals — 3.6% | Pharmaceuticals — 3.6% | Pharmaceuticals — 3.6% | Pharmaceuticals — 3.6% |
| Bayer US Finance II LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3960589<br> <sup>(a)</sup><br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1247755<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 360808<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 966411<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/15/65 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1179562<br>|
| Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp; 5051945<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1483755<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 9/21/42 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 1792981<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/18/56 | &nbsp;&nbsp; 1275000<br>| &nbsp;&nbsp; 1285011<br>|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/19/53 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1860077<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 9/2/51 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp; 1882106<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 21071000 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **77911992** |
| **Industrials — 7.7%** | **Industrials — 7.7%** | **Industrials — 7.7%** | **Industrials — 7.7%** | **Industrials — 7.7%** |
| Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 3550000<br>| &nbsp;&nbsp; 3868647<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; $1325000<br>| &nbsp;&nbsp; $1069229<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp; 2289304<br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 747190<br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 1920421<br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.732% | &nbsp;&nbsp; 3/16/56 | &nbsp;&nbsp; 4360000<br>| &nbsp;&nbsp; 4312697<br> <sup>(a)</sup><br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 3955000<br>| &nbsp;&nbsp; 4219395<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.070% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 635111<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 3225000<br>| &nbsp;&nbsp; 2859016<br>|
| Spirit AeroSystems Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 5050000<br>| &nbsp;&nbsp; 5054964<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 26975974 |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/6/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 483425<br>|
| Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 3/15/66 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp; 1676342<br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 2159767 |
| Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 5650000<br>| &nbsp;&nbsp; 5871319<br>|
| Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% |
| Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 2905000<br>| &nbsp;&nbsp; 2963821<br> <sup>(a)</sup><br>|
| Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% |
| Caterpillar Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3074470<br>|
| Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.176% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1740778<br>|
| Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1375000<br>| &nbsp;&nbsp; 1355010<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 6170258 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 1268433<br>| &nbsp;&nbsp; 1233364<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **45374503** |
| **Information Technology — 6.4%** | **Information Technology — 6.4%** | **Information Technology — 6.4%** | **Information Technology — 6.4%** | **Information Technology — 6.4%** |
| Communications Equipment — 1.1% | Communications Equipment — 1.1% | Communications Equipment — 1.1% | Communications Equipment — 1.1% | Communications Equipment — 1.1% |
| Cisco Systems Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/26/54 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1783230<br>|
| Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4557760<br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 6340990 |
| Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% |
| Tyco Electronics Group SA, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/9/36 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp; 1490987<br>|
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Global Payments Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1637367<br>|
| Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% | Semiconductors & Semiconductor Equipment — 2.5% |
| Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1435415<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 3975000<br>| &nbsp;&nbsp; 3996107<br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4630299<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp; 1993294<br>|
| Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2540900<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 14596015 |
| Software — 2.2% | Software — 2.2% | Software — 2.2% | Software — 2.2% | Software — 2.2% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 3907052<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/26/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 963936<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 2245000<br>| &nbsp;&nbsp; 2159514<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; $2450000<br>| &nbsp;&nbsp; $1777099<br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2190000<br>| &nbsp;&nbsp; 2186891<br>|
| ServiceNow Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 434016<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 591000<br>| &nbsp;&nbsp; 592341<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1148090<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 13168939 |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Apple Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 2/8/61 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 571422<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **37805720** |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† |
| Martin Marietta Materials Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200412<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| AptarGroup Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/30/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 495795<br>|
| Metals & Mining — 0.8% | Metals & Mining — 0.8% | Metals & Mining — 0.8% | Metals & Mining — 0.8% | Metals & Mining — 0.8% |
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2367230<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.508% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 1645000<br>| &nbsp;&nbsp; 1649314<br> <sup>(a)(d)</sup><br>|
| Newmont Corp./Newcrest Finance Pty Ltd., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 514436<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 4530980 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5227187** |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| Diversified REITs — 0.8% | Diversified REITs — 0.8% | Diversified REITs — 0.8% | Diversified REITs — 0.8% | Diversified REITs — 0.8% |
| Equinix Asia Financing Corp. Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 783457<br>|
| Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2290179<br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1436976<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 4510612 |
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |
| Simon Property Group LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 2825000<br>| &nbsp;&nbsp; 2786325<br>|
| Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% | Retail REITs — 0.4% |
| TotalEnergies Capital SA, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 9/10/54 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2520305<br>|
| Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp; 1916913<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **11734155** |
| **Utilities — 8.5%** | **Utilities — 8.5%** | **Utilities — 8.5%** | **Utilities — 8.5%** | **Utilities — 8.5%** |
| Electric Utilities — 7.0% | Electric Utilities — 7.0% | Electric Utilities — 7.0% | Electric Utilities — 7.0% | Electric Utilities — 7.0% |
| Baltimore Gas and Electric Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 2630000<br>| &nbsp;&nbsp; 2197369<br>|
| Commonwealth Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1557833<br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2310000<br>| &nbsp;&nbsp; 2453477<br>|
| Consumers Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 2055000<br>| &nbsp;&nbsp; 1614453<br>|
| DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/52 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 2469546<br>|
| Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 3460392<br>|
| EDP Finance BV, Senior Notes | &nbsp;&nbsp; 1.710% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp; 3085388<br> <sup>(a)</sup><br>|
| ENEL Finance International NV, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/25/27 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2974793<br> <sup>(a)</sup><br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3665836<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp; 1165825<br>|
| MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1235017<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; $2300000<br>| &nbsp;&nbsp; $1721527<br>|
| Public Service Electric and Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 1673643<br>|
| RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 3450000<br>| &nbsp;&nbsp; 3355778<br> <sup>(a)</sup><br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp; 2334410<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp; 2912037<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2007096<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp; 1292582<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 41177002 |
| Gas Utilities — 1.1% | Gas Utilities — 1.1% | Gas Utilities — 1.1% | Gas Utilities — 1.1% | Gas Utilities — 1.1% |
| Piedmont Natural Gas Co. Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1453697<br>|
| Southern California Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 2470000<br>| &nbsp;&nbsp; 2355974<br>|
| Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 2980000<br>| &nbsp;&nbsp; 2939228<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 6748899 |
| Multi-Utilities — 0.4% | Multi-Utilities — 0.4% | Multi-Utilities — 0.4% | Multi-Utilities — 0.4% | Multi-Utilities — 0.4% |
| PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2379120<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **50305021** |
| **Total Corporate Bonds & Notes (Cost — $599,090,037)** | **Total Corporate Bonds & Notes (Cost — $599,090,037)** | **Total Corporate Bonds & Notes (Cost — $599,090,037)** | **Total Corporate Bonds & Notes (Cost — $599,090,037)** | &nbsp;&nbsp; **579988052** |
| **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** |
| U.S. Government Obligations — 0.5% | U.S. Government Obligations — 0.5% | U.S. Government Obligations — 0.5% | U.S. Government Obligations — 0.5% | U.S. Government Obligations — 0.5% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 812995<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 399622<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1624563<br>|
| **Total U.S. Government & Agency Obligations (Cost — $2,908,771)** | **Total U.S. Government & Agency Obligations (Cost — $2,908,771)** | **Total U.S. Government & Agency Obligations (Cost — $2,908,771)** | **Total U.S. Government & Agency Obligations (Cost — $2,908,771)** | &nbsp;&nbsp; **2837180** |
| **Total Investments before Short-Term Investments (Cost — $601,998,808)** | **Total Investments before Short-Term Investments (Cost — $601,998,808)** | **Total Investments before Short-Term Investments (Cost — $601,998,808)** | **Total Investments before Short-Term Investments (Cost — $601,998,808)** | &nbsp;&nbsp; **582825232** |
|  |  |  | Shares |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $5,872,377)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 5872377<br>| &nbsp;&nbsp; **5872377**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 99.6% (Cost — $607,871,185)** | **Total Investments — 99.6% (Cost — $607,871,185)** | **Total Investments — 99.6% (Cost — $607,871,185)** | **Total Investments — 99.6% (Cost — $607,871,185)** | &nbsp;&nbsp; **588697609** |
| Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp; 2121567 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$590819176** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(d)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $5,872,377 and the cost was $5,872,377 (Note 6).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Investment Grade Corporate ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 46.2%** | **Corporate Bonds & Notes — 46.2%** | **Corporate Bonds & Notes — 46.2%** | **Corporate Bonds & Notes — 46.2%** | **Corporate Bonds & Notes — 46.2%** |
| **Communication Services — 5.2%** | **Communication Services — 5.2%** | **Communication Services — 5.2%** | **Communication Services — 5.2%** | **Communication Services — 5.2%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $19000<br>| &nbsp;&nbsp; $18913<br>|
| Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 56747<br> <sup>(a)</sup><br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 37463<br>|
| WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10573<br> <sup>(a)</sup><br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 123696 |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| OAK-Eagle Acquireco Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5238<br> <sup>(a)(b)</sup><br>|
| OAK-Eagle Acquireco Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5183<br> <sup>(a)(b)</sup><br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 10421 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19865<br>|
| Media — 3.4% | Media — 3.4% | Media — 3.4% | Media — 3.4% | Media — 3.4% |
| CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 63347<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18696<br>|
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 68883<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61291<br> <sup>(a)</sup><br>|
| News Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18585<br> <sup>(a)</sup><br>|
| Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 63961<br> <sup>(a)</sup><br>|
| Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15061<br> <sup>(a)(b)</sup><br>|
| Nexstar Media Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15123<br> <sup>(a)</sup><br>|
| Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 66138<br> <sup>(a)</sup><br>|
| Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 63618<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61882<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 516585 |
| Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37387<br>|
| Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 37013<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37397<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 111797 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **782364** |
| **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 14893<br>|
| Hotels, Restaurants & Leisure — 2.2% | Hotels, Restaurants & Leisure — 2.2% | Hotels, Restaurants & Leisure — 2.2% | Hotels, Restaurants & Leisure — 2.2% | Hotels, Restaurants & Leisure — 2.2% |
| 1011778 BC ULC/New Red Finance Inc., Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 61129<br> <sup>(a)</sup><br>|
| Airbnb Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4991<br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 14898<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65060<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37122<br> <sup>(a)</sup><br>|
| Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64758<br> <sup>(a)</sup><br>|
| Rivers Enterprise Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4990<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18210<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; $65000<br>| &nbsp;&nbsp; $64937<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 336095 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Taylor Morrison Communities Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 44687<br> <sup>(a)</sup><br>|
| Specialty Retail — 0.8% | Specialty Retail — 0.8% | Specialty Retail — 0.8% | Specialty Retail — 0.8% | Specialty Retail — 0.8% |
| Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 34070<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62515<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15126<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 111711 |
| Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% |
| PVH Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19148<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **526534** |
| **Consumer Staples — 2.0%** | **Consumer Staples — 2.0%** | **Consumer Staples — 2.0%** | **Consumer Staples — 2.0%** | **Consumer Staples — 2.0%** |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37748<br> <sup>(a)</sup><br>|
| US Foods Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 43853<br> <sup>(a)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 81601 |
| Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% |
| Bunge Ltd. Finance Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/21/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18678<br>|
| Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61386<br> <sup>(a)</sup><br>|
| Industrial F&B Investments III Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/11/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5056<br> <sup>(a)</sup><br>|
| JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/2/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 37434<br>|
| Kellanova, Senior Notes | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp; 37224<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19122<br> <sup>(a)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4953<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 183853 |
| Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% | Tobacco — 0.3% |
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37344<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **302798** |
| **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** |
| Energy Equipment & Services — 0.9% | Energy Equipment & Services — 0.9% | Energy Equipment & Services — 0.9% | Energy Equipment & Services — 0.9% | Energy Equipment & Services — 0.9% |
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62197<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15084<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5057<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 26060<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp; 22435<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 130833 |
| Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% | Oil, Gas & Consumable Fuels — 4.9% |
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18923<br>|
| Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 5.927% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18847<br> <sup>(a)</sup><br>|
| Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 68007<br> <sup>(a)</sup><br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/29/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 140236<br>|
| Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. <br> Term SOFR + 4.417%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65058<br> <sup>(c)(d)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18171<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; $45000<br>| &nbsp;&nbsp; $43264<br> <sup>(a)</sup><br>|
| Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62645<br> <sup>(a)</sup><br>|
| Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18274<br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60256<br> <sup>(a)</sup><br>|
| Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/16/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 127336<br>|
| Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9854<br> <sup>(a)</sup><br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4896<br>|
| Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64469<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19023<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 739259 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **870092** |
| **Financials — 6.7%** | **Financials — 6.7%** | **Financials — 6.7%** | **Financials — 6.7%** | **Financials — 6.7%** |
| Banks — 1.0% | Banks — 1.0% | Banks — 1.0% | Banks — 1.0% | Banks — 1.0% |
| Bank of America Corp., Senior Notes (3.194% to 7/23/29 then 3 mo. Term SOFR <br> + 1.442%) | &nbsp;&nbsp; 3.194% | &nbsp;&nbsp; 7/23/30 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 37410<br> <sup>(d)</sup><br>|
| Citigroup Inc., Senior Notes (4.542% to 9/19/29 then SOFR + 1.338%) | &nbsp;&nbsp; 4.542% | &nbsp;&nbsp; 9/19/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37876<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.603% to 10/22/29 then SOFR + 1.040%) | &nbsp;&nbsp; 4.603% | &nbsp;&nbsp; 10/22/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 38088<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 36831<br> <sup>(d)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 150205 |
| Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% |
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 36495<br>|
| Blackstone Private Credit Fund, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18530<br>|
| Cipher Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10373<br> <sup>(a)</sup><br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18922<br>|
| Morgan Stanley, Senior Notes (4.493% to 1/16/31 then SOFR + 0.950%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/16/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9835<br> <sup>(d)</sup><br>|
| Morgan Stanley, Senior Notes (4.654% to 10/18/29 then SOFR + 1.100%) | &nbsp;&nbsp; 4.654% | &nbsp;&nbsp; 10/18/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37991<br> <sup>(d)</sup><br>|
| Morgan Stanley, Senior Notes (4.708% to 3/12/31 then SOFR + 1.195%) | &nbsp;&nbsp; 4.708% | &nbsp;&nbsp; 3/12/32 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 14902<br> <sup>(d)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18914<br> <sup>(a)</sup><br>|
| Nasdaq Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp; 13272<br>|
| Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60052<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 239286 |
| Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% | Consumer Finance — 1.5% |
| Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 11/2/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18839<br>|
| American Express Co., Senior Notes (5.098% to 2/16/27 then SOFR + 1.000%) | &nbsp;&nbsp; 5.098% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19106<br> <sup>(d)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61228<br> <sup>(a)</sup><br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59500<br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60622<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 219295 |
| Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% |
| CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4772<br> <sup>(a)</sup><br>|
| Gabx Leasing LLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 14792<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60917<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62595<br> <sup>(a)</sup><br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18869<br>|
| LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18141<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/26/29 | &nbsp;&nbsp; $37000<br>| &nbsp;&nbsp; $38348<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 218434 |
| Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59502<br> <sup>(a)</sup><br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18203<br>|
| Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15574<br> <sup>(a)</sup><br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37218<br> <sup>(a)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/23/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19059<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/23/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18987<br>|
| Fairfax Financial Holdings Ltd., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19086<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 187629 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1014849** |
| **Health Care — 4.6%** | **Health Care — 4.6%** | **Health Care — 4.6%** | **Health Care — 4.6%** | **Health Care — 4.6%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37599<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9857<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37559<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 85015 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61286<br> <sup>(a)</sup><br>|
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38717<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 100003 |
| Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% |
| CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 66018<br> <sup>(a)</sup><br>|
| Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62107<br> <sup>(a)</sup><br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4367<br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61518<br> <sup>(a)</sup><br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18742<br>|
| Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5063<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60465<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 278280 |
| Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% |
| Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19005<br>|
| IQVIA Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20335<br> <sup>(a)</sup><br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 39340 |
| Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% |
| Endo Finance Holdings LP, Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 62871<br> <sup>(a)</sup><br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 3/18/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30000<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 9/2/30 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 33335<br>|
| Viatris Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/22/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19399<br>|
| Zoetis Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/12/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37371<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 182976 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **685614** |
| **Industrials — 7.3%** | **Industrials — 7.3%** | **Industrials — 7.3%** | **Industrials — 7.3%** | **Industrials — 7.3%** |
| Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% |
| ATI Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64282<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; $18000<br>| &nbsp;&nbsp; $18449<br> <sup>(a)</sup><br>|
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18877<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.298% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 106000<br>| &nbsp;&nbsp; 111313<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37656<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 63887<br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19790<br> <sup>(a)</sup><br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 37633<br>|
| Spirit AeroSystems Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40039<br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60831<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 472757 |
| Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% |
| Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 52711<br> <sup>(a)</sup><br>|
| Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% |
| Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 4857<br> <sup>(a)</sup><br>|
| Republic Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 36790<br>|
| RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60781<br> <sup>(a)</sup><br>|
| Waste Management Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37639<br>|
| Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60825<br> <sup>(a)</sup><br>|
| Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61822<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 262714 |
| Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% | Electrical Equipment — 0.4% |
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61487<br> <sup>(a)</sup><br>|
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61680<br> <sup>(a)</sup><br>|
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| Esab Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 15143<br> <sup>(a)</sup><br>|
| Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% | Passenger Airlines — 0.7% |
| AS Mileage Plan IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.021% | &nbsp;&nbsp; 10/20/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 36640<br> <sup>(a)</sup><br>|
| OneSky Flight LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61978<br> <sup>(a)</sup><br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9818<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 108436 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61252<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1096180** |
| **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 21000<br>| &nbsp;&nbsp; 18943<br>|
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 62479<br> <sup>(a)</sup><br>|
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20624<br> <sup>(a)</sup><br>|
| Global Payments Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18660<br>|
| S&P Global Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18196<br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 57480 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Semiconductors & Semiconductor Equipment — 0.9% | Semiconductors & Semiconductor Equipment — 0.9% | Semiconductors & Semiconductor Equipment — 0.9% | Semiconductors & Semiconductor Equipment — 0.9% | Semiconductors & Semiconductor Equipment — 0.9% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; $38000<br>| &nbsp;&nbsp; $38434<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18587<br>|
| Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19072<br>|
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60743<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 136836 |
| Software — 1.3% | Software — 1.3% | Software — 1.3% | Software — 1.3% | Software — 1.3% |
| Atlassian Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37231<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 2/4/29 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 34565<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 14682<br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20012<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37282<br>|
| UKG Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 58690<br> <sup>(a)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 202462 |
| Technology Hardware, Storage & Peripherals — 1.0% | Technology Hardware, Storage & Peripherals — 1.0% | Technology Hardware, Storage & Peripherals — 1.0% | Technology Hardware, Storage & Peripherals — 1.0% | Technology Hardware, Storage & Peripherals — 1.0% |
| Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp; 5095<br> <sup>(a)</sup><br>|
| Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59706<br> <sup>(a)</sup><br>|
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18910<br>|
| Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61027<br> <sup>(a)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 144738 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **622938** |
| **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** | **Materials — 2.7%** |
| Chemicals — 0.8% | Chemicals — 0.8% | Chemicals — 0.8% | Chemicals — 0.8% | Chemicals — 0.8% |
| Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60469<br> <sup>(a)</sup><br>|
| Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20602<br> <sup>(a)</sup><br>|
| Solstice Advanced Materials Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/33 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 44417<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 125488 |
| Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% |
| Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59383<br> <sup>(a)</sup><br>|
| Containers & Packaging — 0.5% | Containers & Packaging — 0.5% | Containers & Packaging — 0.5% | Containers & Packaging — 0.5% | Containers & Packaging — 0.5% |
| Berry Global Inc., Senior Secured Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18607<br>|
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 56840<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 75447 |
| Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% |
| Big River Steel LLC/BRS Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64903<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18921<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 63810<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 147634 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **407952** |
| **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** |
| Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% |
| MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60876<br> <sup>(a)</sup><br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37720<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 98596 |
| Hotel & Resort REITs — 0.4% | Hotel & Resort REITs — 0.4% | Hotel & Resort REITs — 0.4% | Hotel & Resort REITs — 0.4% | Hotel & Resort REITs — 0.4% |
| RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61131<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Specialized REITs — 1.6% | Specialized REITs — 1.6% | Specialized REITs — 1.6% | Specialized REITs — 1.6% | Specialized REITs — 1.6% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; $38000<br>| &nbsp;&nbsp; $37603<br>|
| Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18105<br>|
| Equinix Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/18/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19047<br>|
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59856<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40015<br> <sup>(a)</sup><br>|
| Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 62753<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 237379 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **397106** |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% |
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18409<br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9874<br>|
| Eversource Energy, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18298<br>|
| IPALCO Enterprises Inc., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 18316<br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60527<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9915<br> <sup>(a)</sup><br>|
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18632<br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp; 37099<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37364<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9845<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 238279 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| AES Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp; 18169<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **256448** |
| **Total Corporate Bonds & Notes (Cost — $7,021,205)** | **Total Corporate Bonds & Notes (Cost — $7,021,205)** | **Total Corporate Bonds & Notes (Cost — $7,021,205)** | **Total Corporate Bonds & Notes (Cost — $7,021,205)** | &nbsp;&nbsp; **6962875** |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 18.6%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 18.6%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 18.6%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 18.6%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 18.6%** |
| A&D Mortgage Trust, 2024-NQM1 A2 | &nbsp;&nbsp; 6.347% | &nbsp;&nbsp; 2/25/69 | &nbsp;&nbsp; 60129<br>| &nbsp;&nbsp; 60370<br> <sup>(a)</sup><br>|
| Banc of America Commercial Mortgage Trust, 2015-UBS7 B | &nbsp;&nbsp; 4.192% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 8150<br>| &nbsp;&nbsp; 8071<br> <sup>(d)</sup><br>|
| BANK5, 2025-5YR17 AS | &nbsp;&nbsp; 5.626% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp; 19408<br> <sup>(d)</sup><br>|
| BBCMS Mortgage Trust, 2025-5C37 AS | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 37508<br> <sup>(d)</sup><br>|
| Benchmark Mortgage Trust, 2019-B14 A2 | &nbsp;&nbsp; 2.915% | &nbsp;&nbsp; 12/15/62 | &nbsp;&nbsp; 18007<br>| &nbsp;&nbsp; 17512<br>|
| Benchmark Mortgage Trust, 2020-B17 A2 | &nbsp;&nbsp; 2.211% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 26964<br>| &nbsp;&nbsp; 25617<br>|
| Benchmark Mortgage Trust, 2025-V17 XA, IO | &nbsp;&nbsp; 1.511% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 151000<br>| &nbsp;&nbsp; 8870<br> <sup>(d)</sup><br>|
| Benchmark Mortgage Trust, 2026-V21 AS | &nbsp;&nbsp; 5.506% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 25315<br>|
| BMO Mortgage Trust, 2024-5C8 AS | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp; 38095<br> <sup>(d)</sup><br>|
| BMO Mortgage Trust, 2025-5C11 AS | &nbsp;&nbsp; 5.938% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp; 22640<br>|
| BMO Mortgage Trust, 2025-5C12 XA, IO | &nbsp;&nbsp; 1.441% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 999796<br>| &nbsp;&nbsp; 57692<br> <sup>(d)</sup><br>|
| BX Trust, 2025-ARIA C | &nbsp;&nbsp; 5.517% | &nbsp;&nbsp; 12/13/42 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 22956<br> <sup>(a)(d)</sup><br>|
| Cantor Commercial Real Estate Lending, 2019-CF3 A2 | &nbsp;&nbsp; 2.942% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 7779<br>| &nbsp;&nbsp; 7413<br>|
| CD Mortgage Trust, 2016-CD1 A4 | &nbsp;&nbsp; 2.724% | &nbsp;&nbsp; 8/10/49 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp; 23658<br>|
| CFCRE Commercial Mortgage Trust, 2016-C6 B | &nbsp;&nbsp; 3.804% | &nbsp;&nbsp; 11/10/49 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp; 22891<br>|
| Citigroup Commercial Mortgage Trust, 2015-GC33 B | &nbsp;&nbsp; 4.336% | &nbsp;&nbsp; 9/10/58 | &nbsp;&nbsp; 15219<br>| &nbsp;&nbsp; 14775<br> <sup>(d)</sup><br>|
| Citigroup Commercial Mortgage Trust, 2015-GC33 C | &nbsp;&nbsp; 4.336% | &nbsp;&nbsp; 9/10/58 | &nbsp;&nbsp; 26000<br>| &nbsp;&nbsp; 22665<br> <sup>(d)</sup><br>|
| COMM Mortgage Trust, 2014-CR17 C | &nbsp;&nbsp; 4.471% | &nbsp;&nbsp; 5/10/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28357<br> <sup>(d)</sup><br>|
| COMM Mortgage Trust, 2012-CR4 AM | &nbsp;&nbsp; 3.251% | &nbsp;&nbsp; 10/15/45 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp; 23302<br>|
| COMM Mortgage Trust, 2014-CR14 C | &nbsp;&nbsp; 3.133% | &nbsp;&nbsp; 2/10/47 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 22554<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| COMM Mortgage Trust, 2014-CR17 B | &nbsp;&nbsp; 4.377% | &nbsp;&nbsp; 5/10/47 | &nbsp;&nbsp; $22561<br>| &nbsp;&nbsp; $22353<br>|
| COMM Mortgage Trust, 2017-COR2 C | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 9/10/50 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 23756<br> <sup>(d)</sup><br>|
| COMM Mortgage Trust, 2018-COR3 AM | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 5/10/51 | &nbsp;&nbsp; 32000<br>| &nbsp;&nbsp; 29968<br> <sup>(d)</sup><br>|
| Deephaven Residential Mortgage Trust, 2024-1 A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 96279<br>| &nbsp;&nbsp; 97085<br> <sup>(a)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4839 WS, IO (-1.000 x 30 <br> Day Average SOFR + 5.986%) | &nbsp;&nbsp; 2.313% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 206413<br>| &nbsp;&nbsp; 28019<br> <sup>(d)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5016 PI, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 388808<br>| &nbsp;&nbsp; 67319<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5158 IV, IO, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/25/49 | &nbsp;&nbsp; 530400<br>| &nbsp;&nbsp; 110190<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5164 IC, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 497711<br>| &nbsp;&nbsp; 103675<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5493 FK (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 4.812% | &nbsp;&nbsp; 1/25/55 | &nbsp;&nbsp; 66483<br>| &nbsp;&nbsp; 67009<br> <sup>(d)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5537 FC (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 4.812% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 105587<br>| &nbsp;&nbsp; 106453<br> <sup>(d)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-HQA1 B2 (30 Day Average SOFR + 11.000%) | &nbsp;&nbsp; 14.662% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 104000<br>| &nbsp;&nbsp; 112292<br> <sup>(a)(d)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA3 M1 (30 Day Average SOFR + 1.100%) | &nbsp;&nbsp; 4.762% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 16107<br>| &nbsp;&nbsp; 16107<br> <sup>(a)(d)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B2 (30 Day <br> Average SOFR + 6.000%) | &nbsp;&nbsp; 9.662% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71462<br> <sup>(a)(d)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2026-R01 2M2 (30 Day <br> Average SOFR + 1.350%) | &nbsp;&nbsp; 5.012% | &nbsp;&nbsp; 1/25/46 | &nbsp;&nbsp; 16000<br>| &nbsp;&nbsp; 16025<br> <sup>(a)(d)</sup><br>|
| Federal National Mortgage Association (FNMA) REMIC, 2020-47 ID, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/25/50 | &nbsp;&nbsp; 281024<br>| &nbsp;&nbsp; 61760<br>|
| Federal National Mortgage Association (FNMA) REMIC, 2020-77 HI, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 304373<br>| &nbsp;&nbsp; 62119<br>|
| Federal National Mortgage Association (FNMA) REMIC, 2024-49 AF (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 4.762% | &nbsp;&nbsp; 7/25/54 | &nbsp;&nbsp; 56048<br>| &nbsp;&nbsp; 56382<br> <sup>(d)</sup><br>|
| Federal National Mortgage Association (FNMA) REMIC, 2024-95 KF (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 4.762% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 92237<br>| &nbsp;&nbsp; 92819<br> <sup>(d)</sup><br>|
| Federal National Mortgage Association (FNMA) STRIPS, 438 C7, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/53 | &nbsp;&nbsp; 369166<br>| &nbsp;&nbsp; 65406<br>|
| Government National Mortgage Association (GNMA), 2016-042 IO, IO | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/46 | &nbsp;&nbsp; 467566<br>| &nbsp;&nbsp; 90186<br>|
| Government National Mortgage Association (GNMA), 2021-213 PI, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/50 | &nbsp;&nbsp; 201821<br>| &nbsp;&nbsp; 44120<br>|
| Government National Mortgage Association (GNMA), 2022-078 IO, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/20/51 | &nbsp;&nbsp; 653742<br>| &nbsp;&nbsp; 109741<br>|
| Government National Mortgage Association (GNMA), 2022-081 BI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 648823<br>| &nbsp;&nbsp; 94096<br>|
| Government National Mortgage Association (GNMA), 2022-213 IH, IO | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/20/52 | &nbsp;&nbsp; 128457<br>| &nbsp;&nbsp; 25008<br>|
| Government National Mortgage Association (GNMA), 2023-040 CI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/50 | &nbsp;&nbsp; 878529<br>| &nbsp;&nbsp; 87787<br>|
| Government National Mortgage Association (GNMA), 2025-214 KI, IO, PAC | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/20/55 | &nbsp;&nbsp; 270354<br>| &nbsp;&nbsp; 56951<br>|
| GS Mortgage Securities Trust, 2014-GC24 B | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 9/10/47 | &nbsp;&nbsp; 9645<br>| &nbsp;&nbsp; 9340<br> <sup>(d)</sup><br>|
| GS Mortgage Securities Trust, 2015-GC30 B | &nbsp;&nbsp; 3.887% | &nbsp;&nbsp; 5/10/50 | &nbsp;&nbsp; 22896<br>| &nbsp;&nbsp; 22284<br> <sup>(d)</sup><br>|
| GS Mortgage Securities Trust, 2019-GC42 A2 | &nbsp;&nbsp; 2.933% | &nbsp;&nbsp; 9/10/52 | &nbsp;&nbsp; 37738<br>| &nbsp;&nbsp; 36236<br>|
| JPMBB Commercial Mortgage Securities Trust, 2014-C25 AS | &nbsp;&nbsp; 4.065% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29197<br>|
| JPMBB Commercial Mortgage Securities Trust, 2014-C18 C | &nbsp;&nbsp; 4.474% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19550<br> <sup>(d)</sup><br>|
| JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP2 AS | &nbsp;&nbsp; 3.056% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 17000<br>| &nbsp;&nbsp; 16645<br>|
| JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP3 AS | &nbsp;&nbsp; 3.144% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 24276<br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C9 B | &nbsp;&nbsp; 3.708% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 18257<br>| &nbsp;&nbsp; 17439<br> <sup>(d)</sup><br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C21 B | &nbsp;&nbsp; 3.854% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 25985<br>| &nbsp;&nbsp; 25464<br> <sup>(d)</sup><br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C22 B | &nbsp;&nbsp; 3.883% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 23246<br> <sup>(d)</sup><br>|
| Morgan Stanley Capital I Trust, 2016-BNK2, A4 | &nbsp;&nbsp; 3.049% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 22656<br>|
| Morgan Stanley Capital I Trust, 2016-UB11 C | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39499<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| OBX Trust, 2024-NQM8 A1 | &nbsp;&nbsp; 6.233% | &nbsp;&nbsp; 5/25/64 | &nbsp;&nbsp; $87450<br>| &nbsp;&nbsp; $88246<br> <sup>(a)</sup><br>|
| UBS Commercial Mortgage Trust, 2019-C17 XA, IO | &nbsp;&nbsp; 1.436% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 902773<br>| &nbsp;&nbsp; 36867<br> <sup>(d)</sup><br>|
| VEGAS, 2024-GCS D | &nbsp;&nbsp; 6.217% | &nbsp;&nbsp; 7/10/36 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp; 14952<br> <sup>(a)(d)</sup><br>|
| VRTX Trust, 2025-HQ C | &nbsp;&nbsp; 5.922% | &nbsp;&nbsp; 8/5/42 | &nbsp;&nbsp; 31000<br>| &nbsp;&nbsp; 30954<br> <sup>(a)(d)</sup><br>|
| VRTX Trust, 2025-HQ D | &nbsp;&nbsp; 6.596% | &nbsp;&nbsp; 8/5/42 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp; 23148<br> <sup>(a)(d)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2016-LC24 AS | &nbsp;&nbsp; 3.367% | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp; 38389<br>|
| Wells Fargo Commercial Mortgage Trust, 2025-5C6 XA, IO | &nbsp;&nbsp; 1.365% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 999773<br>| &nbsp;&nbsp; 52969<br> <sup>(d)</sup><br>|
| WFRBS Commercial Mortgage Trust, 2014-C21 B | &nbsp;&nbsp; 4.213% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 10029<br>| &nbsp;&nbsp; 9893<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,794,745)** | **Total Collateralized Mortgage Obligations (Cost — $2,794,745)** | **Total Collateralized Mortgage Obligations (Cost — $2,794,745)** | **Total Collateralized Mortgage Obligations (Cost — $2,794,745)** | &nbsp;&nbsp; **2809007** |
| **Mortgage-Backed Securities — 18.2%** | **Mortgage-Backed Securities — 18.2%** | **Mortgage-Backed Securities — 18.2%** | **Mortgage-Backed Securities — 18.2%** | **Mortgage-Backed Securities — 18.2%** |
| FNMA — 15.8% | FNMA — 15.8% | FNMA — 15.8% | FNMA — 15.8% | FNMA — 15.8% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 134550<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 52710<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 73350<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 926630<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 934429<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 163118<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 93119<br> <sup>(f)</sup><br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 2377906 |
| GNMA — 2.4% | GNMA — 2.4% | GNMA — 2.4% | GNMA — 2.4% | GNMA — 2.4% |
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 57973<br> <sup>(f)</sup><br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 301957<br> <sup>(f)</sup><br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 359930 |
| **Total Mortgage-Backed Securities (Cost — $2,745,272)** | **Total Mortgage-Backed Securities (Cost — $2,745,272)** | **Total Mortgage-Backed Securities (Cost — $2,745,272)** | **Total Mortgage-Backed Securities (Cost — $2,745,272)** | &nbsp;&nbsp; **2737836** |
| **Asset-Backed Securities — 11.5%** | **Asset-Backed Securities — 11.5%** | **Asset-Backed Securities — 11.5%** | **Asset-Backed Securities — 11.5%** | **Asset-Backed Securities — 11.5%** |
| BRAVO Residential Funding Trust, 2025-HE1 A1 (30 Day Average SOFR + <br> 1.350%) | &nbsp;&nbsp; 5.012% | &nbsp;&nbsp; 9/25/72 | &nbsp;&nbsp; 85144<br>| &nbsp;&nbsp; 85244<br> <sup>(a)(d)</sup><br>|
| CIFC Funding Ltd., 2022-4A BR (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.221% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 296997<br> <sup>(a)(d)</sup><br>|
| Compass Datacenters Issuer LLC, 2025-2A A1 | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 88000<br>| &nbsp;&nbsp; 86735<br> <sup>(a)</sup><br>|
| Lendbuzz Securitization Trust, 2026-1A C | &nbsp;&nbsp; 5.740% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 28191<br>| &nbsp;&nbsp; 28295<br> <sup>(a)</sup><br>|
| Northwoods Capital Ltd., 2021-25A B1R (3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.268% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300304<br> <sup>(a)(d)</sup><br>|
| PRET LLC, 2025-NPL4 A1 | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 100820<br>| &nbsp;&nbsp; 100990<br> <sup>(a)</sup><br>|
| PRET LLC, 2026-NPL1 A1 | &nbsp;&nbsp; 5.180% | &nbsp;&nbsp; 1/25/56 | &nbsp;&nbsp; 98429<br>| &nbsp;&nbsp; 97706<br> <sup>(a)</sup><br>|
| RCO Mortgage LLC, 2025-3 A1 | &nbsp;&nbsp; 6.435% | &nbsp;&nbsp; 5/25/30 | &nbsp;&nbsp; 96015<br>| &nbsp;&nbsp; 96186<br> <sup>(a)</sup><br>|
| Rockford Tower CLO Ltd., 2021-2A A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300153<br> <sup>(a)(d)</sup><br>|
| SF ABS Issuer LLC, 2025-1A A2 | &nbsp;&nbsp; 5.377% | &nbsp;&nbsp; 11/25/55 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp; 37262<br> <sup>(a)</sup><br>|
| Trinitas CLO Ltd., 2021-17A B1R (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300269<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,734,541)** | **Total Asset-Backed Securities (Cost — $1,734,541)** | **Total Asset-Backed Securities (Cost — $1,734,541)** | **Total Asset-Backed Securities (Cost — $1,734,541)** | &nbsp;&nbsp; **1730141** |
| **U.S. Government & Agency Obligations — 9.3%** | **U.S. Government & Agency Obligations — 9.3%** | **U.S. Government & Agency Obligations — 9.3%** | **U.S. Government & Agency Obligations — 9.3%** | **U.S. Government & Agency Obligations — 9.3%** |
| U.S. Government Obligations — 9.3% | U.S. Government Obligations — 9.3% | U.S. Government Obligations — 9.3% | U.S. Government Obligations — 9.3% | U.S. Government Obligations — 9.3% |
| U.S. Treasury Notes (Cost — $1,412,656) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 1398000 | &nbsp;&nbsp; **1403406**<br>|
| **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** |
| Argentina — 0.1% | Argentina — 0.1% | Argentina — 0.1% | Argentina — 0.1% | Argentina — 0.1% |
| Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 8.600% | &nbsp;&nbsp; 2/3/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9562<br> <sup>(a)</sup><br>|
| Brazil — 1.1% | Brazil — 1.1% | Brazil — 1.1% | Brazil — 1.1% | Brazil — 1.1% |
| Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/20/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 170265<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Bulgaria — 0.6% | Bulgaria — 0.6% | Bulgaria — 0.6% | Bulgaria — 0.6% | Bulgaria — 0.6% |
| Bulgaria Government International Bond, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/5/37 | &nbsp;&nbsp; $90000<br>| &nbsp;&nbsp; $87035<br> <sup>(g)</sup><br>|
| El Salvador — 0.5% | El Salvador — 0.5% | El Salvador — 0.5% | El Salvador — 0.5% | El Salvador — 0.5% |
| El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31320<br> <sup>(g)</sup><br>|
| El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 7.650% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39213<br> <sup>(a)</sup><br>|
| Total El Salvador | Total El Salvador | Total El Salvador | Total El Salvador | &nbsp;&nbsp; 70533 |
| Ghana — 0.4% | Ghana — 0.4% | Ghana — 0.4% | Ghana — 0.4% | Ghana — 0.4% |
| Ghana Government International Bond, Senior Notes, Step bond (5.000% to <br> 7/3/28 then 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 59880<br> <sup>(a)</sup><br>|
| Mexico — 0.8% | Mexico — 0.8% | Mexico — 0.8% | Mexico — 0.8% | Mexico — 0.8% |
| Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 117062<br>|
| Peru — 0.8% | Peru — 0.8% | Peru — 0.8% | Peru — 0.8% | Peru — 0.8% |
| Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 2.783% | &nbsp;&nbsp; 1/23/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 118768<br>|
| Philippines — 0.9% | Philippines — 0.9% | Philippines — 0.9% | Philippines — 0.9% | Philippines — 0.9% |
| Philippine Government International Bond, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 140741<br>|
| Poland — 0.5% | Poland — 0.5% | Poland — 0.5% | Poland — 0.5% | Poland — 0.5% |
| Republic of Poland Government International Bond, Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/12/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71592<br>|
| Romania — 1.0% | Romania — 1.0% | Romania — 1.0% | Romania — 1.0% | Romania — 1.0% |
| Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 1/17/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 157048<br> <sup>(a)</sup><br>|
| Turkey — 1.1% | Turkey — 1.1% | Turkey — 1.1% | Turkey — 1.1% | Turkey — 1.1% |
| Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 166195<br>|
| **Total Sovereign Bonds (Cost — $1,183,901)** | **Total Sovereign Bonds (Cost — $1,183,901)** | **Total Sovereign Bonds (Cost — $1,183,901)** | **Total Sovereign Bonds (Cost — $1,183,901)** | &nbsp;&nbsp; **1168681** |
| **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** |
| **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Froneri International Ltd., Term Loan Facility B6 (6 mo. Term SOFR + 2.250%)  | 5.877% | &nbsp;&nbsp; 9/30/32 | &nbsp;&nbsp; 64838<br>| &nbsp;&nbsp; **63708**<br> <sup>(d)(h)(i)</sup><br>|
| **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** |
| Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% |
| Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term SOFR + <br> 4.500%)  | 8.168% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 64506<br>| &nbsp;&nbsp; **64738**<br> <sup>(d)(h)(i)</sup><br>|
| **Total Senior Loans (Cost — $128,772)** | **Total Senior Loans (Cost — $128,772)** | **Total Senior Loans (Cost — $128,772)** | **Total Senior Loans (Cost — $128,772)** | &nbsp;&nbsp; **128446** |
| **Total Investments before Short-Term Investments (Cost — $17,021,092)** | **Total Investments before Short-Term Investments (Cost — $17,021,092)** | **Total Investments before Short-Term Investments (Cost — $17,021,092)** | **Total Investments before Short-Term Investments (Cost — $17,021,092)** | &nbsp;&nbsp; **16940392** |
|  |  |  | Shares |  |
| **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** | **Short-Term Investments — 4.0%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $606,423)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 606423<br>| &nbsp;&nbsp; **606423**<br> <sup>(j)(k)(l)</sup><br>|
| **Total Investments — 116.5% (Cost — $17,627,515)** | **Total Investments — 116.5% (Cost — $17,627,515)** | **Total Investments — 116.5% (Cost — $17,627,515)** | **Total Investments — 116.5% (Cost — $17,627,515)** | &nbsp;&nbsp; **17546815** |
| Liabilities in Excess of Other Assets — (16.5)% | Liabilities in Excess of Other Assets — (16.5)% | Liabilities in Excess of Other Assets — (16.5)% | Liabilities in Excess of Other Assets — (16.5)% | &nbsp;&nbsp; (2479355)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$15067460** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

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

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

<sup>(b)</sup> Securities traded on a when-issued or delayed delivery basis.

<sup>(c)</sup> Security has no maturity date. The date shown represents the next call date.

<sup>(d)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(e)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(f)</sup> This security is traded on a to-be-announced ("TBA") basis. At March 31, 2026, the Fund held TBA securities with a total cost of $2,745,272.

<sup>(g)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(h)</sup> Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

<sup>(i)</sup> Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. 

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

<sup>(k)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $606,423 and the cost was $606,423 (Note 6). 

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

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| IO |  | Interest Only |
| PAC |  | Planned Amortization Class |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Securities Sold Short‡ — (2.2)%** |  |  |  |  |
| **Mortgage-Backed Securities — (2.2)%** | **Mortgage-Backed Securities — (2.2)%** | **Mortgage-Backed Securities — (2.2)%** | **Mortgage-Backed Securities — (2.2)%** |  |
| FNMA — (2.2)% |  |  |  |  |
| Federal National Mortgage Association (FNMA) (Proceeds — $(328530)) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; $(330000)<br>| &nbsp;&nbsp; **$(325499)** <sup>(a)</sup><br>|
| **Total Securities Sold Short (Proceeds — $(328530))** | **Total Securities Sold Short (Proceeds — $(328530))** | **Total Securities Sold Short (Proceeds — $(328530))** | **Total Securities Sold Short (Proceeds — $(328530))** | &nbsp;&nbsp; **$(325499)**<br>|

---

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

---

| | |
|:---|:---|
| ‡ | Percentages indicated are based on net assets. |
| <sup>(a)</sup> | This security is traded on a to-be-announced ("TBA") basis and is part of a mortgage dollar roll agreement (Note 1) |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $1207154 | &nbsp;&nbsp;&nbsp; $1189976 | &nbsp;&nbsp;&nbsp; **$17178** |

---

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Multisector Income ETF** 

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp; $9148000 | &nbsp;&nbsp;&nbsp; 3/18/28 | &nbsp;&nbsp;&nbsp; 3.300% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; $57024 | &nbsp;&nbsp;&nbsp; $(9349) | &nbsp;&nbsp;&nbsp; $66373 |
|  | &nbsp;&nbsp;&nbsp; 9983000 | &nbsp;&nbsp;&nbsp; 3/18/31 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.450% <br>annually<br>| &nbsp;&nbsp;&nbsp; (74606) | &nbsp;&nbsp;&nbsp; (52021) | &nbsp;&nbsp;&nbsp; (22585) |
|  | &nbsp;&nbsp;&nbsp; 1712000 | &nbsp;&nbsp;&nbsp; 3/18/36 | &nbsp;&nbsp;&nbsp; 3.750% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 14104 | &nbsp;&nbsp;&nbsp; 1343 | &nbsp;&nbsp;&nbsp; 12761 |
|  | &nbsp;&nbsp;&nbsp; 783000 | &nbsp;&nbsp;&nbsp; 6/17/36 | &nbsp;&nbsp;&nbsp; 3.800% <br>annually <br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 4153 | &nbsp;&nbsp;&nbsp; 5088 | &nbsp;&nbsp;&nbsp;&nbsp;(935) |
|  | &nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 3/18/56 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 4.100% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp;(171) | &nbsp;&nbsp;&nbsp;&nbsp;(207) | &nbsp;&nbsp;&nbsp; 36 |
| **Total** | &nbsp;&nbsp;&nbsp; **$21721000** |  |  |  | &nbsp;&nbsp;&nbsp; **$504** | &nbsp;&nbsp;&nbsp; **$(55146)** | &nbsp;&nbsp;&nbsp; **$55650** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2\*</sup> <br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.46 Index | $680000 | &nbsp;&nbsp;&nbsp; 6/20/31 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$10577** | &nbsp;&nbsp;&nbsp; **$10577** | &nbsp;&nbsp;&nbsp; **$0**<sup>4</sup> <br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>5</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>5</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>5</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>5</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>5</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>5</sup>  |
| Reference Entity<br> Notional <br>Amount<sup>2\*</sup> <br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit iTraxx Europe Index<br> 590000<sup>EUR</sup> <br>| &nbsp;&nbsp;&nbsp; 6/20/31 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$(8565)** | &nbsp;&nbsp;&nbsp; **$(8492)** | &nbsp;&nbsp;&nbsp; **$(73)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Morgan Stanley & Co. LLC | $1275000 | &nbsp;&nbsp;&nbsp; 6/20/26 | 0.00% | At Maturity | &nbsp;&nbsp;&nbsp; **$(11253)** | &nbsp;&nbsp;&nbsp; **$(5589)** | &nbsp;&nbsp;&nbsp; **$(5664)** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Multisector Income ETF** 

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| <sup>4</sup> | Value is less than $1. |
| <sup>5</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| Daily SOFR Compound | 3.680% |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 98.1%** | **Municipal Bonds — 98.1%** | **Municipal Bonds — 98.1%** | **Municipal Bonds — 98.1%** | **Municipal Bonds — 98.1%** |
| Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% | Alabama — 0.3% |
| Mobile County, AL, Revenue, Gomesa Project, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; $300000 | &nbsp;&nbsp; $269227<br> <sup>(a)</sup><br>|
| Arizona — 0.4% | Arizona — 0.4% | Arizona — 0.4% | Arizona — 0.4% | Arizona — 0.4% |
| Phoenix, AZ, Civic Improvement Corp., Junior Lien Water System Revenue, Series <br> B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 377847<br>|
| Arkansas — 0.6% | Arkansas — 0.6% | Arkansas — 0.6% | Arkansas — 0.6% | Arkansas — 0.6% |
| Arkansas State Development Finance Authority Industrial Development Revenue, <br> Hybar Steel Project, Green Bonds, Series A  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268491<br> <sup>(a)(b)</sup><br>|
| Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corp. Project, Green Bonds  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 280280<br> <sup>(b)</sup><br>|
| Total Arkansas | Total Arkansas | Total Arkansas | Total Arkansas | &nbsp;&nbsp; 548771 |
| California — 31.7% | California — 31.7% | California — 31.7% | California — 31.7% | California — 31.7% |
| Alameda, CA, Community Facilities District, Special Tax Revenue, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005954<br>|
| California State Community Choice Financing Authority Revenue: |  |  |  |  |
| Clean Energy Project, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046866<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp; 3344065<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series E-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3698327<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 1071673<br> <sup>(c)(d)</sup><br>|
| Clean Energy Project, Green Bonds, Series G | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527743<br> <sup>(c)(d)</sup><br>|
| California State Infrastructure & Economic Development Bank Revenue: |  |  |  |  |
| Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp; 833253<br>|
| Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 915084<br>|
| Teachers Retirement System Headquarters Expansion, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184216<br>|
| California State MFA Revenue: |  |  |  |  |
| CHF-Davis II LLC, Orchard Park Student Housing Project, Green Bonds, <br> Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 973351<br>|
| CHF-Davis II LLC, Orchard Park Student Housing Project, Green Bonds, <br> Series 2021, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 3445000 | &nbsp;&nbsp; 3459363<br>|
| CHF-Riverside II LLC, UCR North District Phase I Student Housing Project, Green <br> Bonds, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 1495000 | &nbsp;&nbsp; 1535297<br>|
| California State Public Works Board, Lease Revenue: |  |  |  |  |
| Southern California Headquarters, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 982331<br>|
| Southern California Headquarters, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1411964<br>|
| California State School Finance Authority Revenue, River Springs Charter School, <br> Series A, State Intercept Program  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258426<br> <sup>(a)</sup><br>|
| Perris Joint Powers Authority, CA, Special Tax Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101311<br>|
| San Diego County, CA, Regional Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3307199<br> <sup>(b)</sup><br>|
| San Francisco, CA, Bay Area Rapid Transit District, GO, Green Bonds  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 159994<br>|
| San Francisco, CA, City & County Public Utilities Commission Revenue, Green <br> Bonds, Subseries A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92140<br>|
| Santa Cruz County, CA, Capital Financing Authority Revenue, Green Bonds  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1498911<br>|
| Three Rivers Levee Improvement Authority, CA, Special Tax Revenue: |  |  |  |  |
| Community Facilities District Nos 2006-1 & 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252318<br>|
| Community Facilities District Nos 2006-1 & 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253778<br>|
| Community Facilities District Nos 2006-1 & 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200588<br>|
| Community Facilities District Nos 2006-1 & 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99625<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| Transbay Joint Powers Authority, CA, Tax Allocation Revenue, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp; $155171<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 27368948 |
| Colorado — 0.2% | Colorado — 0.2% | Colorado — 0.2% | Colorado — 0.2% | Colorado — 0.2% |
| Denver, CO, City & County, Water Commissioners Water Revenue, Green Bonds, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151741<br>|
| District of Columbia — 5.2% | District of Columbia — 5.2% | District of Columbia — 5.2% | District of Columbia — 5.2% | District of Columbia — 5.2% |
| District of Columbia Revenue: |  |  |  |  |
| Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/35 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 602529<br> <sup>(b)</sup><br>|
| Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/35 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141597<br> <sup>(b)</sup><br>|
| Smart Street Lighting Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/33 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp; 1013479<br> <sup>(b)</sup><br>|
| Smart Street Lighting Project, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/37 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 961060<br> <sup>(b)</sup><br>|
| District of Columbia Water & Sewer Authority Revenue: |  |  |  |  |
| Public Utility Subordinate Lien, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 386480<br>|
| Public Utility Subordinate Lien, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1410370<br>|
| Total District of Columbia | Total District of Columbia | Total District of Columbia | Total District of Columbia | &nbsp;&nbsp; 4515515 |
| Florida — 1.8% | Florida — 1.8% | Florida — 1.8% | Florida — 1.8% | Florida — 1.8% |
| Babcock Ranch, FL, Community Independent Special District, Special Assessment <br> Revenue, Assessment Area 3A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 799367<br>|
| Palm Beach County, FL, Water & Sewer Revenue, Series 2019, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109622<br>|
| Somerset, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 411115<br>|
| Series 2022, Refunding | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 196973<br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 1517077 |
| Georgia — 3.0% | Georgia — 3.0% | Georgia — 3.0% | Georgia — 3.0% | Georgia — 3.0% |
| Atlanta, GA, Airport Passenger Facility Charge & Subordinate Lien General <br> Revenue, Series E  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 2355000 | &nbsp;&nbsp; 2510816<br> <sup>(b)</sup><br>|
| Private Colleges & Universities Authority, GA, Revenue, Sustainable Bonds, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102124<br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 2612940 |
| Illinois — 4.9% | Illinois — 4.9% | Illinois — 4.9% | Illinois — 4.9% | Illinois — 4.9% |
| Illinois State Finance Authority Revenue: |  |  |  |  |
| Bondana-Champaign, Learning Facility | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3089996<br>|
| Clean Water Initiative Revolving Fund, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 578056<br>|
| Northern Illinois State University, Participation Energy Savings Projects, BAM  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516911<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 4184963 |
| Louisiana — 3.4% | Louisiana — 3.4% | Louisiana — 3.4% | Louisiana — 3.4% | Louisiana — 3.4% |
| Louisiana State Local Government Environmental Facilities & CDA Revenue: |  |  |  |  |
| St. Bernard Parish Gomesa Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 721705<br> <sup>(a)</sup><br>|
| St. Charles Parish Gomesa Project | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 839840<br> <sup>(a)</sup><br>|
| St. John The Baptist Parish Gomesa Project | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 325898<br> <sup>(a)</sup><br>|
| Terrebonne Levee & Conservation District, LA, Sales Tax Revenue: |  |  |  |  |
| Series B, Green Bonds, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985989<br>|
| Series B, Green Bonds, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97176<br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 2970608 |
| Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% |
| Portland, ME, General Airport Revenue, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 247199<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Maryland — 2.5% | Maryland — 2.5% | Maryland — 2.5% | Maryland — 2.5% | Maryland — 2.5% |
| Maryland State EDC, Private Activity Revenue, Series B, Green Bonds  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/47 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $2013859<br> <sup>(b)</sup><br>|
| Washington, MD, Suburban Sanitary Commission Revenue, Green Bonds, County <br> GTD  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96089<br>|
| Total Maryland | Total Maryland | Total Maryland | Total Maryland | &nbsp;&nbsp; 2109948 |
| Massachusetts — 4.1% | Massachusetts — 4.1% | Massachusetts — 4.1% | Massachusetts — 4.1% | Massachusetts — 4.1% |
| Massachusetts State DFA Revenue: |  |  |  |  |
| Boston Medical Center, Series F, Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 115118<br>|
| Springfield College, Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 420894<br>|
| Springfield College, Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 443218<br>|
| Massachusetts State Housing Finance Agency, Housing Revenue: |  |  |  |  |
| Series A-1 | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/1/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985129<br>|
| Series B-1 | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1523641<br>|
| Series C-1 | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 86758<br>|
| Total Massachusetts | Total Massachusetts | Total Massachusetts | Total Massachusetts | &nbsp;&nbsp; 3574758 |
| Minnesota — 1.9% | Minnesota — 1.9% | Minnesota — 1.9% | Minnesota — 1.9% | Minnesota — 1.9% |
| Minneapolis, MN, GO, Green Bonds, Series 2019  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 85391<br>|
| Minnesota State HEFA Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1520543<br>|
| Total Minnesota | Total Minnesota | Total Minnesota | Total Minnesota | &nbsp;&nbsp; 1605934 |
| Mississippi — 0.3% | Mississippi — 0.3% | Mississippi — 0.3% | Mississippi — 0.3% | Mississippi — 0.3% |
| Mississippi State Development Bank Special Obligation, Jackson County Gomesa <br> Project | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 282206<br> <sup>(a)</sup><br>|
| New Jersey — 3.3% | New Jersey — 3.3% | New Jersey — 3.3% | New Jersey — 3.3% | New Jersey — 3.3% |
| New Jersey State EFA Revenue, Stevens Institute of Technology, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 688633<br>|
| Newark Board of Education, NJ, School Energy Savings Obligation Bonds, <br> Refunding, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 571000 | &nbsp;&nbsp; 599008<br>|
| Newark, NJ, Mass Transit Access Tax Revenue, Mulberry Pedestrian Bridge <br> Redevelopment Project, Series 2022, AG  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/62 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp; 1590995<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 2878636 |
| New York — 5.9% | New York — 5.9% | New York — 5.9% | New York — 5.9% | New York — 5.9% |
| MTA, NY, Transportation Revenue: |  |  |  |  |
| Green Bonds, Series A-1, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 568640<br>|
| Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp; 1520126<br>|
| Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 114345<br>|
| New York State HFA Revenue, Series N  | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87570<br>|
| New York State Liberty Development Corp. Revenue: |  |  |  |  |
| Tax-Exempt Bonds, 7 World Trade Center Project, Green Bonds, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 820368<br>|
| Tax-Exempt Bonds, Series A, Refunding | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1689735<br>|
| New York State Transportation Development Corp., Special Facilities Revenue, <br> John F. Kennedy International Airport New Terminal One Project, Green Bonds  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264750<br> <sup>(b)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 5065534 |
| Ohio — 2.6% | Ohio — 2.6% | Ohio — 2.6% | Ohio — 2.6% | Ohio — 2.6% |
| American Municipal Power Inc., OH, Revenue, Meldahl Hydroelectric Project, <br> Green Bonds, Series A, Unrefunded  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 546861<br>|
| American Municipal Power Inc., OH, Solar Electricity Prepayment Project Revenue, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1695712<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 2242573 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oregon — 3.8% | Oregon — 3.8% | Oregon — 3.8% | Oregon — 3.8% | Oregon — 3.8% |
| Multnomah County, OR, Hospital Facilities Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; $530000 | &nbsp;&nbsp; $400721<br>|
| Port of Portland, OR, Airport Revenue: |  |  |  |  |
| International Airport, Series 28, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 553532<br> <sup>(b)</sup><br>|
| Portland International Airport, Series 29, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2333837<br> <sup>(b)</sup><br>|
| Total Oregon | Total Oregon | Total Oregon | Total Oregon | &nbsp;&nbsp; 3288090 |
| Pennsylvania — 2.6% | Pennsylvania — 2.6% | Pennsylvania — 2.6% | Pennsylvania — 2.6% | Pennsylvania — 2.6% |
| Philadelphia, PA, Energy Authority City Service Agreement Revenue, Philadelphia <br> Street Lighting Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp; 1197574<br>|
| Philadelphia, PA, School District, GO, State Aid Withholding, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023739<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 2221313 |
| Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 499866<br>|
| Rhode Island — 0.2% | Rhode Island — 0.2% | Rhode Island — 0.2% | Rhode Island — 0.2% | Rhode Island — 0.2% |
| Rhode Island State Housing & Mortgage Finance Corp. Revenue, Sustainable <br> Bonds, FHA, HUD Section 8, Series 1-B | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 132042<br>|
| Texas — 1.3% | Texas — 1.3% | Texas — 1.3% | Texas — 1.3% | Texas — 1.3% |
| Harris County, TX, GO, Flood Control District Improvement, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1144645<br>|
| Utah — 6.9% | Utah — 6.9% | Utah — 6.9% | Utah — 6.9% | Utah — 6.9% |
| Central Valley, UT, Water Reclamation Facility, Sewer Revenue, Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp; 2862471<br>|
| Utah State Intermountain Power Agency, Series 2022-A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3121661<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 5984132 |
| Vermont — 3.4% | Vermont — 3.4% | Vermont — 3.4% | Vermont — 3.4% | Vermont — 3.4% |
| Vermont Educational & Health Buildings Financing Agency Revenue: |  |  |  |  |
| The University of Vermont Medical Center Project, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp; 2016758<br>|
| The University of Vermont Medical Center Project, Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 949297<br>|
| Total Vermont | Total Vermont | Total Vermont | Total Vermont | &nbsp;&nbsp; 2966055 |
| Virginia — 0.1% | Virginia — 0.1% | Virginia — 0.1% | Virginia — 0.1% | Virginia — 0.1% |
| Hampton, VA, GO, Public Improvement, Green Bonds, Series A, State Aid <br> Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51754<br>|
| Washington — 2.2% | Washington — 2.2% | Washington — 2.2% | Washington — 2.2% | Washington — 2.2% |
| Central Puget Sound, WA, Regional Transit Authority Revenue, Sales Tax & Motor <br> Vehicle Excise Tax Improvement, Green Bonds, Series S-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1917092<br>|
| Wisconsin — 4.6% | Wisconsin — 4.6% | Wisconsin — 4.6% | Wisconsin — 4.6% | Wisconsin — 4.6% |
| Public Finance Authority, WI, Revenue: |  |  |  |  |
| Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/30/51 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp; 1920210<br> <sup>(b)</sup><br>|
| Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/56 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 480329<br> <sup>(b)</sup><br>|
| Patriot Services Group, Portfolio Restructuring, Series A-1, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503251<br> <sup>(a)</sup><br>|
| University of Wisconsin Hospitals & Clinics, Hospital Revenue, Series 2021, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1041584<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 3945374 |
| **Total Municipal Bonds (Cost — $85,222,152)** | **Total Municipal Bonds (Cost — $85,222,152)** | **Total Municipal Bonds (Cost — $85,222,152)** | **Total Municipal Bonds (Cost — $85,222,152)** | &nbsp;&nbsp; **84674788** |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** |
| California Housing Finance Agency, 2019-N A (Cost — $82,595) | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 89531 | &nbsp;&nbsp; **75060**<br>|
| **Total Investments before Short-Term Investments (Cost — $85,304,747)** | **Total Investments before Short-Term Investments (Cost — $85,304,747)** | **Total Investments before Short-Term Investments (Cost — $85,304,747)** | **Total Investments before Short-Term Investments (Cost — $85,304,747)** | &nbsp;&nbsp; **84749848** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** |
| New York — 0.2% | New York — 0.2% | New York — 0.2% | New York — 0.2% | New York — 0.2% |
| New York City, NY, GO, Fiscal 2014, Series I, SPA - U.S. Bank N.A. <br> (Cost — $200,000) | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; **$200000**<br> <sup>(f)(g)</sup><br>|
| **Total Investments — 98.4% (Cost — $85,504,747)** | **Total Investments — 98.4% (Cost — $85,504,747)** | **Total Investments — 98.4% (Cost — $85,504,747)** | **Total Investments — 98.4% (Cost — $85,504,747)** | &nbsp;&nbsp; **84949848** |
| Other Assets in Excess of Liabilities — 1.6% | Other Assets in Excess of Liabilities — 1.6% | Other Assets in Excess of Liabilities — 1.6% | Other Assets in Excess of Liabilities — 1.6% | &nbsp;&nbsp; 1370562 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$86320410** |

---

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

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

<sup>(b)</sup> Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT").

<sup>(c)</sup> Maturity date shown represents the mandatory tender date.

<sup>(d)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(e)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(f)</sup> Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate Transparency System. 

<sup>(g)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CDA |  | Communities Development Authority |
| DFA |  | Development Finance Agency |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHA |  | Federal Housing Administration — Insured Bonds |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| HUD |  | Housing & Urban Development |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Senior Loans — 85.7%** | **Senior Loans — 85.7%** | **Senior Loans — 85.7%** | **Senior Loans — 85.7%** | **Senior Loans — 85.7%** |
| **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** |
| Entertainment — 2.2% | Entertainment — 2.2% | Entertainment — 2.2% | Entertainment — 2.2% | Entertainment — 2.2% |
| Ontario Gaming GTA LP, Term Loan B (3 mo. Term SOFR + 4.250%) | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; $2856606<br>| &nbsp;&nbsp; $2683939<br> <sup>(a)(b)(c)</sup><br>|
| Playtika Holding Corp., Term Loan B1 (1 mo. Term SOFR + 2.864%) | &nbsp;&nbsp; 6.532% | &nbsp;&nbsp; 3/13/28 | &nbsp;&nbsp; 6079471<br>| &nbsp;&nbsp; 5735585<br> <sup>(a)(b)(c)</sup><br>|
| UFC Holdings LLC, Term Loan B5 (3 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 5.664% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 9204603<br>| &nbsp;&nbsp; 9210356<br> <sup>(a)(b)(c)</sup><br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 17629880 |
| Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% | Interactive Media & Services — 0.4% |
| Delta TopCo Inc., Fourth Amendment Refinancing Term Loan (1 mo. Term <br> SOFR + 2.750%)  | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 3091918<br>| &nbsp;&nbsp; 2997954<br> <sup>(a)(b)(c)</sup><br>|
| Media — 1.8% | Media — 1.8% | Media — 1.8% | Media — 1.8% | Media — 1.8% |
| Cengage Learning Inc., Term Loan (3 mo. Term SOFR + 3.000%) | 6.669-6.676% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 3545700<br>| &nbsp;&nbsp; 3480690<br> <sup>(a)(b)(c)</sup><br>|
| Charter Communications Operating LLC, Term Loan B5 (3 mo. Term SOFR + <br> 2.250%) | &nbsp;&nbsp; 5.911% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 3214861<br>| &nbsp;&nbsp; 3216951<br> <sup>(a)(b)(c)</sup><br>|
| MH Sub I LLC, 2023 New Term Loan (1 mo. Term SOFR + 4.250%) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 5/3/28 | &nbsp;&nbsp; 6343296<br>| &nbsp;&nbsp; 5471093<br> <sup>(a)(b)(c)</sup><br>|
| MH Sub I LLC, 2024 New Term Loan (1 mo. Term SOFR + 4.250%) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 3567140<br>| &nbsp;&nbsp; 2394442<br> <sup>(a)(b)(c)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 14563176 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| Crown Subsea Communications Holding Inc., 2026 Term Loan (1 mo. Term <br> SOFR + 3.000%)  | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1130834<br>| &nbsp;&nbsp; 1135782<br> <sup>(a)(b)(c)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **36326792** |
| **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** | **Consumer Discretionary — 10.3%** |
| Automobile Components — 1.8% | Automobile Components — 1.8% | Automobile Components — 1.8% | Automobile Components — 1.8% | Automobile Components — 1.8% |
| Clarios Global LP, Amendment No. 6 Dollar Term Loan (1 mo. Term SOFR + <br> 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 1967773<br>| &nbsp;&nbsp; 1965313<br> <sup>(a)(b)(c)</sup><br>|
| DexKo Global Inc., 2023 Incremental Term Loan (3 mo. Term SOFR + <br> 4.250%) | &nbsp;&nbsp; 7.917% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 679105<br>| &nbsp;&nbsp; 671180<br> <sup>(a)(b)(c)</sup><br>|
| DexKo Global Inc., First Lien Closing Date Dollar Term Loan (3 mo. Term <br> SOFR + 4.012%) | &nbsp;&nbsp; 7.678% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 4488015<br>| &nbsp;&nbsp; 4407814<br> <sup>(a)(b)(c)</sup><br>|
| First Brands Group LLC, 2021 First Lien Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 3671279<br>| &nbsp;&nbsp; 10,720<br> \*<sup>(d)</sup><br>|
| First Brands Group LLC, 2022 Incremental Term loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 807871<br>| &nbsp;&nbsp; 2,359<br> \*<sup>(d)</sup><br>|
| First Brands Group LLC, DIP Roll Up Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 9916330<br>| &nbsp;&nbsp; 37,781<br> \*<sup>(d)</sup><br>|
| First Brands Group LLC, USD DIP Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 3935866<br>| &nbsp;&nbsp; 959,367<br> \*<sup>(d)</sup><br>|
| RealTruck Goup Inc., Initial Term Loan (3 mo. Term SOFR + 4.012%) | &nbsp;&nbsp; 7.684% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 6186424<br>| &nbsp;&nbsp; 4220317<br> <sup>(a)(b)(c)</sup><br>|
| Wand NewCo 3 Inc., Term Loan B2 (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 2050840<br>| &nbsp;&nbsp; 2036853<br> <sup>(a)(b)(c)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 14311704 |
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| American Trailer World Corp., First Lien Initial Term Loan (1 mo. Term SOFR <br> + 3.850%)  | &nbsp;&nbsp; 7.518% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 644732<br>| &nbsp;&nbsp; 549096<br> <sup>(a)(b)(c)</sup><br>|
| Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% |
| Peer Holding III BV, Term Loan B4 (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 10/26/30 | &nbsp;&nbsp; 394962<br>| &nbsp;&nbsp; 394901<br> <sup>(a)(b)(c)</sup><br>|
| Peer Holding III BV, Term Loan B5 (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1983125<br>| &nbsp;&nbsp; 1981577<br> <sup>(a)(b)(c)</sup><br>|
| Peer Holding III BV, Term Loan B8 (3 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp; 2057479<br>| &nbsp;&nbsp; 2042367<br> <sup>(a)(b)(c)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 4418845 |
| Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% | Distributors — 0.6% |
| Windsor Holdings III LLC, 2025 Refinancing Term Loan B (1 mo. Term SOFR <br> + 2.750%)  | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 4933750<br>| &nbsp;&nbsp; 4870549<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% |
| ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (1 mo. Term <br> SOFR + 2.250%)  | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 12/21/28 | &nbsp;&nbsp; $3999874<br>| &nbsp;&nbsp; $3996253<br> <sup>(a)(b)(c)</sup><br>|
| Hotels, Restaurants & Leisure — 3.3% | Hotels, Restaurants & Leisure — 3.3% | Hotels, Restaurants & Leisure — 3.3% | Hotels, Restaurants & Leisure — 3.3% | Hotels, Restaurants & Leisure — 3.3% |
| 1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + <br> 1.750%) | &nbsp;&nbsp; 5.418% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; 1966807<br>| &nbsp;&nbsp; 1964850<br> <sup>(a)(b)(c)</sup><br>|
| Caesars Entertainment Inc., Term Loan B, Tranche B (1 mo. Term SOFR + <br> 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 2/6/30 | &nbsp;&nbsp; 5888931<br>| &nbsp;&nbsp; 5734346<br> <sup>(a)(b)(c)</sup><br>|
| Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 6537451<br>| &nbsp;&nbsp; 6423045<br> <sup>(a)(b)(c)</sup><br>|
| IRB Holding Corp., 2025 Replacement Term Loan B (1 mo. Term SOFR + <br> 2.500%) | &nbsp;&nbsp; 6.176% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 5532499<br>| &nbsp;&nbsp; 5525584<br> <sup>(a)(b)(c)</sup><br>|
| Light & Wonder International Inc., Term Loan B3 (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.675% | &nbsp;&nbsp; 4/16/29 | &nbsp;&nbsp; 1277127<br>| &nbsp;&nbsp; 1278724<br> <sup>(a)(b)(c)</sup><br>|
| Whatabrands LLC, 2024 Refinancing Term Loan B (1 mo. Term SOFR + <br> 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 5436558<br>| &nbsp;&nbsp; 5434139<br> <sup>(a)(b)(c)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 26360688 |
| Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% | Household Durables — 1.3% |
| AI Aqua Merger Sub Inc., 2026 Term Loan B (3 mo. Term SOFR + 2.500%) | 6.161-6.164% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 5823450<br>| &nbsp;&nbsp; 5817073<br> <sup>(a)(b)(c)</sup><br>|
| Chariot Buyer LLC, 2025 New Term Loan B (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 5156873<br>| &nbsp;&nbsp; 5115876<br> <sup>(a)(b)(c)</sup><br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 10932949 |
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Flynn Restaurant Group LP, 2025 Term Loan (1 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 3789057<br>| &nbsp;&nbsp; 3730194<br> <sup>(a)(b)(c)</sup><br>|
| PetsMart LLC, Term Loan B (1 mo. Term SOFR + 4.000%) | &nbsp;&nbsp; 7.675% | &nbsp;&nbsp; 8/18/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2289075<br> <sup>(a)(b)(c)</sup><br>|
| White Cap Supply Holdings LLC, Term Loan C (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 10/19/29 | &nbsp;&nbsp; 5104145<br>| &nbsp;&nbsp; 4921060<br> <sup>(a)(b)(c)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 10940329 |
| Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% |
| Great Outdoors Group LLC, Term Loan B3 (1 mo. Term SOFR + 3.250%)  | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 6712510<br>| &nbsp;&nbsp; 6709993<br> <sup>(a)(b)(c)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **83090406** |
| **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** |
| Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% |
| Triton Water Holdings Inc., 2026 Refinancing Term Loan  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/19/31 | &nbsp;&nbsp; 4656606<br>| &nbsp;&nbsp; 4669691<br> <sup>(e)</sup><br>|
| Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% |
| Froneri International Ltd., Term Loan Facility B4 (6 mo. Term SOFR + <br> 2.250%) | &nbsp;&nbsp; 5.877% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 4549764<br>| &nbsp;&nbsp; 4466594<br> <sup>(a)(b)(c)</sup><br>|
| Froneri International Ltd., Term Loan Facility B6 (6 mo. Term SOFR + <br> 2.250%) | &nbsp;&nbsp; 5.877% | &nbsp;&nbsp; 9/30/32 | &nbsp;&nbsp; 2119734<br>| &nbsp;&nbsp; 2082787<br> <sup>(a)(b)(c)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 6549381 |
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Primary Products Finance LLC, 2024 Replacement Term Loan B (3 mo. Term <br> SOFR + 3.250%)  | &nbsp;&nbsp; 6.896% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 4998238<br>| &nbsp;&nbsp; 4971697<br> <sup>(a)(b)(c)</sup><br>|
| Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% |
| Conair Holdings LLC, First Lien Initial Term Loan (1 mo. Term SOFR + <br> 3.864%) | &nbsp;&nbsp; 7.532% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 2622<br>| &nbsp;&nbsp; 1855<br> <sup>(a)(b)(c)</sup><br>|
| Opal Bidco SAS, Term Loan Facility B4 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 4/28/32 | &nbsp;&nbsp; 6268500<br>| &nbsp;&nbsp; 6272418<br> <sup>(a)(b)(c)</sup><br>|
| Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 6274273 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **22465042** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** |
| Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% | Oil, Gas & Consumable Fuels — 0.6% |
| Parexel International Inc., Term Loan B (1 mo. Term SOFR + 2.750%)  | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 12/12/31 | &nbsp;&nbsp; $4564341<br>| &nbsp;&nbsp; **$4554824**<br> <sup>(a)(b)(c)</sup><br>|
| **Financials — 14.4%** | **Financials — 14.4%** | **Financials — 14.4%** | **Financials — 14.4%** | **Financials — 14.4%** |
| Banks — 0.6% | Banks — 0.6% | Banks — 0.6% | Banks — 0.6% | Banks — 0.6% |
| Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 4577518<br>| &nbsp;&nbsp; 4511715<br> <sup>(a)(b)(c)</sup><br>|
| Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% | Capital Markets — 1.6% |
| Edelman Financial Engines Center LLC, 2024 Refinancing Term Loan (1 mo. <br> Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 4055620<br>| &nbsp;&nbsp; 4056411<br> <sup>(a)(b)(c)</sup><br>|
| First Eagle Holdings Inc., Delayed Draw Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; 541228<br>| &nbsp;&nbsp; 534463<br> <sup>(f)</sup><br>|
| First Eagle Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; 3162124<br>| &nbsp;&nbsp; 3122597<br> <sup>(a)(b)(c)</sup><br>|
| Osaic Holdings Inc., Term Loan B1 (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 5196478<br>| &nbsp;&nbsp; 5109125<br> <sup>(a)(b)(c)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 12822596 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| OneDigital Borrower LLC, 2025 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.000%)  | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 7/2/31 | &nbsp;&nbsp; 2954814<br>| &nbsp;&nbsp; 2864323<br> <sup>(a)(b)(c)</sup><br>|
| Financial Services — 3.9% | Financial Services — 3.9% | Financial Services — 3.9% | Financial Services — 3.9% | Financial Services — 3.9% |
| Apex Group Treasury Ltd., Term Loan B (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.166% | &nbsp;&nbsp; 2/27/32 | &nbsp;&nbsp; 5861941<br>| &nbsp;&nbsp; 5358781<br> <sup>(a)(b)(c)</sup><br>|
| Citadel Securities LP, 2024 Term Loan Facility (3 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 2910439<br>| &nbsp;&nbsp; 2917119<br> <sup>(a)(b)(c)</sup><br>|
| CPI Holdco B LLC, 2025 Fourth Amendment Incremental Term Loan (1 mo. <br> Term SOFR + 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 5/17/31 | &nbsp;&nbsp; 2977330<br>| &nbsp;&nbsp; 2961431<br> <sup>(a)(b)(c)</sup><br>|
| GTCR Everest Borrower LLC, 2026 Term Loan (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 9/5/31 | &nbsp;&nbsp; 3308461<br>| &nbsp;&nbsp; 3288842<br> <sup>(a)(b)(c)</sup><br>|
| Hudson River Trading LLC, Term Loan B2 (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.175% | &nbsp;&nbsp; 3/18/30 | &nbsp;&nbsp; 2254554<br>| &nbsp;&nbsp; 2247982<br> <sup>(a)(b)(c)</sup><br>|
| Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 9427403<br>| &nbsp;&nbsp; 9266713<br> <sup>(a)(b)(c)</sup><br>|
| Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | &nbsp;&nbsp; 7.668% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 3394234<br>| &nbsp;&nbsp; 3296649<br> <sup>(a)(b)(c)</sup><br>|
| Osttra Group Ltd., First Lien Term Loan (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.150% | &nbsp;&nbsp; 10/8/32 | &nbsp;&nbsp; 1851528<br>| &nbsp;&nbsp; 1836485<br> <sup>(a)(b)(c)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 31174002 |
| Insurance — 8.0% | Insurance — 8.0% | Insurance — 8.0% | Insurance — 8.0% | Insurance — 8.0% |
| Acrisure LLC, 2024 Repricing Term Loan B6 (1 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 11057526<br>| &nbsp;&nbsp; 10734094<br> <sup>(a)(b)(c)</sup><br>|
| Acrisure LLC, 2025 Term Loan B7 (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 6/21/32 | &nbsp;&nbsp; 1159124<br>| &nbsp;&nbsp; 1125075<br> <sup>(a)(b)(c)</sup><br>|
| Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan (1 mo. <br> Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 9/19/31 | &nbsp;&nbsp; 9494873<br>| &nbsp;&nbsp; 9432823<br> <sup>(a)(b)(c)</sup><br>|
| AmWINS Group Inc., 2026 Refinancing Term Loan (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 10636648<br>| &nbsp;&nbsp; 10578253<br> <sup>(a)(b)(c)</sup><br>|
| Asurion LLC, New Term Loan B14 (1 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 3/11/33 | &nbsp;&nbsp; 3527093<br>| &nbsp;&nbsp; 3414684<br> <sup>(a)(b)(c)</sup><br>|
| Asurion LLC, New Term Loan B4 (1 mo. Term SOFR + 5.364%) | &nbsp;&nbsp; 9.032% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 1883196<br>| &nbsp;&nbsp; 1873950<br> <sup>(a)(b)(c)</sup><br>|
| Broadstreet Partners Inc., 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 6/13/31 | &nbsp;&nbsp; 8456210<br>| &nbsp;&nbsp; 8262267<br> <sup>(a)(b)(c)</sup><br>|
| HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term SOFR + <br> 2.250%) | &nbsp;&nbsp; 5.920% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 9134725<br>| &nbsp;&nbsp; 9124631<br> <sup>(a)(b)(c)</sup><br>|
| Sedgwick Claims Management Services Inc., 2024 Term Loan (1 mo. Term <br> SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 9997336<br>| &nbsp;&nbsp; 9829531<br> <sup>(a)(b)(c)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 64375308 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **115747944** |
| **Health Care — 11.1%** | **Health Care — 11.1%** | **Health Care — 11.1%** | **Health Care — 11.1%** | **Health Care — 11.1%** |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| Biomarin Pharmaceutical Inc., Term Loan B  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/28/33 | &nbsp;&nbsp; 880829<br>| &nbsp;&nbsp; 879733<br> <sup>(e)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Equipment & Supplies — 3.4% | Health Care Equipment & Supplies — 3.4% | Health Care Equipment & Supplies — 3.4% | Health Care Equipment & Supplies — 3.4% | Health Care Equipment & Supplies — 3.4% |
| Bausch & Lomb Corp., 2025 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; $4988072<br>| &nbsp;&nbsp; $5005231<br> <sup>(a)(b)(c)</sup><br>|
| Charlotte Buyer Inc., Second Refinancing Term Loan (1 mo. Term SOFR + <br> 4.250%) | &nbsp;&nbsp; 7.920% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 6016171<br>| &nbsp;&nbsp; 5968042<br> <sup>(a)(b)(c)</sup><br>|
| Hologic Inc., Term Loan B | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/14/33 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4748712<br> <sup>(e)</sup><br>|
| Medline Borrower LP, 2030 Refinancing Term Loan (1 mo. Term SOFR + <br> 1.750%) | &nbsp;&nbsp; 5.418% | &nbsp;&nbsp; 10/23/30 | &nbsp;&nbsp; 6276987<br>| &nbsp;&nbsp; 6291675<br> <sup>(a)(b)(c)</sup><br>|
| U.S. Anesthesia Partners Inc., Initial Term Loan (1 mo. Term SOFR + <br> 4.114%) | &nbsp;&nbsp; 7.782% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 5291295<br>| &nbsp;&nbsp; 5300290<br> <sup>(a)(b)(c)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 27313950 |
| Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% |
| ADMI Corp., Amendment No. 10 Extended Term Loan (1 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 9.418% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 228506<br>| &nbsp;&nbsp; 219081<br> <sup>(a)(b)(c)</sup><br>|
| ADMI Corp., Amendment No. 5 Term Loan (1 mo. Term SOFR + 3.864%) | &nbsp;&nbsp; 7.532% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 7012433<br>| &nbsp;&nbsp; 6595193<br> <sup>(a)(b)(c)</sup><br>|
| ADMI Corp., Incremental Term Loan (1 mo. Term SOFR + 3.489%) | &nbsp;&nbsp; 7.157% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 728757<br>| &nbsp;&nbsp; 685163<br> <sup>(a)(b)(c)</sup><br>|
| Global Medical Response Inc., Initial Term Loan (3 mo. Term SOFR + <br> 3.500%) | &nbsp;&nbsp; 7.170% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1301087<br>| &nbsp;&nbsp; 1298647<br> <sup>(a)(b)(c)</sup><br>|
| LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 2796384<br>| &nbsp;&nbsp; 2800411<br> <sup>(a)(b)(c)</sup><br>|
| LifePoint Health Inc., Term Loan B2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.152% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 1519257<br>| &nbsp;&nbsp; 1520069<br> <sup>(a)(b)(c)</sup><br>|
| Medical Solutions Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 3.600%) | &nbsp;&nbsp; 7.267% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 3379935<br>| &nbsp;&nbsp; 729491<br> <sup>(a)(b)(c)</sup><br>|
| Phoenix Guarantor Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 2/21/31 | &nbsp;&nbsp; 5979088<br>| &nbsp;&nbsp; 5988446<br> <sup>(a)(b)(c)</sup><br>|
| Raven Acquisition Holdings LLC, 2024 Delayed Draw Commitment Term <br> Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 192863<br>| &nbsp;&nbsp; 189436<br> <sup>(f)</sup><br>|
| Raven Acquisition Holdings LLC, Initial Term Loan (1 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 2673086<br>| &nbsp;&nbsp; 2625586<br> <sup>(a)(b)(c)</sup><br>|
| Star Parent Inc., Term Loan B (3 mo. Term SOFR + 4.000%) | &nbsp;&nbsp; 7.700% | &nbsp;&nbsp; 9/27/30 | &nbsp;&nbsp; 3423517<br>| &nbsp;&nbsp; 3389589<br> <sup>(a)(b)(c)(e)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 26041112 |
| Health Care Technology — 2.8% | Health Care Technology — 2.8% | Health Care Technology — 2.8% | Health Care Technology — 2.8% | Health Care Technology — 2.8% |
| AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 7998945<br>| &nbsp;&nbsp; 7863962<br> <sup>(a)(b)(c)</sup><br>|
| Cotiviti Inc., Amendment No. 2 Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 3/26/32 | &nbsp;&nbsp; 2875514<br>| &nbsp;&nbsp; 2654099<br> <sup>(a)(b)(c)</sup><br>|
| Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 10008087<br>| &nbsp;&nbsp; 9245021<br> <sup>(a)(b)(c)</sup><br>|
| MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 3.750%) | &nbsp;&nbsp; 7.417% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 306389<br>| &nbsp;&nbsp; 306313<br> <sup>(a)(b)(c)</sup><br>|
| MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term SOFR + <br> 4.862%) | &nbsp;&nbsp; 8.528% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 2539780<br>| &nbsp;&nbsp; 2261471<br> <sup>(a)(b)(c)</sup><br>|
| Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 22330866 |
| Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% |
| Endo Finance Holdings Inc., Term Loan B (1 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 3237730<br>| &nbsp;&nbsp; 3225588<br> <sup>(a)(b)(c)</sup><br>|
| Organon & Co., Dollar Term Loan (1 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 5/19/31 | &nbsp;&nbsp; 932331<br>| &nbsp;&nbsp; 890610<br> <sup>(a)(b)(c)</sup><br>|
| Paradigm Parent LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 3291154<br>| &nbsp;&nbsp; 2731658<br> <sup>(a)(b)(c)</sup><br>|
| Southern Veterinary Partners LLC, 2025 New Term Loan (1 mo. Term SOFR <br> + 2.500%) | &nbsp;&nbsp; 6.181% | &nbsp;&nbsp; 12/4/31 | &nbsp;&nbsp; 5625621<br>| &nbsp;&nbsp; 5584385<br> <sup>(a)(b)(c)</sup><br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 12432241 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **88997902** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Industrials — 19.2%** | **Industrials — 19.2%** | **Industrials — 19.2%** | **Industrials — 19.2%** | **Industrials — 19.2%** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| Dynasty Acquisition Co. Inc., Initial Term Loan B1 (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; $2849743<br>| &nbsp;&nbsp; $2854545<br> <sup>(a)(b)(c)</sup><br>|
| Dynasty Acquisition Co. Inc., Initial Term Loan B2 (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 1083951<br>| &nbsp;&nbsp; 1085778<br> <sup>(a)(b)(c)</sup><br>|
| Signia Aerospace LLC, 2025 Delayed Draw Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 12/11/31 | &nbsp;&nbsp; 190565<br>| &nbsp;&nbsp; 191280<br> <sup>(f)</sup><br>|
| Signia Aerospace LLC, 2025 Term Loan (3 mo. Term SOFR + 2.750%) | 6.423-6.450% | &nbsp;&nbsp; 12/11/31 | &nbsp;&nbsp; 3909046<br>| &nbsp;&nbsp; 3923704<br> <sup>(a)(b)(c)</sup><br>|
| TransDigm Inc., Term Loan L (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 2840382<br>| &nbsp;&nbsp; 2843407<br> <sup>(a)(b)(c)</sup><br>|
| TransDigm Inc., Term Loan M (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 2391210<br>| &nbsp;&nbsp; 2393852<br> <sup>(a)(b)(c)</sup><br>|
| TransDigm Inc., Term Loan N (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 2/10/33 | &nbsp;&nbsp; 1046511<br>| &nbsp;&nbsp; 1048212<br> <sup>(a)(b)(c)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 14340778 |
| Air Freight & Logistics — 2.2% | Air Freight & Logistics — 2.2% | Air Freight & Logistics — 2.2% | Air Freight & Logistics — 2.2% | Air Freight & Logistics — 2.2% |
| Clue Opco LLC, Term Loan B (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.167% | &nbsp;&nbsp; 12/19/30 | &nbsp;&nbsp; 2072000<br>| &nbsp;&nbsp; 2022272<br> <sup>(a)(b)(c)</sup><br>|
| First Student Bidco Inc., Initial Term Loan C (3 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 795011<br>| &nbsp;&nbsp; 793437<br> <sup>(a)(b)(c)</sup><br>|
| First Student Bidco Inc., Term Loan B (3 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 5834975<br>| &nbsp;&nbsp; 5823422<br> <sup>(a)(b)(c)</sup><br>|
| Kenan Advantage Group Inc., Term Loan B4 (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 4538960<br>| &nbsp;&nbsp; 4492436<br> <sup>(a)(b)(c)</sup><br>|
| LaserShip Inc., Term Loan B1 (3 mo. Term SOFR + 1.762%) | &nbsp;&nbsp; 5.461% | &nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp; 1548367<br>| &nbsp;&nbsp; 1144684<br> <sup>(a)(b)(c)</sup><br>|
| LaserShip Inc., Term Loan D (3 mo. Term SOFR + 1.762%) | &nbsp;&nbsp; 5.461% | &nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp; 1121231<br>| &nbsp;&nbsp; 274701<br> <sup>(a)(b)(c)</sup><br>|
| WWEX Uni Topco Holdings LLC, Term Loan B (3 mo. Term SOFR + 4.000%) | &nbsp;&nbsp; 7.700% | &nbsp;&nbsp; 7/26/28 | &nbsp;&nbsp; 3350095<br>| &nbsp;&nbsp; 3356896<br> <sup>(a)(b)(c)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 17907848 |
| Building Products — 2.2% | Building Products — 2.2% | Building Products — 2.2% | Building Products — 2.2% | Building Products — 2.2% |
| Cornerstone Building Brands Inc., New Term Loan B (3 mo. Term SOFR + <br> 3.250%) | &nbsp;&nbsp; 7.024% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 3303302<br>| &nbsp;&nbsp; 1888778<br> <sup>(a)(b)(c)</sup><br>|
| Cornerstone Building Brands Inc., Term Loan C (3 mo. Term SOFR + <br> 4.500%) | &nbsp;&nbsp; 8.174% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 3471135<br>| &nbsp;&nbsp; 1690443<br> <sup>(a)(b)(c)</sup><br>|
| Hunter Douglas Holding BV, Term Loan B1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 1/17/32 | &nbsp;&nbsp; 5462270<br>| &nbsp;&nbsp; 5445774<br> <sup>(a)(b)(c)</sup><br>|
| Quikrete Holdings Inc., New Term Loan B1 (1 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 4/14/31 | &nbsp;&nbsp; 4796733<br>| &nbsp;&nbsp; 4795366<br> <sup>(a)(b)(c)</sup><br>|
| Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 3591310<br>| &nbsp;&nbsp; 3589066<br> <sup>(a)(b)(c)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 17409427 |
| Commercial Services & Supplies — 6.3% | Commercial Services & Supplies — 6.3% | Commercial Services & Supplies — 6.3% | Commercial Services & Supplies — 6.3% | Commercial Services & Supplies — 6.3% |
| AlixPartners LLP, 2025 Refinanced Dollar Term Loan (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 8/12/32 | &nbsp;&nbsp; 2493750<br>| &nbsp;&nbsp; 2474174<br> <sup>(a)(b)(c)</sup><br>|
| Allied Universal Holdco LLC, Amendment No.7 Replacement US Dollar <br> Term Loan (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 8/20/32 | &nbsp;&nbsp; 7787086<br>| &nbsp;&nbsp; 7796820<br> <sup>(a)(b)(c)</sup><br>|
| BradyPLUS Holdings LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR <br> + 3.500%) | &nbsp;&nbsp; 7.173% | &nbsp;&nbsp; 12/29/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1972510<br> <sup>(a)(b)(c)</sup><br>|
| Camelot US Acquisition I Co., Term Loan B1 (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp; 4431696<br> <sup>(a)(b)(c)(e)</sup><br>|
| CHG Healthcare Services Inc., Amendment No. 7 Refinancing Term Loan (3 <br> mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.417% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 3774844<br>| &nbsp;&nbsp; 3782507<br> <sup>(a)(b)(c)</sup><br>|
| Ensemble RCM LLC, Term Loan B (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.660% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 4799662<br>| &nbsp;&nbsp; 4753657<br> <sup>(a)(b)(c)</sup><br>|
| Madison IAQ LLC, Initial Term Loan (6 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.128% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 3502444<br>| &nbsp;&nbsp; 3505632<br> <sup>(a)(b)(c)</sup><br>|
| Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental Term <br> Loan (1 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 5/4/28 | &nbsp;&nbsp; 6229115<br>| &nbsp;&nbsp; 6231482<br> <sup>(a)(b)(c)</sup><br>|
| Neon Maple Purchaser Inc., First Amendment Term Loan B1 (1 mo. Term <br> SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 11/17/31 | &nbsp;&nbsp; 6118319<br>| &nbsp;&nbsp; 6003601<br> <sup>(a)(b)(c)</sup><br>|
| Neptune Bidco US Inc., 2026 Dollar Term Loan B (3 mo. Term SOFR + <br> 5.100%) | &nbsp;&nbsp; 8.760% | &nbsp;&nbsp; 1/28/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2294400<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| Priority Holdings LLC, 2025 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; $953352<br>| &nbsp;&nbsp; $932201<br> <sup>(a)(b)(c)</sup><br>|
| Soliant Lower Intermediate LLC, Initial Term Loan (6 mo. Term SOFR + <br> 3.750%) | &nbsp;&nbsp; 7.376% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 2070050<br>| &nbsp;&nbsp; 1552537<br> <sup>(a)(b)(c)</sup><br>|
| Spin Holdco Inc., Initial Term Loan (3 mo. Term SOFR + 4.262%) | &nbsp;&nbsp; 7.933% | &nbsp;&nbsp; 3/4/28 | &nbsp;&nbsp; 465508<br>| &nbsp;&nbsp; 360189<br> <sup>(a)(b)(c)</sup><br>|
| Verde Purchaser LLC, Initial Term Loan (3 mo. Term SOFR + 4.000%) | &nbsp;&nbsp; 7.700% | &nbsp;&nbsp; 11/29/30 | &nbsp;&nbsp; 4234733<br>| &nbsp;&nbsp; 4125837<br> <sup>(a)(b)(c)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 50217243 |
| Construction & Engineering — 1.6% | Construction & Engineering — 1.6% | Construction & Engineering — 1.6% | Construction & Engineering — 1.6% | Construction & Engineering — 1.6% |
| Aretec Group Inc., Term Loan B4 (1 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 8/9/30 | &nbsp;&nbsp; 4854335<br>| &nbsp;&nbsp; 4799991<br> <sup>(a)(b)(c)</sup><br>|
| Brand Industrial Services Inc., Term Loan C (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.164% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1600903<br>| &nbsp;&nbsp; 1382107<br> <sup>(a)(b)(c)</sup><br>|
| DG Investment Intermediate Holdings 2 Inc., Term Loan (1 mo. Term SOFR <br> + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 7/9/32 | &nbsp;&nbsp; 2730071<br>| &nbsp;&nbsp; 2731777<br> <sup>(a)(b)(c)</sup><br>|
| Red SPV LLC, Initial Term Loan (1 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.925% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 3840810<br>| &nbsp;&nbsp; 3843211<br> <sup>(a)(b)(c)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 12757086 |
| Machinery — 1.6% | Machinery — 1.6% | Machinery — 1.6% | Machinery — 1.6% | Machinery — 1.6% |
| Indicor LLC, Dollar Term Loan E (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/22/29 | &nbsp;&nbsp; 3072663<br>| &nbsp;&nbsp; 3076289<br> <sup>(a)(b)(c)</sup><br>|
| TK Elevator Midco Gmbh, USD Term Loan B (6 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.377% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 3616643<br>| &nbsp;&nbsp; 3628450<br> <sup>(a)(b)(c)</sup><br>|
| WEC US Holdings Ltd., Initial Term Loan (1 mo. Term SOFR + 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 1/27/31 | &nbsp;&nbsp; 6094713<br>| &nbsp;&nbsp; 6090904<br> <sup>(a)(b)(c)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 12795643 |
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |
| American Airlines Inc., 2024 Replacement Term Loan (3 mo. Term SOFR + <br> 2.250%)  | &nbsp;&nbsp; 5.907% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 4490202<br>| &nbsp;&nbsp; 4368967<br> <sup>(a)(b)(c)</sup><br>|
| Professional Services — 2.4% | Professional Services — 2.4% | Professional Services — 2.4% | Professional Services — 2.4% | Professional Services — 2.4% |
| CoreLogic Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 3.614%) | &nbsp;&nbsp; 7.282% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 9740828<br>| &nbsp;&nbsp; 9339068<br> <sup>(a)(b)(c)</sup><br>|
| Dayforce Inc., Initial Term Loan (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.661% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 10500000<br>| &nbsp;&nbsp; 9960405<br> <sup>(a)(b)(c)</sup><br>|
| Total Professional Services | Total Professional Services | Total Professional Services | Total Professional Services | &nbsp;&nbsp; 19299473 |
| Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% | Trading Companies & Distributors — 0.6% |
| BCPE Empire Holdings Inc., Amendment No. 8 Refinancing Term Loan (1 <br> mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 12/11/30 | &nbsp;&nbsp; 4399473<br>| &nbsp;&nbsp; 4340807<br> <sup>(a)(b)(c)</sup><br>|
| QXO Building Products Inc., 2025 Refinancing Term Loan B (1 mo. Term <br> SOFR + 2.000%) | &nbsp;&nbsp; 5.668% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 299824<br>| &nbsp;&nbsp; 299618<br> <sup>(a)(b)(c)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 4640425 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **153736890** |
| **Information Technology — 18.9%** | **Information Technology — 18.9%** | **Information Technology — 18.9%** | **Information Technology — 18.9%** | **Information Technology — 18.9%** |
| IT Services — 2.5% | IT Services — 2.5% | IT Services — 2.5% | IT Services — 2.5% | IT Services — 2.5% |
| Mcafee Corp., Refinancing Term Loan B1 (1 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 11538505<br>| &nbsp;&nbsp; 10341385<br> <sup>(a)(b)(c)</sup><br>|
| Nielsen Consumer Inc., 2025 Term Loan (1 mo. Term SOFR + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 2989823<br>| &nbsp;&nbsp; 2956187<br> <sup>(a)(b)(c)</sup><br>|
| Project Alpha Intermediate Holding Inc., First Lien Incremental Term Loan B <br> (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 10/28/30 | &nbsp;&nbsp; 8486912<br>| &nbsp;&nbsp; 6469361<br> <sup>(a)(b)(c)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 19766933 |
| Software — 14.8% | Software — 14.8% | Software — 14.8% | Software — 14.8% | Software — 14.8% |
| Ascend Learning LLC, Amendment No. 5 Term Loan (1 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 12/11/28 | &nbsp;&nbsp; 5062002<br>| &nbsp;&nbsp; 4953169<br> <sup>(a)(b)(c)</sup><br>|
| BMC Software Inc., 2031 Replacement Dollar Term Loan (3 mo. Term SOFR <br> + 3.000%) | &nbsp;&nbsp; 6.673% | &nbsp;&nbsp; 7/30/31 | &nbsp;&nbsp; 11291731<br>| &nbsp;&nbsp; 10500124<br> <sup>(a)(b)(c)</sup><br>|
| Central Parent LLC, 2024 Refinance Term Loan (3 mo. Term SOFR + <br> 3.250%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; 11606138<br>| &nbsp;&nbsp; 8313941<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Cloud Software Group Inc., Tenth Amendment Term Loan B2 (3 mo. Term <br> SOFR + 3.250%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; $9340817<br>| &nbsp;&nbsp; $8584211<br> <sup>(a)(b)(c)</sup><br>|
| Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%) | &nbsp;&nbsp; 7.518% | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 6407792<br>| &nbsp;&nbsp; 5738979<br> <sup>(a)(b)(c)</sup><br>|
| Epicor Software Corp., Term Loan F (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 10076084<br>| &nbsp;&nbsp; 9897889<br> <sup>(a)(b)(c)</sup><br>|
| Flash Charm Inc., 2024 Term Loan B2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.160% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 5586053<br>| &nbsp;&nbsp; 4453480<br> <sup>(a)(b)(c)</sup><br>|
| Gen Digital Inc., Additional Term Loan B1 (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.418% | &nbsp;&nbsp; 9/12/29 | &nbsp;&nbsp; 2490183<br>| &nbsp;&nbsp; 2469278<br> <sup>(a)(b)(c)</sup><br>|
| Genesys Cloud Services Holdings II LLC, 2025 Dollar Term Loan (1 mo. <br> Term SOFR + 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 7550945<br>| &nbsp;&nbsp; 7239468<br> <sup>(a)(b)(c)</sup><br>|
| Kaseya Inc., Term Loan (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 3/20/32 | &nbsp;&nbsp; 6288054<br>| &nbsp;&nbsp; 5890397<br> <sup>(a)(b)(c)</sup><br>|
| Peraton Corp., First Lien Term Loan B (3 mo. Term SOFR + 3.850%) | &nbsp;&nbsp; 7.517% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 12346853<br>| &nbsp;&nbsp; 10566869<br> <sup>(a)(b)(c)</sup><br>|
| PointClickCare Technologies, 2025 Term Loan (1 mo. Term SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 11/3/31 | &nbsp;&nbsp; 3761100<br>| &nbsp;&nbsp; 3745830<br> <sup>(a)(b)(c)</sup><br>|
| Project Boost Purchaser LLC, First Lien Intial Term Loan (3 mo. Term SOFR + <br> 2.750%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 7/16/31 | &nbsp;&nbsp; 4683564<br>| &nbsp;&nbsp; 4524347<br> <sup>(a)(b)(c)</sup><br>|
| Proofpoint Inc., 2025 Incremental Term Loan (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 8341878<br>| &nbsp;&nbsp; 8088159<br> <sup>(a)(b)(c)</sup><br>|
| Rocket Software Inc., Term Loan (1 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 11/28/28 | &nbsp;&nbsp; 3101608<br>| &nbsp;&nbsp; 2982072<br> <sup>(a)(b)(c)</sup><br>|
| Skopima Consilio Parent LLC, Amendment No. 5 Term Loan (1 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 5/12/28 | &nbsp;&nbsp; 3853999<br>| &nbsp;&nbsp; 3033811<br> <sup>(a)(b)(c)</sup><br>|
| Sophos Holdings LLC, Dollar Term Loan (1 mo. Term SOFR + 3.614%) | &nbsp;&nbsp; 7.282% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 2953032<br>| &nbsp;&nbsp; 2819688<br> <sup>(a)(b)(c)</sup><br>|
| Sovos Compliance LLC, Amendment No. 3 Replacement Term Loan (1 mo. <br> Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 8/14/29 | &nbsp;&nbsp; 4921367<br>| &nbsp;&nbsp; 4686371<br> <sup>(a)(b)(c)</sup><br>|
| UKG Inc., Term Loan B (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.167% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 11153030<br>| &nbsp;&nbsp; 10672781<br> <sup>(a)(b)(c)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 119160864 |
| Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% | Technology Hardware, Storage & Peripherals — 1.6% |
| Clover Holdings 2 LLC, Initial Term Loan (1 mo. Term SOFR + 4.000%) | &nbsp;&nbsp; 7.676% | &nbsp;&nbsp; 12/9/31 | &nbsp;&nbsp; 6288113<br>| &nbsp;&nbsp; 6036589<br> <sup>(a)(b)(c)</sup><br>|
| Fortress Intermediate 3 Inc., 2025 Term Loan B (1 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.669% | &nbsp;&nbsp; 6/27/31 | &nbsp;&nbsp; 6591217<br>| &nbsp;&nbsp; 6550022<br> <sup>(a)(b)(c)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 12586611 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **151514408** |
| **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** |
| Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% |
| Hexion Holdings Corp., Second Lien Term Loan (1 mo. Term SOFR + <br> 7.538%) | &nbsp;&nbsp; 11.205% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 388235<br>| &nbsp;&nbsp; 363485<br> <sup>(a)(b)(c)</sup><br>|
| Ineos Finance PLC, 2030 Dollar Term Loan (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 2/19/30 | &nbsp;&nbsp; 2949274<br>| &nbsp;&nbsp; 2586145<br> <sup>(a)(b)(c)</sup><br>|
| Ineos US Finance LLC, 2031 New Dollar Term Loan (1 mo. Term SOFR + <br> 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 2/7/31 | &nbsp;&nbsp; 1261766<br>| &nbsp;&nbsp; 1091875<br> <sup>(a)(b)(c)</sup><br>|
| Ineos US Petrochem LLC, 2030 Dollar Term Loan B (1 mo. Term SOFR + <br> 3.850%) | &nbsp;&nbsp; 7.518% | &nbsp;&nbsp; 3/14/30 | &nbsp;&nbsp; 1280526<br>| &nbsp;&nbsp; 933503<br> <sup>(a)(b)(c)</sup><br>|
| Ineos US Petrochem LLC, New Term Loan B (1 mo. Term SOFR + 4.350%) | &nbsp;&nbsp; 8.018% | &nbsp;&nbsp; 4/2/29 | &nbsp;&nbsp; 2636514<br>| &nbsp;&nbsp; 2076255<br> <sup>(a)(b)(c)</sup><br>|
| Nouryon Finance BV, 2024 Dollar Term Loan B1 (6 mo. Term SOFR + <br> 3.250%) | &nbsp;&nbsp; 7.036% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 2123684<br>| &nbsp;&nbsp; 2086519<br> <sup>(a)(b)(c)</sup><br>|
| Nouryon Finance BV, 2024 Dollar Term Loan B2 (3 mo. Term SOFR + <br> 3.250%) | &nbsp;&nbsp; 6.917% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 1684429<br>| &nbsp;&nbsp; 1655660<br> <sup>(a)(b)(c)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 10793442 |
| Containers & Packaging — 1.9% | Containers & Packaging — 1.9% | Containers & Packaging — 1.9% | Containers & Packaging — 1.9% | Containers & Packaging — 1.9% |
| Charter Next Generation Inc., Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.171% | &nbsp;&nbsp; 11/29/30 | &nbsp;&nbsp; 4879449<br>| &nbsp;&nbsp; 4856418<br> <sup>(a)(b)(c)</sup><br>|
| Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date Term <br> Loan B (1 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 6272849<br>| &nbsp;&nbsp; 5875307<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued |
| Kleopatra Finco SARL, Initial Exit Term Loan (3 mo. Term SOFR + 7.000%) | &nbsp;&nbsp; 10.667% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; $202401<br>| &nbsp;&nbsp; $304363<br> <sup>(a)(b)(c)</sup><br>|
| ProAmpac PG Borrower LLC, First Lien Initial USD Term Loan (1 mo. Term <br> SOFR + 4.114%) | &nbsp;&nbsp; 7.782% | &nbsp;&nbsp; 3/7/33 | &nbsp;&nbsp; 4058825<br>| &nbsp;&nbsp; 3929957<br> <sup>(a)(b)(c)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 14966045 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **25759487** |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% |
| Cushman & Wakefield US Borrower LLC, 2025 Term Loan (1 mo. Term <br> SOFR + 2.750%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 2680767<br>| &nbsp;&nbsp; 2694171<br> <sup>(a)(b)(c)</sup><br>|
| Cushman & Wakefield US Borrower LLC, Term Loan (1 mo. Term SOFR + <br> 2.500%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 3049257<br>| &nbsp;&nbsp; 3068315<br> <sup>(a)(b)(c)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5762486** |
| **Total Senior Loans (Cost — $731,155,874)** | **Total Senior Loans (Cost — $731,155,874)** | **Total Senior Loans (Cost — $731,155,874)** | **Total Senior Loans (Cost — $731,155,874)** | &nbsp;&nbsp; **687956181** |
| **Corporate Bonds & Notes — 4.1%** | **Corporate Bonds & Notes — 4.1%** | **Corporate Bonds & Notes — 4.1%** | **Corporate Bonds & Notes — 4.1%** | **Corporate Bonds & Notes — 4.1%** |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 479588<br> <sup>(g)</sup><br>|
| Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% |
| Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3351065<br> <sup>(g)</sup><br>|
| DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 308000<br>| &nbsp;&nbsp; 307865<br> <sup>(g)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1021507<br> <sup>(g)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 4680437 |
| Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† |
| Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 180540<br> <sup>(g)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5340565** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Brightstar Lottery PLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1191035<br> <sup>(g)</sup><br>|
| Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1483737<br> <sup>(g)</sup><br>|
| Great Canadian Gaming Corp./Raptor LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 244057<br> <sup>(g)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2918829** |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% |
| Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; **1171167**<br> <sup>(g)</sup><br>|
| **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** |
| Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† |
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; **149651**<br>|
| **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** | **Financials — 1.1%** |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 290966<br> <sup>(g)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp; 747264<br> <sup>(g)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2639723<br> <sup>(g)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 3677953 |
| Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% |
| Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 472333<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; $3300000<br>| &nbsp;&nbsp; $3319899<br> <sup>(g)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior <br> Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1009022<br> <sup>(g)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 4801254 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8479207** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† |
| Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 372150<br> <sup>(g)</sup><br>|
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |
| Radiology Partners Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1522680<br> <sup>(g)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1894830** |
| **Industrials — 1.2%** | **Industrials — 1.2%** | **Industrials — 1.2%** | **Industrials — 1.2%** | **Industrials — 1.2%** |
| Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% | Aerospace & Defense — 0.5% |
| Goat Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2013988<br> <sup>(g)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1700941<br> <sup>(g)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3714929 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Emerald Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1425633<br> <sup>(g)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1014753<br> <sup>(g)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 2440386 |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Albion Financing 1 SARL/Aggreko Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 5/21/30 | &nbsp;&nbsp; 587200<br>| &nbsp;&nbsp; 600575<br> <sup>(g)</sup><br>|
| Allied Universal Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1031885<br> <sup>(g)</sup><br>|
| GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 583817<br> <sup>(g)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 2216277 |
| Machinery — 0.0%†† | Machinery — 0.0%†† | Machinery — 0.0%†† | Machinery — 0.0%†† | Machinery — 0.0%†† |
| GrafTech Finance Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/23/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 223713<br> <sup>(g)</sup><br>|
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 696910<br> <sup>(g)</sup><br>|
| American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 316666<br>| &nbsp;&nbsp; 317104<br> <sup>(g)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 1014014 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **9609319** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; **597059**<br> <sup>(g)</sup><br>|
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 494592<br> <sup>(g)</sup><br>|
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Cemex SAB de CV, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp; 371474<br> <sup>(g)</sup><br>|
| Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 722382<br> <sup>(g)</sup><br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 1093856 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 151573<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued | Containers & Packaging — continued |
| Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; $805000<br>| &nbsp;&nbsp; $805576<br> <sup>(g)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 957149 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2545597** |
| **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** |
| Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† |
| Talen Energy Supply LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; **419815**<br> <sup>(g)</sup><br>|
| **Total Corporate Bonds & Notes (Cost — $32,664,561)** | **Total Corporate Bonds & Notes (Cost — $32,664,561)** | **Total Corporate Bonds & Notes (Cost — $32,664,561)** | **Total Corporate Bonds & Notes (Cost — $32,664,561)** | &nbsp;&nbsp; **33126039** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 2.7%** | **Investments in Underlying Funds — 2.7%** | **Investments in Underlying Funds — 2.7%** | **Investments in Underlying Funds — 2.7%** | **Investments in Underlying Funds — 2.7%** |
| Franklin Templeton ETF Trust — Franklin High Yield Corporate ETF |  |  | &nbsp;&nbsp; 255966<br>| &nbsp;&nbsp; 6179019<br> <sup>(h)</sup><br>|
| Invesco Senior Loan ETF |  |  | &nbsp;&nbsp; 221413<br>| &nbsp;&nbsp; 4519039<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 5569200<br>|
| Janus Henderson AAA CLO ETF |  |  | &nbsp;&nbsp; 105000<br>| &nbsp;&nbsp; 5288850<br>|
| **Total Investments in Underlying Funds (Cost — $21,440,577)** | **Total Investments in Underlying Funds (Cost — $21,440,577)** | **Total Investments in Underlying Funds (Cost — $21,440,577)** | **Total Investments in Underlying Funds (Cost — $21,440,577)** | &nbsp;&nbsp; **21556108** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Asset-Backed Securities — 0.3%** | **Asset-Backed Securities — 0.3%** | **Asset-Backed Securities — 0.3%** | **Asset-Backed Securities — 0.3%** | **Asset-Backed Securities — 0.3%** |
| BlueMountain CLO Ltd., 2018-3A C (3 mo. Term SOFR + 2.462%) | &nbsp;&nbsp; 6.130% | &nbsp;&nbsp; 10/25/30 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp; 1004587<br> <sup>(c)(g)</sup><br>|
| LCM LP, 18A CR (3 mo. Term SOFR + 2.112%) | &nbsp;&nbsp; 5.779% | &nbsp;&nbsp; 4/20/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003600<br> <sup>(c)(g)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,998,741)** | **Total Asset-Backed Securities (Cost — $1,998,741)** | **Total Asset-Backed Securities (Cost — $1,998,741)** | **Total Asset-Backed Securities (Cost — $1,998,741)** | &nbsp;&nbsp; **2008187** |
|  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† |
| Keenova Therapeutics PLC | Keenova Therapeutics PLC |  | &nbsp;&nbsp; 3652 | &nbsp;&nbsp; 321,376<br> \*<br>|
| Par Health Inc. | Par Health Inc. |  | &nbsp;&nbsp; 3652 | &nbsp;&nbsp; 23,281<br> \*<br>|
| **Total Common Stocks (Cost — $356,125)** | **Total Common Stocks (Cost — $356,125)** | **Total Common Stocks (Cost — $356,125)** | **Total Common Stocks (Cost — $356,125)** | &nbsp;&nbsp; **344657**<br>|
| **Total Investments before Short-Term Investments (Cost — $787,615,878)** | **Total Investments before Short-Term Investments (Cost — $787,615,878)** | **Total Investments before Short-Term Investments (Cost — $787,615,878)** | **Total Investments before Short-Term Investments (Cost — $787,615,878)** | &nbsp;&nbsp; **744991172** |
|  | Rate |  |  |  |
| **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares <br>(Cost — $43,063,904)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 43063904<br>| &nbsp;&nbsp; **43063904**<br> <sup>(h)(i)(j)</sup><br>|
| **Total Investments — 98.2% (Cost — $830,679,782)** | **Total Investments — 98.2% (Cost — $830,679,782)** | **Total Investments — 98.2% (Cost — $830,679,782)** | **Total Investments — 98.2% (Cost — $830,679,782)** | &nbsp;&nbsp; **788055076** |
| Other Assets in Excess of Liabilities — 1.8% | Other Assets in Excess of Liabilities — 1.8% | Other Assets in Excess of Liabilities — 1.8% | Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp; 14555552 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$802610628** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Senior Loan ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(b)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(e)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(f)</sup> | All or a portion of this loan is unfunded as of March 31, 2026. The interest rate for fully unfunded term loans is to be determined. At March 31, 2026, the <br> total principal amount and market value of unfunded commitments totaled $924,656 and $915,179, respectively.<br>|
| <sup>(g)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $49,242,923 and the cost was $49,202,387 (Note 6).<br>|
| <sup>(i)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(j)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| CPI |  | Consumer Price Index |
| DIP |  | Debtor-in-possession |
| ETF |  | Exchange-Traded Fund |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 61.6%** | **Common Stocks — 61.6%** | **Common Stocks — 61.6%** |
| **Communication Services — 4.0%** | **Communication Services — 4.0%** | **Communication Services — 4.0%** |
| Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% |
| BT Group PLC | &nbsp;&nbsp; 161290 | &nbsp;&nbsp; $447719<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 130692 | &nbsp;&nbsp; 3752167<br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 50879 | &nbsp;&nbsp; 1872998<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 6072884 |
| Entertainment — 0.8% | Entertainment — 0.8% | Entertainment — 0.8% |
| Electronic Arts Inc. | &nbsp;&nbsp; 9797 | &nbsp;&nbsp; 1997314<br>|
| Live Nation Entertainment Inc. | &nbsp;&nbsp; 2001 | &nbsp;&nbsp; 305,173<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 36447 | &nbsp;&nbsp; 3512762<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 5815249 |
| Interactive Media & Services — 1.8% | Interactive Media & Services — 1.8% | Interactive Media & Services — 1.8% |
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 42313 | &nbsp;&nbsp; 12137907<br>|
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 20403 | &nbsp;&nbsp; 374,191<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 12512098 |
| Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† |
| Fox Corp., Class A Shares | &nbsp;&nbsp; 6636 | &nbsp;&nbsp; 387542<br>|
| Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% |
| SoftBank Group Corp. | &nbsp;&nbsp; 121200 | &nbsp;&nbsp; 2708316<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 670309 | &nbsp;&nbsp; 1001500<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 3709816 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **28497589** |
| **Consumer Discretionary — 6.0%** | **Consumer Discretionary — 6.0%** | **Consumer Discretionary — 6.0%** |
| Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% |
| Ford Motor Co. | &nbsp;&nbsp; 161362 | &nbsp;&nbsp; 1862118<br>|
| General Motors Co. | &nbsp;&nbsp; 35634 | &nbsp;&nbsp; 2654733<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 22100 | &nbsp;&nbsp; 308530<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 24879 | &nbsp;&nbsp; 1501790<br>|
| Subaru Corp. | &nbsp;&nbsp; 16900 | &nbsp;&nbsp; 263820<br>|
| Suzuki Motor Corp. | &nbsp;&nbsp; 54700 | &nbsp;&nbsp; 644854<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 7235845 |
| Broadline Retail — 0.9% | Broadline Retail — 0.9% | Broadline Retail — 0.9% |
| eBay Inc. | &nbsp;&nbsp; 15666 | &nbsp;&nbsp; 1425919<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 1857 | &nbsp;&nbsp; 3,210,790<br> \*<br>|
| Next PLC | &nbsp;&nbsp; 4006 | &nbsp;&nbsp; 669584<br>|
| Sea Ltd., ADR | &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 1,043,406<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 6349699 |
| Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 16110 | &nbsp;&nbsp; 2,034,371<br> \*<br>|
| Booking Holdings Inc. | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 5022912<br>|
| Carnival Corp. | &nbsp;&nbsp; 19007 | &nbsp;&nbsp; 491901<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 303177<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 3737 | &nbsp;&nbsp; 862836<br>|
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 281243<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 12545 | &nbsp;&nbsp; 675924<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 7314 | &nbsp;&nbsp; 1137181<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 10809545 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Sony Group Corp. | &nbsp;&nbsp; 253500 | &nbsp;&nbsp; $5113342<br>|
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 17200 | &nbsp;&nbsp; 418080<br>|
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| AutoZone Inc. | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 1,023,467<br> \*<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 5812 | &nbsp;&nbsp; 373130<br>|
| Home Depot Inc. | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 672580<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 13336 | &nbsp;&nbsp; 2888978<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 20883 | &nbsp;&nbsp; 3335015<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 956,037<br> \*<br>|
| Williams-Sonoma Inc. | &nbsp;&nbsp; 4922 | &nbsp;&nbsp; 897428<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 10146635 |
| Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% |
| Asics Corp. | &nbsp;&nbsp; 24300 | &nbsp;&nbsp; 634803<br>|
| Lululemon Athletica Inc. | &nbsp;&nbsp; 3666 | &nbsp;&nbsp; 561,265<br> \*<br>|
| Tapestry Inc. | &nbsp;&nbsp; 8438 | &nbsp;&nbsp; 1190686<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2386754 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **42459900** |
| **Consumer Staples — 4.1%** | **Consumer Staples — 4.1%** | **Consumer Staples — 4.1%** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| Coca-Cola HBC AG | &nbsp;&nbsp; 5249 | &nbsp;&nbsp; 293902<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 32100 | &nbsp;&nbsp; 509476<br>|
| Monster Beverage Corp. | &nbsp;&nbsp; 30213 | &nbsp;&nbsp; 2,189,234<br> \*<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 2992612 |
| Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% | Consumer Staples Distribution & Retail — 1.9% |
| Dollar General Corp. | &nbsp;&nbsp; 9076 | &nbsp;&nbsp; 1077594<br>|
| Dollar Tree Inc. | &nbsp;&nbsp; 7789 | &nbsp;&nbsp; 852,973<br> \*<br>|
| George Weston Ltd. | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 274653<br>|
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 36676 | &nbsp;&nbsp; 1702578<br>|
| Kroger Co. | &nbsp;&nbsp; 24788 | &nbsp;&nbsp; 1793660<br>|
| Sysco Corp. | &nbsp;&nbsp; 15124 | &nbsp;&nbsp; 1078795<br>|
| Target Corp. | &nbsp;&nbsp; 18669 | &nbsp;&nbsp; 2262683<br>|
| Walmart Inc. | &nbsp;&nbsp; 36373 | &nbsp;&nbsp; 4520436<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 13563372 |
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 9247 | &nbsp;&nbsp; 672164<br>|
| WH Group Ltd. | &nbsp;&nbsp; 289000 | &nbsp;&nbsp; 378197<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1050361 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 10065 | &nbsp;&nbsp; 857840<br>|
| Personal Care Products — 0.9% | Personal Care Products — 0.9% | Personal Care Products — 0.9% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 10137 | &nbsp;&nbsp; 727532<br>|
| Kao Corp. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 629100<br>|
| Kenvue Inc. | &nbsp;&nbsp; 78999 | &nbsp;&nbsp; 1361943<br>|
| L'Oreal SA | &nbsp;&nbsp; 8888 | &nbsp;&nbsp; 3577607<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 6296182 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc. | &nbsp;&nbsp; 69212 | &nbsp;&nbsp; $4567300<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **29327667** |
| **Energy — 3.1%** | **Energy — 3.1%** | **Energy — 3.1%** |
| Oil, Gas & Consumable Fuels — 3.1% | Oil, Gas & Consumable Fuels — 3.1% | Oil, Gas & Consumable Fuels — 3.1% |
| ARC Resources Ltd. | &nbsp;&nbsp; 16500 | &nbsp;&nbsp; 342284<br>|
| Cheniere Energy Inc. | &nbsp;&nbsp; 4886 | &nbsp;&nbsp; 1386451<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 24571 | &nbsp;&nbsp; 1236413<br>|
| ENEOS Holdings Inc. | &nbsp;&nbsp; 111500 | &nbsp;&nbsp; 988565<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 20542 | &nbsp;&nbsp; 2969757<br>|
| Imperial Oil Ltd. | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 718108<br>|
| Inpex Corp. | &nbsp;&nbsp; 25600 | &nbsp;&nbsp; 752761<br>|
| Marathon Petroleum Corp. | &nbsp;&nbsp; 12395 | &nbsp;&nbsp; 3026611<br>|
| Phillips 66 | &nbsp;&nbsp; 16612 | &nbsp;&nbsp; 3026374<br>|
| Suncor Energy Inc. | &nbsp;&nbsp; 49500 | &nbsp;&nbsp; 3263584<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 11677 | &nbsp;&nbsp; 2885153<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 14847 | &nbsp;&nbsp; 1080565<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **21676626** |
| **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** |
| Banks — 3.2% | Banks — 3.2% | Banks — 3.2% |
| AIB Group PLC | &nbsp;&nbsp; 60301 | &nbsp;&nbsp; 626351<br>|
| Banco Santander SA | &nbsp;&nbsp; 223617 | &nbsp;&nbsp; 2445112<br>|
| Barclays PLC | &nbsp;&nbsp; 214775 | &nbsp;&nbsp; 1103014<br>|
| BNP Paribas SA | &nbsp;&nbsp; 10036 | &nbsp;&nbsp; 936526<br>|
| Citigroup Inc. | &nbsp;&nbsp; 59094 | &nbsp;&nbsp; 6701851<br>|
| ING Groep NV | &nbsp;&nbsp; 87072 | &nbsp;&nbsp; 2217670<br>|
| KeyCorp | &nbsp;&nbsp; 38057 | &nbsp;&nbsp; 763043<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 13322 | &nbsp;&nbsp; 273178<br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; 67100 | &nbsp;&nbsp; 6246736<br>|
| UniCredit SpA | &nbsp;&nbsp; 15369 | &nbsp;&nbsp; 1077719<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 22391200 |
| Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 522170<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 26503 | &nbsp;&nbsp; 3144051<br>|
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 39500 | &nbsp;&nbsp; 362499<br>|
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 67446 | &nbsp;&nbsp; 1951718<br>|
| Morgan Stanley | &nbsp;&nbsp; 3963 | &nbsp;&nbsp; 652191<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 123900 | &nbsp;&nbsp; 937681<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 5402 | &nbsp;&nbsp; 753957<br>|
| State Street Corp. | &nbsp;&nbsp; 8256 | &nbsp;&nbsp; 1044879<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 7627 | &nbsp;&nbsp; 687498<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 10056644 |
| Consumer Finance — 0.9% | Consumer Finance — 0.9% | Consumer Finance — 0.9% |
| American Express Co. | &nbsp;&nbsp; 19591 | &nbsp;&nbsp; 5925886<br>|
| Synchrony Financial | &nbsp;&nbsp; 11959 | &nbsp;&nbsp; 813451<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 6739337 |
| Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% |
| Block Inc. | &nbsp;&nbsp; 18694 | &nbsp;&nbsp; 1,125,005<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; $549127<br>|
| ORIX Corp. | &nbsp;&nbsp; 35400 | &nbsp;&nbsp; 1025129<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 28688 | &nbsp;&nbsp; 1297558<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 3996819 |
| Insurance — 4.3% | Insurance — 4.3% | Insurance — 4.3% |
| Aegon Ltd. | &nbsp;&nbsp; 38710 | &nbsp;&nbsp; 277779<br>|
| Aflac Inc. | &nbsp;&nbsp; 17422 | &nbsp;&nbsp; 1911368<br>|
| Ageas SA/NV | &nbsp;&nbsp; 3501 | &nbsp;&nbsp; 254334<br>|
| AIA Group Ltd. | &nbsp;&nbsp; 433400 | &nbsp;&nbsp; 4690440<br>|
| Allstate Corp. | &nbsp;&nbsp; 9754 | &nbsp;&nbsp; 2022394<br>|
| American International Group Inc. | &nbsp;&nbsp; 18761 | &nbsp;&nbsp; 1411765<br>|
| AXA SA | &nbsp;&nbsp; 68822 | &nbsp;&nbsp; 3111602<br>|
| Daiichi Life Group Inc. | &nbsp;&nbsp; 122400 | &nbsp;&nbsp; 1093283<br>|
| Everest Group Ltd. | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 458571<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 8224 | &nbsp;&nbsp; 1112132<br>|
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 73500 | &nbsp;&nbsp; 826523<br>|
| Loews Corp. | &nbsp;&nbsp; 6171 | &nbsp;&nbsp; 658693<br>|
| MetLife Inc. | &nbsp;&nbsp; 17867 | &nbsp;&nbsp; 1263554<br>|
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 53100 | &nbsp;&nbsp; 1345774<br>|
| NN Group NV | &nbsp;&nbsp; 3362 | &nbsp;&nbsp; 259770<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 9059 | &nbsp;&nbsp; 816307<br>|
| Prudential PLC | &nbsp;&nbsp; 89470 | &nbsp;&nbsp; 1224674<br>|
| Sampo oyj, Class A Shares | &nbsp;&nbsp; 61263 | &nbsp;&nbsp; 649544<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 36600 | &nbsp;&nbsp; 1383111<br>|
| T&D Holdings Inc. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 422729<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 64100 | &nbsp;&nbsp; 2944514<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 8220 | &nbsp;&nbsp; 2397610<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 30536471 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **73720471** |
| **Health Care — 7.3%** | **Health Care — 7.3%** | **Health Care — 7.3%** |
| Biotechnology — 2.6% | Biotechnology — 2.6% | Biotechnology — 2.6% |
| AbbVie Inc. | &nbsp;&nbsp; 8274 | &nbsp;&nbsp; 1799512<br>|
| Biogen Inc. | &nbsp;&nbsp; 6049 | &nbsp;&nbsp; 1,108,963<br> \*<br>|
| Genmab A/S | &nbsp;&nbsp; 2096 | &nbsp;&nbsp; 553,620<br> \*<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 36281 | &nbsp;&nbsp; 5056483<br>|
| Incyte Corp. | &nbsp;&nbsp; 6880 | &nbsp;&nbsp; 647,546<br> \*<br>|
| Neurocrine Biosciences Inc. | &nbsp;&nbsp; 4111 | &nbsp;&nbsp; 541,583<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 4257 | &nbsp;&nbsp; 3289128<br>|
| United Therapeutics Corp. | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 874,646<br> \*<br>|
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 10459 | &nbsp;&nbsp; 4,670,362<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 18541843 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Cooper Cos. Inc. | &nbsp;&nbsp; 4490 | &nbsp;&nbsp; 321,035<br> \*<br>|
| Edwards Lifesciences Corp. | &nbsp;&nbsp; 20131 | &nbsp;&nbsp; 1,612,090<br> \*<br>|
| GE HealthCare Technologies Inc. | &nbsp;&nbsp; 14431 | &nbsp;&nbsp; 1027199<br>|
| Hologic Inc. | &nbsp;&nbsp; 4504 | &nbsp;&nbsp; 340,457<br> \*<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 1,165,922<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; $465572<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 4932275 |
| Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% | Health Care Providers & Services — 1.1% |
| Cardinal Health Inc. | &nbsp;&nbsp; 8003 | &nbsp;&nbsp; 1691114<br>|
| Elevance Health Inc. | &nbsp;&nbsp; 9161 | &nbsp;&nbsp; 2681883<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 6020 | &nbsp;&nbsp; 2848905<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 354360<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 7576262 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 4923 | &nbsp;&nbsp; 864,774<br> \*<br>|
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| Agilent Technologies Inc. | &nbsp;&nbsp; 11688 | &nbsp;&nbsp; 1332198<br>|
| Illumina Inc. | &nbsp;&nbsp; 5908 | &nbsp;&nbsp; 728,220<br> \*<br>|
| IQVIA Holdings Inc. | &nbsp;&nbsp; 3252 | &nbsp;&nbsp; 554,596<br> \*<br>|
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 1,061,931<br> \*<br>|
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 343878<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 4020823 |
| Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% | Pharmaceuticals — 2.3% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 74600 | &nbsp;&nbsp; 1181202<br>|
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 41233 | &nbsp;&nbsp; 2500781<br>|
| GSK PLC | &nbsp;&nbsp; 135276 | &nbsp;&nbsp; 3681936<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 23807 | &nbsp;&nbsp; 3580753<br>|
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; 747426<br>|
| Roche Holding AG | &nbsp;&nbsp; 9897 | &nbsp;&nbsp; 3876033<br>|
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 1318 | &nbsp;&nbsp; 536680<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 16104811 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **52040788** |
| **Industrials — 9.6%** | **Industrials — 9.6%** | **Industrials — 9.6%** |
| Aerospace & Defense — 3.2% | Aerospace & Defense — 3.2% | Aerospace & Defense — 3.2% |
| General Dynamics Corp. | &nbsp;&nbsp; 8542 | &nbsp;&nbsp; 2931785<br>|
| General Electric Co. | &nbsp;&nbsp; 24091 | &nbsp;&nbsp; 6836303<br>|
| HEICO Corp., Class A Shares | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 284338<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 15748 | &nbsp;&nbsp; 3629284<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 3995 | &nbsp;&nbsp; 1378874<br>|
| RTX Corp. | &nbsp;&nbsp; 37645 | &nbsp;&nbsp; 7261721<br>|
| Textron Inc. | &nbsp;&nbsp; 6251 | &nbsp;&nbsp; 547338<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 22869643 |
| Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 2263 | &nbsp;&nbsp; 375816<br>|
| Deutsche Post AG | &nbsp;&nbsp; 37862 | &nbsp;&nbsp; 1952201<br>|
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 4714 | &nbsp;&nbsp; 675186<br>|
| FedEx Corp. | &nbsp;&nbsp; 9209 | &nbsp;&nbsp; 3280062<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 6283265 |
| Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% |
| Allegion PLC | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 319638<br>|
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 6067 | &nbsp;&nbsp; 489747<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 14200 | &nbsp;&nbsp; 1859490<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Building Products — continued | Building Products — continued | Building Products — continued |
| Masco Corp. | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; $319961<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 2988836 |
| Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% |
| Cintas Corp. | &nbsp;&nbsp; 11987 | &nbsp;&nbsp; 2027481<br>|
| Copart Inc. | &nbsp;&nbsp; 11536 | &nbsp;&nbsp; 382,995<br> \*<br>|
| GFL Environmental Inc., Subordinate Voting Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 349290<br>|
| Rollins Inc. | &nbsp;&nbsp; 9880 | &nbsp;&nbsp; 527691<br>|
| Veralto Corp. | &nbsp;&nbsp; 8581 | &nbsp;&nbsp; 758732<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 4046189 |
| Electrical Equipment — 0.2% | Electrical Equipment — 0.2% | Electrical Equipment — 0.2% |
| Rockwell Automation Inc. | &nbsp;&nbsp; 3841 | &nbsp;&nbsp; 1378458<br>|
| Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% |
| CSX Corp. | &nbsp;&nbsp; 26661 | &nbsp;&nbsp; 1094434<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 81387 | &nbsp;&nbsp; 5,854,167<br> \*<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 6948601 |
| Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% | Industrial Conglomerates — 1.0% |
| 3M Co. | &nbsp;&nbsp; 7844 | &nbsp;&nbsp; 1139184<br>|
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 93500 | &nbsp;&nbsp; 710773<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 117700 | &nbsp;&nbsp; 3302613<br>|
| Siemens AG, Registered Shares | &nbsp;&nbsp; 9968 | &nbsp;&nbsp; 2362491<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 7515061 |
| Machinery — 0.8% | Machinery — 0.8% | Machinery — 0.8% |
| Cummins Inc. | &nbsp;&nbsp; 2007 | &nbsp;&nbsp; 1079806<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 320365<br>|
| Fortive Corp. | &nbsp;&nbsp; 13950 | &nbsp;&nbsp; 771156<br>|
| GEA Group AG | &nbsp;&nbsp; 4155 | &nbsp;&nbsp; 292988<br>|
| Graco Inc. | &nbsp;&nbsp; 6836 | &nbsp;&nbsp; 578667<br>|
| Kubota Corp. | &nbsp;&nbsp; 34100 | &nbsp;&nbsp; 526644<br>|
| Nordson Corp.  | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 479972<br>|
| Parker-Hannifin Corp. | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 853164<br>|
| Snap-on Inc. | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 251348<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 60500 | &nbsp;&nbsp; 787869<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 5941979 |
| Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% |
| Nippon Yusen KK | &nbsp;&nbsp; 15100 | &nbsp;&nbsp; 547469<br>|
| Professional Services — 0.6% | Professional Services — 0.6% | Professional Services — 0.6% |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 330809<br>|
| Jacobs Solutions Inc. | &nbsp;&nbsp; 4153 | &nbsp;&nbsp; 528594<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 3322 | &nbsp;&nbsp; 516637<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 2379207<br>|
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 7686 | &nbsp;&nbsp; 519343<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 4274590 |
| Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% |
| AerCap Holdings NV | &nbsp;&nbsp; 5681 | &nbsp;&nbsp; 779320<br>|
| Marubeni Corp. | &nbsp;&nbsp; 58200 | &nbsp;&nbsp; 2055237<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 34500 | &nbsp;&nbsp; 1253441<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 24100 | &nbsp;&nbsp; $901345<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 4989343 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Aena SME SA | &nbsp;&nbsp; 19364 | &nbsp;&nbsp; 569382<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **68352816** |
| **Information Technology — 10.7%** | **Information Technology — 10.7%** | **Information Technology — 10.7%** |
| Communications Equipment — 1.5% | Communications Equipment — 1.5% | Communications Equipment — 1.5% |
| Ciena Corp. | &nbsp;&nbsp; 5806 | &nbsp;&nbsp; 2,254,063<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 88624 | &nbsp;&nbsp; 6876336<br>|
| F5 Inc. | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 692,656<br> \*<br>|
| Motorola Solutions Inc. | &nbsp;&nbsp; 2467 | &nbsp;&nbsp; 1070604<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 10893659 |
| Electronic Equipment, Instruments & Components — 0.5% | Electronic Equipment, Instruments & Components — 0.5% | Electronic Equipment, Instruments & Components — 0.5% |
| Jabil Inc. | &nbsp;&nbsp; 3107 | &nbsp;&nbsp; 825313<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 12169 | &nbsp;&nbsp; 2543564<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 3368877 |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| Capgemini SE | &nbsp;&nbsp; 2648 | &nbsp;&nbsp; 306628<br>|
| Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 16772 | &nbsp;&nbsp; 1028962<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 65900 | &nbsp;&nbsp; 1313941<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 268,677<br> \*<br>|
| Twilio Inc., Class A Shares | &nbsp;&nbsp; 6251 | &nbsp;&nbsp; 786,501<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 3439 | &nbsp;&nbsp; 854110<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 4558819 |
| Semiconductors & Semiconductor Equipment — 1.8% | Semiconductors & Semiconductor Equipment — 1.8% | Semiconductors & Semiconductor Equipment — 1.8% |
| Lam Research Corp. | &nbsp;&nbsp; 33761 | &nbsp;&nbsp; 7213375<br>|
| Lasertec Corp. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 691778<br>|
| QUALCOMM Inc. | &nbsp;&nbsp; 39638 | &nbsp;&nbsp; 5104582<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 13009735 |
| Software — 5.5% | Software — 5.5% | Software — 5.5% |
| Adobe Inc. | &nbsp;&nbsp; 17258 | &nbsp;&nbsp; 4,195,075<br> \*<br>|
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 3278 | &nbsp;&nbsp; 1,304,645<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 7896 | &nbsp;&nbsp; 1,890,302<br> \*<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 11222 | &nbsp;&nbsp; 3,118,257<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 26062 | &nbsp;&nbsp; 2,129,787<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 15262 | &nbsp;&nbsp; 287384<br>|
| Microsoft Corp. | &nbsp;&nbsp; 22648 | &nbsp;&nbsp; 8383610<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 52944 | &nbsp;&nbsp; 7,744,648<br> \*<br>|
| PTC Inc. | &nbsp;&nbsp; 4903 | &nbsp;&nbsp; 698,629<br> \*<br>|
| Sage Group PLC | &nbsp;&nbsp; 25463 | &nbsp;&nbsp; 281317<br>|
| Salesforce Inc. | &nbsp;&nbsp; 38114 | &nbsp;&nbsp; 7114740<br>|
| Trimble Inc. | &nbsp;&nbsp; 9810 | &nbsp;&nbsp; 639,906<br> \*<br>|
| Zoom Communications Inc. | &nbsp;&nbsp; 8561 | &nbsp;&nbsp; 688,219<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 3504 | &nbsp;&nbsp; 491,576<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 38968095 |
| Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% | Technology Hardware, Storage & Peripherals — 0.7% |
| Canon Inc. | &nbsp;&nbsp; 35800 | &nbsp;&nbsp; 980455<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| HP Inc. | &nbsp;&nbsp; 28640 | &nbsp;&nbsp; $550174<br>|
| NetApp Inc. | &nbsp;&nbsp; 5391 | &nbsp;&nbsp; 551985<br>|
| Western Digital Corp. | &nbsp;&nbsp; 11020 | &nbsp;&nbsp; 2980800<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 5063414 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **75862599** |
| **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| Asahi Kasei Corp. | &nbsp;&nbsp; 35600 | &nbsp;&nbsp; 337673<br>|
| CF Industries Holdings Inc. | &nbsp;&nbsp; 4690 | &nbsp;&nbsp; 608949<br>|
| Corteva Inc. | &nbsp;&nbsp; 27861 | &nbsp;&nbsp; 2332244<br>|
| DuPont de Nemours Inc. | &nbsp;&nbsp; 7526 | &nbsp;&nbsp; 344691<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp; 473785<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 4097342 |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| CRH PLC | &nbsp;&nbsp; 22700 | &nbsp;&nbsp; 2386224<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; 1543 | &nbsp;&nbsp; 317079<br>|
| Holcim AG | &nbsp;&nbsp; 17865 | &nbsp;&nbsp; 1443340<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 4146643 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Avery Dennison Corp. | &nbsp;&nbsp; 2465 | &nbsp;&nbsp; 425656<br>|
| Ball Corp. | &nbsp;&nbsp; 6953 | &nbsp;&nbsp; 410992<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 2347 | &nbsp;&nbsp; 498080<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 1334728 |
| Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 1092614<br>|
| Barrick Mining Corp. | &nbsp;&nbsp; 63100 | &nbsp;&nbsp; 2570481<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; 6644 | &nbsp;&nbsp; 390760<br>|
| Kinross Gold Corp. | &nbsp;&nbsp; 41300 | &nbsp;&nbsp; 1258636<br>|
| Newmont Corp. | &nbsp;&nbsp; 44994 | &nbsp;&nbsp; 4870601<br>|
| Reliance Inc. | &nbsp;&nbsp; 839 | &nbsp;&nbsp; 254989<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 10438081 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **20016794** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| CBRE Group Inc., Class A Shares | &nbsp;&nbsp; 10253 | &nbsp;&nbsp; 1,388,871<br> \*<br>|
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 55500 | &nbsp;&nbsp; 314728<br>|
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 44400 | &nbsp;&nbsp; 344988<br>|
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 823959<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 2872546 |
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| Invitation Homes Inc. | &nbsp;&nbsp; 16474 | &nbsp;&nbsp; 409379<br>|
| Sun Communities Inc. | &nbsp;&nbsp; 3955 | &nbsp;&nbsp; 498172<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 907551 |
| Retail REITs — 0.2% | Retail REITs — 0.2% | Retail REITs — 0.2% |
| Simon Property Group Inc. | &nbsp;&nbsp; 5073 | &nbsp;&nbsp; 946266<br>|
| Specialized REITs — 0.2% | Specialized REITs — 0.2% | Specialized REITs — 0.2% |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 7182 | &nbsp;&nbsp; 318665<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued |
| VICI Properties Inc. | VICI Properties Inc. | &nbsp;&nbsp; 44067 | &nbsp;&nbsp; $1203911<br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 1522576 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6248939** |
| **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** |
| Electric Utilities — 1.5% | Electric Utilities — 1.5% | Electric Utilities — 1.5% | Electric Utilities — 1.5% |
| Duke Energy Corp. | Duke Energy Corp. | &nbsp;&nbsp; 14950 | &nbsp;&nbsp; 1957553<br>|
| Edison International | Edison International | &nbsp;&nbsp; 12080 | &nbsp;&nbsp; 884014<br>|
| Endesa SA | Endesa SA | &nbsp;&nbsp; 9317 | &nbsp;&nbsp; 387320<br>|
| Enel SpA | Enel SpA | &nbsp;&nbsp; 289876 | &nbsp;&nbsp; 3131204<br>|
| Entergy Corp. | Entergy Corp. | &nbsp;&nbsp; 7746 | &nbsp;&nbsp; 870340<br>|
| Evergy Inc. | Evergy Inc. | &nbsp;&nbsp; 7967 | &nbsp;&nbsp; 652657<br>|
| FirstEnergy Corp. | FirstEnergy Corp. | &nbsp;&nbsp; 20863 | &nbsp;&nbsp; 1056920<br>|
| Kansai Electric Power Co. Inc. | Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 29500 | &nbsp;&nbsp; 479243<br>|
| NRG Energy Inc. | NRG Energy Inc. | &nbsp;&nbsp; 8319 | &nbsp;&nbsp; 1215739<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 10634990 |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Tokyo Gas Co. Ltd. | Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 606078<br>|
| Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% |
| RWE AG | RWE AG | &nbsp;&nbsp; 21825 | &nbsp;&nbsp; 1450465<br>|
| Vistra Corp. | Vistra Corp. | &nbsp;&nbsp; 13970 | &nbsp;&nbsp; 2100110<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 3550575 |
| Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% | Multi-Utilities — 0.6% |
| Centrica PLC | Centrica PLC | &nbsp;&nbsp; 103723 | &nbsp;&nbsp; 290656<br>|
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 6007 | &nbsp;&nbsp; 878344<br>|
| NiSource Inc. | NiSource Inc. | &nbsp;&nbsp; 19675 | &nbsp;&nbsp; 918036<br>|
| Public Service Enterprise Group Inc. | Public Service Enterprise Group Inc. | &nbsp;&nbsp; 15775 | &nbsp;&nbsp; 1276986<br>|
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 9192 | &nbsp;&nbsp; 1064158<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 4428180 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **19219823** |
| **Total Common Stocks (Cost — $403,972,564)** | **Total Common Stocks (Cost — $403,972,564)** | **Total Common Stocks (Cost — $403,972,564)** | &nbsp;&nbsp; **437424012**<br>|
| Security |  | Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† |
| Constellation Software Inc. (Cost — $0) |  | &nbsp;&nbsp; 100<br>| &nbsp;&nbsp; **0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $403,972,564)** | **Total Investments before Short-Term Investments (Cost — $403,972,564)** | **Total Investments before Short-Term Investments (Cost — $403,972,564)** | &nbsp;&nbsp; **437424012** |
|  | Rate | Shares |  |
| **Short-Term Investments — 26.1%** | **Short-Term Investments — 26.1%** | **Short-Term Investments — 26.1%** | **Short-Term Investments — 26.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $185,378,756)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 185378756<br>| &nbsp;&nbsp; **185378756**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 87.7% (Cost — $589,351,320)** | **Total Investments — 87.7% (Cost — $589,351,320)** | **Total Investments — 87.7% (Cost — $589,351,320)** | &nbsp;&nbsp; **622802768** |
| Other Assets in Excess of Liabilities — 12.3% | Other Assets in Excess of Liabilities — 12.3% | Other Assets in Excess of Liabilities — 12.3% | &nbsp;&nbsp; 87619846 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$710422614** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | |
|:---|:---|
| ‡ | Consolidated Schedules of Investments (Note 12). |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $185,378,756 and the cost was $185,378,756 (Note 6).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Brent Crude | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; $4392128 | &nbsp;&nbsp;&nbsp; $4678650 | &nbsp;&nbsp;&nbsp; $286522<sup>(a)</sup> <br>|
| Canadian 10-Year Bonds | &nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 99216150 | &nbsp;&nbsp;&nbsp; 99495948 | &nbsp;&nbsp;&nbsp; 279798 |
| Copper | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 4759919 | &nbsp;&nbsp;&nbsp; 4631550 | &nbsp;&nbsp;&nbsp; (128369)<sup>(a)</sup> <br>|
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 30736558 | &nbsp;&nbsp;&nbsp; 29896913 | &nbsp;&nbsp;&nbsp; (839645) |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 10079032 | &nbsp;&nbsp;&nbsp; 9750261 | &nbsp;&nbsp;&nbsp; (328771) |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 15842117 | &nbsp;&nbsp;&nbsp; 15735517 | &nbsp;&nbsp;&nbsp; (106600) |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 5777544 | &nbsp;&nbsp;&nbsp; 5773950 | &nbsp;&nbsp;&nbsp; (3594) |
| Gasoline Rbob | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 5346540 | &nbsp;&nbsp;&nbsp; 5651680 | &nbsp;&nbsp;&nbsp; 305140<sup>(a)</sup> <br>|
| Gold 100 Oz | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 8017074 | &nbsp;&nbsp;&nbsp; 8421480 | &nbsp;&nbsp;&nbsp; 404406<sup>(a)</sup> <br>|
| Japanese 10-Year Bonds | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 28975324 | &nbsp;&nbsp;&nbsp; 28668364 | &nbsp;&nbsp;&nbsp; (306960) |
| Lean Hog | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 882003 | &nbsp;&nbsp;&nbsp; 882420 | &nbsp;&nbsp;&nbsp; 417<sup>(a)</sup> <br>|
| Live Cattle | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 4862704 | &nbsp;&nbsp;&nbsp; 5060120 | &nbsp;&nbsp;&nbsp; 197416<sup>(a)</sup> <br>|
| OMXS30 Index | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 6233278 | &nbsp;&nbsp;&nbsp; 6069125 | &nbsp;&nbsp;&nbsp; (164153) |
| Platinum | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 7/26 | &nbsp;&nbsp;&nbsp; 6335410 | &nbsp;&nbsp;&nbsp; 6600170 | &nbsp;&nbsp;&nbsp; 264760<sup>(a)</sup> <br>|
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 55596118 | &nbsp;&nbsp;&nbsp; 56049443 | &nbsp;&nbsp;&nbsp; 453325 |
| Silver | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 6460747 | &nbsp;&nbsp;&nbsp; 6368115 | &nbsp;&nbsp;&nbsp; (92632)<sup>(a)</sup> <br>|
| Soybean Oil | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 1420532 | &nbsp;&nbsp;&nbsp; 1694448 | &nbsp;&nbsp;&nbsp; 273916<sup>(a)</sup> <br>|
| United Kingdom Long Gilt Bonds | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 112037775 | &nbsp;&nbsp;&nbsp; 108706725 | &nbsp;&nbsp;&nbsp; (3331050) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; (2836074) |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Number of<br> Contracts<br>| &nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp; Notional<br> Amount<br>| &nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| CAC 40 10 Euro | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; $59651864 | &nbsp;&nbsp;&nbsp; $58603764 | &nbsp;&nbsp;&nbsp; $1048100 |
| Cocoa | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 2217978 | &nbsp;&nbsp;&nbsp; 1947000 | &nbsp;&nbsp;&nbsp; 270978<sup>(a)</sup> <br>|
| Coffee 'C' | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 3696797 | &nbsp;&nbsp;&nbsp; 3692081 | &nbsp;&nbsp;&nbsp; 4716<sup>(a)</sup> <br>|
| Corn | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 2548787 | &nbsp;&nbsp;&nbsp; 2677838 | &nbsp;&nbsp;&nbsp; (129051)<sup>(a)</sup> <br>|
| Cotton No. 2 | &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 17804195 | &nbsp;&nbsp;&nbsp; 19425000 | &nbsp;&nbsp;&nbsp; (1620805)<sup>(a)</sup> <br>|
| DAX Index | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 26750727 | &nbsp;&nbsp;&nbsp; 25654968 | &nbsp;&nbsp;&nbsp; 1095759 |
| Euro-BTP | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 2860309 | &nbsp;&nbsp;&nbsp; 2813534 | &nbsp;&nbsp;&nbsp; 46775 |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 159148150 | &nbsp;&nbsp;&nbsp; 158054925 | &nbsp;&nbsp;&nbsp; 1093225 |
| Euro-OAT | &nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 77577477 | &nbsp;&nbsp;&nbsp; 76719330 | &nbsp;&nbsp;&nbsp; 858147 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 4792177 | &nbsp;&nbsp;&nbsp; 4707295 | &nbsp;&nbsp;&nbsp; 84882 |
| Hang Seng Index | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 16739467 | &nbsp;&nbsp;&nbsp; 16418714 | &nbsp;&nbsp;&nbsp; 320753 |
| IBEX 35 Index | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 3337087 | &nbsp;&nbsp;&nbsp; 3323296 | &nbsp;&nbsp;&nbsp; 13791 |
| Low Sulphur Gasoil | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 1716624 | &nbsp;&nbsp;&nbsp; 1858875 | &nbsp;&nbsp;&nbsp; (142251)<sup>(a)</sup> <br>|
| Natural Gas | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 1430906 | &nbsp;&nbsp;&nbsp; 1326640 | &nbsp;&nbsp;&nbsp; 104266<sup>(a)</sup> <br>|
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 1348941 | &nbsp;&nbsp;&nbsp; 1382237 | &nbsp;&nbsp;&nbsp; (33296)<sup>(a)</sup> <br>|
| Soybean Meal | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 6863680 | &nbsp;&nbsp;&nbsp; 6960800 | &nbsp;&nbsp;&nbsp; (97120)<sup>(a)</sup> <br>|
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 7088907 | &nbsp;&nbsp;&nbsp; 6996665 | &nbsp;&nbsp;&nbsp; 92242 |
| Sugar No. 11 | &nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 10392686 | &nbsp;&nbsp;&nbsp; 11889562 | &nbsp;&nbsp;&nbsp; (1496876)<sup>(a)</sup> <br>|
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 70021863 | &nbsp;&nbsp;&nbsp; 69515344 | &nbsp;&nbsp;&nbsp; 506519 |
| Wheat | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 5/26 | &nbsp;&nbsp;&nbsp; 4307478 | &nbsp;&nbsp;&nbsp; 4899188 | &nbsp;&nbsp;&nbsp; (591710)<sup>(a)</sup> <br>|
| WTI Crude | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; 5074852 | &nbsp;&nbsp;&nbsp; 5474520 | &nbsp;&nbsp;&nbsp; (399668)<sup>(a)</sup> <br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 1029376 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(1806698)** |

---

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

<sup>(a)</sup> The security is owned by FLSP Holdings Corporation., a wholly-owned subsidiary of the Fund (Note 12).

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| BTP |  | Buoni del Tesoro Poliennali (Italian Treasury Bonds) |
| OAT |  | Obligations Assimilables du Trésor (French Treasury Bonds) |

---

At March 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| GBP | &nbsp;&nbsp; 62311101 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 83174914 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; $(1025349) |
| HUF | &nbsp;&nbsp; 18474800028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 54148541 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 697670 |
| ILS | &nbsp;&nbsp; 88259321 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 28236034 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; (220001) |
| JPY | &nbsp;&nbsp; 5691025820 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 36032059 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; (31534) |
| MXN | &nbsp;&nbsp; 1037638539 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 57656765 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; (497859) |
| NOK | &nbsp;&nbsp; 264029857 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 27274394 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; (184417) |
| SEK | &nbsp;&nbsp; 50434370 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5432978 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; (118445) |
| USD | &nbsp;&nbsp; 36924416 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 52154751 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1243296 |
| USD | &nbsp;&nbsp; 90568046 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 122840520 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 2253070 |
| USD | &nbsp;&nbsp; 59148310 | &nbsp;&nbsp; CHF | &nbsp;&nbsp; 45932093 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1511466 |
| USD | &nbsp;&nbsp; 73049238 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 63114509 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 76402 |
| USD | &nbsp;&nbsp; 91850538 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; 156014706 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 2617364 |
| USD | &nbsp;&nbsp; 28312822 | &nbsp;&nbsp; PLN | &nbsp;&nbsp; 105010475 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 152980 |
| ZAR | &nbsp;&nbsp; 845792705 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 50106108 | Bank of America N.A. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; (977941) |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$5496702** |

---

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

**Abbreviation(s) used in this table:**<br>

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| USD | United States Dollar |
| ZAR | South African Rand |

---

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Morgan Stanley & Co. LLC | $348734643 | &nbsp;&nbsp;&nbsp; 4/23/26 | 0.00% | At Maturity | &nbsp;&nbsp;&nbsp; **$35791** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$35791** |

---

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

† Percentage
 shown is an annual percentage rate.

‡ Periodic
 payments made/received by the Fund are based on the total return of the referenced entity.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

The following table represents the required top fifty component disclosures associated with the total return custom equity basket swap as of year end.

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | &nbsp;&nbsp; Market <br>Value<br>| Weight |
| AstraZeneca PLC | 24670  | &nbsp;&nbsp;&nbsp; $4778999 | &nbsp;&nbsp;&nbsp; 1.37% |
| Analog Devices Inc. | 14954  | &nbsp;&nbsp;&nbsp; 4757466<br>| &nbsp;&nbsp;&nbsp; 1.36% |
| Costco Wholesale Corp. | 4756  | &nbsp;&nbsp;&nbsp; 4739021<br>| &nbsp;&nbsp;&nbsp; 1.36% |
| Capital One Financial Corp. | 25741  | &nbsp;&nbsp;&nbsp; 4695931<br>| &nbsp;&nbsp;&nbsp; 1.35% |
| Advanced Micro Devices Inc. | 22855  | &nbsp;&nbsp;&nbsp; 4649393<br>| &nbsp;&nbsp;&nbsp; 1.33% |
| Intel Corp. | 104891  | &nbsp;&nbsp;&nbsp; 4628840<br>| &nbsp;&nbsp;&nbsp; 1.33% |
| S&P Global Inc. | 10737  | &nbsp;&nbsp;&nbsp; 4566876<br>| &nbsp;&nbsp;&nbsp; 1.31% |
| UnitedHealth Group Inc. | 16766  | &nbsp;&nbsp;&nbsp; 4536712<br>| &nbsp;&nbsp;&nbsp; 1.30% |
| Honeywell International Inc. | 20060  | &nbsp;&nbsp;&nbsp; 4534162<br>| &nbsp;&nbsp;&nbsp; 1.30% |
| Apple Inc. | 17836  | &nbsp;&nbsp;&nbsp; 4526598<br>| &nbsp;&nbsp;&nbsp; 1.30% |
| Deere & Co. | 7975  | &nbsp;&nbsp;&nbsp; 4492318<br>| &nbsp;&nbsp;&nbsp; 1.29% |
| Oracle Corp. | 30528  | &nbsp;&nbsp;&nbsp; 4490974<br>| &nbsp;&nbsp;&nbsp; 1.29% |
| Tesla Inc. | 11992  | &nbsp;&nbsp;&nbsp; 4458026<br>| &nbsp;&nbsp;&nbsp; 1.28% |
| CME Group Inc. | 14983  | &nbsp;&nbsp;&nbsp; 4425229<br>| &nbsp;&nbsp;&nbsp; 1.27% |
| Starbucks Corp. | 47919  | &nbsp;&nbsp;&nbsp; 4293063<br>| &nbsp;&nbsp;&nbsp; 1.23% |
| Texas Instruments Inc. | 22093  | &nbsp;&nbsp;&nbsp; 4289135<br>| &nbsp;&nbsp;&nbsp; 1.23% |
| Broadcom Inc. | 13828  | &nbsp;&nbsp;&nbsp; 4279904<br>| &nbsp;&nbsp;&nbsp; 1.23% |
| NextEra Energy Inc. | 44249  | &nbsp;&nbsp;&nbsp; 4109847<br>| &nbsp;&nbsp;&nbsp; 1.18% |
| Westpac Banking Corp. | 150738  | &nbsp;&nbsp;&nbsp; 4074901<br>| &nbsp;&nbsp;&nbsp; 1.17% |
| Boston Scientific Corp. | 64933  | &nbsp;&nbsp;&nbsp; 4074546<br>| &nbsp;&nbsp;&nbsp; 1.17% |
| Boeing Co. | 20120  | &nbsp;&nbsp;&nbsp; 4004484<br>| &nbsp;&nbsp;&nbsp; 1.15% |
| Intercontinental Exchange Inc. | 25396  | &nbsp;&nbsp;&nbsp; 3994283<br>| &nbsp;&nbsp;&nbsp; 1.15% |
| National Australia Bank Ltd. | 135191  | &nbsp;&nbsp;&nbsp; 3837025<br>| &nbsp;&nbsp;&nbsp; 1.10% |
| Marvell Technology Inc. | 37775  | &nbsp;&nbsp;&nbsp; 3741614<br>| &nbsp;&nbsp;&nbsp; 1.07% |
| Intuit Inc. | 8594  | &nbsp;&nbsp;&nbsp; 3715874<br>| &nbsp;&nbsp;&nbsp; 1.07% |
| Blackstone Inc. | 31777  | &nbsp;&nbsp;&nbsp; 3654037<br>| &nbsp;&nbsp;&nbsp; 1.05% |
| Rheinmetall AG | 2045  | &nbsp;&nbsp;&nbsp; 3403602<br>| &nbsp;&nbsp;&nbsp; 0.98% |
| SLB Ltd. | 65854  | &nbsp;&nbsp;&nbsp; 3384237<br>| &nbsp;&nbsp;&nbsp; 0.97% |
| American Tower Corp. | 19607  | &nbsp;&nbsp;&nbsp; 3383776<br>| &nbsp;&nbsp;&nbsp; 0.97% |
| ANZ Group Holdings Ltd. | 132841  | &nbsp;&nbsp;&nbsp; 3272651<br>| &nbsp;&nbsp;&nbsp; 0.94% |
| Novo Nordisk A/S, Class B Shares | 91720  | &nbsp;&nbsp;&nbsp; 3265511<br>| &nbsp;&nbsp;&nbsp; 0.94% |
| Synopsys Inc. | 8182  | &nbsp;&nbsp;&nbsp; 3243999<br>| &nbsp;&nbsp;&nbsp; 0.93% |
| Royal Caribbean Cruises Ltd. | 11351  | &nbsp;&nbsp;&nbsp; 3123568<br>| &nbsp;&nbsp;&nbsp; 0.90% |
| Canadian Pacific Kansas City Ltd. | 38900  | &nbsp;&nbsp;&nbsp; 3051401<br>| &nbsp;&nbsp;&nbsp; 0.87% |
| Air Products & Chemicals Inc. | 9915  | &nbsp;&nbsp;&nbsp; 2880208<br>| &nbsp;&nbsp;&nbsp; 0.83% |
| Aon PLC., Class A Shares | 8605  | &nbsp;&nbsp;&nbsp; 2777522<br>| &nbsp;&nbsp;&nbsp; 0.80% |
| Brookfield Corp. | 68100  | &nbsp;&nbsp;&nbsp; 2750741<br>| &nbsp;&nbsp;&nbsp; 0.79% |
| NIKE Inc., Class B Shares | 51685  | &nbsp;&nbsp;&nbsp; 2730002<br>| &nbsp;&nbsp;&nbsp; 0.78% |
| PACCAR Inc. | 23087  | &nbsp;&nbsp;&nbsp; 2666549<br>| &nbsp;&nbsp;&nbsp; 0.76% |
| RELX PLC | 80955  | &nbsp;&nbsp;&nbsp; 2643263<br>| &nbsp;&nbsp;&nbsp; 0.76% |
| Nintendo Co. Ltd. | 46300  | &nbsp;&nbsp;&nbsp; 2553790<br>| &nbsp;&nbsp;&nbsp; 0.73% |
| KKR & Co. Inc. | 27399  | &nbsp;&nbsp;&nbsp; 2534408<br>| &nbsp;&nbsp;&nbsp; 0.73% |
| ONEOK Inc. | 28027  | &nbsp;&nbsp;&nbsp; 2533361<br>| &nbsp;&nbsp;&nbsp; 0.73% |
| DoorDash Inc., Class A Shares | 16834  | &nbsp;&nbsp;&nbsp; 2527625<br>| &nbsp;&nbsp;&nbsp; 0.72% |
| Arthur J Gallagher & Co. | 11438  | &nbsp;&nbsp;&nbsp; 2477242<br>| &nbsp;&nbsp;&nbsp; 0.71% |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Systematic Style Premia ETF**<sup>‡</sup>

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | &nbsp;&nbsp; Market<br> Value<br>| Weight |
| Infineon Technologies AG | 56303  | &nbsp;&nbsp;&nbsp; $2465148<br>| &nbsp;&nbsp;&nbsp; 0.71% |
| Realty Income Corp. | 39627  | &nbsp;&nbsp;&nbsp; 2424380<br>| &nbsp;&nbsp;&nbsp; 0.70% |
| Deutsche Boerse AG | 8372  | &nbsp;&nbsp;&nbsp; 2422165<br>| &nbsp;&nbsp;&nbsp; 0.69% |
| London Stock Exchange Group PLC | 20378  | &nbsp;&nbsp;&nbsp; 2381976<br>| &nbsp;&nbsp;&nbsp; 0.68% |
| Robinhood Markets Inc., Class A Shares | 33393  | &nbsp;&nbsp;&nbsp; 2314135<br>| &nbsp;&nbsp;&nbsp; 0.66% |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 37.2%** | **U.S. Government & Agency Obligations — 37.2%** | **U.S. Government & Agency Obligations — 37.2%** | **U.S. Government & Agency Obligations — 37.2%** | **U.S. Government & Agency Obligations — 37.2%** |
| U.S. Government Obligations — 37.2% | U.S. Government Obligations — 37.2% | U.S. Government Obligations — 37.2% | U.S. Government Obligations — 37.2% | U.S. Government Obligations — 37.2% |
| Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp; $3235739<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 3325000 | &nbsp;&nbsp; 2095659<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 21200000 | &nbsp;&nbsp; 13223500<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 40915000 | &nbsp;&nbsp; 28309664<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 19789000 | &nbsp;&nbsp; 15140131<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 12800000 | &nbsp;&nbsp; 9740500<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2075391<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 37405000 | &nbsp;&nbsp; 28652814<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 10314000 | &nbsp;&nbsp; 6725453<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 7520000 | &nbsp;&nbsp; 5306594<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 42293000 | &nbsp;&nbsp; 30901975<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 25595000 | &nbsp;&nbsp; 15925889<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 15850000 | &nbsp;&nbsp; 9231387<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 53230000 | &nbsp;&nbsp; 25278012<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 81615000 | &nbsp;&nbsp; 39925994<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 1166484<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 21050000 | &nbsp;&nbsp; 11992744<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 4890000 | &nbsp;&nbsp; 2687781<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 11085000 | &nbsp;&nbsp; 6684125<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 14450625<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp; 7980600<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 15750000 | &nbsp;&nbsp; 13816933<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 12230000 | &nbsp;&nbsp; 10957554<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 33420000 | &nbsp;&nbsp; 32574056<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 43300000 | &nbsp;&nbsp; 42995833<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 176185000 | &nbsp;&nbsp; 172958920<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 34250000 | &nbsp;&nbsp; 32882676<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 123565000 | &nbsp;&nbsp; 122720317<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp; 6657625<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 0.375% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 26545000 | &nbsp;&nbsp; 25219824<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 36230000 | &nbsp;&nbsp; 36004978<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/31/28 | &nbsp;&nbsp; 30170000 | &nbsp;&nbsp; 28576647<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 59100000 | &nbsp;&nbsp; 59514393<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 66890000 | &nbsp;&nbsp; 62661036<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 36853000 | &nbsp;&nbsp; 37004875<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 27250000 | &nbsp;&nbsp; 27088203<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp; 9887618<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 24050000 | &nbsp;&nbsp; 24238830<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2081766<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 14600000 | &nbsp;&nbsp; 13506711<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 29315000 | &nbsp;&nbsp; 29209649<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,109,762,584)** | **Total U.S. Government & Agency Obligations (Cost — $1,109,762,584)** | **Total U.S. Government & Agency Obligations (Cost — $1,109,762,584)** | **Total U.S. Government & Agency Obligations (Cost — $1,109,762,584)** | &nbsp;&nbsp; **1071289505** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** | **Corporate Bonds & Notes — 29.3%** |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; $17800000<br>| &nbsp;&nbsp; $15070423<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/30/36 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp; 1403509<br>|
| Orange SA, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3546940<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4385185<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2275000<br>| &nbsp;&nbsp; 2247682<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 26653739 |
| Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% | Media — 0.6% |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4490253<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 6600000<br>| &nbsp;&nbsp; 6173927<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 5335000<br>| &nbsp;&nbsp; 5250359<br>|
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1027845<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 16942384 |
| Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3940754<br>|
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5603253<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2922427<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5036313<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 2645000<br>| &nbsp;&nbsp; 2606104<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 20108851 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **63704974** |
| **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** |
| Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% | Automobiles — 0.5% |
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp; 876096<br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 4/6/29 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp; 5842204<br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/6/34 | &nbsp;&nbsp; 1375000<br>| &nbsp;&nbsp; 1364475<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/8/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2636176<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp; 901396<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 1415000<br>| &nbsp;&nbsp; 1391968<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 13012315 |
| Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% | Broadline Retail — 0.4% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/13/33 | &nbsp;&nbsp; 1335000<br>| &nbsp;&nbsp; 1322541<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 3/13/36 | &nbsp;&nbsp; 1972000<br>| &nbsp;&nbsp; 1954789<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/13/56 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 279973<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/13/76 | &nbsp;&nbsp; 1769000<br>| &nbsp;&nbsp; 1760006<br>|
| Dollar Tree Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4967106<br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 10284415 |
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Airbnb Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1297616<br>|
| Airbnb Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/36 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp; 655920<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp; 1710926<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; $1400000<br>| &nbsp;&nbsp; $1413601<br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6575696<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 11653759 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| NVR Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2354767<br>|
| Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4478233<br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 6833000 |
| Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% |
| Brunswick Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 3/18/29 | &nbsp;&nbsp; 5600000<br>| &nbsp;&nbsp; 5731575<br>|
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 5910412<br>|
| Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% |
| Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2021435<br>|
| Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1803948<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3825383 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **57250859** |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† | Beverages — 0.0%†† |
| Keurig Dr Pepper Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1425000<br>| &nbsp;&nbsp; 1413396<br>|
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 5482000<br>| &nbsp;&nbsp; 5173273<br> <sup>(a)</sup><br>|
| 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 712000<br>| &nbsp;&nbsp; 616584<br> <sup>(a)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 5789857 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, <br> Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp; 3821601<br>|
| JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 4850000<br>| &nbsp;&nbsp; 4855262<br>|
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/4/42 | &nbsp;&nbsp; 3385000<br>| &nbsp;&nbsp; 2979167<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp; 3054123<br> <sup>(a)</sup><br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 9440000<br>| &nbsp;&nbsp; 9533306<br> <sup>(a)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp; 3874643<br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4773099<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 32891201 |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp; 4853083<br>|
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 5360000<br>| &nbsp;&nbsp; 5248065<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 1851000<br>| &nbsp;&nbsp; 1682750<br>|
| Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/26/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 997145<br> <sup>(a)</sup><br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3701872<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5093697<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 16723529 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **61671066** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Energy — 2.3%** | **Energy — 2.3%** | **Energy — 2.3%** | **Energy — 2.3%** | **Energy — 2.3%** |
| Oil, Gas & Consumable Fuels — 2.3% | Oil, Gas & Consumable Fuels — 2.3% | Oil, Gas & Consumable Fuels — 2.3% | Oil, Gas & Consumable Fuels — 2.3% | Oil, Gas & Consumable Fuels — 2.3% |
| Aker BP ASA, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; $4700000<br>| &nbsp;&nbsp; $4295230<br> <sup>(a)</sup><br>|
| Boardwalk Pipelines LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 3950000<br>| &nbsp;&nbsp; 3965015<br>|
| Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp; 5929916<br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2780571<br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/30/36 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp; 460432<br> <sup>(a)</sup><br>|
| DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1542807<br> <sup>(a)</sup><br>|
| DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3698546<br> <sup>(a)</sup><br>|
| Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 6825000<br>| &nbsp;&nbsp; 7081301<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp; 6198148<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2342816<br>|
| Hess Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 5242826<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp; 8995403<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1415000<br>| &nbsp;&nbsp; 1385656<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5406822<br>|
| Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 1660000<br>| &nbsp;&nbsp; 1645981<br> <sup>(a)</sup><br>|
| Var Energi ASA, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp; 4331496<br> <sup>(a)</sup><br>|
| Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1864000<br>| &nbsp;&nbsp; 1879667<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **67182633** |
| **Financials — 8.1%** | **Financials — 8.1%** | **Financials — 8.1%** | **Financials — 8.1%** | **Financials — 8.1%** |
| Banks — 4.0% | Banks — 4.0% | Banks — 4.0% | Banks — 4.0% | Banks — 4.0% |
| Bank of America Corp., Senior Notes (1.922% to 10/24/30 then SOFR + <br> 1.370%) | &nbsp;&nbsp; 1.922% | &nbsp;&nbsp; 10/24/31 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2482281<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (2.299% to 7/21/31 then SOFR + <br> 1.220%) | &nbsp;&nbsp; 2.299% | &nbsp;&nbsp; 7/21/32 | &nbsp;&nbsp; 6200000<br>| &nbsp;&nbsp; 5475066<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + <br> 2.150%) | &nbsp;&nbsp; 2.592% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2772285<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (2.687% to 4/22/31 then SOFR + <br> 1.320%) | &nbsp;&nbsp; 2.687% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2719632<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term <br> SOFR + 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 8200000<br>| &nbsp;&nbsp; 8089019<br> <sup>(b)</sup><br>|
| Bank of America Corp., Senior Notes (5.468% to 1/23/34 then SOFR + <br> 1.650%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1021121<br> <sup>(b)</sup><br>|
| Bank of America Corp., Subordinated Notes (3.846% to 3/8/32 then 5 year <br> Treasury Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 3.846% | &nbsp;&nbsp; 3/8/37 | &nbsp;&nbsp; 1148000<br>| &nbsp;&nbsp; 1063926<br> <sup>(b)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.541% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2170555<br> <sup>(a)</sup><br>|
| BPCE SA, Senior Notes (2.045% to 10/19/26 then SOFR + 1.087%) | &nbsp;&nbsp; 2.045% | &nbsp;&nbsp; 10/19/27 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp; 3648764<br> <sup>(a)(b)</sup><br>|
| CaixaBank SA, Senior Notes (4.885% to 7/3/30 then SOFR + 1.360%) | &nbsp;&nbsp; 4.885% | &nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp; 4406780<br> <sup>(a)(b)</sup><br>|
| Citigroup Inc., Senior Notes (3.057% to 1/25/32 then SOFR + 1.351%) | &nbsp;&nbsp; 3.057% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1628231<br> <sup>(b)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1500393<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp; 2281073<br>|
| Danske Bank A/S, Senior Notes (5.705% to 3/1/29 then 1 year Treasury <br> Constant Maturity Rate + 1.400%) | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 4114898<br> <sup>(a)(b)</sup><br>|
| Fifth Third Bancorp, Senior Notes (4.772% to 7/28/29 then SOFR + 2.127%) | &nbsp;&nbsp; 4.772% | &nbsp;&nbsp; 7/28/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3001826<br> <sup>(b)</sup><br>|
| Fifth Third Bancorp, Senior Notes (5.631% to 1/29/31 then SOFR + 1.840%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 1/29/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5155455<br> <sup>(b)</sup><br>|
| HSBC Holdings PLC, Senior Notes (2.013% to 9/22/27 then SOFR + 1.732%) | &nbsp;&nbsp; 2.013% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp; 3953241<br> <sup>(b)</sup><br>|
| HSBC Holdings PLC, Senior Notes (2.357% to 8/18/30 then SOFR + 1.947%) | &nbsp;&nbsp; 2.357% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1172942<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Huntington Bancshares Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/4/30 | &nbsp;&nbsp; $4600000<br>| &nbsp;&nbsp; $4261061<br>|
| JPMorgan Chase & Co., Senior Notes (1.953% to 2/4/31 then SOFR + <br> 1.065%) | &nbsp;&nbsp; 1.953% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 10300000<br>| &nbsp;&nbsp; 9071931<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + <br> 2.040%) | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1848697<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.336% to 1/23/34 then SOFR + <br> 1.620%) | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1320371<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (6.087% to 10/23/28 then SOFR + <br> 1.570%) | &nbsp;&nbsp; 6.087% | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp; 1610814<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. <br> Term SOFR + 2.515%) | &nbsp;&nbsp; 2.956% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4660039<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1722222<br> <sup>(b)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (5.871% to 3/6/28 then 1 year <br> Treasury Constant Maturity Rate + 1.700%) | &nbsp;&nbsp; 5.871% | &nbsp;&nbsp; 3/6/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3074873<br> <sup>(b)</sup><br>|
| Mizuho Financial Group Inc., Senior Notes (5.778% to 7/6/28 then 1 year <br> Treasury Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 5.778% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2774856<br> <sup>(b)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then <br> SOFR + 1.417%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 7/21/36 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp; 1949331<br> <sup>(b)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes (5.676% to 1/22/34 then <br> SOFR + 1.902%) | &nbsp;&nbsp; 5.676% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1080486<br> <sup>(b)</sup><br>|
| Societe Generale SA, Senior Notes (1.792% to 6/9/26 then 1 year Treasury <br> Constant Maturity Rate + 1.000%) | &nbsp;&nbsp; 1.792% | &nbsp;&nbsp; 6/9/27 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 4277579<br> <sup>(a)(b)</sup><br>|
| Truist Financial Corp., Senior Notes (1.887% to 6/7/28 then SOFR + 0.862%) | &nbsp;&nbsp; 1.887% | &nbsp;&nbsp; 6/7/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2839830<br> <sup>(b)</sup><br>|
| Truist Financial Corp., Senior Notes (5.153% to 8/5/31 then SOFR + 1.571%) | &nbsp;&nbsp; 5.153% | &nbsp;&nbsp; 8/5/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5067588<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes (2.879% to 10/30/29 then 3 mo. Term SOFR <br> + 1.432%) | &nbsp;&nbsp; 2.879% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 10300000<br>| &nbsp;&nbsp; 9719459<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1836927<br> <sup>(b)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.198% to 1/23/29 then SOFR + 1.500%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp; 2285575<br> <sup>(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 116059127 |
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| Goldman Sachs Group Inc., Senior Notes (2.383% to 7/21/31 then SOFR + <br> 1.248%) | &nbsp;&nbsp; 2.383% | &nbsp;&nbsp; 7/21/32 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp; 5563602<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. Term <br> SOFR + 1.772%) | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2478323<br> <sup>(b)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (5.065% to 1/21/36 then SOFR + <br> 1.190%) | &nbsp;&nbsp; 5.065% | &nbsp;&nbsp; 1/21/37 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp; 1085630<br> <sup>(b)</sup><br>|
| Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5224833<br>|
| Morgan Stanley, Senior Notes (1.794% to 2/13/31 then SOFR + 1.034%) | &nbsp;&nbsp; 1.794% | &nbsp;&nbsp; 2/13/32 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5197133<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (2.239% to 7/21/31 then SOFR + 1.178%) | &nbsp;&nbsp; 2.239% | &nbsp;&nbsp; 7/21/32 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp; 8758250<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp; 2043303<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%) | &nbsp;&nbsp; 3.622% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 4124489<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (4.493% to 1/16/31 then SOFR + 0.950%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/16/32 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp; 1642403<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (4.708% to 3/12/31 then SOFR + 1.195%) | &nbsp;&nbsp; 4.708% | &nbsp;&nbsp; 3/12/32 | &nbsp;&nbsp; 2505000<br>| &nbsp;&nbsp; 2488676<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.073% to 1/30/36 then SOFR + 1.184%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 1705000<br>| &nbsp;&nbsp; 1671060<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.466% to 1/18/34 then SOFR + 1.730%) | &nbsp;&nbsp; 5.466% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1016852<br> <sup>(b)</sup><br>|
| Morgan Stanley, Senior Notes (5.900% to 3/13/46 then SOFR + 1.782%) | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/13/47 | &nbsp;&nbsp; 1745000<br>| &nbsp;&nbsp; 1737912<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year <br> Treasury Constant Maturity Rate + 2.430%) | &nbsp;&nbsp; 5.948% | &nbsp;&nbsp; 1/19/38 | &nbsp;&nbsp; $434000<br>| &nbsp;&nbsp; $444812<br> <sup>(b)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5830354<br> <sup>(a)</sup><br>|
| MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp; 3747970<br> <sup>(a)</sup><br>|
| UBS Group AG, Senior Notes (6.246% to 9/22/28 then 1 year Treasury <br> Constant Maturity Rate + 1.800%) | &nbsp;&nbsp; 6.246% | &nbsp;&nbsp; 9/22/29 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3534127<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 56589729 |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| Capital One Financial Corp., Senior Notes (5.463% to 7/26/29 then SOFR + <br> 1.560%) | &nbsp;&nbsp; 5.463% | &nbsp;&nbsp; 7/26/30 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp; 9188343<br> <sup>(b)</sup><br>|
| Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1817135<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/29/33 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3098460<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp; 745141<br>|
| Beignet Investor LLC, Senior Secured Notes | &nbsp;&nbsp; 6.581% | &nbsp;&nbsp; 5/30/49 | &nbsp;&nbsp; 696000<br>| &nbsp;&nbsp; 716136<br> <sup>(a)</sup><br>|
| Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/5/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1407793<br>|
| Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp; 2513426<br>|
| SMBC Aviation Capital Finance DAC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6054799<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 16352890 |
| Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% |
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5081319<br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 2.673% | &nbsp;&nbsp; 6/7/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5236416<br> <sup>(a)</sup><br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 4950000<br>| &nbsp;&nbsp; 4862630<br> <sup>(a)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6164704<br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp; 714113<br>|
| Corebridge Global Funding, Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 9/19/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2062075<br> <sup>(a)</sup><br>|
| Five Corners Funding Trust II, Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6525355<br> <sup>(a)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1388303<br> <sup>(a)</sup><br>|
| Reinsurance Group of America Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp; 2201527<br>|
| Sammons Financial Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1325419<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 35561861 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **233751950** |
| **Health Care — 3.4%** | **Health Care — 3.4%** | **Health Care — 3.4%** | **Health Care — 3.4%** | **Health Care — 3.4%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1625000<br>| &nbsp;&nbsp; 1595699<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/14/35 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4837706<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp; 544734<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp; 3490346<br>|
| Regeneron Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 8000000<br>| &nbsp;&nbsp; 7093106<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 17561591 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 3615000<br>| &nbsp;&nbsp; 3499037<br> <sup>(a)</sup><br>|
| Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% | Health Care Providers & Services — 1.2% |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 7065000<br>| &nbsp;&nbsp; 6170440<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2602279<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2016594<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; $1400000<br>| &nbsp;&nbsp; $1347555<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4513118<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3536530<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6042438<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1505000<br>| &nbsp;&nbsp; 1464403<br>|
| Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 5.849% | &nbsp;&nbsp; 5/8/29 | &nbsp;&nbsp; 874000<br>| &nbsp;&nbsp; 891308<br>|
| Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/8/34 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp; 370247<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2716787<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1953748<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp; 1916920<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 35542367 |
| Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% |
| Bio-Rad Laboratories Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 494202<br>|
| IQVIA Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp; 5407537<br>|
| Thermo Fisher Scientific Inc., Senior Notes | &nbsp;&nbsp; 4.902% | &nbsp;&nbsp; 2/12/36 | &nbsp;&nbsp; 1475000<br>| &nbsp;&nbsp; 1465094<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 7366833 |
| Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% | Pharmaceuticals — 1.2% |
| Bayer US Finance II LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp; 5445810<br> <sup>(a)</sup><br>|
| Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/24/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp; 6110478<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/4/32 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp; 799767<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/4/35 | &nbsp;&nbsp; 1295000<br>| &nbsp;&nbsp; 1271281<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 5770000<br>| &nbsp;&nbsp; 5707511<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/18/33 | &nbsp;&nbsp; 1555000<br>| &nbsp;&nbsp; 1548849<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/18/36 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp; 1916154<br>|
| Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/18/56 | &nbsp;&nbsp; 1035000<br>| &nbsp;&nbsp; 1043127<br>|
| Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1694030<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 9/2/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4504740<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 9/2/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp; 2266795<br>|
| Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/25/35 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1234121<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 33542663 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **97512491** |
| **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** |
| Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% |
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 2735000<br>| &nbsp;&nbsp; 2717334<br> <sup>(a)</sup><br>|
| Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp; 5164166<br> <sup>(a)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1791131<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5448798<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4034828<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 3078210<br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/16/33 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp; 1077813<br> <sup>(a)</sup><br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/16/36 | &nbsp;&nbsp; 2180000<br>| &nbsp;&nbsp; 2163844<br> <sup>(a)</sup><br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.732% | &nbsp;&nbsp; 3/16/56 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp; 1226547<br> <sup>(a)</sup><br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.852% | &nbsp;&nbsp; 3/16/66 | &nbsp;&nbsp; 835000<br>| &nbsp;&nbsp; 828893<br> <sup>(a)</sup><br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp; 4401281<br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp; 2468620<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; $45000<br>| &nbsp;&nbsp; $43768<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 34445233 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Carlisle Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp; 705311<br>|
| Owens Corning, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 7238874<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 7944185 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp; 1999493<br>|
| Electrical Equipment — 0.2% | Electrical Equipment — 0.2% | Electrical Equipment — 0.2% | Electrical Equipment — 0.2% | Electrical Equipment — 0.2% |
| Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/6/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp; 1679053<br>|
| Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 2865000<br>| &nbsp;&nbsp; 2787036<br>|
| Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp; 639722<br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 5105811 |
| Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 1475000<br>| &nbsp;&nbsp; 1431233<br>|
| Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% |
| Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 3117641<br>|
| Westinghouse Air Brake Technologies Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2006194<br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 5123835 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| American Airlines Group Inc. Pass-Through Trust | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 3381645<br>| &nbsp;&nbsp; 3222749<br>|
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 32561<br>| &nbsp;&nbsp; 33126<br>|
| United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 725283<br>| &nbsp;&nbsp; 695575<br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 3951450 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **60001240** |
| **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** |
| Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% |
| Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 7089849<br>|
| Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% |
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3095000<br>| &nbsp;&nbsp; 3021633<br>|
| Flex Ltd., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/12/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2997168<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 6018801 |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Fiserv Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp; 4281656<br>|
| Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% | Semiconductors & Semiconductor Equipment — 0.7% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp; 1292483<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 195000<br>| &nbsp;&nbsp; 194127<br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 2043417<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp; 1574302<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp; 3774334<br> <sup>(a)</sup><br>|
| Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1415000<br>| &nbsp;&nbsp; 1476790<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/5/32 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp; 4387845<br>|
| Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6022689<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 20765987 |
| Software — 0.7% | Software — 0.7% | Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4441999<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; $950000<br>| &nbsp;&nbsp; $905013<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 3085000<br>| &nbsp;&nbsp; 2967529<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/4/56 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 938115<br>|
| Sabine Pass Liquefaction LLC, Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 996228<br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 3715000<br>| &nbsp;&nbsp; 3709727<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 4265000<br>| &nbsp;&nbsp; 4303442<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 2020000<br>| &nbsp;&nbsp; 2024584<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 20286637 |
| Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† |
| Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp; 1092845<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **59535775** |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| Syensqo Finance America LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/4/34 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1429463<br> <sup>(a)</sup><br>|
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Amcor Flexibles North America Inc., Senior Notes | &nbsp;&nbsp; 2.630% | &nbsp;&nbsp; 6/19/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3222280<br>|
| AptarGroup Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/30/31 | &nbsp;&nbsp; 1685000<br>| &nbsp;&nbsp; 1670828<br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 4893108 |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/21/33 | &nbsp;&nbsp; 2320000<br>| &nbsp;&nbsp; 2285380<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.508% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 2335000<br>| &nbsp;&nbsp; 2341124<br> <sup>(a)(c)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 4626504 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **10949075** |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp; 3523351<br>|
| VICI Properties LP, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4993917<br>|
| VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp; 1944236<br> <sup>(a)</sup><br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 10461504 |
| Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% | Specialized REITs — 0.3% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 992863<br>|
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 7750000<br>| &nbsp;&nbsp; 7803853<br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 8796716 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **19258220** |
| **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** |
| Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% |
| American Electric Power Co. Inc., Junior Subordinated Notes (5.800% to <br> 3/15/31 then 5 year Treasury Constant Maturity Rate + 2.128%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 2735000<br>| &nbsp;&nbsp; 2703561<br> <sup>(b)</sup><br>|
| American Electric Power Co. Inc., Junior Subordinated Notes (6.050% to <br> 3/15/36 then 5 year Treasury Constant Maturity Rate + 1.940%) | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 902269<br> <sup>(b)</sup><br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp; 1165103<br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 9300000<br>| &nbsp;&nbsp; 9745421<br>|
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1120911<br>|
| DTE Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp; 1619770<br>|
| DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 811724<br>|
| Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp; 3594786<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; $5000000<br>| &nbsp;&nbsp; $3693962<br>|
| Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 1255000<br>| &nbsp;&nbsp; 1235969<br>|
| Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 511174<br>|
| Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 614443<br> <sup>(a)</sup><br>|
| ENEL Finance International NV, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp; 2648340<br> <sup>(a)</sup><br>|
| ENEL Finance International NV, Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/12/31 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp; 3109956<br> <sup>(a)</sup><br>|
| Entergy Mississippi LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp; 1734960<br>|
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4408509<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 4010000<br>| &nbsp;&nbsp; 4108650<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5049159<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 6102757<br>|
| Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 809254<br>|
| Pacific Gas and Electric Co., Senior Secured Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4613901<br>|
| Southern Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp; 5807094<br>|
| Southern Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 2790000<br>| &nbsp;&nbsp; 2699683<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp; 9057669<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 6640000<br>| &nbsp;&nbsp; 6499726<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 3185000<br>| &nbsp;&nbsp; 3106087<br>|
| Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp; 1199450<br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp; 6882799<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 1075000<br>| &nbsp;&nbsp; 1044756<br> <sup>(a)</sup><br>|
| Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp; 7371635<br>|
| Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp; 3371255<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 107344733 |
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Public Service Enterprise Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 4438101<br>|
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| Essential Utilities Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 1965000<br>| &nbsp;&nbsp; 1938339<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **113721173** |
| **Total Corporate Bonds & Notes (Cost — $844,555,930)** | **Total Corporate Bonds & Notes (Cost — $844,555,930)** | **Total Corporate Bonds & Notes (Cost — $844,555,930)** | **Total Corporate Bonds & Notes (Cost — $844,555,930)** | &nbsp;&nbsp; **844539456** |
| **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** | **Mortgage-Backed Securities — 26.5%** |
| FHLMC — 6.8% | FHLMC — 6.8% | FHLMC — 6.8% | FHLMC — 6.8% | FHLMC — 6.8% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 11807897<br>| &nbsp;&nbsp; 10656775<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/1/37- <br>8/1/52<br>| &nbsp;&nbsp; 76684639 | &nbsp;&nbsp; 63519476<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/37- <br>9/1/52<br>| &nbsp;&nbsp; 25756916 | &nbsp;&nbsp; 23083780<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/1/37- <br>7/1/52<br>| &nbsp;&nbsp; 24625998 | &nbsp;&nbsp; 21102870<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39- <br>1/1/54<br>| &nbsp;&nbsp; 17261791 | &nbsp;&nbsp; 16506864<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/40- <br>2/1/53<br>| &nbsp;&nbsp; 5477838 | &nbsp;&nbsp; 5332389<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/47- <br>12/1/52<br>| &nbsp;&nbsp; 11479716 | &nbsp;&nbsp; 10656131<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/54- <br>10/1/55<br>| &nbsp;&nbsp; 17812184 | &nbsp;&nbsp; 17913917<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| FHLMC — continued | FHLMC — continued | FHLMC — continued | FHLMC — continued | FHLMC — continued |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55- <br>9/1/55<br>| &nbsp;&nbsp; $22203040 | &nbsp;&nbsp; $22646957<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) Gold | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 3824310<br>| &nbsp;&nbsp; 3669351<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 195088510 |
| FNMA — 14.2% | FNMA — 14.2% | FNMA — 14.2% | FNMA — 14.2% | FNMA — 14.2% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/1/36- <br>3/1/52<br>| &nbsp;&nbsp; 68292086 | &nbsp;&nbsp; 56288309<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/37- <br>5/1/52<br>| &nbsp;&nbsp; 68730395 | &nbsp;&nbsp; 58790493<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/37- <br>3/1/53<br>| &nbsp;&nbsp; 27368634 | &nbsp;&nbsp; 24569898<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/39- <br>12/1/52<br>| &nbsp;&nbsp; 20429841 | &nbsp;&nbsp; 18891995<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/47- <br>9/1/55<br>| &nbsp;&nbsp; 16869217 | &nbsp;&nbsp; 16504577<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/49- <br>10/1/52<br>| &nbsp;&nbsp; 8339795 | &nbsp;&nbsp; 7910376<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52- <br>10/1/55<br>| &nbsp;&nbsp; 36527221 | &nbsp;&nbsp; 36117858<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/53- <br>8/1/55<br>| &nbsp;&nbsp; 34860462 | &nbsp;&nbsp; 35124472<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53- <br>8/1/55<br>| &nbsp;&nbsp; 51431136 | &nbsp;&nbsp; 52840783<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 18280030<br>| &nbsp;&nbsp; 19040055<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 88000000<br>| &nbsp;&nbsp; 84941124<br> <sup>(d)</sup><br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 411019940 |
| GNMA — 5.5% | GNMA — 5.5% | GNMA — 5.5% | GNMA — 5.5% | GNMA — 5.5% |
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/20/45- <br>6/20/52<br>| &nbsp;&nbsp; 26401395 | &nbsp;&nbsp; 23767682<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/20/46- <br>6/20/52<br>| &nbsp;&nbsp; 32494325 | &nbsp;&nbsp; 28012517<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/47- <br>6/20/55<br>| &nbsp;&nbsp; 15609926 | &nbsp;&nbsp; 14456935<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/50- <br>5/20/52<br>| &nbsp;&nbsp; 24685633 | &nbsp;&nbsp; 20429925<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/20/52- <br>11/20/52<br>| &nbsp;&nbsp; 10999152 | &nbsp;&nbsp; 10403532<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/53- <br>1/20/55<br>| &nbsp;&nbsp; 13178717 | &nbsp;&nbsp; 12802612<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/20/53- <br>10/20/55<br>| &nbsp;&nbsp; 18477011 | &nbsp;&nbsp; 18663639<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/53- <br>6/20/55<br>| &nbsp;&nbsp; 17743362 | &nbsp;&nbsp; 17624737<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/20/55- <br>9/20/55<br>| &nbsp;&nbsp; 11175445 | &nbsp;&nbsp; 11377993<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 1634545<br>| &nbsp;&nbsp; 1699805<br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 159239377 |
| **Total Mortgage-Backed Securities (Cost — $779,623,405)** | **Total Mortgage-Backed Securities (Cost — $779,623,405)** | **Total Mortgage-Backed Securities (Cost — $779,623,405)** | **Total Mortgage-Backed Securities (Cost — $779,623,405)** | &nbsp;&nbsp; **765347827** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.4%** |
| 1301 Trust, 2025-1301 A | &nbsp;&nbsp; 5.059% | &nbsp;&nbsp; 8/11/42 | &nbsp;&nbsp; $4000000<br>| &nbsp;&nbsp; $4014022<br> <sup>(a)(b)</sup><br>|
| BANK, 2019-BN18 A2 | &nbsp;&nbsp; 3.474% | &nbsp;&nbsp; 5/15/62 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp; 2003225<br>|
| BANK, 2022-BNK40 A4 | &nbsp;&nbsp; 3.389% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp; 2601433<br> <sup>(b)</sup><br>|
| BANK5, 2025-5YR15 XA, IO | &nbsp;&nbsp; 1.221% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 45766731<br>| &nbsp;&nbsp; 2127604<br> <sup>(b)</sup><br>|
| BANK5, 2025-5YR17 AS | &nbsp;&nbsp; 5.626% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 2219000<br>| &nbsp;&nbsp; 2266696<br> <sup>(b)</sup><br>|
| BANK5, 2026-5YR20 AS | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 2/15/59 | &nbsp;&nbsp; 4154000<br>| &nbsp;&nbsp; 4219164<br>|
| Barclays Commercial Mortgage Trust, 2019-C3 A2 | &nbsp;&nbsp; 3.438% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 963958<br>| &nbsp;&nbsp; 947528<br>|
| BBCMS Mortgage Trust, 2025-5C37 AS | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 4118000<br>| &nbsp;&nbsp; 4174579<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2022-B32 A5 | &nbsp;&nbsp; 3.002% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 5560000<br>| &nbsp;&nbsp; 4948705<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2025-V17 AM | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 1809000<br>| &nbsp;&nbsp; 1826538<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2019-B13 A2 | &nbsp;&nbsp; 2.889% | &nbsp;&nbsp; 8/15/57 | &nbsp;&nbsp; 3771599<br>| &nbsp;&nbsp; 3626697<br>|
| Benchmark Mortgage Trust, 2019-B14 A2 | &nbsp;&nbsp; 2.915% | &nbsp;&nbsp; 12/15/62 | &nbsp;&nbsp; 1735349<br>| &nbsp;&nbsp; 1687661<br>|
| Benchmark Mortgage Trust, 2020-B17 A2 | &nbsp;&nbsp; 2.211% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 2576339<br>| &nbsp;&nbsp; 2447634<br>|
| Benchmark Mortgage Trust, 2025-V16 B | &nbsp;&nbsp; 6.130% | &nbsp;&nbsp; 8/15/58 | &nbsp;&nbsp; 3978000<br>| &nbsp;&nbsp; 4122985<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2025-V18 XA, IO | &nbsp;&nbsp; 1.257% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 24558503<br>| &nbsp;&nbsp; 1245455<br> <sup>(a)(b)</sup><br>|
| Benchmark Mortgage Trust, 2025-V19 XA, IO | &nbsp;&nbsp; 1.105% | &nbsp;&nbsp; 1/15/58 | &nbsp;&nbsp; 85000000<br>| &nbsp;&nbsp; 3929338<br> <sup>(b)</sup><br>|
| Benchmark Mortgage Trust, 2026-V20 AM | &nbsp;&nbsp; 5.436% | &nbsp;&nbsp; 2/15/59 | &nbsp;&nbsp; 2599000<br>| &nbsp;&nbsp; 2626232<br>|
| Benchmark Mortgage Trust, 2026-V21 AS | &nbsp;&nbsp; 5.506% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 5229000<br>| &nbsp;&nbsp; 5294838<br>|
| Benchmark Mortgage Trust, 2026-V21 XA, IO | &nbsp;&nbsp; 1.648% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 26097000<br>| &nbsp;&nbsp; 1645682<br> <sup>(b)</sup><br>|
| BMO Mortgage Trust, 2025-5C11 XA, IO | &nbsp;&nbsp; 1.110% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 80109594<br>| &nbsp;&nbsp; 3441308<br> <sup>(b)</sup><br>|
| BMO Mortgage Trust, 2024-5C8 AS | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 3280000<br>| &nbsp;&nbsp; 3377071<br> <sup>(b)</sup><br>|
| BMO Mortgage Trust, 2025-5C11 AS | &nbsp;&nbsp; 5.938% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 3850000<br>| &nbsp;&nbsp; 3961928<br>|
| BRCK Trust, 2025-830B A | &nbsp;&nbsp; 4.476% | &nbsp;&nbsp; 12/10/42 | &nbsp;&nbsp; 4242000<br>| &nbsp;&nbsp; 4205086<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2022-LP2 A (1 mo. Term SOFR + 1.013%) | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 217730<br>| &nbsp;&nbsp; 217745<br> <sup>(a)(b)</sup><br>|
| BX Commercial Mortgage Trust, 2026-CSMO A (1 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 4278000<br>| &nbsp;&nbsp; 4284412<br> <sup>(a)(b)</sup><br>|
| BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%) | &nbsp;&nbsp; 4.477% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 3090000<br>| &nbsp;&nbsp; 3083388<br> <sup>(a)(b)</sup><br>|
| BX Trust, 2022-IND A (1 mo. Term SOFR + 1.491%) | &nbsp;&nbsp; 5.164% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 2106873<br>| &nbsp;&nbsp; 2108382<br> <sup>(a)(b)</sup><br>|
| BX Trust, 2025-ARIA B | &nbsp;&nbsp; 5.177% | &nbsp;&nbsp; 12/13/42 | &nbsp;&nbsp; 2334000<br>| &nbsp;&nbsp; 2338871<br> <sup>(a)(b)</sup><br>|
| BX Trust, 2025-VOLT A (1 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 1706000<br>| &nbsp;&nbsp; 1703776<br> <sup>(a)(b)</sup><br>|
| Cantor Commercial Real Estate Lending, 2019-CF3 A2 | &nbsp;&nbsp; 2.942% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 765252<br>| &nbsp;&nbsp; 729300<br>|
| CD Mortgage Trust, 2016-CD1 A4 | &nbsp;&nbsp; 2.724% | &nbsp;&nbsp; 8/10/49 | &nbsp;&nbsp; 3748000<br>| &nbsp;&nbsp; 3694632<br>|
| CFCRE Commercial Mortgage Trust, 2016-C7 A3 | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp; 1859044<br>|
| CGMS Commercial Mortgage Trust, 2017-B1 AS | &nbsp;&nbsp; 3.711% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 2092000<br>| &nbsp;&nbsp; 2045861<br> <sup>(b)</sup><br>|
| Citigroup Commercial Mortgage Trust, 2018-C5 AS | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 6/10/51 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp; 2097042<br> <sup>(b)</sup><br>|
| Citigroup Commercial Mortgage Trust, 2020-GC46 A2 | &nbsp;&nbsp; 2.708% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1693994<br>| &nbsp;&nbsp; 1601503<br>|
| CSAIL Commercial Mortgage Trust, 2017-CX10 A3 | &nbsp;&nbsp; 3.398% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1651340<br>| &nbsp;&nbsp; 1647985<br>|
| CSTL Commercial Mortgage Trust, 2025-GATE2 A | &nbsp;&nbsp; 4.560% | &nbsp;&nbsp; 11/10/42 | &nbsp;&nbsp; 1671000<br>| &nbsp;&nbsp; 1644699<br> <sup>(a)(b)</sup><br>|
| GS Mortgage Securities Corp. Trust, 2017-375H A | &nbsp;&nbsp; 3.475% | &nbsp;&nbsp; 9/10/37 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp; 3163739<br> <sup>(a)(b)</sup><br>|
| GS Mortgage Securities Trust, 2016-GS2 A4 | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 5/10/49 | &nbsp;&nbsp; 451339<br>| &nbsp;&nbsp; 450706<br>|
| GS Mortgage Securities Trust, 2019-GC42 A2 | &nbsp;&nbsp; 2.933% | &nbsp;&nbsp; 9/10/52 | &nbsp;&nbsp; 3699826<br>| &nbsp;&nbsp; 3552511<br>|
| JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP3 AS | &nbsp;&nbsp; 3.144% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 2896000<br>| &nbsp;&nbsp; 2812089<br>|
| MAD Commercial Mortgage Trust, 2025-11MD A | &nbsp;&nbsp; 4.437% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 3418000<br>| &nbsp;&nbsp; 3405900<br> <sup>(a)(b)</sup><br>|
| MAD Commercial Mortgage Trust, 2025-11MD C | &nbsp;&nbsp; 5.255% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 4149000<br>| &nbsp;&nbsp; 4180943<br> <sup>(a)(b)</sup><br>|
| MAD Commercial Mortgage Trust, 2025-11MD D | &nbsp;&nbsp; 5.935% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 1425000<br>| &nbsp;&nbsp; 1449403<br> <sup>(a)(b)</sup><br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, 2025-5C2 AS | &nbsp;&nbsp; 5.384% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 1763000<br>| &nbsp;&nbsp; 1786530<br>|
| Morgan Stanley Capital I Trust, 2016-BNK2, A4 | &nbsp;&nbsp; 3.049% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 3139000<br>| &nbsp;&nbsp; 3092069<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| One Bryant Park Trust, 2019-OBP A | &nbsp;&nbsp; 2.516% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; $2333000<br>| &nbsp;&nbsp; $2157436<br> <sup>(a)</sup><br>|
| SCG Commercial Mortgage Trust, 2025-FLWR A (1 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.923% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2998168<br> <sup>(a)(b)</sup><br>|
| SDR Commercial Mortgage Trust, 2024-DSNY A (1 mo. Term SOFR + 1.392%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 2322000<br>| &nbsp;&nbsp; 2317228<br> <sup>(a)(b)</sup><br>|
| SHRN Trust, 2025-MF18 A (1 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.873% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 4132000<br>| &nbsp;&nbsp; 4126919<br> <sup>(a)(b)</sup><br>|
| SYCA Commercial Mortgage Trust, 2025-WAG A | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 11/10/42 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp; 2997173<br> <sup>(a)(b)</sup><br>|
| VRTX Trust, 2025-HQ A | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 8/5/42 | &nbsp;&nbsp; 1692000<br>| &nbsp;&nbsp; 1694828<br> <sup>(a)(b)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2016-LC24 AS | &nbsp;&nbsp; 3.367% | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; 5403790<br>| &nbsp;&nbsp; 5319088<br>|
| Wells Fargo Commercial Mortgage Trust, 2025-5C5 XA, IO | &nbsp;&nbsp; 1.309% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 65156243<br>| &nbsp;&nbsp; 3235568<br> <sup>(b)</sup><br>|
| Wells Fargo Commercial Mortgage Trust, 2026-5C8 AS | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/59 | &nbsp;&nbsp; 4308000<br>| &nbsp;&nbsp; 4324182<br>|
| Wells Fargo Commercial Mortgage Trust, 2026-5C8 XA, IO | &nbsp;&nbsp; 1.585% | &nbsp;&nbsp; 3/15/59 | &nbsp;&nbsp; 71180000<br>| &nbsp;&nbsp; 4166343<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $158,325,484)** | **Total Collateralized Mortgage Obligations (Cost — $158,325,484)** | **Total Collateralized Mortgage Obligations (Cost — $158,325,484)** | **Total Collateralized Mortgage Obligations (Cost — $158,325,484)** | &nbsp;&nbsp; **157028872** |
| **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** |
| California — 0.9% | California — 0.9% | California — 0.9% | California — 0.9% | California — 0.9% |
| Pomona City, CA, Revenue, Series B  | &nbsp;&nbsp; 3.716% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 595497<br>|
| California State Health Facilities Financing Authority Revenue, Series 2022  | &nbsp;&nbsp; 4.190% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2366824<br>|
| California State, GO, Various Purpose, Refunding  | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 3115000 | &nbsp;&nbsp; 3107820<br>|
| Fresno County, CA, Revenue, Series A, NATL  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1116039<br>|
| Golden State Tobacco Securitization Corp., CA, Subordinated Bond, <br> Series 2021, Refunding  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 4265000 | &nbsp;&nbsp; 3899341<br>|
| Orange City, CA, Revenue, Series 2021,Refunding  | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp; 973890<br>|
| San Bernardino, CA, Community College District, GO: |  |  |  |  |
| Refunding | &nbsp;&nbsp; 2.686% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 6140000 | &nbsp;&nbsp; 4648687<br>|
| Refunding | &nbsp;&nbsp; 2.856% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 3575000 | &nbsp;&nbsp; 2359235<br>|
| Tulare County, CA, Revenue, Series 2018  | &nbsp;&nbsp; 4.445% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp; 2186418<br>|
| Whittier, CA, City School District, GO, Refunding  | &nbsp;&nbsp; 3.306% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 5938006<br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 27191757 |
| Florida — 0.1% | Florida — 0.1% | Florida — 0.1% | Florida — 0.1% | Florida — 0.1% |
| Florida State Board of Administration Finance Corp. Revenue, Series A | &nbsp;&nbsp; 5.526% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 2205000 | &nbsp;&nbsp; 2312247<br>|
| Georgia — 0.0%†† | Georgia — 0.0%†† | Georgia — 0.0%†† | Georgia — 0.0%†† | Georgia — 0.0%†† |
| Georgia State Higher Education Facilities Authority Revenue, USG Real <br> Estate Foundation XIV LLC Project, Series A | &nbsp;&nbsp; 5.273% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 536305<br>|
| Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% |
| Illinois State, GO, Series A | &nbsp;&nbsp; 4.954% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 2080000 | &nbsp;&nbsp; 2112752<br> <sup>(c)</sup><br>|
| New Jersey — 0.0%†† | New Jersey — 0.0%†† | New Jersey — 0.0%†† | New Jersey — 0.0%†† | New Jersey — 0.0%†† |
| New Jersey State Transportation Trust Fund Authority, Build America Bond, <br> Series B | &nbsp;&nbsp; 6.561% | &nbsp;&nbsp; 12/15/40 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 509279<br>|
| New York — 0.1% | New York — 0.1% | New York — 0.1% | New York — 0.1% | New York — 0.1% |
| New York City, NY, TFA, Future Tax Secured Subordinated Revenue, Series F, <br> Subseries F-2 | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp; 1659840<br>|
| Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% | Ohio — 0.1% |
| Greenville, OH, City School District, Refunding, SD Credit Program  | &nbsp;&nbsp; 3.541% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 983269<br>|
| Jobs Ohio Beverage System, OH, Statewide Senior Lien Liquor Profit, <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 2.833% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1162897<br> <sup>(f)</sup><br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 2146166 |
| Pennsylvania — 0.1% | Pennsylvania — 0.1% | Pennsylvania — 0.1% | Pennsylvania — 0.1% | Pennsylvania — 0.1% |
| Pennsylvania State Economic Development Financing Authority Revenue, <br> Economic Development and Infrastructure Program, Series 2025  | &nbsp;&nbsp; 5.689% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 1615000 | &nbsp;&nbsp; 1626057<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Philadelphia, PA, Redevelopment Authority, City Service Agreement Revenue, <br> Series A  | &nbsp;&nbsp; 5.002% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; $2520000 | &nbsp;&nbsp; $2493028<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 4119085 |
| **Total Municipal Bonds (Cost — $45,712,806)** | **Total Municipal Bonds (Cost — $45,712,806)** | **Total Municipal Bonds (Cost — $45,712,806)** | **Total Municipal Bonds (Cost — $45,712,806)** | &nbsp;&nbsp; **40587431** |
| **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** |
| Compass Datacenters Issuer LLC, 2024-1A A1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/25/49 | &nbsp;&nbsp; 4724000<br>| &nbsp;&nbsp; 4721216<br> <sup>(a)</sup><br>|
| Compass Datacenters Issuer LLC, 2025-2A A1 | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 5921000<br>| &nbsp;&nbsp; 5835915<br> <sup>(a)</sup><br>|
| Compass Datacenters Issuer LLC, 2026-1A A21 | &nbsp;&nbsp; 4.897% | &nbsp;&nbsp; 2/25/56 | &nbsp;&nbsp; 1478000<br>| &nbsp;&nbsp; 1467585<br> <sup>(a)</sup><br>|
| New Economy Assets - Phase 1 Sponsor LLC, 2021-1 A1 | &nbsp;&nbsp; 1.910% | &nbsp;&nbsp; 10/20/61 | &nbsp;&nbsp; 6660000<br>| &nbsp;&nbsp; 5603397<br> <sup>(a)</sup><br>|
| PK Alift Loan Funding LP, 2024-1 A1 | &nbsp;&nbsp; 5.842% | &nbsp;&nbsp; 9/15/39 | &nbsp;&nbsp; 1748129<br>| &nbsp;&nbsp; 1779781<br> <sup>(a)</sup><br>|
| PK Alift Loan Funding LP, 2026-1 A | &nbsp;&nbsp; 4.614% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 247267<br> <sup>(a)</sup><br>|
| **Total Asset-Backed Securities (Cost — $20,720,264)** | **Total Asset-Backed Securities (Cost — $20,720,264)** | **Total Asset-Backed Securities (Cost — $20,720,264)** | **Total Asset-Backed Securities (Cost — $20,720,264)** | &nbsp;&nbsp; **19655161** |
| **Total Investments before Short-Term Investments (Cost — $2,958,700,473)** | **Total Investments before Short-Term Investments (Cost — $2,958,700,473)** | **Total Investments before Short-Term Investments (Cost — $2,958,700,473)** | **Total Investments before Short-Term Investments (Cost — $2,958,700,473)** | &nbsp;&nbsp; **2898448252** |
|  |  |  | Shares |  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $54,330,305)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 54330305<br>| &nbsp;&nbsp; **54330305**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Investments — 102.4% (Cost — $3,013,030,778)** | **Total Investments — 102.4% (Cost — $3,013,030,778)** | **Total Investments — 102.4% (Cost — $3,013,030,778)** | **Total Investments — 102.4% (Cost — $3,013,030,778)** | &nbsp;&nbsp; **2952778557** |
| Liabilities in Excess of Other Assets — (2.4)% | Liabilities in Excess of Other Assets — (2.4)% | Liabilities in Excess of Other Assets — (2.4)% | Liabilities in Excess of Other Assets — (2.4)% | &nbsp;&nbsp; (69841333)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2882937224** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | This security is traded on a to-be-announced ("TBA") basis. At March 31, 2026, the Fund held TBA securities with a total cost of $84,335,156. |
| <sup>(e)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(f)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $54,330,305 and the cost was $54,330,305 (Note 6).<br>|
| <sup>(i)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| GO |  | General Obligation |
| IO |  | Interest Only |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| SDR |  | Swedish Depository Receipts |
| SOFR |  | Secured Overnight Financing Rate |
| TFA |  | Transitional Finance Authority |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Core Bond ETF**

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $95319294 | &nbsp;&nbsp;&nbsp; $94595062 | &nbsp;&nbsp;&nbsp; $(724232) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 45520910 | &nbsp;&nbsp;&nbsp; 45110930 | &nbsp;&nbsp;&nbsp; (409980) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 7360304 | &nbsp;&nbsp;&nbsp; 7218047 | &nbsp;&nbsp;&nbsp; (142257) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 8647192 | &nbsp;&nbsp;&nbsp; 8540625 | &nbsp;&nbsp;&nbsp; (106567) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 35511979 | &nbsp;&nbsp;&nbsp; 34849297 | &nbsp;&nbsp;&nbsp; (662682) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 5760410 | &nbsp;&nbsp;&nbsp; 5595000 | &nbsp;&nbsp;&nbsp; (165410) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(2211128)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Treasury Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 94.5%** | **U.S. Government & Agency Obligations — 94.5%** | **U.S. Government & Agency Obligations — 94.5%** | **U.S. Government & Agency Obligations — 94.5%** | **U.S. Government & Agency Obligations — 94.5%** |
| U.S. Government Obligations — 94.5% | U.S. Government Obligations — 94.5% | U.S. Government Obligations — 94.5% | U.S. Government Obligations — 94.5% | U.S. Government Obligations — 94.5% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; $2200000 | &nbsp;&nbsp; $2329379<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6490732<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2427637<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp; 4615664<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2006660<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 69810000 | &nbsp;&nbsp; 56884242<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 14850000 | &nbsp;&nbsp; 13166033<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp; 17199902<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 58800000 | &nbsp;&nbsp; 44267672<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 602988<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 30400000 | &nbsp;&nbsp; 26126187<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 20130000 | &nbsp;&nbsp; 17659357<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 15500000 | &nbsp;&nbsp; 14787363<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 14620313<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp; 8737902<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/30/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199936<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/27 | &nbsp;&nbsp; 161900000 | &nbsp;&nbsp; 162586178<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/29/28 | &nbsp;&nbsp; 28303000 | &nbsp;&nbsp; 26911067<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 94914062<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7514219<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25006348<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 26400000 | &nbsp;&nbsp; 26037000<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp; 18066797<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 12987305<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 10600000 | &nbsp;&nbsp; 10683227<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 57400000 | &nbsp;&nbsp; 56916809<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10022461<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 16203437<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 11285879<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 14816602<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 31630000 | &nbsp;&nbsp; 27435936<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 19784000 | &nbsp;&nbsp; 17547867<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 31666000 | &nbsp;&nbsp; 31683317<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp; 16691543<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 9900000 | &nbsp;&nbsp; 10005768<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10261914<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 35900000 | &nbsp;&nbsp; 35810951<br>|
| U.S. Treasury Strip Coupon (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 32100000 | &nbsp;&nbsp; 28749586<br>|
| U.S. Treasury Strip Coupon (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 57200000 | &nbsp;&nbsp; 47168017<br>|
| **Total U.S. Government & Agency Obligations (Cost — $955,736,681)** | **Total U.S. Government & Agency Obligations (Cost — $955,736,681)** | **Total U.S. Government & Agency Obligations (Cost — $955,736,681)** | **Total U.S. Government & Agency Obligations (Cost — $955,736,681)** | &nbsp;&nbsp; **951428257** |
| **U.S. Treasury Inflation Protected Securities — 3.8%** | **U.S. Treasury Inflation Protected Securities — 3.8%** | **U.S. Treasury Inflation Protected Securities — 3.8%** | **U.S. Treasury Inflation Protected Securities — 3.8%** | **U.S. Treasury Inflation Protected Securities — 3.8%** |
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp; 4948545<br>|
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp; 5399333<br>|
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 15000000<br>| &nbsp;&nbsp; 15484659<br>|
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp; 10540460<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin U.S. Treasury Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; $2550000<br>| &nbsp;&nbsp; $2571174<br>|
| **Total U.S. Treasury Inflation Protected Securities (Cost — $38,844,861)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,844,861)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,844,861)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,844,861)** | &nbsp;&nbsp; **38944171** |
| **Total Investments before Short-Term Investments (Cost — $994,581,542)** | **Total Investments before Short-Term Investments (Cost — $994,581,542)** | **Total Investments before Short-Term Investments (Cost — $994,581,542)** | **Total Investments before Short-Term Investments (Cost — $994,581,542)** | &nbsp;&nbsp; **990372428** |
|  |  |  | Shares |  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $6,778,710)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 6778710<br>| &nbsp;&nbsp; **6778710**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.0% (Cost — $1,001,360,252)** | **Total Investments — 99.0% (Cost — $1,001,360,252)** | **Total Investments — 99.0% (Cost — $1,001,360,252)** | **Total Investments — 99.0% (Cost — $1,001,360,252)** | &nbsp;&nbsp; **997151138** |
| Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp; 9671602 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1006822740** |

---

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

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

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $6,778,710 and the cost was $6,778,710 (Note 6). 

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

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 78.5%** | **Corporate Bonds & Notes — 78.5%** | **Corporate Bonds & Notes — 78.5%** | **Corporate Bonds & Notes — 78.5%** | **Corporate Bonds & Notes — 78.5%** |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; $342000<br>| &nbsp;&nbsp; $341159<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 546000<br>| &nbsp;&nbsp; 545836<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 439980<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1326975 |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 322578<br>|
| Interactive Media & Services — 0.0%†† | Interactive Media & Services — 0.0%†† | Interactive Media & Services — 0.0%†† | Interactive Media & Services — 0.0%†† | Interactive Media & Services — 0.0%†† |
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 68000<br>| &nbsp;&nbsp; 67523<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1717076** |
| **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |
| Automobiles — 5.2% | Automobiles — 5.2% | Automobiles — 5.2% | Automobiles — 5.2% | Automobiles — 5.2% |
| American Honda Finance Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.386% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp; 921207<br> <sup>(a)</sup><br>|
| American Honda Finance Corp., Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 369727<br> <sup>(a)</sup><br>|
| American Honda Finance Corp., Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 4.473% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 489598<br> <sup>(a)</sup><br>|
| BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp; 597788<br> <sup>(b)</sup><br>|
| BMW US Capital LLC, Senior Notes (SOFR + 0.790%) | &nbsp;&nbsp; 4.436% | &nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600128<br> <sup>(a)(b)</sup><br>|
| BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.580% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500866<br> <sup>(a)(b)</sup><br>|
| BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.566% | &nbsp;&nbsp; 3/21/28 | &nbsp;&nbsp; 863000<br>| &nbsp;&nbsp; 865729<br> <sup>(a)(b)</sup><br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 800078<br>|
| General Motors Financial Co. Inc., Senior Notes (SOFR + 1.350%) | &nbsp;&nbsp; 5.011% | &nbsp;&nbsp; 5/8/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100600<br> <sup>(a)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 745850<br> <sup>(b)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150550<br> <sup>(b)</sup><br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 484997<br> <sup>(b)(c)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.677% | &nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp; 325881<br> <sup>(a)(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 4.686% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 301033<br> <sup>(a)(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 4.687% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 357000<br>| &nbsp;&nbsp; 357936<br> <sup>(a)(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 552071<br> <sup>(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes (SOFR + 0.710%) | &nbsp;&nbsp; 4.359% | &nbsp;&nbsp; 3/10/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230034<br> <sup>(a)(b)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.426% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 225390<br> <sup>(a)(b)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (4.150% to 5/18/26 then SOFR + 0.500%) | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 480033<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.118% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 280014<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.118% | &nbsp;&nbsp; 1/12/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249814<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.371% | &nbsp;&nbsp; 9/5/28 | &nbsp;&nbsp; 606000<br>| &nbsp;&nbsp; 608451<br> <sup>(a)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.431% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 440546<br> <sup>(a)</sup><br>|
| Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 991592<br> <sup>(b)</sup><br>|
| Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 372000<br>| &nbsp;&nbsp; 371049<br> <sup>(b)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 12040962 |
| Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% | Broadline Retail — 0.5% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/13/28 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 757805<br>|
| Amazon.com Inc., Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.238% | &nbsp;&nbsp; 3/13/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 530383<br> <sup>(a)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1288188 |
| Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% | Hotels, Restaurants & Leisure — 1.0% |
| Airbnb Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 3/16/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 229738<br>|
| Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 847000<br>| &nbsp;&nbsp; 854584<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; $225000<br>| &nbsp;&nbsp; $224442<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30121<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 489429<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 183589<br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 221000<br>| &nbsp;&nbsp; 221859<br> <sup>(b)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 2233762 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp; 750406<br>|
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119292<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 457000<br>| &nbsp;&nbsp; 455596<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp; 421666<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 996554 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **17309872** |
| **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Keurig Dr Pepper Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 111000<br>| &nbsp;&nbsp; 111464<br>|
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 407110<br> <sup>(b)</sup><br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 142000<br>| &nbsp;&nbsp; 140740<br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99220<br>|
| Target Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 257000<br>| &nbsp;&nbsp; 258272<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 905342 |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp; 426420<br> <sup>(b)</sup><br>|
| McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 188193<br>|
| Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 546000<br>| &nbsp;&nbsp; 545179<br>|
| Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99502<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 1259294 |
| Tobacco — 1.3% | Tobacco — 1.3% | Tobacco — 1.3% | Tobacco — 1.3% | Tobacco — 1.3% |
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.215% | &nbsp;&nbsp; 9/6/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 298466<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/2/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150360<br>|
| Cargill Inc., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.270% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 450521<br> <sup>(a)(b)</sup><br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 401124<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/17/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 385232<br>|
| Philip Morris International Inc., Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.326% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 419845<br> <sup>(a)</sup><br>|
| Philip Morris International Inc., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.495% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 948000<br>| &nbsp;&nbsp; 947459<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 3053007 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5329107** |
| **Energy — 0.7%** | **Energy — 0.7%** | **Energy — 0.7%** | **Energy — 0.7%** | **Energy — 0.7%** |
| Oil, Gas & Consumable Fuels — 0.7% | Oil, Gas & Consumable Fuels — 0.7% | Oil, Gas & Consumable Fuels — 0.7% | Oil, Gas & Consumable Fuels — 0.7% | Oil, Gas & Consumable Fuels — 0.7% |
| Chevron USA Inc., Senior Notes (SOFR + 0.470%) | &nbsp;&nbsp; 4.124% | &nbsp;&nbsp; 2/26/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 185177<br> <sup>(a)</sup><br>|
| Chevron USA Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.230% | &nbsp;&nbsp; 8/13/28 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp; 305729<br> <sup>(a)</sup><br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 209782<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 91000<br>| &nbsp;&nbsp; 90977<br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/20/28 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp; 155237<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; $440000<br>| &nbsp;&nbsp; $442620<br>|
| Phillips 66 Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 149576<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1539098** |
| **Financials — 56.1%** | **Financials — 56.1%** | **Financials — 56.1%** | **Financials — 56.1%** | **Financials — 56.1%** |
| Banks — 37.5% | Banks — 37.5% | Banks — 37.5% | Banks — 37.5% | Banks — 37.5% |
| ABN AMRO Bank NV, Senior Notes (4.988% to 12/3/27 then 1 year Treasury <br> Constant Maturity Rate + 0.780%) | &nbsp;&nbsp; 4.988% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 604710<br> <sup>(a)(b)</sup><br>|
| ABN AMRO Bank NV, Senior Notes (6.339% to 9/18/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 9/18/27 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 706020<br> <sup>(a)(b)</sup><br>|
| ABN AMRO Bank NV, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 309763<br> <sup>(a)(b)</sup><br>|
| ABN AMRO Bank NV, Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.653% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 778219<br> <sup>(a)(b)</sup><br>|
| ANZ New Zealand International Ltd., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.276% | &nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 369653<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.239% | &nbsp;&nbsp; 12/8/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200468<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.267% | &nbsp;&nbsp; 6/18/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 371164<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003889<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.347% | &nbsp;&nbsp; 7/16/27 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 446242<br> <sup>(a)(b)</sup><br>|
| Australia & New Zealand Banking Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/19/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200071<br> <sup>(b)</sup><br>|
| Banco Bilbao Vizcaya Argentaria SA, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 3/3/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 790870<br>|
| Banco Bilbao Vizcaya Argentaria SA, Senior Notes (6.138% to 9/14/27 then 1 year <br> Treasury Constant Maturity Rate + 2.700%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 9/14/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 409149<br> <sup>(a)</sup><br>|
| Banco Bilbao Vizcaya Argentaria SA, Senior Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.535% | &nbsp;&nbsp; 3/3/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 800339<br> <sup>(a)</sup><br>|
| Banco Santander SA, Senior Notes (5.552% to 3/14/27 then 1 year Treasury <br> Constant Maturity Rate + 1.250%) | &nbsp;&nbsp; 5.552% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 735000<br>| &nbsp;&nbsp; 741357<br> <sup>(a)</sup><br>|
| Banco Santander SA, Senior Notes (6.527% to 11/7/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.527% | &nbsp;&nbsp; 11/7/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 607566<br> <sup>(a)</sup><br>|
| Banco Santander SA, Senior Notes (SOFR + 1.120%) | &nbsp;&nbsp; 4.788% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 401716<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term SOFR + <br> 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 295940<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (4.623% to 5/9/28 then SOFR + 1.110%) | &nbsp;&nbsp; 4.623% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 243000<br>| &nbsp;&nbsp; 244083<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (5.933% to 9/15/26 then SOFR + 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 292038<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.495% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 882000<br>| &nbsp;&nbsp; 881980<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (SOFR + 1.050%) | &nbsp;&nbsp; 4.712% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200710<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (SOFR + 1.110%) | &nbsp;&nbsp; 4.770% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 452760<br> <sup>(a)</sup><br>|
| Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 119956<br>|
| Bank of Montreal, Senior Notes (4.100% to 12/15/26 then SOFR + 0.525%) | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp; 304448<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (4.338% to 3/19/29 then SOFR + 0.890%) | &nbsp;&nbsp; 4.338% | &nbsp;&nbsp; 3/19/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 378389<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.396% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 675172<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.526% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 848891<br> <sup>(a)</sup><br>|
| Bank of Montreal, Senior Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.529% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp; 595523<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.394% | &nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 379394<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 410080<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.432% | &nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 602008<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp; 676345<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.649% | &nbsp;&nbsp; 9/8/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 532130<br> <sup>(a)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp; 944358<br> <sup>(b)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270213<br> <sup>(b)</sup><br>|
| Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 0.990%) | &nbsp;&nbsp; 4.657% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 458000<br>| &nbsp;&nbsp; 459729<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; $550000<br>| &nbsp;&nbsp; $552047<br> <sup>(a)(b)</sup><br>|
| Barclays PLC, Senior Notes (5.501% to 8/9/27 then 1 year Treasury Constant <br> Maturity Rate + 2.650%) | &nbsp;&nbsp; 5.501% | &nbsp;&nbsp; 8/9/28 | &nbsp;&nbsp; 958000<br>| &nbsp;&nbsp; 969249<br> <sup>(a)</sup><br>|
| Barclays PLC, Senior Notes (5.829% to 5/9/26 then SOFR + 2.210%) | &nbsp;&nbsp; 5.829% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600661<br> <sup>(a)</sup><br>|
| Barclays PLC, Senior Notes (6.496% to 9/13/26 then SOFR + 1.880%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp; 670413<br> <sup>(a)</sup><br>|
| Barclays PLC, Senior Notes (SOFR + 1.490%) | &nbsp;&nbsp; 5.138% | &nbsp;&nbsp; 3/12/28 | &nbsp;&nbsp; 218000<br>| &nbsp;&nbsp; 219544<br> <sup>(a)</sup><br>|
| BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp; 1072000<br>| &nbsp;&nbsp; 1055641<br> <sup>(b)</sup><br>|
| BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199205<br> <sup>(b)</sup><br>|
| BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant <br> Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 201000<br>| &nbsp;&nbsp; 203125<br> <sup>(a)(b)</sup><br>|
| BNP Paribas SA, Senior Notes (SOFR + 1.430%) | &nbsp;&nbsp; 5.091% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 746947<br> <sup>(a)(b)</sup><br>|
| BPCE SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 768589<br> <sup>(b)</sup><br>|
| BPCE SA, Senior Notes (6.612% to 10/19/26 then SOFR + 1.980%) | &nbsp;&nbsp; 6.612% | &nbsp;&nbsp; 10/19/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 505603<br> <sup>(a)(b)</sup><br>|
| BPCE SA, Senior Notes (6.714% to 10/19/28 then SOFR + 2.270%) | &nbsp;&nbsp; 6.714% | &nbsp;&nbsp; 10/19/29 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp; 319109<br> <sup>(a)(b)</sup><br>|
| CaixaBank SA, Senior Notes (4.634% to 7/3/28 then SOFR + 1.140%) | &nbsp;&nbsp; 4.634% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 1032000<br>| &nbsp;&nbsp; 1033907<br> <sup>(a)(b)</sup><br>|
| CaixaBank SA, Senior Notes (6.208% to 1/18/28 then SOFR + 2.700%) | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 1/18/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 811607<br> <sup>(a)(b)</sup><br>|
| CaixaBank SA, Senior Notes (6.684% to 9/13/26 then SOFR + 2.080%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1009406<br> <sup>(a)(b)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes (4.508% to 9/11/26 then <br> SOFR + 0.930%) | &nbsp;&nbsp; 4.508% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160082<br> <sup>(a)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 4.579% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600532<br> <sup>(a)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 6/28/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 603219<br> <sup>(a)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.677% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 642938<br> <sup>(a)</sup><br>|
| Citibank NA, Senior Notes (4.876% to 11/19/26 then SOFR + 0.712%) | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 11/19/27 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp; 727428<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 6/9/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500349<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 4.520% | &nbsp;&nbsp; 3/4/29 | &nbsp;&nbsp; 1047000<br>| &nbsp;&nbsp; 1047434<br> <sup>(a)</sup><br>|
| Citigroup Inc., Senior Notes (SOFR + 1.143%) | &nbsp;&nbsp; 4.803% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 351577<br> <sup>(a)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.114% | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp; 315464<br> <sup>(a)(b)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes (SOFR + 0.630%) | &nbsp;&nbsp; 4.277% | &nbsp;&nbsp; 3/27/29 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp; 345502<br> <sup>(a)(b)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.288% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp; 828222<br> <sup>(a)(b)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 584000<br>| &nbsp;&nbsp; 582760<br>|
| Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.883% | &nbsp;&nbsp; 1/21/28 | &nbsp;&nbsp; 795000<br>| &nbsp;&nbsp; 806382<br>|
| Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 445987<br> <sup>(a)(b)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.410%) | &nbsp;&nbsp; 4.078% | &nbsp;&nbsp; 1/14/28 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp; 255254<br> <sup>(a)</sup><br>|
| Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.244% | &nbsp;&nbsp; 5/27/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250446<br> <sup>(a)</sup><br>|
| Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 7/5/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501813<br> <sup>(b)</sup><br>|
| Credit Agricole SA, Senior Notes (4.631% to 9/11/27 then SOFR + 1.210%) | &nbsp;&nbsp; 4.631% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 989929<br> <sup>(a)(b)</sup><br>|
| Credit Agricole SA, Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 4.519% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 356000<br>| &nbsp;&nbsp; 356887<br> <sup>(a)(b)</sup><br>|
| Credit Agricole SA, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 4.859% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502300<br> <sup>(a)(b)</sup><br>|
| Danske Bank A/S, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 429221<br> <sup>(b)</sup><br>|
| Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 679104<br> <sup>(a)(b)</sup><br>|
| Danske Bank A/S, Senior Notes (4.662% to 3/27/28 then 1 year Treasury Constant <br> Maturity Rate + 0.750%) | &nbsp;&nbsp; 4.662% | &nbsp;&nbsp; 3/27/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270640<br> <sup>(a)(b)</sup><br>|
| Danske Bank A/S, Senior Notes (5.427% to 3/1/27 then 1 year Treasury Constant <br> Maturity Rate + 0.950%) | &nbsp;&nbsp; 5.427% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp; 1166121<br> <sup>(a)(b)</sup><br>|
| Fifth Third Bancorp, Senior Notes (6.361% to 10/27/27 then SOFR + 2.192%) | &nbsp;&nbsp; 6.361% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 959000<br>| &nbsp;&nbsp; 986371<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Fifth Third Bank NA, Senior Notes (4.967% to 1/28/27 then SOFR + 0.810%) | &nbsp;&nbsp; 4.967% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp; $250941<br> <sup>(a)</sup><br>|
| Fifth Third Bank NA, Senior Notes (SOFR + 0.810%) | &nbsp;&nbsp; 4.475% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500371<br> <sup>(a)</sup><br>|
| Goldman Sachs Bank USA, Senior Notes (5.414% to 5/21/26 then SOFR + 0.750%) | &nbsp;&nbsp; 5.414% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 213000<br>| &nbsp;&nbsp; 213270<br> <sup>(a)</sup><br>|
| Goldman Sachs Bank USA, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.406% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 620145<br> <sup>(a)</sup><br>|
| Huntington Bancshares Inc., Senior Notes (4.443% to 8/4/27 then SOFR + 1.970%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 8/4/28 | &nbsp;&nbsp; 102000<br>| &nbsp;&nbsp; 101948<br> <sup>(a)</sup><br>|
| Huntington National Bank, Senior Notes (4.871% to 4/12/27 then SOFR + 0.720%) | &nbsp;&nbsp; 4.871% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 506806<br> <sup>(a)</sup><br>|
| Huntington National Bank, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.388% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 1015000<br>| &nbsp;&nbsp; 1015562<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (4.858% to 3/25/28 then SOFR + 1.010%) | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 603912<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (6.083% to 9/11/26 then SOFR + 1.560%) | &nbsp;&nbsp; 6.083% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 302000<br>| &nbsp;&nbsp; 303898<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 4.657% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp; 777307<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.209% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1004521<br> <sup>(a)</sup><br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/14/27 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 804360<br> <sup>(b)</sup><br>|
| Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 1/12/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197957<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 745000<br>| &nbsp;&nbsp; 745044<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.571% to 4/22/27 then SOFR + 0.930%) | &nbsp;&nbsp; 5.571% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp; 521387<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 4.466% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300247<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.526% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 561237<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.885%) | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 4/22/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250123<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.586% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501643<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (4.818% to 6/13/28 then 1 year Treasury <br> Constant Maturity Rate + 0.830%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp; 417559<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (5.087% to 11/26/27 then 1 year Treasury <br> Constant Maturity Rate + 0.850%) | &nbsp;&nbsp; 5.087% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 272524<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.431% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 477706<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.716% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200898<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.709% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 351502<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.222% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003202<br> <sup>(a)</sup><br>|
| Macquarie Bank Ltd., Senior Notes (SOFR + 0.480%) | &nbsp;&nbsp; 4.144% | &nbsp;&nbsp; 2/3/28 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 643904<br> <sup>(a)(b)</sup><br>|
| Macquarie Bank Ltd., Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.388% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 989497<br> <sup>(a)(b)</sup><br>|
| Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year <br> Treasury Constant Maturity Rate + 1.300%) | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 4/19/28 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp; 453377<br> <sup>(a)</sup><br>|
| Mitsubishi UFJ Financial Group Inc., Senior Notes (5.017% to 7/20/27 then 1 year <br> Treasury Constant Maturity Rate + 1.950%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 7/20/28 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 654207<br> <sup>(a)</sup><br>|
| National Australia Bank Ltd., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 12/13/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 397090<br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250028<br> <sup>(a)(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.178% | &nbsp;&nbsp; 12/13/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 400169<br> <sup>(a)(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.266% | &nbsp;&nbsp; 10/26/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250748<br> <sup>(a)(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.269% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250727<br> <sup>(a)(b)</sup><br>|
| National Australia Bank Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 6/13/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 371112<br> <sup>(a)(b)</sup><br>|
| National Bank of Canada, Senior Notes (4.166% to 1/20/28 then SOFR + 0.760%) | &nbsp;&nbsp; 4.166% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 726000<br>| &nbsp;&nbsp; 722370<br> <sup>(a)</sup><br>|
| National Bank of Canada, Senior Notes (5.600% to 7/2/26 then SOFR + 1.036%) | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 651961<br> <sup>(a)</sup><br>|
| National Bank of Canada, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.437% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 445562<br> <sup>(a)</sup><br>|
| National Bank of Canada, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.709% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250352<br> <sup>(a)</sup><br>|
| NatWest Group PLC, Senior Notes (5.583% to 3/1/27 then 1 year Treasury <br> Constant Maturity Rate + 1.100%) | &nbsp;&nbsp; 5.583% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp; 1212025<br> <sup>(a)</sup><br>|
| NatWest Group PLC, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 4.756% | &nbsp;&nbsp; 5/23/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200800<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Nordea Bank Abp, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.348% | &nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp; $605000<br>| &nbsp;&nbsp; $606624<br> <sup>(a)(b)</sup><br>|
| PNC Bank NA, Senior Notes (4.429% to 7/21/27 then SOFR + 0.727%) | &nbsp;&nbsp; 4.429% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249968<br> <sup>(a)</sup><br>|
| PNC Bank NA, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.397% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250448<br> <sup>(a)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes (4.075% to 1/26/28 then SOFR + <br> 0.610%) | &nbsp;&nbsp; 4.075% | &nbsp;&nbsp; 1/26/29 | &nbsp;&nbsp; 607000<br>| &nbsp;&nbsp; 604033<br> <sup>(a)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes (5.102% to 7/23/26 then SOFR + <br> 0.796%) | &nbsp;&nbsp; 5.102% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 624000<br>| &nbsp;&nbsp; 625229<br> <sup>(a)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.286% | &nbsp;&nbsp; 1/26/29 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp; 374770<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.364% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 486000<br>| &nbsp;&nbsp; 484739<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600113<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.790%) | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300293<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.496% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601182<br> <sup>(a)</sup><br>|
| Santander UK Group Holdings PLC, Senior Notes (3.823% to 11/3/27 then 3 mo. <br> USD LIBOR + 1.400%) | &nbsp;&nbsp; 3.823% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 197495<br> <sup>(a)</sup><br>|
| Santander UK Group Holdings PLC, Senior Notes (6.534% to 1/10/28 then SOFR + <br> 2.600%) | &nbsp;&nbsp; 6.534% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 1001129<br> <sup>(a)</sup><br>|
| Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.328% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp; 454804<br> <sup>(a)(b)</sup><br>|
| Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.404% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp; 496768<br> <sup>(a)(b)</sup><br>|
| Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 4.541% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 501000<br>| &nbsp;&nbsp; 503010<br> <sup>(a)(b)</sup><br>|
| Societe Generale SA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp; 274442<br> <sup>(b)</sup><br>|
| Societe Generale SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp; 930906<br> <sup>(b)</sup><br>|
| Societe Generale SA, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 4.758% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 541956<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.520% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp; 954195<br>|
| Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.108% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 188379<br>|
| Sumitomo Mitsui Financial Group Inc., Senior Notes (SOFR + 1.300%) | &nbsp;&nbsp; 4.969% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501112<br> <sup>(a)</sup><br>|
| Svenska Handelsbanken AB, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 255406<br> <sup>(b)</sup><br>|
| Svenska Handelsbanken AB, Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 505884<br> <sup>(a)(b)</sup><br>|
| Svenska Handelsbanken AB, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.396% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; 436514<br> <sup>(a)(b)</sup><br>|
| Swedbank AB, Senior Notes | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 282226<br> <sup>(b)</sup><br>|
| Swedbank AB, Senior Notes | &nbsp;&nbsp; 5.337% | &nbsp;&nbsp; 9/20/27 | &nbsp;&nbsp; 636000<br>| &nbsp;&nbsp; 645053<br> <sup>(b)</sup><br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp; 251102<br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.248% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 501168<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.268% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1000266<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.418% | &nbsp;&nbsp; 10/13/28 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 470985<br> <sup>(a)</sup><br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 4.484% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 672686<br> <sup>(a)</sup><br>|
| Truist Bank, Senior Notes (4.420% to 7/24/27 then SOFR + 0.770%) | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 392000<br>| &nbsp;&nbsp; 392072<br> <sup>(a)</sup><br>|
| Truist Bank, Senior Notes (4.671% to 5/20/26 then SOFR + 0.590%) | &nbsp;&nbsp; 4.671% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 620030<br> <sup>(a)</sup><br>|
| Truist Bank, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.436% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 915000<br>| &nbsp;&nbsp; 915764<br> <sup>(a)</sup><br>|
| Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 616575<br> <sup>(a)</sup><br>|
| UniCredit SpA, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220410<br> <sup>(b)</sup><br>|
| US Bank NA, Senior Notes (4.507% to 10/22/26 then SOFR + 0.690%) | &nbsp;&nbsp; 4.507% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1000924<br> <sup>(a)</sup><br>|
| US Bank NA, Senior Notes (4.730% to 5/15/27 then SOFR + 0.910%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 511967<br> <sup>(a)</sup><br>|
| US Bank NA, Senior Notes (SOFR + 0.690%) | &nbsp;&nbsp; 4.356% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300161<br> <sup>(a)</sup><br>|
| US Bank NA, Senior Notes (SOFR + 0.910%) | &nbsp;&nbsp; 4.570% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp; 326319<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.196% to 6/17/26 then 3 mo. Term SOFR + <br> 1.432%) | &nbsp;&nbsp; 3.196% | &nbsp;&nbsp; 6/17/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 249296<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Wells Fargo & Co., Senior Notes (5.707% to 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp; $506527<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.446% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 529916<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.736% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 447000<br>| &nbsp;&nbsp; 448699<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (SOFR + 1.370%) | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp; 965116<br> <sup>(a)</sup><br>|
| Westpac Banking Corp., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.127% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1000243<br> <sup>(a)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 87331261 |
| Capital Markets — 6.6% | Capital Markets — 6.6% | Capital Markets — 6.6% | Capital Markets — 6.6% | Capital Markets — 6.6% |
| Bank of New York Mellon Corp., Senior Notes (4.441% to 6/9/27 then SOFR + <br> 0.680%) | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 185284<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes (4.587% to 4/20/26 then SOFR + <br> 0.693%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 4/20/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250023<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes (SOFR + 0.630%) | &nbsp;&nbsp; 4.296% | &nbsp;&nbsp; 1/22/30 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 1009753<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 410848<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.497% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 220267<br> <sup>(a)</sup><br>|
| Charles Schwab Corp., Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.180% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100002<br> <sup>(a)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502625<br> <sup>(b)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/12/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 309499<br> <sup>(b)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 147960<br> <sup>(b)</sup><br>|
| Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 4.508% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300249<br> <sup>(a)(b)</sup><br>|
| Deutsche Bank AG, Senior Notes (2.552% to 1/7/27 then SOFR + 1.318%) | &nbsp;&nbsp; 2.552% | &nbsp;&nbsp; 1/7/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 590738<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Senior Notes (5.373% to 1/10/28 then SOFR + 1.210%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 789238<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Senior Notes (7.146% to 7/13/26 then SOFR + 2.520%) | &nbsp;&nbsp; 7.146% | &nbsp;&nbsp; 7/13/27 | &nbsp;&nbsp; 653000<br>| &nbsp;&nbsp; 657444<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 4.878% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp; 547469<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (4.148% to 1/21/28 then SOFR + 0.710%) | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 1/21/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 437405<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (SOFR + 0.710%) | &nbsp;&nbsp; 4.377% | &nbsp;&nbsp; 1/21/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 379635<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 10/21/29 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 615533<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 4.956% | &nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 226374<br> <sup>(a)</sup><br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 163632<br>|
| Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 647981<br>|
| Morgan Stanley, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.586% | &nbsp;&nbsp; 10/18/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 599857<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (SOFR + 1.020%) | &nbsp;&nbsp; 4.687% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 682543<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (SOFR + 1.380%) | &nbsp;&nbsp; 5.048% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 738147<br> <sup>(a)</sup><br>|
| Morgan Stanley Bank NA, Senior Notes (SOFR + 0.900%) | &nbsp;&nbsp; 4.568% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250738<br> <sup>(a)</sup><br>|
| Morgan Stanley Bank NA, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 4.607% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500469<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.306% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 834000<br>| &nbsp;&nbsp; 836209<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.845%) | &nbsp;&nbsp; 4.507% | &nbsp;&nbsp; 8/3/26 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp; 395137<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.616% | &nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp; 135460<br> <sup>(a)</sup><br>|
| UBS AG, Senior Notes (4.864% to 1/10/27 then SOFR + 0.720%) | &nbsp;&nbsp; 4.864% | &nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502045<br> <sup>(a)</sup><br>|
| UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.282% | &nbsp;&nbsp; 1/9/28 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 976720<br> <sup>(b)</sup><br>|
| UBS Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + <br> 1.410%) | &nbsp;&nbsp; 3.869% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp; 474603<br> <sup>(a)(b)</sup><br>|
| UBS Group AG, Senior Notes (6.327% to 12/22/26 then 1 year Treasury Constant <br> Maturity Rate + 1.600%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 12/22/27 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp; 319217<br> <sup>(a)(b)</sup><br>|
| UBS Group AG, Senior Notes (6.442% to 8/11/27 then SOFR + 3.700%) | &nbsp;&nbsp; 6.442% | &nbsp;&nbsp; 8/11/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 368989<br> <sup>(a)(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 15272093 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — 2.8% | Consumer Finance — 2.8% | Consumer Finance — 2.8% | Consumer Finance — 2.8% | Consumer Finance — 2.8% |
| American Express Co., Senior Notes (4.009% to 2/9/28 then SOFR + 0.581%) | &nbsp;&nbsp; 4.009% | &nbsp;&nbsp; 2/9/29 | &nbsp;&nbsp; $275000<br>| &nbsp;&nbsp; $273305<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (4.351% to 7/20/28 then SOFR + 0.810%) | &nbsp;&nbsp; 4.351% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp; 809543<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.251% | &nbsp;&nbsp; 2/9/29 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp; 274292<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1003049<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (SOFR + 1.260%) | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp; 368826<br> <sup>(a)</sup><br>|
| Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/9/27 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp; 304348<br>|
| Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/9/27 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp; 850143<br>|
| Capital One Financial Corp., Senior Notes (4.927% to 5/10/27 then SOFR + <br> 2.057%) | &nbsp;&nbsp; 4.927% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp; 345996<br> <sup>(a)</sup><br>|
| Capital One Financial Corp., Senior Notes (6.312% to 6/8/28 then SOFR + 2.640%) | &nbsp;&nbsp; 6.312% | &nbsp;&nbsp; 6/8/29 | &nbsp;&nbsp; 578000<br>| &nbsp;&nbsp; 597995<br> <sup>(a)</sup><br>|
| Capital One Financial Corp., Senior Notes (7.149% to 10/29/26 then SOFR + <br> 2.440%) | &nbsp;&nbsp; 7.149% | &nbsp;&nbsp; 10/29/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 811057<br> <sup>(a)</sup><br>|
| Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 804466<br> <sup>(b)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 6443020 |
| Financial Services — 3.8% | Financial Services — 3.8% | Financial Services — 3.8% | Financial Services — 3.8% | Financial Services — 3.8% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 593487<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp; 599375<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 683614<br>|
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 305952<br>|
| Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.490%) | &nbsp;&nbsp; 4.146% | &nbsp;&nbsp; 2/23/29 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp; 918394<br> <sup>(a)</sup><br>|
| Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.560%) | &nbsp;&nbsp; 4.220% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 600713<br> <sup>(a)</sup><br>|
| Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.240% | &nbsp;&nbsp; 11/14/28 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp; 496800<br> <sup>(a)</sup><br>|
| GA Global Funding Trust, Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 9/23/27 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 735544<br> <sup>(b)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.176% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 270000<br> <sup>(a)(b)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.169% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp; 475433<br> <sup>(a)(b)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.187% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500334<br> <sup>(a)(b)</sup><br>|
| Nationwide Building Society, Senior Notes (4.649% to 7/14/28 then SOFR + <br> 1.060%) | &nbsp;&nbsp; 4.649% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 580682<br> <sup>(a)(b)</sup><br>|
| Nationwide Building Society, Senior Notes (6.557% to 10/18/26 then SOFR + <br> 1.910%) | &nbsp;&nbsp; 6.557% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 604000<br>| &nbsp;&nbsp; 610879<br> <sup>(a)(b)</sup><br>|
| Nationwide Building Society, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.738% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 366000<br>| &nbsp;&nbsp; 367084<br> <sup>(a)(b)</sup><br>|
| Nationwide Building Society, Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp; 848348<br> <sup>(a)(b)</sup><br>|
| PayPal Holdings Inc., Senior Notes (SOFR + 0.670%) | &nbsp;&nbsp; 4.320% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230484<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 8817123 |
| Insurance — 5.4% | Insurance — 5.4% | Insurance — 5.4% | Insurance — 5.4% | Insurance — 5.4% |
| AEGON Funding Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 958718<br> <sup>(b)</sup><br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp; 667087<br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 561000<br>| &nbsp;&nbsp; 562678<br> <sup>(b)</sup><br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 422472<br> <sup>(b)</sup><br>|
| Athene Global Funding, Secured Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 909412<br> <sup>(a)(b)</sup><br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500847<br> <sup>(b)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 532000<br>| &nbsp;&nbsp; 533686<br>|
| CNO Global Funding, Secured Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 916000<br>| &nbsp;&nbsp; 904528<br> <sup>(b)</sup><br>|
| CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 165475<br> <sup>(b)</sup><br>|
| Corebridge Global Funding, Senior Secured Notes (SOFR + 1.300%) | &nbsp;&nbsp; 4.947% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 502093<br> <sup>(a)(b)</sup><br>|
| Marsh & McLennan Cos. Inc., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.361% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 342000<br>| &nbsp;&nbsp; 342802<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued |
| MassMutual Global Funding II, Secured Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 4/9/27 | &nbsp;&nbsp; $625000<br>| &nbsp;&nbsp; $627116<br> <sup>(a)(b)</sup><br>|
| Met Tower Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 179257<br> <sup>(b)</sup><br>|
| Met Tower Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/14/29 | &nbsp;&nbsp; 815000<br>| &nbsp;&nbsp; 806747<br> <sup>(b)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 474000<br>| &nbsp;&nbsp; 472686<br> <sup>(b)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.349% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp; 280474<br> <sup>(a)(b)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.354% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 514000<br>| &nbsp;&nbsp; 515367<br> <sup>(a)(b)</sup><br>|
| New York Life Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.326% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 370779<br> <sup>(a)(b)</sup><br>|
| New York Life Global Funding, Senior Secured Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.546% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp; 629171<br> <sup>(a)(b)</sup><br>|
| Northwestern Mutual Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 499724<br> <sup>(a)(b)</sup><br>|
| Principal Life Global Funding II, Secured Notes (SOFR + 0.810%) | &nbsp;&nbsp; 4.470% | &nbsp;&nbsp; 8/18/28 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp; 564188<br> <sup>(a)(b)</sup><br>|
| Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 209936<br> <sup>(b)</sup><br>|
| Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.161% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 613945<br> <sup>(b)</sup><br>|
| Protective Life Global Funding, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.368% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 300035<br> <sup>(a)(b)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 12539223 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **130402720** |
| **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.775% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 521634<br>|
| AbbVie Inc., Senior Notes (SOFR + 0.480%) | &nbsp;&nbsp; 4.131% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 225276<br> <sup>(a)</sup><br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 746910 |
| Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† | Health Care Equipment & Supplies — 0.0%†† |
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp; 84461<br>|
| Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 458000<br>| &nbsp;&nbsp; 456857<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp; 561677<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1018534 |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |
| Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200048<br>|
| Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% |
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 239773<br>|
| Eli Lilly & Co., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.197% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 601064<br> <sup>(a)</sup><br>|
| Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 307079<br>|
| Merck & Co. Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.218% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 370918<br> <sup>(a)</sup><br>|
| Novartis Capital Corp., Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.182% | &nbsp;&nbsp; 11/5/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 310828<br> <sup>(a)</sup><br>|
| Novartis Capital Corp., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.296% | &nbsp;&nbsp; 3/16/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 381022<br> <sup>(a)</sup><br>|
| Pfizer Inc., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.160% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 180044<br> <sup>(a)</sup><br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2390728 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4440681** |
| **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** |
| Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% | Aerospace & Defense — 1.4% |
| BAE Systems PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/26/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201353<br> <sup>(b)</sup><br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 652000<br>| &nbsp;&nbsp; 651159<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199067<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 636117<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 338000<br>| &nbsp;&nbsp; 339961<br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 3/16/28 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp; 600767<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Honeywell Aerospace Inc., Senior Notes (SOFR + 0.630%) | &nbsp;&nbsp; 4.278% | &nbsp;&nbsp; 3/16/29 | &nbsp;&nbsp; $605000<br>| &nbsp;&nbsp; $602339<br> <sup>(a)(b)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3230763 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Owens Corning, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 432000<br>| &nbsp;&nbsp; 430356<br>|
| Owens Corning, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 212561<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 642917 |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| Veralto Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp; 497000<br>| &nbsp;&nbsp; 499123<br>|
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| Eaton Corp., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/6/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 267374<br>|
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 187971<br>|
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Siemens Funding BV, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.294% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 200376<br> <sup>(a)(b)</sup><br>|
| Machinery — 1.9% | Machinery — 1.9% | Machinery — 1.9% | Machinery — 1.9% | Machinery — 1.9% |
| John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 505067<br>|
| John Deere Capital Corp., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.153% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 821174<br> <sup>(a)</sup><br>|
| John Deere Capital Corp., Senior Notes (SOFR + 0.550%) | &nbsp;&nbsp; 4.201% | &nbsp;&nbsp; 3/9/29 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp; 453980<br> <sup>(a)</sup><br>|
| John Deere Capital Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.230% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 360521<br> <sup>(a)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201834<br> <sup>(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp; 400435<br> <sup>(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.710%) | &nbsp;&nbsp; 4.361% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 379807<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 591125<br> <sup>(a)(b)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.980%) | &nbsp;&nbsp; 4.631% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp; 689733<br> <sup>(a)(b)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 4403676 |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 500924<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **9933124** |
| **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 238647<br>|
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; 436349<br>|
| Amphenol Corp., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.190% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp; 85038<br> <sup>(a)</sup><br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 760034 |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 174000<br>| &nbsp;&nbsp; 175830<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp; 338860<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 514690 |
| Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% |
| Oracle Corp., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.424% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 477978<br> <sup>(a)</sup><br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 474000<br>| &nbsp;&nbsp; 474285<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp; 215196<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 1167459 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2442183** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% | Metals & Mining — 0.4% |
| Glencore Funding LLC, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.396% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; $405000<br>| &nbsp;&nbsp; $405678<br> <sup>(a)(b)</sup><br>|
| Glencore Funding LLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.739% | &nbsp;&nbsp; 4/4/27 | &nbsp;&nbsp; 348000<br>| &nbsp;&nbsp; 349392<br> <sup>(a)(b)</sup><br>|
| Rio Tinto Finance USA PLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 4.488% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 140866<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 895936 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 106000<br>| &nbsp;&nbsp; 105602<br> <sup>(b)</sup><br>|
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110149<br> <sup>(b)</sup><br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 215751 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1111687** |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% |
| Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 139937<br>|
| Realty Income Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 553000<br>| &nbsp;&nbsp; 553100<br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 693037 |
| Office REITs — 0.2% | Office REITs — 0.2% | Office REITs — 0.2% | Office REITs — 0.2% | Office REITs — 0.2% |
| Boston Properties LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 533000<br>| &nbsp;&nbsp; 528137<br>|
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Simon Property Group LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp; 320551<br>|
| Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% |
| Camden Property Trust, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 503921<br>|
| Specialized REITs — 0.9% | Specialized REITs — 0.9% | Specialized REITs — 0.9% | Specialized REITs — 0.9% | Specialized REITs — 0.9% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp; 294691<br>|
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 348017<br>|
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 551000<br>| &nbsp;&nbsp; 547170<br>|
| Public Storage Operating Co., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.367% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 791355<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 1981233 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4026879** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp; 178638<br>|
| Constellation Energy Generation LLC, Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.269% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 184729<br> <sup>(a)</sup><br>|
| ENEL Finance International NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 198394<br> <sup>(b)</sup><br>|
| Eversource Energy, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 390223<br>|
| Georgia Power Co., Senior Notes (SOFR + 0.280%) | &nbsp;&nbsp; 3.928% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 139783<br> <sup>(a)</sup><br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99153<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp; 85437<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141353<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 4.462% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 560843<br> <sup>(a)</sup><br>|
| Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 143450<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2122003 |
| Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† | Gas Utilities — 0.0%†† |
| Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 74463<br>|
| Multi-Utilities — 0.9% | Multi-Utilities — 0.9% | Multi-Utilities — 0.9% | Multi-Utilities — 0.9% | Multi-Utilities — 0.9% |
| Ameren Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 392873<br>|
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 205000<br>| &nbsp;&nbsp; 205679<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; $840000<br>| &nbsp;&nbsp; $845642<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 161470<br>|
| NiSource Inc., Senior Notes | &nbsp;&nbsp; 3.490% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp; 252377<br>|
| WEC Energy Group Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp; 221129<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 2079170 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4275636** |
| **Total Corporate Bonds & Notes (Cost — $182,571,795)** | **Total Corporate Bonds & Notes (Cost — $182,571,795)** | **Total Corporate Bonds & Notes (Cost — $182,571,795)** | **Total Corporate Bonds & Notes (Cost — $182,571,795)** | &nbsp;&nbsp; **182528063** |
| **U.S. Government & Agency Obligations — 0.8%** | **U.S. Government & Agency Obligations — 0.8%** | **U.S. Government & Agency Obligations — 0.8%** | **U.S. Government & Agency Obligations — 0.8%** | **U.S. Government & Agency Obligations — 0.8%** |
| U.S. Government Obligations — 0.8% | U.S. Government Obligations — 0.8% | U.S. Government Obligations — 0.8% | U.S. Government Obligations — 0.8% | U.S. Government Obligations — 0.8% |
| U.S. Treasury Notes (Cost — $1,735,342) | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/29/28 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; **1736328**<br>|
| **Total Investments before Short-Term Investments (Cost — $184,307,137)** | **Total Investments before Short-Term Investments (Cost — $184,307,137)** | **Total Investments before Short-Term Investments (Cost — $184,307,137)** | **Total Investments before Short-Term Investments (Cost — $184,307,137)** | &nbsp;&nbsp; **184264391** |
| **Short-Term Investments — 20.2%** | **Short-Term Investments — 20.2%** | **Short-Term Investments — 20.2%** | **Short-Term Investments — 20.2%** | **Short-Term Investments — 20.2%** |
| **Commercial Paper — 19.3%** | **Commercial Paper — 19.3%** |  |  |  |
| Agree LP | &nbsp;&nbsp; 4.287% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999885<br> <sup>(d)</sup><br>|
| Agree LP | &nbsp;&nbsp; 4.307% | &nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1153800<br> <sup>(d)</sup><br>|
| Air Lease Corp. | &nbsp;&nbsp; 4.274% | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249943<br> <sup>(d)</sup><br>|
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.023% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 469695<br> <sup>(d)</sup><br>|
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.166% | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 609864<br> <sup>(d)</sup><br>|
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.206% | &nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 414579<br> <sup>(d)</sup><br>|
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.207% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; 958917<br> <sup>(d)</sup><br>|
| AutoNation Inc. | &nbsp;&nbsp; 4.287% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 699919<br> <sup>(d)</sup><br>|
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4.081% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 489946<br> <sup>(d)</sup><br>|
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4.130% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 854337<br> <sup>(d)</sup><br>|
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4.131% | &nbsp;&nbsp; 4/8/26 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 449601<br> <sup>(d)</sup><br>|
| Aviation Capital Group LLC | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1030000<br> <sup>(d)</sup><br>|
| BAT International Finance PLC | &nbsp;&nbsp; 4.078% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1014889<br> <sup>(d)</sup><br>|
| Bayer AG | &nbsp;&nbsp; 4.351% | &nbsp;&nbsp; 12/9/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 485456<br> <sup>(d)</sup><br>|
| Bell Canada | &nbsp;&nbsp; 3.937% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499683<br> <sup>(d)</sup><br>|
| Boston Properties LP | &nbsp;&nbsp; 4.119% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 389957<br> <sup>(d)</sup><br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 3.894% | &nbsp;&nbsp; 5/8/26 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 428293<br> <sup>(d)</sup><br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 3.977% | &nbsp;&nbsp; 7/8/26 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 658003<br> <sup>(d)</sup><br>|
| Conagra Brands Inc. | &nbsp;&nbsp; 4.287% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1159867<br> <sup>(d)</sup><br>|
| Constellation Brands Inc. | &nbsp;&nbsp; 4.345% | &nbsp;&nbsp; 4/13/26 | &nbsp;&nbsp; 1021000 | &nbsp;&nbsp; 1019454<br> <sup>(d)</sup><br>|
| Enel Finance America LLC | &nbsp;&nbsp; 4.153% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249249<br> <sup>(d)</sup><br>|
| Enel Finance America LLC | &nbsp;&nbsp; 4.221% | &nbsp;&nbsp; 6/26/26 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 504998<br> <sup>(d)</sup><br>|
| Energy Transfer LP | &nbsp;&nbsp; 4.131% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1999778<br> <sup>(d)</sup><br>|
| ERAC USA Finance LLC | &nbsp;&nbsp; 4.157% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 574615<br> <sup>(d)</sup><br>|
| ERAC USA Finance LLC | &nbsp;&nbsp; 4.181% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249719<br> <sup>(d)</sup><br>|
| ERAC USA Finance LLC | &nbsp;&nbsp; 4.259% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 518813<br> <sup>(d)</sup><br>|
| Extra Space Storage LP | &nbsp;&nbsp; 4.078% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 339963<br> <sup>(d)</sup><br>|
| Extra Space Storage LP | &nbsp;&nbsp; 4.082% | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 664854<br> <sup>(d)</sup><br>|
| Extra Space Storage LP | &nbsp;&nbsp; 4.098% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 409684<br> <sup>(d)</sup><br>|
| Extra Space Storage LP | &nbsp;&nbsp; 4.162% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499163<br> <sup>(d)</sup><br>|
| Extra Space Storage LP | &nbsp;&nbsp; 4.194% | &nbsp;&nbsp; 4/21/26 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 423997<br> <sup>(d)</sup><br>|
| General Motors Co. | &nbsp;&nbsp; 4.209% | &nbsp;&nbsp; 5/5/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249014<br> <sup>(d)</sup><br>|
| General Motors Co. | &nbsp;&nbsp; 4.290% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 292835<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |  |
| General Motors Co. | &nbsp;&nbsp; 4.417% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $246210<br> <sup>(d)</sup><br>|
| HCA Inc. | &nbsp;&nbsp; 4.272% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1189000 | &nbsp;&nbsp; 1188864<br> <sup>(d)</sup><br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.059% | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 439904<br> <sup>(d)</sup><br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 3.953% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 514672<br> <sup>(d)</sup><br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 3.955% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 349740<br> <sup>(d)</sup><br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.137% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 454495<br> <sup>(d)</sup><br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.253% | &nbsp;&nbsp; 4/21/26 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 319234<br> <sup>(d)</sup><br>|
| International Flavors & Fragnances Inc. | &nbsp;&nbsp; 4.078% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp; 989892<br> <sup>(d)</sup><br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4.296% | &nbsp;&nbsp; 4/8/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249770<br> <sup>(d)</sup><br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4.305% | &nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 539439<br> <sup>(d)</sup><br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4.337% | &nbsp;&nbsp; 4/13/26 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 464297<br> <sup>(d)</sup><br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4.418% | &nbsp;&nbsp; 4/23/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299184<br> <sup>(d)</sup><br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 4.482% | &nbsp;&nbsp; 5/7/26 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp; 607295<br> <sup>(d)</sup><br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp; 0.473% | &nbsp;&nbsp; 5/14/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250086<br> <sup>(d)</sup><br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 4.095% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249835<br> <sup>(d)</sup><br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 4.319% | &nbsp;&nbsp; 12/14/26 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 965699<br> <sup>(d)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.091% | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 429905<br> <sup>(d)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.122% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp; 734512<br> <sup>(d)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.139% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp; 1193010<br> <sup>(d)</sup><br>|
| NiSource Inc. | &nbsp;&nbsp; 4.114% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp; 484464<br> <sup>(d)</sup><br>|
| NiSource Inc. | &nbsp;&nbsp; 4.151% | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp; 758562<br> <sup>(d)</sup><br>|
| Nutrien Ltd. | &nbsp;&nbsp; 4.172% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 749412<br> <sup>(d)</sup><br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.122% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 354764<br> <sup>(d)</sup><br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.130% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399690<br> <sup>(d)</sup><br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.139% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 389350<br> <sup>(d)</sup><br>|
| Ovintiv Inc. | &nbsp;&nbsp; 4.340% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 909894<br> <sup>(d)</sup><br>|
| Penske Truck Leasing Co. LP | &nbsp;&nbsp; 4.227% | &nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 844138<br> <sup>(d)</sup><br>|
| Penske Truck Leasing Co. LP | &nbsp;&nbsp; 4.234% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 349603<br> <sup>(d)</sup><br>|
| Penske Truck Leasing Co. LP | &nbsp;&nbsp; 4.268% | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 848347<br> <sup>(d)</sup><br>|
| Penske Truck Leasing Co. LP | &nbsp;&nbsp; 4.290% | &nbsp;&nbsp; 4/28/26 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 274115<br> <sup>(d)</sup><br>|
| Phillips | &nbsp;&nbsp; 4.163% | &nbsp;&nbsp; 4/8/26 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 264763<br> <sup>(d)</sup><br>|
| Phillips | &nbsp;&nbsp; 4.165% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 309654<br> <sup>(d)</sup><br>|
| Phillips | &nbsp;&nbsp; 4.202% | &nbsp;&nbsp; 5/4/26 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 612646<br> <sup>(d)</sup><br>|
| Plains All American Pipeline LP | &nbsp;&nbsp; 4.098% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 454650<br> <sup>(d)</sup><br>|
| Ryder System Inc. | &nbsp;&nbsp; 4.082% | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1124753<br> <sup>(d)</sup><br>|
| Ryder System Inc. | &nbsp;&nbsp; 4.098% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 459646<br> <sup>(d)</sup><br>|
| Ryder System Inc. | &nbsp;&nbsp; 4.104% | &nbsp;&nbsp; 4/8/26 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 394652<br> <sup>(d)</sup><br>|
| Simon Property Group LP | &nbsp;&nbsp; 4.095% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249835<br> <sup>(d)</sup><br>|
| Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 4.030% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500099<br> <sup>(d)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 4.078% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp; 1604824<br> <sup>(d)</sup><br>|
| UDR Inc. | &nbsp;&nbsp; 4.078% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 304967<br> <sup>(d)</sup><br>|
| WEC Energy Group Inc. | &nbsp;&nbsp; 4.077% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 293000 | &nbsp;&nbsp; 292968<br> <sup>(d)</sup><br>|
| WEC Energy Group Inc. | &nbsp;&nbsp; 4.098% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 524596<br> <sup>(d)</sup><br>|
| **Total Commercial Paper (Cost — $44,965,259)** | **Total Commercial Paper (Cost — $44,965,259)** | **Total Commercial Paper (Cost — $44,965,259)** | **Total Commercial Paper (Cost — $44,965,259)** | &nbsp;&nbsp; **44959205** |
| **Certificates of Deposit — 0.9%** |  |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 4.240% | &nbsp;&nbsp; 3/23/27 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 460577<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Certificates of Deposit — continued** |  |  |  |  |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; $610000 | &nbsp;&nbsp; $610468<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 1/14/27 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 678439<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 4.030% | &nbsp;&nbsp; 3/12/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249802<br>|
| **Total Certificates of Deposit (Cost — $2,000,043)** |  |  |  | &nbsp;&nbsp; **1999286** |
|  |  |  | Shares |  |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $3,409)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 3409<br>| &nbsp;&nbsp; **3409**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $46,968,711)** | **Total Short-Term Investments (Cost — $46,968,711)** | **Total Short-Term Investments (Cost — $46,968,711)** | **Total Short-Term Investments (Cost — $46,968,711)** | &nbsp;&nbsp; **46961900** |
| **Total Investments — 99.5% (Cost — $231,275,848)** | **Total Investments — 99.5% (Cost — $231,275,848)** | **Total Investments — 99.5% (Cost — $231,275,848)** | **Total Investments — 99.5% (Cost — $231,275,848)** | &nbsp;&nbsp; **231226291** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 1272039 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$232498330** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(b)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $3,409 and the cost was $3,409 (Note 6).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Disruptive <br>Commerce ETF<br>| Franklin Dividend <br>Growth ETF<br>| Franklin <br>Dynamic <br>Municipal <br>Bond ETF<br>| Franklin <br>Exponential <br>Data ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $6,143,034, $4,894,891, $1,866,592,705 and $2,965,391, <br> respectively)<br>| &nbsp;&nbsp; $6223810 | &nbsp;&nbsp; $4799285 | &nbsp;&nbsp; $1870845375 | &nbsp;&nbsp; $3023696 |
| Investments in affiliated securities, at value (Cost — $0, <br> $128,493, $0 and $129,820, respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 128493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129820 |
| Foreign currency, at value (Cost — $228, $0, $0 and $8,603, <br> respectively)<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7978 |
| Cash | &nbsp;&nbsp; 215743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45746 | &nbsp;&nbsp; — |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 2408 | &nbsp;&nbsp; 23694593 | &nbsp;&nbsp; 6 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22288324 | &nbsp;&nbsp; — |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89726 | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256 |
| **Total Assets** | &nbsp;&nbsp; **6440353** | &nbsp;&nbsp; **4930560** | &nbsp;&nbsp; **1916963764** | &nbsp;&nbsp; **3161756** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 2802 | &nbsp;&nbsp; 2062 | &nbsp;&nbsp; 468137 | &nbsp;&nbsp; 1385 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 33110149 | &nbsp;&nbsp; 256 |
| **Total Liabilities** | &nbsp;&nbsp; **2802** | &nbsp;&nbsp; **2436** | &nbsp;&nbsp; **33578286** | &nbsp;&nbsp; **1641** |
| **Total Net Assets** | &nbsp;&nbsp; **$6437551** | &nbsp;&nbsp; **$4928124** | &nbsp;&nbsp; **$1883385478** | &nbsp;&nbsp; **$3160115** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $18245257 | &nbsp;&nbsp; $5009951 | &nbsp;&nbsp; $1878783849 | &nbsp;&nbsp; $4518151 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (11807706) | &nbsp;&nbsp; (81827) | &nbsp;&nbsp; 4601629 | &nbsp;&nbsp; (1358036) |
| **Total Net Assets** | &nbsp;&nbsp; **$6437551** | &nbsp;&nbsp; **$4928124** | &nbsp;&nbsp; **$1883385478** | &nbsp;&nbsp; **$3160115** |
| **Shares Outstanding** | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 76050000 | &nbsp;&nbsp; 150000 |
| **Net Asset Value** | $32.19 | $24.64 | $24.77 | $21.07 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Focused <br>Growth ETF<br>| Franklin <br>Genomic <br>Advancements ETF<br>| Franklin <br>High Yield <br>Corporate ETF<br>| Franklin <br>Income Equity <br>Focus ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $181,551,503, $17,198,362, $828,938,004 and $99,155,033, <br> respectively)<br>| &nbsp;&nbsp; $206226592 | &nbsp;&nbsp; $20799445 | &nbsp;&nbsp; $825453186 | &nbsp;&nbsp; $110489230 |
| Investments in affiliated securities, at value (Cost — $937,212, <br> $0, $34,462,779 and $3,122,478, respectively)<br>| &nbsp;&nbsp; 937212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34462779 | &nbsp;&nbsp; 3122478 |
| Foreign currency, at value (Cost — $0, $632, $25 and $287, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 286 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 656507 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 33255 | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 15472111 | &nbsp;&nbsp; 181535 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 7127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61578 | &nbsp;&nbsp; 7127 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 291076 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **207204186** | &nbsp;&nbsp; **21457478** | &nbsp;&nbsp; **875740755** | &nbsp;&nbsp; **113800656** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 102160 | &nbsp;&nbsp; 8991 | &nbsp;&nbsp; 280659 | &nbsp;&nbsp; 26810 |
| Payable for securities purchased | &nbsp;&nbsp; 4159 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7998644 | &nbsp;&nbsp; 7133 |
| Distributions payable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 612500 |
| **Total Liabilities** | &nbsp;&nbsp; **106319** | &nbsp;&nbsp; **8994** | &nbsp;&nbsp; **8279303** | &nbsp;&nbsp; **646443** |
| **Total Net Assets** | &nbsp;&nbsp; **$207097867** | &nbsp;&nbsp; **$21448484** | &nbsp;&nbsp; **$867461452** | &nbsp;&nbsp; **$113154213** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $203717456 | &nbsp;&nbsp; $31381618 | &nbsp;&nbsp; $880651592 | &nbsp;&nbsp; $106486119 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 3380411 | &nbsp;&nbsp; (9933134) | &nbsp;&nbsp; (13190140) | &nbsp;&nbsp; 6668094 |
| **Total Net Assets** | &nbsp;&nbsp; **$207097867** | &nbsp;&nbsp; **$21448484** | &nbsp;&nbsp; **$867461452** | &nbsp;&nbsp; **$113154213** |
| **Shares Outstanding** | &nbsp;&nbsp; 5048775 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp; 1750000 |
| **Net Asset Value** | $41.02 | $33.00 | $24.10 | $64.66 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities (cont'd)

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Income <br>Focus ETF<br>| Franklin <br>Intelligent <br>Machines ETF<br>| Franklin <br>International <br>Aggregate Bond ETF<br>| Franklin <br>Investment Grade <br>Corporate ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $1,259,380,624, $56,294,463, $583,506,423 and <br> $601,998,808, respectively)<br>| &nbsp;&nbsp; $1306736869 | &nbsp;&nbsp; $74936177 | &nbsp;&nbsp; $589245885 | &nbsp;&nbsp; $582825232 |
| Investments in affiliated securities, at value (Cost — <br> $74,158,691, $0, $69,987,874 and $5,872,377, <br> respectively)<br>| &nbsp;&nbsp; 74158691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69987874 | &nbsp;&nbsp; 5872377 |
| Foreign currency, at value (Cost — $64,120, $22, <br> $39,619,342 and $0, respectively)<br>| &nbsp;&nbsp; 62867 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 39513795 | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 41406 | &nbsp;&nbsp; 71314 | &nbsp;&nbsp; 8540000 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; 12915472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest and dividends receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 9260977 | &nbsp;&nbsp; 20590 | &nbsp;&nbsp; 4455771 | &nbsp;&nbsp; 6509654 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 194203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144527 | &nbsp;&nbsp; 16790 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 714834 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13734456 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **1403370485** | &nbsp;&nbsp; **75028103** | &nbsp;&nbsp; **725622308** | &nbsp;&nbsp; **595938887** |
| **Liabilities:** |  |  |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 25853254 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144564 | &nbsp;&nbsp; 4942864 |
| Distributions payable | &nbsp;&nbsp; 6622000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 420350 | &nbsp;&nbsp; 30896 | &nbsp;&nbsp; 142131 | &nbsp;&nbsp; 176747 |
| Deposits from brokers for OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8540000 | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 602026 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **32895604** | &nbsp;&nbsp; **30896** | &nbsp;&nbsp; **9428721** | &nbsp;&nbsp; **5119711** |
| **Total Net Assets** | &nbsp;&nbsp; **$1370474881** | &nbsp;&nbsp; **$74997207** | &nbsp;&nbsp; **$716193587** | &nbsp;&nbsp; **$590819176** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $1330841187 | &nbsp;&nbsp; $59142567 | &nbsp;&nbsp; $753309319 | &nbsp;&nbsp; $682445528 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 39633694 | &nbsp;&nbsp; 15854640 | &nbsp;&nbsp; (37115732) | &nbsp;&nbsp; (91626352) |
| **Total Net Assets** | &nbsp;&nbsp; **$1370474881** | &nbsp;&nbsp; **$74997207** | &nbsp;&nbsp; **$716193587** | &nbsp;&nbsp; **$590819176** |
| **Shares Outstanding** | &nbsp;&nbsp; 47750000 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 35500000 | &nbsp;&nbsp; 27600000 |
| **Net Asset Value** | $28.70 | $88.23 | $20.17 | $21.41 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Multisector <br>Income ETF <br>| Franklin <br>Municipal <br>Green Bond ETF<br>| Franklin <br>Senior Loan ETF<br>| Franklin <br>Systematic Style <br>Premia ETF<sup>‡</sup> <br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $17,021,092, $85,504,747, $781,477,395 and $403,972,564, <br> respectively)<br>| &nbsp;&nbsp; $16940392 | &nbsp;&nbsp; $84949848 | &nbsp;&nbsp; $738812153 | &nbsp;&nbsp; $437424012 |
| Investments in affiliated securities, at value (Cost — $606,423, <br> $0, $49,202,387 and $185,378,756, respectively)<br>| &nbsp;&nbsp; 606423 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49242923 | &nbsp;&nbsp; 185378756 |
| Foreign currency, at value (Cost — $0, $0, $0 and $279,427, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 280185 |
| Cash | &nbsp;&nbsp; 2033 | &nbsp;&nbsp; 207008 | &nbsp;&nbsp; 11263162 | &nbsp;&nbsp; 9317570 |
| Receivable for sales of TBA securities  | &nbsp;&nbsp; 1089473 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 172154 | &nbsp;&nbsp; 1186380 | &nbsp;&nbsp; 3221878 | &nbsp;&nbsp; 7821422 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 110845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 13750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32695398 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 1867 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120725 | &nbsp;&nbsp; 558053 |
| Receivable from brokers — net variation margin on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; 1368 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| OTC swaps, at value (premiums received — $0, 0, 0 and 0, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 |
| Principal paydown receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7797 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 1182465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27165708 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14613316 | &nbsp;&nbsp; — |
| Receivable from brokers — net variation margin on open <br> futures contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2100436 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8552248 |
| Restricted cash for OTC derivatives (Note 1(s)) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2931278 |
| **Total Assets** | &nbsp;&nbsp; **18938305** | &nbsp;&nbsp; **87525701** | &nbsp;&nbsp; **817281954** | &nbsp;&nbsp; **714260857** |
| **Liabilities:** |  |  |  |  |
| Payable for purchases of TBA securities  | &nbsp;&nbsp; 3504788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investments sold short, at value (proceeds received — <br> $328,530,0,0 and 0, respectively)<br>| &nbsp;&nbsp; 325499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 20985 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14369490 | &nbsp;&nbsp; 557913 |
| OTC swaps, at value (paid — $5,589, $0, $0 and $0, <br> respectively)<br>| &nbsp;&nbsp; 11253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 22826 | &nbsp;&nbsp; 301836 | &nbsp;&nbsp; 224784 |
| Payable to brokers — net variation margin on open futures <br> contracts<br>| &nbsp;&nbsp; 1547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for open OTC swap contracts | &nbsp;&nbsp; 1288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for Fund shares repurchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 1182465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3055546 |
| Accrued expenses | &nbsp;&nbsp; 550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **3870845** | &nbsp;&nbsp; **1205291** | &nbsp;&nbsp; **14671326** | &nbsp;&nbsp; **3838243** |
| **Total Net Assets** | &nbsp;&nbsp; **$15067460** | &nbsp;&nbsp; **$86320410** | &nbsp;&nbsp; **$802610628** | &nbsp;&nbsp; **$710422614** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $15047644 | &nbsp;&nbsp; $99657012 | &nbsp;&nbsp; $871501343 | &nbsp;&nbsp; $656664785 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 19816 | &nbsp;&nbsp; (13336602) | &nbsp;&nbsp; (68890715) | &nbsp;&nbsp; 53757829 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities (cont'd)

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin<br> Multisector<br> Income ETF <br>| Franklin<br> Municipal<br> Green Bond ETF<br>| Franklin<br> Senior Loan ETF<br>| Franklin<br> Systematic Style<br> Premia ETF<sup>‡</sup><br>|
| **Total Net Assets** | &nbsp;&nbsp; **$15067460** | &nbsp;&nbsp; **$86320410** | &nbsp;&nbsp; **$802610628** | &nbsp;&nbsp; **$710422614** |
| **Shares Outstanding** | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 3650000 | &nbsp;&nbsp; 34900000 | &nbsp;&nbsp; 26150000 |
| **Net Asset Value** | $25.11 | $23.65 | $23.00 | $27.17 |

---

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

‡ Consolidated
 Financial Statements (Note
 12) .

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

March 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | Franklin <br>U.S. Core <br>Bond ETF<br>| Franklin <br>U.S. Treasury <br>Bond ETF<br>| Franklin <br>Ultra Short <br>Bond ETF<br>|
| **Assets:** |  |  |  |
| Investments in unaffiliated securities, at value (Cost — $2,958,700,473, $994,581,542 <br> and $231,272,439, respectively)<br>| &nbsp;&nbsp; $2898448252 | &nbsp;&nbsp; $990372428 | &nbsp;&nbsp; $231222882 |
| Investments in affiliated securities, at value (Cost — $54,330,305, $6,778,710 and <br> $3,409, respectively)<br>| &nbsp;&nbsp; 54330305 | &nbsp;&nbsp; 6778710 | &nbsp;&nbsp; 3409 |
| Cash | &nbsp;&nbsp; 185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2054 |
| Receivable for sales of TBA securities  | &nbsp;&nbsp; 52321734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 18921320 | &nbsp;&nbsp; 8814486 | &nbsp;&nbsp; 1613966 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 6447131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 2497875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold  | &nbsp;&nbsp; 2005474 | &nbsp;&nbsp; 7060116 | &nbsp;&nbsp; 331814 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 145579 | &nbsp;&nbsp; 65294 | &nbsp;&nbsp; 2812 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 139671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **3035257526** | &nbsp;&nbsp; **1013091034** | &nbsp;&nbsp; **233176937** |
| **Liabilities:** |  |  |  |
| Payable for purchases of TBA securities  | &nbsp;&nbsp; 136450172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 15508309 | &nbsp;&nbsp; 65268 | &nbsp;&nbsp; 650250 |
| Investment management fee payable | &nbsp;&nbsp; 361821 | &nbsp;&nbsp; 76312 | &nbsp;&nbsp; 28357 |
| Payable for Fund shares repurchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 6126714 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **152320302** | &nbsp;&nbsp; **6268294** | &nbsp;&nbsp; **678607** |
| **Total Net Assets** | &nbsp;&nbsp; **$2882937224** | &nbsp;&nbsp; **$1006822740** | &nbsp;&nbsp; **$232498330** |
| **Net Assets:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $3131381652 | &nbsp;&nbsp; $1091217973 | &nbsp;&nbsp; $231824297 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (248444428) | &nbsp;&nbsp; (84395233) | &nbsp;&nbsp; 674033 |
| **Total Net Assets** | &nbsp;&nbsp; **$2882937224** | &nbsp;&nbsp; **$1006822740** | &nbsp;&nbsp; **$232498330** |
| **Shares Outstanding** | &nbsp;&nbsp; 134150000 | &nbsp;&nbsp; 49300000 | &nbsp;&nbsp; 9300000 |
| **Net Asset Value** | $21.49 | $20.42 | $25.00 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Disruptive <br>Commerce ETF<br>| Franklin Dividend <br>Growth ETF†<br>| Franklin <br>Dynamic <br>Municipal <br>Bond ETF<br>| Franklin <br>Exponential <br>Data ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $18835 | &nbsp;&nbsp; $41244 | &nbsp;&nbsp; — | &nbsp;&nbsp; $9895 |
| Dividends from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2787 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $47657484 | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | (285) | (69) | &nbsp;&nbsp; — | (86) |
| **Total Investment Income** | &nbsp;&nbsp; **18550** | &nbsp;&nbsp; **43134** | &nbsp;&nbsp; **47657484** | &nbsp;&nbsp; **12596** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 39886 | &nbsp;&nbsp; 14789 | &nbsp;&nbsp; 3244997 | &nbsp;&nbsp; 20272 |
| **Total Expenses** | &nbsp;&nbsp; **39886** | &nbsp;&nbsp; **14789** | &nbsp;&nbsp; **3244997** | &nbsp;&nbsp; **20272** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; — | (78) | &nbsp;&nbsp; — | (227) |
| **Net Expenses** | &nbsp;&nbsp; **39886** | &nbsp;&nbsp; **14711** | &nbsp;&nbsp; **3244997** | &nbsp;&nbsp; **20045** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **(21336)** | &nbsp;&nbsp; **28423** | &nbsp;&nbsp; **44412487** | &nbsp;&nbsp; **(7449)** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (392484)<br>| &nbsp;&nbsp; 11612 | &nbsp;&nbsp; (757241)<br>| &nbsp;&nbsp; 275850 |
| Foreign currency transactions | &nbsp;&nbsp; 193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (36) |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(392291)** | &nbsp;&nbsp; **11612** | &nbsp;&nbsp; **(757241)** | &nbsp;&nbsp; **275814** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (101365)<br>| &nbsp;&nbsp; (95606)<br>| &nbsp;&nbsp; 5904460 | &nbsp;&nbsp; (269190)<br>|
| Foreign currencies | (1) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (626) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **(101366)** | &nbsp;&nbsp; **(95606)** | &nbsp;&nbsp; **5904460** | &nbsp;&nbsp; **(269816)** |
| **Net Gain (Loss) on Investments and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **(493657)** | &nbsp;&nbsp; **(83994)** | &nbsp;&nbsp; **5147219** | &nbsp;&nbsp; **5998** |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **$(514993)** | &nbsp;&nbsp; **$(55571)** | &nbsp;&nbsp; **$49559706** | &nbsp;&nbsp; **$(1451)** |

---

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

† For
 the period August 28, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Focused <br>Growth ETF<br>| Franklin <br>Genomic <br>Advancements ETF<br>| Franklin <br>High Yield <br>Corporate ETF<br>| Franklin <br>Income Equity <br>Focus ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $536213 | &nbsp;&nbsp; $44574 | &nbsp;&nbsp; $1375 | &nbsp;&nbsp; $2354205 |
| Dividends from affiliated investments | &nbsp;&nbsp; 34392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304702 | &nbsp;&nbsp; 35900 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45558061 | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (18559) | &nbsp;&nbsp; (1326) | &nbsp;&nbsp; — | &nbsp;&nbsp; (21768) |
| **Total Investment Income** | &nbsp;&nbsp; **552046** | &nbsp;&nbsp; **43248** | &nbsp;&nbsp; **45864138** | &nbsp;&nbsp; **2368337** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 974372 | &nbsp;&nbsp; 85277 | &nbsp;&nbsp; 2699202 | &nbsp;&nbsp; 291812 |
| **Total Expenses** | &nbsp;&nbsp; **974372** | &nbsp;&nbsp; **85277** | &nbsp;&nbsp; **2699202** | &nbsp;&nbsp; **291812** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (3714) | &nbsp;&nbsp; — | &nbsp;&nbsp; (13461) | &nbsp;&nbsp; (1609) |
| **Net Expenses** | &nbsp;&nbsp; **970658** | &nbsp;&nbsp; **85277** | &nbsp;&nbsp; **2685741** | &nbsp;&nbsp; **290203** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **(418612)** | &nbsp;&nbsp; **(42029)** | &nbsp;&nbsp; **43178397** | &nbsp;&nbsp; **2078134** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 394608 | &nbsp;&nbsp; (1916998)<br>| &nbsp;&nbsp; (371631)<br>| &nbsp;&nbsp; 9138290 |
| Foreign currency transactions | &nbsp;&nbsp; 9392 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1470 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **404000** | &nbsp;&nbsp; **(1914928)** | &nbsp;&nbsp; **(370484)** | &nbsp;&nbsp; **9139760** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 9463122 | &nbsp;&nbsp; 4916625 | &nbsp;&nbsp; 4726150 | &nbsp;&nbsp; 8778761 |
| Foreign currencies | (152) | (31) | &nbsp;&nbsp; — | (186) |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **9462970** | &nbsp;&nbsp; **4916594** | &nbsp;&nbsp; **4726150** | &nbsp;&nbsp; **8778575** |
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **9866970** | &nbsp;&nbsp; **3001666** | &nbsp;&nbsp; **4355666** | &nbsp;&nbsp; **17918335** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$9448358** | &nbsp;&nbsp; **$2959637** | &nbsp;&nbsp; **$47534063** | &nbsp;&nbsp; **$19996469** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations (cont'd)

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Income <br>Focus ETF<br>| Franklin <br>Intelligent <br>Machines ETF<br>| Franklin <br>International <br>Aggregate Bond ETF<br>| Franklin <br>Investment Grade <br>Corporate ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $12003673 | &nbsp;&nbsp; $171774 | &nbsp;&nbsp; $31205 | &nbsp;&nbsp; — |
| Dividends from affiliated investments | &nbsp;&nbsp; 888206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 712364 | &nbsp;&nbsp; $71908 |
| Interest | &nbsp;&nbsp; 18761711 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17525863 | &nbsp;&nbsp; 25125153 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (104788) | &nbsp;&nbsp; (11248) | &nbsp;&nbsp; (31205) | &nbsp;&nbsp; — |
| **Total Investment Income** | &nbsp;&nbsp; **31548802** | &nbsp;&nbsp; **160526** | &nbsp;&nbsp; **18238227** | &nbsp;&nbsp; **25197061** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 3422967 | &nbsp;&nbsp; 246412 | &nbsp;&nbsp; 1695157 | &nbsp;&nbsp; 2046137 |
| **Total Expenses** | &nbsp;&nbsp; **3422967** | &nbsp;&nbsp; **246412** | &nbsp;&nbsp; **1695157** | &nbsp;&nbsp; **2046137** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| &nbsp;&nbsp; (54875) | &nbsp;&nbsp; — | &nbsp;&nbsp; (31088) | &nbsp;&nbsp; (3180) |
| **Net Expenses** | &nbsp;&nbsp; **3368092** | &nbsp;&nbsp; **246412** | &nbsp;&nbsp; **1664069** | &nbsp;&nbsp; **2042957** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **28180710** | &nbsp;&nbsp; **(85886)** | &nbsp;&nbsp; **16574158** | &nbsp;&nbsp; **23154104** |
| **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 53012668 | &nbsp;&nbsp; (829779)<br>| &nbsp;&nbsp; (10398717)<br>| &nbsp;&nbsp; (1911375)<br>|
| Written options | &nbsp;&nbsp; 151803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (37965161) | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (30918) | &nbsp;&nbsp; 6118 | &nbsp;&nbsp; 1707265 | &nbsp;&nbsp; — |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **53133553** | &nbsp;&nbsp; **(823661)** | &nbsp;&nbsp; **(46656613)** | &nbsp;&nbsp; **(1911375)** |
| Change in Net Unrealized Appreciation (Depreciation) <br> From:<br>|  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 34341480 | &nbsp;&nbsp; 15326622 | &nbsp;&nbsp; 20418671 | &nbsp;&nbsp; 5945080 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27981926 | &nbsp;&nbsp; — |
| Foreign currencies | &nbsp;&nbsp; (3045) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (1417682) | &nbsp;&nbsp; — |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **34338435** | &nbsp;&nbsp; **15326624** | &nbsp;&nbsp; **46982915** | &nbsp;&nbsp; **5945080** |
| **Net Gain on Investments, Written Options, Forward** <br> **Foreign Currency Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **87471988** | &nbsp;&nbsp; **14502963** | &nbsp;&nbsp; **326302** | &nbsp;&nbsp; **4033705** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$115652698** | &nbsp;&nbsp; **$14417077** | &nbsp;&nbsp; **$16900460** | &nbsp;&nbsp; **$27187809** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin <br>Multisector <br>Income ETF †<br>| Franklin <br>Municipal <br>Green Bond ETF<br>| Franklin <br>Senior Loan ETF<br>| Franklin <br>Systematic Style <br>Premia ETF‡<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1321509 | &nbsp;&nbsp; $8591513 |
| Dividends from affiliated investments | &nbsp;&nbsp; $10538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1899143 | &nbsp;&nbsp; 2255807 |
| Interest | &nbsp;&nbsp; 423844 | &nbsp;&nbsp; $3027811 | &nbsp;&nbsp; 77038548 | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (237673) |
| **Total Investment Income** | &nbsp;&nbsp; **434382** | &nbsp;&nbsp; **$3027811** | &nbsp;&nbsp; **80259200** | &nbsp;&nbsp; **10609647** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 35176 | &nbsp;&nbsp; 279591 | &nbsp;&nbsp; 4717784 | &nbsp;&nbsp; 3053905 |
| Custody fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 616 |
| Transfer agent fees  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1696 |
| **Total Expenses** | &nbsp;&nbsp; **35176** | &nbsp;&nbsp; **279591** | &nbsp;&nbsp; **4717784** | &nbsp;&nbsp; **3056217** |
| Less: Fee waivers and/or expense reimbursements (Note <br> 2)<br>| (424) | &nbsp;&nbsp; — | &nbsp;&nbsp; (177510) | &nbsp;&nbsp; (945052) |
| **Net Expenses** | &nbsp;&nbsp; **34752** | &nbsp;&nbsp; **279591** | &nbsp;&nbsp; **4540274** | &nbsp;&nbsp; **2111165** |
| **Net Investment Income** | &nbsp;&nbsp; **399630** | &nbsp;&nbsp; **2748220** | &nbsp;&nbsp; **75718926** | &nbsp;&nbsp; **8498482** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Short Sales, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Short Sales, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Short Sales, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Short Sales, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Short Sales, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15000) | &nbsp;&nbsp; — |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 27012 | &nbsp;&nbsp; (96472)<br>| &nbsp;&nbsp; (20127755)<br>| &nbsp;&nbsp; 14942591 |
| Futures contracts | &nbsp;&nbsp; (11825) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30364024 |
| Swap contracts | &nbsp;&nbsp; (52435) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9169681) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1660607) |
| Foreign currency transactions | &nbsp;&nbsp; 75 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (744558) |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(37173)** | &nbsp;&nbsp; **(96472)** | &nbsp;&nbsp; **(20142755)** | &nbsp;&nbsp; **33731769** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (80700)<br>| &nbsp;&nbsp; 1550481 | &nbsp;&nbsp; (26488740)<br>| &nbsp;&nbsp; 16276059 |
| Investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95750 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 17178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5115101) |
| Securities sold short | &nbsp;&nbsp; 3031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; 49913 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35790 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4788963 |
| Foreign currencies | (905) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10268 |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **(11483)** | &nbsp;&nbsp; **1550481** | &nbsp;&nbsp; **(26392990)** | &nbsp;&nbsp; **15995979** |
| **Net Gain (Loss) on Investments, Futures Contracts, Short** <br> **Sales, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **(48656)** | &nbsp;&nbsp; **1454009** | &nbsp;&nbsp; **(46535745)** | &nbsp;&nbsp; **49727748** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$350974** | &nbsp;&nbsp; **$4202229** | &nbsp;&nbsp; **$29183181** | &nbsp;&nbsp; **$58226230** |

---

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

† For
 the period August 26, 2025 (inception date) to March 31, 2026.

‡ Consolidated
 Financial Statements (Note
 12) .

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations (cont'd)

For the Year Ended March 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | Franklin <br>U.S. Core <br>Bond ETF<br>| Franklin <br>U.S. Treasury <br>Bond ETF<br>| Franklin <br>Ultra Short <br>Bond ETF<br>|
| **Investment Income:** |  |  |  |
| Dividends from affiliated investments | &nbsp;&nbsp; $1319096 | &nbsp;&nbsp; $514033 | &nbsp;&nbsp; $24422 |
| Interest | &nbsp;&nbsp; 115727552 | &nbsp;&nbsp; 43847149 | &nbsp;&nbsp; 7548526 |
| **Total Investment Income** | &nbsp;&nbsp; **117046648** | &nbsp;&nbsp; **44361182** | &nbsp;&nbsp; **7572948** |
| **Expenses:** |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 4055990 | &nbsp;&nbsp; 940909 | &nbsp;&nbsp; 246173 |
| **Total Expenses** | &nbsp;&nbsp; **4055990** | &nbsp;&nbsp; **940909** | &nbsp;&nbsp; **246173** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (55904) | &nbsp;&nbsp; (13407) | &nbsp;&nbsp; (1234) |
| **Net Expenses** | &nbsp;&nbsp; **4000086** | &nbsp;&nbsp; **927502** | &nbsp;&nbsp; **244939** |
| **Net Investment Income** | &nbsp;&nbsp; **113046562** | &nbsp;&nbsp; **43433680** | &nbsp;&nbsp; **7328009** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Swap Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (16613993)<br>| &nbsp;&nbsp; 577070 | &nbsp;&nbsp; 20134 |
| Futures contracts | &nbsp;&nbsp; 127438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; (145346) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(16631901)** | &nbsp;&nbsp; **577070** | &nbsp;&nbsp; **20134** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 21407074 | &nbsp;&nbsp; (7049612)<br>| &nbsp;&nbsp; (197592)<br>|
| Futures contracts | &nbsp;&nbsp; (2878408) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; 30880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **18559546** | &nbsp;&nbsp; **(7049612)** | &nbsp;&nbsp; **(197592)** |
| **Net Gain (Loss) on Investments, Futures Contracts and Swap Contracts**  | &nbsp;&nbsp; **1927645** | &nbsp;&nbsp; **(6472542)** | &nbsp;&nbsp; **(177458)** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$114974207** | &nbsp;&nbsp; **$36961138** | &nbsp;&nbsp; **$7150551** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets

Franklin Disruptive Commerce ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(21336) | $(18757) |
| Net realized gain (loss)  | &nbsp;&nbsp; (392291) | 2227121 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (101366) | (1451976) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **(514993)** | **756388** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (11522) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(11522)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (0 and 150,000 shares issued, respectively)  | &nbsp;&nbsp; — | 5771679 |
| Cost of shares repurchased (100,000 and 200,000 shares repurchased, respectively)  | &nbsp;&nbsp; (3325095)<br>| (7540643)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(3325095)** | **(1768964)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(3840088)** | **(1024098)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 10277639 | 11301737 |
| **End of year** | &nbsp;&nbsp; **$6437551** | **$10277639** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Dividend Growth ETF

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

---

| | |
|:---|:---|
| For the Period Ended March 31, 2026<sup>†</sup> <br>| 2026 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $28423 |
| Net realized gain  | &nbsp;&nbsp; 11612 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (95606) |
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **(55571)** |
| **Distributions to Shareholders From (Note 1) :** |  |
| Total distributable earnings | &nbsp;&nbsp; (26256) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(26256)** |
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (200,001 shares issued)  | &nbsp;&nbsp; 5009976 |
| Cost of shares repurchased (1 shares repurchased)  | &nbsp;&nbsp; (25)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5009951** |
| **Increase in Net Assets** | &nbsp;&nbsp; **4928124** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$4928124** |

---

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

† For
 the period August 28, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Dynamic Municipal Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $44412487 | $14526527 |
| Net realized gain (loss)  | &nbsp;&nbsp; (757241) | 12441 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5904460 | (4874374) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **49559706** | **9664594** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (39860213) | (13040439) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(39860213)** | **(13040439)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (53,600,000 and 17,300,000 shares issued, respectively)  | &nbsp;&nbsp; 1326135764 | 424978353 |
| Cost of shares repurchased (2,600,000 and 300,000 shares repurchased, respectively)  | &nbsp;&nbsp; (63339142)<br>| (7306344)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **1262796622** | **417672009** |
| **Increase in Net Assets** | &nbsp;&nbsp; **1272496115** | **414296164** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 610889363 | 196593199 |
| **End of year** | &nbsp;&nbsp; **$1883385478** | **$610889363** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Exponential Data ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(7449) | $(2700) |
| Net realized gain  | &nbsp;&nbsp; 275814 | 887936 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (269816) | (751496) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **(1451)** | **133740** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; — | (6435) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **—** | **(6435)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Cost of shares repurchased (50,000 and 100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (1320226)<br>| (2459548)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(1320226)** | **(2459548)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(1321677)** | **(2332243)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4481792 | 6814035 |
| **End of year** | &nbsp;&nbsp; **$3160115** | **$4481792** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Focused Growth ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(418612) | $(152766) |
| Net realized gain  | &nbsp;&nbsp; 404000 | 16085264 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 9462970 | (14378028) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **9448358** | **1554470** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,400,326 and 1,950,000 shares issued, respectively)  | &nbsp;&nbsp; 108607816 | 71697338 |
| Cost of shares repurchased (450,000 and 850,000 shares repurchased, respectively)  | &nbsp;&nbsp; (19145690)<br>| (32849891)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **89462126** | **38847447** |
| **Increase in Net Assets** | &nbsp;&nbsp; **98910484** | **40401917** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 108187383 | 67785466 |
| **End of year** | &nbsp;&nbsp; **$207097867** | **$108187383** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Genomic Advancements ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(42029) | $(20119) |
| Net realized loss  | &nbsp;&nbsp; (1914928) | (1714783) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4916594 | (435421) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **2959637** | **(2170323)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (86004) |  |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(86004)** | **—** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (250,000 and 400,000 shares issued, respectively)  | &nbsp;&nbsp; 7787740 | 4665875 |
| Cost of shares repurchased (0 and 50,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (1533973)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **7787740** | **3131902** |
| **Increase in Net Assets** | &nbsp;&nbsp; **10661373** | **961579** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 10787111 | 9825532 |
| **End of year** | &nbsp;&nbsp; **$21448484** | **$10787111** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin High Yield Corporate ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $43178397 | $30315287 |
| Net realized loss  | &nbsp;&nbsp; (370484) | (431261) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4726150 | (3847921) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **47534063** | **26036105** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (43791114) | (28955352) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(43791114)** | **(28955352)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (14,700,000 and 15,400,000 shares issued, respectively)  | &nbsp;&nbsp; 356661871 | 371149467 |
| Cost of shares repurchased (4,500,000 and 950,000 shares repurchased, respectively)  | &nbsp;&nbsp; (107495861)<br>| (22874174)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **249166010** | **348275293** |
| **Increase in Net Assets** | &nbsp;&nbsp; **252908959** | **345356046** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 614552493 | 269196447 |
| **End of year** | &nbsp;&nbsp; **$867461452** | **$614552493** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Income Equity Focus ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2078134 | $2032644 |
| Net realized gain  | &nbsp;&nbsp; 9139760 | 21412534 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 8778575 | (16646358) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **19996469** | **6798820** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (5280856) | (4064715) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(5280856)** | **(4064715)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (500,000 and 1,250,000 shares issued, respectively)  | &nbsp;&nbsp; 30309500 | 68829467 |
| Cost of shares repurchased (400,000 and 1,800,000 shares repurchased, respectively)  | &nbsp;&nbsp; (24703496)<br>| (98945173)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5606004** | **(30115706)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **20321617** | **(27381601)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 92832596 | 120214197 |
| **End of year** | &nbsp;&nbsp; **$113154213** | **$92832596** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Income Focus ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $28180710 | $14154470 |
| Net realized gain  | &nbsp;&nbsp; 53133553 | 2159413 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 34338435 | 8069612 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **115652698** | **24383495** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (49297373) | (18595992) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(49297373)** | **(18595992)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (32,900,000 and 14,300,000 shares issued, respectively)  | &nbsp;&nbsp; 921117020 | 378622024 |
| Cost of shares repurchased (6,250,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (178440417)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **742676603** | **378622024** |
| **Increase in Net Assets** | &nbsp;&nbsp; **809031928** | **384409527** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 561442953 | 177033426 |
| **End of year** | &nbsp;&nbsp; **$1370474881** | **$561442953** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Intelligent Machines ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment loss  | &nbsp;&nbsp; $(85886) | $(33077) |
| Net realized loss  | &nbsp;&nbsp; (823661) | (204394) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 15326624 | (815073) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **14417077** | **(1052544)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (400,000 and 100,000 shares issued, respectively)  | &nbsp;&nbsp; 35053878 | 6160137 |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **35053878** | **6160137** |
| **Increase in Net Assets** | &nbsp;&nbsp; **49470955** | **5107593** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 25526252 | 20418659 |
| **End of year** | &nbsp;&nbsp; **$74997207** | **$25526252** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin International Aggregate Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $16574158 | $13253759 |
| Net realized gain (loss)  | &nbsp;&nbsp; (46656613) | 25257708 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 46982915 | (22050037) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **16900460** | **16461430** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (17159938) | (17714764) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(17159938)** | **(17714764)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (9,150,000 and 6,750,000 shares issued, respectively)  | &nbsp;&nbsp; 186438463 | 137278103 |
| Cost of shares repurchased (4,650,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (95477693)<br>|  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **90960770** | **137278103** |
| **Increase in Net Assets** | &nbsp;&nbsp; **90701292** | **136024769** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 625492295 | 489467526 |
| **End of year** | &nbsp;&nbsp; **$716193587** | **$625492295** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Investment Grade Corporate ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $23154104 | $20253607 |
| Net realized loss  | &nbsp;&nbsp; (1911375) | (13576724) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5945080 | 11318581 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **27187809** | **17995464** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (26620614) | (20452540) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(26620614)** | **(20452540)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (6,100,000 and 14,400,000 shares issued, respectively)  | &nbsp;&nbsp; 130873617 | 313064908 |
| Cost of shares repurchased (4,850,000 and 5,100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (105460457)<br>| (109921043)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **25413160** | **203143865** |
| **Increase in Net Assets** | &nbsp;&nbsp; **25980355** | **200686789** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 564838821 | 364152032 |
| **End of year** | &nbsp;&nbsp; **$590819176** | **$564838821** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Multisector Income ETF

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

---

| | |
|:---|:---|
| For the Period Ended March 31, 2026<sup>†</sup> <br>| 2026 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $399630 |
| Net realized loss  | &nbsp;&nbsp; (37173) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (11483) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **350974** |
| **Distributions to Shareholders From (Note 1) :** |  |
| Total distributable earnings | &nbsp;&nbsp; (331158) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(331158)** |
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (600,001 shares issued)  | &nbsp;&nbsp; 15047669 |
| Cost of shares repurchased (1 shares repurchased)  | &nbsp;&nbsp; (25)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **15047644** |
| **Increase in Net Assets** | &nbsp;&nbsp; **15067460** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$15067460** |

---

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

† For
 the period August 26, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Municipal Green Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2748220 | $3843222 |
| Net realized loss  | &nbsp;&nbsp; (96472) | (103353) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1550481 | (2048233) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **4202229** | **1691636** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3573660) | (4031657) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3573660)** | **(4031657)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,650,000 and 550,000 shares issued, respectively)  | &nbsp;&nbsp; 38180699 | 13171317 |
| Cost of shares repurchased (2,200,000 and 1,050,000 shares repurchased, respectively)  | &nbsp;&nbsp; (51118959)<br>| (25155640)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(12938260)** | **(11984323)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(12309691)** | **(14324344)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 98630101 | 112954445 |
| **End of year** | &nbsp;&nbsp; **$86320410** | **$98630101** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Senior Loan ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $75718926 | $47669691 |
| Net realized loss  | &nbsp;&nbsp; (20142755) | (3736632) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (26392990) | (14504638) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **29183181** | **29428421** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (74716264) | (44477601) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(74716264)** | **(44477601)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (10,050,000 and 31,050,000 shares issued, respectively)  | &nbsp;&nbsp; 242806318 | 753768850 |
| Cost of shares repurchased (19,650,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (461869717)<br>|  |
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(219063399)** | **753768850** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(264596482)** | **738719670** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1067207110 | 328487440 |
| **End of year** | &nbsp;&nbsp; **$802610628** | **$1067207110** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin Systematic Style Premia ETF<sup>‡</sup>

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $8498482 | $5028031 |
| Net realized gain  | &nbsp;&nbsp; 33731769 | 7993278 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 15995979 | (1876418) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **58226230** | **11144891** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (14584940) | (3594570) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(14584940)** | **(3594570)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (13,800,000 and 5,100,000 shares issued, respectively)  | &nbsp;&nbsp; 364070583 | 122215366 |
| Cost of shares repurchased (400,000 and 50,000 shares repurchased, respectively)  | &nbsp;&nbsp; (10036732)<br>| (1172113)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **354033851** | **121043253** |
| **Increase in Net Assets** | &nbsp;&nbsp; **397675141** | **128593574** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 312747473 | 184153899 |
| **End of year** | &nbsp;&nbsp; **$710422614** | **$312747473** |

---

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

‡ Consolidated
 Financial Statements (Note
 12) .

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin U.S. Core Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $113046562 | $85660544 |
| Net realized loss  | &nbsp;&nbsp; (16631901) | (16461781) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 18559546 | 27341376 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **114974207** | **96540139** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (112505684) | (87023535) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(112505684)** | **(87023535)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (32,950,000 and 37,800,000 shares issued, respectively)  | &nbsp;&nbsp; 707659287 | 815196006 |
| Cost of shares repurchased (11,750,000 and 8,150,000 shares repurchased, respectively)  | &nbsp;&nbsp; (253707637)<br>| (174807093)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **453951650** | **640388913** |
| **Increase in Net Assets** | &nbsp;&nbsp; **456420173** | **649905517** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2426517051 | 1776611534 |
| **End of year** | &nbsp;&nbsp; **$2882937224** | **$2426517051** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin U.S. Treasury Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $43433680 | $34564385 |
| Net realized gain (loss)  | &nbsp;&nbsp; 577070 | (10468912) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (7049612) | 12433193 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **36961138** | **36528666** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (42189546) | (33558135) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(42189546)** | **(33558135)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (10,650,000 and 16,950,000 shares issued, respectively)  | &nbsp;&nbsp; 217637922 | 348038141 |
| Cost of shares repurchased (8,250,000 and 4,950,000 shares repurchased, respectively)  | &nbsp;&nbsp; (169955719)<br>| (101744209)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **47682203** | **246293932** |
| **Increase in Net Assets** | &nbsp;&nbsp; **42453795** | **249264463** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 964368945 | 715104482 |
| **End of year** | &nbsp;&nbsp; **$1006822740** | **$964368945** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Ultra Short Bond ETF

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

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $7328009 | $1282508 |
| Net realized gain  | &nbsp;&nbsp; 20134 | 11651 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (197592) | 141220 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **7150551** | **1435379** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (6998438) | (887716) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(6998438)** | **(887716)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (6,300,000 and 3,950,000 shares issued, respectively)  | &nbsp;&nbsp; 157363046 | 98227243 |
| Cost of shares repurchased (1,050,000 and 50,000 shares repurchased, respectively)  | &nbsp;&nbsp; (26278248)<br>| (1246251)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **131084798** | **96980992** |
| **Increase in Net Assets** | &nbsp;&nbsp; **131236911** | **97528655** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 101261419 | 3732764 |
| **End of year** | &nbsp;&nbsp; **$232498330** | **$101261419** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights

Franklin Disruptive Commerce ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $49.21 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp; (6.94)<br>| &nbsp;&nbsp;&nbsp; (17.73)<br>|
| **Total income (loss) from operations** | &nbsp;&nbsp; **(2.07)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.00** | &nbsp;&nbsp;&nbsp;&nbsp;**8.24** | &nbsp;&nbsp;&nbsp; **(6.92)** | &nbsp;&nbsp;&nbsp; **(17.92)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &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; (0.32)<br>|
| **Total distributions** | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.03)**<br>| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.32)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.19 | &nbsp;&nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $32.29 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $30.97 |
| **Total return, based on NAV**<sup>2</sup> <br>| &nbsp;&nbsp; **(6.04)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.17%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **34.26%**<br>| &nbsp;&nbsp;&nbsp; **(22.34)%**<br>| &nbsp;&nbsp;&nbsp; **(36.59)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $6438 | &nbsp;&nbsp;&nbsp; $10278 | &nbsp;&nbsp;&nbsp; $11302 | &nbsp;&nbsp;&nbsp; $9619 | &nbsp;&nbsp;&nbsp; $18584 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Net expenses | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment income (loss) | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (0.40)<br>|
| **Portfolio turnover rate**<sup>3</sup> <br>| &nbsp;&nbsp; **34%**<br>| &nbsp;&nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp;&nbsp; **13%**<br>| &nbsp;&nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp;&nbsp; **90%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Dividend Growth ETF

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

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>12</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |
| Net investment income | 0.14 |
| Net realized and unrealized loss | &nbsp;&nbsp; (0.37)<br>|
| **Total loss from operations** | &nbsp;&nbsp; **(0.23)** |
| **Less distributions from:** |  |
| Net investment income | &nbsp;&nbsp; (0.13)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.13)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.64 |
| **Total return, based on NAV**<sup>3</sup> <br>| &nbsp;&nbsp; **(0.93)%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $4928 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses<sup>4</sup> <br>| 0.49<br> %<br>|
| Net expenses<sup>4,5,6</sup> <br>| 0.49 |
| Net investment income<sup>4</sup> <br>| 0.94 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **10%**<br>|

---

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

<sup>1</sup> For the period August 28, 2025 (inception date) to March 31, 2026.

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin Dynamic Municipal Bond ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $26.32 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) | 0.34 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>|
| **Total income (loss) from operations** | **1.35** | &nbsp;&nbsp;&nbsp;&nbsp;**0.95** | &nbsp;&nbsp;&nbsp;&nbsp;**1.47** | &nbsp;&nbsp;&nbsp; **(0.22)** | &nbsp;&nbsp;&nbsp; **(0.95)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.97)**<br>| &nbsp;&nbsp;&nbsp; **(0.98)**<br>| &nbsp;&nbsp;&nbsp; **(0.93)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.56)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp; $24.39 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $24.81 |
| **Total return, based on NAV**<sup>2</sup> <br>| **5.63%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.97%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.37%**<br>| &nbsp;&nbsp;&nbsp; **(0.82)%**<br>| &nbsp;&nbsp;&nbsp; **(3.70)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $1883385 | &nbsp;&nbsp;&nbsp; $610889 | &nbsp;&nbsp;&nbsp; $196593 | &nbsp;&nbsp;&nbsp; $101497 | &nbsp;&nbsp;&nbsp; $76908 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net expenses | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net investment income | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| **Portfolio turnover rate**<sup>3</sup> <br>| &nbsp;&nbsp; **34%**<br>| &nbsp;&nbsp;&nbsp; **50%**<br>| &nbsp;&nbsp;&nbsp; **83%**<br>| &nbsp;&nbsp;&nbsp; **64%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Exponential Data ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.41 | &nbsp;&nbsp;&nbsp; $22.71 | &nbsp;&nbsp;&nbsp; $16.86 | &nbsp;&nbsp;&nbsp; $22.78 | &nbsp;&nbsp;&nbsp; $23.34 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp; (5.91)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| **Total income (loss) from operations** | &nbsp;&nbsp; **(1.34)** | &nbsp;&nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.85** | &nbsp;&nbsp;&nbsp; **(5.92)** | &nbsp;&nbsp;&nbsp; **(0.56)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.03)**<br>| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** |
| **Net asset value, end of year** | &nbsp;&nbsp; $21.07 | &nbsp;&nbsp;&nbsp; $22.41 | &nbsp;&nbsp;&nbsp; $22.71 | &nbsp;&nbsp;&nbsp; $16.86 | &nbsp;&nbsp;&nbsp; $22.78 |
| **Total return, based on NAV**<sup>2</sup> <br>| &nbsp;&nbsp; **(5.98)%**<br>| &nbsp;&nbsp;&nbsp; **(1.20)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **34.70%**<br>| &nbsp;&nbsp;&nbsp; **(25.99)%**<br>| &nbsp;&nbsp;&nbsp; **(2.40)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $3160 | &nbsp;&nbsp;&nbsp; $4482 | &nbsp;&nbsp;&nbsp; $6814 | &nbsp;&nbsp;&nbsp; $3372 | &nbsp;&nbsp;&nbsp; $3417 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>|
| Net expenses | 0.49 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net investment income (loss) | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| **Portfolio turnover rate** | &nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **28%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **7%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **21%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **50%** <br><sup>5</sup><br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin Focused Growth ETF

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>123</sup> <br>| 2023<sup>14</sup> <br>| 2022<sup>14</sup> <br>| 2021<sup>14</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $31.75 | &nbsp;&nbsp;&nbsp; $25.10 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) | 6.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp; (12.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.02 |
| **Total income (loss) from operations** | **6.10** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**8.93** | &nbsp;&nbsp;&nbsp;&nbsp;**5.56** | &nbsp;&nbsp;&nbsp; **(12.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.86** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Total distributions**  | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.18)**<br>| &nbsp;&nbsp;&nbsp; **(0.21)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $41.02 | &nbsp;&nbsp;&nbsp; $34.92 | &nbsp;&nbsp;&nbsp; $33.92 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $31.75 |
| **Total return, based on NAV**<sup>5</sup> <br>| **17.50%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.95%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **35.73%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **28.55%**<br>| &nbsp;&nbsp;&nbsp; **(38.44)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.47%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $207098 | &nbsp;&nbsp;&nbsp; $108187 | &nbsp;&nbsp;&nbsp; $67785 | &nbsp;&nbsp;&nbsp; $14135 | &nbsp;&nbsp;&nbsp; $9519 | &nbsp;&nbsp;&nbsp; $25041 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| Net expenses | 0.55 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>6</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>|
| **Portfolio turnover rate** | &nbsp;&nbsp; **37%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **30%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **10%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **27%**<br>| &nbsp;&nbsp;&nbsp; **40%**<br>| &nbsp;&nbsp;&nbsp; **23%**<br>|

---

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

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

<sup>2</sup> 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>3</sup> For the period October 1, 2023 through March 31, 2024.

<sup>4</sup> For the year ended September 30.

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

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

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Franklin Genomic Advancements ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $26.97 | &nbsp;&nbsp;&nbsp; $32.75 | &nbsp;&nbsp;&nbsp; $30.40 | &nbsp;&nbsp;&nbsp; $37.00 | &nbsp;&nbsp;&nbsp; $43.26 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment loss | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Net realized and unrealized gain (loss) | 6.25 | &nbsp;&nbsp;&nbsp; (5.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (6.55)<br>| &nbsp;&nbsp;&nbsp; (5.99)<br>|
| **Total income (loss) from operations** | **6.17** | &nbsp;&nbsp;&nbsp; **(5.78)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.35** | &nbsp;&nbsp;&nbsp; **(6.60)** | &nbsp;&nbsp;&nbsp; **(6.14)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.14)**<br>| &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.12)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $33.00 | &nbsp;&nbsp;&nbsp; $26.97 | &nbsp;&nbsp;&nbsp; $32.75 | &nbsp;&nbsp;&nbsp; $30.40 | &nbsp;&nbsp;&nbsp; $37.00 |
| **Total return, based on NAV**<sup>2</sup> <br>| **22.84%**<br>| &nbsp;&nbsp;&nbsp; **(17.67)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.76%**<br>| &nbsp;&nbsp;&nbsp; **(17.84)%**<br>| &nbsp;&nbsp;&nbsp; **(14.26)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $21448 | &nbsp;&nbsp;&nbsp; $10787 | &nbsp;&nbsp;&nbsp; $9826 | &nbsp;&nbsp;&nbsp; $10641 | &nbsp;&nbsp;&nbsp; $14799 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| Net expenses | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment loss | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Portfolio turnover rate**<sup>3</sup> <br>| &nbsp;&nbsp; **29%**<br>| &nbsp;&nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp;&nbsp; **60%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

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Financial Highlights (cont'd)

Franklin High Yield Corporate ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $23.72 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $24.76 | &nbsp;&nbsp;&nbsp; $26.16 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net realized and unrealized gain (loss) | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>|
| **Total income (loss) from operations** | **1.87** | &nbsp;&nbsp;&nbsp;&nbsp;**1.65** | &nbsp;&nbsp;&nbsp;&nbsp;**2.63** | &nbsp;&nbsp;&nbsp; **(0.70)** | &nbsp;&nbsp;&nbsp; **(0.14)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.59)**<br>| &nbsp;&nbsp;&nbsp; **(1.55)**<br>| &nbsp;&nbsp;&nbsp; **(1.54)**<br>| &nbsp;&nbsp;&nbsp; **(1.43)**<br>| &nbsp;&nbsp;&nbsp; **(1.26)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $23.72 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $24.76 |
| **Total return, based on NAV**<sup>2</sup> <br>| **8.05%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.16%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.13%**<br>| &nbsp;&nbsp;&nbsp; **(2.68)%**<br>| &nbsp;&nbsp;&nbsp; **(0.69)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $867 | &nbsp;&nbsp;&nbsp; $615 | &nbsp;&nbsp;&nbsp; $269 | &nbsp;&nbsp;&nbsp; $208 | &nbsp;&nbsp;&nbsp; $334 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net expenses | 0.40 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net investment income | 6.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp;&nbsp; **27%**<br>| &nbsp;&nbsp;&nbsp; **30%**<br>| &nbsp;&nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **44%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Income Equity Focus ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $56.26 | &nbsp;&nbsp;&nbsp; $54.64 | &nbsp;&nbsp;&nbsp; $47.16 | &nbsp;&nbsp;&nbsp; $49.07 | &nbsp;&nbsp;&nbsp; $43.69 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain (loss) | 10.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.39 |
| **Total income (loss) from operations** | **11.50** | &nbsp;&nbsp;&nbsp;&nbsp;**3.98** | &nbsp;&nbsp;&nbsp;&nbsp;**8.42** | &nbsp;&nbsp;&nbsp; **(1.13)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.09** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Total distributions** | &nbsp;&nbsp; **(3.10)**<br>| &nbsp;&nbsp;&nbsp; **(2.36)**<br>| &nbsp;&nbsp;&nbsp; **(0.94)**<br>| &nbsp;&nbsp;&nbsp; **(0.78)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $64.66 | &nbsp;&nbsp;&nbsp; $56.26 | &nbsp;&nbsp;&nbsp; $54.64 | &nbsp;&nbsp;&nbsp; $47.16 | &nbsp;&nbsp;&nbsp; $49.07 |
| **Total return, based on NAV**<sup>2</sup> <br>| **21.01%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.33%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18.04%**<br>| &nbsp;&nbsp;&nbsp; **(2.22)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.98%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $113154 | &nbsp;&nbsp;&nbsp; $92833 | &nbsp;&nbsp;&nbsp; $120214 | &nbsp;&nbsp;&nbsp; $155613 | &nbsp;&nbsp;&nbsp; $134935 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>|
| Net expenses | 0.29 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net investment income | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **69%**<br>| &nbsp;&nbsp;&nbsp; **26%**<br>| &nbsp;&nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin Income Focus ETF

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

---

| | | | |
|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>12</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $26.61 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income from operations:** | **Income from operations:** |  |  |
| Net investment income | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net realized and unrealized gain | 2.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| **Total income from operations** | **3.54** | &nbsp;&nbsp;&nbsp;&nbsp;**2.00** | &nbsp;&nbsp;&nbsp;&nbsp;**2.04** |
| **Less distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.45)**<br>| &nbsp;&nbsp;&nbsp; **(1.42)**<br>| &nbsp;&nbsp;&nbsp; **(1.01)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.70 | &nbsp;&nbsp;&nbsp; $26.61 | &nbsp;&nbsp;&nbsp; $26.03 |
| **Total return, based on NAV**<sup>3</sup> <br>| **13.65%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.85%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.40%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $1370 | &nbsp;&nbsp;&nbsp; $561 | &nbsp;&nbsp;&nbsp; $177 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 %<sup>4</sup><br>|
| Net expenses | 0.37 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 <br><sup>56</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38 <br><sup>4</sup><br>|
| Net investment income | 3.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp; 5.49 <br><sup>4</sup><br>|
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **42%**<br>| &nbsp;&nbsp;&nbsp; **68%**<br>| &nbsp;&nbsp;&nbsp; **47%**<br>|

---

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

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

<sup>2</sup> For the period June 6, 2023 (inception date) through March 31, 2024.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Intelligent Machines ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $56.73 | &nbsp;&nbsp;&nbsp; $58.34 | &nbsp;&nbsp;&nbsp; $44.16 | &nbsp;&nbsp;&nbsp; $46.30 | &nbsp;&nbsp;&nbsp; $43.24 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gain (loss) | 31.65 | &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| **Total income (loss) from operations** | **31.50** | &nbsp;&nbsp;&nbsp; **(1.61)** | &nbsp;&nbsp;&nbsp;&nbsp;**14.18** | &nbsp;&nbsp;&nbsp; **(2.14)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.15** |
| **Less distributions from:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Total distributions** | &nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(0.09)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $88.23 | &nbsp;&nbsp;&nbsp; $56.73 | &nbsp;&nbsp;&nbsp; $58.34 | &nbsp;&nbsp;&nbsp; $44.16 | &nbsp;&nbsp;&nbsp; $46.30 |
| **Total return, based on NAV**<sup>3</sup> <br>| **55.55%**<br>| &nbsp;&nbsp;&nbsp; **(2.78)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **32.13%**<br>| &nbsp;&nbsp;&nbsp; **(4.62)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.27%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $74997 | &nbsp;&nbsp;&nbsp; $25526 | &nbsp;&nbsp;&nbsp; $20419 | &nbsp;&nbsp;&nbsp; $8832 | &nbsp;&nbsp;&nbsp; $11574 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| Net expenses | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net investment income (loss) | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **33%**<br>| &nbsp;&nbsp;&nbsp; **44%**<br>| &nbsp;&nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp;&nbsp; **36%**<br>|

---

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

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

<sup>2</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>4</sup> Amount represents less than 0.005% or greater than (0.005)%.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin International Aggregate Bond ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp; $25.02 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>|
| **Total income (loss) from operations** | **0.52** | &nbsp;&nbsp;&nbsp;&nbsp;**0.60** | &nbsp;&nbsp;&nbsp;&nbsp;**0.78** | &nbsp;&nbsp;&nbsp; **(0.58)** | &nbsp;&nbsp;&nbsp; **(0.82)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.19)**<br>| &nbsp;&nbsp;&nbsp; **(3.48)**<br>| &nbsp;&nbsp;&nbsp; **(0.55)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $20.17 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $20.18 | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $23.65 |
| **Total return, based on NAV**<sup>2</sup> <br>| **2.58%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.91%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.04%**<br>| &nbsp;&nbsp;&nbsp; **(2.38)%**<br>| &nbsp;&nbsp;&nbsp; **(3.35)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $716 | &nbsp;&nbsp;&nbsp; $625 | &nbsp;&nbsp;&nbsp; $489 | &nbsp;&nbsp;&nbsp; $276 | &nbsp;&nbsp;&nbsp; $194 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net expenses | 0.25 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net investment income | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp;&nbsp; **19%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **26%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **31%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **24%** <br><sup>5</sup><br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Investment Grade Corporate ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $21.36 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $23.71 | &nbsp;&nbsp;&nbsp; $25.47 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>|
| **Total income (loss) from operations** | **0.96** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01** | &nbsp;&nbsp;&nbsp;&nbsp;**0.85** | &nbsp;&nbsp;&nbsp; **(1.54)** | &nbsp;&nbsp;&nbsp; **(1.05)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.99)**<br>| &nbsp;&nbsp;&nbsp; **(0.93)**<br>| &nbsp;&nbsp;&nbsp; **(0.93)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $21.36 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $23.71 |
| **Total return, based on NAV**<sup>2</sup> <br>| **4.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.85%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.13%**<br>| &nbsp;&nbsp;&nbsp; **(6.46)%**<br>| &nbsp;&nbsp;&nbsp; **(4.30)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $591 | &nbsp;&nbsp;&nbsp; $565 | &nbsp;&nbsp;&nbsp; $364 | &nbsp;&nbsp;&nbsp; $644 | &nbsp;&nbsp;&nbsp; $982 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| Net expenses | 0.35 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net investment income | 3.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp;&nbsp; **47%**<br>| &nbsp;&nbsp;&nbsp; **25%**<br>| &nbsp;&nbsp;&nbsp; **28%**<br>| &nbsp;&nbsp;&nbsp; **37%**<br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin Multisector Income ETF

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

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>12</sup> <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |
| Net investment income | 0.67 |
| Net realized and unrealized loss | &nbsp;&nbsp; (0.01)<br>|
| **Total income from operations** | **0.66** |
| **Less distributions from:** |  |
| Net investment income | &nbsp;&nbsp; (0.55)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.55)**<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.11 |
| **Total return, based on NAV**<sup>3</sup> <br>| **2.66%**<br>|
| **Net assets, end of period (000s)** | &nbsp;&nbsp; $15067 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses<sup>4</sup> <br>| 0.39<br> %<br>|
| Net expenses<sup>4,5,6</sup> <br>| 0.39 |
| Net investment income<sup>4</sup> <br>| 4.43 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **103%**<br>|

---

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

<sup>1</sup> For the period August 26, 2025 (inception date) to March 31, 2026.

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Municipal Green Bond ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp;&nbsp; $24.03 | &nbsp;&nbsp;&nbsp; $23.90 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $26.86 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gain (loss) | 0.37 | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>|
| **Total income (loss) from operations** | **1.06** | &nbsp;&nbsp;&nbsp;&nbsp;**0.35** | &nbsp;&nbsp;&nbsp;&nbsp;**0.99** | &nbsp;&nbsp;&nbsp; **(0.44)** | &nbsp;&nbsp;&nbsp; **(1.43)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.89)**<br>| &nbsp;&nbsp;&nbsp; **(0.90)**<br>| &nbsp;&nbsp;&nbsp; **(0.86)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.44)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp; $23.48 | &nbsp;&nbsp;&nbsp; $24.03 | &nbsp;&nbsp;&nbsp; $23.90 | &nbsp;&nbsp;&nbsp; $24.99 |
| **Total return, based on NAV**<sup>2</sup> <br>| **4.62%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.45%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.31%**<br>| &nbsp;&nbsp;&nbsp; **(1.68)%**<br>| &nbsp;&nbsp;&nbsp; **(5.44)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $86320 | &nbsp;&nbsp;&nbsp; $98630 | &nbsp;&nbsp;&nbsp; $112954 | &nbsp;&nbsp;&nbsp; $112349 | &nbsp;&nbsp;&nbsp; $104939 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| Net expenses | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net investment income | 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **24%** <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; **44%** <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; **67%** <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp; **48%** <br><sup>3</sup><br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin Senior Loan ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $24.83 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| **Total income from operations** | **0.70** | &nbsp;&nbsp;&nbsp;&nbsp;**1.42** | &nbsp;&nbsp;&nbsp;&nbsp;**2.68** | &nbsp;&nbsp;&nbsp;&nbsp;**0.57** | &nbsp;&nbsp;&nbsp;&nbsp;**0.68** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.68)**<br>| &nbsp;&nbsp;&nbsp; **(1.86)**<br>| &nbsp;&nbsp;&nbsp; **(2.09)**<br>| &nbsp;&nbsp;&nbsp; **(1.44)**<br>| &nbsp;&nbsp;&nbsp; **(0.81)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.00 | &nbsp;&nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $23.83 | &nbsp;&nbsp;&nbsp; $24.70 |
| **Total return, based on NAV**<sup>2</sup> <br>| **2.95%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.01%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.80%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.76%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $803 | &nbsp;&nbsp;&nbsp; $1067 | &nbsp;&nbsp;&nbsp; $328 | &nbsp;&nbsp;&nbsp; $206 | &nbsp;&nbsp;&nbsp; $293 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|
| Net expenses | 0.43 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>34</sup><br>|
| Net investment income | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **37%**<br>| &nbsp;&nbsp;&nbsp; **13%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **16%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **26%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **36%** <br><sup>5</sup><br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin Systematic Style Premia ETF<sup>‡</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.53 | &nbsp;&nbsp;&nbsp; $23.92 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $21.25 | &nbsp;&nbsp;&nbsp; $19.55 |
| **Income from operations:** | **Income from operations:** |  |  |  |  |
| Net investment income | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain | 2.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| **Total income from operations** | **3.35** | &nbsp;&nbsp;&nbsp;&nbsp;**0.89** | &nbsp;&nbsp;&nbsp;&nbsp;**2.73** | &nbsp;&nbsp;&nbsp;&nbsp;**0.66** | &nbsp;&nbsp;&nbsp;&nbsp;**1.96** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.26)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp; $24.53 | &nbsp;&nbsp;&nbsp; $23.92 | &nbsp;&nbsp;&nbsp; $21.45 | &nbsp;&nbsp;&nbsp; $21.25 |
| **Total return, based on NAV**<sup>2</sup> <br>| **13.73%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.77%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.83%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.13%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.09%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $710423 | &nbsp;&nbsp;&nbsp; $312747 | &nbsp;&nbsp;&nbsp; $184154 | &nbsp;&nbsp;&nbsp; $91146 | &nbsp;&nbsp;&nbsp; $55258 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Net expenses<sup>3</sup> <br>| 0.46 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net investment income | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **68%**<br>| &nbsp;&nbsp;&nbsp; **88%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **180%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **188%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **190%** <br><sup>5</sup><br>|

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | Per share amounts have been calculated using the average shares method. |
| <sup>2</sup> | Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total <br> return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future <br> results. <br>|
| <sup>3</sup> | Reflects fee waivers and/or expense reimbursements. |
| <sup>4</sup> | The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any <br> investment in an affiliated money market fund.<br>|
| <sup>5</sup> | Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. |
| ‡ | Consolidated Financial Statements (Note 12). |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin U.S. Core Bond ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp; $25.14 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>|
| **Total income (loss) from operations** | **0.91** | &nbsp;&nbsp;&nbsp;&nbsp;**1.04** | &nbsp;&nbsp;&nbsp;&nbsp;**0.35** | &nbsp;&nbsp;&nbsp; **(1.15)** | &nbsp;&nbsp;&nbsp; **(1.16)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.90)**<br>| &nbsp;&nbsp;&nbsp; **(0.89)**<br>| &nbsp;&nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp;&nbsp; **(0.54)**<br>| &nbsp;&nbsp;&nbsp; **(0.55)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.49 | &nbsp;&nbsp;&nbsp; $21.48 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $21.74 | &nbsp;&nbsp;&nbsp; $23.43 |
| **Total return, based on NAV**<sup>2</sup> <br>| **4.33%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.99%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.69%**<br>| &nbsp;&nbsp;&nbsp; **(4.88)%**<br>| &nbsp;&nbsp;&nbsp; **(4.72)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $2883 | &nbsp;&nbsp;&nbsp; $2427 | &nbsp;&nbsp;&nbsp; $1777 | &nbsp;&nbsp;&nbsp; $1512 | &nbsp;&nbsp;&nbsp; $1510 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Net expenses | 0.15 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net investment income | 4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **42%**<br>| &nbsp;&nbsp;&nbsp; **35%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **38%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **69%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **70%** <br><sup>5</sup><br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin U.S. Treasury Bond ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.56 | &nbsp;&nbsp;&nbsp; $20.49 | &nbsp;&nbsp;&nbsp; $21.23 | &nbsp;&nbsp;&nbsp; $22.67 | &nbsp;&nbsp;&nbsp; $23.83 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>|
| **Total income (loss) from operations** | **0.69** | &nbsp;&nbsp;&nbsp;&nbsp;**0.92** | &nbsp;&nbsp;&nbsp; **(0.01)** | &nbsp;&nbsp;&nbsp; **(0.90)** | &nbsp;&nbsp;&nbsp; **(0.78)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp;&nbsp; **(0.85)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.54)**<br>| &nbsp;&nbsp;&nbsp; **(0.38)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $20.42 | &nbsp;&nbsp;&nbsp; $20.56 | &nbsp;&nbsp;&nbsp; $20.49 | &nbsp;&nbsp;&nbsp; $21.23 | &nbsp;&nbsp;&nbsp; $22.67 |
| **Total return, based on NAV**<sup>2</sup> <br>| **3.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.58%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.01%**<br>| &nbsp;&nbsp;&nbsp; **(3.95)%**<br>| &nbsp;&nbsp;&nbsp; **(3.35)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $1007 | &nbsp;&nbsp;&nbsp; $964 | &nbsp;&nbsp;&nbsp; $715 | &nbsp;&nbsp;&nbsp; $429 | &nbsp;&nbsp;&nbsp; $404 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Net expenses | 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **24%**<br>| &nbsp;&nbsp;&nbsp; **134%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **92%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **148%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **14%** <br><sup>5</sup><br>|

---

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

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin Ultra Short Bond ETF

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp; $24.55 | &nbsp;&nbsp;&nbsp; $24.88 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.01 <br><sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| **Total income (loss) from operations** | **1.12** | &nbsp;&nbsp;&nbsp;&nbsp;**1.30** | &nbsp;&nbsp;&nbsp;&nbsp;**1.53** | &nbsp;&nbsp;&nbsp;&nbsp;**0.49** | &nbsp;&nbsp;&nbsp; **(0.19)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.12)**<br>| &nbsp;&nbsp;&nbsp; **(1.19)**<br>| &nbsp;&nbsp;&nbsp; **(1.22)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.14)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp; $24.55 |
| **Total return, based on NAV**<sup>3</sup> <br>| **4.59%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.39%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.00%**<br>| &nbsp;&nbsp;&nbsp; **(0.78)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $232498 | &nbsp;&nbsp;&nbsp; $101261 | &nbsp;&nbsp;&nbsp; $3733 | &nbsp;&nbsp;&nbsp; $2458 | &nbsp;&nbsp;&nbsp; $3682 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net investment income | 4.47 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **34%**<br>| &nbsp;&nbsp;&nbsp; **22%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **39%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **49%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **24%** <br><sup>6</sup><br>|

---

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

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

<sup>2</sup> Calculation of the net loss per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain presented in the Statement of Operations due to the timing of sales and repurchases of Fund shares. 

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements

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

**1. Organization and significant accounting policies**

Franklin Disruptive Commerce ETF ("Disruptive Commerce ETF"), Franklin Exponential Data ETF ("Exponential Data ETF"), Franklin Focused Growth ETF ("Focused Growth ETF"), Franklin Genomic Advancements ETF ("Genomic Advancements ETF"), Franklin Intelligent Machines ETF ("Intelligent Machines ETF"), and Franklin International Aggregate Bond ETF ("International Aggregate Bond ETF") are separate non-diversified series of Franklin Templeton ETF Trust (the "Trust"). Franklin Dividend Growth ETF ("Dividend Growth ETF"), Franklin Dynamic Municipal Bond ETF ("Dynamic Municipal Bond ETF"), Franklin High Yield Corporate ETF ("High Yield Corporate ETF"), Franklin Income Equity Focus ETF ("Income Equity Focus ETF"), Franklin Income Focus ETF ("Income Focus ETF"), Franklin Investment Grade Corporate ETF ("Investment Grade Corporate ETF"), Franklin Multisector Income ETF ("Multisector Income ETF"), Franklin Municipal Green Bond ETF ("Municipal Green Bond ETF"), Franklin Senior Loan ETF ("Senior Loan ETF"), Franklin Systematic Style Premia ETF ("Systematic Style Premia ETF"), Franklin U.S. Core Bond ETF ("U.S. Core Bond ETF"), Franklin U.S. Treasury Bond ETF ("U.S. Treasury Bond ETF") and Franklin Ultra Short Bond ETF ("Ultra Short Bond ETF") are separate diversified series of the Trust. The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The 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 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.

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

Shares of the Disruptive Commerce ETF, Exponential Data ETF, Focused Growth ETF, Genomic Advancements ETF, High Yield Corporate ETF, Intelligent Machines ETF, International Aggregate Bond ETF, and Senior Loan ETF are listed for trading on Cboe BZX Exchange, Inc. (Cboe), a national securities exchange. Shares of the Dividend Growth ETF, Dynamic Municipal Bond ETF, Income Equity Focus ETF, Income Focus ETF, Investment Grade Corporate ETF, Municipal Green Bond ETF, Systematic Style Premia ETF, Ultra Short Bond ETF, U.S. Core Bond ETF and U.S. Treasury Bond ETF are listed for trading on NYSE Arca, Inc. Shares of Multisector Income ETF are listed for trading on NASDAQ. (Cboe and NYSE Arca, collectively with NASDAQ, the "Listing Exchanges"). The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

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

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds,

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

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

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities. Additionally, if the closing net asset value per share for an underlying fund is not available on the day of valuation, the Valuation Committee may adjust the underlying fund's last available net asset value per share to account for significant events that have occurred subsequent to the underlying fund's last net asset value per share calculation but prior to the day of valuation.

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

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

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

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

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

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

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

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Franklin Templeton ETF Trust 2026 Annual Report

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

**Disruptive Commerce ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $6223810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6223810 |
| **Total Investments** | &nbsp;&nbsp; **$6223810** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$6223810** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Dividend Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $4799285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4799285 |
| Short-Term Investments† | &nbsp;&nbsp; 128493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128493 |
| **Total Investments** | &nbsp;&nbsp; **$4927778** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$4927778** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Dynamic Municipal Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $1743559636 | &nbsp;&nbsp; $2812 | &nbsp;&nbsp; $1743562448 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 7412927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7412927 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1750972563 | &nbsp;&nbsp; 2812 | &nbsp;&nbsp; 1750975375 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 119870000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119870000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1870842563** | &nbsp;&nbsp; **$2812** | &nbsp;&nbsp; **$1870845375** |

---

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

---

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

---

**Exponential Data ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $3023696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3023696 |
| Short-Term Investments† | &nbsp;&nbsp; 129820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129820 |
| **Total Investments** | &nbsp;&nbsp; **$3153516** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3153516** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

**Focused Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $206226592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $206226592 |
| Short-Term Investments† | &nbsp;&nbsp; 937212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 937212 |
| **Total Investments** | &nbsp;&nbsp; **$207163804** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$207163804** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Genomic Advancements ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $19864741 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $19864741 |
| Other Common Stocks | &nbsp;&nbsp; 729373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 729373 |
| Preferred Stocks | &nbsp;&nbsp; 205331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 205331 |
| **Total Investments** | &nbsp;&nbsp; **$20799445** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$20799445** |

---

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

---

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

---

**High Yield Corporate ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $818193325 | &nbsp;&nbsp; — | &nbsp;&nbsp; $818193325 |
| Convertible Preferred Stocks | &nbsp;&nbsp; $1919318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1919318 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1715102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1715102 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1685482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1685482 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1629384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1629384 |
| Common Stocks: |  |  |  |  |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $110 | &nbsp;&nbsp; 110 |
| Other Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 303082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 303082 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 7383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7383 |
| Total Long-Term Investments | &nbsp;&nbsp; 1919318 | &nbsp;&nbsp; 823533758 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 825453186 |
| Short-Term Investments† | &nbsp;&nbsp; 34462779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34462779 |
| **Total Investments** | &nbsp;&nbsp; **$36382097** | &nbsp;&nbsp; **$823533758** | &nbsp;&nbsp; **$110** | &nbsp;&nbsp; **$859915965** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

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Franklin Templeton ETF Trust 2026 Annual Report

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**Income Equity Focus ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $63068759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $63068759 |
| Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $38896046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38896046 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 8524425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8524425 |
| Total Long-Term Investments | &nbsp;&nbsp; 71593184 | &nbsp;&nbsp; 38896046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 110489230 |
| Short-Term Investments† | &nbsp;&nbsp; 3122478 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3122478 |
| **Total Investments** | &nbsp;&nbsp; **$74715662** | &nbsp;&nbsp; **$38896046** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$113611708** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Income Focus ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $399518330 | &nbsp;&nbsp; — | &nbsp;&nbsp; $399518330 |
| Common Stocks | &nbsp;&nbsp; $372393708 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 372393708 |
| Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 282952708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 282952708 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 107310274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107310274 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 75505057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75505057 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 62959701 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62959701 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 6097091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6097091 |
| Total Long-Term Investments | &nbsp;&nbsp; 435353409 | &nbsp;&nbsp; 871383460 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1306736869 |
| Short-Term Investments† | &nbsp;&nbsp; 74158691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74158691 |
| **Total Investments** | &nbsp;&nbsp; **$509512100** | &nbsp;&nbsp; **$871383460** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1380895560** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Intelligent Machines ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $74936177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $74936177 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| **Total Investments** | &nbsp;&nbsp; **$74936177** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$74936177** |

---

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

---

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

---

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

**International Aggregate Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $537090413 | &nbsp;&nbsp; — | &nbsp;&nbsp; $537090413 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 52155472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52155472 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 589245885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 589245885 |
| Short-Term Investments† | &nbsp;&nbsp; $69987874 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69987874 |
| **Total Investments** | &nbsp;&nbsp; **$69987874** | &nbsp;&nbsp; **$589245885** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$659233759** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $13734456 | &nbsp;&nbsp; — | &nbsp;&nbsp; $13734456 |
| **Total** | &nbsp;&nbsp; **$69987874** | &nbsp;&nbsp; **$602980341** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$672968215** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $602026 | &nbsp;&nbsp; — | &nbsp;&nbsp; $602026 |

---

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

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

**Investment Grade Corporate ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $579988052 | &nbsp;&nbsp; — | &nbsp;&nbsp; $579988052 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2837180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2837180 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 582825232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 582825232 |
| Short-Term Investments† | &nbsp;&nbsp; $5872377 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5872377 |
| **Total Investments** | &nbsp;&nbsp; **$5872377** | &nbsp;&nbsp; **$582825232** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$588697609** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Multisector Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $6962875 | &nbsp;&nbsp; — | &nbsp;&nbsp; $6962875 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2809007 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2809007 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2737836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2737836 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1730141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1730141 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1403406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1403406 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1168681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1168681 |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 128446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128446 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 16940392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16940392 |

---

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Franklin Templeton ETF Trust 2026 Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $606423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $606423 |
| **Total Investments** | &nbsp;&nbsp; **$606423** | &nbsp;&nbsp; **$16940392** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$17546815** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $17178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $17178 |
| Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $79170 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79170 |
| Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$17178** | &nbsp;&nbsp; **$79170** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$96348** |
| **Total** | &nbsp;&nbsp; **$623601** | &nbsp;&nbsp; **$17019562** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$17643163** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Securities Sold Short: |  |  |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $325499 | &nbsp;&nbsp; — | &nbsp;&nbsp; $325499 |
| Other Financial Instruments: |  |  |  |  |
| Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 23520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23520 |
| Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73 |
| OTC Total Return Swaps‡ | &nbsp;&nbsp; — | &nbsp;&nbsp; 11253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11253 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$34846** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$34846** |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$360345** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$360345** |

---

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

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |
| \* | Amount represents less than $1. |
| ‡ | Value includes any premium paid or received with respect to swap contracts. |

---

**Municipal Green Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $84674788 | &nbsp;&nbsp; — | &nbsp;&nbsp; $84674788 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 75060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75060 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 84749848 | &nbsp;&nbsp; — | &nbsp;&nbsp; 84749848 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 200000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$84949848** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$84949848** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

**Senior Loan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; $687956181 | &nbsp;&nbsp; — | &nbsp;&nbsp; $687956181 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 33126039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33126039 |
| Investments in Underlying Funds | &nbsp;&nbsp; $21556108 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21556108 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2008187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2008187 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 344657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 344657 |
| Total Long-Term Investments | &nbsp;&nbsp; 21556108 | &nbsp;&nbsp; 723435064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 744991172 |
| Short-Term Investments† | &nbsp;&nbsp; 43063904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43063904 |
| **Total Investments** | &nbsp;&nbsp; **$64620012** | &nbsp;&nbsp; **$723435064** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$788055076** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Systematic Style Premia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $437424012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $437424012 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 437424012 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 437424012 |
| Short-Term Investments† | &nbsp;&nbsp; 185378756 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 185378756 |
| **Total Investments** | &nbsp;&nbsp; **$622802768** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$622802768** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $8005853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8005853 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $8552248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8552248 |
| OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$8005853** | &nbsp;&nbsp; **$8588039** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$16593892** |
| **Total** | &nbsp;&nbsp; **$630808621** | &nbsp;&nbsp; **$8588039** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$639396660** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $9812551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $9812551 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3055546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3055546 |
| **Total** | &nbsp;&nbsp; **$9812551** | &nbsp;&nbsp; **$3055546** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$12868097** |

---

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

---

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

---

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Franklin Templeton ETF Trust 2026 Annual Report

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**U.S. Core Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $1071289505 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1071289505 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 844539456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 844539456 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 765347827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 765347827 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 157028872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 157028872 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 40587431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40587431 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 19655161 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19655161 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2898448252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2898448252 |
| Short-Term Investments† | &nbsp;&nbsp; $54330305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54330305 |
| **Total Investments** | &nbsp;&nbsp; **$54330305** | &nbsp;&nbsp; **$2898448252** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2952778557** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $2211128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2211128 |

---

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

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

**U.S. Treasury Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $951428257 | &nbsp;&nbsp; — | &nbsp;&nbsp; $951428257 |
| U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 38944171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38944171 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 990372428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 990372428 |
| Short-Term Investments† | &nbsp;&nbsp; $6778710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6778710 |
| **Total Investments** | &nbsp;&nbsp; **$6778710** | &nbsp;&nbsp; **$990372428** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$997151138** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

**Ultra Short Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $182528063 | &nbsp;&nbsp; — | &nbsp;&nbsp; $182528063 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1736328 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1736328 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 184264391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184264391 |

---

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments†: |  |  |  |  |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; $44959205 | &nbsp;&nbsp; — | &nbsp;&nbsp; $44959205 |
| Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1999286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1999286 |
| Money Market Funds | &nbsp;&nbsp; $3409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3409 |
| Total Short-Term Investments | &nbsp;&nbsp; 3409 | &nbsp;&nbsp; 46958491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46961900 |
| **Total Investments** | &nbsp;&nbsp; **$3409** | &nbsp;&nbsp; **$231222882** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$231226291** |

---

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

† See
 Schedules of Investments for additional detailed categorizations.

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

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

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

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

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

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

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

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Franklin Templeton ETF Trust 2026 Annual Report

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

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

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

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

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

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of March 31, 2026, the total notional value of all credit default swaps to sell protection was $680,000 for the Multisector Income ETF. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the year ended March 31, 2026, see Note 4.

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

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

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

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

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

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

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

The Funds enter into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statements of Operations. When a swap contract is terminated early, the Funds records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

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

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

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

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

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

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Franklin Templeton ETF Trust 2026 Annual Report

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

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

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

**(h) Unfunded loan commitments.** The Funds may enter into certain credit agreements where all or a portion of the total amount committed may be unfunded. The Funds is obligated to fund these commitments at the borrower's discretion. The commitments are disclosed in the accompanying Schedule of Investments. At March 31, 2026, the Funds had sufficient cash and/or securities to cover these commitments.

**(i) Equity-linked securities.** Certain or all Funds invest in equity-linked securities. Equity-linked securities are hybrid financial instruments that 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.

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

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

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

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

**(l) Securities traded on a to-be-announced basis.** The Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Funds commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Funds. Beginning on the date the Funds enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

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

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

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

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

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

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' 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.

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

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

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

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Franklin Templeton ETF Trust 2026 Annual Report

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certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Funds to increased risk of loss.

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

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

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

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

As of March 31, 2026, International Aggregate Bond ETF held forward foreign currency contracts with credit related contingent features which had a liability position of $602,026. Multisector Income ETF held OTC total return swaps with credit related contingent features which had a liability position of $11,253. Systematic Style Premia ETF held forward foreign currency contracts with credit related contingent features which had a liability position of $3,055,546. If a contingent feature in the master agreements would have been triggered, International Aggregate Bond ETF, Multisector Income ETF and Systematic Style Premia ETF would have been required to pay this amount to its derivatives counterparties.

At March 31, 2026, the International Aggregate Bond ETF held cash collateral from Citibank N.A. in the amount of $8,540,000. This amount could be used to reduce the International Aggregate Bond ETF exposure to the counterparty in the event of default.

At March 31, 2026, the Systematic Style Premia ETF held non-cash collateral from Morgan Stanley & Co. LLC in the amount of $7,536,924. This amount could be used to reduce the Systematic Style Premia ETF's exposure to the counterparty in the event of default.

**(s) Restricted cash.** At March 31, 2026, the Systematic Style Premia ETF held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Systematic Style Premia ETF's custodian and/or counterparty broker and is reflected in the Consolidated Statement of Assets and Liabilities.

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

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

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

**(u) 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 Fund 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 to 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.

**(v) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds are generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(w) Distributions to shareholders.** For Disruptive Commerce ETF, Exponential Data ETF, Focused Growth ETF, Genomic Advancements ETF, Intelligent Machines ETF and Systematic Style Premia ETF, distributions from net investment income of the Fund, if any, are declared and paid annually. For Dividend Growth ETF, distributions from net investment income of the Fund, if any, are declared and paid on a quarterly basis. For Dynamic Municipal Bond ETF, High Yield Corporate ETF, Income Equity Focus ETF, Income Focus ETF, International Aggregate Bond ETF, Investment Grade Corporate ETF, Multisector Income ETF, Municipal Green Bond ETF, Senior Loan ETF, U.S. Core Bond ETF, U.S. Treasury Bond ETF and Ultra Short Bond ETF, distributions from net investment income of the Fund, if any, are declared and paid on a monthly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

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

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. In some cases, the Funds may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statements of Assets and Liabilities and dividend income in the Statements of Operations. In many cases, however, the Funds may not receive such amounts for an extended period of time, depending on the country of investment.

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

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| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| Disruptive Commerce ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $(343197)<br>| &nbsp;&nbsp; $343197 |
| Exponential Data ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (408928)<br>| &nbsp;&nbsp; 408928 |
| Focused Growth ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (6862064)<br>| &nbsp;&nbsp; 6862064 |
| Genomic Advancements ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 5 |
| High Yield Corporate ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; (890731)<br>| &nbsp;&nbsp; 890731 |
| Income Equity Focus ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; (4384538)<br>| &nbsp;&nbsp; 4384538 |
| Income Focus ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; (37863142)<br>| &nbsp;&nbsp; 37863142 |
| Intelligent Machines ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 53378 | &nbsp;&nbsp; (53378)<br>|

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Franklin Templeton ETF Trust 2026 Annual Report

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---

| | | |
|:---|:---|:---|
|  | Total Distributable<br> Earnings (Loss)<br>| Paid-in<br> Capital<br>|
| International Aggregate Bond ETF<sup>(c)</sup> <br>| &nbsp;&nbsp; $(994225)<br>| &nbsp;&nbsp; $994225 |
| Investment Grade Corporate ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; (243771)<br>| &nbsp;&nbsp; 243771 |
| Systematic Style Premia ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; (6024243)<br>| &nbsp;&nbsp; 6024243 |
| U.S. Core Bond ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; (582839)<br>| &nbsp;&nbsp; 582839 |

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<sup>(a)</sup>

Reclassifications are due to a tax net operating loss, book/tax differences in the treatment of an in-kind distribution of securities and book/tax differences in the treatment of various items.

<sup>(b)</sup>

Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities and book/tax differences in the treatment of various items.

<sup>(c)</sup>

Reclassifications are due to distributions paid in connection with the redemption of Fund shares.

<sup>(d)</sup>

Reclassifications are due to book/tax differences in the treatment of various items.

During the current year, Dividend Growth ETF, Dynamic Municipal Bond ETF, Multisector Income ETF, Municipal Green Bond ETF, Senior Loan ETF, U.S. Treasury Bond ETF and Ultra Short Bond ETF had no reclassifications.

**(z) 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. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") and Franklin Templeton Investment Management Limited ("FTIML") are the Funds' investment managers. Advisers, Franklin Templeton Institutional, LLC ("FT Institutional") and K2/D&S Management Co., LLC (Effective January 1, 2026, the investment management services provided by K2/D&S Management Co., LLC was transferred to Advisers) ("K2 Advisors") are the Funds' subadvisers. Franklin Templeton Services, LLC ("Franklin Templeton Services") is each Fund's administrative manager. Advisers and FTIML are wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with Advisers and FTIML, Franklin Templeton 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.

The Funds pay Advisers and FTIML a unified management fee for managing the Funds' assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, FTIML reimburses the Funds for all acquired fund fees and expenses (such as those associated with the Funds' investment in a Franklin Templeton money fund) and, with respect to Systematic Style Premia ETF, reimburses all expenses related to the Fund's investment in the Subsidiary, and pays all of the ordinary operating expenses of the Funds, except for (i) the Funds' management fee, (ii) payments under the Funds' 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 Funds may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses.

Each Fund pays gross effective investment management fee, calculated daily and paid monthly according to the terms of the management agreement, at an annual rate of each Fund's average daily net assets as follows:

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| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Disruptive Commerce ETF | &nbsp;&nbsp; 0.50% |
| Dividend Growth ETF | &nbsp;&nbsp; 0.49% |
| Dynamic Municipal Bond ETF | &nbsp;&nbsp; 0.30% |
| Exponential Data ETF | &nbsp;&nbsp; 0.50% |
| Focused Growth ETF | &nbsp;&nbsp; 0.55% |
| Genomic Advancements ETF | &nbsp;&nbsp; 0.50% |
| High Yield Corporate ETF | &nbsp;&nbsp; 0.40% |
| Income Equity Focus ETF | &nbsp;&nbsp; 0.29% |

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

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| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Income Focus ETF | &nbsp;&nbsp; 0.38% |
| Intelligent Machines ETF | &nbsp;&nbsp; 0.50% |
| International Aggregate Bond ETF | &nbsp;&nbsp; 0.25% |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 0.35% |
| Multisector Income ETF | &nbsp;&nbsp; 0.39% |
| Municipal Green Bond ETF | &nbsp;&nbsp; 0.30% |
| Senior Loan ETF | &nbsp;&nbsp; 0.45% |
| Systematic Style Premia ETF | &nbsp;&nbsp; 0.65% |
| U.S. Core Bond ETF | &nbsp;&nbsp; 0.15% |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; 0.09% |
| Ultra Short Bond ETF | &nbsp;&nbsp; 0.15% |

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The manager has agreed to waive the Funds' management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

For 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.

During the year ended March 31, 2026, fees waived and/or expenses reimbursed, all of which was an affiliated money market fund waiver, amounted to as follows:

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| | |
|:---|:---|
| Dividend Growth ETF | &nbsp;&nbsp; $78 |
| Exponential Data ETF | &nbsp;&nbsp; 227 |
| Focused Growth ETF | &nbsp;&nbsp; 3714 |
| High Yield Corporate ETF | &nbsp;&nbsp; 13461 |
| Income Equity Focus ETF | &nbsp;&nbsp; 1609 |
| Income Focus ETF | &nbsp;&nbsp; 54875 |
| International Aggregate Bond ETF | &nbsp;&nbsp; 31088 |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 3180 |
| Multisector Income ETF  | &nbsp;&nbsp; 424 |
| Senior Loan ETF | &nbsp;&nbsp; 177510 |
| U.S. Core Bond ETF | &nbsp;&nbsp; 55904 |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; 13407 |
| Ultra Short Bond ETF | &nbsp;&nbsp; 1234 |

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For Systematic Style Premia ETF, during the year ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $945,052.

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

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

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

As of March 31, 2026, Franklin Resources and its affiliates owned 75% and 33% of the Dividend Growth ETF and Multisector Income ETF, respectively.

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Franklin Templeton ETF Trust 2026 Annual Report

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

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
|  | &nbsp;&nbsp; Investments | &nbsp;&nbsp; U.S. <br>Government &<br>Agency<br> Obligations<br>| &nbsp;&nbsp; Investments | &nbsp;&nbsp; U.S. <br>Government &<br>Agency<br> Obligations<br>|
| Disruptive Commerce ETF | &nbsp;&nbsp; $2714455 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2876690 | &nbsp;&nbsp; — |
| Dividend Growth ETF | &nbsp;&nbsp; 507521 | &nbsp;&nbsp; — | &nbsp;&nbsp; 528987 | &nbsp;&nbsp; — |
| Dynamic Municipal Bond ETF | &nbsp;&nbsp; 1527223744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 351695131 | &nbsp;&nbsp; — |
| Exponential Data ETF | &nbsp;&nbsp; 1239570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1386217 | &nbsp;&nbsp; — |
| Focused Growth ETF | &nbsp;&nbsp; 70743310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64145968 | &nbsp;&nbsp; — |
| Genomic Advancements ETF | &nbsp;&nbsp; 5088309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4975551 | &nbsp;&nbsp; — |
| High Yield Corporate ETF | &nbsp;&nbsp; 241715821 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235090257 | &nbsp;&nbsp; — |
| Income Equity Focus ETF | &nbsp;&nbsp; 74799025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68655198 | &nbsp;&nbsp; — |
| Income Focus ETF | &nbsp;&nbsp; 816752175 | &nbsp;&nbsp; $169577474 | &nbsp;&nbsp; 309078918 | &nbsp;&nbsp; $56555181 |
| Intelligent Machines ETF | &nbsp;&nbsp; 17660631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16339610 | &nbsp;&nbsp; — |
| International Aggregate Bond <br> ETF<br>| &nbsp;&nbsp; 200553486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 195996737 | &nbsp;&nbsp; — |
| Investment Grade Corporate <br> ETF<br>| &nbsp;&nbsp; 167242788 | &nbsp;&nbsp; 27707466 | &nbsp;&nbsp; 150114768 | &nbsp;&nbsp; 35375908 |
| Multisector Income ETF  | &nbsp;&nbsp; 13792968 | &nbsp;&nbsp; 18980369 | &nbsp;&nbsp; 1338468 | &nbsp;&nbsp; 14620181 |
| Municipal Green Bond ETF | &nbsp;&nbsp; 21923339 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34668222 | &nbsp;&nbsp; — |
| Senior Loan ETF | &nbsp;&nbsp; 356620587 | &nbsp;&nbsp; — | &nbsp;&nbsp; 492800427 | &nbsp;&nbsp; — |
| Systematic Style Premia ETF | &nbsp;&nbsp; 395789285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201653934 | &nbsp;&nbsp; — |
| U.S. Core Bond ETF | &nbsp;&nbsp; 544389550 | &nbsp;&nbsp; 1039639397 | &nbsp;&nbsp; 244502418 | &nbsp;&nbsp; 860832323 |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 295022053 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248841517 |
| Ultra Short Bond ETF | &nbsp;&nbsp; 147329622 | &nbsp;&nbsp; 1735149 | &nbsp;&nbsp; 42357397 | &nbsp;&nbsp; — |

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During the year ended March 31, 2026, in-kind transactions (Note 5) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| Disruptive Commerce ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; $3285307 | &nbsp;&nbsp; $374409 |
| Dividend Growth ETF | &nbsp;&nbsp; $4904775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dynamic Municipal Bond ETF | &nbsp;&nbsp; 76020753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Exponential Data ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 1255376 | &nbsp;&nbsp; 416926 |
| Focused Growth ETF | &nbsp;&nbsp; 101221161 | &nbsp;&nbsp; 16282496 | &nbsp;&nbsp; 7204319 |
| Genomic Advancements ETF | &nbsp;&nbsp; 7258746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| High Yield Corporate ETF | &nbsp;&nbsp; 322906439 | &nbsp;&nbsp; 105514207 | &nbsp;&nbsp; 371435 |
| Income Equity Focus ETF | &nbsp;&nbsp; 14161101 | &nbsp;&nbsp; 15915097 | &nbsp;&nbsp; 4377384 |
| Income Focus ETF | &nbsp;&nbsp; 258197037 | &nbsp;&nbsp; 174063776 | &nbsp;&nbsp; 37863515 |
| Intelligent Machines ETF | &nbsp;&nbsp; 34446972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Aggregate Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment Grade Corporate ETF | &nbsp;&nbsp; 118020070 | &nbsp;&nbsp; 100617268 | &nbsp;&nbsp; 243771 |
| Multisector Income ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Municipal Green Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Senior Loan ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Systematic Style Premia ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Core Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ultra Short Bond ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Funds.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund's Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of each Fund's daily net shareholder

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Disruptive Commerce ETF | Disruptive Commerce ETF | Disruptive Commerce ETF | Disruptive Commerce ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $6197184 | &nbsp;&nbsp; $498092 | &nbsp;&nbsp; $(471466)<br>| &nbsp;&nbsp; $26626 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend Growth ETF | Dividend Growth ETF | Dividend Growth ETF | Dividend Growth ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $5023784 | &nbsp;&nbsp; $327860 | &nbsp;&nbsp; $(423866)<br>| &nbsp;&nbsp; $(96006)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic Municipal Bond ETF | Dynamic Municipal Bond ETF | Dynamic Municipal Bond ETF | Dynamic Municipal Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1867348024 | &nbsp;&nbsp; $19712285 | &nbsp;&nbsp; $(16214934)<br>| &nbsp;&nbsp; $3497351 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Exponential Data ETF | Exponential Data ETF | Exponential Data ETF | Exponential Data ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $3120987 | &nbsp;&nbsp; $615678 | &nbsp;&nbsp; $(583149)<br>| &nbsp;&nbsp; $32529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Focused Growth ETF | Focused Growth ETF | Focused Growth ETF | Focused Growth ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $182496720 | &nbsp;&nbsp; $30580563 | &nbsp;&nbsp; $(5913479)<br>| &nbsp;&nbsp; $24667084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Genomic Advancements ETF | Genomic Advancements ETF | Genomic Advancements ETF | Genomic Advancements ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $17362239 | &nbsp;&nbsp; $4707230 | &nbsp;&nbsp; $(1270024)<br>| &nbsp;&nbsp; $3437206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | High Yield Corporate ETF | High Yield Corporate ETF | High Yield Corporate ETF | High Yield Corporate ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $866311205 | &nbsp;&nbsp; $9112986 | &nbsp;&nbsp; $(15508226)<br>| &nbsp;&nbsp; $(6395240)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Income Equity Focus ETF | Income Equity Focus ETF | Income Equity Focus ETF | Income Equity Focus ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $103613146 | &nbsp;&nbsp; $13427028 | &nbsp;&nbsp; $(3428466)<br>| &nbsp;&nbsp; $9998562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Income Focus ETF | Income Focus ETF | Income Focus ETF | Income Focus ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1338720575 | &nbsp;&nbsp; $66135457 | &nbsp;&nbsp; $(23960472)<br>| &nbsp;&nbsp; $42174985 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Intelligent Machines ETF | Intelligent Machines ETF | Intelligent Machines ETF | Intelligent Machines ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $56342759 | &nbsp;&nbsp; $19600826 | &nbsp;&nbsp; $(1007408)<br>| &nbsp;&nbsp; $18593418 |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Aggregate Bond ETF | International Aggregate Bond ETF | International Aggregate Bond ETF | International Aggregate Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $681724334 | &nbsp;&nbsp; $27830812 | &nbsp;&nbsp; $(50321387)<br>| &nbsp;&nbsp; $(22490575)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 13734456 | &nbsp;&nbsp; (602026)<br>| &nbsp;&nbsp; 13132430 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Investment Grade Corporate ETF | Investment Grade Corporate ETF | Investment Grade Corporate ETF | Investment Grade Corporate ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $613789583 | &nbsp;&nbsp; $4248859 | &nbsp;&nbsp; $(29340833)<br>| &nbsp;&nbsp; $(25091974)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Multisector Income ETF  | Multisector Income ETF  | Multisector Income ETF  | Multisector Income ETF  |
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $17653965 | &nbsp;&nbsp; $67906 | &nbsp;&nbsp; $(175056)<br>| &nbsp;&nbsp; $(107150)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 17178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17178 |
| Swap contracts | &nbsp;&nbsp; (58650)<br>| &nbsp;&nbsp; 79170 | &nbsp;&nbsp; (29257)<br>| &nbsp;&nbsp; 49913 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal Green Bond ETF | Municipal Green Bond ETF | Municipal Green Bond ETF | Municipal Green Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $86254476 | &nbsp;&nbsp; $1532680 | &nbsp;&nbsp; $(2837308)<br>| &nbsp;&nbsp; $(1304628)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Senior Loan ETF | Senior Loan ETF | Senior Loan ETF | Senior Loan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $830669097 | &nbsp;&nbsp; $1675972 | &nbsp;&nbsp; $(44289993)<br>| &nbsp;&nbsp; $(42614021)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Systematic Style Premia ETF | Systematic Style Premia ETF | Systematic Style Premia ETF | Systematic Style Premia ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $598269235 | &nbsp;&nbsp; $54826385 | &nbsp;&nbsp; $(30292852)<br>| &nbsp;&nbsp; $24533533 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8005853 | &nbsp;&nbsp; (9812551)<br>| &nbsp;&nbsp; (1806698)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 8552248 | &nbsp;&nbsp; (3055546)<br>| &nbsp;&nbsp; 5496702 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Core Bond ETF | U.S. Core Bond ETF | U.S. Core Bond ETF | U.S. Core Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $3030431881 | &nbsp;&nbsp; $24037118 | &nbsp;&nbsp; $(101690442)<br>| &nbsp;&nbsp; $(77653324)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2211128)<br>| &nbsp;&nbsp; (2211128)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF | U.S. Treasury Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $1000837348 | &nbsp;&nbsp; $5828762 | &nbsp;&nbsp; $(9514972)<br>| &nbsp;&nbsp; $(3686210)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ultra Short Bond ETF | Ultra Short Bond ETF | Ultra Short Bond ETF | Ultra Short Bond ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $231370859 | &nbsp;&nbsp; $222707 | &nbsp;&nbsp; $(367275)<br>| &nbsp;&nbsp; $(144568)<br>|

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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

**4. Derivative instruments and hedging activities** 

**Disruptive Commerce ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Dividend Growth ETF**

During the period ended March 31, 2026, the Fund did not invest in derivative instruments.

**Dynamic Municipal Bond ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Exponential Data ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Focused Growth ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Genomic Advancements ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**High Yield Corporate ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Income Equity Focus ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Income Focus ETF**

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following table provides information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Written options | &nbsp;&nbsp; $151803 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Written options† | &nbsp;&nbsp; $1015 |

---

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

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

**Intelligent Machines ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**International Aggregate Bond ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $13734456 |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $602026 |

---

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

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

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $(37965161)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $27981926 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; $139929680 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 673651385 |

---

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

\* Based on the average of the market values at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<sup>2,3</sup> <br>| Net <br>Amount<sup>4,5</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; $6774595 | &nbsp;&nbsp; — | &nbsp;&nbsp; $6774595 | &nbsp;&nbsp; — | &nbsp;&nbsp; $6774595 |
| Citibank N.A. | &nbsp;&nbsp; 6959861 | &nbsp;&nbsp; $(602026)<br>| &nbsp;&nbsp; 6357835 | &nbsp;&nbsp; $(6959861)<br>| &nbsp;&nbsp; (602026)<br>|
| **Total** | &nbsp;&nbsp; **$13734456** | &nbsp;&nbsp; **$(602026)**<br>| &nbsp;&nbsp; **$13132430** | &nbsp;&nbsp; **$(6959861)**<br>| &nbsp;&nbsp; **$6172569** |

---

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

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

<sup>2</sup> Gross amounts are not offset in the Statement of Assets and Liabilities.

<sup>3</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

<sup>4</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>5</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

**Investment Grade Corporate ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Multisector Income ETF** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $17178 |
| Centrally cleared swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; 79170 |
| **Total** | &nbsp;&nbsp; **$96348** |

---

---

| | | | |
|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| OTC swap contracts<sup>4</sup> <br>| &nbsp;&nbsp; $11253 | &nbsp;&nbsp; — | &nbsp;&nbsp; $11253 |
| Centrally cleared swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; 23520 | &nbsp;&nbsp; $73 | &nbsp;&nbsp; 23593 |
| **Total** | &nbsp;&nbsp; **$34773** | &nbsp;&nbsp; **$73** | &nbsp;&nbsp; **$34846** |

---

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

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

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

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

<sup>4</sup> Values include premiums paid (received) on swap contracts which are shown separately in the Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Market <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $(11825)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(11825)<br>|
| Swap contracts | &nbsp;&nbsp; (69020)<br>| &nbsp;&nbsp; $16585 | &nbsp;&nbsp; (52435)<br>|
| **Total** | &nbsp;&nbsp; **$(80845)**<br>| &nbsp;&nbsp; **$16585** | &nbsp;&nbsp; **$(64260)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $17178 | &nbsp;&nbsp; — | &nbsp;&nbsp; $17178 |
| Swap contracts | &nbsp;&nbsp; 49986 | &nbsp;&nbsp; $(73)<br>| &nbsp;&nbsp; 49913 |
| **Total** | &nbsp;&nbsp; **$67164** | &nbsp;&nbsp; **$(73)**<br>| &nbsp;&nbsp; **$67091** |

---

During the period ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to sell) | &nbsp;&nbsp; $1926750 |
|  | Average Notional <br>Balance<sup>\*\*</sup> <br>|
| Interest rate swap contracts | &nbsp;&nbsp; $20988525 |
| Credit default swap contracts (buy protection) | &nbsp;&nbsp; 63806 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 85000 |
| Total return swap contracts | &nbsp;&nbsp; 1275000 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; — | &nbsp;&nbsp; $(11253)<br>| &nbsp;&nbsp; $(11253)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(11253)<br>|
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(11253)**<br>| &nbsp;&nbsp; **$(11253)**<br>| &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(11253)**<br>|

---

**Municipal Green Bond ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Senior Loan ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Systematic Style Premia ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Consolidated Statements of Assets and Liabilities at March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $2784464 | &nbsp;&nbsp; — | &nbsp;&nbsp; $3108852 | &nbsp;&nbsp; $2112537 | &nbsp;&nbsp; $8005853 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $8552248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8552248 |
| OTC swap contracts<sup>3</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 |
| **Total** | &nbsp;&nbsp; **$2784464** | &nbsp;&nbsp; **$8552248** | &nbsp;&nbsp; **$3144643** | &nbsp;&nbsp; **$2112537** | &nbsp;&nbsp; **$16593892** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $3638010 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1442763 | &nbsp;&nbsp; $4731778 | &nbsp;&nbsp; $9812551 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $3055546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3055546 |
| **Total** | &nbsp;&nbsp; **$3638010** | &nbsp;&nbsp; **$3055546** | &nbsp;&nbsp; **$1442763** | &nbsp;&nbsp; **$4731778** | &nbsp;&nbsp; **$12868097** |

---

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

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

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

<sup>3</sup> Values include premiums paid (received) on swap contracts which are shown separately in the Consolidated Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Consolidated Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $474839 | &nbsp;&nbsp; — | &nbsp;&nbsp; $18135296 | &nbsp;&nbsp; $11753889 | &nbsp;&nbsp; $30364024 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9169681)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9169681)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(1660607)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1660607)<br>|
| **Total** | &nbsp;&nbsp; **$474839** | &nbsp;&nbsp; **$(1660607)**<br>| &nbsp;&nbsp; **$8965615** | &nbsp;&nbsp; **$11753889** | &nbsp;&nbsp; **$19533736** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Commodity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $(1444502)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(691406)<br>| &nbsp;&nbsp; $(2979193)<br>| &nbsp;&nbsp; $(5115101)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35790 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $4788963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4788963 |
| **Total** | &nbsp;&nbsp; **$(1444502)**<br>| &nbsp;&nbsp; **$4788963** | &nbsp;&nbsp; **$(655616)**<br>| &nbsp;&nbsp; **$(2979193)**<br>| &nbsp;&nbsp; **$(290348)**<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $310901466 |
| Futures contracts (to sell) | &nbsp;&nbsp; 318524821 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 303147534 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 317875353 |
|  | Average Notional <br>Balance<sup>\*\*</sup> <br>|
| Total return swap contracts | &nbsp;&nbsp; $241511315 |

---

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

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<sup>2,3</sup> <br>| Net <br>Amount<sup>4,5</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $8552248 | &nbsp;&nbsp; $(3055546)<br>| &nbsp;&nbsp; $5496702 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5496702 |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 35791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35791 | &nbsp;&nbsp; $(35791)<br>| &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; **$8588039** | &nbsp;&nbsp; **$(3055546)**<br>| &nbsp;&nbsp; **$5532493** | &nbsp;&nbsp; **$(35791)**<br>| &nbsp;&nbsp; **$5496702** |

---

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

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

<sup>2</sup> Gross amounts are not offset in the Consolidated Statement of Assets and Liabilities.

<sup>3</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

<sup>4</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>5</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**U.S. Core Bond ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $2211128 |

---

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

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $127438 | &nbsp;&nbsp; — | &nbsp;&nbsp; $127438 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(145346)<br>| &nbsp;&nbsp; (145346)<br>|
| **Total** | &nbsp;&nbsp; **$127438** | &nbsp;&nbsp; **$(145346)**<br>| &nbsp;&nbsp; **$(17908)**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; $(2878408)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(2878408)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $30880 | &nbsp;&nbsp; 30880 |
| **Total** | &nbsp;&nbsp; **$(2878408)**<br>| &nbsp;&nbsp; **$30880** | &nbsp;&nbsp; **$(2847528)**<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $185490638 |
| Futures contracts (to sell)† | &nbsp;&nbsp; 1290490 |
|  | Average Notional <br>Balance<sup>\*\*</sup> <br>|
| Credit default swap contracts (buy protection)† | &nbsp;&nbsp; $1853832 |
| Credit default swap contracts (sell protection)† | &nbsp;&nbsp; 1850000 |

---

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

---

| | |
|:---|:---|
| \* | Based on the average of the market values at each month-end during the period. |
| † | At March 31, 2026, there were no open positions held in this derivative. |
| \*\* | Based on the average of the notional amounts at each month-end during the period. |

---

**U.S. Treasury Bond ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**Ultra Short Bond ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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

**6. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following companies were considered affiliated companies for all or some portion of the year ended March 31, 2026. The following transactions were effected in such companies for the year ended March 31, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividend Growth ETF | Affiliate <br>Value at <br>August 28, 2025, <br>(inception date) | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Dividend Growth ETF | Affiliate <br>Value at <br>August 28, 2025, <br>(inception date) | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>|  | $303046 | 303046 | $174553 | 174553 |  | $1959 |  | $128493 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Exponential Data ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Exponential Data ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $56007 | $473046 | 473046 | $399233 | 399233 |  | $2787 |  | $129820 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Focused Growth ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Focused Growth ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $3386667 | $22368134 | 22368134 | $24817589 | 24817589 |  | $34392 |  | $937212 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| High Yield Corporate ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| High Yield Corporate ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>|  | $128982787 | 128982787 | $94520008 | 94520008 |  | $304702 |  | $34462779 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Equity Focus ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Income Equity Focus ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>|  | $52625840 | 52625840 | $49503362 | 49503362 |  | $35900 |  | $3122478 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Focus ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Income Focus ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $16115318 | $518891355 | 518891355 | $460847982 | 460847982 |  | $888206 |  | $74158691 |

---

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

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Aggregate Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| International Aggregate Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A <br> Shares<sup>(a)</sup> <br>|  | $256916226 | 256916226 | $186928352 | 186928352 |  | $712364 |  | $69987874 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Grade Corporate ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investment Grade Corporate ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>|  | $68462726 | 68462726 | $62590349 | 62590349 |  | $71908 |  | $5872377 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Multisector Income ETF  | Affiliate <br>Value at <br>August 26, 2025, <br>(inception date) | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Multisector Income ETF  | Affiliate <br>Value at <br>August 26, 2025, <br>(inception date) | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>|  | $4685776 | 4685776 | $4079353 | 4079353 |  | $10538 |  | $606423 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Loan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Senior Loan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments in Underlying Funds: | Investments in Underlying Funds: | Investments in Underlying Funds: | Investments in Underlying Funds: | Investments in Underlying Funds: | Investments in Underlying Funds: | Investments in Underlying Funds: |  |  |  |
| Franklin Templeton ETF Trust — <br>Franklin High Yield Corporate ETF<br>| $7052870 | $1213499 | 50000 | $2168100 | 90000 | $(15000)<br>| $523215 | $95750 | $6179019 |
| Short-Term Investments: | Short-Term Investments: | Short-Term Investments: | Short-Term Investments: | Short-Term Investments: | Short-Term Investments: | Short-Term Investments: |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 418300108 | 418300108 | 375236204 | 375236204 |  | 1375928 |  | 43063904 |
| **Total** | **$7052870** | **$419513607** |  | **$377404304** |  | **$(15000)**<br>| **$1899143** | **$95750** | **$49242923** |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Systematic Style Premia ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Systematic Style Premia ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | $377396634 | 377396634 | $192017878 | 192017878 |  | $2255807 |  | $185378756 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Core Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Core Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $26518552 | $661793560 | 661793560 | $633981807 | 633981807 |  | $1319096 |  | $54330305 |

---

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

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

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Treasury Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $15120922 | $162763581 | 162763581 | $171105793 | 171105793 |  | $514033 |  | $6778710 |

---

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ultra Short Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Ultra Short Bond ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $1259 | $104868480 | 104868480 | $104866330 | 104866330 |  | $24422 |  | $3409 |

---

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

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

**7. Restricted securities**

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

---

| | | |
|:---|:---|:---|
| Security | Number of <br>Shares<br>| Acquisition <br>Date<br>|
| OmniAb Inc., $12.50 EARNOUT, Common Shares | &nbsp;&nbsp; 240 | 11/22<br> $0 <br><sup>(a)</sup><br>&nbsp;&nbsp; $0.00 <br><sup>(b)</sup><br>0.00 %<sup>(c)</sup><br>|
| OmniAb Inc., $15.00 EARNOUT, Common Shares | &nbsp;&nbsp; 240 | 11/22<br> 0 <br><sup>(a)</sup><br>0.00 <br><sup>(b)</sup><br>0.00 <br><sup>(c)</sup><br>|
| **Total** |  | **$0** <br><sup>(a)</sup><br>**$0** <br><sup>(a)</sup><br>**0.00%** <br><sup>(c)</sup><br>|

---

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

<sup>(a)</sup> Amount represents less than $1.

<sup>(b)</sup> Amount represents less than $0.005 per share.

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

**8. Redemption facility**

The High Yield Corporate ETF and Senior Loan ETF, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The 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. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

Under the terms of the Global Credit Facility, the Funds shall, in addition to interest charged on any borrowings made by the Funds and other costs incurred by the Funds, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Funds did not utilize the Global Credit Facility during the year ended March 31, 2026.

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

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Disruptive <br>Commerce ETF<br>| Dividend <br>Growth ETF<br>| Dynamic <br>Municipal <br>Bond ETF<br>| Exponential <br>Data ETF<br>| Focused <br>Growth ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Tax-exempt income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $38680081 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ordinary income | &nbsp;&nbsp; — | &nbsp;&nbsp; $26256 | &nbsp;&nbsp; 1180132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$26256** | &nbsp;&nbsp; **$39860213** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Genomic <br>Advancements ETF<br>| High Yield <br>Corporate ETF<br>| Income Equity <br>Focus ETF<br>| Income <br>Focus ETF<br>| Intelligent <br>Machines ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $86004 | &nbsp;&nbsp; $43791114 | &nbsp;&nbsp; $5280856 | &nbsp;&nbsp; $49297373 | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **$86004** | &nbsp;&nbsp; **$43791114** | &nbsp;&nbsp; **$5280856** | &nbsp;&nbsp; **$49297373** | &nbsp;&nbsp; **—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | International <br>Aggregate Bond ETF<br>| Investment Grade <br>Corporate ETF<br>| Multisector <br>Income ETF <br>| Municipal <br>Green Bond ETF<br>| Senior <br>Loan ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Tax-exempt income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3541548 | &nbsp;&nbsp; — |
| Ordinary income | &nbsp;&nbsp; $17159938 | &nbsp;&nbsp; $26620614 | &nbsp;&nbsp; $331158 | &nbsp;&nbsp; 32112 | &nbsp;&nbsp; $74716264 |
| **Total distributions paid** | &nbsp;&nbsp; **$17159938** | &nbsp;&nbsp; **$26620614** | &nbsp;&nbsp; **$331158** | &nbsp;&nbsp; **$3573660** | &nbsp;&nbsp; **$74716264** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Systematic Style <br>Premia ETF<br>| U.S. Core <br>Bond ETF<br>| U.S. Treasury <br>Bond ETF<br>| Ultra Short <br>Bond ETF<br>|
| **Distributions paid from:** |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $14584940 | &nbsp;&nbsp; $112505684 | &nbsp;&nbsp; $42189546 | &nbsp;&nbsp; $6998438 |
| **Total distributions paid** | &nbsp;&nbsp; **$14584940** | &nbsp;&nbsp; **$112505684** | &nbsp;&nbsp; **$42189546** | &nbsp;&nbsp; **$6998438** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Disruptive <br>Commerce ETF<br>| Dynamic <br>Municipal <br>Bond ETF<br>| Exponential <br>Data ETF<br>| Focused <br>Growth ETF<br>| Genomic <br>Advancements ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Tax-exempt income | &nbsp;&nbsp; — | &nbsp;&nbsp; $12382025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ordinary income | &nbsp;&nbsp; $11522 | &nbsp;&nbsp; 658414 | &nbsp;&nbsp; $6435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **$11522** | &nbsp;&nbsp; **$13040439** | &nbsp;&nbsp; **$6435** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | High Yield <br>Corporate ETF<br>| Income Equity <br>Focus ETF<br>| Income <br>Focus ETF<br>| Intelligent <br>Machines ETF<br>| International <br>Aggregate Bond ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $28955352 | &nbsp;&nbsp; $4064715 | &nbsp;&nbsp; $18595992 | &nbsp;&nbsp; — | &nbsp;&nbsp; $17714764 |
| **Total distributions paid** | &nbsp;&nbsp; **$28955352** | &nbsp;&nbsp; **$4064715** | &nbsp;&nbsp; **$18595992** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$17714764** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investment Grade <br>Corporate ETF<br>| Municipal <br>Green Bond ETF<br>| Senior <br>Loan ETF<br>| Systematic Style <br>Premia ETF<br>| U.S. Core <br>Bond ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Tax-exempt income | &nbsp;&nbsp; — | &nbsp;&nbsp; $3985088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ordinary income | &nbsp;&nbsp; $20452540 | &nbsp;&nbsp; 46569 | &nbsp;&nbsp; $44477601 | &nbsp;&nbsp; $3594570 | &nbsp;&nbsp; $87023535 |
| **Total distributions paid** | &nbsp;&nbsp; **$20452540** | &nbsp;&nbsp; **$4031657** | &nbsp;&nbsp; **$44477601** | &nbsp;&nbsp; **$3594570** | &nbsp;&nbsp; **$87023535** |

---

---

| | | |
|:---|:---|:---|
|  | U.S. Treasury <br>Bond ETF<br>| Ultra Short <br>Bond ETF<br>|
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $33558135 | &nbsp;&nbsp; $887716 |
| **Total distributions paid** | &nbsp;&nbsp; **$33558135** | &nbsp;&nbsp; **$887716** |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Disruptive <br>Commerce ETF<br>| Dividend <br>Growth ETF<br>| Dynamic <br>Municipal <br>Bond ETF<br>| Exponential <br>Data ETF<br>| Focused <br>Growth ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; — | &nbsp;&nbsp; $14179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Undistributed Tax-exempt income — net | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $7382830 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; $(11817233)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6278552)<br>| &nbsp;&nbsp; $(1388468)<br>| &nbsp;&nbsp; $(21181224)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (17100)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1472)<br>| &nbsp;&nbsp; (105297)<br>|
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 26627 | &nbsp;&nbsp; (96006)<br>| &nbsp;&nbsp; 3497351 | &nbsp;&nbsp; 31904 | &nbsp;&nbsp; 24666932 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(11807706)**<br>| &nbsp;&nbsp; **$(81827)**<br>| &nbsp;&nbsp; **$4601629** | &nbsp;&nbsp; **$(1358036)**<br>| &nbsp;&nbsp; **$3380411** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Genomic <br>Advancements ETF<br>| High Yield <br>Corporate ETF<br>| Income Equity <br>Focus ETF<br>| Income <br>Focus ETF<br>| Intelligent <br>Machines ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $5478 | &nbsp;&nbsp; $5455086 | &nbsp;&nbsp; $430879 | &nbsp;&nbsp; $6672951 | &nbsp;&nbsp; — |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (13375814)<br>| &nbsp;&nbsp; (12249986)<br>| &nbsp;&nbsp; (3148662)<br>| &nbsp;&nbsp; (2590989)<br>| &nbsp;&nbsp; $(2701750)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (612499)<br>| &nbsp;&nbsp; (6622000)<br>| &nbsp;&nbsp; (37032)<br>|
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 3437202 | &nbsp;&nbsp; (6395240)<br>| &nbsp;&nbsp; 9998376 | &nbsp;&nbsp; 42173732 | &nbsp;&nbsp; 18593422 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(9933134)**<br>| &nbsp;&nbsp; **$(13190140)**<br>| &nbsp;&nbsp; **$6668094** | &nbsp;&nbsp; **$39633694** | &nbsp;&nbsp; **$15854640** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | International <br>Aggregate Bond ETF<br>| Investment Grade <br>Corporate ETF<br>| Multisector <br>Income ETF <br>| Municipal <br>Green Bond ETF<br>| Senior <br>Loan ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $9876334 | &nbsp;&nbsp; $2686701 | &nbsp;&nbsp; $67587 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7239311 |
| Undistributed Tax-exempt income — net | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $48128 | &nbsp;&nbsp; — |
| Undistributed long-term capital gains — <br> net<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; $9876334 | &nbsp;&nbsp; $2686701 | &nbsp;&nbsp; $68300 | &nbsp;&nbsp; $48128 | &nbsp;&nbsp; $7239311 |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (24364100)<br>| &nbsp;&nbsp; (69221079)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12080102)<br>| &nbsp;&nbsp; (33516005)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (13132430)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10551)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; (9495536)<br>| &nbsp;&nbsp; (25091974)<br>| &nbsp;&nbsp; (37933)<br>| &nbsp;&nbsp; (1304628)<br>| &nbsp;&nbsp; (42614021)<br>|
| **Total distributable earnings (loss) —** <br> **net**<br>| &nbsp;&nbsp; **$(37115732)**<br>| &nbsp;&nbsp; **$(91626352)**<br>| &nbsp;&nbsp; **$19816** | &nbsp;&nbsp; **$(13336602)**<br>| &nbsp;&nbsp; **$(68890715)**<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Systematic Style <br>Premia ETF<br>| U.S. Core <br>Bond ETF<br>| U.S. Treasury <br>Bond ETF<br>| Ultra Short <br>Bond ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $25055587 | &nbsp;&nbsp; $11932476 | &nbsp;&nbsp; $3964829 | &nbsp;&nbsp; $874498 |
| Undistributed long-term capital gains — net | &nbsp;&nbsp; 5844450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; $30900037 | &nbsp;&nbsp; $11932476 | &nbsp;&nbsp; $3964829 | &nbsp;&nbsp; $874498 |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (182723580)<br>| &nbsp;&nbsp; (84673852)<br>| &nbsp;&nbsp; (55897)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (5415667)<br>| &nbsp;&nbsp; 2211128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 28273459 | &nbsp;&nbsp; (79864452)<br>| &nbsp;&nbsp; (3686210)<br>| &nbsp;&nbsp; (144568)<br>|
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$53757829** | &nbsp;&nbsp; **$(248444428)**<br>| &nbsp;&nbsp; **$(84395233)**<br>| &nbsp;&nbsp; **$674033** |

---

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

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

<sup>(a)</sup> Other book/tax temporary differences are attributable to the current year dividend payables or deferral of certain late year losses for tax purposes, realization for tax purposes of unrealized gains (losses) on futures and/or forward currency contracts and/or swap contracts and/or book/tax differences in the timing of the deductibility of various expenses. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the tax deferral of losses on straddles, the difference between book and tax amortization methods for premium on fixed income securities and other book/tax basis adjustments. 

**10. Concentration of risk**

Ongoing or threatened military conflicts throughout the world may cause significant market disruptions and volatility. The hostilities and sanctions resulting from those conflicts may also have a significant impact on certain investments of the Fund as well as the Fund's performance and liquidity. 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 Disruptive Commerce ETF and Exponential Data 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,

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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.

**11. Credit risk and defaulted securities**

At March 31, 2026, Dynamic Municipal Bond ETF, High Yield Corporate ETF, Municipal Green Bond ETF and Senior Loan ETF had 25.68%, 93.18%, 11.01% and 72.82% 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. Dynamic Municipal Bond ETF, High Yield Corporate ETF and Senior Loan ETF held defaulted securities and/or other securities for which the income has been deemed uncollectible. At March 31, 2026, the aggregate value of these securities represented 0.13% 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.

**12. Investments in FLSP holdings corporation**

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, 2026, 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 Schedules of Investments and Consolidated Statements of Assets and Liabilities. All intercompany balances and transactions have been eliminated. At March 31, 2026, the net assets of the FLSP Holdings Corporation were $16,488,464, representing 2.32% of the Fund's consolidated net assets. The Fund's investments in the FLSP Holdings Corporation is limited to 25% of consolidated assets.

**13. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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

------

Franklin Templeton ETF Trust 2026 Annual Report

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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 Dividend Growth 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 Multisector Income 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 (nineteen of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, 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, 2026, 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 Disruptive Commerce ETF<sup>(1)</sup> <br>|
| Franklin Dividend Growth ETF<sup>(2)</sup> <br>|
| Franklin Dynamic Municipal Bond ETF<sup>(1)</sup> <br>|
| Franklin Exponential Data ETF<sup>(1)</sup> <br>|
| Franklin Focused Growth ETF<sup>(1)</sup> <br>|
| Franklin Genomic Advancements ETF<sup>(1)</sup> <br>|
| Franklin High Yield Corporate ETF<sup>(1)</sup> <br>|
| Franklin Income Equity Focus ETF<sup>(1)</sup> <br>|
| Franklin Income Focus ETF<sup>(1)</sup> <br>|
| Franklin Intelligent Machines ETF<sup>(1)</sup> <br>|
| Franklin International Aggregate Bond ETF<sup>(1)</sup> <br>|
| Franklin Investment Grade Corporate ETF<sup>(1)</sup> <br>|
| Franklin Multisector Income ETF<sup>(3)</sup> <br>|
| Franklin Municipal Green Bond ETF<sup>(1)</sup> <br>|
| Franklin Senior Loan ETF<sup>(1)</sup> <br>|
| Franklin Systematic Style Premia ETF<sup>(1)\*</sup> <br>|
| Franklin U.S. Core Bond ETF<sup>(1)</sup> <br>|
| Franklin U.S. Treasury Bond ETF<sup>(1)</sup> <br>|
| Franklin Ultra Short Bond ETF<sup>(1)</sup> <br>|

---

<sup>(1)</sup>

Statement of operations for the year ended March 31, 2026 and statement of changes in net assets for the years ended March 31, 2026 and 2025

<sup>(2)</sup>

Statement of operations and statement of changes in net assets for the period August 28, 2025 (inception date) to March 31, 2026

<sup>(3)</sup>

Statement of operations and statement of changes in net assets for the period August 26, 2025 (inception date) to March 31, 2026

<sup>\*</sup>

The financial statements for Franklin Systematic Style Premia ETF and its subsidiary are presented on a consolidated basis

**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.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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, 2026 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 28, 2026

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

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Important Tax Information (unaudited)

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

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

The Funds hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **Disruptive** <br>**Commerce ETF**<br>| &nbsp;&nbsp; **Dividend** <br>**Growth ETF**<br>| &nbsp;&nbsp; **Dynamic** <br>**Municipal** <br>**Bond ETF**<br>| &nbsp;&nbsp; **Exponential** <br>**Data ETF**<br>| &nbsp;&nbsp; **Focused** <br>**Growth ETF**<br>|
| Income Eligible for Dividends Received <br> Deduction (DRD)<br>| §854(b)(1)(A) |  | $26256 |  |  |  |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) |  | $26256 |  |  |  |
| Exempt-Interest Dividends Distributed | §852(b)(5)(A) |  |  | $38680081 |  |  |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) |  |  | $1180132 |  |  |
| Section 163(j) Interest Earned | §163(j) |  |  | $1180132 |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **Genomic** <br>**Advancements ETF**<br>| &nbsp;&nbsp; **High Yield** <br>**Corporate ETF**<br>| &nbsp;&nbsp; **Income Equity** <br>**Focus ETF**<br>| &nbsp;&nbsp; **Income** <br>**Focus ETF**<br>| &nbsp;&nbsp; **Intelligent** <br>**Machines ETF**<br>|
| Income Eligible for Dividends <br> Received Deduction (DRD)<br>| §854(b)(1)(A) | $18218 |  | $2039462 | $10025217 |  |
| Qualified Dividend Income <br> Earned (QDI)<br>| §854(b)(1)(B) | $86004 |  | $2263623 | $11669842 |  |
| Qualified Net Interest Income <br> (QII)<br>| §871(k)(1)(C) |  | $37984182 | $767363 | $27731096 |  |
| Section 163(j) Interest Earned | §163(j) |  | $43782864 | $1580970 | $34005517 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **International** <br>**Aggregate Bond ETF**<br>| &nbsp;&nbsp; **Investment Grade** <br>**Corporate ETF**<br>| &nbsp;&nbsp; **Multisector** <br>**Income ETF** <br>| &nbsp;&nbsp; **Municipal** <br>**Green Bond ETF**<br>| &nbsp;&nbsp; **Senior** <br>**Loan ETF**<br>|
| Exempt-Interest <br> Dividends Distributed<br>| §852(b)(5)(A) |  |  |  | $3541548 |  |
| Qualified Net Interest <br> Income (QII)<br>| §871(k)(1)(C) | $1641310 | $23368944 | $315210 | $32112 | $73260768 |
| Section 163(j) Interest <br> Earned<br>| §163(j) | $17191143 | $26620614 | $331158 | $32112 | $73633120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **Systematic Style** <br>**Premia ETF**<br>| &nbsp;&nbsp; **U.S. Core** <br>**Bond ETF**<br>| &nbsp;&nbsp; **U.S. Treasury** <br>**Bond ETF**<br>| &nbsp;&nbsp; **Ultra Short** <br>**Bond ETF**<br>|
| Long-Term Capital Gain Dividends Distributed | §852(b)(3)(C) | $230458 |  |  |  |
| Income Eligible for Dividends Received Deduction <br> (DRD)<br>| §854(b)(1)(A) | $2741920 |  |  |  |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $4973644 |  |  |  |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $3325759 | $110597938 | $41949191 | $4266767 |
| Section 163(j) Interest Earned | §163(j) | $3325759 | $112505684 | $41947853 | $6998438 |

---

Under Section 853 of the Internal Revenue Code, the Funds intends to elect to pass through to its 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, 2026:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **International** <br>**Aggregate Bond ETF**<br>|
| Foreign Taxes Paid | $31205 |
| Foreign Source Income Earned | $16695102 |

---

------

Franklin Templeton ETF Trust

------

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

---

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

---

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Franklin Templeton ETF Trust

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(This page intentionally left blank.)

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

Franklin Templeton Investment Management Limited

**Subadvisers**

Franklin Advisers, Inc

Franklin Templeton Institutional, LLC

K2/D&S Management Co., LLC†

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

†

Effective Jan 1, 2026, K2/D&S Management Co., LLC will cease to be a sub-advisor.

**Franklin Templeton ETF Trust**

Franklin Disruptive Commerce ETF

Franklin Dividend Growth 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 Multisector Income 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

The Funds are separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img0e9dc59d3.jpg)

**ETF2-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

![](img50a867d31.gif)

**Franklin Templeton ETF Trust**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img93f1cb902.gif)

**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 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**

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** <u>accessibility@franklintempleton.com</u>**.**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_SOI-Header-SOI-5018_1) | **1** |
| [Statements of Assets and Liabilities](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_SAL-Header-SAL_1) | **182** |
| [Statements of Operations](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_SOP-Header-SOP_1) | **187** |
| [Statements of Changes in Net Assets](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_SOC-Header-SOC-5018_1) | **192** |
| [Financial Highlights](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_FH-Header-Financialhighlights-5018_1) | **210** |
| [Notes to Financial Statements](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_NTF-Header-Notestofinancialstatements-5018_1) | **228** |
| [Report of Independent Registered Public Accounting Firm](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_RIRPAF-Header-Auditletter_1) | **264** |
| [Important Tax Information](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_ITI-Header-Importanttaxinfo_1) | **265** |
| [Changes in and Disagreements with Accountants](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_TSR-TOCTSRDisclosures-5018_1) | **266** |
| [Results of Meeting(s) of Shareholders](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_TSR-TOCTSRDisclosures-5018_1) | **266** |
| [Remuneration Paid to Directors, Officers and Others](#xx_b53b0071-db3e-4ef2-8c41-9e7a05908a13_TSR-TOCTSRDisclosures-5018_1) | **266** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedules of Investments

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Communication Services — 7.5%** | **Communication Services — 7.5%** | **Communication Services — 7.5%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; $28606<br> <sup>(a)</sup><br>|
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 16210 | &nbsp;&nbsp; 67436<br>|
| Converge Information and Communications Technology Solutions Inc. | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 2249<br>|
| Dayamitra Telekomunikasi PT | &nbsp;&nbsp; 61600 | &nbsp;&nbsp; 1976<br>|
| Digital Telecommunications Infrastructure Fund, Class F Shares | &nbsp;&nbsp; 22400 | &nbsp;&nbsp; 6486<br>|
| Indus Towers Ltd. | &nbsp;&nbsp; 5551 | &nbsp;&nbsp; 24,472<br> \*<br>|
| LG Uplus Corp. | &nbsp;&nbsp; 882 | &nbsp;&nbsp; 8943<br>|
| NetLink NBN Trust | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 8901<br>|
| PCCW Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 10357<br>|
| PT Tower Bersama Infrastructure Tbk | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 268<br>|
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 82600 | &nbsp;&nbsp; 2372<br>|
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 30100 | &nbsp;&nbsp; 115253<br>|
| Tata Communications Ltd. | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 6765<br>|
| Telekom Malaysia Bhd | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 8592<br>|
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 186200 | &nbsp;&nbsp; 33527<br>|
| True Corp. PCL, NVDR | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 22923<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 349126 |
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2170<br>|
| Beijing Enlight Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3118<br>|
| China Ruyi Holdings Ltd. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 10,928<br> \*<sup>(b)</sup><br>|
| Damai Entertainment Holdings Ltd. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 5,625<br> \*<br>|
| Giant Network Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3197<br>|
| HYBE Co. Ltd. | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 17764<br>|
| International Games System Co. Ltd. | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 22752<br>|
| iQIYI Inc., ADR | &nbsp;&nbsp; 2086 | &nbsp;&nbsp; 2,816<br> \*<sup>(b)</sup><br>|
| Kingnet Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1794<br>|
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 12043<br>|
| Krafton Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 18647<br>|
| Mango Excellent Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2088<br>|
| NCSoft Corp. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 8190<br>|
| NetEase Cloud Music Inc. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 5,759<br> \*<sup>(a)(b)</sup><br>|
| NetEase Inc. | &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 165276<br> <sup>(b)</sup><br>|
| Netmarble Corp. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 3823<br> <sup>(a)</sup><br>|
| Pearl Abyss Corp. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 5,361<br> \*<br>|
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 2109 | &nbsp;&nbsp; 19571<br> <sup>(b)</sup><br>|
| Wanda Film Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 990<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 311912 |
| Interactive Media & Services — 4.9% | Interactive Media & Services — 4.9% | Interactive Media & Services — 4.9% |
| Autohome Inc., ADR | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 4621<br> <sup>(b)</sup><br>|
| Baidu Inc., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 122,684<br> \*<sup>(b)</sup><br>|
| Bilibili Inc., Class Z Shares | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 27,433<br> \*<sup>(b)</sup><br>|
| Info Edge India Ltd. | &nbsp;&nbsp; 1463 | &nbsp;&nbsp; 14926<br>|
| JOYY Inc., ADR | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 6948<br> <sup>(b)</sup><br>|
| Kakao Corp. | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; 39352<br>|

---

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

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Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Interactive Media & Services — continued | Interactive Media & Services — continued | Interactive Media & Services — continued |
| Kuaishou Technology | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; $68484<br> <sup>(a)(b)</sup><br>|
| Kunlun Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4,966<br> \*<br>|
| Meitu Inc. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 7661<br> <sup>(a)(b)</sup><br>|
| NAVER Corp. | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 82881<br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 26066 | &nbsp;&nbsp; 1609136<br> <sup>(b)</sup><br>|
| Weibo Corp., Class A Shares | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 3597<br> <sup>(b)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 1992689 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Bluefocus Intelligent Communications Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 3,086<br> \*<br>|
| Cheil Worldwide Inc. | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 3901<br>|
| China Literature Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4,539<br> \*<sup>(a)(b)</sup><br>|
| China South Publishing & Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1114<br>|
| Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 70700 | &nbsp;&nbsp; 3183<br>|
| Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4647<br>|
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 991<br>|
| Leo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2375<br>|
| People.cn Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1989<br>|
| Sun TV Network Ltd. | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 2301<br>|
| Total Media | Total Media | &nbsp;&nbsp; 28126 |
| Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 47502<br>|
| Axiata Group Bhd | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 10316<br>|
| Bharti Airtel Ltd. | &nbsp;&nbsp; 12481 | &nbsp;&nbsp; 234543<br>|
| Bharti Hexacom Ltd. | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 5186<br>|
| CelcomDigi Bhd | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 11770<br>|
| China United Network Communications Ltd., Class A Shares | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 6314<br>|
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 20122<br>|
| Globe Telecom Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 3745<br>|
| Indosat Tbk PT | &nbsp;&nbsp; 22400 | &nbsp;&nbsp; 2755<br>|
| Maxis Bhd | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 10580<br>|
| PLDT Inc. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 8953<br>|
| StarHub Ltd. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1660<br>|
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 5830 | &nbsp;&nbsp; 19877<br>|
| Vodafone Idea Ltd. | &nbsp;&nbsp; 112945 | &nbsp;&nbsp; 10,157<br> \*<br>|
| XLSMART Telecom Sejahtera Tbk PT | &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 3402<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 396882 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3078735** |
| **Consumer Discretionary — 11.0%** | **Consumer Discretionary — 11.0%** | **Consumer Discretionary — 11.0%** |
| Automobile Components — 0.7% | Automobile Components — 0.7% | Automobile Components — 0.7% |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 7379<br>|
| Bharat Forge Ltd. | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 18909<br>|
| Bosch Ltd. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 10607<br>|
| CALB Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5,653<br> \*<sup>(a)</sup><br>|
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1766<br>|
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 8171<br>|
| Endurance Technologies Ltd. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 3268<br> <sup>(a)</sup><br>|
| Exide Industries Ltd. | &nbsp;&nbsp; 1841 | &nbsp;&nbsp; 5588<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; $5777<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 20946<br> <sup>(a)</sup><br>|
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 9890<br>|
| Hanon Systems | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 2,503<br> \*<br>|
| HL Mando Co. Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 4035<br>|
| Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3894<br>|
| Huizhou Desay Sv Automotive Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3008<br>|
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 60464<br>|
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 4458<br>|
| Minth Group Ltd. | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 12454<br>|
| MRF Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 12193<br>|
| Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2511<br>|
| Ningbo Tuopu Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5757<br>|
| Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2609<br>|
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 18714 | &nbsp;&nbsp; 20733<br>|
| Schaeffler India Ltd. | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 6526<br>|
| Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp; 1946 | &nbsp;&nbsp; 9879<br> <sup>(a)</sup><br>|
| Tube Investments of India Ltd. | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 12076<br>|
| UNO Minda Ltd. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 8375<br>|
| Wanxiang Qianchao Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3128<br>|
| Weifu High-Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1291<br>|
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1426<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 275274 |
| Automobiles — 2.8% | Automobiles — 2.8% | Automobiles — 2.8% |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4,682<br> \*<br>|
| BAIC BluePark New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2,174<br> \*<br>|
| BAIC Motor Corp. Ltd., Class H Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 2,049<br> \*<sup>(a)</sup><br>|
| Bajaj Auto Ltd. | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 25924<br>|
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 4946<br>|
| BYD Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 27430<br>|
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 15503 | &nbsp;&nbsp; 209206<br>|
| Chongqing Afari Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2,001<br> \*<br>|
| Chongqing Changan Automobile Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 4054<br>|
| Chongqing Changan Automobile Co. Ltd., Class B Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 4318<br>|
| Eicher Motors Ltd. | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 39371<br>|
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 69376<br>|
| Great Wall Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4182<br>|
| Great Wall Motor Co. Ltd., Class H Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 16526<br>|
| Guangzhou Automobile Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1457<br>|
| Guangzhou Automobile Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 5428<br>|
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 29519<br>|
| Hyundai Motor Co. | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 164919<br>|
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 11547<br>|
| Kia Corp. | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 94231<br>|
| Li Auto Inc., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 42,311<br> \*<sup>(b)</sup><br>|
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 122115<br>|
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 71748<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued |
| NIO Inc., Class A Shares | &nbsp;&nbsp; 7420 | &nbsp;&nbsp; $41,509<br> \*<sup>(b)</sup><br>|
| SAIC Motor Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 5915<br>|
| Seres Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 9206<br>|
| Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 8758 | &nbsp;&nbsp; 27350<br>|
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 35252<br>|
| VOYAH Automobile Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 3232 | &nbsp;&nbsp; 2,111<br> \*<br>|
| XPeng Inc., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 52,592<br> \*<sup>(b)</sup><br>|
| Yadea Group Holdings Ltd. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 8281<br> <sup>(a)</sup><br>|
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 2191 | &nbsp;&nbsp; 1864<br>|
| Zhejiang Leapmotor Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 16,793<br> \*<sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1160387 |
| Broadline Retail — 4.1% | Broadline Retail — 4.1% | Broadline Retail — 4.1% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 75366 | &nbsp;&nbsp; 1143919<br> <sup>(b)</sup><br>|
| CCOOP Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1,687<br> \*<br>|
| Central Retail Corp. PCL, NVDR | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 6747<br>|
| GoTo Gojek Tokopedia Tbk PT | &nbsp;&nbsp; 3433500 | &nbsp;&nbsp; 10,304<br> \*<br>|
| JD.com Inc., Class A Shares | &nbsp;&nbsp; 10150 | &nbsp;&nbsp; 146550<br> <sup>(b)</sup><br>|
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 3462<br>|
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5493<br>|
| momo.com Inc. | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 1711<br>|
| PDD Holdings Inc., ADR | &nbsp;&nbsp; 3234 | &nbsp;&nbsp; 330,450<br> \*<sup>(b)</sup><br>|
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 13975<br> <sup>(b)</sup><br>|
| Vishal Mega Mart Ltd. | &nbsp;&nbsp; 10899 | &nbsp;&nbsp; 12,100<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1676398 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1575<br>|
| Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3934<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 5509 |
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 35035<br> <sup>(b)</sup><br>|
| TAL Education Group, ADR | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 18,760<br> \*<sup>(b)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 53795 |
| Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% |
| Asset World Corp. PCL, NVDR | &nbsp;&nbsp; 32200 | &nbsp;&nbsp; 2089<br>|
| Eternal Ltd. | &nbsp;&nbsp; 18942 | &nbsp;&nbsp; 45,729<br> \*<br>|
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 9170 | &nbsp;&nbsp; 40936<br>|
| Genting Bhd | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 5012<br>|
| Genting Malaysia Bhd | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3077<br>|
| Genting Singapore Ltd. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 12452<br>|
| Guming Holdings Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 9750<br>|
| H World Group Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 41892<br> <sup>(b)</sup><br>|
| Haidilao International Holding Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 12741<br> <sup>(a)(b)</sup><br>|
| Hanjin Kal Corp. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 6897<br>|
| Indian Hotels Co. Ltd. | &nbsp;&nbsp; 3612 | &nbsp;&nbsp; 21743<br>|
| ITC Hotels Ltd. | &nbsp;&nbsp; 3969 | &nbsp;&nbsp; 5,769<br> \*<br>|
| Jollibee Foods Corp. | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; 5938<br>|
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 7529<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Kangwon Land Inc. | &nbsp;&nbsp; 483 | &nbsp;&nbsp; $5326<br>|
| Meituan, Class B Shares | &nbsp;&nbsp; 22516 | &nbsp;&nbsp; 238,221<br> \*<sup>(a)(b)</sup><br>|
| MGM China Holdings Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3953<br>|
| Minor International PCL, NVDR | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 10545<br>|
| NagaCorp Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 1969<br>|
| Sands China Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 17667<br>|
| Shanghai Jinjiang International Hotels Co. Ltd., Class B Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1026<br>|
| Shangri-La Asia Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2245<br>|
| SJM Holdings Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 3,732<br> \*<br>|
| Songcheng Performance Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 789<br>|
| Swiggy Ltd. | &nbsp;&nbsp; 6223 | &nbsp;&nbsp; 17,062<br> \*<br>|
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 12857<br> <sup>(b)</sup><br>|
| TravelSky Technology Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4934<br>|
| Trip.com Group Ltd. | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 121426<br> <sup>(b)</sup><br>|
| Wynn Macau Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 3900<br>|
| Yum China Holdings Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 73735<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 740941 |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| Coway Co. Ltd. | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 10889<br>|
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 15705<br>|
| Ecovacs Robotics Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1767<br>|
| Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 7666<br>|
| Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 6501<br>|
| Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 25899<br>|
| Hangzhou GreatStar Industrial Co. Ltd. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1725<br>|
| Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 2545<br>|
| LG Electronics Inc. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 30887<br>|
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 3078<br>|
| Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 29928<br>|
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 7226<br>|
| Shenzhen MTC Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1918<br>|
| Sichuan Changhong Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1757<br>|
| Whirlpool of India Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 2448<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 149939 |
| Leisure Products — 0.0%†† | Leisure Products — 0.0%†† | Leisure Products — 0.0%†† |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3149<br>|
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| China Tourism Group Duty Free Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 7133<br>|
| China Tourism Group Duty Free Corp. Ltd., Class H Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5799<br> <sup>(a)</sup><br>|
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 9714<br>|
| FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 13,008<br> \*<br>|
| HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1324<br>|
| Home Product Center PCL, NVDR | &nbsp;&nbsp; 21700 | &nbsp;&nbsp; 4047<br>|
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 17997<br>|
| Hotel Shilla Co. Ltd. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 4,022<br> \*<br>|
| Metro Brands Ltd. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 2116<br>|
| MR DIY Group M Bhd | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 5026<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; $7551<br>|
| Pop Mart International Group Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 51284<br> <sup>(a)(b)</sup><br>|
| PTT Oil & Retail Business PCL, NVDR | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 4171<br>|
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 930<br>|
| Topsports International Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 2446<br> <sup>(a)</sup><br>|
| Trent Ltd. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 26756<br>|
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3670<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 166994 |
| Textiles, Apparel & Luxury Goods — 0.7% | Textiles, Apparel & Luxury Goods — 0.7% | Textiles, Apparel & Luxury Goods — 0.7% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 54070<br>|
| Bata India Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 1883<br>|
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 10204<br>|
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 7948<br>|
| F&F Co. Ltd. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 2241<br>|
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 4735<br>|
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 6547<br>|
| Lao Feng Xiang Co. Ltd., Class B Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4609<br>|
| Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 15956<br>|
| Li Ning Co. Ltd. | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 28660<br>|
| Misto Holdings Corp. | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 2811<br>|
| Page Industries Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 7035<br>|
| Pou Chen Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6197<br>|
| PRADA SpA | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 9889<br>|
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 825<br>|
| Samsonite Group SA | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 11700<br> <sup>(a)</sup><br>|
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 20883<br>|
| Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,764<br> \*<br>|
| Titan Co. Ltd. | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 64156<br>|
| Vedant Fashions Ltd. | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 1010<br>|
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3991<br>|
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 6799<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 273913 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4506299** |
| **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** |
| Beverages — 0.8% | Beverages — 0.8% | Beverages — 0.8% |
| Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1489<br>|
| Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 6250<br>|
| Beijing Yanjing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1328<br>|
| Budweiser Brewing Co. APAC Ltd. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7071<br> <sup>(a)</sup><br>|
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1624<br>|
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 22892<br>|
| Eastroc Beverage Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5944<br>|
| Fraser & Neave Holdings Bhd | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5186<br>|
| Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2686<br>|
| Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5143<br>|
| Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 90275<br>|
| Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 9094<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Beverages — continued | Beverages — continued | Beverages — continued |
| Nongfu Spring Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; $41892<br> <sup>(a)</sup><br>|
| Osotspa PCL, NVDR | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 2827<br>|
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 8285<br>|
| Thai Beverage PCL | &nbsp;&nbsp; 29400 | &nbsp;&nbsp; 9799<br>|
| Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3583<br>|
| Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 2576 | &nbsp;&nbsp; 15929<br>|
| United Breweries Ltd. | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 4432<br>|
| United Spirits Ltd. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 15831<br>|
| Varun Beverages Ltd. | &nbsp;&nbsp; 5728 | &nbsp;&nbsp; 23196<br>|
| Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 20933<br>|
| ZJLD Group Inc. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3353<br> <sup>(a)</sup><br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 309042 |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| 99 Speed Mart Retail Holdings Bhd | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 5306<br>|
| Alibaba Health Information Technology Ltd. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 11,887<br> \*<br>|
| Avenue Supermarts Ltd. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 25,698<br> \*<sup>(a)</sup><br>|
| Berli Jucker PCL, NVDR | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1291<br>|
| BGF retail Co. Ltd. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 3183<br>|
| CP ALL PCL, NVDR | &nbsp;&nbsp; 22400 | &nbsp;&nbsp; 30904<br>|
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 6813 | &nbsp;&nbsp; 3305<br>|
| DFI Retail Group Holdings Ltd., Registered Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5852<br>|
| Dongsuh Cos. Inc. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 2500<br>|
| East Buy Holding Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 6,928<br> \*<sup>(a)(b)</sup><br>|
| E-MART Inc. | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 4811<br>|
| GS Retail Co. Ltd. | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 2016<br>|
| JD Health International Inc. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 25,210<br> \*<sup>(a)(b)</sup><br>|
| Olam Group Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2360<br>|
| Ping An Healthcare and Technology Co. Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 6,171<br> \*<sup>(a)(b)</sup><br>|
| President Chain Store Corp. | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 15379<br>|
| Puregold Price Club Inc. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 2835<br>|
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 87800 | &nbsp;&nbsp; 7646<br>|
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 2103<br>|
| Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 1116<br>|
| Yonghui Superstores Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1,528<br> \*<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 168029 |
| Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% |
| Anjoy Foods Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1350<br>|
| AWL Agri Business Ltd. | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 2,309<br> \*<br>|
| Britannia Industries Ltd. | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 28416<br>|
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 9759<br>|
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 30100 | &nbsp;&nbsp; 7262<br>|
| China Feihe Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 6214<br> <sup>(a)</sup><br>|
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 30713<br>|
| CJ CheilJedang Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 4947<br>|
| First Pacific Co. Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 5592<br>|
| Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 8311<br>|
| Fujian Sunner Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1794<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| Guangdong Haid Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; $5048<br>|
| Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1693<br>|
| Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5757<br>|
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 3936<br>|
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 6539<br>|
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 8012<br>|
| IOI Corp. Bhd | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 12403<br>|
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 11151<br>|
| Marico Ltd. | &nbsp;&nbsp; 2212 | &nbsp;&nbsp; 17163<br>|
| Mayora Indah Tbk PT | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 1734<br>|
| Monde Nissin Corp. | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 2229<br> <sup>(a)</sup><br>|
| Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 1796 | &nbsp;&nbsp; 10846<br>|
| Nestle India Ltd. | &nbsp;&nbsp; 3017 | &nbsp;&nbsp; 37369<br>|
| Nestle Malaysia Bhd | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 6854<br>|
| New Hope Liuhe Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1662<br>|
| NongShim Co. Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3354<br>|
| Orion Corp. | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 7605<br>|
| Patanjali Foods Ltd. | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 6922<br>|
| PPB Group Bhd | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 6224<br>|
| QL Resources Bhd | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 6031<br>|
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 10968<br>|
| SD Guthrie Bhd | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 23011<br>|
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 2730 | &nbsp;&nbsp; 29209<br>|
| Thai Union Group PCL, NVDR | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 3566<br>|
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 11589<br>|
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5019<br>|
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 46637<br>|
| Universal Robina Corp. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3762<br>|
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 8232<br>|
| Wens Foodstuff Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 5053<br>|
| WH Group Ltd. | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 41222<br> <sup>(a)</sup><br>|
| Wilmar International Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 20889<br>|
| Yihai International Holding Ltd. | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 4788<br>|
| Yihai Kerry Arawana Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2906<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 486050 |
| Household Products — 0.0%†† | Household Products — 0.0%†† | Household Products — 0.0%†† |
| Blue Moon Group Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1286<br> <sup>(a)</sup><br>|
| Unilever Indonesia Tbk PT | &nbsp;&nbsp; 26600 | &nbsp;&nbsp; 2849<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 4135 |
| Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% |
| Amorepacific Corp. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 11287<br>|
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 2022<br>|
| APR Corp. | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 23102<br>|
| By-health Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1113<br>|
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 10693<br>|
| Dabur India Ltd. | &nbsp;&nbsp; 2506 | &nbsp;&nbsp; 10844<br>|
| Emami Ltd. | &nbsp;&nbsp; 833 | &nbsp;&nbsp; 3455<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Personal Care Products — continued | Personal Care Products — continued | Personal Care Products — continued |
| Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; $7717<br> <sup>(a)</sup><br>|
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; 17588<br>|
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 8944<br>|
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 3738 | &nbsp;&nbsp; 80996<br>|
| LG H&H Co. Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 6773<br>|
| Mao Geping Cosmetics Co. LTD, Class H Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 6732<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 191266 |
| Tobacco — 0.2% | Tobacco — 0.2% | Tobacco — 0.2% |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 3457<br>|
| Gudang Garam Tbk PT | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1742<br>|
| ITC Ltd. | &nbsp;&nbsp; 12572 | &nbsp;&nbsp; 38134<br>|
| KT&G Corp. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 43655<br>|
| RLX Technology Inc., ADR | &nbsp;&nbsp; 2877 | &nbsp;&nbsp; 6329<br> <sup>(b)</sup><br>|
| Smoore International Holdings Ltd. | &nbsp;&nbsp; 7630 | &nbsp;&nbsp; 8642<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 101959 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1260481** |
| **Energy — 3.0%** | **Energy — 3.0%** | **Energy — 3.0%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| China Oilfield Services Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1600<br>|
| China Oilfield Services Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 9214<br>|
| CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1365<br>|
| Dialog Group Bhd | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 9844<br>|
| Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1320<br>|
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 4205<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 27548 |
| Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% | Oil, Gas & Consumable Fuels — 2.9% |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 39200 | &nbsp;&nbsp; 5951<br>|
| Banpu PCL, NVDR | &nbsp;&nbsp; 32900 | &nbsp;&nbsp; 6035<br>|
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 8365 | &nbsp;&nbsp; 24782<br>|
| Bukit Asam Persero Tbk PT | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2620<br>|
| China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3486<br>|
| China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 16836<br>|
| China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 5685<br>|
| China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 8939<br>|
| China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 54978<br>|
| China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 14214<br>|
| China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 82355<br>|
| China Suntien Green Energy Corp. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3491<br>|
| Coal India Ltd. | &nbsp;&nbsp; 9534 | &nbsp;&nbsp; 45278<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4459<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 13722<br>|
| Dian Swastatika Sentosa Tbk PT | &nbsp;&nbsp; 5222 | &nbsp;&nbsp; 20,280<br> \*<br>|
| Formosa Petrochemical Corp. | &nbsp;&nbsp; 5080 | &nbsp;&nbsp; 8755<br>|
| Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2028<br>|
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 27307<br>|
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 4032 | &nbsp;&nbsp; 14258<br>|
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 15799 | &nbsp;&nbsp; 22554<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; $3048<br>|
| Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 9034<br>|
| Jizhong Energy Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1164<br>|
| Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 1487<br>|
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 16247 | &nbsp;&nbsp; 48759<br>|
| Oil India Ltd. | &nbsp;&nbsp; 2331 | &nbsp;&nbsp; 11685<br>|
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 71400 | &nbsp;&nbsp; 4,453<br> \*<br>|
| PetroChina Co. Ltd., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 16061<br>|
| PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 88000 | &nbsp;&nbsp; 120660<br>|
| Petronet LNG Ltd. | &nbsp;&nbsp; 3206 | &nbsp;&nbsp; 8398<br>|
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 827<br>|
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 27423<br>|
| PTT PCL, NVDR | &nbsp;&nbsp; 51800 | &nbsp;&nbsp; 54973<br>|
| Reliance Industries Ltd. | &nbsp;&nbsp; 28714 | &nbsp;&nbsp; 406845<br>|
| Semirara Mining & Power Corp. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1651<br>|
| Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 12968<br>|
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1786<br>|
| Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2031<br>|
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2747<br>|
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 20865<br>|
| S-Oil Corp. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 11550<br>|
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 7243<br>|
| United Energy Group Ltd. | &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 3928<br>|
| United Tractors Tbk PT | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 11510<br>|
| Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3922<br>|
| Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 24531<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1207562 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1235110** |
| **Financials — 18.9%** | **Financials — 18.9%** | **Financials — 18.9%** |
| Banks — 12.2% | Banks — 12.2% | Banks — 12.2% |
| Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 27162<br>|
| Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 133000 | &nbsp;&nbsp; 94489<br>|
| Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 3994 | &nbsp;&nbsp; 4755<br>|
| AMMB Holdings Bhd | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 19368<br>|
| AU Small Finance Bank Ltd. | &nbsp;&nbsp; 2212 | &nbsp;&nbsp; 19653<br> <sup>(a)</sup><br>|
| Axis Bank Ltd. | &nbsp;&nbsp; 9660 | &nbsp;&nbsp; 118274<br>|
| Bandhan Bank Ltd. | &nbsp;&nbsp; 3171 | &nbsp;&nbsp; 4726<br> <sup>(a)</sup><br>|
| Bangkok Bank PCL, NVDR | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 10602<br>|
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 206800 | &nbsp;&nbsp; 78488<br>|
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 182000 | &nbsp;&nbsp; 50548<br>|
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 49700 | &nbsp;&nbsp; 10996<br>|
| Bank of Baroda | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; 11329<br>|
| Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5584<br>|
| Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1952<br>|
| Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3470<br>|
| Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 13683<br>|
| Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 287000 | &nbsp;&nbsp; 181933<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; $18446<br>|
| Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 25142<br>|
| Bank of East Asia Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 7002<br>|
| Bank of Guiyang Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1180<br>|
| Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 5093<br>|
| Bank of India | &nbsp;&nbsp; 3689 | &nbsp;&nbsp; 5328<br>|
| Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 9961<br>|
| Bank of Maharashtra | &nbsp;&nbsp; 6797 | &nbsp;&nbsp; 4395<br>|
| Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 6926<br>|
| Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 9258<br>|
| Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 7031<br>|
| Bank of the Philippine Islands | &nbsp;&nbsp; 8050 | &nbsp;&nbsp; 13238<br>|
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 277900 | &nbsp;&nbsp; 54453<br>|
| Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 1738<br>|
| BDO Unibank Inc. | &nbsp;&nbsp; 9590 | &nbsp;&nbsp; 17807<br>|
| BNK Financial Group Inc. | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 11937<br>|
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 81886<br>|
| Canara Bank | &nbsp;&nbsp; 7714 | &nbsp;&nbsp; 10040<br>|
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 30006 | &nbsp;&nbsp; 19147<br>|
| China Bohai Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 1,429<br> \*<sup>(a)</sup><br>|
| China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 5047<br>|
| China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35267<br>|
| China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 9082<br>|
| China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 371000 | &nbsp;&nbsp; 397017<br>|
| China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 7157<br>|
| China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 5428<br>|
| China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 39851<br>|
| China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 100569<br>|
| China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 6530<br>|
| China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 13107<br>|
| China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3041<br>|
| China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 4428<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2858<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6062<br>|
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 65263<br>|
| CNPC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 4135<br>|
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 112324<br>|
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 374879<br>|
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 64652 | &nbsp;&nbsp; 64207<br>|
| Far Eastern International Bank | &nbsp;&nbsp; 8029 | &nbsp;&nbsp; 3127<br>|
| Federal Bank Ltd. | &nbsp;&nbsp; 7630 | &nbsp;&nbsp; 20867<br>|
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 45050 | &nbsp;&nbsp; 39738<br>|
| Hana Financial Group Inc. | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 78437<br>|
| HDFC Bank Ltd. | &nbsp;&nbsp; 47747 | &nbsp;&nbsp; 368263<br>|
| Hong Leong Bank Bhd | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 15145<br>|
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 38703 | &nbsp;&nbsp; 40192<br>|
| Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5193<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| ICICI Bank Ltd. | &nbsp;&nbsp; 22225 | &nbsp;&nbsp; $282567<br>|
| IDBI Bank Ltd. | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 1398<br>|
| IDFC First Bank Ltd. | &nbsp;&nbsp; 17920 | &nbsp;&nbsp; 11119<br>|
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 6568<br>|
| Indian Bank | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 10049<br>|
| IndusInd Bank Ltd. | &nbsp;&nbsp; 1477 | &nbsp;&nbsp; 11,717<br> \*<br>|
| Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 24500 | &nbsp;&nbsp; 27101<br>|
| Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 336000 | &nbsp;&nbsp; 293993<br>|
| Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 19074<br>|
| Industrial Bank of Korea | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 14441<br>|
| KakaoBank Corp. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 12040<br>|
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 42856<br>|
| KB Financial Group Inc. | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 139431<br>|
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 23044 | &nbsp;&nbsp; 85860<br>|
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 25200 | &nbsp;&nbsp; 26744<br>|
| Malayan Banking Bhd | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 88377<br>|
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 50260 | &nbsp;&nbsp; 60447<br>|
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 7840 | &nbsp;&nbsp; 8195<br>|
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 238406<br>|
| Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 10107<br>|
| Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 6759<br>|
| Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 26303<br> <sup>(a)</sup><br>|
| Public Bank Bhd | &nbsp;&nbsp; 61600 | &nbsp;&nbsp; 71200<br>|
| Punjab National Bank | &nbsp;&nbsp; 9436 | &nbsp;&nbsp; 10004<br>|
| RBL Bank Ltd. | &nbsp;&nbsp; 2009 | &nbsp;&nbsp; 6137<br> <sup>(a)</sup><br>|
| RHB Bank Bhd | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 17510<br>|
| SCB X PCL, NVDR | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 30564<br>|
| Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 17079<br>|
| Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 16508<br>|
| Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3693<br>|
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 102206<br>|
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 47054<br>|
| State Bank of India | &nbsp;&nbsp; 7777 | &nbsp;&nbsp; 80305<br>|
| Taiwan Business Bank | &nbsp;&nbsp; 29440 | &nbsp;&nbsp; 13813<br>|
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 43080 | &nbsp;&nbsp; 31599<br>|
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 154000 | &nbsp;&nbsp; 10740<br>|
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 70963<br>|
| Union Bank of India Ltd. | &nbsp;&nbsp; 6321 | &nbsp;&nbsp; 10943<br>|
| United Overseas Bank Ltd. | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 147719<br>|
| Woori Financial Group Inc. | &nbsp;&nbsp; 2814 | &nbsp;&nbsp; 58883<br>|
| Yes Bank Ltd. | &nbsp;&nbsp; 74529 | &nbsp;&nbsp; 13,554<br> \*<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 4979689 |
| Capital Markets — 1.8% | Capital Markets — 1.8% | Capital Markets — 1.8% |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 11093<br>|
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 2696<br>|
| Beijing Compass Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2817<br>|
| BSE Ltd. | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 23964<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Caitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; $1545<br>|
| Capital Securities Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5999<br>|
| Central Depository Services India Ltd. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 5287<br>|
| Changjiang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2086<br>|
| China Cinda Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 7062<br>|
| China CITIC Financial Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 8,464<br> \*<sup>(a)</sup><br>|
| China Everbright Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3076<br>|
| China Galaxy Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3874<br>|
| China Galaxy Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 14107<br>|
| China Great Wall Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1802<br>|
| China International Capital Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 4690<br>|
| China International Capital Corp. Ltd., Class H Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 12264<br> <sup>(a)</sup><br>|
| China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 6259<br>|
| China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2343<br> <sup>(a)</sup><br>|
| CITIC Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 14619<br>|
| CITIC Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 21232<br>|
| CRISIL Ltd. | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 3609<br>|
| CSC Financial Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4348<br>|
| CSC Financial Co. Ltd., Class H Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 4625<br> <sup>(a)</sup><br>|
| Dongxing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2497<br>|
| East Money Information Co. Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 15316<br>|
| Everbright Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3089<br>|
| First Capital Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1445<br>|
| Founder Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2753<br>|
| GF Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 5461<br>|
| GF Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 7714<br>|
| Guolian Minsheng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1841<br>|
| Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3408<br>|
| Guosheng Securities Inc., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,444<br> \*<br>|
| Guotai Haitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 4260 | &nbsp;&nbsp; 10233<br>|
| Guotai Haitong Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 12128 | &nbsp;&nbsp; 20697<br> <sup>(a)</sup><br>|
| Guoyuan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1555<br>|
| HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 826 | &nbsp;&nbsp; 19302<br> <sup>(a)</sup><br>|
| Hithink RoyalFlush Information Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 8644<br>|
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 247825<br>|
| Hongta Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 776<br>|
| Huaan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1125<br>|
| Huatai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 5670<br>|
| Huatai Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 10578<br> <sup>(a)</sup><br>|
| Industrial Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2380<br>|
| J-Yuan Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1,297<br> \*<br>|
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 23137<br>|
| Minmetals Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1082<br>|
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 34024<br>|
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 4156<br>|
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 13226<br>|
| Nanjing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1486<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; $10822<br>|
| Nippon Life India Asset Management Ltd. | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 6035<br> <sup>(a)</sup><br>|
| Northeast Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 817<br>|
| Orient Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3665<br>|
| Orient Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1928<br> <sup>(a)</sup><br>|
| Pacific Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1,140<br> \*<br>|
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 16047<br>|
| SDIC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2107<br>|
| Sealand Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1164<br>|
| Shanxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1133<br>|
| Shenwan Hongyuan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 5218<br>|
| Shenwan Hongyuan Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 1936<br> <sup>(a)</sup><br>|
| Singapore Exchange Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 52955<br>|
| Sinolink Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1699<br>|
| SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1589<br>|
| Southwest Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1682<br>|
| Tianfeng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1,500<br> \*<br>|
| Western Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1476<br>|
| Xiangcai Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 940<br> \*<br>|
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 1,899<br> \*<br>|
| Zheshang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1958<br>|
| Zhongtai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2461<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 740193 |
| Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 11834 | &nbsp;&nbsp; 100007<br>|
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 6247<br>|
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 25195<br>|
| Krungthai Card PCL, NVDR | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4420<br>|
| L&T Finance Ltd. | &nbsp;&nbsp; 3479 | &nbsp;&nbsp; 8810<br>|
| Lufax Holding Ltd., ADR | &nbsp;&nbsp; 1358 | &nbsp;&nbsp; 2,540<br> \*<sup>(b)</sup><br>|
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 8129<br>|
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2441<br>|
| Muthoot Finance Ltd. | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 15159<br>|
| Poonawalla Fincorp Ltd. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 4,242<br> \*<br>|
| Qfin Holdings Inc., ADR | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 4854<br> <sup>(b)</sup><br>|
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 3640<br>|
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 8113<br>|
| Shriram Finance Ltd. | &nbsp;&nbsp; 5908 | &nbsp;&nbsp; 54322<br>|
| Sundaram Finance Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 13563<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 261682 |
| Financial Services — 0.7% | Financial Services — 0.7% | Financial Services — 0.7% |
| Aditya Birla Capital Ltd. | &nbsp;&nbsp; 2611 | &nbsp;&nbsp; 8,045<br> \*<br>|
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 27819<br>|
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 10327<br>|
| Bajaj Housing Finance Ltd. | &nbsp;&nbsp; 4158 | &nbsp;&nbsp; 3,204<br> \*<br>|
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 6276 | &nbsp;&nbsp; 21496<br>|
| Far East Horizon Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6286<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 2198 | &nbsp;&nbsp; $3698<br>|
| Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 8708 | &nbsp;&nbsp; 8009<br> <sup>(a)</sup><br>|
| Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp; 3024 | &nbsp;&nbsp; 3475<br>|
| Jiangsu Financial Leasing Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2043<br>|
| Jio Financial Services Ltd. | &nbsp;&nbsp; 13293 | &nbsp;&nbsp; 31407<br>|
| Kakaopay Corp. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 4,912<br> \*<br>|
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 6616<br>|
| Meritz Financial Group Inc. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 21,383<br> \*<br>|
| One 97 Communications Ltd. | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 17,552<br> \*<br>|
| Piramal Finance Ltd. | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 9,342<br> \*<br>|
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 6111 | &nbsp;&nbsp; 24451<br>|
| REC Ltd. | &nbsp;&nbsp; 5180 | &nbsp;&nbsp; 16662<br>|
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 45128 | &nbsp;&nbsp; 63168<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 289895 |
| Insurance — 3.6% | Insurance — 3.6% | Insurance — 3.6% |
| AIA Group Ltd. | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 478351<br>|
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 85759<br>|
| China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 98837<br>|
| China Pacific Insurance Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 11277<br>|
| China Pacific Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 45542<br>|
| China Reinsurance Group Corp., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 5250<br>|
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 14628<br>|
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 19464<br>|
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 35325 | &nbsp;&nbsp; 95025<br>|
| General Insurance Corp. of India | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 5170<br> <sup>(a)</sup><br>|
| Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp; 1169 | &nbsp;&nbsp; 3,381<br> \*<br>|
| HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp; 4018 | &nbsp;&nbsp; 25019<br> <sup>(a)</sup><br>|
| Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 4,547<br> \*<br>|
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 18179<br> <sup>(a)</sup><br>|
| ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp; 1589 | &nbsp;&nbsp; 8536<br> <sup>(a)</sup><br>|
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 63600 | &nbsp;&nbsp; 38295<br>|
| Max Financial Services Ltd. | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 17,383<br> \*<br>|
| New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 6236<br>|
| New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 24792<br>|
| New India Assurance Co. Ltd. | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 1235<br> <sup>(a)</sup><br>|
| PB Fintech Ltd. | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 21,602<br> \*<br>|
| People's Insurance Co. Group of China Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3684<br>|
| People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 24107<br>|
| PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 50927<br>|
| Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 28773<br>|
| Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 212316<br>|
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 38251<br>|
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 45216<br>|
| SBI Life Insurance Co. Ltd. | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 33841<br> <sup>(a)</sup><br>|
| Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 4,997<br> \*<br>|
| Sunshine Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 4861<br>|
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 2649<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| ZhongAn Online P&C Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; $6,830<br> \*<sup>(a)</sup><br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1484960 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **7756419** |
| **Health Care — 3.6%** | **Health Care — 3.6%** | **Health Care — 3.6%** |
| Biotechnology — 1.1% | Biotechnology — 1.1% | Biotechnology — 1.1% |
| 3SBio Inc. | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 21658<br> <sup>(a)</sup><br>|
| ABLBio Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 18,197<br> \*<br>|
| Akeso Inc. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 49,820<br> \*<sup>(a)</sup><br>|
| Alteogen Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 37458<br>|
| Beijing Tiantan Biological Products Corp. Ltd., Class A Shares | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 1794<br>|
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A Shares | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 1,744<br> \*<br>|
| BeOne Medicines Ltd., Class H Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 76,605<br> \*<br>|
| Biocon Ltd. | &nbsp;&nbsp; 2996 | &nbsp;&nbsp; 11400<br>|
| Celltrion Inc. | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 79310<br>|
| Chongqing Zhifei Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 1,733<br> \*<br>|
| Green Cross Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 1959<br>|
| Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1485<br>|
| Imeik Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 2376<br>|
| Innovent Biologics Inc. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 75,802<br> \*<sup>(a)</sup><br>|
| PharmaEssentia Corp. | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 22540<br>|
| Remegen Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 12,219<br> \*<sup>(a)</sup><br>|
| Samsung Episholdings Co. Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 9,031<br> \*<br>|
| Shanghai Junshi Biosciences Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4,136<br> \*<sup>(a)</sup><br>|
| Shanghai RAAS Blood Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1769<br>|
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 11,734<br> \*<br>|
| SK Bioscience Co. Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 3,049<br> \*<br>|
| Walvax Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1256<br>|
| Yili Chuanning Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1084<br>|
| Zai Lab Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 7,339<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 455498 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| HLB Inc. | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 17,113<br> \*<br>|
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1472<br>|
| Lepu Medical Technology Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1642<br>|
| Microport Scientific Corp. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5,925<br> \*<br>|
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 5357<br>|
| Shanghai United Imaging Healthcare Co. Ltd., Class A Shares | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 3503<br>|
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 9536<br>|
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2131<br>|
| Top Glove Corp. Bhd | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 3221<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 49900 |
| Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% |
| Aier Eye Hospital Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2855 | &nbsp;&nbsp; 3931<br>|
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 32304<br>|
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 45500 | &nbsp;&nbsp; 25937<br>|
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 13839<br>|
| Dr Lal PathLabs Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 4648<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; $17191<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2317<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 2350<br>|
| Hanmi Science Co. ltd | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 2035<br>|
| Huadong Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3580<br>|
| IHH Healthcare Bhd | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 29497<br>|
| Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 1380<br>|
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 32030<br>|
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1141<br>|
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 4976<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1728<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 4125<br>|
| Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 14428<br>|
| Sunway Healthcare Holdings bhd | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 519<br> \*<br>|
| Topchoice Medical Corp., Class A Shares | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 853<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 198809 |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 33356<br>|
| Genscript Biotech Corp. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 6,983<br> \*<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2338<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class H Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3700<br> <sup>(a)</sup><br>|
| Pharmaron Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2836<br>|
| Pharmaron Beijing Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3361<br> <sup>(a)</sup><br>|
| Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48,116<br> \*<sup>(a)</sup><br>|
| Syngene International Ltd. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 3165<br> <sup>(a)</sup><br>|
| WuXi AppTec Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 14204<br>|
| WuXi AppTec Co. Ltd., Class H Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 31472<br> <sup>(a)</sup><br>|
| WuXi Biologics Cayman Inc. | &nbsp;&nbsp; 15666 | &nbsp;&nbsp; 65,979<br> \*<sup>(a)</sup><br>|
| WuXi XDC Cayman Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 11,135<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 226645 |
| Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 5590<br>|
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 10559<br>|
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1176 | &nbsp;&nbsp; 16173<br>|
| Beijing Tong Ren Tang Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2816<br>|
| Caliway Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 13,497<br> \*<br>|
| Celltrion Pharm Inc. | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 3041<br>|
| Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1243<br>|
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 11946<br>|
| China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5161<br> <sup>(a)</sup><br>|
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 1893<br>|
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 3161<br>|
| Cipla Ltd. | &nbsp;&nbsp; 2366 | &nbsp;&nbsp; 30538<br>|
| CSPC Innovation Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3219<br>|
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 40624<br>|
| Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1655<br>|
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 2548 | &nbsp;&nbsp; 33711<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; $4549<br>|
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 13687<br>|
| Haisco Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3144<br>|
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 9415<br>|
| Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 22627<br> <sup>(a)</sup><br>|
| HUTCHMED China Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 5,786<br> \*<br>|
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 10163<br>|
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 16790<br>|
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 6,581<br> \*<br>|
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1135<br>|
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 75600 | &nbsp;&nbsp; 4315<br>|
| Laurus Labs Ltd. | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 15971<br> <sup>(a)</sup><br>|
| Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 985<br>|
| Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2448<br>|
| Lupin Ltd. | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 25103<br>|
| Luye Pharma Group Ltd. | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 3,361<br> \*<sup>(a)</sup><br>|
| Mankind Pharma Ltd. | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 10362<br>|
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 1863<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2699<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 5056<br>|
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3551<br>|
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 1755<br>|
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 4,025<br> \*<br>|
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3516<br>|
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 31553<br>|
| SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 6,932<br> \*<br>|
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 4487 | &nbsp;&nbsp; 83128<br>|
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 19933<br>|
| Yuhan Corp. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 13864<br>|
| Yunnan Baiyao Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5560<br>|
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 4375<br>|
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1628<br>|
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 9644<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 540331 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1471183** |
| **Industrials — 9.2%** | **Industrials — 9.2%** | **Industrials — 9.2%** |
| Aerospace & Defense — 0.9% | Aerospace & Defense — 0.9% | Aerospace & Defense — 0.9% |
| AECC Aero-Engine Control Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1257<br>|
| AECC Aviation Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 5567<br>|
| AviChina Industry & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 5928<br>|
| Avicopter PLC, Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 978<br>|
| Bharat Dynamics Ltd. | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 4694<br>|
| Bharat Electronics Ltd. | &nbsp;&nbsp; 15050 | &nbsp;&nbsp; 63573<br>|
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 114164<br>|
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 23466<br>|
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 29596<br>|
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 32367<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Aerospace & Defense — continued | Aerospace & Defense — continued | Aerospace & Defense — continued |
| Kuang-Chi Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; $3,890<br> \*<br>|
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 22339<br>|
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 7316<br>|
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 52787<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 367922 |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| CJ Logistics Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2363<br>|
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 21811<br>|
| J&T Global Express Ltd. | &nbsp;&nbsp; 25200 | &nbsp;&nbsp; 32,496<br> \*<br>|
| JD Logistics Inc. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 13,406<br> \*<sup>(a)(b)</sup><br>|
| SF Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 9363<br>|
| SF Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6293<br>|
| Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1249<br>|
| Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 4223<br>|
| YTO Express Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4084<br>|
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 42075<br> <sup>(b)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 137363 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Astral Ltd. | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 9087<br>|
| Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2643<br>|
| Blue Star Ltd. | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 9306<br>|
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 4410<br>|
| Supreme Industries Ltd. | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 10227<br>|
| Taiwan Glass Industry Corp. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 6,493<br> \*<br>|
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 7466 | &nbsp;&nbsp; 9323<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 51489 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 9589<br>|
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 6679<br>|
| KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 3551<br>|
| S-1 Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 4700<br>|
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 3479<br>|
| Zhefu Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1265<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 29263 |
| Construction & Engineering — 0.7% | Construction & Engineering — 0.7% | Construction & Engineering — 0.7% |
| China Communications Services Corp. Ltd., Class H Shares | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 5382<br>|
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 10196<br>|
| China Energy Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 4997<br>|
| China Energy Engineering Corp. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2286<br>|
| China National Chemical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2673<br>|
| China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5503<br>|
| China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 10821<br>|
| China State Construction Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 9648<br>|
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6375<br>|
| Gamuda Bhd | &nbsp;&nbsp; 22400 | &nbsp;&nbsp; 20635<br>|
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 4703<br>|
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 28575<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| IJM Corp. Bhd | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; $7572<br>|
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 17486 | &nbsp;&nbsp; 4082<br>|
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 104995<br>|
| Metallurgical Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 2432<br>|
| Metallurgical Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2911<br>|
| Power Construction Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 4654<br>|
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 6633<br>|
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 15174<br>|
| Shanghai Construction Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1388<br>|
| Shanghai Tunnel Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1289<br>|
| Shenzhen SED Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1830<br>|
| Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3062<br>|
| Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1047<br>|
| Sinopec Engineering Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5250<br>|
| United Integrated Services Co. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 17976<br>|
| Voltas Ltd. | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 13339<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 305428 |
| Electrical Equipment — 2.2% | Electrical Equipment — 2.2% | Electrical Equipment — 2.2% |
| ABB India Ltd. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 14032<br>|
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 6139 | &nbsp;&nbsp; 15890<br>|
| Bizlink Holding Inc. | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 40820<br>|
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 19386<br>|
| China XD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 4625<br>|
| CNGR Advanced Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 2003<br>|
| Contemporary Amperex Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 81425<br>|
| Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 46950<br>|
| Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3552<br>|
| Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6071<br>|
| Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; 111,180<br> \*<br>|
| Ecopro BM Co. Ltd. | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 25474<br>|
| Ecopro Co. Ltd. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 38253<br>|
| Ecopro Materials Co. Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 4,899<br> \*<br>|
| Eve Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 6307<br>|
| Fangda Carbon New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1155<br>|
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 15779<br>|
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 19881<br>|
| GEM Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1599<br>|
| Goldwind Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5331<br>|
| Goldwind Science & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 5100<br>|
| Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 1697<br>|
| Gotion High-tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3618<br>|
| Havells India Ltd. | &nbsp;&nbsp; 938 | &nbsp;&nbsp; 11774<br>|
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 49432<br>|
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 14309<br>|
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 33674<br>|
| Jiangsu Zhongtian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6099<br>|
| KEI Industries Ltd. | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 11324<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| L&F Co. Ltd. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; $10,523<br> \*<br>|
| LG Energy Solution Ltd. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 45,074<br> \*<br>|
| LS Corp. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 11700<br>|
| LS Electric Co. Ltd. | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 29533<br>|
| Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1720<br>|
| NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 10536<br>|
| Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 4796<br>|
| Ningbo Orient Wires & Cables Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1753<br>|
| Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1519<br>|
| Polycab India Ltd. | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 15657<br>|
| POSCO Future M Co. Ltd. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 18601<br>|
| Qingdao TGOOD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2757<br>|
| Shanghai Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4,841<br> \*<br>|
| Shanghai Electric Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 6,589<br> \*<br>|
| Shanghai Moons' Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1650<br>|
| Shenzhen Megmeet Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2815<br>|
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 5583<br>|
| Siemens Energy India Ltd. | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 9656<br>|
| SK IE Technology Co. Ltd. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 1,651<br> \*<sup>(a)</sup><br>|
| Sungrow Power Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 15280<br>|
| Sunwoda Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2555<br>|
| Suzlon Energy Ltd. | &nbsp;&nbsp; 46200 | &nbsp;&nbsp; 19,269<br> \*<br>|
| Tatung Co. Ltd. | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3611<br>|
| TBEA Co. Ltd., Class A Shares | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 8134<br>|
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 13137<br>|
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 6567<br>|
| Walsin Lihwa Corp. | &nbsp;&nbsp; 13059 | &nbsp;&nbsp; 12316<br>|
| Wolong Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 3870<br>|
| Xuji Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 1574<br>|
| Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3309<br>|
| Zhejiang Huayou Cobalt Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5952<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 884167 |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| BTS Group Holdings PCL, NVDR | &nbsp;&nbsp; 38500 | &nbsp;&nbsp; 2,521<br> \*<br>|
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 10157<br>|
| Container Corp. of India Ltd. | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 6511<br>|
| Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5432<br>|
| Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 3066 | &nbsp;&nbsp; 25448<br> <sup>(b)</sup><br>|
| MTR Corp. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 28553<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 78622 |
| Industrial Conglomerates — 1.6% | Industrial Conglomerates — 1.6% | Industrial Conglomerates — 1.6% |
| 3M India Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 4446<br>|
| Apar Industries Ltd. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 7292<br>|
| Astra International Tbk PT | &nbsp;&nbsp; 84000 | &nbsp;&nbsp; 30892<br>|
| Ayala Corp. | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 9863<br>|
| China Baoan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 893<br>|
| CITIC Ltd. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 31660<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Industrial Conglomerates — continued | Industrial Conglomerates — continued | Industrial Conglomerates — continued |
| CJ Corp. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; $6910<br>|
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 87421<br>|
| CTF Services Ltd. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4411<br>|
| DMCI Holdings Inc. | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 2645<br>|
| Doosan Co. Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 18756<br>|
| Far Eastern New Century Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 11517<br>|
| Fosun International Ltd. | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 5545<br>|
| Godrej Industries Ltd. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 1,327<br> \*<br>|
| GS Holdings Corp. | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 7581<br>|
| GT Capital Holdings Inc. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 3595<br>|
| Hanwha Corp. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 8321<br>|
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5365<br>|
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 53363<br>|
| JG Summit Holdings Inc. | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 6042<br>|
| Keppel Ltd. | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 51089<br>|
| LG Corp. | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 20056<br>|
| Lotte Corp. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 2121<br>|
| LT Group Inc. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 2027<br>|
| Samsung C&T Corp. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 55611<br>|
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 3584<br>|
| Siemens Ltd. | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 11,480<br> \*<br>|
| Sime Darby Bhd | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 9768<br>|
| SK Inc. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 30264<br>|
| SK Square Co. Ltd. | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 115,129<br> \*<br>|
| Sunway Bhd | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 13277<br>|
| Swire Pacific Ltd., Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 16329<br>|
| Swire Pacific Ltd., Class B Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 4082<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 642662 |
| Machinery — 1.7% | Machinery — 1.7% | Machinery — 1.7% |
| AIA Engineering Ltd. | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 5099<br>|
| Airtac International Group | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 19568<br>|
| Ashok Leyland Ltd. | &nbsp;&nbsp; 12040 | &nbsp;&nbsp; 19565<br>|
| China CSSC Holdings Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 12503<br>|
| China International Marine Containers Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1098<br>|
| China International Marine Containers Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 4353<br>|
| Cochin Shipyard Ltd. | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 4667<br> <sup>(a)</sup><br>|
| CRRC Corp. Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 7711<br>|
| CRRC Corp. Ltd., Class H Shares | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 13580<br>|
| Cummins India Ltd. | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 27566<br>|
| Doosan Bobcat Inc. | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 7541<br>|
| Escorts Kubota Ltd. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 4045<br>|
| FAW Jiefang Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 673<br>|
| Guangxi Liugong Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 945<br>|
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 7699<br>|
| Han's Laser Technology Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2662<br>|
| Hanwha Ocean Co. Ltd. | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 41,201<br> \*<br>|
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 39467<br>|

---

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; $8208<br>|
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 42448<br>|
| Hiwin Technologies Corp. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 10006<br>|
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 34085<br>|
| Jiangsu Hengli Hydraulic Co. Ltd., Class A Shares | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 8284<br>|
| Keda Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1610<br>|
| Rainbow Robotics | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 11,905<br> \*<br>|
| RoboTechnik Intelligent Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 5511<br>|
| Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 42,909<br> \*<br>|
| Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 7047<br>|
| Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 7792<br>|
| Seatrium Ltd. | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 16646<br>|
| Shandong Himile Mechanical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3439<br>|
| Shanghai Mechanical and Electrical Industry Co. Ltd., Class B Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1830<br>|
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B Shares | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 1259<br>|
| Shenzhen Envicool Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3664<br>|
| Shenzhen Inovance Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 8731<br>|
| Siasun Robot & Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,491<br> \*<br>|
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 17312<br>|
| Tata Motors Ltd. | &nbsp;&nbsp; 8758 | &nbsp;&nbsp; 36,454<br> \*<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5750 | &nbsp;&nbsp; 74880<br>|
| Thermax Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 4332<br>|
| Tian Di Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1159<br>|
| UBTech Robotics Corp. Ltd., Class H Shares | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 11,437<br> \*<br>|
| Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 7370<br>|
| Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 27877<br>|
| XCMG Construction Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 6130<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 30764<br>|
| Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3634<br>|
| ZCZL Industrial Technology Group Co. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2067<br>|
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4310<br>|
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 7511<br>|
| Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 9760<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3486<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7723<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 693014 |
| Marine Transportation — 0.4% | Marine Transportation — 0.4% | Marine Transportation — 0.4% |
| COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 9128<br>|
| COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 19955<br>|
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 4690 | &nbsp;&nbsp; 29267<br>|
| HMM Co. Ltd. | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 14579<br>|
| MISC Bhd | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 17509<br>|
| Orient Overseas International Ltd. | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 8871<br>|
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 1113 | &nbsp;&nbsp; 3557<br>|
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 21734<br>|
| U-Ming Marine Transport Corp. | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 3175<br>|
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 11817<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Marine Transportation — continued | Marine Transportation — continued | Marine Transportation — continued |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; $12524<br>|
| Yangzijiang Maritime Development Ltd. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 3,103<br> \*<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 155219 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Air China Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4,092<br> \*<br>|
| Air China Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 4,663<br> \*<br>|
| Cathay Pacific Airways Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 7155<br>|
| China Airlines Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 7839<br>|
| China Eastern Airlines Corp. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 3,877<br> \*<br>|
| China Southern Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3,436<br> \*<br>|
| China Southern Airlines Co. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 2,985<br> \*<br>|
| Eva Airways Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 14867<br>|
| Hainan Airlines Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2,939<br> \*<br>|
| InterGlobe Aviation Ltd. | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 33469<br> <sup>(a)</sup><br>|
| Juneyao Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1215<br>|
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 11624<br>|
| Singapore Airlines Ltd. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 32229<br>|
| Spring Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2007<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 132397 |
| Professional Services — 0.0%†† | Professional Services — 0.0%†† | Professional Services — 0.0%†† |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 18746<br> <sup>(b)</sup><br>|
| L&T Technology Services Ltd. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 3917<br> <sup>(a)</sup><br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 22663 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 20509<br>|
| BOC Aviation Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 6897<br> <sup>(a)</sup><br>|
| COSCO Shipping Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1368<br>|
| COSCO Shipping Development Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2018<br>|
| Posco International Corp. | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 9476<br>|
| Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1125<br>|
| Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 900<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 42293 |
| Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 45821<br>|
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 25385<br>|
| Anhui Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 3788<br>|
| Bangkok Expressway & Metro PCL, NVDR | &nbsp;&nbsp; 25900 | &nbsp;&nbsp; 4123<br>|
| Beijing Capital International Airport Co. Ltd., Class H Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 1,867<br> \*<br>|
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 10257<br>|
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2998<br>|
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 5110 | &nbsp;&nbsp; 9542<br>|
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 4161 | &nbsp;&nbsp; 2739<br>|
| GMR Airports Ltd. | &nbsp;&nbsp; 10633 | &nbsp;&nbsp; 9,501<br> \*<br>|
| Hutchison Port Holdings Trust, Class U Shares | &nbsp;&nbsp; 23100 | &nbsp;&nbsp; 4735<br>|
| International Container Terminal Services Inc. | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 52322<br>|
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1138<br>|
| Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1221<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Transportation Infrastructure — continued | Transportation Infrastructure — continued | Transportation Infrastructure — continued |
| Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; $5148<br>|
| JSW Infrastructure Ltd. | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 3732<br>|
| Liaoning Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1496<br>|
| Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1244<br>|
| SATS Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 9549<br>|
| Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1084<br>|
| Shanghai International Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 3999<br>|
| Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2579<br>|
| Shenzhen Expressway Corp. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1916<br>|
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6366<br>|
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1758<br>|
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5769<br>|
| TangShan Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1426<br>|
| Zhejiang Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6411<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 227914 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3770416** |
| **Information Technology — 34.0%** | **Information Technology — 34.0%** | **Information Technology — 34.0%** |
| Communications Equipment — 0.6% | Communications Equipment — 0.6% | Communications Equipment — 0.6% |
| Accton Technology Corp. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 96164<br>|
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 12321<br>|
| Fiberhome Telecommunication Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 2924<br>|
| Glarun Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2580<br>|
| Guangzhou Haige Communications Group Inc. Co., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1519<br>|
| Hengtong Optic-electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5337<br>|
| Shenzhen Sunway Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 3762<br>|
| Suzhou TFC Optical Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 12926<br>|
| VTech Holdings Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5277<br>|
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 4481<br>|
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 35012<br> <sup>(a)</sup><br>|
| Yealink Network Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 1991<br>|
| Zhongji Innolight Co. Ltd., Class A Shares | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 31328<br>|
| ZTE Corp., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6576<br>|
| ZTE Corp., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 7785<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 229983 |
| Electronic Equipment, Instruments & Components — 4.3% | Electronic Equipment, Instruments & Components — 4.3% | Electronic Equipment, Instruments & Components — 4.3% |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 12666<br>|
| Accelink Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3662<br>|
| AUO Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 9525<br>|
| Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5287<br>|
| BOE Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 7926<br>|
| BOE Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 1655<br>|
| Chaozhou Three-Circle Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5356<br>|
| China Railway Signal & Communication Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2333 | &nbsp;&nbsp; 1919<br>|
| China Railway Signal & Communication Corp. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3089<br> <sup>(a)</sup><br>|
| Chroma ATE Inc. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 68736<br>|
| Delta Electronics Inc. | &nbsp;&nbsp; 8100 | &nbsp;&nbsp; 349640<br>|
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 93454<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| E Ink Holdings Inc. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; $14944<br>|
| Elite Material Co. Ltd. | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 97348<br>|
| Eoptolink Technology Inc. Ltd., Class A Shares | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 24365<br>|
| Everdisplay Optronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1,155<br> \*<br>|
| FIT Hon Teng Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6,098<br> \*<sup>(a)</sup><br>|
| Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 31293<br>|
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; 6445<br>|
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 4790<br>|
| GoerTek Inc., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4532<br>|
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 37660<br>|
| Hanwha Vision Co. Ltd. | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 6,814<br> \*<br>|
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1885<br>|
| Hgtech Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 4496<br>|
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 50800 | &nbsp;&nbsp; 297936<br>|
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2498<br>|
| Innolux Corp. | &nbsp;&nbsp; 30400 | &nbsp;&nbsp; 22679<br>|
| IRICO Display Devices Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1,133<br> \*<br>|
| IsuPetasys Co. Ltd. | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 14780<br>|
| Kaynes Technology India Ltd. | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 4,556<br> \*<br>|
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 14669<br>|
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 8544<br>|
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 27502<br>|
| Lens Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 8507<br>|
| Lens Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3607<br>|
| Leyard Optoelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 726<br>|
| LG Display Co. Ltd. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 8,926<br> \*<br>|
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 12072<br>|
| Lingyi iTech Guangdong Co., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 5201<br>|
| Lotes Co. Ltd. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 22443<br>|
| Luxshare Precision Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 19970<br>|
| Maxscend Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 3001<br>|
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 14858<br>|
| OFILM Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1,751<br> \*<br>|
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 61458<br>|
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 68,193<br> \*<br>|
| Shannon Semiconductor Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3638<br>|
| Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 2471<br>|
| Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5490<br>|
| Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 6356<br>|
| Shenzhen Kaifa Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2614<br>|
| Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2449<br>|
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 19089<br>|
| SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 1997<br>|
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 10470<br>|
| Synnex Technology International Corp. | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 12566<br>|
| TCL Technology Group Corp., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 3895<br>|
| Tianma Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 802<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Tripod Technology Corp. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; $21176<br>|
| Unimicron Technology Corp. | &nbsp;&nbsp; 5860 | &nbsp;&nbsp; 81475<br>|
| Unisplendour Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5047<br>|
| Universal Scientific Industrial Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3345<br>|
| Venture Corp. Ltd. | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 13918<br>|
| Victory Giant Technology Huizhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 10902<br>|
| Walsin Technology Corp. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5124<br>|
| WPG Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 19268<br>|
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 27150<br>|
| Wuhan Guide Infrared Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2,572<br> \*<br>|
| WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 7700<br>|
| Yageo Corp. | &nbsp;&nbsp; 6678 | &nbsp;&nbsp; 50863<br>|
| Zhejiang Crystal-Optech Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2234<br>|
| Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3416<br>|
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 19701<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1775478 |
| IT Services — 1.4% | IT Services — 1.4% | IT Services — 1.4% |
| Beijing Sinnet Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1735<br>|
| Beijing Ultrapower Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 945<br>|
| Coforge Ltd. | &nbsp;&nbsp; 1442 | &nbsp;&nbsp; 16947<br>|
| DHC Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1613<br>|
| GDS Holdings Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 17,249<br> \*<sup>(b)</sup><br>|
| HCL Technologies Ltd. | &nbsp;&nbsp; 4438 | &nbsp;&nbsp; 62774<br>|
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 2948<br>|
| Hyundai Autoever Corp. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 6554<br>|
| Infosys Ltd. | &nbsp;&nbsp; 14490 | &nbsp;&nbsp; 191054<br>|
| LG CNS Co. Ltd. | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 7395<br>|
| LTIMindtree Ltd. | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 16589<br> <sup>(a)</sup><br>|
| Mphasis Ltd. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 12121<br>|
| Persistent Systems Ltd. | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 22317<br>|
| Posco DX Co. Ltd. | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 4576<br>|
| Range Intelligent Computing Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 8189<br>|
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 16464<br>|
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 4312 | &nbsp;&nbsp; 107240<br>|
| Tata Technologies Ltd. | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 4096<br>|
| Tech Mahindra Ltd. | &nbsp;&nbsp; 2618 | &nbsp;&nbsp; 38201<br>|
| Wangsu Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1713<br>|
| Wipro Ltd. | &nbsp;&nbsp; 11865 | &nbsp;&nbsp; 23473<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 564193 |
| Semiconductors & Semiconductor Equipment — 19.9% | Semiconductors & Semiconductor Equipment — 19.9% | Semiconductors & Semiconductor Equipment — 19.9% |
| Advanced Micro-Fabrication Equipment Inc. China, Class A Shares | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 10868<br>|
| Alchip Technologies Ltd. | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 26972<br>|
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 143854<br>|
| ASMedia Technology Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 5330<br>|
| ASMPT Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 17732<br>|
| ASPEED Technology Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 38824<br>|
| Biwin Storage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 6,231<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 120 | &nbsp;&nbsp; $17,079<br> \*<br>|
| China Resources Microelectronics Ltd., Class A Shares | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 2547<br>|
| Daqo New Energy Corp., ADR | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 3,871<br> \*<br>|
| eMemory Technology Inc. | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 23610<br>|
| Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,438<br> \*<br>|
| Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2,191<br> \*<br>|
| GalaxyCore Inc., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2627<br>|
| GCL Technology Holdings Ltd. | &nbsp;&nbsp; 119000 | &nbsp;&nbsp; 13,053<br> \*<br>|
| GigaDevice Semiconductor Inc., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 6895<br>|
| Global Unichip Corp. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 23702<br>|
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 14337<br>|
| Hangzhou Chang Chuan Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3505<br>|
| Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 1865<br>|
| Hangzhou Silan Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2587<br>|
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 28678<br>|
| Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 29,712<br> \*<sup>(a)</sup><br>|
| Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 24354<br>|
| InnoScience Suzhou Technology Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 8,964<br> \*<br>|
| JA Solar Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1236 | &nbsp;&nbsp; 1,951<br> \*<br>|
| JCET Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3927<br>|
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 41547<br>|
| Jinko Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3,959<br> \*<br>|
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 32656<br>|
| LONGi Green Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 7,111<br> \*<br>|
| MediaTek Inc. | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 288958<br>|
| Montage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 9178<br>|
| MPI Corp. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 39357<br>|
| Nanya Technology Corp. | &nbsp;&nbsp; 4770 | &nbsp;&nbsp; 29,617<br> \*<br>|
| National Silicon Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3,426<br> \*<br>|
| NAURA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 19416<br>|
| Nexchip Semiconductor Corp., Class A Shares | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 2273<br>|
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 29083<br>|
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 6875<br>|
| Parade Technologies Ltd. | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 5211<br>|
| Phison Electronics Corp. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 32843<br>|
| Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 23,253<br> \*<br>|
| Powertech Technology Inc. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 16378<br>|
| Premier Energies Ltd. | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 3751<br> <sup>(a)</sup><br>|
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 31398<br>|
| Rockchip Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 2204<br>|
| Sanan Optoelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3548<br>|
| SG Micro Corp., Class A Shares | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 2477<br>|
| Shanghai Aiko Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,420<br> \*<br>|
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 4900<br>|
| Shenzhen Techwinsemi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 5503<br>|
| Silergy Corp. | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 12921<br>|
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 8474<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| SK hynix Inc. | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; $1198658<br>|
| Suzhou Maxwell Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 3311<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 102329 | &nbsp;&nbsp; 5633376<br>|
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1,780<br> \*<br>|
| Tianshui Huatian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2359<br>|
| TongFu Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4189<br>|
| Tongwei Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3,349<br> \*<br>|
| Trina Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 1,861<br> \*<br>|
| Unigroup Guoxin Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 3050<br>|
| United Microelectronics Corp. | &nbsp;&nbsp; 49370 | &nbsp;&nbsp; 87251<br>|
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 16614<br>|
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 5,858<br> \*<br>|
| WAAREE Energies Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 11016<br>|
| Win Semiconductors Corp. | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 16162<br>|
| Winbond Electronics Corp. | &nbsp;&nbsp; 12734 | &nbsp;&nbsp; 35928<br>|
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 19250 | &nbsp;&nbsp; 7145<br>|
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4167<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 8170515 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 4338<br>|
| Beijing Kingsoft Office Software Inc., Class A Shares | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 4329<br>|
| Beijing Shiji Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 998<br>|
| China National Software & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 1,365<br> \*<br>|
| Empyrean Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 2349<br>|
| Horizon Robotics | &nbsp;&nbsp; 37800 | &nbsp;&nbsp; 31,917<br> \*<br>|
| Hundsun Technologies Inc., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2587<br>|
| Iflytek Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4683<br>|
| Jiangsu Hoperun Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 1684<br>|
| Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 13,117<br> \*<sup>(b)</sup><br>|
| KPIT Technologies Ltd. | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 4310<br>|
| NavInfo Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 939<br> \*<br>|
| Newland Digital Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2037<br>|
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 6955<br>|
| Pony AI Inc. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 6,608<br> \*<br>|
| SenseTime Group Inc., Class B Shares | &nbsp;&nbsp; 126000 | &nbsp;&nbsp; 29,571<br> \*<sup>(a)(b)</sup><br>|
| Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 2970<br>|
| Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 3580 | &nbsp;&nbsp; 3702<br>|
| Shanghai Stonehill Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2,743<br> \*<br>|
| Tata Elxsi Ltd. | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 6163<br>|
| Thunder Software Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1692<br>|
| Yonyou Network Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2,359<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 137416 |
| Technology Hardware, Storage & Peripherals — 7.5% | Technology Hardware, Storage & Peripherals — 7.5% | Technology Hardware, Storage & Peripherals — 7.5% |
| Acer Inc. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 11933<br>|
| Advantech Co. Ltd. | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; 20224<br>|
| Anker Innovations Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 3133<br>|
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 88887<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Asustek Computer Inc. | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; $50487<br>|
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 13584<br>|
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 9831<br>|
| China Greatwall Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2,982<br> \*<br>|
| Compal Electronics Inc. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 11802<br>|
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 16564<br>|
| GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1152<br>|
| HTC Corp. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3,433<br> \*<br>|
| Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 3481<br>|
| IEIT Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5684<br>|
| Inventec Corp. | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 12527<br>|
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 23239<br>|
| Legend Holdings Corp., Class H Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2,868<br> \*<sup>(a)</sup><br>|
| Lenovo Group Ltd. | &nbsp;&nbsp; 31500 | &nbsp;&nbsp; 36762<br>|
| Lite-On Technology Corp. | &nbsp;&nbsp; 7900 | &nbsp;&nbsp; 34719<br>|
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 7444<br>|
| Ninestar Corp., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,677<br> \*<br>|
| Pegatron Corp. | &nbsp;&nbsp; 8365 | &nbsp;&nbsp; 19938<br>|
| Quanta Computer Inc. | &nbsp;&nbsp; 11170 | &nbsp;&nbsp; 97305<br>|
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 19796 | &nbsp;&nbsp; 2160997<br>|
| Sharetronic Data Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 3031<br>|
| Shenzhen Longsys Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 8,603<br> \*<br>|
| Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 2970<br>|
| Transcend Information Inc. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 5544<br>|
| Tsinghua Tongfang Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1,601<br> \*<br>|
| Wistron Corp. | &nbsp;&nbsp; 13237 | &nbsp;&nbsp; 50720<br>|
| Wiwynn Corp. | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 43353<br>|
| Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 72800 | &nbsp;&nbsp; 294,907<br> \*<sup>(a)(b)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 3051382 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **13928967** |
| **Materials — 4.5%** | **Materials — 4.5%** | **Materials — 4.5%** |
| Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% |
| Aarti Industries Ltd. | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 3917<br>|
| Asia - Potash International Investment Guangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2,654<br> \*<br>|
| Asian Paints Ltd. | &nbsp;&nbsp; 1932 | &nbsp;&nbsp; 44104<br>|
| Avia Avian Tbk PT | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 969<br>|
| Barito Pacific Tbk PT | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 6,972<br> \*<br>|
| Bayer CropScience Ltd. | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 2743<br>|
| Berger Paints India Ltd. | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 4599<br>|
| Castrol India Ltd. | &nbsp;&nbsp; 2009 | &nbsp;&nbsp; 3675<br>|
| Coromandel International Ltd. | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 10289<br>|
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 3704<br>|
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 6306<br>|
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 19684<br>|
| Formosa Plastics Corp. | &nbsp;&nbsp; 17640 | &nbsp;&nbsp; 25326<br>|
| Ganfeng Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 7944<br>|
| Ganfeng Lithium Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 19486<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; $4662<br>|
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 4917<br>|
| Hanwha Solutions Corp. | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 10,696<br> \*<br>|
| Hengli Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 6583<br>|
| Hengyi Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2471<br>|
| Hoshine Silicon Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1172<br>|
| Huafon Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2080<br>|
| Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3383<br>|
| Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 5895<br>|
| Inner Mongolia Berun Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1705<br>|
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2234<br>|
| Jiangsu Eastern Shenghong Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3,238<br> \*<br>|
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 1641<br>|
| KCC Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 6609<br>|
| Kingfa Sci & Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1693<br>|
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 4849<br>|
| LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1765<br>|
| LG Chem Ltd. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 38262<br>|
| Linde India Ltd. | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 5556<br>|
| Lotte Chemical Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 4420<br>|
| Luxi Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1627<br>|
| Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1160<br>|
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 20900 | &nbsp;&nbsp; 48311<br>|
| Ningbo Shanshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,345<br> \*<br>|
| Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 11781<br>|
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 11900 | &nbsp;&nbsp; 17840<br>|
| PI Industries Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 9631<br>|
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1337 | &nbsp;&nbsp; 18114<br>|
| PTT Global Chemical PCL, NVDR | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 10071<br>|
| Qinghai Salt Lake Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 11,250<br> \*<br>|
| Rongsheng Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3550 | &nbsp;&nbsp; 6168<br>|
| Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 5599<br>|
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3669<br>|
| Shanghai Putailai New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3241<br>|
| Sinoma Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3980<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 876<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2196<br>|
| SKC Co. Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 5,007<br> \*<br>|
| Skshu Paint Co. Ltd., Class A Shares | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 1439<br>|
| Solar Industries India Ltd. | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 13368<br>|
| SRF Ltd. | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 15654<br>|
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 2683 | &nbsp;&nbsp; 3818<br>|
| Tianqi Lithium Corp., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5,623<br> \*<br>|
| Tianqi Lithium Corp., Class H Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 4,688<br> \*<br>|
| Tongkun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1829<br>|
| UPL Ltd. | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 14503<br>|
| Wanhua Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 12654<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Yunnan Energy New Material Group Co. Ltd, Class A Shares | &nbsp;&nbsp; 400 | &nbsp;&nbsp; $3,925<br> \*<br>|
| Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3384<br>|
| Zangge Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 8034<br>|
| Zhejiang Juhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 3956<br>|
| Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2637<br>|
| Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 7003<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 540584 |
| Construction Materials — 0.6% | Construction Materials — 0.6% | Construction Materials — 0.6% |
| ACC Ltd. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 4444<br>|
| Ambuja Cements Ltd. | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 14007<br>|
| Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4695<br>|
| Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; 12844<br>|
| Asia Cement Corp. | &nbsp;&nbsp; 10080 | &nbsp;&nbsp; 10941<br>|
| China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4928<br>|
| China National Building Material Co. Ltd., Class H Shares | &nbsp;&nbsp; 14770 | &nbsp;&nbsp; 8967<br>|
| China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 2679<br>|
| CSG Holding Co. Ltd., Class B Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 1157<br>|
| Dalmia Bharat Ltd. | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 6171<br>|
| Grasim Industries Ltd. | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 40773<br>|
| Huaxin Building Materials Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1431<br>|
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 1248<br>|
| JK Cement Ltd. | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 8248<br>|
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 2229<br>|
| Shree Cement Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 10194<br>|
| Siam Cement PCL, NVDR | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 17574<br>|
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 20144<br>|
| UltraTech Cement Ltd. | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 57096<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 229770 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 2572<br>|
| Metals & Mining — 2.6% | Metals & Mining — 2.6% | Metals & Mining — 2.6% |
| Aluminum Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 6932<br>|
| Aluminum Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 22959<br>|
| Amman Mineral Internasional PT | &nbsp;&nbsp; 50400 | &nbsp;&nbsp; 14,591<br> \*<br>|
| Angang Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 721<br> \*<br>|
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 15010<br>|
| Baiyin Nonferrous Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2586<br>|
| Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7146<br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 3124<br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 7382<br>|
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 13500<br>|
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 62070<br>|
| China Nonferrous Mining Corp. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 10259<br>|
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 9665<br>|
| China Rare Earth Resources and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4,864<br> \*<br>|
| China Steel Corp. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 28968<br>|
| China Tungsten And Hightech Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4835<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; $3975<br>|
| CMOC Group Ltd., Class A Shares | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 15643<br>|
| CMOC Group Ltd., Class H Shares | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 30803<br>|
| Guangdong HEC Technology Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6,142<br> \*<br>|
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3122<br>|
| Hesteel Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 1417<br>|
| Hindalco Industries Ltd. | &nbsp;&nbsp; 6118 | &nbsp;&nbsp; 57049<br>|
| Hindustan Copper Ltd. | &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 6660<br>|
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 10710<br>|
| Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1373<br>|
| Hunan Valin Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2055<br>|
| Hyundai Steel Co. | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 7536<br>|
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A Shares | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 5342<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3259<br>|
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4076<br>|
| Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 4358<br>|
| Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 17398<br>|
| Jindal Stainless Ltd. | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; 9759<br>|
| Jindal Steel Ltd. | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 18237<br>|
| Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3770<br>|
| JSW Steel Ltd. | &nbsp;&nbsp; 3717 | &nbsp;&nbsp; 43989<br>|
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 19497<br>|
| Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 5725<br>|
| Maanshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1,140<br> \*<br>|
| Merdeka Copper Gold Tbk PT | &nbsp;&nbsp; 53900 | &nbsp;&nbsp; 9,959<br> \*<br>|
| MMG Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 14,734<br> \*<br>|
| Nanjing Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1672<br>|
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 3728 | &nbsp;&nbsp; 15176<br>|
| NMDC Ltd. | &nbsp;&nbsp; 14826 | &nbsp;&nbsp; 11922<br>|
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1,350<br> \*<br>|
| POSCO Holdings Inc. | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 68382<br>|
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 16100 | &nbsp;&nbsp; 31810<br>|
| Shandong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 8159<br>|
| Shandong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 14437<br> <sup>(a)</sup><br>|
| Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3728<br>|
| Shanjin International Gold Co. Ltd., Class A Shares | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 4297<br>|
| Shanxi Meijin Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 955<br> \*<br>|
| Shanxi Taigang Stainless Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1,320<br> \*<br>|
| Shenghe Resources Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2270<br>|
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1241<br>|
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 4964<br>|
| Steel Authority of India Ltd. | &nbsp;&nbsp; 6111 | &nbsp;&nbsp; 9756<br>|
| Tata Steel Ltd. | &nbsp;&nbsp; 34860 | &nbsp;&nbsp; 70515<br>|
| Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 5409<br>|
| Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3533<br>|
| Trimegah Bangun Persada Tbk PT | &nbsp;&nbsp; 36400 | &nbsp;&nbsp; 2324<br>|
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 1983<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Vedanta Ltd. | &nbsp;&nbsp; 6832 | &nbsp;&nbsp; $47166<br>|
| Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2534<br>|
| Xiamen Tungsten Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 5637<br>|
| Yunnan Aluminium Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 6284<br>|
| Yunnan Chihong Zinc&Germanium Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1593<br>|
| Yunnan Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1827<br>|
| Yunnan Tin Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3199<br>|
| Zhaojin Mining Industry Co. Ltd., Class H Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 28339<br>|
| Zhongjin Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 8121<br>|
| Zijin Gold International Co. Ltd. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 15,544<br> \*<br>|
| Zijin Mining Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 33162<br>|
| Zijin Mining Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 105181<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 1046130 |
| Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 5853<br>|
| Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3080<br>|
| Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5,902<br> \*<br>|
| Shandong Sun Paper Industry JSC Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1503<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 16338 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1835394** |
| **Real Estate — 2.1%** | **Real Estate — 2.1%** | **Real Estate — 2.1%** |
| Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 24636 | &nbsp;&nbsp; 43728<br>|
| Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 10027<br>|
| Suntec Real Estate Investment Trust | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 10298<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 64053 |
| Hotel & Resort REITs — 0.0%†† | Hotel & Resort REITs — 0.0%†† | Hotel & Resort REITs — 0.0%†† |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 7640<br>|
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 15400 | &nbsp;&nbsp; 29483<br>|
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 7770<br>|
| Mapletree Industrial Trust | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 12631<br>|
| Mapletree Logistics Trust | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 13103<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 62987 |
| Office REITs — 0.1% | Office REITs — 0.1% | Office REITs — 0.1% |
| Champion REIT | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 2018<br>|
| Embassy Office Parks REIT | &nbsp;&nbsp; 3654 | &nbsp;&nbsp; 16191<br>|
| Keppel REIT | &nbsp;&nbsp; 14270 | &nbsp;&nbsp; 9844<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 28053 |
| Real Estate Management & Development — 1.6% | Real Estate Management & Development — 1.6% | Real Estate Management & Development — 1.6% |
| Ayala Land Inc. | &nbsp;&nbsp; 29400 | &nbsp;&nbsp; 7811<br>|
| Bumi Serpong Damai Tbk PT | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 579<br> \*<br>|
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 3217<br>|
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 20661<br>|
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 19819<br>|
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 4607<br>|
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 3409<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; $20624<br>|
| China Resources Land Ltd. | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 43836<br>|
| China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 16800<br> <sup>(a)</sup><br>|
| China Vanke Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2,022<br> \*<br>|
| China Vanke Co. Ltd., Class H Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 3,118<br> \*<br>|
| City Developments Ltd. | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 8909<br>|
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 43665<br>|
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 9300 | &nbsp;&nbsp; 7010<br>|
| DLF Ltd. | &nbsp;&nbsp; 2758 | &nbsp;&nbsp; 14658<br>|
| Godrej Properties Ltd. | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 9,338<br> \*<br>|
| Greenland Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 770<br> \*<br>|
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3897<br>|
| Hainan Airport Infrastructure Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 1834<br>|
| Hang Lung Group Ltd. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 5705<br>|
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8908<br>|
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1978<br>|
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 22132<br>|
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 32634<br>|
| Hopson Development Holdings Ltd. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 1,650<br> \*<br>|
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 4783<br>|
| KE Holdings Inc., Class A Shares | &nbsp;&nbsp; 7761 | &nbsp;&nbsp; 37517<br> <sup>(b)</sup><br>|
| Kerry Properties Ltd. | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 6964<br>|
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 30100 | &nbsp;&nbsp; 3432<br>|
| Lodha Developers Ltd. | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 8694<br> <sup>(a)</sup><br>|
| Longfor Group Holdings Ltd. | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 10111<br> <sup>(a)(b)</sup><br>|
| Megaworld Corp. | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 968<br>|
| New World Development Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 7,214<br> \*<br>|
| Oberoi Realty Ltd. | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 7435<br>|
| Phoenix Mills Ltd. | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 12228<br>|
| Poly Developments and Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 3539<br>|
| Poly Property Services Co. Ltd., Class H Shares | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 2388<br>|
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 8064<br>|
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 5441<br>|
| Seazen Group Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 3,643<br> \*<br>|
| Seazen Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1,420<br> \*<br>|
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1063<br>|
| Shanghai Lingang Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1012<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 2257<br>|
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 3451<br>|
| Shenzhen Overseas Chinese Town Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 880<br> \*<br>|
| Sino Land Co. Ltd. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 23742<br>|
| SM Prime Holdings Inc. | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 14610<br>|
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 5859 | &nbsp;&nbsp; 96552<br>|
| Swire Properties Ltd. | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 12182<br>|
| UOL Group Ltd. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 15821<br>|
| Wharf Holdings Ltd. | &nbsp;&nbsp; 3969 | &nbsp;&nbsp; 10955<br>|
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 20196<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| Yango Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; $0<br> \*<sup>(c)(d)(e)</sup><br>|
| Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1555<br>|
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 3366<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 641074 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Link REIT | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 51456<br>|
| Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† | Specialized REITs — 0.0%†† |
| Keppel DC REIT | &nbsp;&nbsp; 8228 | &nbsp;&nbsp; 13903<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **869166** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Adani Energy Solutions Ltd. | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 13,937<br> \*<br>|
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 18350<br>|
| CLP Holdings Ltd. | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 65623<br>|
| Korea Electric Power Corp. | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 30075<br>|
| Manila Electric Co. | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 8538<br>|
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 42827<br>|
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 19075 | &nbsp;&nbsp; 59549<br>|
| SJVN Ltd. | &nbsp;&nbsp; 3283 | &nbsp;&nbsp; 2193<br>|
| Tata Power Co. Ltd. | &nbsp;&nbsp; 7112 | &nbsp;&nbsp; 28400<br>|
| Tenaga Nasional Bhd | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 64883<br>|
| Torrent Power Ltd. | &nbsp;&nbsp; 819 | &nbsp;&nbsp; 11275<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 345650 |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| Adani Total Gas Ltd. | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 5307<br>|
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 7627<br>|
| China Gas Holdings Ltd. | &nbsp;&nbsp; 11200 | &nbsp;&nbsp; 10214<br>|
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 8495<br>|
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 22624<br>|
| ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 4496<br>|
| GAIL India Ltd. | &nbsp;&nbsp; 11375 | &nbsp;&nbsp; 16515<br>|
| Gujarat Gas Ltd. | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 2472<br>|
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp; 44374<br>|
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 3178 | &nbsp;&nbsp; 4879<br>|
| Korea Gas Corp. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 2715<br>|
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 14612<br>|
| Perusahaan Gas Negara Persero Tbk PT | &nbsp;&nbsp; 35700 | &nbsp;&nbsp; 3876<br>|
| Petronas Gas Bhd | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 18630<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 166836 |
| Independent Power and Renewable Electricity Producers — 0.9% | Independent Power and Renewable Electricity Producers — 0.9% | Independent Power and Renewable Electricity Producers — 0.9% |
| Aboitiz Power Corp. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 3872<br>|
| ACEN Corp. | &nbsp;&nbsp; 41300 | &nbsp;&nbsp; 2005<br>|
| Adani Green Energy Ltd. | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 11,230<br> \*<br>|
| Adani Power Ltd. | &nbsp;&nbsp; 22309 | &nbsp;&nbsp; 35,382<br> \*<br>|
| An Hui Wenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 853<br>|
| CECEP Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1111<br>|
| CECEP Wind-Power Corp., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1301<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued |
| CGN Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; $4672<br>|
| CGN Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 42000 | &nbsp;&nbsp; 18857<br> <sup>(a)</sup><br>|
| China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 12732<br>|
| China National Nuclear Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 9172<br>|
| China Power International Development Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 5643<br>|
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 19553<br>|
| China Three Gorges Renewables Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 6045<br>|
| China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 32886<br>|
| Datang International Power Generation Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1597<br>|
| Datang International Power Generation Co. Ltd., Class H Shares | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 4482<br>|
| Electricity Generating PCL, NVDR | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2388<br>|
| Fujian Funeng Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 2108<br>|
| GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 3924<br>|
| Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2887<br>|
| Guangdong Electric Power Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 1109<br>|
| Gulf Development PCL, NVDR | &nbsp;&nbsp; 18919 | &nbsp;&nbsp; 33989<br>|
| Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1909<br>|
| Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 3084<br>|
| Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 3013<br>|
| Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3557<br>|
| Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 13546<br>|
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1557<br>|
| JSW Energy Ltd. | &nbsp;&nbsp; 2275 | &nbsp;&nbsp; 11312<br>|
| NHPC Ltd. | &nbsp;&nbsp; 13545 | &nbsp;&nbsp; 10528<br>|
| NLC India Ltd. | &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 4222<br>|
| NTPC Green Energy Ltd. | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 3,986<br> \*<br>|
| NTPC Ltd. | &nbsp;&nbsp; 19971 | &nbsp;&nbsp; 78043<br>|
| Ratch Group PCL, NVDR | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3184<br>|
| SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 5740<br>|
| Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 1093<br>|
| Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 3699<br>|
| Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1806<br>|
| Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1409<br>|
| Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 4527<br>|
| Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 1,824<br> \*<br>|
| Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2201<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 378038 |
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 17987<br>|
| YTL Corp. Bhd | &nbsp;&nbsp; 16220 | &nbsp;&nbsp; 6770<br>|
| YTL Power International Bhd | &nbsp;&nbsp; 11320 | &nbsp;&nbsp; 8387<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 33144 |
| Water Utilities — 0.1% | Water Utilities — 0.1% | Water Utilities — 0.1% |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1269<br>|
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 4839<br>|
| Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1383<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Water Utilities — continued | Water Utilities — continued | Water Utilities — continued | Water Utilities — continued |
| Guangdong Investment Ltd. | Guangdong Investment Ltd. | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; $13964<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 21455 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **945123** |
| **Total Common Stocks (Cost — $30,463,366)** | **Total Common Stocks (Cost — $30,463,366)** | **Total Common Stocks (Cost — $30,463,366)** | &nbsp;&nbsp; **40657293**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% | Automobiles — 0.1% |
| Hyundai Motor Co.  | &nbsp;&nbsp; 1.114% | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 13606<br> <sup>(f)</sup><br>|
| Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.118% | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 22314<br> <sup>(f)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 35920 |
| Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† |
| LG Electronics Inc.  | &nbsp;&nbsp; 1.903% | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 2378<br> <sup>(f)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **38298** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† |
| Amorepacific Corp.  | &nbsp;&nbsp; 2.727% | &nbsp;&nbsp; 49 | &nbsp;&nbsp; **1460**<br> <sup>(f)</sup><br>|
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† |
| Mirae Asset Securities Co. Ltd.  | &nbsp;&nbsp; 1.591% | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 6809<br> <sup>(f)</sup><br>|
| Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† |
| Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.471% | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3259<br> <sup>(f)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **10068** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Industrial Conglomerates — 0.0%†† | Industrial Conglomerates — 0.0%†† | Industrial Conglomerates — 0.0%†† | Industrial Conglomerates — 0.0%†† |
| Doosan Co. Ltd.  | &nbsp;&nbsp; 0.920% | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2011<br> <sup>(f)</sup><br>|
| Hanwha Corp.  | &nbsp;&nbsp; 2.719% | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 2513<br> <sup>(f)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4524** |
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% | Technology Hardware, Storage & Peripherals — 0.6% |
| Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.497% | &nbsp;&nbsp; 3381 | &nbsp;&nbsp; **251646**<br> <sup>(f)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| LG Chem Ltd.  | &nbsp;&nbsp; 1.398% | &nbsp;&nbsp; 35 | &nbsp;&nbsp; **3350**<br> <sup>(f)</sup><br>|
| **Total Preferred Stocks (Cost — $188,168)** | **Total Preferred Stocks (Cost — $188,168)** | **Total Preferred Stocks (Cost — $188,168)** | &nbsp;&nbsp; **309346** |
|  |  | Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† | Industrial REITs — 0.0%†† |
| CapitaLand Ascendas REIT (Cost — $0) |  | &nbsp;&nbsp; 431 | &nbsp;&nbsp; **40**<br> \*<sup>(c)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $30,651,534)** | **Total Investments before Short-Term Investments (Cost — $30,651,534)** | **Total Investments before Short-Term Investments (Cost — $30,651,534)** | &nbsp;&nbsp; **40966679** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Asia ex Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $21,919)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 21919<br>| &nbsp;&nbsp; **$21919**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Investments — 100.0% (Cost — $30,673,453)** | **Total Investments — 100.0% (Cost — $30,673,453)** | **Total Investments — 100.0% (Cost — $30,673,453)** | &nbsp;&nbsp; **40988598** |
| Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp; 5408 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$40994006** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Variable interest entity (VIE). See Note 8 regarding investments made through a VIE structure. At March 31, 2026, the value of these securities was <br> $4,917,154, representing 12.0% of net assets.<br>|
| <sup>(c)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(d)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(e)</sup> | Value is less than $1. |
| <sup>(f)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $21,919 and the cost was $21,919 (Note 6).<br>|
| <sup>(i)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| JSC |  | Joint Stock Company |
| NVDR |  | Non-Voting Depositary Receipt |
| REIT |  | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| China | 30.5<br> %<br>|
| Taiwan | 24.4 |
| South Korea | 17.0 |
| India | 15.4 |
| Hong Kong | 3.7 |
| Singapore | 3.4 |
| Malaysia | 1.7 |
| Thailand | 1.6 |
| Indonesia | 1.2 |
| Philippines | 0.4 |
| United States | 0.2 |
| United Kingdom | 0.2 |
| Macau | 0.2 |
| Italy | 0.0<br> ††<br>|
| Iraq | 0.0<br> ††<br>|
| Cambodia | 0.0<br> ††<br>|
| Short-Term Investments | 0.1 |
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Communication Services — 1.9%** | **Communication Services — 1.9%** | **Communication Services — 1.9%** |
| Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% | Diversified Telecommunication Services — 1.0% |
| Telstra Group Ltd. | &nbsp;&nbsp; 221292 | &nbsp;&nbsp; $807830<br>|
| TPG Telecom Ltd. | &nbsp;&nbsp; 27216 | &nbsp;&nbsp; 74934<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 882764 |
| Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% | Interactive Media & Services — 0.9% |
| CAR Group Ltd. | &nbsp;&nbsp; 20088 | &nbsp;&nbsp; 313689<br>|
| REA Group Ltd. | &nbsp;&nbsp; 2646 | &nbsp;&nbsp; 283471<br>|
| SEEK Ltd. | &nbsp;&nbsp; 19062 | &nbsp;&nbsp; 182125<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 779285 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1662049** |
| **Consumer Discretionary — 6.2%** | **Consumer Discretionary — 6.2%** | **Consumer Discretionary — 6.2%** |
| Broadline Retail — 3.7% | Broadline Retail — 3.7% | Broadline Retail — 3.7% |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 28404 | &nbsp;&nbsp; 95908<br>|
| Wesfarmers Ltd. | &nbsp;&nbsp; 63126 | &nbsp;&nbsp; 3152264<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 3248172 |
| Hotels, Restaurants & Leisure — 2.1% | Hotels, Restaurants & Leisure — 2.1% | Hotels, Restaurants & Leisure — 2.1% |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 30618 | &nbsp;&nbsp; 950582<br>|
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 3402 | &nbsp;&nbsp; 37747<br>|
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 9342 | &nbsp;&nbsp; 68206<br>|
| Light & Wonder Inc., CDI | &nbsp;&nbsp; 4374 | &nbsp;&nbsp; 356,525<br> \*<br>|
| Lottery Corp. Ltd. | &nbsp;&nbsp; 122958 | &nbsp;&nbsp; 453071<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1866131 |
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 6048 | &nbsp;&nbsp; 299983<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5414286** |
| **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 41634 | &nbsp;&nbsp; 105791<br>|
| Consumer Staples Distribution & Retail — 3.6% | Consumer Staples Distribution & Retail — 3.6% | Consumer Staples Distribution & Retail — 3.6% |
| Coles Group Ltd. | &nbsp;&nbsp; 74682 | &nbsp;&nbsp; 1123247<br>|
| Endeavour Group Ltd. | &nbsp;&nbsp; 84456 | &nbsp;&nbsp; 188571<br>|
| Metcash Ltd. | &nbsp;&nbsp; 60534 | &nbsp;&nbsp; 122721<br>|
| Woolworths Group Ltd. | &nbsp;&nbsp; 68040 | &nbsp;&nbsp; 1696728<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 3131267 |
| Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% |
| a2 Milk Co. Ltd. | &nbsp;&nbsp; 38826 | &nbsp;&nbsp; 254485<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3491543** |
| **Energy — 5.1%** | **Energy — 5.1%** | **Energy — 5.1%** |
| Oil, Gas & Consumable Fuels — 5.1% | Oil, Gas & Consumable Fuels — 5.1% | Oil, Gas & Consumable Fuels — 5.1% |
| Ampol Ltd. | &nbsp;&nbsp; 13338 | &nbsp;&nbsp; 307673<br>|
| Beach Energy Ltd. | &nbsp;&nbsp; 82242 | &nbsp;&nbsp; 72944<br>|
| New Hope Corp. Ltd. | &nbsp;&nbsp; 27378 | &nbsp;&nbsp; 110070<br>|
| Santos Ltd. | &nbsp;&nbsp; 181494 | &nbsp;&nbsp; 989470<br>|
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 43308 | &nbsp;&nbsp; 274370<br>|
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 105948 | &nbsp;&nbsp; 2543361<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 21114 | &nbsp;&nbsp; $119882<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4417770** |
| **Financials — 37.8%** | **Financials — 37.8%** | **Financials — 37.8%** |
| Banks — 29.1% | Banks — 29.1% | Banks — 29.1% |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 168588 | &nbsp;&nbsp; 4153310<br>|
| Bank of Queensland Ltd. | &nbsp;&nbsp; 36396 | &nbsp;&nbsp; 166766<br>|
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 31428 | &nbsp;&nbsp; 212882<br>|
| Commonwealth Bank of Australia | &nbsp;&nbsp; 93528 | &nbsp;&nbsp; 10742416<br>|
| National Australia Bank Ltd. | &nbsp;&nbsp; 171072 | &nbsp;&nbsp; 4855410<br>|
| Westpac Banking Corp. | &nbsp;&nbsp; 191322 | &nbsp;&nbsp; 5172009<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 25302793 |
| Capital Markets — 4.2% | Capital Markets — 4.2% | Capital Markets — 4.2% |
| ASX Ltd. | &nbsp;&nbsp; 10854 | &nbsp;&nbsp; 388793<br>|
| GQG Partners Inc., CDI | &nbsp;&nbsp; 43470 | &nbsp;&nbsp; 51953<br>|
| HUB24 Ltd. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 243181<br>|
| Insignia Financial Ltd. | &nbsp;&nbsp; 28566 | &nbsp;&nbsp; 92,933<br> \*<br>|
| Macquarie Group Ltd. | &nbsp;&nbsp; 19170 | &nbsp;&nbsp; 2651247<br>|
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 8910 | &nbsp;&nbsp; 59865<br>|
| Netwealth Group Ltd. | &nbsp;&nbsp; 6750 | &nbsp;&nbsp; 99766<br>|
| Perpetual Ltd. | &nbsp;&nbsp; 6048 | &nbsp;&nbsp; 65697<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3653435 |
| Financial Services — 0.9% | Financial Services — 0.9% | Financial Services — 0.9% |
| AMP Ltd. | &nbsp;&nbsp; 139212 | &nbsp;&nbsp; 124904<br>|
| Challenger Ltd. | &nbsp;&nbsp; 27972 | &nbsp;&nbsp; 158628<br>|
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 19062 | &nbsp;&nbsp; 527445<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 810977 |
| Insurance — 3.6% | Insurance — 3.6% | Insurance — 3.6% |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 126468 | &nbsp;&nbsp; 635775<br>|
| Medibank Private Ltd. | &nbsp;&nbsp; 153954 | &nbsp;&nbsp; 459732<br>|
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 84564 | &nbsp;&nbsp; 1229597<br>|
| Steadfast Group Ltd. | &nbsp;&nbsp; 58482 | &nbsp;&nbsp; 170231<br>|
| Suncorp Group Ltd. | &nbsp;&nbsp; 60588 | &nbsp;&nbsp; 670172<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 3165507 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **32932712** |
| **Health Care — 5.4%** | **Health Care — 5.4%** | **Health Care — 5.4%** |
| Biotechnology — 3.1% | Biotechnology — 3.1% | Biotechnology — 3.1% |
| CSL Ltd. | &nbsp;&nbsp; 27054 | &nbsp;&nbsp; 2608553<br>|
| Telix Pharmaceuticals Ltd. | &nbsp;&nbsp; 13986 | &nbsp;&nbsp; 130,849<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 2739402 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Ansell Ltd. | &nbsp;&nbsp; 8046 | &nbsp;&nbsp; 155567<br>|
| Cochlear Ltd. | &nbsp;&nbsp; 3618 | &nbsp;&nbsp; 419025<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 574592 |
| Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 10314 | &nbsp;&nbsp; 275569<br>|
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 285876 | &nbsp;&nbsp; 518861<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 26244 | &nbsp;&nbsp; $367579<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1162009 |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% |
| Pro Medicus Ltd. | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 237792<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4713795** |
| **Industrials — 6.7%** | **Industrials — 6.7%** | **Industrials — 6.7%** |
| Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% | Commercial Services & Supplies — 1.8% |
| Brambles Ltd. | &nbsp;&nbsp; 75654 | &nbsp;&nbsp; 1171029<br>|
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 125010 | &nbsp;&nbsp; 194356<br>|
| Downer EDI Ltd. | &nbsp;&nbsp; 36936 | &nbsp;&nbsp; 193778<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 1559163 |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |
| Worley Ltd. | &nbsp;&nbsp; 26514 | &nbsp;&nbsp; 203567<br>|
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 95526 | &nbsp;&nbsp; 259740<br>|
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Qantas Airways Ltd. | &nbsp;&nbsp; 41040 | &nbsp;&nbsp; 235267<br>|
| Professional Services — 1.1% | Professional Services — 1.1% | Professional Services — 1.1% |
| ALS Ltd. | &nbsp;&nbsp; 27864 | &nbsp;&nbsp; 396949<br>|
| Computershare Ltd. | &nbsp;&nbsp; 29484 | &nbsp;&nbsp; 573296<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 970245 |
| Trading Companies & Distributors — 0.5% | Trading Companies & Distributors — 0.5% | Trading Companies & Distributors — 0.5% |
| Reece Ltd. | &nbsp;&nbsp; 14418 | &nbsp;&nbsp; 130941<br>|
| SGH Ltd. | &nbsp;&nbsp; 10746 | &nbsp;&nbsp; 297415<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 428356 |
| Transportation Infrastructure — 2.5% | Transportation Infrastructure — 2.5% | Transportation Infrastructure — 2.5% |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 52758 | &nbsp;&nbsp; 154653<br>|
| Qube Holdings Ltd. | &nbsp;&nbsp; 93366 | &nbsp;&nbsp; 310780<br>|
| Transurban Group | &nbsp;&nbsp; 173340 | &nbsp;&nbsp; 1663275<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 2128708 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5785046** |
| **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| NEXTDC Ltd. | &nbsp;&nbsp; 35586 | &nbsp;&nbsp; 275,901<br> \*<br>|
| Software — 1.2% | Software — 1.2% | Software — 1.2% |
| Technology One Ltd. | &nbsp;&nbsp; 16416 | &nbsp;&nbsp; 301770<br>|
| WiseTech Global Ltd. | &nbsp;&nbsp; 10422 | &nbsp;&nbsp; 271388<br>|
| Xero Ltd. | &nbsp;&nbsp; 8910 | &nbsp;&nbsp; 458,417<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 1031575 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1307476** |
| **Materials — 23.3%** | **Materials — 23.3%** | **Materials — 23.3%** |
| Chemicals — 0.6% | Chemicals — 0.6% | Chemicals — 0.6% |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 92016 | &nbsp;&nbsp; 196628<br>|
| Orica Ltd. | &nbsp;&nbsp; 26136 | &nbsp;&nbsp; 359085<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 555713 |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| James Hardie Industries PLC, CDI | &nbsp;&nbsp; 31536 | &nbsp;&nbsp; 563,734<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Orora Ltd. | &nbsp;&nbsp; 62856 | &nbsp;&nbsp; $81150<br>|
| Metals & Mining — 21.9% | Metals & Mining — 21.9% | Metals & Mining — 21.9% |
| BHP Group Ltd. | &nbsp;&nbsp; 274320 | &nbsp;&nbsp; 9467363<br>|
| BlueScope Steel Ltd. | &nbsp;&nbsp; 24462 | &nbsp;&nbsp; 430914<br>|
| Deterra Royalties Ltd. | &nbsp;&nbsp; 23760 | &nbsp;&nbsp; 65418<br>|
| Evolution Mining Ltd. | &nbsp;&nbsp; 112320 | &nbsp;&nbsp; 970831<br>|
| Fortescue Ltd. | &nbsp;&nbsp; 88614 | &nbsp;&nbsp; 1232649<br>|
| Genesis Minerals Ltd. | &nbsp;&nbsp; 59130 | &nbsp;&nbsp; 238,534<br> \*<br>|
| IGO Ltd. | &nbsp;&nbsp; 37530 | &nbsp;&nbsp; 201,779<br> \*<br>|
| Iluka Resources Ltd. | &nbsp;&nbsp; 23868 | &nbsp;&nbsp; 107892<br>|
| Lynas Rare Earths Ltd. | &nbsp;&nbsp; 50004 | &nbsp;&nbsp; 649,337<br> \*<br>|
| Mineral Resources Ltd. | &nbsp;&nbsp; 9396 | &nbsp;&nbsp; 344,998<br> \*<br>|
| Northern Star Resources Ltd. | &nbsp;&nbsp; 77220 | &nbsp;&nbsp; 1076799<br>|
| PLS Group Ltd. | &nbsp;&nbsp; 173610 | &nbsp;&nbsp; 608,796<br> \*<br>|
| Ramelius Resources Ltd. | &nbsp;&nbsp; 104922 | &nbsp;&nbsp; 263730<br>|
| Rio Tinto Ltd. | &nbsp;&nbsp; 20682 | &nbsp;&nbsp; 2286673<br>|
| Sandfire Resources Ltd. | &nbsp;&nbsp; 25488 | &nbsp;&nbsp; 279,831<br> \*<br>|
| Sims Ltd. | &nbsp;&nbsp; 8802 | &nbsp;&nbsp; 107910<br>|
| South32 Ltd. | &nbsp;&nbsp; 250938 | &nbsp;&nbsp; 733874<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 19067328 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **20267925** |
| **Real Estate — 5.4%** | **Real Estate — 5.4%** | **Real Estate — 5.4%** |
| Diversified REITs — 1.5% | Diversified REITs — 1.5% | Diversified REITs — 1.5% |
| Charter Hall Group | &nbsp;&nbsp; 26244 | &nbsp;&nbsp; 334865<br>|
| GPT Group | &nbsp;&nbsp; 107298 | &nbsp;&nbsp; 332903<br>|
| Mirvac Group | &nbsp;&nbsp; 220050 | &nbsp;&nbsp; 266761<br>|
| Stockland | &nbsp;&nbsp; 134892 | &nbsp;&nbsp; 398190<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 1332719 |
| Industrial REITs — 2.2% | Industrial REITs — 2.2% | Industrial REITs — 2.2% |
| Goodman Group | &nbsp;&nbsp; 110970 | &nbsp;&nbsp; 1941126<br>|
| Office REITs — 0.3% | Office REITs — 0.3% | Office REITs — 0.3% |
| Dexus | &nbsp;&nbsp; 58914 | &nbsp;&nbsp; 238873<br>|
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 37800 | &nbsp;&nbsp; 85175<br>|
| Retail REITs — 1.3% | Retail REITs — 1.3% | Retail REITs — 1.3% |
| Region Group | &nbsp;&nbsp; 63828 | &nbsp;&nbsp; 99235<br>|
| Scentre Group | &nbsp;&nbsp; 291168 | &nbsp;&nbsp; 662078<br>|
| Vicinity Ltd. | &nbsp;&nbsp; 214542 | &nbsp;&nbsp; 343839<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 1105152 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4703045** |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |
| Origin Energy Ltd. | &nbsp;&nbsp; 95796 | &nbsp;&nbsp; 812261<br>|
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| APA Group | &nbsp;&nbsp; 69390 | &nbsp;&nbsp; 472876<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Australia ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — 0.3% | Multi-Utilities — 0.3% | Multi-Utilities — 0.3% | Multi-Utilities — 0.3% |
| AGL Energy Ltd. | AGL Energy Ltd. | &nbsp;&nbsp; 33642 | &nbsp;&nbsp; $227188<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1512325** |
| **Total Investments before Short-Term Investments (Cost — $84,232,872)** | **Total Investments before Short-Term Investments (Cost — $84,232,872)** | **Total Investments before Short-Term Investments (Cost — $84,232,872)** | &nbsp;&nbsp; **86207972** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $40,048)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 40048<br>| &nbsp;&nbsp; **40048**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.1% (Cost — $84,272,920)** | **Total Investments — 99.1% (Cost — $84,272,920)** | **Total Investments — 99.1% (Cost — $84,272,920)** | &nbsp;&nbsp; **86248020** |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp; 815326 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$87063346** |

---

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

\* Non-income producing security.

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

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $40,048 and the cost was $40,048 (Note 6). 

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

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CDI |  | Clearing House Electronic Subregister System Depositary Interest |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Australia | 97.9<br> %<br>|
| United States | 1.3 |
| New Zealand | 0.8 |
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $745866 | &nbsp;&nbsp;&nbsp; $728819 | &nbsp;&nbsp;&nbsp; **$(17047)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 70.6%** | **Common Stocks — 70.6%** | **Common Stocks — 70.6%** |
| **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** |
| Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% |
| Telefonica Brasil SA | &nbsp;&nbsp; 766800 | &nbsp;&nbsp; $6054283<br>|
| Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% |
| TIM SA | &nbsp;&nbsp; 809400 | &nbsp;&nbsp; 4256288<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **10310571** |
| **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** | **Consumer Discretionary — 3.5%** |
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 532500 | &nbsp;&nbsp; 1953810<br>|
| Specialty Retail — 3.1% | Specialty Retail — 3.1% | Specialty Retail — 3.1% |
| Cosan SA | &nbsp;&nbsp; 1980900 | &nbsp;&nbsp; 2,040,855<br> \*<br>|
| Lojas Renner SA | &nbsp;&nbsp; 1001100 | &nbsp;&nbsp; 2867982<br>|
| Ultrapar Participacoes SA | &nbsp;&nbsp; 724200 | &nbsp;&nbsp; 3982999<br>|
| Vibra Energia SA | &nbsp;&nbsp; 1150200 | &nbsp;&nbsp; 6964702<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 15856538 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **17810348** |
| **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** | **Consumer Staples — 5.4%** |
| Beverages — 2.6% | Beverages — 2.6% | Beverages — 2.6% |
| Ambev SA | &nbsp;&nbsp; 4430400 | &nbsp;&nbsp; 12938385<br>|
| Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% |
| Grupo Mateus SA | &nbsp;&nbsp; 511200 | &nbsp;&nbsp; 460104<br>|
| Raia Drogasil SA | &nbsp;&nbsp; 1320600 | &nbsp;&nbsp; 5950596<br>|
| Sendas Distribuidora S/A | &nbsp;&nbsp; 1363200 | &nbsp;&nbsp; 2474772<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 8885472 |
| Food Products — 0.7% | Food Products — 0.7% | Food Products — 0.7% |
| M Dias Branco SA | &nbsp;&nbsp; 106500 | &nbsp;&nbsp; 469282<br>|
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 766800 | &nbsp;&nbsp; 3177654<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 3646936 |
| Personal Care Products — 0.3% | Personal Care Products — 0.3% | Personal Care Products — 0.3% |
| Natura Cosmeticos SA | &nbsp;&nbsp; 894600 | &nbsp;&nbsp; 1,788,532<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **27259325** |
| **Energy — 10.1%** | **Energy — 10.1%** | **Energy — 10.1%** |
| Oil, Gas & Consumable Fuels — 10.1% | Oil, Gas & Consumable Fuels — 10.1% | Oil, Gas & Consumable Fuels — 10.1% |
| Brava Energia | &nbsp;&nbsp; 404700 | &nbsp;&nbsp; 1594171<br>|
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 3739600 | &nbsp;&nbsp; 38606619<br>|
| PRIO SA | &nbsp;&nbsp; 817400 | &nbsp;&nbsp; 10,363,955<br> \*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **50564745** |
| **Financials — 11.8%** | **Financials — 11.8%** | **Financials — 11.8%** |
| Banks — 3.8% | Banks — 3.8% | Banks — 3.8% |
| Banco Bradesco SA | &nbsp;&nbsp; 1491000 | &nbsp;&nbsp; 4771132<br>|
| Banco do Brasil SA | &nbsp;&nbsp; 1725300 | &nbsp;&nbsp; 7599058<br>|
| Banco Santander Brasil SA | &nbsp;&nbsp; 404700 | &nbsp;&nbsp; 2374593<br>|
| Itau Unibanco Holding SA | &nbsp;&nbsp; 511200 | &nbsp;&nbsp; 4191841<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 18936624 |
| Capital Markets — 6.4% | Capital Markets — 6.4% | Capital Markets — 6.4% |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 5325000 | &nbsp;&nbsp; 18763106<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Banco BTG Pactual SA | &nbsp;&nbsp; 1235400 | &nbsp;&nbsp; $13316992<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 32080098 |
| Insurance — 1.6% | Insurance — 1.6% | Insurance — 1.6% |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 639000 | &nbsp;&nbsp; 4259633<br>|
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 617700 | &nbsp;&nbsp; 2170606<br>|
| Porto Seguro SA | &nbsp;&nbsp; 182300 | &nbsp;&nbsp; 1763320<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 8193559 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **59210281** |
| **Health Care — 1.7%** | **Health Care — 1.7%** | **Health Care — 1.7%** |
| Health Care Providers & Services — 1.4% | Health Care Providers & Services — 1.4% | Health Care Providers & Services — 1.4% |
| Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 958500 | &nbsp;&nbsp; 7153026<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| Hypera SA | &nbsp;&nbsp; 296775 | &nbsp;&nbsp; 1323054<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **8476080** |
| **Industrials — 8.4%** | **Industrials — 8.4%** | **Industrials — 8.4%** |
| Aerospace & Defense — 2.1% | Aerospace & Defense — 2.1% | Aerospace & Defense — 2.1% |
| Embraer SA | &nbsp;&nbsp; 692500 | &nbsp;&nbsp; 10204593<br>|
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp; 447300 | &nbsp;&nbsp; 1430483<br> <sup>(a)</sup><br>|
| Electrical Equipment — 2.9% | Electrical Equipment — 2.9% | Electrical Equipment — 2.9% |
| WEG SA | &nbsp;&nbsp; 1500100 | &nbsp;&nbsp; 14653549<br>|
| Ground Transportation — 2.4% | Ground Transportation — 2.4% | Ground Transportation — 2.4% |
| Localiza Rent a Car SA | &nbsp;&nbsp; 901000 | &nbsp;&nbsp; 8105972<br>|
| Rumo SA | &nbsp;&nbsp; 1235400 | &nbsp;&nbsp; 3844397<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 11950369 |
| Transportation Infrastructure — 0.7% | Transportation Infrastructure — 0.7% | Transportation Infrastructure — 0.7% |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 1214100 | &nbsp;&nbsp; 3675815<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **41914809** |
| **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| Software — 0.7% | Software — 0.7% | Software — 0.7% |
| TOTVS SA | &nbsp;&nbsp; 532500 | &nbsp;&nbsp; **3562951**<br>|
| **Materials — 13.6%** | **Materials — 13.6%** | **Materials — 13.6%** |
| Containers & Packaging — 0.7% | Containers & Packaging — 0.7% | Containers & Packaging — 0.7% |
| Klabin SA | &nbsp;&nbsp; 894600 | &nbsp;&nbsp; 3342362<br>|
| Metals & Mining — 11.6% | Metals & Mining — 11.6% | Metals & Mining — 11.6% |
| Cia Siderurgica Nacional SA | &nbsp;&nbsp; 617700 | &nbsp;&nbsp; 748,770<br> \*<br>|
| CSN Mineracao SA | &nbsp;&nbsp; 426000 | &nbsp;&nbsp; 403815<br>|
| Vale SA | &nbsp;&nbsp; 3621000 | &nbsp;&nbsp; 57193209<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 58345794 |
| Paper & Forest Products — 1.3% | Paper & Forest Products — 1.3% | Paper & Forest Products — 1.3% |
| Suzano SA | &nbsp;&nbsp; 681600 | &nbsp;&nbsp; 6774297<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **68462453** |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% | Real Estate Management & Development — 0.8% |
| Allos SA | &nbsp;&nbsp; 362100 | &nbsp;&nbsp; 2103834<br>|
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 319500 | &nbsp;&nbsp; 1946264<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4050098** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Utilities — 12.5%** | **Utilities — 12.5%** | **Utilities — 12.5%** | **Utilities — 12.5%** |
| Electric Utilities — 7.5% | Electric Utilities — 7.5% | Electric Utilities — 7.5% | Electric Utilities — 7.5% |
| Alupar Investimento SA | Alupar Investimento SA | &nbsp;&nbsp; 149100 | &nbsp;&nbsp; $1004479<br>|
| Axia Energia | Axia Energia | &nbsp;&nbsp; 1171500 | &nbsp;&nbsp; 13137437<br>|
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais | &nbsp;&nbsp; 63900 | &nbsp;&nbsp; 204967<br>|
| Cia Paranaense de Energia - Copel | Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 1853100 | &nbsp;&nbsp; 5475604<br>|
| CPFL Energia SA | CPFL Energia SA | &nbsp;&nbsp; 191700 | &nbsp;&nbsp; 1790000<br>|
| Energisa S/A | Energisa S/A | &nbsp;&nbsp; 426000 | &nbsp;&nbsp; 4279620<br>|
| Equatorial SA | Equatorial SA | &nbsp;&nbsp; 1086300 | &nbsp;&nbsp; 8481209<br>|
| Neoenergia SA | Neoenergia SA | &nbsp;&nbsp; 191700 | &nbsp;&nbsp; 1224293<br>|
| Transmissora Alianca de Energia Eletrica S/A | Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp; 222000 | &nbsp;&nbsp; 1828478<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 37426087 |
| Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% |
| Auren Energia SA | Auren Energia SA | &nbsp;&nbsp; 319500 | &nbsp;&nbsp; 730537<br>|
| Eneva SA | Eneva SA | &nbsp;&nbsp; 937200 | &nbsp;&nbsp; 4,404,272<br> \*<br>|
| Engie Brasil Energia SA | Engie Brasil Energia SA | &nbsp;&nbsp; 362100 | &nbsp;&nbsp; 2276495<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 7411304 |
| Water Utilities — 3.5% | Water Utilities — 3.5% | Water Utilities — 3.5% | Water Utilities — 3.5% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 476560 | &nbsp;&nbsp; 14441115<br>|
| Cia de Saneamento de Minas Gerais Copasa MG | Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 191700 | &nbsp;&nbsp; 2118191<br>|
| Cia De Sanena Do Parana | Cia De Sanena Do Parana | &nbsp;&nbsp; 149100 | &nbsp;&nbsp; 1271445<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 17830751 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **62668142** |
| **Total Common Stocks (Cost — $281,617,507)** | **Total Common Stocks (Cost — $281,617,507)** | **Total Common Stocks (Cost — $281,617,507)** | &nbsp;&nbsp; **354289803**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 28.4%** | **Preferred Stocks — 28.4%** | **Preferred Stocks — 28.4%** | **Preferred Stocks — 28.4%** |
| **Energy — 8.5%** | **Energy — 8.5%** | **Energy — 8.5%** | **Energy — 8.5%** |
| Oil, Gas & Consumable Fuels — 8.5% | Oil, Gas & Consumable Fuels — 8.5% | Oil, Gas & Consumable Fuels — 8.5% | Oil, Gas & Consumable Fuels — 8.5% |
| Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.531% | &nbsp;&nbsp; 4588600 | &nbsp;&nbsp; **42767005**<br> <sup>(b)</sup><br>|
| **Financials — 16.1%** | **Financials — 16.1%** | **Financials — 16.1%** | **Financials — 16.1%** |
| Banks — 16.1% | Banks — 16.1% | Banks — 16.1% | Banks — 16.1% |
| Banco Bradesco SA  | &nbsp;&nbsp; 0.082% | &nbsp;&nbsp; 5218500 | &nbsp;&nbsp; 19157335<br> <sup>(b)</sup><br>|
| Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.034% | &nbsp;&nbsp; 5516700 | &nbsp;&nbsp; 45934204<br> <sup>(b)</sup><br>|
| Itausa SA  | &nbsp;&nbsp; 0.143% | &nbsp;&nbsp; 5942700 | &nbsp;&nbsp; 15909563<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **81001102** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Localiza Rent a Car SA  | &nbsp;&nbsp; 0.951% | &nbsp;&nbsp; 31441 | &nbsp;&nbsp; **272688**<br> <sup>(b)</sup><br>|
| **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** |
| Metals & Mining — 1.2% | Metals & Mining — 1.2% | Metals & Mining — 1.2% | Metals & Mining — 1.2% |
| Gerdau SA  | &nbsp;&nbsp; 0.526% | &nbsp;&nbsp; 1278000 | &nbsp;&nbsp; 4649987<br> <sup>(b)</sup><br>|
| Metalurgica Gerdau SA  | &nbsp;&nbsp; 0.585% | &nbsp;&nbsp; 830700 | &nbsp;&nbsp; 1358531<br> <sup>(b)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6008518** |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| Electric Utilities — 2.5% | Electric Utilities — 2.5% | Electric Utilities — 2.5% | Electric Utilities — 2.5% |
| Axia Energia, Class B Shares  | &nbsp;&nbsp; 2.025% | &nbsp;&nbsp; 227100 | &nbsp;&nbsp; 2791156<br> <sup>(b)</sup><br>|
| Axia Energia, Class C Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 404700 | &nbsp;&nbsp; 4,389,588<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Brazil ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 1.157% |  | &nbsp;&nbsp; 1640100 | &nbsp;&nbsp; $3960525<br> <sup>(b)</sup><br>|
| Isa Energia Brasil SA  | &nbsp;&nbsp; 0.486% |  | &nbsp;&nbsp; 276900 | &nbsp;&nbsp; 1542531<br> <sup>(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **12683800** |
| **Total Preferred Stocks (Cost — $106,185,020)** | **Total Preferred Stocks (Cost — $106,185,020)** | **Total Preferred Stocks (Cost — $106,185,020)** | **Total Preferred Stocks (Cost — $106,185,020)** | &nbsp;&nbsp; **142733113** |
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† |
| Hypera SA (Cost — $91,176) |  | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 22325 | &nbsp;&nbsp; **103,418**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $387,893,703)** | **Total Investments before Short-Term Investments (Cost — $387,893,703)** | **Total Investments before Short-Term Investments (Cost — $387,893,703)** | **Total Investments before Short-Term Investments (Cost — $387,893,703)** | &nbsp;&nbsp; **497126334** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $252,227)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 252227<br>| &nbsp;&nbsp; **252227**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.1% (Cost — $388,145,930)** | **Total Investments — 99.1% (Cost — $388,145,930)** | **Total Investments — 99.1% (Cost — $388,145,930)** | **Total Investments — 99.1% (Cost — $388,145,930)** | &nbsp;&nbsp; **497378561** |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp; 4554853 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$501933414** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $252,227 and the cost was $252,227 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Brazil | 99.9<br> %<br>|
| Short-Term Investments | 0.1 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Bovespa Index | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; $4614355 | &nbsp;&nbsp;&nbsp; $4513209 | &nbsp;&nbsp;&nbsp; **$(101146)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| BCE Inc. | &nbsp;&nbsp; 72851 | &nbsp;&nbsp; $1832303<br>|
| Quebecor Inc., Class B Shares | &nbsp;&nbsp; 11911 | &nbsp;&nbsp; 504162<br>|
| TELUS Corp. | &nbsp;&nbsp; 121880 | &nbsp;&nbsp; 1561545<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3898010** |
| **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** | **Consumer Discretionary — 3.1%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Magna International Inc. | &nbsp;&nbsp; 62325 | &nbsp;&nbsp; 3469621<br>|
| Broadline Retail — 1.4% | Broadline Retail — 1.4% | Broadline Retail — 1.4% |
| Canadian Tire Corp. Ltd., Class A Shares | &nbsp;&nbsp; 11634 | &nbsp;&nbsp; 1559592<br>|
| Dollarama Inc. | &nbsp;&nbsp; 62048 | &nbsp;&nbsp; 7590882<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 9150474 |
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 79776 | &nbsp;&nbsp; 5884519<br>|
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Gildan Activewear Inc. | &nbsp;&nbsp; 42381 | &nbsp;&nbsp; 2352661<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **20857275** |
| **Consumer Staples — 3.4%** | **Consumer Staples — 3.4%** | **Consumer Staples — 3.4%** |
| Consumer Staples Distribution & Retail — 3.2% | Consumer Staples Distribution & Retail — 3.2% | Consumer Staples Distribution & Retail — 3.2% |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 175618 | &nbsp;&nbsp; 9922596<br>|
| George Weston Ltd. | &nbsp;&nbsp; 36287 | &nbsp;&nbsp; 2555470<br>|
| Loblaw Cos. Ltd. | &nbsp;&nbsp; 130467 | &nbsp;&nbsp; 5929001<br>|
| Metro Inc. | &nbsp;&nbsp; 45428 | &nbsp;&nbsp; 3098303<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 21505370 |
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Saputo Inc. | &nbsp;&nbsp; 56231 | &nbsp;&nbsp; 1751137<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **23256507** |
| **Energy — 18.7%** | **Energy — 18.7%** | **Energy — 18.7%** |
| Oil, Gas & Consumable Fuels — 18.7% | Oil, Gas & Consumable Fuels — 18.7% | Oil, Gas & Consumable Fuels — 18.7% |
| ARC Resources Ltd. | &nbsp;&nbsp; 134622 | &nbsp;&nbsp; 2792667<br>|
| Cameco Corp. | &nbsp;&nbsp; 101659 | &nbsp;&nbsp; 11020009<br>|
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 478379 | &nbsp;&nbsp; 23261652<br>|
| Cenovus Energy Inc. | &nbsp;&nbsp; 316334 | &nbsp;&nbsp; 8368780<br>|
| Enbridge Inc. | &nbsp;&nbsp; 510788 | &nbsp;&nbsp; 27600962<br>|
| Imperial Oil Ltd. | &nbsp;&nbsp; 30470 | &nbsp;&nbsp; 3978316<br>|
| Keyera Corp. | &nbsp;&nbsp; 53461 | &nbsp;&nbsp; 2061364<br>|
| Pembina Pipeline Corp. | &nbsp;&nbsp; 136007 | &nbsp;&nbsp; 6068687<br>|
| Suncor Energy Inc. | &nbsp;&nbsp; 281986 | &nbsp;&nbsp; 18591618<br>|
| TC Energy Corp. | &nbsp;&nbsp; 243206 | &nbsp;&nbsp; 15180878<br>|
| Tourmaline Oil Corp. | &nbsp;&nbsp; 85870 | &nbsp;&nbsp; 4096754<br>|
| Whitecap Resources Inc. | &nbsp;&nbsp; 282540 | &nbsp;&nbsp; 3178588<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **126200275** |
| **Financials — 35.6%** | **Financials — 35.6%** | **Financials — 35.6%** |
| Banks — 24.3% | Banks — 24.3% | Banks — 24.3% |
| Bank of Montreal | &nbsp;&nbsp; 165923 | &nbsp;&nbsp; 22402072<br>|
| Bank of Nova Scotia | &nbsp;&nbsp; 292235 | &nbsp;&nbsp; 20201290<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 219938 | &nbsp;&nbsp; $20777920<br>|
| National Bank of Canada | &nbsp;&nbsp; 91687 | &nbsp;&nbsp; 11826575<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 327968 | &nbsp;&nbsp; 52849016<br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; 393617 | &nbsp;&nbsp; 36644133<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 164701006 |
| Capital Markets — 4.0% | Capital Markets — 4.0% | Capital Markets — 4.0% |
| Brookfield Asset Management Ltd., Class A Shares | &nbsp;&nbsp; 89471 | &nbsp;&nbsp; 3965305<br>|
| Brookfield Corp. | &nbsp;&nbsp; 495553 | &nbsp;&nbsp; 20016712<br>|
| IGM Financial Inc. | &nbsp;&nbsp; 18559 | &nbsp;&nbsp; 881438<br>|
| TMX Group Ltd. | &nbsp;&nbsp; 64541 | &nbsp;&nbsp; 2281400<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 27144855 |
| Insurance — 7.3% | Insurance — 7.3% | Insurance — 7.3% |
| Fairfax Financial Holdings Ltd., Toronto Stock Exchange | &nbsp;&nbsp; 4986 | &nbsp;&nbsp; 8468643<br>|
| Great-West Lifeco Inc. | &nbsp;&nbsp; 62325 | &nbsp;&nbsp; 2909587<br>|
| iA Financial Corp. Inc. | &nbsp;&nbsp; 21606 | &nbsp;&nbsp; 2390122<br>|
| Intact Financial Corp. | &nbsp;&nbsp; 41827 | &nbsp;&nbsp; 7555265<br>|
| Manulife Financial Corp. | &nbsp;&nbsp; 393340 | &nbsp;&nbsp; 13506397<br>|
| Power Corp. of Canada | &nbsp;&nbsp; 124927 | &nbsp;&nbsp; 5995028<br>|
| Sun Life Financial Inc. | &nbsp;&nbsp; 130744 | &nbsp;&nbsp; 8164766<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 48989808 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **240835669** |
| **Industrials — 10.5%** | **Industrials — 10.5%** | **Industrials — 10.5%** |
| Aerospace & Defense — 0.8% | Aerospace & Defense — 0.8% | Aerospace & Defense — 0.8% |
| Bombardier Inc., Class A Shares | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 96,664<br> \*<br>|
| Bombardier Inc., Class B Shares | &nbsp;&nbsp; 20221 | &nbsp;&nbsp; 3,564,738<br> \*<br>|
| CAE Inc. | &nbsp;&nbsp; 74513 | &nbsp;&nbsp; 1,933,905<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 5595307 |
| Commercial Services & Supplies — 2.7% | Commercial Services & Supplies — 2.7% | Commercial Services & Supplies — 2.7% |
| Element Fleet Management Corp. | &nbsp;&nbsp; 94457 | &nbsp;&nbsp; 2042039<br>|
| GFL Environmental Inc., Subordinate Voting Shares | &nbsp;&nbsp; 62048 | &nbsp;&nbsp; 2580091<br>|
| RB Global Inc. | &nbsp;&nbsp; 43489 | &nbsp;&nbsp; 4157406<br>|
| Waste Connections Inc. | &nbsp;&nbsp; 59832 | &nbsp;&nbsp; 9690250<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 18469786 |
| Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% |
| AtkinsRealis Group Inc. | &nbsp;&nbsp; 38780 | &nbsp;&nbsp; 2487055<br>|
| Stantec Inc. | &nbsp;&nbsp; 26592 | &nbsp;&nbsp; 2291537<br>|
| WSP Global Inc. | &nbsp;&nbsp; 31578 | &nbsp;&nbsp; 4898883<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 9677475 |
| Ground Transportation — 4.7% | Ground Transportation — 4.7% | Ground Transportation — 4.7% |
| Canadian National Railway Co. | &nbsp;&nbsp; 127697 | &nbsp;&nbsp; 13101398<br>|
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 211351 | &nbsp;&nbsp; 16578836<br>|
| TFI International Inc. | &nbsp;&nbsp; 18282 | &nbsp;&nbsp; 1983634<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 31663868 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Thomson Reuters Corp. | &nbsp;&nbsp; 31578 | &nbsp;&nbsp; 2841126<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Toromont Industries Ltd. | &nbsp;&nbsp; 18836 | &nbsp;&nbsp; $2628712<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **70876274** |
| **Information Technology — 8.2%** | **Information Technology — 8.2%** | **Information Technology — 8.2%** |
| Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% | Electronic Equipment, Instruments & Components — 1.1% |
| Celestica Inc. | &nbsp;&nbsp; 26869 | &nbsp;&nbsp; 7,555,396<br> \*<br>|
| IT Services — 5.5% | IT Services — 5.5% | IT Services — 5.5% |
| CGI Inc. | &nbsp;&nbsp; 44597 | &nbsp;&nbsp; 3249984<br>|
| Shopify Inc., Class A Shares | &nbsp;&nbsp; 286972 | &nbsp;&nbsp; 33,941,885<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 37191869 |
| Software — 1.6% | Software — 1.6% | Software — 1.6% |
| Constellation Software Inc. | &nbsp;&nbsp; 4633 | &nbsp;&nbsp; 8107012<br>|
| Descartes Systems Group Inc. | &nbsp;&nbsp; 19944 | &nbsp;&nbsp; 1,423,969<br> \*<br>|
| Open Text Corp. | &nbsp;&nbsp; 57339 | &nbsp;&nbsp; 1273698<br>|
| Total Software | Total Software | &nbsp;&nbsp; 10804679 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **55551944** |
| **Materials — 17.1%** | **Materials — 17.1%** | **Materials — 17.1%** |
| Chemicals — 1.3% | Chemicals — 1.3% | Chemicals — 1.3% |
| Nutrien Ltd. | &nbsp;&nbsp; 114124 | &nbsp;&nbsp; 8587411<br>|
| Metals & Mining — 15.8% | Metals & Mining — 15.8% | Metals & Mining — 15.8% |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 116894 | &nbsp;&nbsp; 23651864<br>|
| Alamos Gold Inc., Class A Shares | &nbsp;&nbsp; 97781 | &nbsp;&nbsp; 4336402<br>|
| Barrick Mining Corp. | &nbsp;&nbsp; 390016 | &nbsp;&nbsp; 15887936<br>|
| Equinox Gold Corp. | &nbsp;&nbsp; 173125 | &nbsp;&nbsp; 2492266<br>|
| First Majestic Silver Corp. | &nbsp;&nbsp; 112739 | &nbsp;&nbsp; 2408998<br>|
| First Quantum Minerals Ltd. | &nbsp;&nbsp; 159275 | &nbsp;&nbsp; 3,795,985<br> \*<br>|
| Franco-Nevada Corp. | &nbsp;&nbsp; 44874 | &nbsp;&nbsp; 11075812<br>|
| IAMGOLD Corp. | &nbsp;&nbsp; 138223 | &nbsp;&nbsp; 2,591,031<br> \*<br>|
| Ivanhoe Mines Ltd., Class A Shares | &nbsp;&nbsp; 183374 | &nbsp;&nbsp; 1,562,335<br> \*<br>|
| Kinross Gold Corp. | &nbsp;&nbsp; 283371 | &nbsp;&nbsp; 8635856<br>|
| Lundin Gold Inc. | &nbsp;&nbsp; 22991 | &nbsp;&nbsp; 1751405<br>|
| Lundin Mining Corp. | &nbsp;&nbsp; 160383 | &nbsp;&nbsp; 3986734<br>|
| Pan American Silver Corp. | &nbsp;&nbsp; 97227 | &nbsp;&nbsp; 5301834<br>|
| Teck Resources Ltd., Class B Shares | &nbsp;&nbsp; 112462 | &nbsp;&nbsp; 5810261<br>|
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 106368 | &nbsp;&nbsp; 13917665<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 107206384 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **115793795** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |
| FirstService Corp. | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; **1344399**<br>|
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| Electric Utilities — 1.9% | Electric Utilities — 1.9% | Electric Utilities — 1.9% |
| Emera Inc. | &nbsp;&nbsp; 70635 | &nbsp;&nbsp; 3649808<br>|
| Fortis Inc. | &nbsp;&nbsp; 118556 | &nbsp;&nbsp; 6593194<br>|
| Hydro One Ltd. | &nbsp;&nbsp; 74513 | &nbsp;&nbsp; 3067444<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 13310446 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Canada ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| AltaGas Ltd. | AltaGas Ltd. |  | &nbsp;&nbsp; 72297 | &nbsp;&nbsp; $2499610<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **15810056** |
| **Total Common Stocks (Cost — $536,184,169)** | **Total Common Stocks (Cost — $536,184,169)** | **Total Common Stocks (Cost — $536,184,169)** | **Total Common Stocks (Cost — $536,184,169)** | &nbsp;&nbsp; **674424204**<br>|
|  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† | Software — 0.0%†† |
| Constellation Software Inc. (Cost — $0) |  | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 3981<br>| &nbsp;&nbsp; **0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $536,184,169)** | **Total Investments before Short-Term Investments (Cost — $536,184,169)** | **Total Investments before Short-Term Investments (Cost — $536,184,169)** | **Total Investments before Short-Term Investments (Cost — $536,184,169)** | &nbsp;&nbsp; **674424204** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Time Deposits — 0.2%** | **Time Deposits — 0.2%** | **Time Deposits — 0.2%** | **Time Deposits — 0.2%** | **Time Deposits — 0.2%** |
| Royal Bank of Canada (Cost — $1,433,127) | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; $2000000<br>| &nbsp;&nbsp; **1433127**<br>|
|  |  |  | Shares |  |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $73,051)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 73051<br>| &nbsp;&nbsp; **73051**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $1,506,178)** | **Total Short-Term Investments (Cost — $1,506,178)** | **Total Short-Term Investments (Cost — $1,506,178)** | **Total Short-Term Investments (Cost — $1,506,178)** | &nbsp;&nbsp; **1506178** |
| **Total Investments — 99.9% (Cost — $537,690,347)** | **Total Investments — 99.9% (Cost — $537,690,347)** | **Total Investments — 99.9% (Cost — $537,690,347)** | **Total Investments — 99.9% (Cost — $537,690,347)** | &nbsp;&nbsp; **675930382** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 998363 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$676928745** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $73,051 and the cost was $73,051 (Note 6).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Canada | 94.1<br> %<br>|
| Brazil | 2.1 |
| United States | 1.8 |
| Chile | 0.6 |
| Zambia | 0.6 |
| Burkina Faso | 0.4 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Canada ETF**

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited) **(cont'd)**  | **Summary of Investments by Country**<sup>#</sup> (unaudited) **(cont'd)**  |
| Congo (Democratic Republic) | 0.2<br> %<br>|
| Short-Term Investments | 0.2 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $1626234 | &nbsp;&nbsp;&nbsp; $1640472 | &nbsp;&nbsp;&nbsp; **$14238** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 17.4%** | **Communication Services — 17.4%** | **Communication Services — 17.4%** |
| Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% |
| China Tower Corp. Ltd., Class H Shares | &nbsp;&nbsp; 434000 | &nbsp;&nbsp; $591199<br> <sup>(a)</sup><br>|
| Entertainment — 2.0% | Entertainment — 2.0% | Entertainment — 2.0% |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 57658<br>|
| Beijing Enlight Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 55225<br>|
| Beijing Jetsen Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 15350<br>|
| China Film Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 24112<br>|
| China Ruyi Holdings Ltd. | &nbsp;&nbsp; 992000 | &nbsp;&nbsp; 193,587<br> \*<sup>(b)</sup><br>|
| Damai Entertainment Holdings Ltd. | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 99,640<br> \*<br>|
| Giant Network Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 56626<br>|
| iQIYI Inc., ADR | &nbsp;&nbsp; 48050 | &nbsp;&nbsp; 64,868<br> \*<sup>(b)</sup><br>|
| Kingnet Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 47667<br>|
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 284434<br>|
| Mango Excellent Media Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 36984<br>|
| NetEase Cloud Music Inc. | &nbsp;&nbsp; 9300 | &nbsp;&nbsp; 153,019<br> \*<sup>(a)(b)</sup><br>|
| NetEase Inc. | &nbsp;&nbsp; 167601 | &nbsp;&nbsp; 3644801<br> <sup>(b)</sup><br>|
| Ourpalm Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 12,900<br> \*<br>|
| Perfect World Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 31544<br>|
| Talkweb Information System Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 61,365<br> \*<br>|
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 46036 | &nbsp;&nbsp; 427214<br> <sup>(b)</sup><br>|
| Wanda Film Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 26,311<br> \*<br>|
| Zhejiang Daily Digital Culture Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 21724<br>|
| Zhejiang Huace Film & Television Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 19363<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 5334392 |
| Interactive Media & Services — 15.0% | Interactive Media & Services — 15.0% | Interactive Media & Services — 15.0% |
| Autohome Inc., ADR | &nbsp;&nbsp; 5828 | &nbsp;&nbsp; 101232<br> <sup>(b)</sup><br>|
| Baidu Inc., Class A Shares | &nbsp;&nbsp; 201500 | &nbsp;&nbsp; 2,716,583<br> \*<sup>(b)</sup><br>|
| Bilibili Inc., Class Z Shares | &nbsp;&nbsp; 26040 | &nbsp;&nbsp; 566,953<br> \*<sup>(b)</sup><br>|
| JOYY Inc., ADR | &nbsp;&nbsp; 2451 | &nbsp;&nbsp; 143114<br> <sup>(b)</sup><br>|
| Kuaishou Technology | &nbsp;&nbsp; 260400 | &nbsp;&nbsp; 1498590<br> <sup>(a)(b)</sup><br>|
| Kunlun Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 43,986<br> \*<br>|
| Meitu Inc. | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 169626<br> <sup>(a)(b)</sup><br>|
| Tencent Holdings Ltd. | &nbsp;&nbsp; 576361 | &nbsp;&nbsp; 35580562<br> <sup>(b)</sup><br>|
| Weibo Corp., Class A Shares | &nbsp;&nbsp; 8680 | &nbsp;&nbsp; 74343<br> <sup>(b)</sup><br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 40894989 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Bluefocus Intelligent Communications Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 53,143<br> \*<br>|
| China Literature Ltd. | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 120,612<br> \*<sup>(a)(b)</sup><br>|
| China South Publishing & Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 19731<br>|
| Chinese Universe Publishing and Media Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 15189<br>|
| Focus Media Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 105400 | &nbsp;&nbsp; 99956<br>|
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 26338<br>|
| Leo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 77120<br>|
| Oriental Pearl Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 33824<br>|
| People.cn Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 35243<br>|
| Total Media | Total Media | &nbsp;&nbsp; 481156 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† |
| China United Network Communications Ltd., Class A Shares | &nbsp;&nbsp; 210800 | &nbsp;&nbsp; $135819<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **47437555** |
| **Consumer Discretionary — 25.1%** | **Consumer Discretionary — 25.1%** | **Consumer Discretionary — 25.1%** |
| Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% |
| Anhui Zhongding Sealing Parts Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 32245<br>|
| Bethel Automotive Safety Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 39462<br>|
| CALB Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 100,146<br> \*<sup>(a)</sup><br>|
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 33564<br>|
| Fuyao Glass Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 102335<br>|
| Fuyao Glass Industry Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 417422<br> <sup>(a)</sup><br>|
| Huayu Automotive Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 68978<br>|
| Huizhou Desay Sv Automotive Co. Ltd., Class A Shares | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 58658<br>|
| Minth Group Ltd. | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 282188<br>|
| Ningbo Joyson Electronic Corp., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 44489<br>|
| Ningbo Tuopu Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 101976<br>|
| Sailun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 46212<br>|
| Sensteed Hi-tech Group, Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 38,510<br> \*<br>|
| Shandong Linglong Tyre Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 25099<br>|
| Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 24,543<br> \*<br>|
| Shenzhen Kedali Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 46650<br>|
| Wanxiang Qianchao Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 69256<br>|
| Weifu High-Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 18268<br>|
| Weifu High-Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 34305<br>|
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 37891<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1622197 |
| Automobiles — 4.3% | Automobiles — 4.3% | Automobiles — 4.3% |
| AIMA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 29040<br>|
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 82,946<br> \*<br>|
| BAIC BluePark New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 51,347<br> \*<br>|
| BAIC Motor Corp. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 48,397<br> \*<sup>(a)</sup><br>|
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 87620<br>|
| BYD Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 566884<br>|
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 341000 | &nbsp;&nbsp; 4601643<br>|
| Chongqing Afari Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 44,301<br> \*<br>|
| Chongqing Changan Automobile Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 89768<br>|
| Chongqing Changan Automobile Co. Ltd., Class B Shares | &nbsp;&nbsp; 161200 | &nbsp;&nbsp; 82860<br>|
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 1560955<br>|
| Great Wall Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 55557<br>|
| Great Wall Motor Co. Ltd., Class H Shares | &nbsp;&nbsp; 217000 | &nbsp;&nbsp; 341545<br>|
| Guangzhou Automobile Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 38726<br>|
| Guangzhou Automobile Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 96161<br>|
| Li Auto Inc., Class A Shares | &nbsp;&nbsp; 111600 | &nbsp;&nbsp; 963,664<br> \*<sup>(b)</sup><br>|
| NIO Inc., Class A Shares | &nbsp;&nbsp; 164920 | &nbsp;&nbsp; 922,603<br> \*<sup>(b)</sup><br>|
| SAIC Motor Corp. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 130971<br>|
| Seres Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 163072<br>|
| VOYAH Automobile Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 71819 | &nbsp;&nbsp; 46,901<br> \*<br>|
| XPeng Inc., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 1,138,667<br> \*<sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued |
| Yadea Group Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; $209561<br> <sup>(a)</sup><br>|
| Zhejiang Leapmotor Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 409,016<br> \*<sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 11762205 |
| Broadline Retail — 13.3% | Broadline Retail — 13.3% | Broadline Retail — 13.3% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1665665 | &nbsp;&nbsp; 25281770<br> <sup>(b)</sup><br>|
| CCOOP Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 36,536<br> \*<br>|
| JD.com Inc., Class A Shares | &nbsp;&nbsp; 220100 | &nbsp;&nbsp; 3177894<br> <sup>(b)</sup><br>|
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 145949<br>|
| PDD Holdings Inc., ADR | &nbsp;&nbsp; 70695 | &nbsp;&nbsp; 7,223,615<br> \*<sup>(b)</sup><br>|
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 20063 | &nbsp;&nbsp; 315390<br> <sup>(b)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 36181154 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Wuchan Zhongda Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 37200<br>|
| Zhejiang China Commodities City Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 69696<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 106896 |
| Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% | Diversified Consumer Services — 0.5% |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 758532<br> <sup>(b)</sup><br>|
| Offcn Education Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 16,463<br> \*<br>|
| TAL Education Group, ADR | &nbsp;&nbsp; 37897 | &nbsp;&nbsp; 430,889<br> \*<sup>(b)</sup><br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 1205884 |
| Hotels, Restaurants & Leisure — 4.2% | Hotels, Restaurants & Leisure — 4.2% | Hotels, Restaurants & Leisure — 4.2% |
| BTG Hotels Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 13447<br>|
| Guming Holdings Ltd. | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 172710<br>|
| H World Group Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 927604<br> <sup>(b)</sup><br>|
| Haidilao International Holding Ltd. | &nbsp;&nbsp; 146000 | &nbsp;&nbsp; 265735<br> <sup>(a)(b)</sup><br>|
| Meituan, Class B Shares | &nbsp;&nbsp; 496000 | &nbsp;&nbsp; 5,247,723<br> \*<sup>(a)(b)</sup><br>|
| Mixue Group, Class H Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 67,269<br> \*<br>|
| Shanghai Jinjiang International Hotels Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 24121<br>|
| Shanghai Jinjiang International Hotels Co. Ltd., Class B Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 27249<br>|
| Songcheng Performance Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 20952<br>|
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 284687<br> <sup>(b)</sup><br>|
| TravelSky Technology Ltd., Class H Shares | &nbsp;&nbsp; 83000 | &nbsp;&nbsp; 102371<br>|
| Trip.com Group Ltd. | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 2710216<br> <sup>(b)</sup><br>|
| Yum China Holdings Inc. | &nbsp;&nbsp; 32100 | &nbsp;&nbsp; 1577937<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 11442021 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Beijing Roborock Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 27082<br>|
| Ecovacs Robotics Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 54776<br>|
| Gree Electric Appliances Inc. of Zhuhai, Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 135801<br>|
| Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 13331<br>|
| Haier Smart Home Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 134347<br>|
| Haier Smart Home Co. Ltd., Class H Shares | &nbsp;&nbsp; 223200 | &nbsp;&nbsp; 589871<br>|
| Hangzhou GreatStar Industrial Co. Ltd. | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 53466<br>|
| Hangzhou Robam Appliances Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 18959<br>|
| Hisense Home Appliances Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 66159<br>|
| Hisense Visual Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 40144<br>|
| Jason Furniture Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 29983<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

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 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Midea Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; $596418<br>|
| Shenzhen MTC Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 59444<br>|
| Sichuan Changhong Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 46697<br>|
| Zhejiang Supor Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 39363<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1905841 |
| Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% |
| China Tourism Group Duty Free Corp. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 126357<br>|
| China Tourism Group Duty Free Corp. Ltd., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 102724<br> <sup>(a)</sup><br>|
| HLA Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 41033<br>|
| Pop Mart International Group Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 1135583<br> <sup>(a)(b)</sup><br>|
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 20602<br>|
| Topsports International Holdings Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 86671<br> <sup>(a)</sup><br>|
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 65004<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1577974 |
| Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 117350 | &nbsp;&nbsp; 1133057<br>|
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 189791<br>|
| Lao Feng Xiang Co. Ltd., Class B Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 81642<br>|
| Laopu Gold Co. Ltd., Class H Shares | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 295190<br>|
| Li Ning Co. Ltd. | &nbsp;&nbsp; 217000 | &nbsp;&nbsp; 592307<br>|
| Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 31,239<br> \*<br>|
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 70697<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2393923 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **68198095** |
| **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** |
| Beverages — 1.8% | Beverages — 1.8% | Beverages — 1.8% |
| Anhui Gujing Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 32761<br>|
| Anhui Gujing Distillery Co. Ltd., Class B Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 110712<br>|
| Beijing Shunxin Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 11562<br>|
| Beijing Yanjing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 47038<br>|
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 146894 | &nbsp;&nbsp; 480391<br>|
| Chongqing Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 50880<br>|
| Eastroc Beverage Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2910 | &nbsp;&nbsp; 86486<br>|
| Guangzhou Zhujiang Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 16823<br>|
| Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 47577<br>|
| Jiangsu Yanghe Distillery Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 91097<br>|
| Kweichow Moutai Co. Ltd., Class A Shares | &nbsp;&nbsp; 8150 | &nbsp;&nbsp; 1711020<br>|
| Luzhou Laojiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 143985<br>|
| Nongfu Spring Co. Ltd., Class H Shares | &nbsp;&nbsp; 161200 | &nbsp;&nbsp; 964708<br> <sup>(a)</sup><br>|
| Shanghai Bairun Investment Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 15216<br>|
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A Shares | &nbsp;&nbsp; 7820 | &nbsp;&nbsp; 161977<br>|
| Sichuan Swellfun Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 29435<br>|
| Tsingtao Brewery Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 55530<br>|
| Tsingtao Brewery Co. Ltd., Class H Shares | &nbsp;&nbsp; 60045 | &nbsp;&nbsp; 371289<br>|
| Wuliangye Yibin Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 370813<br>|
| Yantai Changyu Pioneer Wine Co. Ltd., Class B Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 23945<br>|

---

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

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Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Beverages — continued | Beverages — continued | Beverages — continued |
| ZJLD Group Inc. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; $74256<br> <sup>(a)</sup><br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 4897501 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Alibaba Health Information Technology Ltd. | &nbsp;&nbsp; 526000 | &nbsp;&nbsp; 312,640<br> \*<br>|
| East Buy Holding Ltd. | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 107,390<br> \*<sup>(a)(b)</sup><br>|
| JD Health International Inc. | &nbsp;&nbsp; 96100 | &nbsp;&nbsp; 576,830<br> \*<sup>(a)(b)</sup><br>|
| Ping An Healthcare and Technology Co. Ltd. | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 127,540<br> \*<sup>(a)(b)</sup><br>|
| Shenzhen Agricultural Power Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 13250<br>|
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 37246<br>|
| Yifeng Pharmacy Chain Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 43807<br>|
| Yonghui Superstores Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 33,843<br> \*<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1252546 |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Angel Yeast Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 36275<br>|
| Beijing Dabeinong Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 17774<br>|
| Bright Dairy & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 13609<br>|
| China Feihe Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 165118<br> <sup>(a)</sup><br>|
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 278000 | &nbsp;&nbsp; 609882<br>|
| Chongqing Fuling Zhacai Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 11212<br>|
| COFCO Sugar Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 25351<br>|
| Foshan Haitian Flavouring & Food Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 184024<br>|
| Fujian Sunner Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 31778<br>|
| Guangdong Haid Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 89427<br>|
| Heilongjiang Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 29983<br>|
| Henan Shuanghui Investment & Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 101976<br>|
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 165577<br>|
| Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 17110<br>|
| Muyuan Foods Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 224653<br>|
| New Hope Liuhe Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 44166<br>|
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 169000 | &nbsp;&nbsp; 279791<br>|
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 124471<br>|
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 218734<br>|
| Wens Foodstuff Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 104436<br>|
| Yihai International Holding Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 129058<br>|
| Yihai Kerry Arawana Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 51473<br>|
| Yuan Longping High-tech Agriculture Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 17774<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 2693652 |
| Household Products — 0.0%†† | Household Products — 0.0%†† | Household Products — 0.0%†† |
| Blue Moon Group Holdings Ltd. | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 56938<br> <sup>(a)</sup><br>|
| C&S Paper Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 15027<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 71965 |
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| By-health Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 19713<br>|
| Giant Biogene Holding Co. Ltd | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 173975<br> <sup>(a)</sup><br>|
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 217469<br>|
| Mao Geping Cosmetics Co. LTD, Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 119252<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Personal Care Products — continued | Personal Care Products — continued | Personal Care Products — continued |
| Yunnan Botanee Bio-Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; $34067<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 564476 |
| Tobacco — 0.1% | Tobacco — 0.1% | Tobacco — 0.1% |
| RLX Technology Inc., ADR | &nbsp;&nbsp; 62310 | &nbsp;&nbsp; 137082<br> <sup>(b)</sup><br>|
| Smoore International Holdings Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 210668<br> <sup>(a)</sup><br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 347750 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9827890** |
| **Energy — 3.4%** | **Energy — 3.4%** | **Energy — 3.4%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| China Oilfield Services Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28349<br>|
| China Oilfield Services Ltd., Class H Shares | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 195799<br>|
| CNOOC Energy Technology & Services Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 36275<br>|
| Offshore Oil Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 29219<br>|
| Sinopec Oilfield Service Corp., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 28,469<br> \*<br>|
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 86895<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 405006 |
| Oil, Gas & Consumable Fuels — 3.3% | Oil, Gas & Consumable Fuels — 3.3% | Oil, Gas & Consumable Fuels — 3.3% |
| China Coal Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 92641<br>|
| China Coal Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 221000 | &nbsp;&nbsp; 372082<br>|
| China Merchants Energy Shipping Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 146860<br>|
| China Petroleum & Chemical Corp., Class A Shares | &nbsp;&nbsp; 217000 | &nbsp;&nbsp; 184742<br>|
| China Petroleum & Chemical Corp., Class H Shares | &nbsp;&nbsp; 2108000 | &nbsp;&nbsp; 1207229<br>|
| China Shenhua Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 293765<br>|
| China Shenhua Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 312372 | &nbsp;&nbsp; 1837529<br>|
| China Suntien Green Energy Corp. Ltd., Class H Shares | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 92760<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 98745<br>|
| COSCO Shipping Energy Transportation Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 283580<br>|
| Guanghui Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 47900<br>|
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 80980<br>|
| Inner Mongolia Yitai Coal Co. Ltd., Class B Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 173371<br>|
| Jizhong Energy Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 20611<br>|
| Oriental Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 15,566<br> \*<br>|
| PetroChina Co. Ltd., Class A Shares | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 328281<br>|
| PetroChina Co. Ltd., Class H Shares | &nbsp;&nbsp; 1932000 | &nbsp;&nbsp; 2649040<br>|
| Pingdingshan Tianan Coal Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 21975<br>|
| Shaanxi Coal Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 252688<br>|
| Shan Xi Hua Yang Group New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 31634<br>|
| Shanxi Coking Coal Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 41975<br>|
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 48654<br>|
| Yankuang Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 104221<br>|
| Yankuang Energy Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 291650 | &nbsp;&nbsp; 541994<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 8968823 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **9373829** |
| **Financials — 18.3%** | **Financials — 18.3%** | **Financials — 18.3%** |
| Banks — 11.7% | Banks — 11.7% | Banks — 11.7% |
| Agricultural Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 576600 | &nbsp;&nbsp; 559344<br>|
| Agricultural Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 2852000 | &nbsp;&nbsp; 2026178<br>|

---

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank of Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; $113763<br>|
| Bank of Changsha Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 43223<br>|
| Bank of Chengdu Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 76841<br>|
| Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 328600 | &nbsp;&nbsp; 279277<br>|
| Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 6386000 | &nbsp;&nbsp; 4048165<br>|
| Bank of Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 359600 | &nbsp;&nbsp; 364458<br>|
| Bank of Communications Co. Ltd., Class H Shares | &nbsp;&nbsp; 682000 | &nbsp;&nbsp; 612393<br>|
| Bank of Guiyang Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 26123<br>|
| Bank of Hangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 105253<br>|
| Bank of Jiangsu Co. Ltd., Class A Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 196053<br>|
| Bank of Nanjing Co. Ltd., Class A Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 132919<br>|
| Bank of Ningbo Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 191340<br>|
| Bank of Qingdao Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 18600<br>|
| Bank of Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 133440<br>|
| Bank of Zhengzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 13357<br>|
| China Bohai Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 25,306<br> \*<sup>(a)</sup><br>|
| China CITIC Bank Corp. Ltd., Class A Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 111761<br>|
| China CITIC Bank Corp. Ltd., Class H Shares | &nbsp;&nbsp; 806000 | &nbsp;&nbsp; 812148<br>|
| China Construction Bank Corp., Class A Shares | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; 199240<br>|
| China Construction Bank Corp., Class H Shares | &nbsp;&nbsp; 8122000 | &nbsp;&nbsp; 8691561<br>|
| China Everbright Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 303800 | &nbsp;&nbsp; 141196<br>|
| China Everbright Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 120201<br>|
| China Merchants Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 776528<br>|
| China Merchants Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 350900 | &nbsp;&nbsp; 2205601<br>|
| China Minsheng Banking Corp. Ltd., Class A Shares | &nbsp;&nbsp; 235600 | &nbsp;&nbsp; 129284<br>|
| China Minsheng Banking Corp. Ltd., Class H Shares | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 290222<br>|
| China Zheshang Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 148800 | &nbsp;&nbsp; 64633<br>|
| China Zheshang Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 98059<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 63286<br>|
| Chongqing Rural Commercial Bank Co. Ltd., Class H Shares | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 161085<br>|
| CNPC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 82407<br>|
| Huaxia Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 105136<br>|
| Industrial & Commercial Bank of China Ltd., Class A Shares | &nbsp;&nbsp; 508400 | &nbsp;&nbsp; 562378<br>|
| Industrial & Commercial Bank of China Ltd., Class H Shares | &nbsp;&nbsp; 7440000 | &nbsp;&nbsp; 6509834<br>|
| Industrial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; 388569<br>|
| Ping An Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 130200 | &nbsp;&nbsp; 208872<br>|
| Postal Savings Bank of China Co. Ltd., Class A Shares | &nbsp;&nbsp; 192200 | &nbsp;&nbsp; 142758<br>|
| Postal Savings Bank of China Co. Ltd., Class H Shares | &nbsp;&nbsp; 868000 | &nbsp;&nbsp; 543593<br> <sup>(a)</sup><br>|
| Shanghai Pudong Development Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 223200 | &nbsp;&nbsp; 328981<br>|
| Shanghai Rural Commercial Bank Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 89956<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 31793322 |
| Capital Markets — 2.1% | Capital Markets — 2.1% | Capital Markets — 2.1% |
| Beijing Compass Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 87326<br>|
| BOC International China Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 32882<br>|
| Caida Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 23016<br>|
| Caitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 41042<br>|
| Central China Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 14471<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Central China Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; $14392<br>|
| Changjiang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 43107<br>|
| China Cinda Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 1116000 | &nbsp;&nbsp; 160848<br>|
| China CITIC Financial Asset Management Co. Ltd., Class H Shares | &nbsp;&nbsp; 1798000 | &nbsp;&nbsp; 181,171<br> \*<sup>(a)</sup><br>|
| China Everbright Ltd. | &nbsp;&nbsp; 76000 | &nbsp;&nbsp; 58453<br>|
| China Galaxy Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 80055<br>|
| China Galaxy Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 341000 | &nbsp;&nbsp; 343601<br>|
| China Great Wall Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 31921<br>|
| China International Capital Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 87227<br>|
| China International Capital Corp. Ltd., Class H Shares | &nbsp;&nbsp; 148800 | &nbsp;&nbsp; 325871<br> <sup>(a)</sup><br>|
| China Merchants Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 110881<br>|
| China Merchants Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 83002<br> <sup>(a)</sup><br>|
| Chinalin Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 13941<br>|
| CITIC Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 280543<br>|
| CITIC Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 470128<br>|
| CSC Financial Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 96276<br>|
| CSC Financial Co. Ltd., Class H Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 81926<br> <sup>(a)</sup><br>|
| Dongxing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 44238<br>|
| East Money Information Co. Ltd., Class A Shares | &nbsp;&nbsp; 105400 | &nbsp;&nbsp; 288272<br>|
| Everbright Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 68403<br>|
| Everbright Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 23977<br> <sup>(a)</sup><br>|
| First Capital Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 38403<br>|
| Founder Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 54857<br>|
| GF Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 96734<br>|
| GF Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 159425<br>|
| Guangdong Golden Dragon Development Inc., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 9,147<br> \*<br>|
| Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 30306<br>|
| Guolian Minsheng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 32604<br>|
| Guosen Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 70441<br>|
| Guosheng Securities Inc., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 38,376<br> \*<br>|
| Guotai Haitong Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 223387<br>|
| Guotai Haitong Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 272800 | &nbsp;&nbsp; 465558<br> <sup>(a)</sup><br>|
| Guoyuan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 34426<br>|
| Hithink RoyalFlush Information Network Co. Ltd., Class A Shares | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 142622<br>|
| Huaan Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 24911<br>|
| Huatai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 127830<br>|
| Huatai Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 234234<br> <sup>(a)</sup><br>|
| Huaxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 22406<br>|
| Industrial Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 52694<br>|
| J-Yuan Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 27,577<br> \*<br>|
| Minmetals Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 23968<br>|
| Nanjing Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 26320<br>|
| Northeast Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 21706<br>|
| Orient Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 64920<br>|
| Orient Securities Co. Ltd., Class H Shares | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 68325<br> <sup>(a)</sup><br>|
| Pacific Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 23,564<br> \*<br>|
| SDIC Capital Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 43546<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Sealand Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; $27505<br>|
| Shaanxi International Trust Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 21302<br>|
| Shanxi Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 25090<br>|
| Shenwan Hongyuan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 148800 | &nbsp;&nbsp; 100827<br>|
| Shenwan Hongyuan Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 148800 | &nbsp;&nbsp; 51433<br> <sup>(a)</sup><br>|
| Sinolink Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 37613<br>|
| SooChow Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 42227<br>|
| Southwest Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 33528<br>|
| SPIC Industry-Finance Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 39336<br>|
| Tianfeng Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 36,536<br> \*<br>|
| Western Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 39211<br>|
| Xiangcai Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 24,964<br> \*<br>|
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 210800 | &nbsp;&nbsp; 40,848<br> \*<br>|
| Zheshang Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 43358<br>|
| Zhongtai Securities Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 43591<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 5852626 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Lufax Holding Ltd., ADR | &nbsp;&nbsp; 28954 | &nbsp;&nbsp; 54,144<br> \*<sup>(b)</sup><br>|
| Qfin Holdings Inc., ADR | &nbsp;&nbsp; 9062 | &nbsp;&nbsp; 116990<br> <sup>(b)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 171134 |
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Far East Horizon Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 222688<br>|
| Lakala Payment Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 20539<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 243227 |
| Insurance — 4.3% | Insurance — 4.3% | Insurance — 4.3% |
| China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 695184 | &nbsp;&nbsp; 2181262<br>|
| China Pacific Insurance Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 233064<br>|
| China Pacific Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 235600 | &nbsp;&nbsp; 958002<br>|
| China Reinsurance Group Corp., Class H Shares | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 116247<br>|
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 323910<br>|
| New China Life Insurance Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 110468<br>|
| New China Life Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 548971<br>|
| People's Insurance Co. Group of China Ltd., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 78314<br>|
| People's Insurance Co. Group of China Ltd., Class H Shares | &nbsp;&nbsp; 806000 | &nbsp;&nbsp; 555139<br>|
| PICC Property & Casualty Co. Ltd., Class H Shares | &nbsp;&nbsp; 648000 | &nbsp;&nbsp; 1178603<br>|
| Ping An Insurance Group Co. of China Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 560672<br>|
| Ping An Insurance Group Co. of China Ltd., Class H Shares | &nbsp;&nbsp; 603550 | &nbsp;&nbsp; 4576547<br>|
| Sunshine Insurance Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 217000 | &nbsp;&nbsp; 100471<br>|
| ZhongAn Online P&C Insurance Co. Ltd., Class H Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 151,240<br> \*<sup>(a)</sup><br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 11672910 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **49733219** |
| **Health Care — 5.5%** | **Health Care — 5.5%** | **Health Care — 5.5%** |
| Biotechnology — 2.2% | Biotechnology — 2.2% | Biotechnology — 2.2% |
| 3SBio Inc. | &nbsp;&nbsp; 169000 | &nbsp;&nbsp; 488018<br> <sup>(a)</sup><br>|
| Akeso Inc. | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 1,062,830<br> \*<sup>(a)</sup><br>|
| Anhui Anke Biotechnology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 16966<br>|
| Beijing Tiantan Biological Products Corp. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 27128<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A Shares | &nbsp;&nbsp; 6221 | &nbsp;&nbsp; $35,804<br> \*<br>|
| BeOne Medicines Ltd., Class H Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 1,628,407<br> \*<br>|
| CanSino Biologics Inc., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 49,346<br> \*<sup>(a)</sup><br>|
| Chongqing Zhifei Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 40,288<br> \*<br>|
| Gan & Lee Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 57451<br>|
| Hualan Biological Engineering Inc., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 26302<br>|
| Imeik Technology Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 34289<br>|
| Innovent Biologics Inc. | &nbsp;&nbsp; 150500 | &nbsp;&nbsp; 1,629,735<br> \*<sup>(a)</sup><br>|
| Remegen Co. Ltd., Class H Shares | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 195,505<br> \*<sup>(a)</sup><br>|
| Shanghai Junshi Biosciences Co. Ltd., Class A Shares | &nbsp;&nbsp; 4974 | &nbsp;&nbsp; 25,084<br> \*<br>|
| Shanghai Junshi Biosciences Co. Ltd., Class H Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 73,259<br> \*<sup>(a)</sup><br>|
| Shanghai RAAS Blood Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 52245<br>|
| Shenzhen Kangtai Biological Products Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 12487<br>|
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H Shares | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 281,625<br> \*<br>|
| Walvax Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 22244<br>|
| Yili Chuanning Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 28816<br>|
| Zai Lab Ltd. | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 173,343<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 5961172 |
| Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% |
| Angelalign Technology Inc. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 41614<br> <sup>(a)</sup><br>|
| APT Medical Inc., Class A Shares | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 26242<br>|
| Intco Medical Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 52676<br>|
| Jafron Biomedical Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 15916<br>|
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 60863<br>|
| Lepu Medical Technology Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 43627<br>|
| Microport Scientific Corp. | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 112,451<br> \*<br>|
| Ovctek China Inc., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 12684<br>|
| Shandong Pharmaceutical Glass Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 16625<br>|
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H Shares | &nbsp;&nbsp; 223200 | &nbsp;&nbsp; 106757<br>|
| Shanghai United Imaging Healthcare Co. Ltd., Class A Shares | &nbsp;&nbsp; 5486 | &nbsp;&nbsp; 88962<br>|
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 183573<br>|
| Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 44049<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 806039 |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |
| Aier Eye Hospital Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 93906<br>|
| China Meheco Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 18438<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 41042<br>|
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 43583<br>|
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 23573<br>|
| Huadong Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 63412<br>|
| Jointown Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 33178<br>|
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 25270<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 61222<br>|
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 91337<br>|
| Sinopharm Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 319482<br>|
| Topchoice Medical Corp., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 37765<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 852208 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† |
| Winning Health Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; $22595<br>|
| Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% |
| Genscript Biotech Corp. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 173,184<br> \*<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 48322<br>|
| Hangzhou Tigermed Consulting Co. Ltd., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 65541<br> <sup>(a)</sup><br>|
| Joinn Laboratories China Co. Ltd., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 30999<br> <sup>(a)</sup><br>|
| Pharmaron Beijing Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 50234<br>|
| Pharmaron Beijing Co. Ltd., Class H Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 74414<br> <sup>(a)</sup><br>|
| WuXi AppTec Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 264187<br>|
| WuXi AppTec Co. Ltd., Class H Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 557511<br> <sup>(a)</sup><br>|
| WuXi Biologics Cayman Inc. | &nbsp;&nbsp; 347396 | &nbsp;&nbsp; 1,463,103<br> \*<sup>(a)</sup><br>|
| WuXi XDC Cayman Inc. | &nbsp;&nbsp; 37000 | &nbsp;&nbsp; 274,662<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 3002157 |
| Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% |
| Apeloa Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 32011<br>|
| Beijing Tong Ren Tang Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 49875<br>|
| Changchun High-Tech Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 27352<br>|
| Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 25943<br>|
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 211617<br>|
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 33340<br>|
| China Resources Pharmaceutical Group Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 137124<br> <sup>(a)</sup><br>|
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 50162<br>|
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 83983<br>|
| CSPC Innovation Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 57021<br>|
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 764000 | &nbsp;&nbsp; 886763<br>|
| Dong-E-E-Jiao Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 51320<br>|
| Haisco Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 48726<br>|
| Hansoh Pharmaceutical Group Co. Ltd. | &nbsp;&nbsp; 104500 | &nbsp;&nbsp; 472904<br> <sup>(a)</sup><br>|
| Hebei Changshan Biochemical Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 33,555<br> \*<br>|
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 346989<br>|
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 102,013<br> \*<br>|
| Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 20108<br>|
| Jilin Aodong Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 31598<br>|
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 30162<br>|
| Kangmei Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 105400 | &nbsp;&nbsp; 27,011<br> \*<br>|
| Livzon Pharmaceutical Group Inc., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 30530<br>|
| Livzon Pharmaceutical Group Inc., Class H Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 65051<br>|
| Luye Pharma Group Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 59,547<br> \*<sup>(a)</sup><br>|
| Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 17577<br>|
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 69359<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 71716<br>|
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 78368<br>|
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A Shares | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 63026<br>|
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 30234<br>|
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 1543 | &nbsp;&nbsp; 62,107<br> \*<br>|
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 62281<br>|
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 698668<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Tasly Pharmaceutical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; $25763<br>|
| Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 12711<br>|
| Yifan Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 22765<br>|
| Yunnan Baiyao Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 98493<br>|
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 76571<br>|
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28833<br>|
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 15458<br>|
| Zhejiang Medicine Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 14426<br>|
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 23052<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4386113 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **15030284** |
| **Industrials — 7.7%** | **Industrials — 7.7%** | **Industrials — 7.7%** |
| Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% |
| AECC Aero-Engine Control Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 38977<br>|
| AECC Aviation Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 129427<br>|
| AviChina Industry & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 105018<br>|
| Avicopter PLC, Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 30306<br>|
| Kuang-Chi Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 68,906<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 372634 |
| Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% |
| CMST Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 14839<br>|
| Eastern Air Logistics Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 30826<br>|
| J&T Global Express Ltd. | &nbsp;&nbsp; 558000 | &nbsp;&nbsp; 719,545<br> \*<br>|
| JD Logistics Inc. | &nbsp;&nbsp; 179800 | &nbsp;&nbsp; 313,037<br> \*<sup>(a)(b)</sup><br>|
| SF Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 170739<br>|
| SF Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 111471<br>|
| Sinotrans Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 27648<br>|
| Sinotrans Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 74809<br>|
| STO Express Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 26607<br>|
| YTO Express Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 72353<br>|
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 40300 | &nbsp;&nbsp; 968923<br> <sup>(b)</sup><br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 2530797 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Beijing New Building Materials PLC, Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 46823<br>|
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 39065<br>|
| Zhejiang Weixing New Building Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 20144<br>|
| Zhuzhou Kibing Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 15701<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 121733 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Beijing Originwater Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 17460<br>|
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 212329<br>|
| China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 26930<br>|
| Eternal Asia Supply Chain Management Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 20611<br>|
| Zhefu Holding Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 29875<br>|
| Zhejiang Weiming Environment Protection Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 45045<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 352250 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| China Communications Services Corp. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; $133486<br>|
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 180618<br>|
| China Energy Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 241800 | &nbsp;&nbsp; 101528<br>|
| China Energy Engineering Corp. Ltd., Class H Shares | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 60733<br>|
| China National Chemical Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 63125<br>|
| China Railway Group Ltd., Class A Shares | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; 112111<br>|
| China Railway Group Ltd., Class H Shares | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 200964<br>|
| China State Construction Engineering Corp. Ltd., Class A Shares | &nbsp;&nbsp; 279000 | &nbsp;&nbsp; 202382<br>|
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 152000 | &nbsp;&nbsp; 161496<br>|
| Metallurgical Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 53861<br>|
| Metallurgical Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 64450<br>|
| Power Construction Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 117800 | &nbsp;&nbsp; 97901<br>|
| Shanghai Construction Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 24596<br>|
| Shanghai Tunnel Engineering Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 28546<br>|
| Shenzhen SED Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 32424<br>|
| Sichuan Road and Bridge Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 72317<br>|
| Sinoma International Engineering Co., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 27819<br>|
| Sinopec Engineering Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 92998<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1711355 |
| Electrical Equipment — 2.1% | Electrical Equipment — 2.1% | Electrical Equipment — 2.1% |
| Beijing Easpring Material Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 46105<br>|
| China XD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 95576<br>|
| CNGR Advanced Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 44345<br>|
| Contemporary Amperex Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 1680851<br>|
| Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 1032907<br> <sup>(c)</sup><br>|
| Dongfang Electric Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 94391<br>|
| Dongfang Electric Corp. Ltd., Class H Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 161322<br>|
| Eve Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 119834<br>|
| Fangda Carbon New Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 25584<br>|
| GEM Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 49579<br>|
| Ginlong Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 89678<br>|
| Goldwind Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 94436<br>|
| Goldwind Science & Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 135511<br>|
| Goneo Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 7960 | &nbsp;&nbsp; 48232<br>|
| Gotion High-tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 64094<br>|
| Hainan Jinpan Smart Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 34517<br>|
| Hunan Yuneng New Energy Battery Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 67847<br>|
| Jiangsu Linyang Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 16508<br>|
| Jiangsu Zhongtian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 108045<br>|
| Jiangxi Special Electric Motor Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 18,420<br> \*<br>|
| JL Mag Rare-Earth Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 27550<br>|
| Ming Yang Smart Energy Group Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 45701<br>|
| NARI Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 209976<br>|
| Ningbo Deye Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 118009<br>|
| Ningbo Orient Wires & Cables Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 54346<br>|
| Ningbo Sanxing Medical Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 47074<br>|
| Qingdao TGOOD Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 24417<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — continued | Electrical Equipment — continued | Electrical Equipment — continued |
| Shanghai Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; $100,037<br> \*<br>|
| Shanghai Electric Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 116,722<br> \*<br>|
| Shanghai Moons' Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 51150<br>|
| Shenzhen Megmeet Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 47849<br>|
| Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 42137<br>|
| Sichuan Huafeng Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 41,870<br> \*<br>|
| Sungrow Power Supply Co. Ltd., Class A Shares | &nbsp;&nbsp; 14040 | &nbsp;&nbsp; 306466<br>|
| Sunwoda Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 45261<br>|
| TBEA Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 118942<br>|
| Titan Wind Energy Suzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 19982<br>|
| Wolong Electric Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 66644<br>|
| Xuji Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 48780<br>|
| Zhejiang Chint Electrics Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 87928<br>|
| Zhejiang Huayou Cobalt Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 105441<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 5754064 |
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Daqin Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 105854<br>|
| Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 67992 | &nbsp;&nbsp; 564334<br> <sup>(b)</sup><br>|
| Guangshen Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 22765<br>|
| Guangshen Railway Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 35586<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 728539 |
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| China Baoan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 23726<br>|
| CITIC Ltd. | &nbsp;&nbsp; 461000 | &nbsp;&nbsp; 695010<br>|
| Fosun International Ltd. | &nbsp;&nbsp; 217000 | &nbsp;&nbsp; 114586<br>|
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 111107<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 944429 |
| Machinery — 1.9% | Machinery — 1.9% | Machinery — 1.9% |
| China CSSC Holdings Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 221475<br>|
| China International Marine Containers Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 29166<br>|
| China International Marine Containers Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 84813<br>|
| CRRC Corp. Ltd., Class A Shares | &nbsp;&nbsp; 167400 | &nbsp;&nbsp; 153665<br>|
| CRRC Corp. Ltd., Class H Shares | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 240560<br>|
| Dongguan Yiheda Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 20494<br>|
| FAW Jiefang Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 23842<br>|
| Guangdong Dtech Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 39113<br>|
| Guangxi Liugong Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 16733<br>|
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 159108<br>|
| Han's Laser Technology Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 55010<br>|
| Harbin Boshi Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 11849<br>|
| Hefei Meiya Optoelectronic Technology Inc., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 15602<br>|
| Jiangsu Hengli Hydraulic Co. Ltd., Class A Shares | &nbsp;&nbsp; 8180 | &nbsp;&nbsp; 113698<br>|
| Kaishan Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 25108<br>|
| Keda Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28528<br>|
| North Industries Group Red Arrow Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 30,252<br> \*<br>|
| RoboTechnik Intelligent Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 49597<br>|
| Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 174766<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Sany Heavy Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; $155281<br>|
| Shandong Himile Mechanical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 71078<br>|
| Shanghai Mechanical and Electrical Industry Co. Ltd., Class B Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 32414<br>|
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B Shares | &nbsp;&nbsp; 111600 | &nbsp;&nbsp; 28681<br>|
| Shenzhen Envicool Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 75719<br>|
| Shenzhen Inovance Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 180433<br>|
| Siasun Robot & Automation Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 26,410<br> \*<br>|
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 306671<br>|
| Tian Di Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 25674<br>|
| UBTech Robotics Corp. Ltd., Class H Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 270,136<br> \*<br>|
| Weichai Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 152318<br>|
| Weichai Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 648137<br>|
| XCMG Construction Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 117632<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 235600 | &nbsp;&nbsp; 690283<br>|
| Yantai Eddie Precision Machinery Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 17621<br>|
| Yutong Bus Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 96572<br>|
| ZCZL Industrial Technology Group Co. Ltd. | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 36607<br>|
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 114535<br>|
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class H Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 110870<br>|
| Zhuzhou CRRC Times Electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 5634 | &nbsp;&nbsp; 42377<br>|
| Zhuzhou CRRC Times Electric Co. Ltd., Class H Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 172900<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 69480<br>|
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 150488<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 5085696 |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% | Marine Transportation — 0.2% |
| COSCO Shipping Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 188638<br>|
| COSCO Shipping Holdings Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 471315<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 659953 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Air China Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 84,579<br> \*<br>|
| Air China Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 72,279<br> \*<br>|
| China Eastern Airlines Corp. Ltd., Class A Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 76,303<br> \*<br>|
| China Eastern Airlines Corp. Ltd., Class H Shares | &nbsp;&nbsp; 182000 | &nbsp;&nbsp; 81,016<br> \*<br>|
| China Southern Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 76,078<br> \*<br>|
| China Southern Airlines Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 61,682<br> \*<br>|
| Hainan Airlines Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 322400 | &nbsp;&nbsp; 67,685<br> \*<br>|
| Juneyao Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 32289<br>|
| Spring Airlines Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 41473<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 593384 |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 28072 | &nbsp;&nbsp; 375884<br> <sup>(b)</sup><br>|
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| Beijing United Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 22280<br>|
| COSCO Shipping Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 38780<br>|
| COSCO Shipping Development Co. Ltd., Class H Shares | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 44680<br>|
| Shanxi Coal International Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 19928<br>|
| Xiamen C & D Inc., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 31886<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Xiamen ITG Group Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; $17235<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 174789 |
| Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% | Transportation Infrastructure — 0.6% |
| Anhui Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 53034<br>|
| Beijing Capital International Airport Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 57,886<br> \*<br>|
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A Shares | &nbsp;&nbsp; 297600 | &nbsp;&nbsp; 218028<br>|
| China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 70809<br>|
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 111060 | &nbsp;&nbsp; 207382<br>|
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 81610<br>|
| Jiangsu Expressway Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 21634<br>|
| Jiangsu Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 159583<br>|
| Liaoning Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; 33861<br>|
| Ningbo Zhoushan Port Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 33044<br>|
| Qingdao Port International Co. Ltd., Class H Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 53853<br> <sup>(a)</sup><br>|
| Shandong Hi-speed Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 38421<br>|
| Shanghai International Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 74382<br>|
| Shanghai International Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 54830<br>|
| Shenzhen Airport Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 12047<br>|
| Shenzhen Expressway Corp. Ltd., Class H Shares | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 42147<br>|
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 112768<br>|
| Shenzhen Yan Tian Port Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 16481<br>|
| TangShan Port Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 29471<br>|
| Zhejiang Expressway Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 113558<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 1484829 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **20890336** |
| **Information Technology — 9.1%** | **Information Technology — 9.1%** | **Information Technology — 9.1%** |
| Communications Equipment — 1.1% | Communications Equipment — 1.1% | Communications Equipment — 1.1% |
| Addsino Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 51,096<br> \*<br>|
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 69500 | &nbsp;&nbsp; 244662<br>|
| CICT Mobile Communication Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 23580 | &nbsp;&nbsp; 50,938<br> \*<br>|
| EverProX Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 35479<br>|
| Fiberhome Telecommunication Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 90630<br>|
| Glarun Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 22855<br>|
| Guangzhou Haige Communications Group Inc. Co., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 40369<br>|
| Hengtong Optic-electric Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 141815<br>|
| Hytera Communications Corp. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 17,918<br> \*<br>|
| QuantumCTek Co. Ltd., Class A Shares | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 54,010<br> \*<br>|
| Shenzhen Sunway Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 58313<br>|
| Suzhou TFC Optical Communication Co. Ltd., Class A Shares | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 192138<br>|
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class A Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 94101<br>|
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H Shares | &nbsp;&nbsp; 36500 | &nbsp;&nbsp; 851955<br> <sup>(a)</sup><br>|
| Yealink Network Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 58780<br>|
| Zhongji Innolight Co. Ltd., Class A Shares | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 593591<br>|
| ZTE Corp., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 145603<br>|
| ZTE Corp., Class H Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 206872<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 2951125 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — 1.9% | Electronic Equipment, Instruments & Components — 1.9% | Electronic Equipment, Instruments & Components — 1.9% |
| Accelink Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; $75674<br>|
| Avary Holding Shenzhen Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 140496<br>|
| Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 20718<br>|
| BOE Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 140397<br>|
| BOE Technology Group Co. Ltd., Class B Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 29323<br>|
| Chaozhou Three-Circle Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 94885<br>|
| China Railway Signal & Communication Corp. Ltd., Class A Shares | &nbsp;&nbsp; 53692 | &nbsp;&nbsp; 44156<br>|
| China Railway Signal & Communication Corp. Ltd., Class H Shares | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 82085<br> <sup>(a)</sup><br>|
| China Zhenhua Group Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 40746<br>|
| Eoptolink Technology Inc. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 397528<br>|
| Everdisplay Optronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 30,701<br> \*<br>|
| Foxconn Industrial Internet Co. Ltd., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 554335<br>|
| GoerTek Inc., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 80288<br>|
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 29255<br>|
| Hengdian Group DMEGC Magnetics Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 33394<br>|
| Hgtech Co. Ltd., Class A Shares | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 106397<br>|
| IRICO Display Devices Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 25,090<br> \*<br>|
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 259856<br>|
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 151358<br>|
| Lens Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 150702<br>|
| Lens Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 31948<br>|
| Leyard Optoelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 19282<br>|
| Lingyi iTech Guangdong Co., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 103655<br>|
| Luxshare Precision Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 353757<br>|
| Maxscend Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 3032 | &nbsp;&nbsp; 35001<br>|
| OFILM Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 31,024<br> \*<br>|
| Raytron Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2936 | &nbsp;&nbsp; 43019<br>|
| Shanghai BOCHU Electronic Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 1659 | &nbsp;&nbsp; 31094<br>|
| Shannon Semiconductor Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 50931<br>|
| Shengyi Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 4374 | &nbsp;&nbsp; 52982<br>|
| Shengyi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 145882<br>|
| Shennan Circuits Co. Ltd., Class A Shares | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 139842<br>|
| Shenzhen Everwin Precision Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 55979<br>|
| Shenzhen Huaqiang Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 22182<br>|
| Shenzhen Kaifa Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 46302<br>|
| Shenzhen Kinwong Electronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 50611<br>|
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 422680<br>|
| SUPCON Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 46564<br>|
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 185460<br>|
| TCL Technology Group Corp., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 84328<br>|
| Tianma Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 28,403<br> \*<br>|
| Unisplendour Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 67057<br>|
| Universal Scientific Industrial Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 59247<br>|
| Victory Giant Technology Huizhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 225317<br>|
| Wingtech Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 56,302<br> \*<br>|
| Wuhan Guide Infrared Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 56,958<br> \*<br>|
| WUS Printed Circuit Kunshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 13300 | &nbsp;&nbsp; 146293<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Zhejiang Crystal-Optech Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; $39570<br>|
| Zhejiang Dahua Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 60504<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 5179558 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Beijing Sinnet Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 30736<br>|
| Beijing Ultrapower Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 25099<br>|
| China TransInfo Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 17182<br>|
| DHC Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 28582<br>|
| GDS Holdings Ltd., Class A Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 397,233<br> \*<sup>(b)</sup><br>|
| Isoftstone Information Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 33124<br>|
| Range Intelligent Computing Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 145065<br>|
| Taiji Computer Corp. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 17909<br>|
| Wangsu Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 45512<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 740442 |
| Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% |
| Advanced Micro-Fabrication Equipment Inc. China, Class A Shares | &nbsp;&nbsp; 3819 | &nbsp;&nbsp; 169410<br>|
| All Winner Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 7430 | &nbsp;&nbsp; 37211<br>|
| Amlogic Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 2542 | &nbsp;&nbsp; 29,149<br> \*<br>|
| ASR Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 27,697<br> \*<br>|
| Beijing Yandong Microelectronic Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 31,827<br> \*<br>|
| Bestechnic Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 26302<br>|
| Biwin Storage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 87,231<br> \*<br>|
| Cambricon Technologies Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2715 | &nbsp;&nbsp; 386,414<br> \*<br>|
| China Resources Microelectronics Ltd., Class A Shares | &nbsp;&nbsp; 8331 | &nbsp;&nbsp; 53725<br>|
| CSI Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 45961<br>|
| Daqo New Energy Corp., ADR | &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 85,718<br> \*<br>|
| Dosilicon Co. Ltd., Class A Shares | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 44,059<br> \*<br>|
| Flat Glass Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 25,476<br> \*<br>|
| Flat Glass Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 36,156<br> \*<br>|
| GalaxyCore Inc., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 46536<br>|
| GCL System Integration Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 34,112<br> \*<br>|
| GCL Technology Holdings Ltd. | &nbsp;&nbsp; 2418000 | &nbsp;&nbsp; 265,233<br> \*<br>|
| GigaDevice Semiconductor Inc., Class A Shares | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 151685<br>|
| Goke Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 35720<br>|
| Hangzhou Chang Chuan Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 108664<br>|
| Hangzhou First Applied Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 47263<br>|
| Hangzhou Lion Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 29,237<br> \*<br>|
| Hangzhou Silan Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 45818<br>|
| Hongyuan Green Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 20,566<br> \*<br>|
| Hua Hong Semiconductor Ltd., Class A Shares | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 38,332<br> \*<br>|
| Hua Hong Semiconductor Ltd., Class H Shares | &nbsp;&nbsp; 67000 | &nbsp;&nbsp; 663,574<br> \*<sup>(a)</sup><br>|
| Hwatsing Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 68021<br>|
| Hygon Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 15562 | &nbsp;&nbsp; 473752<br>|
| Ingenic Semiconductor Co. Ltd., Class A Shares | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 48324<br>|
| InnoScience Suzhou Technology Holding Co. Ltd., Class H Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 158,792<br> \*<br>|
| JA Solar Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 21092 | &nbsp;&nbsp; 33,287<br> \*<br>|
| JCET Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 69570<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Jinko Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 68076 | &nbsp;&nbsp; $64,166<br> \*<br>|
| LONGi Green Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 125,962<br> \*<br>|
| Loongson Technology Corp. Ltd., Class A Shares | &nbsp;&nbsp; 2234 | &nbsp;&nbsp; 42,227<br> \*<br>|
| Montage Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 7687 | &nbsp;&nbsp; 139434<br>|
| National Silicon Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 22444 | &nbsp;&nbsp; 54,918<br> \*<br>|
| NAURA Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 4610 | &nbsp;&nbsp; 298358<br>|
| Nexchip Semiconductor Corp., Class A Shares | &nbsp;&nbsp; 13640 | &nbsp;&nbsp; 52098<br>|
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 105867<br>|
| Piotech Inc., Class A Shares | &nbsp;&nbsp; 1958 | &nbsp;&nbsp; 104892<br>|
| Rockchip Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 63919<br>|
| Sanan Optoelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 62855<br>|
| SG Micro Corp., Class A Shares | &nbsp;&nbsp; 3454 | &nbsp;&nbsp; 33821<br>|
| Shanghai Aiko Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 25,153<br> \*<br>|
| Shanghai Fudan Microelectronics Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 58848<br>|
| Shanghai Fudan Microelectronics Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 122510<br>|
| Shenzhen Goodix Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 59157<br>|
| Shenzhen Techwinsemi Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 71544<br>|
| Skyverse Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 44,030<br> \*<br>|
| Suzhou Centec Communications Co. Ltd., Class A Shares | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 41,075<br> \*<br>|
| Suzhou Maxwell Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 59603<br>|
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 39,408<br> \*<br>|
| Tianshui Huatian Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 52245<br>|
| TongFu Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 74202<br>|
| Tongwei Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 74,148<br> \*<br>|
| Trina Solar Co. Ltd., Class A Shares | &nbsp;&nbsp; 17174 | &nbsp;&nbsp; 40,979<br> \*<br>|
| Unigroup Guoxin Microelectronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 59283<br>|
| United Nova Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 60574 | &nbsp;&nbsp; 55,253<br> \*<br>|
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A Shares | &nbsp;&nbsp; 3249 | &nbsp;&nbsp; 95,164<br> \*<br>|
| Xinjiang Daqo New Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 37,703<br> \*<br>|
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 138073<br>|
| Yangzhou Yangjie Electronic Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 60566<br>|
| Yuanjie Semiconductor Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 72787<br>|
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 73807<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5928877 |
| Software — 1.0% | Software — 1.0% | Software — 1.0% |
| 360 Security Technology Inc., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 76841<br>|
| Beijing E-Hualu Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 10,260<br> \*<br>|
| Beijing Kingsoft Office Software Inc., Class A Shares | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; 97358<br>|
| Beijing Shiji Information Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 26526<br>|
| CETC Cyberspace Security Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 15009<br>|
| China National Software & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 32,550<br> \*<br>|
| Empyrean Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 42282<br>|
| Geovis Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 51226<br>|
| Horizon Robotics | &nbsp;&nbsp; 818400 | &nbsp;&nbsp; 691,029<br> \*<br>|
| Hundsun Technologies Inc., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 45836<br>|
| Iflytek Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 124445<br>|
| Jiangsu Hoperun Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 34812<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software — continued | Software — continued | Software — continued |
| Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; $300,598<br> \*<sup>(b)</sup><br>|
| Longshine Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28008<br>|
| NavInfo Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 24,938<br> \*<br>|
| Newland Digital Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 18043<br>|
| Pony AI Inc. | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 234,112<br> \*<br>|
| Sangfor Technologies Inc., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 39765<br>|
| SenseTime Group Inc., Class B Shares | &nbsp;&nbsp; 2542000 | &nbsp;&nbsp; 596,577<br> \*<sup>(a)(b)</sup><br>|
| Shanghai Baosight Software Co. Ltd., Class A Shares | &nbsp;&nbsp; 14403 | &nbsp;&nbsp; 47963<br>|
| Shanghai Baosight Software Co. Ltd., Class B Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 76930<br>|
| Shanghai Stonehill Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 56,679<br> \*<br>|
| Shenzhen Infogem Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 33,690<br> \*<br>|
| Shenzhen Kingdom Sci-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 11,239<br> \*<br>|
| Yonyou Network Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 41,796<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 2758512 |
| Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% |
| Anker Innovations Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 97120<br>|
| China Greatwall Technology Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 52,819<br> \*<br>|
| Founder Technology Group Corp., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 35,476<br> \*<br>|
| GRG Banking Equipment Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 30620<br>|
| Huaqin Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 71931<br>|
| IEIT Systems Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 100684<br>|
| Legend Holdings Corp., Class H Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 57,151<br> \*<sup>(a)</sup><br>|
| Ninestar Corp., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 29,713<br> \*<br>|
| Sharetronic Data Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 60614<br>|
| Shenzhen Longsys Electronics Co. Ltd., Class A Shares | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 116,136<br> \*<br>|
| Shenzhen Transsion Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 7491 | &nbsp;&nbsp; 59490<br>|
| Xiaomi Corp., Class B Shares | &nbsp;&nbsp; 1599600 | &nbsp;&nbsp; 6,479,847<br> \*<sup>(a)(b)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 7191601 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **24750115** |
| **Materials — 6.0%** | **Materials — 6.0%** | **Materials — 6.0%** |
| Chemicals — 1.4% | Chemicals — 1.4% | Chemicals — 1.4% |
| Asia - Potash International Investment Guangzhou Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 54,848<br> \*<br>|
| Canmax Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 52514<br>|
| Cathay Biotech Inc., Class A Shares | &nbsp;&nbsp; 4734 | &nbsp;&nbsp; 33894<br>|
| Chengxin Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 35,997<br> \*<br>|
| Do-Fluoride New Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 24973<br>|
| Ganfeng Lithium Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 140720<br>|
| Ganfeng Lithium Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 44500 | &nbsp;&nbsp; 412920<br> <sup>(a)</sup><br>|
| Guangzhou Tinci Materials Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 82587<br>|
| Hangzhou Oxygen Plant Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 25081<br>|
| Haohua Chemical Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 27280<br>|
| Hengli Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 116609<br>|
| Hengyi Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 43771<br>|
| Hoshine Silicon Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 36320<br>|
| Huafon Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 46051<br>|
| Hubei Feilihua Quartz Glass Co. Ltd., Class A Shares | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 42347<br>|
| Hubei Xingfa Chemicals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 59929<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Inner Mongolia Berun Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; $37747<br>|
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 49462<br>|
| Jiangsu Eastern Shenghong Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 66,922<br> \*<br>|
| Jiangsu Yangnong Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 67326<br>|
| Jiangsu Yoke Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 70683<br>|
| Kingfa Sci & Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 44974<br>|
| LB Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 46886<br>|
| Levima Advanced Materials Corp., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 17801<br>|
| Luxi Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28816<br>|
| Meihua Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 41114<br>|
| Ningbo Shanshan Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 35,737<br> \*<br>|
| Ningxia Baofeng Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 208692<br>|
| Qinghai Salt Lake Industry Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 199,285<br> \*<br>|
| Rongsheng Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 75405<br>|
| Satellite Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 99176<br>|
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 97488<br>|
| Shanghai Putailai New Energy Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 57416<br>|
| Shenzhen Capchem Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 50557<br>|
| Shenzhen Senior Technology Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 26589<br>|
| Sichuan Hebang Biotechnology Co. Ltd., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 30,270<br> \*<br>|
| Sichuan Yahua Industrial Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 20826<br>|
| Sinoma Science & Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 70504<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 20683<br>|
| Sinopec Shanghai Petrochemical Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 38907<br>|
| Skshu Paint Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 45512<br>|
| Sunresin New Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 58852<br>|
| Tangshan Sanyou Chemical Industries Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 18690<br>|
| Tianqi Lithium Corp., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 99,607<br> \*<br>|
| Tianqi Lithium Corp., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 72,658<br> \*<br>|
| Tongkun Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 48609<br>|
| Valiant Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 13940<br>|
| Wanhua Chemical Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 213962<br>|
| Yonfer Agricultural Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28151<br>|
| Yunnan Energy New Material Group Co. Ltd, Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 60,845<br> \*<br>|
| Yunnan Yuntianhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 59947<br>|
| Zangge Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 142318<br>|
| Zhejiang Juhua Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 91967<br>|
| Zhejiang Longsheng Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 46715<br>|
| Zhejiang NHU Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 93044<br>|
| Zhejiang Yongtai Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 20,467<br> \*<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3854391 |
| Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% |
| Anhui Conch Cement Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 103951<br>|
| Anhui Conch Cement Co. Ltd., Class H Shares | &nbsp;&nbsp; 110900 | &nbsp;&nbsp; 299875<br>|
| BBMG Corp., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 19390<br>|
| BBMG Corp., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 23724<br>|
| BBMG Jidong Cement Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 17379<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction Materials — continued | Construction Materials — continued | Construction Materials — continued |
| China Jushi Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; $109113<br>|
| China National Building Material Co. Ltd., Class H Shares | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 225851<br>|
| China Resources Building Materials Technology Holdings Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 47448<br>|
| CSG Holding Co. Ltd., Class B Shares | &nbsp;&nbsp; 111600 | &nbsp;&nbsp; 23060<br>|
| Huaxin Building Materials Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 38061<br>|
| Huaxin Building Materials Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 63382<br>|
| TianShan Material Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 22,532<br> \*<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 993766 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| ORG Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 13735<br>|
| Shenzhen YUTO Packaging Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 28456<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 42191 |
| Metals & Mining — 4.1% | Metals & Mining — 4.1% | Metals & Mining — 4.1% |
| Aluminum Corp. of China Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 143270<br>|
| Aluminum Corp. of China Ltd., Class H Shares | &nbsp;&nbsp; 346800 | &nbsp;&nbsp; 497628<br>|
| Angang Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 17,020<br> \*<br>|
| Angang Steel Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 23,724<br> \*<br>|
| Baiyin Nonferrous Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 51024<br>|
| Baoshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 142600 | &nbsp;&nbsp; 132345<br>|
| Beijing Shougang Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 20961<br> <sup>(d)</sup><br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 77470<br>|
| Chifeng Jilong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 14200 | &nbsp;&nbsp; 74874<br>|
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 478273<br>|
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 1307900<br>|
| China Nonferrous Mining Corp. Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 181725<br>|
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 171205<br>|
| China Rare Earth Resources and Technology Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 43,080<br> \*<br>|
| China Tungsten And Hightech Materials Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 85657<br>|
| Citic Pacific Special Steel Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 44004<br>|
| CMOC Group Ltd., Class A Shares | &nbsp;&nbsp; 117800 | &nbsp;&nbsp; 292509<br>|
| CMOC Group Ltd., Class H Shares | &nbsp;&nbsp; 327000 | &nbsp;&nbsp; 671501<br>|
| Dazhong Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 35844<br>|
| Guangdong HEC Technology Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 81,599<br> \*<br>|
| Hangzhou Iron & Steel Co., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 30,737<br> \*<br>|
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 82946<br>|
| Hesteel Co. Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 29282<br>|
| Huaibei Mining Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 36491<br>|
| Hunan Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 55477<br>|
| Hunan Valin Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 36410<br>|
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A Shares | &nbsp;&nbsp; 297600 | &nbsp;&nbsp; 108152<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 26751<br>|
| Inner Mongolia ERDOS Resources Co. Ltd., Class B Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 50518<br>|
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 72209<br>|
| Jiangxi Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 115801<br>|
| Jiangxi Copper Co. Ltd., Class H Shares | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 417540<br>|
| Jinduicheng Molybdenum Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 66787<br>|
| Maanshan Iron & Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 26,930<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Maanshan Iron & Steel Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; $39,698<br> \*<br>|
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 32,882<br> \*<br>|
| Shandong Gold Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 144526<br>|
| Shandong Gold Mining Co. Ltd., Class H Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 383615<br> <sup>(a)</sup><br>|
| Shandong Humon Smelting Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 13375<br>|
| Shandong Nanshan Aluminum Co. Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 77039<br>|
| Shanjin International Gold Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 79929<br>|
| Shanxi Meijin Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 25,368<br> \*<br>|
| Shanxi Taigang Stainless Steel Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 31,167<br> \*<br>|
| Shenghe Resources Holding Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 40216<br>|
| Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 27469<br>|
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 87937<br>|
| Sinomine Resource Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 66698<br>|
| Tianshan Aluminum Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 79849<br>|
| Tongling Nonferrous Metals Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 73017<br>|
| Western Mining Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 67326<br>|
| Western Superconducting Technologies Co. Ltd., Class A Shares | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; 37731<br>|
| Xiamen Tungsten Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 99858<br>|
| Xinxing Ductile Iron Pipes Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 20736<br>|
| Yunnan Aluminium Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 111312<br>|
| Yunnan Copper Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 48555<br>|
| Yunnan Tin Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 56661<br>|
| Zhaojin Mining Industry Co. Ltd., Class H Shares | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 627497<br>|
| Zhejiang Hailiang Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 37433<br>|
| Zhongjin Gold Corp. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 119885<br>|
| Zijin Mining Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 646185<br>|
| Zijin Mining Group Co. Ltd., Class H Shares | &nbsp;&nbsp; 558000 | &nbsp;&nbsp; 2445458<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 11109066 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 54565<br>|
| Nine Dragons Paper Holdings Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 104,543<br> \*<br>|
| Shandong Sun Paper Industry JSC Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 39938<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 199046 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **16198460** |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Real Estate Management & Development — 1.6% | Real Estate Management & Development — 1.6% | Real Estate Management & Development — 1.6% |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 99719<br>|
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 102013<br>|
| China Merchants Property Operation & Service Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 8752<br>|
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 75495<br>|
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 345500 | &nbsp;&nbsp; 508983<br>|
| China Resources Land Ltd. | &nbsp;&nbsp; 279000 | &nbsp;&nbsp; 1019178<br>|
| China Resources Mixc Lifestyle Services Ltd. | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 371991<br> <sup>(a)</sup><br>|
| China Vanke Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 39,399<br> \*<br>|
| China Vanke Co. Ltd., Class H Shares | &nbsp;&nbsp; 204600 | &nbsp;&nbsp; 75,940<br> \*<br>|
| China World Trade Center Co. Ltd., Class A Shares | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 18663<br>|
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 140208<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| Gemdale Corp., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; $14,704<br> \*<br>|
| Grandjoy Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 15,674<br> \*<br>|
| Greenland Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 20,467<br> \*<br>|
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 103555<br>|
| Hainan Airport Infrastructure Co. Ltd., Class A Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 42245<br>|
| Hangzhou Binjiang Real Estate Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 35045<br>|
| Hopson Development Holdings Ltd. | &nbsp;&nbsp; 99200 | &nbsp;&nbsp; 33,403<br> \*<br>|
| KE Holdings Inc., Class A Shares | &nbsp;&nbsp; 167030 | &nbsp;&nbsp; 807433<br> <sup>(b)</sup><br>|
| Longfor Group Holdings Ltd. | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 179115<br> <sup>(a)(b)</sup><br>|
| Poly Developments and Holdings Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 80600 | &nbsp;&nbsp; 67918<br>|
| Poly Property Services Co. Ltd., Class H Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 49346<br>|
| Quzhou Xin'an Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 28,277<br> \*<br>|
| Seazen Group Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 64,529<br> \*<br>|
| Seazen Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 37,729<br> \*<br>|
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 18823<br>|
| Shanghai Lingang Holdings Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 26877<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 20844<br>|
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 37479<br>|
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 61132<br>|
| Shenzhen Overseas Chinese Town Co. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 21,428<br> \*<br>|
| Yango Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 0<br> \*<sup>(d)(e)(f)</sup><br>|
| Youngor Fashion Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 41311<br>|
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 59626<br>|
| Zhuhai Huafa Properties Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 9668<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4256969** |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 41500 | &nbsp;&nbsp; 158268<br>|
| China Gas Holdings Ltd. | &nbsp;&nbsp; 260400 | &nbsp;&nbsp; 237476<br>|
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 86800 | &nbsp;&nbsp; 210684<br>|
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 551066<br>|
| ENN Natural Gas Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 59731<br>|
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 339726<br>|
| Shenzhen Gas Corp. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 19013<br>|
| Towngas Smart Energy Co. Ltd. | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 53300<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 1629264 |
| Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% |
| Beijing Jingneng Clean Energy Co. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 35744<br>|
| CECEP Solar Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 24596<br>|
| CECEP Wind-Power Corp., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 34579<br>|
| CGN Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 82766<br>|
| CGN Power Co. Ltd., Class H Shares | &nbsp;&nbsp; 992000 | &nbsp;&nbsp; 445376<br> <sup>(a)</sup><br>|
| China Longyuan Power Group Corp. Ltd., Class H Shares | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 281919<br>|
| China National Nuclear Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 136400 | &nbsp;&nbsp; 178728<br>|
| China Power International Development Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 149935<br>|
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 188000 | &nbsp;&nbsp; 437616<br>|
| China Three Gorges Renewables Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 186000 | &nbsp;&nbsp; 114723<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued | Independent Power and Renewable Electricity Producers — continued |
| China Yangtze Power Co. Ltd., Class A Shares | China Yangtze Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 161200 | &nbsp;&nbsp; $631104<br>|
| Datang International Power Generation Co. Ltd., Class A Shares | Datang International Power Generation Co. Ltd., Class A Shares | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 42442<br>|
| Datang International Power Generation Co. Ltd., Class H Shares | Datang International Power Generation Co. Ltd., Class H Shares | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 79396<br>|
| Fujian Funeng Co. Ltd., Class A Shares | Fujian Funeng Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 37344<br>|
| GD Power Development Co. Ltd., Class A Shares | GD Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 117800 | &nbsp;&nbsp; 82551<br>|
| Green Development Electricity Group of Tianjin Co. Ltd., Class A Shares | Green Development Electricity Group of Tianjin Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 18151<br>|
| Guangdong Electric Power Development Co. Ltd., Class A Shares | Guangdong Electric Power Development Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 15862<br>|
| Guangdong Electric Power Development Co. Ltd., Class B Shares | Guangdong Electric Power Development Co. Ltd., Class B Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 16370<br>|
| Guangxi Guiguan Electric Power Co. Ltd., Class A Shares | Guangxi Guiguan Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 16966<br>|
| Huadian Power International Corp. Ltd., Class A Shares | Huadian Power International Corp. Ltd., Class A Shares | &nbsp;&nbsp; 68200 | &nbsp;&nbsp; 46509<br>|
| Huadian Power International Corp. Ltd., Class H Shares | Huadian Power International Corp. Ltd., Class H Shares | &nbsp;&nbsp; 124000 | &nbsp;&nbsp; 63738<br>|
| Huaneng Lancang River Hydropower Inc., Class A Shares | Huaneng Lancang River Hydropower Inc., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 53376<br>|
| Huaneng Power International Inc., Class A Shares | Huaneng Power International Inc., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 63017<br>|
| Huaneng Power International Inc., Class H Shares | Huaneng Power International Inc., Class H Shares | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 279942<br>|
| Hubei Energy Group Co. Ltd., Class A Shares | Hubei Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 38618<br>|
| Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A Shares | &nbsp;&nbsp; 43400 | &nbsp;&nbsp; 32173<br>|
| SDIC Power Holdings Co. Ltd., Class A Shares | SDIC Power Holdings Co. Ltd., Class A Shares | &nbsp;&nbsp; 49600 | &nbsp;&nbsp; 101689<br>|
| Shaanxi Energy Investment Co. Ltd., Class A Shares | Shaanxi Energy Investment Co. Ltd., Class A Shares | &nbsp;&nbsp; 18600 | &nbsp;&nbsp; 29031<br>|
| Shanghai Electric Power Co. Ltd., Class A Shares | Shanghai Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 65531<br>|
| Shenergy Co. Ltd., Class A Shares | Shenergy Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 47990<br>|
| Shenzhen Energy Group Co. Ltd., Class A Shares | Shenzhen Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 37433<br>|
| Sichuan Chuantou Energy Co. Ltd., Class A Shares | Sichuan Chuantou Energy Co. Ltd., Class A Shares | &nbsp;&nbsp; 37200 | &nbsp;&nbsp; 80199<br>|
| Sichuan New Energy Power Co. Ltd., Class A Shares | Sichuan New Energy Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 28492<br>|
| Wintime Energy Group Co. Ltd., Class A Shares | Wintime Energy Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 161200 | &nbsp;&nbsp; 42,011<br> \*<br>|
| Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | Zhejiang Zheneng Electric Power Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 48744<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 3784661 |
| Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 28097<br>|
| Beijing Enterprises Water Group Ltd. | Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 372000 | &nbsp;&nbsp; 128584<br>|
| Chengdu Xingrong Environment Co. Ltd., Class A Shares | Chengdu Xingrong Environment Co. Ltd., Class A Shares | &nbsp;&nbsp; 24800 | &nbsp;&nbsp; 24489<br>|
| Guangdong Investment Ltd. | Guangdong Investment Ltd. | &nbsp;&nbsp; 248000 | &nbsp;&nbsp; 247361<br>|
| Zhongshan Public Utilities Group Co. Ltd., Class A Shares | Zhongshan Public Utilities Group Co. Ltd., Class A Shares | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 19946<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 448477 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5862402** |
| **Total Investments before Short-Term Investments (Cost — $257,312,184)** | **Total Investments before Short-Term Investments (Cost — $257,312,184)** | **Total Investments before Short-Term Investments (Cost — $257,312,184)** | &nbsp;&nbsp; **271559154** |
|  | Rate |  |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.1%** | **Investments from Cash Collateral Received for Loaned Securities — 0.1%** | **Investments from Cash Collateral Received for Loaned Securities — 0.1%** | **Investments from Cash Collateral Received for Loaned Securities — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $423,500) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 423500<br>| &nbsp;&nbsp; **423500**<br> <sup>(g)(h)(i)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE China ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $175,785)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 175785<br>| &nbsp;&nbsp; **$175785**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Short-Term Investments (Cost — $599,285)** | **Total Short-Term Investments (Cost — $599,285)** | **Total Short-Term Investments (Cost — $599,285)** | &nbsp;&nbsp; **599285** |
| **Total Investments — 100.1% (Cost — $257,911,469)** | **Total Investments — 100.1% (Cost — $257,911,469)** | **Total Investments — 100.1% (Cost — $257,911,469)** | &nbsp;&nbsp; **272158439** |
| Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp; (230653)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$271927786** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Variable interest entity (VIE). See Note 8 regarding investments made through a VIE structure. At March 31, 2026, the value of these securities was <br> $108,342,633, representing 39.8% of net assets.<br>|
| <sup>(c)</sup> | A portion or all of the security is on loan at March 31, 2026 (Note 1).  |
| <sup>(d)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(e)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(f)</sup> | Value is less than $1. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $599,285 and the cost was $599,285 (Note 6).<br>|
| <sup>(i)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| JSC |  | Joint Stock Company |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| China | 99.1<br> %<br>|
| United States | 0.6 |
| Hong Kong | 0.1 |
| Singapore | 0.0<br> ††<br>|
| Short-Term Investments | 0.2 |
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Communication Services — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% |
| BT Group PLC | &nbsp;&nbsp; 44715 | &nbsp;&nbsp; $124123<br>|
| Cellnex Telecom SA | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 143298<br> <sup>(a)</sup><br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 27300 | &nbsp;&nbsp; 1004989<br>|
| Elisa oyj | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 55062<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; 19785<br> <sup>(a)</sup><br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 29895 | &nbsp;&nbsp; 165439<br>|
| Orange SA | &nbsp;&nbsp; 16680 | &nbsp;&nbsp; 339690<br>|
| Swisscom AG, Registered Shares | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 174314<br>|
| Telecom Italia SpA | &nbsp;&nbsp; 87510 | &nbsp;&nbsp; 60,417<br> \*<br>|
| Telecom Italia SpA, Savings Shares | &nbsp;&nbsp; 48210 | &nbsp;&nbsp; 39,117<br> \*<br>|
| Telefonica SA | &nbsp;&nbsp; 32505 | &nbsp;&nbsp; 142131<br>|
| Telekom Austria AG | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 6928<br>|
| Telenor ASA | &nbsp;&nbsp; 5025 | &nbsp;&nbsp; 87852<br>|
| Telia Co. AB | &nbsp;&nbsp; 18285 | &nbsp;&nbsp; 92594<br>|
| Zegona Communications PLC | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 31142<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 2486881 |
| Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 25748<br>|
| Universal Music Group NV | &nbsp;&nbsp; 7575 | &nbsp;&nbsp; 145189<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 170937 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Autotrader Group PLC | &nbsp;&nbsp; 6810 | &nbsp;&nbsp; 42163<br> <sup>(a)</sup><br>|
| Rightmove PLC | &nbsp;&nbsp; 6090 | &nbsp;&nbsp; 34444<br>|
| Scout24 SE | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 42205<br> <sup>(a)</sup><br>|
| Vend Marketplaces ASA, Class B Shares | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 33944<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 152756 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Informa PLC | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 100531<br>|
| Publicis Groupe SA | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 148144<br>|
| RTL Group SA | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 11969<br>|
| Total Media | Total Media | &nbsp;&nbsp; 260644 |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| Airtel Africa PLC | &nbsp;&nbsp; 5325 | &nbsp;&nbsp; 24198<br> <sup>(a)</sup><br>|
| Tele2 AB, Class B Shares | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 88554<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 145695 | &nbsp;&nbsp; 217681<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 330433 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3401651** |
| **Consumer Discretionary — 6.5%** | **Consumer Discretionary — 6.5%** | **Consumer Discretionary — 6.5%** |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| Aumovio SE | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 16,481<br> \*<br>|
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 173040<br>|
| Continental AG | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 58714<br>|
| Pirelli & C. SpA | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 22040<br> <sup>(a)</sup><br>|
| Schaeffler AG | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 12803<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 283078 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; $200863<br>|
| Ferrari NV | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 319666<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 6045 | &nbsp;&nbsp; 364899<br>|
| Renault SA | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 49152<br>|
| Stellantis NV | &nbsp;&nbsp; 17025 | &nbsp;&nbsp; 118,855<br> \*<br>|
| Volkswagen AG | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 22930<br>|
| Volvo Car AB, Class B Shares | &nbsp;&nbsp; 4905 | &nbsp;&nbsp; 10,777<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1087142 |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| Allegro.eu SA | &nbsp;&nbsp; 6330 | &nbsp;&nbsp; 44,757<br> \*<sup>(a)</sup><br>|
| Next PLC | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 152938<br>|
| Prosus NV | &nbsp;&nbsp; 9675 | &nbsp;&nbsp; 434531<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 632226 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| D'ieteren Group | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 30076<br>|
| Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% | Diversified Consumer Services — 0.1% |
| Pearson PLC | &nbsp;&nbsp; 5070 | &nbsp;&nbsp; 66163<br>|
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Accor SA | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 78628<br>|
| Amadeus IT Group SA | &nbsp;&nbsp; 3435 | &nbsp;&nbsp; 192666<br>|
| Compass Group PLC | &nbsp;&nbsp; 13575 | &nbsp;&nbsp; 373243<br>|
| Delivery Hero SE | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 31,776<br> \*<sup>(a)</sup><br>|
| Entain PLC | &nbsp;&nbsp; 4710 | &nbsp;&nbsp; 34844<br>|
| Evolution AB | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 61737<br> <sup>(a)</sup><br>|
| FDJ UNITED | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 25676<br>|
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 148656<br>|
| Sodexo SA | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 32774<br>|
| Whitbread PLC | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 41328<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1021328 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Barratt Redrow PLC | &nbsp;&nbsp; 10755 | &nbsp;&nbsp; 36917<br>|
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 33303<br>|
| Persimmon PLC | &nbsp;&nbsp; 2475 | &nbsp;&nbsp; 34874<br>|
| Taylor Wimpey PLC | &nbsp;&nbsp; 28155 | &nbsp;&nbsp; 32940<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 138034 |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Avolta AG | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 44111<br>|
| H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 63983<br>|
| Industria de Diseno Textil SA | &nbsp;&nbsp; 8820 | &nbsp;&nbsp; 500397<br>|
| JD Sports Fashion PLC | &nbsp;&nbsp; 19275 | &nbsp;&nbsp; 17960<br>|
| Kingfisher PLC | &nbsp;&nbsp; 13605 | &nbsp;&nbsp; 50916<br>|
| Zalando SE | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 44,041<br> \*<sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 721408 |
| Textiles, Apparel & Luxury Goods — 2.8% | Textiles, Apparel & Luxury Goods — 2.8% | Textiles, Apparel & Luxury Goods — 2.8% |
| adidas AG | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 210193<br>|
| Brunello Cucinelli SpA | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 23201<br>|
| Burberry Group PLC | &nbsp;&nbsp; 2865 | &nbsp;&nbsp; 41,106<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Textiles, Apparel & Luxury Goods — continued | Textiles, Apparel & Luxury Goods — continued | Textiles, Apparel & Luxury Goods — continued |
| Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; $729347<br>|
| Hermes International SCA | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 504258<br>|
| Kering SA | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 164088<br>|
| LPP SA | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 65799<br>|
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 1088511<br>|
| Moncler SpA | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 105713<br>|
| Pandora A/S | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 41974<br>|
| Swatch Group AG, Bearer Shares | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 48581<br>|
| Swatch Group AG, Registered Shares  | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 15573<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3038344 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **7017799** |
| **Consumer Staples — 8.7%** | **Consumer Staples — 8.7%** | **Consumer Staples — 8.7%** |
| Beverages — 1.5% | Beverages — 1.5% | Beverages — 1.5% |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 7590 | &nbsp;&nbsp; 522263<br>|
| Carlsberg AS, Class B Shares | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 89170<br>|
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 152199<br>|
| Coca-Cola HBC AG | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 89027<br>|
| Davide Campari-Milano NV | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; 31466<br>|
| Diageo PLC | &nbsp;&nbsp; 17805 | &nbsp;&nbsp; 327773<br>|
| Heineken Holding NV | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 64679<br>|
| Heineken NV | &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 168442<br>|
| Pernod Ricard SA | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 113211<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 1558230 |
| Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% |
| Axfood AB | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 28367<br>|
| Carrefour SA | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 82191<br>|
| Dino Polska SA | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; 34,382<br> \*<sup>(a)</sup><br>|
| J Sainsbury PLC | &nbsp;&nbsp; 13545 | &nbsp;&nbsp; 60551<br>|
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 52590<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 46166<br>|
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 7185 | &nbsp;&nbsp; 333543<br>|
| Marks & Spencer Group PLC | &nbsp;&nbsp; 16260 | &nbsp;&nbsp; 72732<br>|
| Tesco PLC | &nbsp;&nbsp; 49695 | &nbsp;&nbsp; 310036<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1020558 |
| Food Products — 3.0% | Food Products — 3.0% | Food Products — 3.0% |
| AAK AB | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 36642<br>|
| Associated British Foods PLC | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 57533<br>|
| Barry Callebaut AG, Registered Shares | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 49984<br>|
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 237583<br>|
| Danone SA | &nbsp;&nbsp; 5055 | &nbsp;&nbsp; 402115<br>|
| JDE Peet's NV | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 45124<br>|
| Kerry Group PLC, Class A Shares | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 101666<br>|
| Lotus Bakeries NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 33667<br>|
| Magnum Ice Cream Co. NV | &nbsp;&nbsp; 3825 | &nbsp;&nbsp; 56,015<br> \*<br>|
| Mowi ASA | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 79806<br>|
| Nestle SA, Registered Shares | &nbsp;&nbsp; 20565 | &nbsp;&nbsp; 2006978<br>|
| Orkla ASA | &nbsp;&nbsp; 5265 | &nbsp;&nbsp; 65779<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| Salmar ASA | &nbsp;&nbsp; 555 | &nbsp;&nbsp; $32191<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 3205083 |
| Household Products — 0.5% | Household Products — 0.5% | Household Products — 0.5% |
| Essity AB, Class B Shares | &nbsp;&nbsp; 4695 | &nbsp;&nbsp; 119713<br>|
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 54472<br>|
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 350238<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 524423 |
| Personal Care Products — 1.6% | Personal Care Products — 1.6% | Personal Care Products — 1.6% |
| Beiersdorf AG | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 72794<br>|
| L'Oreal SA | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 736614<br>|
| Unilever PLC | &nbsp;&nbsp; 17145 | &nbsp;&nbsp; 949356<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 1758764 |
| Tobacco — 1.1% | Tobacco — 1.1% | Tobacco — 1.1% |
| British American Tobacco PLC | &nbsp;&nbsp; 16830 | &nbsp;&nbsp; 970087<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 5940 | &nbsp;&nbsp; 239457<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 1209544 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9276602** |
| **Energy — 5.7%** | **Energy — 5.7%** | **Energy — 5.7%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Tenaris SA | &nbsp;&nbsp; 2685 | &nbsp;&nbsp; 78888<br>|
| Oil, Gas & Consumable Fuels — 5.6% | Oil, Gas & Consumable Fuels — 5.6% | Oil, Gas & Consumable Fuels — 5.6% |
| Aker BP ASA | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; 90081<br>|
| Bollore SE | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 30475<br>|
| BP PLC | &nbsp;&nbsp; 125325 | &nbsp;&nbsp; 1002008<br>|
| DCC PLC | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 42165<br>|
| Eni SpA | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 429483<br>|
| Equinor ASA | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 231111<br>|
| Galp Energia SGPS SA | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 79885<br>|
| Neste oyj | &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 105790<br>|
| OMV AG | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 83014<br>|
| ORLEN SA | &nbsp;&nbsp; 4650 | &nbsp;&nbsp; 167562<br>|
| Repsol SA | &nbsp;&nbsp; 8580 | &nbsp;&nbsp; 243687<br>|
| Shell PLC | &nbsp;&nbsp; 45480 | &nbsp;&nbsp; 2148884<br>|
| TotalEnergies SE | &nbsp;&nbsp; 14505 | &nbsp;&nbsp; 1352221<br>|
| Var Energi ASA | &nbsp;&nbsp; 6945 | &nbsp;&nbsp; 36033<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 6042399 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6121287** |
| **Financials — 23.6%** | **Financials — 23.6%** | **Financials — 23.6%** |
| Banks — 13.1% | Banks — 13.1% | Banks — 13.1% |
| ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; 127443<br>|
| AIB Group PLC | &nbsp;&nbsp; 17145 | &nbsp;&nbsp; 178087<br>|
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 16575 | &nbsp;&nbsp; 141839<br>|
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 45285 | &nbsp;&nbsp; 952237<br>|
| Banco BPM SpA | &nbsp;&nbsp; 11715 | &nbsp;&nbsp; 160087<br>|
| Banco Comercial Portugues SA, Class R Shares | &nbsp;&nbsp; 71130 | &nbsp;&nbsp; 68187<br>|
| Banco de Sabadell SA | &nbsp;&nbsp; 39795 | &nbsp;&nbsp; 139527<br>|
| Banco Santander SA | &nbsp;&nbsp; 116970 | &nbsp;&nbsp; 1278994<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 7680 | &nbsp;&nbsp; $136583<br>|
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 82262<br>|
| Bankinter SA | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 76052<br>|
| Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 36121<br>|
| Barclays PLC | &nbsp;&nbsp; 111345 | &nbsp;&nbsp; 571832<br>|
| BAWAG Group AG | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 91764<br> <sup>(a)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 7905 | &nbsp;&nbsp; 737668<br>|
| BPER Banca SpA | &nbsp;&nbsp; 11130 | &nbsp;&nbsp; 142795<br>|
| CaixaBank SA | &nbsp;&nbsp; 28740 | &nbsp;&nbsp; 336606<br>|
| Commerzbank AG | &nbsp;&nbsp; 5370 | &nbsp;&nbsp; 190507<br>|
| Credit Agricole SA | &nbsp;&nbsp; 7365 | &nbsp;&nbsp; 135181<br>|
| Danske Bank A/S | &nbsp;&nbsp; 5055 | &nbsp;&nbsp; 243420<br>|
| DNB Bank ASA | &nbsp;&nbsp; 6480 | &nbsp;&nbsp; 200368<br>|
| Erste Group Bank AG | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 238203<br>|
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 107666<br>|
| HSBC Holdings PLC | &nbsp;&nbsp; 137235 | &nbsp;&nbsp; 2210750<br>|
| ING Groep NV | &nbsp;&nbsp; 23310 | &nbsp;&nbsp; 593691<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 122790 | &nbsp;&nbsp; 730171<br>|
| KBC Group NV | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 218535<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 473460 | &nbsp;&nbsp; 576526<br>|
| mBank SA | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 30,404<br> \*<br>|
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 13173<br>|
| NatWest Group PLC | &nbsp;&nbsp; 63750 | &nbsp;&nbsp; 465059<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 25920 | &nbsp;&nbsp; 438269<br>|
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 6840 | &nbsp;&nbsp; 159365<br>|
| Raiffeisen Bank International AG | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 42732<br>|
| Santander Bank Polska SA | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 53952<br>|
| Skandinaviska Enskilda Banken AB, Class A Shares | &nbsp;&nbsp; 12045 | &nbsp;&nbsp; 217856<br>|
| Skandinaviska Enskilda Banken AB, Class C Shares | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 2240<br>|
| Societe Generale SA | &nbsp;&nbsp; 5340 | &nbsp;&nbsp; 379994<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 14430 | &nbsp;&nbsp; 295898<br>|
| Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 11505 | &nbsp;&nbsp; 148609<br>|
| Svenska Handelsbanken AB, Class B Shares | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 6265<br>|
| Swedbank AB, Class A Shares | &nbsp;&nbsp; 6450 | &nbsp;&nbsp; 215920<br>|
| UniCredit SpA | &nbsp;&nbsp; 12075 | &nbsp;&nbsp; 846734<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 14019572 |
| Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% |
| 3i Group PLC | &nbsp;&nbsp; 7920 | &nbsp;&nbsp; 254627<br>|
| Amundi SA | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 39299<br> <sup>(a)</sup><br>|
| CVC Capital Partners PLC | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 21776<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 13950 | &nbsp;&nbsp; 403678<br>|
| Deutsche Boerse AG | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 425297<br>|
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 15029<br> <sup>(a)</sup><br>|
| EQT AB | &nbsp;&nbsp; 4260 | &nbsp;&nbsp; 128119<br>|
| Euronext NV | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 110110<br> <sup>(a)</sup><br>|
| ICG PLC | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 45701<br>|
| Julius Baer Group Ltd. | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; 118339<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; $454116<br>|
| Partners Group Holding AG | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 180076<br>|
| Schroders PLC | &nbsp;&nbsp; 5850 | &nbsp;&nbsp; 44319<br>|
| St James's Place PLC | &nbsp;&nbsp; 4035 | &nbsp;&nbsp; 62601<br>|
| Swissquote Group Holding SA, Registered Shares | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 43547<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 24990 | &nbsp;&nbsp; 955687<br>|
| VZ Holding AG | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 22520<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3324841 |
| Financial Services — 1.4% | Financial Services — 1.4% | Financial Services — 1.4% |
| Adyen NV | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 208,753<br> \*<sup>(a)</sup><br>|
| Banca Mediolanum SpA | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 33449<br>|
| Edenred SE | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 35382<br>|
| EXOR NV | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 52193<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 55094<br>|
| HAL Trust | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 27003<br>|
| Industrivarden AB, Class A Shares | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 34428<br>|
| Industrivarden AB, Class C Shares | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 67071<br>|
| Investor AB, Class A Shares | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; 141487<br>|
| Investor AB, Class B Shares | &nbsp;&nbsp; 14085 | &nbsp;&nbsp; 523849<br>|
| L E Lundbergforetagen AB, Class B Shares | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 31832<br>|
| M&G PLC | &nbsp;&nbsp; 16845 | &nbsp;&nbsp; 60421<br>|
| Nexi SpA | &nbsp;&nbsp; 4065 | &nbsp;&nbsp; 14894<br> <sup>(a)</sup><br>|
| Poste Italiane SpA | &nbsp;&nbsp; 3615 | &nbsp;&nbsp; 83887<br> <sup>(a)</sup><br>|
| Sofina SA | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 28759<br>|
| Wise PLC, Class A Shares | &nbsp;&nbsp; 5955 | &nbsp;&nbsp; 70,911<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1469413 |
| Insurance — 6.0% | Insurance — 6.0% | Insurance — 6.0% |
| Admiral Group PLC | &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 82870<br>|
| Aegon Ltd. | &nbsp;&nbsp; 10290 | &nbsp;&nbsp; 73840<br>|
| Ageas SA/NV | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 106790<br>|
| Allianz SE, Registered Shares | &nbsp;&nbsp; 3045 | &nbsp;&nbsp; 1260586<br>|
| ASR Nederland NV | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 84893<br>|
| Aviva PLC | &nbsp;&nbsp; 24270 | &nbsp;&nbsp; 192157<br>|
| AXA SA | &nbsp;&nbsp; 12855 | &nbsp;&nbsp; 581204<br>|
| Beazley PLC | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 77130<br>|
| Generali | &nbsp;&nbsp; 7725 | &nbsp;&nbsp; 307165<br>|
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 38417<br>|
| Hannover Rueck SE | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 148108<br>|
| Helvetia Baloise Holding AG, Registered Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 157204<br>|
| Hiscox Ltd. | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 52006<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 44610 | &nbsp;&nbsp; 144891<br>|
| Mapfre SA | &nbsp;&nbsp; 7275 | &nbsp;&nbsp; 31970<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 652571<br>|
| NN Group NV | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 162260<br>|
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 4515 | &nbsp;&nbsp; 77582<br>|
| Prudential PLC | &nbsp;&nbsp; 20295 | &nbsp;&nbsp; 277800<br>|
| Sampo oyj, Class A Shares | &nbsp;&nbsp; 19770 | &nbsp;&nbsp; 209612<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| SCOR SE | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; $49120<br>|
| Standard Life PLC | &nbsp;&nbsp; 5910 | &nbsp;&nbsp; 52879<br>|
| Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 242150<br>|
| Swiss Re AG | &nbsp;&nbsp; 2355 | &nbsp;&nbsp; 387445<br>|
| Talanx AG | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 58403<br>|
| Tryg A/S | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; 57739<br>|
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 2985 | &nbsp;&nbsp; 68253<br>|
| Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 20162<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 838380<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 6493587 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **25307413** |
| **Health Care — 13.4%** | **Health Care — 13.4%** | **Health Care — 13.4%** |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| Abivax SA | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 58,237<br> \*<br>|
| Argenx SE | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 354,066<br> \*<br>|
| Genmab A/S | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 130,745<br> \*<br>|
| Grifols SA | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 24147<br>|
| Swedish Orphan Biovitrum AB | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 61,138<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 628333 |
| Health Care Equipment & Supplies — 1.5% | Health Care Equipment & Supplies — 1.5% | Health Care Equipment & Supplies — 1.5% |
| Alcon AG | &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 290935<br>|
| BioMerieux | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 36491<br>|
| Coloplast A/S, Class B Shares | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 71664<br>|
| Convatec Group PLC | &nbsp;&nbsp; 15585 | &nbsp;&nbsp; 44269<br> <sup>(a)</sup><br>|
| Demant A/S | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 19,284<br> \*<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 528058<br>|
| Getinge AB, Class B Shares | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 34143<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; 6165 | &nbsp;&nbsp; 165791<br>|
| Siemens Healthineers AG | &nbsp;&nbsp; 2910 | &nbsp;&nbsp; 121710<br> <sup>(a)</sup><br>|
| Smith & Nephew PLC | &nbsp;&nbsp; 6735 | &nbsp;&nbsp; 105245<br>|
| Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 86877<br>|
| Straumann Holding AG, Registered Shares | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 88781<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1593248 |
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |
| Fresenius Medical Care AG | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 73993<br>|
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 3270 | &nbsp;&nbsp; 166984<br>|
| NMC Health PLC | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 240977 |
| Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% | Life Sciences Tools & Services — 0.5% |
| Bachem Holding AG | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 14527<br>|
| Eurofins Scientific SE | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 64977<br>|
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 348658<br>|
| QIAGEN NV | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; 64453<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 43087<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 535702 |
| Pharmaceuticals — 10.6% | Pharmaceuticals — 10.6% | Pharmaceuticals — 10.6% |
| AstraZeneca PLC | &nbsp;&nbsp; 11985 | &nbsp;&nbsp; 2321697<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Bayer AG, Registered Shares | &nbsp;&nbsp; 7845 | &nbsp;&nbsp; $356001<br>|
| Financiere de Tubize SA | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 36640<br>|
| Galderma Group AG | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 280627<br>|
| GSK PLC | &nbsp;&nbsp; 31950 | &nbsp;&nbsp; 869614<br>|
| H Lundbeck A/S | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 12735<br>|
| H Lundbeck A/S, Class A Shares | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 2008<br>|
| Haleon PLC | &nbsp;&nbsp; 70995 | &nbsp;&nbsp; 349955<br>|
| Ipsen SA | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 52672<br>|
| Merck KGaA | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 128316<br>|
| Novartis AG, Registered Shares | &nbsp;&nbsp; 15345 | &nbsp;&nbsp; 2308004<br>|
| Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 25470 | &nbsp;&nbsp; 906810<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 67459<br>|
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 48311<br>|
| Roche Holding AG | &nbsp;&nbsp; 5625 | &nbsp;&nbsp; 2202959<br>|
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 91618<br>|
| Sandoz Group AG | &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 252400<br>|
| Sanofi SA | &nbsp;&nbsp; 8580 | &nbsp;&nbsp; 817760<br>|
| UCB SA | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 285930<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 11391516 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **14389776** |
| **Industrials — 18.6%** | **Industrials — 18.6%** | **Industrials — 18.6%** |
| Aerospace & Defense — 4.8% | Aerospace & Defense — 4.8% | Aerospace & Defense — 4.8% |
| Airbus SE | &nbsp;&nbsp; 4665 | &nbsp;&nbsp; 864409<br>|
| BAE Systems PLC | &nbsp;&nbsp; 24060 | &nbsp;&nbsp; 698014<br>|
| CSG NV | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 32,271<br> \*<br>|
| Dassault Aviation SA | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 55167<br>|
| Hensoldt AG | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 41811<br>|
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 139830<br>|
| Leonardo SpA  | &nbsp;&nbsp; 3210 | &nbsp;&nbsp; 214664<br>|
| Melrose Industries PLC | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; 65840<br>|
| MTU Aero Engines AG | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 155374<br>|
| Rheinmetall AG | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 599167<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 67770 | &nbsp;&nbsp; 1011649<br>|
| Saab AB, Class B Shares | &nbsp;&nbsp; 2865 | &nbsp;&nbsp; 185682<br>|
| Safran SA | &nbsp;&nbsp; 2775 | &nbsp;&nbsp; 893341<br>|
| Thales SA | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 209138<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 5166357 |
| Air Freight & Logistics — 0.7% | Air Freight & Logistics — 0.7% | Air Freight & Logistics — 0.7% |
| Deutsche Post AG | &nbsp;&nbsp; 7380 | &nbsp;&nbsp; 380520<br>|
| DSV A/S | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 361185<br>|
| InPost SA | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 35,445<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 777150 |
| Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% |
| Assa Abloy AB, Class B Shares | &nbsp;&nbsp; 7770 | &nbsp;&nbsp; 274382<br>|
| Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 59315<br>|
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 3615 | &nbsp;&nbsp; 291814<br>|
| Geberit AG, Registered Shares | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 169016<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Building Products — continued | Building Products — continued | Building Products — continued |
| Kingspan Group PLC | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; $100934<br>|
| Nibe Industrier AB, Class B Shares | &nbsp;&nbsp; 11535 | &nbsp;&nbsp; 46727<br>|
| ROCKWOOL A/S, Class B Shares | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 17109<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 959297 |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Rentokil Initial PLC | &nbsp;&nbsp; 19935 | &nbsp;&nbsp; 122766<br>|
| Securitas AB, Class B Shares | &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 61869<br>|
| SPIE SA | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 58492<br>|
| Verisure PLC | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 21,840<br> \*<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 264967 |
| Construction & Engineering — 1.3% | Construction & Engineering — 1.3% | Construction & Engineering — 1.3% |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 49924<br>|
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 172915<br>|
| Bouygues SA | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 86249<br>|
| Eiffage SA | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 90667<br>|
| Ferrovial SE | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 241372<br>|
| HOCHTIEF AG | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 52927<br>|
| Skanska AB, Class B Shares  | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 70003<br>|
| Strabag SE, Bearer Shares | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 14794<br>|
| Sweco AB, Class B Shares | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 22566<br>|
| Vinci SA | &nbsp;&nbsp; 3990 | &nbsp;&nbsp; 590060<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1391477 |
| Electrical Equipment — 3.6% | Electrical Equipment — 3.6% | Electrical Equipment — 3.6% |
| ABB Ltd., Registered Shares | &nbsp;&nbsp; 12435 | &nbsp;&nbsp; 978644<br>|
| Legrand SA | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 305007<br>|
| Prysmian SpA | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 259497<br>|
| Schneider Electric SE | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 1144305<br>|
| Siemens Energy AG | &nbsp;&nbsp; 5940 | &nbsp;&nbsp; 973569<br>|
| Vestas Wind Systems A/S | &nbsp;&nbsp; 8055 | &nbsp;&nbsp; 236170<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 3897192 |
| Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† |
| Ayvens SA | &nbsp;&nbsp; 2790 | &nbsp;&nbsp; 32211<br> <sup>(a)</sup><br>|
| Industrial Conglomerates — 1.5% | Industrial Conglomerates — 1.5% | Industrial Conglomerates — 1.5% |
| Aker ASA, Class A Shares | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 18125<br>|
| Investment AB Latour, Class B Shares | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 22482<br>|
| Lifco AB, Class B Shares | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 51472<br>|
| Metlen Energy & Metals PLC | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 34,058<br> \*<br>|
| Siemens AG, Registered Shares | &nbsp;&nbsp; 5865 | &nbsp;&nbsp; 1390049<br>|
| Smiths Group PLC | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 75767<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 1591953 |
| Machinery — 3.0% | Machinery — 3.0% | Machinery — 3.0% |
| Alfa Laval AB | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 115939<br>|
| Alstom SA | &nbsp;&nbsp; 2685 | &nbsp;&nbsp; 75,052<br> \*<br>|
| ANDRITZ AG | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 35992<br>|
| Atlas Copco AB, Class A Shares | &nbsp;&nbsp; 20175 | &nbsp;&nbsp; 345524<br>|
| Atlas Copco AB, Class B Shares | &nbsp;&nbsp; 11985 | &nbsp;&nbsp; 182236<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 3930 | &nbsp;&nbsp; 187782<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Epiroc AB, Class A Shares | &nbsp;&nbsp; 5040 | &nbsp;&nbsp; $121209<br>|
| Epiroc AB, Class B Shares | &nbsp;&nbsp; 2985 | &nbsp;&nbsp; 62732<br>|
| GEA Group AG | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 81444<br>|
| Georg Fischer AG, Registered Shares | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 30920<br>|
| IMI PLC | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 64558<br>|
| Indutrade AB | &nbsp;&nbsp; 2115 | &nbsp;&nbsp; 47601<br>|
| Interpump Group SpA | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 22959<br>|
| KION Group AG | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 28431<br>|
| Knorr-Bremse AG | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 58767<br>|
| Kone oyj, Class B Shares | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; 158109<br>|
| Metso oyj | &nbsp;&nbsp; 5460 | &nbsp;&nbsp; 92729<br>|
| Rational AG | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 32250<br>|
| RENK Group AG | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 35884<br>|
| Sandvik AB | &nbsp;&nbsp; 8235 | &nbsp;&nbsp; 308956<br>|
| Schindler Holding AG | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 106940<br>|
| Schindler Holding AG, Registered Shares | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 51129<br>|
| SKF AB, Class B Shares | &nbsp;&nbsp; 2655 | &nbsp;&nbsp; 62485<br>|
| Spirax Group PLC | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 51494<br>|
| Traton SE | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 17578<br>|
| Trelleborg AB, Class B Shares | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 57668<br>|
| Valmet oyj | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 31589<br>|
| VAT Group AG | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 126436<br> <sup>(a)</sup><br>|
| Volvo AB, Class A Shares | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 47962<br>|
| Volvo AB, Class B Shares | &nbsp;&nbsp; 12540 | &nbsp;&nbsp; 402149<br>|
| Wartsila oyj Abp | &nbsp;&nbsp; 3630 | &nbsp;&nbsp; 132627<br>|
| Weir Group PLC | &nbsp;&nbsp; 2055 | &nbsp;&nbsp; 75824<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 3252955 |
| Marine Transportation — 0.2% | Marine Transportation — 0.2% | Marine Transportation — 0.2% |
| A.P. Moller - Maersk A/S, Class A Shares | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 53360<br>|
| A.P. Moller - Maersk A/S, Class B Shares | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 61889<br>|
| Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 84142<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 199391 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 4785 | &nbsp;&nbsp; 39674<br>|
| International Consolidated Airlines Group SA | &nbsp;&nbsp; 17400 | &nbsp;&nbsp; 80263<br>|
| Ryanair Holdings PLC | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 57756<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 177693 |
| Professional Services — 1.1% | Professional Services — 1.1% | Professional Services — 1.1% |
| Bureau Veritas SA | &nbsp;&nbsp; 2760 | &nbsp;&nbsp; 81728<br>|
| Experian PLC | &nbsp;&nbsp; 7335 | &nbsp;&nbsp; 251295<br>|
| Intertek Group PLC | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 58449<br>|
| Randstad NV | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 22364<br>|
| RELX PLC | &nbsp;&nbsp; 14565 | &nbsp;&nbsp; 475562<br>|
| SGS SA, Registered Shares | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 138152<br>|
| Wolters Kluwer NV | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 134019<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1161569 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% |
| AddTech AB, Class B Shares | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; $60011<br>|
| Beijer Ref AB | &nbsp;&nbsp; 3495 | &nbsp;&nbsp; 47254<br>|
| Brenntag SE | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 60388<br>|
| Bunzl PLC | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 75862<br>|
| Diploma PLC | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 83774<br>|
| Howden Joinery Group PLC | &nbsp;&nbsp; 4260 | &nbsp;&nbsp; 44436<br>|
| IMCD NV | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 47952<br>|
| Rexel SA | &nbsp;&nbsp; 1785 | &nbsp;&nbsp; 68446<br>|
| Sunbelt Rentals Holdings Inc. | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 206706<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 694829 |
| Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% |
| Aena SME SA | &nbsp;&nbsp; 5550 | &nbsp;&nbsp; 163193<br> <sup>(a)</sup><br>|
| Aeroports de Paris SA | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 37964<br>|
| Flughafen Zurich AG, Registered Shares | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 46294<br>|
| Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 24,366<br> \*<br>|
| Getlink SE | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 53277<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 325094 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **19892135** |
| **Information Technology — 7.4%** | **Information Technology — 7.4%** | **Information Technology — 7.4%** |
| Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% |
| Nokia oyj | &nbsp;&nbsp; 41535 | &nbsp;&nbsp; 325233<br>|
| Telefonaktiebolaget LM Ericsson, Class B Shares | &nbsp;&nbsp; 21885 | &nbsp;&nbsp; 244207<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 569440 |
| Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% |
| Halma PLC | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 148907<br>|
| Hexagon AB, Class B Shares | &nbsp;&nbsp; 16395 | &nbsp;&nbsp; 154962<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 303869 |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Bechtle AG | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 21671<br>|
| Capgemini SE | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 142429<br>|
| Indra Sistemas SA | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 37557<br>|
| Reply SpA | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 16747<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 218404 |
| Semiconductors & Semiconductor Equipment — 4.7% | Semiconductors & Semiconductor Equipment — 4.7% | Semiconductors & Semiconductor Equipment — 4.7% |
| ASM International NV | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 275232<br>|
| ASML Holding NV | &nbsp;&nbsp; 3101 | &nbsp;&nbsp; 3998870<br>|
| BE Semiconductor Industries NV | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 117526<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 10410 | &nbsp;&nbsp; 455787<br>|
| STMicroelectronics NV | &nbsp;&nbsp; 5115 | &nbsp;&nbsp; 168554<br>|
| Technoprobe SpA | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 19,004<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5034973 |
| Software — 1.6% | Software — 1.6% | Software — 1.6% |
| Dassault Systemes SE | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 104467<br>|
| Nemetschek SE | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 33028<br>|
| Sage Group PLC | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 83523<br>|
| SAP SE | &nbsp;&nbsp; 8220 | &nbsp;&nbsp; 1391302<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software — continued | Software — continued | Software — continued |
| Temenos AG, Registered Shares | &nbsp;&nbsp; 435 | &nbsp;&nbsp; $37272<br>|
| Total Software | Total Software | &nbsp;&nbsp; 1649592 |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Logitech International SA, Registered Shares | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 105359<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7881637** |
| **Materials — 5.7%** | **Materials — 5.7%** | **Materials — 5.7%** |
| Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% |
| Air Liquide SA | &nbsp;&nbsp; 4605 | &nbsp;&nbsp; 944022<br>|
| Akzo Nobel NV | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 75679<br>|
| BASF SE | &nbsp;&nbsp; 7155 | &nbsp;&nbsp; 431985<br>|
| Croda International PLC | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 41205<br>|
| DSM-Firmenich AG | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 101939<br>|
| EMS-Chemie Holding AG, Registered Shares | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 46481<br>|
| Evonik Industries AG | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 38213<br>|
| FUCHS SE | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 6662<br>|
| Givaudan SA, Registered Shares | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 203751<br>|
| Novonesis Novozymes, Class B Shares | &nbsp;&nbsp; 2775 | &nbsp;&nbsp; 163666<br>|
| Sika AG, Registered Shares | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 206113<br>|
| Syensqo SA | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 31641<br>|
| Symrise AG | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 89872<br>|
| Yara International ASA | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 74691<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 2455920 |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| Amrize Ltd. | &nbsp;&nbsp; 3960 | &nbsp;&nbsp; 214571<br>|
| Buzzi SpA | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 32016<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 206522<br>|
| Holcim AG | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; 313875<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 766984 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| SIG Group AG | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 38,490<br> \*<br>|
| Metals & Mining — 2.4% | Metals & Mining — 2.4% | Metals & Mining — 2.4% |
| Anglo American PLC | &nbsp;&nbsp; 8490 | &nbsp;&nbsp; 355913<br>|
| Antofagasta PLC | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 118457<br>|
| ArcelorMittal SA | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 169722<br>|
| Boliden AB | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 113,188<br> \*<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; 1605 | &nbsp;&nbsp; 94396<br>|
| Evraz PLC | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Fresnillo PLC | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 64048<br>|
| Glencore PLC | &nbsp;&nbsp; 84090 | &nbsp;&nbsp; 627080<br>|
| KGHM Polska Miedz SA | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 78,687<br> \*<br>|
| Norsk Hydro ASA | &nbsp;&nbsp; 10275 | &nbsp;&nbsp; 108120<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 8265 | &nbsp;&nbsp; 756830<br>|
| SSAB AB, Class A Shares | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 12990<br>|
| SSAB AB, Class B Shares | &nbsp;&nbsp; 4725 | &nbsp;&nbsp; 36436<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 2535867 |
| Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% |
| Holmen AB, Class B Shares | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 19634<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Paper & Forest Products — continued | Paper & Forest Products — continued | Paper & Forest Products — continued |
| Mondi PLC | &nbsp;&nbsp; 3495 | &nbsp;&nbsp; $38880<br>|
| Stora Enso oyj, Class R Shares | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 53578<br>|
| Svenska Cellulosa AB SCA, Class B Shares | &nbsp;&nbsp; 4650 | &nbsp;&nbsp; 53108<br>|
| UPM-Kymmene oyj | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 126912<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 292112 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6089373** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| British Land Co. PLC | &nbsp;&nbsp; 7635 | &nbsp;&nbsp; 35783<br>|
| Covivio SA | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 25687<br>|
| Land Securities Group PLC | &nbsp;&nbsp; 5895 | &nbsp;&nbsp; 42989<br>|
| Merlin Properties Socimi SA | &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 48356<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 152815 |
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| Segro PLC | &nbsp;&nbsp; 10770 | &nbsp;&nbsp; 91435<br>|
| Warehouses De Pauw, CVA | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 38190<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 129625 |
| Office REITs — 0.0%†† | Office REITs — 0.0%†† | Office REITs — 0.0%†† |
| Gecina SA | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 31638<br>|
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |
| Castellum AB | &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 31365<br>|
| CTP NV | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 16675<br> <sup>(a)</sup><br>|
| Deutsche Wohnen SE | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 8201<br>|
| Fastighets AB Balder | &nbsp;&nbsp; 5520 | &nbsp;&nbsp; 31,951<br> \*<br>|
| LEG Immobilien SE | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 38783<br>|
| PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 71010<br>|
| Sagax AB, Class B Shares | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 31234<br>|
| Sagax AB, Class D Shares | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 3179<br>|
| Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 108363<br>|
| Vonovia SE | &nbsp;&nbsp; 5655 | &nbsp;&nbsp; 140478<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 481239 |
| Retail REITs — 0.2% | Retail REITs — 0.2% | Retail REITs — 0.2% |
| Klepierre SA | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; 61074<br>|
| Unibail-Rodamco-Westfield | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 106610<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 167684 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **963001** |
| **Utilities — 5.3%** | **Utilities — 5.3%** | **Utilities — 5.3%** |
| Electric Utilities — 2.7% | Electric Utilities — 2.7% | Electric Utilities — 2.7% |
| Acciona SA | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 50058<br>|
| BKW AG | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 32074<br>|
| EDP SA | &nbsp;&nbsp; 23805 | &nbsp;&nbsp; 124112<br>|
| Elia Group SA/NV | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 52392<br>|
| Endesa SA | &nbsp;&nbsp; 2535 | &nbsp;&nbsp; 105383<br>|
| Enel SpA | &nbsp;&nbsp; 62085 | &nbsp;&nbsp; 670634<br>|
| Fortum oyj | &nbsp;&nbsp; 3330 | &nbsp;&nbsp; 83950<br>|
| Iberdrola SA | &nbsp;&nbsp; 52425 | &nbsp;&nbsp; 1192679<br>|
| Redeia Corp. SA | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 54103<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| SSE PLC | SSE PLC | &nbsp;&nbsp; 9615 | &nbsp;&nbsp; $329028<br>|
| Terna - Rete Elettrica Nazionale | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 11235 | &nbsp;&nbsp; 127689<br>|
| Verbund AG | Verbund AG | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 39712<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2861814 |
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| Italgas SpA | Italgas SpA | &nbsp;&nbsp; 4920 | &nbsp;&nbsp; 56858<br>|
| Naturgy Energy Group SA | Naturgy Energy Group SA | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 85945<br>|
| Snam SpA | Snam SpA | &nbsp;&nbsp; 16395 | &nbsp;&nbsp; 123807<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 266610 |
| Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% |
| Corp. ACCIONA Energias Renovables SA | Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 5465<br>|
| EDP Renovaveis SA | EDP Renovaveis SA | &nbsp;&nbsp; 2460 | &nbsp;&nbsp; 38803<br>|
| Orsted AS | Orsted AS | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; 88,399<br> \*<sup>(a)</sup><br>|
| RWE AG | RWE AG | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 346915<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 479582 |
| Multi-Utilities — 1.7% | Multi-Utilities — 1.7% | Multi-Utilities — 1.7% | Multi-Utilities — 1.7% |
| A2A SpA | A2A SpA | &nbsp;&nbsp; 12390 | &nbsp;&nbsp; 34662<br>|
| Centrica PLC | Centrica PLC | &nbsp;&nbsp; 36780 | &nbsp;&nbsp; 103066<br>|
| E.ON SE | E.ON SE | &nbsp;&nbsp; 17700 | &nbsp;&nbsp; 386669<br>|
| Engie SA | Engie SA | &nbsp;&nbsp; 14745 | &nbsp;&nbsp; 470770<br>|
| Hera SpA | Hera SpA | &nbsp;&nbsp; 6270 | &nbsp;&nbsp; 28695<br>|
| National Grid PLC | National Grid PLC | &nbsp;&nbsp; 39615 | &nbsp;&nbsp; 663190<br>|
| Veolia Environnement SA | Veolia Environnement SA | &nbsp;&nbsp; 4815 | &nbsp;&nbsp; 181193<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1868245 |
| Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% |
| Severn Trent PLC | Severn Trent PLC | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 85571<br>|
| United Utilities Group PLC | United Utilities Group PLC | &nbsp;&nbsp; 5460 | &nbsp;&nbsp; 94681<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 180252 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5656503** |
| **Total Common Stocks (Cost — $92,200,514)** | **Total Common Stocks (Cost — $92,200,514)** | **Total Common Stocks (Cost — $92,200,514)** | &nbsp;&nbsp; **105997177**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.549% | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 39019<br> <sup>(e)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.088% | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 164258<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **203277** |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Henkel AG & Co. KGaA  | &nbsp;&nbsp; 3.122% | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; **96252**<br> <sup>(e)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| Grifols SA, Class B Shares  | &nbsp;&nbsp; 1.789% | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; **16429**<br> <sup>(e)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Europe ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| FUCHS SE  | &nbsp;&nbsp; 3.398% |  | &nbsp;&nbsp; 525 | &nbsp;&nbsp; **$21898**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $446,908)** | **Total Preferred Stocks (Cost — $446,908)** | **Total Preferred Stocks (Cost — $446,908)** | **Total Preferred Stocks (Cost — $446,908)** | &nbsp;&nbsp; **337856** |
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† |
| Telecom Italia SpA (Cost — $0) |  | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 144768 | &nbsp;&nbsp; **1**<br> \*<sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $92,647,422)** | **Total Investments before Short-Term Investments (Cost — $92,647,422)** | **Total Investments before Short-Term Investments (Cost — $92,647,422)** | **Total Investments before Short-Term Investments (Cost — $92,647,422)** | &nbsp;&nbsp; **106335034** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $49)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 49<br>| &nbsp;&nbsp; **49**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.3% (Cost — $92,647,471)** | **Total Investments — 99.3% (Cost — $92,647,471)** | **Total Investments — 99.3% (Cost — $92,647,471)** | **Total Investments — 99.3% (Cost — $92,647,471)** | &nbsp;&nbsp; **106335083** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 737868 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$107072951** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $49 and the cost was $49 (Note 6).<br>|
| <sup>(h)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| United Kingdom | 16.8<br> %<br>|
| United States | 14.6 |
| Germany | 13.4 |
| France | 13.0 |
| Switzerland | 7.2 |
| Netherlands | 7.1 |
| Spain | 5.7 |
| Italy | 5.1 |
| Sweden | 5.1 |
| Denmark | 2.3 |
| Finland | 1.8 |
| Belgium | 1.4 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Europe ETF**

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited) **(cont'd)**  | **Summary of Investments by Country**<sup>#</sup> (unaudited) **(cont'd)**  |
| Australia | 1.3<br> %<br>|
| Norway | 1.1 |
| Poland | 0.8 |
| Austria | 0.6 |
| Ireland | 0.5 |
| China | 0.4 |
| South Africa | 0.3 |
| Portugal | 0.3 |
| Hong Kong | 0.3 |
| Luxembourg | 0.3 |
| Singapore | 0.2 |
| Chile | 0.1 |
| Ivory Coast | 0.1 |
| Brazil | 0.1 |
| Mexico | 0.1 |
| Greece | 0.0<br> ††<br>|
| Czech Republic | 0.0<br> ††<br>|
| South Korea | 0.0<br> ††<br>|
| Nigeria | 0.0<br> ††<br>|
| United Arab Emirates | 0.0<br> ††<br>|
| Russia | 0.0<br> ††<br>|
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $521241 | &nbsp;&nbsp;&nbsp; $506507 | &nbsp;&nbsp;&nbsp; **$(14734)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 4.2%** | **Communication Services — 4.2%** | **Communication Services — 4.2%** |
| Diversified Telecommunication Services — 3.5% | Diversified Telecommunication Services — 3.5% | Diversified Telecommunication Services — 3.5% |
| Cellnex Telecom SA | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; $164226<br> <sup>(a)</sup><br>|
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 31180 | &nbsp;&nbsp; 1147823<br>|
| Elisa oyj | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 61824<br>|
| Infrastrutture Wireless Italiane SpA | &nbsp;&nbsp; 2840 | &nbsp;&nbsp; 22431<br> <sup>(a)</sup><br>|
| Koninklijke KPN NV | &nbsp;&nbsp; 34060 | &nbsp;&nbsp; 188489<br>|
| Orange SA | &nbsp;&nbsp; 19010 | &nbsp;&nbsp; 387141<br>|
| Telecom Italia SpA | &nbsp;&nbsp; 99620 | &nbsp;&nbsp; 68,777<br> \*<br>|
| Telecom Italia SpA, Savings Shares | &nbsp;&nbsp; 54710 | &nbsp;&nbsp; 44,390<br> \*<br>|
| Telefonica SA | &nbsp;&nbsp; 37470 | &nbsp;&nbsp; 163841<br>|
| Telekom Austria AG | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 7243<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 2256185 |
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 30326<br>|
| Universal Music Group NV | &nbsp;&nbsp; 8580 | &nbsp;&nbsp; 164451<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 194777 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Scout24 SE | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 49429<br> <sup>(a)</sup><br>|
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Publicis Groupe SA | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 168957<br>|
| RTL Group SA | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 14280<br>|
| Total Media | Total Media | &nbsp;&nbsp; 183237 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2683628** |
| **Consumer Discretionary — 8.7%** | **Consumer Discretionary — 8.7%** | **Consumer Discretionary — 8.7%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Aumovio SE | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 17,867<br> \*<br>|
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 5890 | &nbsp;&nbsp; 198097<br>|
| Continental AG | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 67984<br>|
| Pirelli & C. SpA | &nbsp;&nbsp; 3710 | &nbsp;&nbsp; 25238<br> <sup>(a)</sup><br>|
| Schaeffler AG | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 14632<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 323818 |
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 229173<br>|
| Ferrari NV | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 362954<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 416510<br>|
| Renault SA | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 56508<br>|
| Stellantis NV | &nbsp;&nbsp; 19680 | &nbsp;&nbsp; 137,390<br> \*<br>|
| Volkswagen AG | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 26497<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1229032 |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| Prosus NV | &nbsp;&nbsp; 11070 | &nbsp;&nbsp; 497184<br>|
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| D'ieteren Group | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 34633<br>|
| Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% | Hotels, Restaurants & Leisure — 0.6% |
| Accor SA | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 90328<br>|
| Amadeus IT Group SA | &nbsp;&nbsp; 3940 | &nbsp;&nbsp; 220991<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Delivery Hero SE | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; $36,137<br> \*<sup>(a)</sup><br>|
| FDJ UNITED | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 29883<br>|
| Sodexo SA | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 37601<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 414940 |
| Specialty Retail — 1.0% | Specialty Retail — 1.0% | Specialty Retail — 1.0% |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 10100 | &nbsp;&nbsp; 573017<br>|
| Zalando SE | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 51,380<br> \*<sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 624397 |
| Textiles, Apparel & Luxury Goods — 3.8% | Textiles, Apparel & Luxury Goods — 3.8% | Textiles, Apparel & Luxury Goods — 3.8% |
| adidas AG | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 239321<br>|
| Brunello Cucinelli SpA | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 26639<br>|
| Hermes International SCA | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 576560<br>|
| Kering SA | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 188332<br>|
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2329 | &nbsp;&nbsp; 1242716<br>|
| Moncler SpA | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 120815<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2394383 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5518387** |
| **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** |
| Beverages — 1.6% | Beverages — 1.6% | Beverages — 1.6% |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 8690 | &nbsp;&nbsp; 597954<br>|
| Davide Campari-Milano NV | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; 36304<br>|
| Heineken Holding NV | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 72808<br>|
| Heineken NV | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 192505<br>|
| Pernod Ricard SA | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 128750<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 1028321 |
| Consumer Staples Distribution & Retail — 0.9% | Consumer Staples Distribution & Retail — 0.9% | Consumer Staples Distribution & Retail — 0.9% |
| Carrefour SA | &nbsp;&nbsp; 5110 | &nbsp;&nbsp; 93645<br>|
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 59223<br>|
| Kesko oyj, Class B Shares | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 52981<br>|
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 8190 | &nbsp;&nbsp; 380197<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 586046 |
| Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% |
| Danone SA | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 459787<br>|
| JDE Peet's NV | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 52094<br>|
| Kerry Group PLC, Class A Shares | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 116639<br>|
| Lotus Bakeries NV | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 44890<br>|
| Magnum Ice Cream Co. NV | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 64,436<br> \*<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 737846 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 62661<br>|
| Personal Care Products — 1.4% | Personal Care Products — 1.4% | Personal Care Products — 1.4% |
| Beiersdorf AG | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 82941<br>|
| L'Oreal SA | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 841269<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 924210 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3339084** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 4.3%** | **Energy — 4.3%** | **Energy — 4.3%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Tenaris SA | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; $90494<br>|
| Oil, Gas & Consumable Fuels — 4.2% | Oil, Gas & Consumable Fuels — 4.2% | Oil, Gas & Consumable Fuels — 4.2% |
| Bollore SE | &nbsp;&nbsp; 6260 | &nbsp;&nbsp; 35328<br>|
| Eni SpA | &nbsp;&nbsp; 17180 | &nbsp;&nbsp; 491900<br>|
| Galp Energia SGPS SA | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 91505<br>|
| Neste oyj | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 120443<br>|
| OMV AG | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 95393<br>|
| Repsol SA | &nbsp;&nbsp; 9820 | &nbsp;&nbsp; 278905<br>|
| TotalEnergies SE | &nbsp;&nbsp; 16570 | &nbsp;&nbsp; 1544730<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 2658204 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2748698** |
| **Financials — 24.9%** | **Financials — 24.9%** | **Financials — 24.9%** |
| Banks — 15.3% | Banks — 15.3% | Banks — 15.3% |
| ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 146185<br>|
| AIB Group PLC | &nbsp;&nbsp; 19530 | &nbsp;&nbsp; 202860<br>|
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 19060 | &nbsp;&nbsp; 163104<br>|
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 51740 | &nbsp;&nbsp; 1087970<br>|
| Banco BPM SpA | &nbsp;&nbsp; 13430 | &nbsp;&nbsp; 183522<br>|
| Banco Comercial Portugues SA, Class R Shares | &nbsp;&nbsp; 81720 | &nbsp;&nbsp; 78339<br>|
| Banco de Sabadell SA | &nbsp;&nbsp; 45690 | &nbsp;&nbsp; 160196<br>|
| Banco Santander SA | &nbsp;&nbsp; 133640 | &nbsp;&nbsp; 1461270<br>|
| Bank of Ireland Group PLC | &nbsp;&nbsp; 8750 | &nbsp;&nbsp; 155612<br>|
| Bankinter SA | &nbsp;&nbsp; 5650 | &nbsp;&nbsp; 87070<br>|
| BAWAG Group AG | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 104447<br> <sup>(a)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; 9040 | &nbsp;&nbsp; 843583<br>|
| BPER Banca SpA | &nbsp;&nbsp; 12800 | &nbsp;&nbsp; 164221<br>|
| CaixaBank SA | &nbsp;&nbsp; 32780 | &nbsp;&nbsp; 383923<br>|
| Commerzbank AG | &nbsp;&nbsp; 6150 | &nbsp;&nbsp; 218179<br>|
| Credit Agricole SA | &nbsp;&nbsp; 8440 | &nbsp;&nbsp; 154912<br>|
| Erste Group Bank AG | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 272841<br>|
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 5570 | &nbsp;&nbsp; 121520<br>|
| ING Groep NV | &nbsp;&nbsp; 26590 | &nbsp;&nbsp; 677231<br>|
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 140200 | &nbsp;&nbsp; 833700<br>|
| KBC Group NV | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 249238<br>|
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 15273<br>|
| Nordea Bank Abp | &nbsp;&nbsp; 29670 | &nbsp;&nbsp; 501676<br>|
| Raiffeisen Bank International AG | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 48597<br>|
| Societe Generale SA | &nbsp;&nbsp; 6110 | &nbsp;&nbsp; 434787<br>|
| UniCredit SpA | &nbsp;&nbsp; 13780 | &nbsp;&nbsp; 966293<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 9716549 |
| Capital Markets — 1.8% | Capital Markets — 1.8% | Capital Markets — 1.8% |
| Amundi SA | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 44792<br> <sup>(a)</sup><br>|
| CVC Capital Partners PLC | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 25052<br> <sup>(a)</sup><br>|
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 15980 | &nbsp;&nbsp; 462421<br>|
| Deutsche Boerse AG | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 486053<br>|
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 18161<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Euronext NV | &nbsp;&nbsp; 790 | &nbsp;&nbsp; $126068<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1162547 |
| Financial Services — 1.0% | Financial Services — 1.0% | Financial Services — 1.0% |
| Adyen NV | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 238,155<br> \*<sup>(a)</sup><br>|
| Banca Mediolanum SpA | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 39024<br>|
| Edenred SE | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 40492<br>|
| EXOR NV | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 59757<br>|
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 62708<br>|
| HAL Trust | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 32004<br>|
| Nexi SpA | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; 14546<br> <sup>(a)</sup><br>|
| Poste Italiane SpA | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 95838<br> <sup>(a)</sup><br>|
| Sofina SA | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 33552<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 616076 |
| Insurance — 6.8% | Insurance — 6.8% | Insurance — 6.8% |
| Aegon Ltd. | &nbsp;&nbsp; 11840 | &nbsp;&nbsp; 84963<br>|
| Ageas SA/NV | &nbsp;&nbsp; 1670 | &nbsp;&nbsp; 121319<br>|
| Allianz SE, Registered Shares | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 1440669<br>|
| ASR Nederland NV | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 97508<br>|
| AXA SA | &nbsp;&nbsp; 14680 | &nbsp;&nbsp; 663717<br>|
| Generali | &nbsp;&nbsp; 8850 | &nbsp;&nbsp; 351897<br>|
| Hannover Rueck SE | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 169708<br>|
| Mapfre SA | &nbsp;&nbsp; 8450 | &nbsp;&nbsp; 37133<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 739581<br>|
| NN Group NV | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 185440<br>|
| Sampo oyj, Class A Shares | &nbsp;&nbsp; 22610 | &nbsp;&nbsp; 239723<br>|
| SCOR SE | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 55634<br>|
| Talanx AG | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 66920<br>|
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 78200<br>|
| Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 22638<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 4355050 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **15850222** |
| **Health Care — 6.3%** | **Health Care — 6.3%** | **Health Care — 6.3%** |
| Biotechnology — 0.8% | Biotechnology — 0.8% | Biotechnology — 0.8% |
| Abivax SA | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 65,786<br> \*<br>|
| Argenx SE | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 400,560<br> \*<br>|
| Grifols SA | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 26933<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 493279 |
| Health Care Equipment & Supplies — 1.5% | Health Care Equipment & Supplies — 1.5% | Health Care Equipment & Supplies — 1.5% |
| BioMerieux | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 42309<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 601209<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; 7030 | &nbsp;&nbsp; 189053<br>|
| Siemens Healthineers AG | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 140113<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 972684 |
| Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% |
| Fresenius Medical Care AG | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 84881<br>|
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 192517<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — continued | Health Care Providers & Services — continued | Health Care Providers & Services — continued |
| NMC Health PLC | &nbsp;&nbsp; 60 | &nbsp;&nbsp; $0<br> \*<sup>(b)(c)(d)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 277398 |
| Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% |
| Eurofins Scientific SE | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 75085<br>|
| QIAGEN NV | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 74061<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 47874<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 197020 |
| Pharmaceuticals — 3.2% | Pharmaceuticals — 3.2% | Pharmaceuticals — 3.2% |
| Bayer AG, Registered Shares | &nbsp;&nbsp; 8980 | &nbsp;&nbsp; 407507<br>|
| Financiere de Tubize SA | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 43968<br>|
| Ipsen SA | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 59140<br>|
| Merck KGaA | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 146292<br>|
| Orion oyj, Class B Shares | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 77096<br>|
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 55939<br>|
| Sanofi SA | &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 934038<br>|
| UCB SA | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 324649<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2048629 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3989010** |
| **Industrials — 20.0%** | **Industrials — 20.0%** | **Industrials — 20.0%** |
| Aerospace & Defense — 5.5% | Aerospace & Defense — 5.5% | Aerospace & Defense — 5.5% |
| Airbus SE | &nbsp;&nbsp; 5340 | &nbsp;&nbsp; 989485<br>|
| CSG NV | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 36,843<br> \*<br>|
| Dassault Aviation SA | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 59213<br>|
| Hensoldt AG | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 47908<br>|
| Leonardo SpA  | &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 245426<br>|
| MTU Aero Engines AG | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 175019<br>|
| Rheinmetall AG | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 682385<br>|
| Safran SA | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 1020501<br>|
| Thales SA | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 238185<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3494965 |
| Air Freight & Logistics — 0.8% | Air Freight & Logistics — 0.8% | Air Freight & Logistics — 0.8% |
| Deutsche Post AG | &nbsp;&nbsp; 8440 | &nbsp;&nbsp; 435174<br>|
| InPost SA | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 40,137<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 475311 |
| Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 333387<br>|
| Kingspan Group PLC | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 115472<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 448859 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| SPIE SA | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 66636<br>|
| Construction & Engineering — 2.3% | Construction & Engineering — 2.3% | Construction & Engineering — 2.3% |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 57488<br>|
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 196823<br>|
| Bouygues SA | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 99058<br>|
| Eiffage SA | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 104267<br>|
| Ferrovial SE | &nbsp;&nbsp; 4310 | &nbsp;&nbsp; 275215<br>|
| HOCHTIEF AG | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 61749<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Strabag SE, Bearer Shares | &nbsp;&nbsp; 180 | &nbsp;&nbsp; $17753<br>|
| Vinci SA | &nbsp;&nbsp; 4560 | &nbsp;&nbsp; 674355<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1486708 |
| Electrical Equipment — 4.8% | Electrical Equipment — 4.8% | Electrical Equipment — 4.8% |
| Legrand SA | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 349013<br>|
| Prysmian SpA | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 297055<br>|
| Schneider Electric SE | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 1306647<br>|
| Siemens Energy AG | &nbsp;&nbsp; 6780 | &nbsp;&nbsp; 1111245<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 3063960 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Ayvens SA | &nbsp;&nbsp; 3110 | &nbsp;&nbsp; 35905<br> <sup>(a)</sup><br>|
| Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 1587950<br>|
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| Alstom SA | &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 85,814<br> \*<br>|
| ANDRITZ AG | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 40448<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 4490 | &nbsp;&nbsp; 214540<br>|
| GEA Group AG | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 92374<br>|
| Interpump Group SpA | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 25759<br>|
| KION Group AG | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 32785<br>|
| Knorr-Bremse AG | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 67162<br>|
| Kone oyj, Class B Shares | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 179885<br>|
| Metso oyj | &nbsp;&nbsp; 6270 | &nbsp;&nbsp; 106486<br>|
| Rational AG | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 33683<br>|
| RENK Group AG | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 40843<br>|
| Traton SE | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 19886<br>|
| Valmet oyj | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 35941<br>|
| Wartsila oyj Abp | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 150895<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1126501 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 5470 | &nbsp;&nbsp; 45353<br>|
| Ryanair Holdings PLC | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 66282<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 111635 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Bureau Veritas SA | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 93572<br>|
| Randstad NV | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 25963<br>|
| Wolters Kluwer NV | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 153378<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 272913 |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Brenntag SE | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 69298<br>|
| IMCD NV | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 54654<br>|
| Rexel SA | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; 77841<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 201793 |
| Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% |
| Aena SME SA | &nbsp;&nbsp; 6330 | &nbsp;&nbsp; 186128<br> <sup>(a)</sup><br>|
| Aeroports de Paris SA | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 43387<br>|
| Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 28,213<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Transportation Infrastructure — continued | Transportation Infrastructure — continued | Transportation Infrastructure — continued |
| Getlink SE | &nbsp;&nbsp; 2820 | &nbsp;&nbsp; $60338<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 318066 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12691202** |
| **Information Technology — 12.8%** | **Information Technology — 12.8%** | **Information Technology — 12.8%** |
| Communications Equipment — 0.6% | Communications Equipment — 0.6% | Communications Equipment — 0.6% |
| Nokia oyj | &nbsp;&nbsp; 47540 | &nbsp;&nbsp; 372255<br>|
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| Bechtle AG | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 25199<br>|
| Capgemini SE | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 163272<br>|
| Indra Sistemas SA | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 43544<br>|
| Reply SpA | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 18608<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 250623 |
| Semiconductors & Semiconductor Equipment — 9.0% | Semiconductors & Semiconductor Equipment — 9.0% | Semiconductors & Semiconductor Equipment — 9.0% |
| ASM International NV | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 315599<br>|
| ASML Holding NV | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 4564979<br>|
| BE Semiconductor Industries NV | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 131959<br>|
| Infineon Technologies AG | &nbsp;&nbsp; 11870 | &nbsp;&nbsp; 519711<br>|
| STMicroelectronics NV | &nbsp;&nbsp; 5860 | &nbsp;&nbsp; 193104<br>|
| Technoprobe SpA | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 21,554<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5746906 |
| Software — 2.8% | Software — 2.8% | Software — 2.8% |
| Dassault Systemes SE | &nbsp;&nbsp; 6010 | &nbsp;&nbsp; 119590<br>|
| Nemetschek SE | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 38166<br>|
| SAP SE | &nbsp;&nbsp; 9390 | &nbsp;&nbsp; 1589334<br>|
| Total Software | Total Software | &nbsp;&nbsp; 1747090 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8116874** |
| **Materials — 4.1%** | **Materials — 4.1%** | **Materials — 4.1%** |
| Chemicals — 3.1% | Chemicals — 3.1% | Chemicals — 3.1% |
| Air Liquide SA | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; 1078297<br>|
| Akzo Nobel NV | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 86733<br>|
| BASF SE | &nbsp;&nbsp; 8160 | &nbsp;&nbsp; 492662<br>|
| DSM-Firmenich AG | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 117513<br>|
| Evonik Industries AG | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 44389<br>|
| FUCHS SE | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 7857<br>|
| Syensqo SA | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 35917<br>|
| Symrise AG | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 102952<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1966320 |
| Construction Materials — 0.4% | Construction Materials — 0.4% | Construction Materials — 0.4% |
| Buzzi SpA | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 37228<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 236319<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 273547 |
| Metals & Mining — 0.3% | Metals & Mining — 0.3% | Metals & Mining — 0.3% |
| ArcelorMittal SA | &nbsp;&nbsp; 3850 | &nbsp;&nbsp; 194473<br>|
| Evraz PLC | &nbsp;&nbsp; 1168 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 194473 |
| Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% | Paper & Forest Products — 0.3% |
| Stora Enso oyj, Class R Shares | &nbsp;&nbsp; 5270 | &nbsp;&nbsp; 61116<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Paper & Forest Products — continued | Paper & Forest Products — continued | Paper & Forest Products — continued |
| UPM-Kymmene oyj | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; $146675<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 207791 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2642131** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| Covivio SA | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 28934<br>|
| Merlin Properties Socimi SA | &nbsp;&nbsp; 3440 | &nbsp;&nbsp; 55173<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 84107 |
| Industrial REITs — 0.1% | Industrial REITs — 0.1% | Industrial REITs — 0.1% |
| Warehouses De Pauw, CVA | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 43205<br>|
| Office REITs — 0.0%†† | Office REITs — 0.0%†† | Office REITs — 0.0%†† |
| Gecina SA | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 36716<br>|
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| CTP NV | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 19578<br> <sup>(a)</sup><br>|
| Deutsche Wohnen SE | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 9623<br>|
| LEG Immobilien SE | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 43954<br>|
| Vonovia SE | &nbsp;&nbsp; 6520 | &nbsp;&nbsp; 161966<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 235121 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| Klepierre SA | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 70600<br>|
| Unibail-Rodamco-Westfield | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 121371<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 191971 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **591120** |
| **Utilities — 7.7%** | **Utilities — 7.7%** | **Utilities — 7.7%** |
| Electric Utilities — 4.5% | Electric Utilities — 4.5% | Electric Utilities — 4.5% |
| Acciona SA | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 56476<br>|
| EDP SA | &nbsp;&nbsp; 27330 | &nbsp;&nbsp; 142490<br>|
| Elia Group SA/NV | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 60744<br>|
| Endesa SA | &nbsp;&nbsp; 2870 | &nbsp;&nbsp; 119310<br>|
| Enel SpA | &nbsp;&nbsp; 70870 | &nbsp;&nbsp; 765529<br>|
| Fortum oyj | &nbsp;&nbsp; 3820 | &nbsp;&nbsp; 96303<br>|
| Iberdrola SA | &nbsp;&nbsp; 59900 | &nbsp;&nbsp; 1362736<br>|
| Redeia Corp. SA | &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 61568<br>|
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 12860 | &nbsp;&nbsp; 146158<br>|
| Verbund AG | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 45385<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 2856699 |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| Italgas SpA | &nbsp;&nbsp; 5630 | &nbsp;&nbsp; 65064<br>|
| Naturgy Energy Group SA | &nbsp;&nbsp; 3280 | &nbsp;&nbsp; 97882<br>|
| Snam SpA | &nbsp;&nbsp; 18700 | &nbsp;&nbsp; 141213<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 304159 |
| Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% |
| Corp. ACCIONA Energias Renovables SA | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 6315<br>|
| EDP Renovaveis SA | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 45112<br>|
| RWE AG | &nbsp;&nbsp; 5970 | &nbsp;&nbsp; 396760<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 448187 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Eurozone ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% | Multi-Utilities — 2.0% |
| A2A SpA | A2A SpA | &nbsp;&nbsp; 14440 | &nbsp;&nbsp; $40396<br>|
| E.ON SE | E.ON SE | &nbsp;&nbsp; 20260 | &nbsp;&nbsp; 442594<br>|
| Engie SA | Engie SA | &nbsp;&nbsp; 16820 | &nbsp;&nbsp; 537020<br>|
| Hera SpA | Hera SpA | &nbsp;&nbsp; 7050 | &nbsp;&nbsp; 32265<br>|
| Veolia Environnement SA | Veolia Environnement SA | &nbsp;&nbsp; 5520 | &nbsp;&nbsp; 207722<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 1259997 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4869042** |
| **Total Common Stocks (Cost — $55,679,133)** | **Total Common Stocks (Cost — $55,679,133)** | **Total Common Stocks (Cost — $55,679,133)** | &nbsp;&nbsp; **63039398**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.549% | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 43952<br> <sup>(e)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.088% | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 188150<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **232102** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Henkel AG & Co. KGaA  | &nbsp;&nbsp; 3.122% | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; **108475**<br> <sup>(e)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† | Biotechnology — 0.0%†† |
| Grifols SA, Class B Shares  | &nbsp;&nbsp; 1.789% | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; **18385**<br> <sup>(e)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| FUCHS SE  | &nbsp;&nbsp; 3.398% | &nbsp;&nbsp; 610 | &nbsp;&nbsp; **25443**<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $448,228)** | **Total Preferred Stocks (Cost — $448,228)** | **Total Preferred Stocks (Cost — $448,228)** | &nbsp;&nbsp; **384405** |
|  |  | Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† |
| Telecom Italia SpA (Cost — $0) |  | &nbsp;&nbsp; 154330 | &nbsp;&nbsp; **1**<br> \*<sup>(b)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $56,127,361)** | **Total Investments before Short-Term Investments (Cost — $56,127,361)** | **Total Investments before Short-Term Investments (Cost — $56,127,361)** | &nbsp;&nbsp; **63423804** |
|  | Rate | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $1,256)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 1256<br>| &nbsp;&nbsp; **1256**<br> <sup>(f)(g)(h)</sup><br>|
| **Total Investments — 99.7% (Cost — $56,128,617)** | **Total Investments — 99.7% (Cost — $56,128,617)** | **Total Investments — 99.7% (Cost — $56,128,617)** | &nbsp;&nbsp; **63425060** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 174423 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$63599483** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Eurozone ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(f)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $1,256 and the cost was $1,256 (Note 6).<br>|
| <sup>(h)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Germany | 25.6<br> %<br>|
| France | 24.9 |
| Netherlands | 13.6 |
| Spain | 10.9 |
| Italy | 9.7 |
| United States | 4.6 |
| Finland | 3.5 |
| Belgium | 2.7 |
| Austria | 1.0 |
| Ireland | 0.9 |
| China | 0.8 |
| Portugal | 0.6 |
| Luxembourg | 0.5 |
| Singapore | 0.3 |
| Switzerland | 0.2 |
| Poland | 0.1 |
| Czech Republic | 0.1 |
| South Korea | 0.0<br> ††<br>|
| United Arab Emirates | 0.0<br> ††<br>|
| Russia | 0.0<br> ††<br>|
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $62682 | &nbsp;&nbsp;&nbsp; $63313 | &nbsp;&nbsp;&nbsp; **$631** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Communication Services — 7.6%** | **Communication Services — 7.6%** | **Communication Services — 7.6%** |
| Diversified Telecommunication Services — 7.0% | Diversified Telecommunication Services — 7.0% | Diversified Telecommunication Services — 7.0% |
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 76050 | &nbsp;&nbsp; $2799612<br>|
| Entertainment — 0.2% | Entertainment — 0.2% | Entertainment — 0.2% |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 72896<br>|
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| Scout24 SE | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 118631<br> <sup>(a)</sup><br>|
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| RTL Group SA | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 33850<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3024989** |
| **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** | **Consumer Discretionary — 6.7%** |
| Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% |
| Aumovio SE | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 43,050<br> \*<br>|
| Continental AG | &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 166047<br>|
| Schaeffler AG | &nbsp;&nbsp; 4394 | &nbsp;&nbsp; 35718<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 244815 |
| Automobiles — 4.1% | Automobiles — 4.1% | Automobiles — 4.1% |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 6214 | &nbsp;&nbsp; 558462<br>|
| Mercedes-Benz Group AG | &nbsp;&nbsp; 16822 | &nbsp;&nbsp; 1015439<br>|
| Volkswagen AG | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 63593<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1637494 |
| Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% |
| Delivery Hero SE | &nbsp;&nbsp; 4966 | &nbsp;&nbsp; 88,402<br> \*<sup>(a)</sup><br>|
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Zalando SE | &nbsp;&nbsp; 5304 | &nbsp;&nbsp; 125,587<br> \*<sup>(a)</sup><br>|
| Textiles, Apparel & Luxury Goods — 1.5% | Textiles, Apparel & Luxury Goods — 1.5% | Textiles, Apparel & Luxury Goods — 1.5% |
| adidas AG | &nbsp;&nbsp; 3718 | &nbsp;&nbsp; 585392<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2681690** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| Household Products — 0.4% | Household Products — 0.4% | Household Products — 0.4% |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 151811<br>|
| Personal Care Products — 0.5% | Personal Care Products — 0.5% | Personal Care Products — 0.5% |
| Beiersdorf AG | &nbsp;&nbsp; 2314 | &nbsp;&nbsp; 204177<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **355988** |
| **Financials — 22.0%** | **Financials — 22.0%** | **Financials — 22.0%** |
| Banks — 1.4% | Banks — 1.4% | Banks — 1.4% |
| Commerzbank AG | &nbsp;&nbsp; 15002 | &nbsp;&nbsp; 532214<br>|
| Capital Markets — 5.9% | Capital Markets — 5.9% | Capital Markets — 5.9% |
| Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 38974 | &nbsp;&nbsp; 1127810<br>|
| Deutsche Boerse AG | &nbsp;&nbsp; 4108 | &nbsp;&nbsp; 1188516<br>|
| DWS Group GmbH & Co. KGaA | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 43961<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 2360287 |
| Insurance — 14.7% | Insurance — 14.7% | Insurance — 14.7% |
| Allianz SE, Registered Shares | &nbsp;&nbsp; 8476 | &nbsp;&nbsp; 3508940<br>|
| Hannover Rueck SE | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 409149<br>|
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | &nbsp;&nbsp; 2912 | &nbsp;&nbsp; 1809798<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Talanx AG | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; $161338<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 5889225 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8781726** |
| **Health Care — 6.4%** | **Health Care — 6.4%** | **Health Care — 6.4%** |
| Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% | Health Care Equipment & Supplies — 0.9% |
| Siemens Healthineers AG | &nbsp;&nbsp; 8138 | &nbsp;&nbsp; 340371<br> <sup>(a)</sup><br>|
| Health Care Providers & Services — 1.7% | Health Care Providers & Services — 1.7% | Health Care Providers & Services — 1.7% |
| Fresenius Medical Care AG | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 207981<br>|
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 9178 | &nbsp;&nbsp; 468679<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 676660 |
| Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% |
| QIAGEN NV | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; 180189<br>|
| Pharmaceuticals — 3.4% | Pharmaceuticals — 3.4% | Pharmaceuticals — 3.4% |
| Bayer AG, Registered Shares | &nbsp;&nbsp; 21892 | &nbsp;&nbsp; 993445<br>|
| Merck KGaA | &nbsp;&nbsp; 2886 | &nbsp;&nbsp; 357797<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1351242 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2548462** |
| **Industrials — 29.0%** | **Industrials — 29.0%** | **Industrials — 29.0%** |
| Aerospace & Defense — 5.5% | Aerospace & Defense — 5.5% | Aerospace & Defense — 5.5% |
| Hensoldt AG | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 117768<br>|
| MTU Aero Engines AG | &nbsp;&nbsp; 1196 | &nbsp;&nbsp; 427189<br>|
| Rheinmetall AG | &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 1671010<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 2215967 |
| Air Freight & Logistics — 2.6% | Air Freight & Logistics — 2.6% | Air Freight & Logistics — 2.6% |
| Deutsche Post AG | &nbsp;&nbsp; 20618 | &nbsp;&nbsp; 1063084<br>|
| Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% |
| HOCHTIEF AG | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 149079<br>|
| Electrical Equipment — 6.8% | Electrical Equipment — 6.8% | Electrical Equipment — 6.8% |
| Siemens Energy AG | &nbsp;&nbsp; 16536 | &nbsp;&nbsp; 2710257<br>|
| Industrial Conglomerates — 9.7% | Industrial Conglomerates — 9.7% | Industrial Conglomerates — 9.7% |
| Siemens AG, Registered Shares | &nbsp;&nbsp; 16354 | &nbsp;&nbsp; 3876021<br>|
| Machinery — 3.1% | Machinery — 3.1% | Machinery — 3.1% |
| Daimler Truck Holding AG | &nbsp;&nbsp; 10946 | &nbsp;&nbsp; 523019<br>|
| GEA Group AG | &nbsp;&nbsp; 3198 | &nbsp;&nbsp; 225506<br>|
| KION Group AG | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 79914<br>|
| Knorr-Bremse AG | &nbsp;&nbsp; 1482 | &nbsp;&nbsp; 165890<br>|
| Rational AG | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 80983<br>|
| RENK Group AG | &nbsp;&nbsp; 1716 | &nbsp;&nbsp; 100124<br>|
| Traton SE | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 49857<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1225293 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Deutsche Lufthansa AG, Registered Shares | &nbsp;&nbsp; 13312 | &nbsp;&nbsp; 110373<br>|
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Brenntag SE | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 169879<br>|
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| Fraport AG Frankfurt Airport Services Worldwide | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 68,908<br> \*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11588861** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Information Technology — 13.2%** | **Information Technology — 13.2%** | **Information Technology — 13.2%** | **Information Technology — 13.2%** |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Bechtle AG | Bechtle AG | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; $61148<br>|
| Semiconductors & Semiconductor Equipment — 3.2% | Semiconductors & Semiconductor Equipment — 3.2% | Semiconductors & Semiconductor Equipment — 3.2% | Semiconductors & Semiconductor Equipment — 3.2% |
| Infineon Technologies AG | Infineon Technologies AG | &nbsp;&nbsp; 28964 | &nbsp;&nbsp; 1268148<br>|
| Software — 9.9% | Software — 9.9% | Software — 9.9% | Software — 9.9% |
| Nemetschek SE | Nemetschek SE | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 93506<br>|
| SAP SE | SAP SE | &nbsp;&nbsp; 22906 | &nbsp;&nbsp; 3877027<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 3970533 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5299829** |
| **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** |
| Chemicals — 4.0% | Chemicals — 4.0% | Chemicals — 4.0% | Chemicals — 4.0% |
| BASF SE | BASF SE | &nbsp;&nbsp; 19890 | &nbsp;&nbsp; 1200864<br>|
| Evonik Industries AG | Evonik Industries AG | &nbsp;&nbsp; 5538 | &nbsp;&nbsp; 106880<br>|
| FUCHS SE | FUCHS SE | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 19541<br>|
| Symrise AG | Symrise AG | &nbsp;&nbsp; 2964 | &nbsp;&nbsp; 250123<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1577408 |
| Construction Materials — 1.4% | Construction Materials — 1.4% | Construction Materials — 1.4% | Construction Materials — 1.4% |
| Heidelberg Materials AG | Heidelberg Materials AG | &nbsp;&nbsp; 2808 | &nbsp;&nbsp; 577030<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2154438** |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% |
| Deutsche Wohnen SE | Deutsche Wohnen SE | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 24449<br>|
| LEG Immobilien SE | LEG Immobilien SE | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 109239<br>|
| Vonovia SE | Vonovia SE | &nbsp;&nbsp; 15886 | &nbsp;&nbsp; 394631<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **528319** |
| **Utilities — 5.1%** | **Utilities — 5.1%** | **Utilities — 5.1%** | **Utilities — 5.1%** |
| Independent Power and Renewable Electricity Producers — 2.4% | Independent Power and Renewable Electricity Producers — 2.4% | Independent Power and Renewable Electricity Producers — 2.4% | Independent Power and Renewable Electricity Producers — 2.4% |
| RWE AG | RWE AG | &nbsp;&nbsp; 14560 | &nbsp;&nbsp; 967642<br>|
| Multi-Utilities — 2.7% | Multi-Utilities — 2.7% | Multi-Utilities — 2.7% | Multi-Utilities — 2.7% |
| E.ON SE | E.ON SE | &nbsp;&nbsp; 49426 | &nbsp;&nbsp; 1079746<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2047388** |
| **Total Common Stocks (Cost — $42,430,512)** | **Total Common Stocks (Cost — $42,430,512)** | **Total Common Stocks (Cost — $42,430,512)** | &nbsp;&nbsp; **39011690**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 2.2%** | **Preferred Stocks — 2.2%** | **Preferred Stocks — 2.2%** | **Preferred Stocks — 2.2%** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% | Automobiles — 1.4% |
| Bayerische Motoren Werke AG  | &nbsp;&nbsp; 5.549% | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 109612<br> <sup>(b)</sup><br>|
| Volkswagen AG  | &nbsp;&nbsp; 6.088% | &nbsp;&nbsp; 4602 | &nbsp;&nbsp; 458129<br> <sup>(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **567741** |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |
| Household Products — 0.7% | Household Products — 0.7% | Household Products — 0.7% | Household Products — 0.7% |
| Henkel AG & Co. KGaA  | &nbsp;&nbsp; 3.122% | &nbsp;&nbsp; 3484 | &nbsp;&nbsp; **266146**<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Germany ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| FUCHS SE  | &nbsp;&nbsp; 3.398% | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; **$60729**<br> <sup>(b)</sup><br>|
| **Total Preferred Stocks (Cost — $1,190,202)** | **Total Preferred Stocks (Cost — $1,190,202)** | **Total Preferred Stocks (Cost — $1,190,202)** | &nbsp;&nbsp; **894616** |
| **Total Investments — 99.8% (Cost — $43,620,714)** | **Total Investments — 99.8% (Cost — $43,620,714)** | **Total Investments — 99.8% (Cost — $43,620,714)** | &nbsp;&nbsp; **39906306** |
| Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp; 86354 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$39992660** |

---

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

\* Non-income producing security.

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

<sup>(b)</sup> The rate shown represents the yield as of March 31, 2026.

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Germany | 99.2<br> %<br>|
| United States | 0.5 |
| South Korea | 0.2 |
| Luxembourg | 0.1 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Micro Dax Index | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $82766 | &nbsp;&nbsp;&nbsp; $78938 | &nbsp;&nbsp;&nbsp; **$(3828)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Communication Services — 4.7%** | **Communication Services — 4.7%** | **Communication Services — 4.7%** |
| Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% |
| Indus Towers Ltd. | &nbsp;&nbsp; 2142625 | &nbsp;&nbsp; $9,445,972<br> \*<br>|
| Tata Communications Ltd. | &nbsp;&nbsp; 183000 | &nbsp;&nbsp; 2600621<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 12046593 |
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| Info Edge India Ltd. | &nbsp;&nbsp; 565775 | &nbsp;&nbsp; 5772353<br>|
| Media — 0.0%†† | Media — 0.0%†† | Media — 0.0%†† |
| Sun TV Network Ltd. | &nbsp;&nbsp; 140300 | &nbsp;&nbsp; 838631<br>|
| Wireless Telecommunication Services — 3.9% | Wireless Telecommunication Services — 3.9% | Wireless Telecommunication Services — 3.9% |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 4817475 | &nbsp;&nbsp; 90530107<br>|
| Bharti Hexacom Ltd. | &nbsp;&nbsp; 122000 | &nbsp;&nbsp; 1940578<br>|
| Vodafone Idea Ltd. | &nbsp;&nbsp; 43145300 | &nbsp;&nbsp; 3,880,171<br> \*<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 96350856 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **115008433** |
| **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** |
| Automobile Components — 1.8% | Automobile Components — 1.8% | Automobile Components — 1.8% |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 129625 | &nbsp;&nbsp; 2846731<br>|
| Bharat Forge Ltd. | &nbsp;&nbsp; 419375 | &nbsp;&nbsp; 7404266<br>|
| Bosch Ltd. | &nbsp;&nbsp; 13725 | &nbsp;&nbsp; 4159518<br>|
| Endurance Technologies Ltd. | &nbsp;&nbsp; 57950 | &nbsp;&nbsp; 1352633<br> <sup>(a)</sup><br>|
| Exide Industries Ltd. | &nbsp;&nbsp; 678625 | &nbsp;&nbsp; 2059870<br>|
| MRF Ltd. | &nbsp;&nbsp; 3593 | &nbsp;&nbsp; 4867566<br>|
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 7184275 | &nbsp;&nbsp; 7959236<br>|
| Schaeffler India Ltd. | &nbsp;&nbsp; 65575 | &nbsp;&nbsp; 2658156<br>|
| Sona Blw Precision Forgings Ltd. | &nbsp;&nbsp; 730475 | &nbsp;&nbsp; 3708259<br> <sup>(a)</sup><br>|
| Tube Investments of India Ltd. | &nbsp;&nbsp; 175375 | &nbsp;&nbsp; 4654479<br>|
| UNO Minda Ltd. | &nbsp;&nbsp; 291275 | &nbsp;&nbsp; 3167984<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 44838698 |
| Automobiles — 5.7% | Automobiles — 5.7% | Automobiles — 5.7% |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 108275 | &nbsp;&nbsp; 10024559<br>|
| Eicher Motors Ltd. | &nbsp;&nbsp; 216550 | &nbsp;&nbsp; 15036554<br>|
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 210450 | &nbsp;&nbsp; 11233763<br>|
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 231800 | &nbsp;&nbsp; 4345238<br>|
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1514325 | &nbsp;&nbsp; 47173801<br>|
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 213500 | &nbsp;&nbsp; 27700217<br>|
| Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp; 3344325 | &nbsp;&nbsp; 10443881<br>|
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 381250 | &nbsp;&nbsp; 13520987<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 139479000 |
| Broadline Retail — 0.2% | Broadline Retail — 0.2% | Broadline Retail — 0.2% |
| Vishal Mega Mart Ltd. | &nbsp;&nbsp; 4204425 | &nbsp;&nbsp; 4,667,705<br> \*<br>|
| Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% |
| Eternal Ltd. | &nbsp;&nbsp; 7303225 | &nbsp;&nbsp; 17,631,149<br> \*<br>|
| Indian Hotels Co. Ltd. | &nbsp;&nbsp; 1386225 | &nbsp;&nbsp; 8344498<br>|
| ITC Hotels Ltd. | &nbsp;&nbsp; 1576850 | &nbsp;&nbsp; 2,292,074<br> \*<br>|
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 616100 | &nbsp;&nbsp; 2819742<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Swiggy Ltd. | &nbsp;&nbsp; 2392725 | &nbsp;&nbsp; $6,560,214<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 37647677 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 59475 | &nbsp;&nbsp; 6065464<br>|
| Whirlpool of India Ltd. | &nbsp;&nbsp; 125050 | &nbsp;&nbsp; 1041152<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 7106616 |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| FSN E-Commerce Ventures Ltd. | &nbsp;&nbsp; 2025200 | &nbsp;&nbsp; 5,017,694<br> \*<br>|
| Metro Brands Ltd. | &nbsp;&nbsp; 82350 | &nbsp;&nbsp; 778016<br>|
| Trent Ltd. | &nbsp;&nbsp; 295850 | &nbsp;&nbsp; 10280182<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 16075892 |
| Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% | Textiles, Apparel & Luxury Goods — 1.3% |
| Bata India Ltd. | &nbsp;&nbsp; 103700 | &nbsp;&nbsp; 664192<br>|
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 626775 | &nbsp;&nbsp; 2484004<br>|
| Page Industries Ltd. | &nbsp;&nbsp; 9150 | &nbsp;&nbsp; 3065314<br>|
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 118950 | &nbsp;&nbsp; 298351<br>|
| Titan Co. Ltd. | &nbsp;&nbsp; 596275 | &nbsp;&nbsp; 24840823<br>|
| Vedant Fashions Ltd. | &nbsp;&nbsp; 102175 | &nbsp;&nbsp; 378112<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 31730796 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **281546384** |
| **Consumer Staples — 5.6%** | **Consumer Staples — 5.6%** | **Consumer Staples — 5.6%** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| United Breweries Ltd. | &nbsp;&nbsp; 112850 | &nbsp;&nbsp; 1832275<br>|
| United Spirits Ltd. | &nbsp;&nbsp; 478850 | &nbsp;&nbsp; 6153190<br>|
| Varun Beverages Ltd. | &nbsp;&nbsp; 2186850 | &nbsp;&nbsp; 8855879<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 16841344 |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Avenue Supermarts Ltd. | &nbsp;&nbsp; 237900 | &nbsp;&nbsp; 9,924,461<br> \*<sup>(a)</sup><br>|
| Food Products — 1.9% | Food Products — 1.9% | Food Products — 1.9% |
| AWL Agri Business Ltd. | &nbsp;&nbsp; 869250 | &nbsp;&nbsp; 1,629,189<br> \*<br>|
| Britannia Industries Ltd. | &nbsp;&nbsp; 190625 | &nbsp;&nbsp; 10899030<br>|
| Marico Ltd. | &nbsp;&nbsp; 860100 | &nbsp;&nbsp; 6673684<br>|
| Nestle India Ltd. | &nbsp;&nbsp; 1168150 | &nbsp;&nbsp; 14468748<br>|
| Patanjali Foods Ltd. | &nbsp;&nbsp; 541375 | &nbsp;&nbsp; 2624148<br>|
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 1056825 | &nbsp;&nbsp; 11307118<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 47601917 |
| Personal Care Products — 1.9% | Personal Care Products — 1.9% | Personal Care Products — 1.9% |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 215025 | &nbsp;&nbsp; 4055037<br>|
| Dabur India Ltd. | &nbsp;&nbsp; 968375 | &nbsp;&nbsp; 4190562<br>|
| Emami Ltd. | &nbsp;&nbsp; 306525 | &nbsp;&nbsp; 1271360<br>|
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 652700 | &nbsp;&nbsp; 6776884<br>|
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1442650 | &nbsp;&nbsp; 31259603<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 47553446 |
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 67100 | &nbsp;&nbsp; 1325393<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Tobacco — continued | Tobacco — continued | Tobacco — continued |
| ITC Ltd. | &nbsp;&nbsp; 4884575 | &nbsp;&nbsp; $14816139<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 16141532 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **138062700** |
| **Energy — 9.2%** | **Energy — 9.2%** | **Energy — 9.2%** |
| Oil, Gas & Consumable Fuels — 9.2% | Oil, Gas & Consumable Fuels — 9.2% | Oil, Gas & Consumable Fuels — 9.2% |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 3210125 | &nbsp;&nbsp; 9510353<br>|
| Coal India Ltd. | &nbsp;&nbsp; 3695075 | &nbsp;&nbsp; 17548429<br>|
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 1558550 | &nbsp;&nbsp; 5511276<br>|
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 6110675 | &nbsp;&nbsp; 8723208<br>|
| Mangalore Refinery & Petrochemicals Ltd. | &nbsp;&nbsp; 326350 | &nbsp;&nbsp; 618783<br>|
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 6299775 | &nbsp;&nbsp; 18906216<br>|
| Oil India Ltd. | &nbsp;&nbsp; 884500 | &nbsp;&nbsp; 4433749<br>|
| Petronet LNG Ltd. | &nbsp;&nbsp; 1216950 | &nbsp;&nbsp; 3187720<br>|
| Reliance Industries Ltd. | &nbsp;&nbsp; 11079125 | &nbsp;&nbsp; 156978727<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **225418461** |
| **Financials — 27.2%** | **Financials — 27.2%** | **Financials — 27.2%** |
| Banks — 17.1% | Banks — 17.1% | Banks — 17.1% |
| AU Small Finance Bank Ltd. | &nbsp;&nbsp; 849425 | &nbsp;&nbsp; 7546862<br> <sup>(a)</sup><br>|
| Axis Bank Ltd. | &nbsp;&nbsp; 3728625 | &nbsp;&nbsp; 45652180<br>|
| Bandhan Bank Ltd. | &nbsp;&nbsp; 1284050 | &nbsp;&nbsp; 1913578<br> <sup>(a)</sup><br>|
| Bank of Baroda | &nbsp;&nbsp; 1682075 | &nbsp;&nbsp; 4391010<br>|
| Bank of India | &nbsp;&nbsp; 1480775 | &nbsp;&nbsp; 2138682<br>|
| Bank of Maharashtra | &nbsp;&nbsp; 2501000 | &nbsp;&nbsp; 1617168<br>|
| Canara Bank | &nbsp;&nbsp; 2950875 | &nbsp;&nbsp; 3840699<br>|
| Central Bank of India Ltd. | &nbsp;&nbsp; 1579900 | &nbsp;&nbsp; 523531<br>|
| Federal Bank Ltd. | &nbsp;&nbsp; 2955450 | &nbsp;&nbsp; 8082803<br>|
| HDFC Bank Ltd. | &nbsp;&nbsp; 18426575 | &nbsp;&nbsp; 142120597<br>|
| ICICI Bank Ltd. | &nbsp;&nbsp; 8578125 | &nbsp;&nbsp; 109061647<br>|
| IDBI Bank Ltd. | &nbsp;&nbsp; 910425 | &nbsp;&nbsp; 590320<br>|
| IDFC First Bank Ltd. | &nbsp;&nbsp; 6841150 | &nbsp;&nbsp; 4244670<br>|
| Indian Bank | &nbsp;&nbsp; 437675 | &nbsp;&nbsp; 3902442<br>|
| Indian Overseas Bank | &nbsp;&nbsp; 2366800 | &nbsp;&nbsp; 783,038<br> \*<br>|
| IndusInd Bank Ltd. | &nbsp;&nbsp; 568825 | &nbsp;&nbsp; 4,512,578<br> \*<br>|
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 8890750 | &nbsp;&nbsp; 33126331<br>|
| Punjab National Bank | &nbsp;&nbsp; 3737775 | &nbsp;&nbsp; 3962842<br>|
| RBL Bank Ltd. | &nbsp;&nbsp; 732000 | &nbsp;&nbsp; 2236160<br> <sup>(a)</sup><br>|
| State Bank of India | &nbsp;&nbsp; 3002725 | &nbsp;&nbsp; 31005879<br>|
| Union Bank of India Ltd. | &nbsp;&nbsp; 2482700 | &nbsp;&nbsp; 4297994<br>|
| Yes Bank Ltd. | &nbsp;&nbsp; 28468700 | &nbsp;&nbsp; 5,177,560<br> \*<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 420728571 |
| Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 422425 | &nbsp;&nbsp; 4229205<br>|
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 228750 | &nbsp;&nbsp; 1036684<br>|
| BSE Ltd. | &nbsp;&nbsp; 323300 | &nbsp;&nbsp; 9146937<br>|
| Central Depository Services India Ltd. | &nbsp;&nbsp; 166225 | &nbsp;&nbsp; 1961779<br>|
| CRISIL Ltd. | &nbsp;&nbsp; 33550 | &nbsp;&nbsp; 1330416<br>|
| HDFC Asset Management Co. Ltd. | &nbsp;&nbsp; 318725 | &nbsp;&nbsp; 7447880<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 244000 | &nbsp;&nbsp; $1627760<br>|
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 205875 | &nbsp;&nbsp; 5186338<br>|
| Nippon Life India Asset Management Ltd. | &nbsp;&nbsp; 282125 | &nbsp;&nbsp; 2384486<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 34351485 |
| Consumer Finance — 3.9% | Consumer Finance — 3.9% | Consumer Finance — 3.9% |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 4567375 | &nbsp;&nbsp; 38598078<br>|
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 161650 | &nbsp;&nbsp; 2326870<br>|
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 684725 | &nbsp;&nbsp; 9779749<br>|
| HDB Financial Services Ltd. | &nbsp;&nbsp; 254675 | &nbsp;&nbsp; 1503502<br>|
| L&T Finance Ltd. | &nbsp;&nbsp; 1308450 | &nbsp;&nbsp; 3313588<br>|
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 1050725 | &nbsp;&nbsp; 3169387<br>|
| Muthoot Finance Ltd. | &nbsp;&nbsp; 173850 | &nbsp;&nbsp; 5792205<br>|
| Poonawalla Fincorp Ltd. | &nbsp;&nbsp; 416325 | &nbsp;&nbsp; 1,617,039<br> \*<br>|
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 486475 | &nbsp;&nbsp; 3259195<br>|
| Shriram Finance Ltd. | &nbsp;&nbsp; 2270725 | &nbsp;&nbsp; 20878496<br>|
| Sundaram Finance Ltd. | &nbsp;&nbsp; 111325 | &nbsp;&nbsp; 5135571<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 95373680 |
| Financial Services — 2.7% | Financial Services — 2.7% | Financial Services — 2.7% |
| Aditya Birla Capital Ltd. | &nbsp;&nbsp; 1027850 | &nbsp;&nbsp; 3,167,033<br> \*<br>|
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 622200 | &nbsp;&nbsp; 10704474<br>|
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 44225 | &nbsp;&nbsp; 4077986<br>|
| Bajaj Housing Finance Ltd. | &nbsp;&nbsp; 1531100 | &nbsp;&nbsp; 1,179,859<br> \*<br>|
| Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 814350 | &nbsp;&nbsp; 1370118<br>|
| Indian Railway Finance Corp. Ltd. | &nbsp;&nbsp; 3319925 | &nbsp;&nbsp; 3053251<br> <sup>(a)</sup><br>|
| Indian Renewable Energy Development Agency Ltd. | &nbsp;&nbsp; 1290150 | &nbsp;&nbsp; 1482366<br>|
| Jio Financial Services Ltd. | &nbsp;&nbsp; 5076725 | &nbsp;&nbsp; 11994824<br>|
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 469700 | &nbsp;&nbsp; 2452525<br>|
| One 97 Communications Ltd. | &nbsp;&nbsp; 663375 | &nbsp;&nbsp; 6,707,275<br> \*<br>|
| Piramal Finance Ltd. | &nbsp;&nbsp; 187575 | &nbsp;&nbsp; 3,627,948<br> \*<br>|
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 2362225 | &nbsp;&nbsp; 9451515<br>|
| REC Ltd. | &nbsp;&nbsp; 2028250 | &nbsp;&nbsp; 6524272<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 65793446 |
| Insurance — 2.1% | Insurance — 2.1% | Insurance — 2.1% |
| General Insurance Corp. of India | &nbsp;&nbsp; 501725 | &nbsp;&nbsp; 1919910<br> <sup>(a)</sup><br>|
| HDFC Life Insurance Co. Ltd. | &nbsp;&nbsp; 1534150 | &nbsp;&nbsp; 9552777<br> <sup>(a)</sup><br>|
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp; 388875 | &nbsp;&nbsp; 7013372<br> <sup>(a)</sup><br>|
| ICICI Prudential Life Insurance Co. Ltd. | &nbsp;&nbsp; 593225 | &nbsp;&nbsp; 3186946<br> <sup>(a)</sup><br>|
| Max Financial Services Ltd. | &nbsp;&nbsp; 428525 | &nbsp;&nbsp; 6,734,957<br> \*<br>|
| New India Assurance Co. Ltd. | &nbsp;&nbsp; 390400 | &nbsp;&nbsp; 484950<br> <sup>(a)</sup><br>|
| PB Fintech Ltd. | &nbsp;&nbsp; 552050 | &nbsp;&nbsp; 8,310,252<br> \*<br>|
| SBI Life Insurance Co. Ltd. | &nbsp;&nbsp; 703025 | &nbsp;&nbsp; 13173461<br> <sup>(a)</sup><br>|
| Star Health & Allied Insurance Co. Ltd. | &nbsp;&nbsp; 378200 | &nbsp;&nbsp; 1,824,236<br> \*<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 52200861 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **668448043** |
| **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** |
| Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% |
| Biocon Ltd. | &nbsp;&nbsp; 1152900 | &nbsp;&nbsp; 4386791<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — 1.4% | Health Care Providers & Services — 1.4% | Health Care Providers & Services — 1.4% |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 161650 | &nbsp;&nbsp; $12644145<br>|
| Dr Lal PathLabs Ltd. | &nbsp;&nbsp; 120475 | &nbsp;&nbsp; 1666603<br> <sup>(a)</sup><br>|
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 794525 | &nbsp;&nbsp; 6659522<br>|
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 1206275 | &nbsp;&nbsp; 12238416<br>|
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 109800 | &nbsp;&nbsp; 1858348<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 35067034 |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 207400 | &nbsp;&nbsp; 13003944<br>|
| Syngene International Ltd. | &nbsp;&nbsp; 306525 | &nbsp;&nbsp; 1260049<br> <sup>(a)</sup><br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 14263993 |
| Pharmaceuticals — 4.5% | Pharmaceuticals — 4.5% | Pharmaceuticals — 4.5% |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 68625 | &nbsp;&nbsp; 2029547<br>|
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 73200 | &nbsp;&nbsp; 4089530<br>|
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 454450 | &nbsp;&nbsp; 6249788<br>|
| Cipla Ltd. | &nbsp;&nbsp; 907375 | &nbsp;&nbsp; 11711367<br>|
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 979050 | &nbsp;&nbsp; 12953358<br>|
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 68625 | &nbsp;&nbsp; 1651797<br>|
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 230275 | &nbsp;&nbsp; 5175368<br>|
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 227225 | &nbsp;&nbsp; 3835925<br>|
| Laurus Labs Ltd. | &nbsp;&nbsp; 594750 | &nbsp;&nbsp; 6224735<br> <sup>(a)</sup><br>|
| Lupin Ltd. | &nbsp;&nbsp; 393450 | &nbsp;&nbsp; 9598481<br>|
| Mankind Pharma Ltd. | &nbsp;&nbsp; 183000 | &nbsp;&nbsp; 3869966<br>|
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1732400 | &nbsp;&nbsp; 32095028<br>|
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 172325 | &nbsp;&nbsp; 7667428<br>|
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 407175 | &nbsp;&nbsp; 3739963<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 110892281 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **164610099** |
| **Industrials — 10.4%** | **Industrials — 10.4%** | **Industrials — 10.4%** |
| Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% | Aerospace & Defense — 1.6% |
| Bharat Dynamics Ltd. | &nbsp;&nbsp; 149450 | &nbsp;&nbsp; 1727876<br>|
| Bharat Electronics Ltd. | &nbsp;&nbsp; 5808725 | &nbsp;&nbsp; 24536598<br>|
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 308050 | &nbsp;&nbsp; 11325737<br>|
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 123525 | &nbsp;&nbsp; 2689585<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 40279796 |
| Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% |
| Astral Ltd. | &nbsp;&nbsp; 195200 | &nbsp;&nbsp; 3290764<br>|
| Blue Star Ltd. | &nbsp;&nbsp; 210450 | &nbsp;&nbsp; 3573814<br>|
| Supreme Industries Ltd. | &nbsp;&nbsp; 97600 | &nbsp;&nbsp; 3853733<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 10718311 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 491050 | &nbsp;&nbsp; 2560121<br>|
| Construction & Engineering — 2.0% | Construction & Engineering — 2.0% | Construction & Engineering — 2.0% |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 6438550 | &nbsp;&nbsp; 1502914<br>|
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 1096475 | &nbsp;&nbsp; 40508262<br>|
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 921100 | &nbsp;&nbsp; 2424414<br>|
| Voltas Ltd. | &nbsp;&nbsp; 375150 | &nbsp;&nbsp; 5034235<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 49469825 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electrical Equipment — 2.4% | Electrical Equipment — 2.4% | Electrical Equipment — 2.4% |
| ABB India Ltd. | &nbsp;&nbsp; 85400 | &nbsp;&nbsp; $5349613<br>|
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 2368325 | &nbsp;&nbsp; 6130010<br>|
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 1070550 | &nbsp;&nbsp; 7393495<br>|
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 201300 | &nbsp;&nbsp; 7726117<br>|
| Havells India Ltd. | &nbsp;&nbsp; 370575 | &nbsp;&nbsp; 4651686<br>|
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 21350 | &nbsp;&nbsp; 5455183<br>|
| KEI Industries Ltd. | &nbsp;&nbsp; 99125 | &nbsp;&nbsp; 4220053<br>|
| Polycab India Ltd. | &nbsp;&nbsp; 82350 | &nbsp;&nbsp; 5941694<br>|
| Siemens Energy India Ltd. | &nbsp;&nbsp; 143350 | &nbsp;&nbsp; 3877378<br>|
| Suzlon Energy Ltd. | &nbsp;&nbsp; 17696100 | &nbsp;&nbsp; 7,380,779<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 58126008 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 559675 | &nbsp;&nbsp; 2509572<br>|
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| 3M India Ltd. | &nbsp;&nbsp; 4575 | &nbsp;&nbsp; 1452829<br>|
| Apar Industries Ltd. | &nbsp;&nbsp; 27450 | &nbsp;&nbsp; 2859641<br>|
| Godrej Industries Ltd. | &nbsp;&nbsp; 71675 | &nbsp;&nbsp; 566,002<br> \*<br>|
| Siemens Ltd. | &nbsp;&nbsp; 143350 | &nbsp;&nbsp; 4,435,823<br> \*<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 9314295 |
| Machinery — 1.6% | Machinery — 1.6% | Machinery — 1.6% |
| AIA Engineering Ltd. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 1871043<br>|
| Ashok Leyland Ltd. | &nbsp;&nbsp; 4646675 | &nbsp;&nbsp; 7550885<br>|
| Cochin Shipyard Ltd. | &nbsp;&nbsp; 137250 | &nbsp;&nbsp; 1726464<br> <sup>(a)</sup><br>|
| Cummins India Ltd. | &nbsp;&nbsp; 221125 | &nbsp;&nbsp; 10491278<br>|
| Escorts Kubota Ltd. | &nbsp;&nbsp; 53375 | &nbsp;&nbsp; 1542071<br>|
| Tata Motors Ltd. | &nbsp;&nbsp; 3344325 | &nbsp;&nbsp; 13,920,474<br> \*<br>|
| Thermax Ltd. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 1677641<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 38779856 |
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |
| InterGlobe Aviation Ltd. | &nbsp;&nbsp; 308050 | &nbsp;&nbsp; 12807709<br> <sup>(a)</sup><br>|
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| L&T Technology Services Ltd. | &nbsp;&nbsp; 44225 | &nbsp;&nbsp; 1455551<br> <sup>(a)</sup><br>|
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 422425 | &nbsp;&nbsp; 7833114<br>|
| Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% | Transportation Infrastructure — 0.9% |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 1271850 | &nbsp;&nbsp; 17600973<br>|
| GMR Airports Ltd. | &nbsp;&nbsp; 4241025 | &nbsp;&nbsp; 3,789,474<br> \*<br>|
| JSW Infrastructure Ltd. | &nbsp;&nbsp; 547475 | &nbsp;&nbsp; 1389918<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 22780365 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **256634523** |
| **Information Technology — 8.4%** | **Information Technology — 8.4%** | **Information Technology — 8.4%** |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 846519<br>|
| Kaynes Technology India Ltd. | &nbsp;&nbsp; 48800 | &nbsp;&nbsp; 1,764,541<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 2611060 |
| IT Services — 7.8% | IT Services — 7.8% | IT Services — 7.8% |
| Coforge Ltd. | &nbsp;&nbsp; 542900 | &nbsp;&nbsp; 6380375<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| IT Services — continued | IT Services — continued | IT Services — continued |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1711050 | &nbsp;&nbsp; $24202161<br>|
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 248575 | &nbsp;&nbsp; 1113819<br>|
| Infosys Ltd. | &nbsp;&nbsp; 5595225 | &nbsp;&nbsp; 73774176<br>|
| LTIMindtree Ltd. | &nbsp;&nbsp; 150975 | &nbsp;&nbsp; 6388945<br> <sup>(a)</sup><br>|
| Mphasis Ltd. | &nbsp;&nbsp; 211975 | &nbsp;&nbsp; 4588196<br>|
| Persistent Systems Ltd. | &nbsp;&nbsp; 169275 | &nbsp;&nbsp; 8704259<br>|
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1660725 | &nbsp;&nbsp; 41302434<br>|
| Tata Technologies Ltd. | &nbsp;&nbsp; 269925 | &nbsp;&nbsp; 1449105<br>|
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1012600 | &nbsp;&nbsp; 14775507<br>|
| Wipro Ltd. | &nbsp;&nbsp; 4575000 | &nbsp;&nbsp; 9050757<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 191729734 |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |
| Premier Energies Ltd. | &nbsp;&nbsp; 175375 | &nbsp;&nbsp; 1648658<br> <sup>(a)</sup><br>|
| WAAREE Energies Ltd. | &nbsp;&nbsp; 131150 | &nbsp;&nbsp; 4300007<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5948665 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 240950 | &nbsp;&nbsp; 1612494<br>|
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 38125 | &nbsp;&nbsp; 2705564<br>|
| Tata Elxsi Ltd. | &nbsp;&nbsp; 56425 | &nbsp;&nbsp; 2365657<br>|
| Total Software | Total Software | &nbsp;&nbsp; 6683715 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **206973174** |
| **Materials — 9.7%** | **Materials — 9.7%** | **Materials — 9.7%** |
| Chemicals — 2.4% | Chemicals — 2.4% | Chemicals — 2.4% |
| Aarti Industries Ltd. | &nbsp;&nbsp; 338550 | &nbsp;&nbsp; 1424356<br>|
| Asian Paints Ltd. | &nbsp;&nbsp; 738100 | &nbsp;&nbsp; 16849290<br>|
| Bayer CropScience Ltd. | &nbsp;&nbsp; 19825 | &nbsp;&nbsp; 971009<br>|
| Berger Paints India Ltd. | &nbsp;&nbsp; 393450 | &nbsp;&nbsp; 1700755<br>|
| Castrol India Ltd. | &nbsp;&nbsp; 789950 | &nbsp;&nbsp; 1445165<br>|
| Coromandel International Ltd. | &nbsp;&nbsp; 192150 | &nbsp;&nbsp; 3868982<br>|
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 111325 | &nbsp;&nbsp; 1510331<br>|
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 57950 | &nbsp;&nbsp; 1850209<br>|
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 329400 | &nbsp;&nbsp; 580738<br>|
| Linde India Ltd. | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; 2200788<br>|
| PI Industries Ltd. | &nbsp;&nbsp; 132675 | &nbsp;&nbsp; 3803074<br>|
| Pidilite Industries Ltd. | &nbsp;&nbsp; 513925 | &nbsp;&nbsp; 6962597<br>|
| Solar Industries India Ltd. | &nbsp;&nbsp; 39650 | &nbsp;&nbsp; 5048178<br>|
| SRF Ltd. | &nbsp;&nbsp; 236375 | &nbsp;&nbsp; 6075802<br>|
| UPL Ltd. | &nbsp;&nbsp; 925675 | &nbsp;&nbsp; 5542900<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 59834174 |
| Construction Materials — 2.2% | Construction Materials — 2.2% | Construction Materials — 2.2% |
| ACC Ltd. | &nbsp;&nbsp; 129625 | &nbsp;&nbsp; 1714599<br>|
| Ambuja Cements Ltd. | &nbsp;&nbsp; 1293200 | &nbsp;&nbsp; 5470778<br>|
| Dalmia Bharat Ltd. | &nbsp;&nbsp; 120475 | &nbsp;&nbsp; 2259905<br>|
| Grasim Industries Ltd. | &nbsp;&nbsp; 576450 | &nbsp;&nbsp; 15544603<br>|
| JK Cement Ltd. | &nbsp;&nbsp; 57950 | &nbsp;&nbsp; 3103741<br>|
| Shree Cement Ltd. | &nbsp;&nbsp; 15250 | &nbsp;&nbsp; 3701209<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction Materials — continued | Construction Materials — continued | Construction Materials — continued |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 195200 | &nbsp;&nbsp; $22113354<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 53908189 |
| Metals & Mining — 5.1% | Metals & Mining — 5.1% | Metals & Mining — 5.1% |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 286700 | &nbsp;&nbsp; 5854984<br>|
| Hindalco Industries Ltd. | &nbsp;&nbsp; 2363750 | &nbsp;&nbsp; 22041605<br>|
| Hindustan Copper Ltd. | &nbsp;&nbsp; 530700 | &nbsp;&nbsp; 2537434<br>|
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 780800 | &nbsp;&nbsp; 4133726<br>|
| Jindal Stainless Ltd. | &nbsp;&nbsp; 486475 | &nbsp;&nbsp; 3646431<br>|
| Jindal Steel Ltd. | &nbsp;&nbsp; 603900 | &nbsp;&nbsp; 7087084<br>|
| JSW Steel Ltd. | &nbsp;&nbsp; 1419775 | &nbsp;&nbsp; 16802514<br>|
| Lloyds Metals & Energy Ltd. | &nbsp;&nbsp; 161650 | &nbsp;&nbsp; 2167349<br>|
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 1454850 | &nbsp;&nbsp; 5922245<br>|
| NMDC Ltd. | &nbsp;&nbsp; 5605900 | &nbsp;&nbsp; 4507829<br>|
| Steel Authority of India Ltd. | &nbsp;&nbsp; 2351550 | &nbsp;&nbsp; 3754100<br>|
| Tata Steel Ltd. | &nbsp;&nbsp; 13453550 | &nbsp;&nbsp; 27213834<br>|
| Vedanta Ltd. | &nbsp;&nbsp; 2635200 | &nbsp;&nbsp; 18192427<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 123861562 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **237603925** |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| Office REITs — 0.3% | Office REITs — 0.3% | Office REITs — 0.3% |
| Embassy Office Parks REIT | &nbsp;&nbsp; 1419775 | &nbsp;&nbsp; 6291250<br>|
| Knowledge Realty Trust | &nbsp;&nbsp; 584075 | &nbsp;&nbsp; 699545<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 6990795 |
| Real Estate Management & Development — 0.9% | Real Estate Management & Development — 0.9% | Real Estate Management & Development — 0.9% |
| DLF Ltd. | &nbsp;&nbsp; 1041575 | &nbsp;&nbsp; 5535739<br>|
| Godrej Properties Ltd. | &nbsp;&nbsp; 231800 | &nbsp;&nbsp; 3,595,697<br> \*<br>|
| Lodha Developers Ltd. | &nbsp;&nbsp; 454450 | &nbsp;&nbsp; 3243718<br> <sup>(a)</sup><br>|
| Oberoi Realty Ltd. | &nbsp;&nbsp; 190625 | &nbsp;&nbsp; 2851876<br>|
| Phoenix Mills Ltd. | &nbsp;&nbsp; 303475 | &nbsp;&nbsp; 4819509<br>|
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 254675 | &nbsp;&nbsp; 3024725<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 23071264 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **30062059** |
| **Utilities — 4.7%** | **Utilities — 4.7%** | **Utilities — 4.7%** |
| Electric Utilities — 1.8% | Electric Utilities — 1.8% | Electric Utilities — 1.8% |
| Adani Energy Solutions Ltd. | &nbsp;&nbsp; 536800 | &nbsp;&nbsp; 5,291,101<br> \*<br>|
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 7356600 | &nbsp;&nbsp; 22965925<br>|
| SJVN Ltd. | &nbsp;&nbsp; 1155950 | &nbsp;&nbsp; 772065<br>|
| Tata Power Co. Ltd. | &nbsp;&nbsp; 2741950 | &nbsp;&nbsp; 10949154<br>|
| Torrent Power Ltd. | &nbsp;&nbsp; 309575 | &nbsp;&nbsp; 4261976<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 44240221 |
| Gas Utilities — 0.5% | Gas Utilities — 0.5% | Gas Utilities — 0.5% |
| Adani Total Gas Ltd. | &nbsp;&nbsp; 362950 | &nbsp;&nbsp; 1951384<br>|
| GAIL India Ltd. | &nbsp;&nbsp; 4387425 | &nbsp;&nbsp; 6370061<br>|
| Gujarat Gas Ltd. | &nbsp;&nbsp; 279075 | &nbsp;&nbsp; 904026<br>|
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 1137650 | &nbsp;&nbsp; 1746619<br>|
| Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 10972090 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE India ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Independent Power and Renewable Electricity Producers — 2.4% | Independent Power and Renewable Electricity Producers — 2.4% | Independent Power and Renewable Electricity Producers — 2.4% | Independent Power and Renewable Electricity Producers — 2.4% |
| Adani Green Energy Ltd. | Adani Green Energy Ltd. | &nbsp;&nbsp; 501725 | &nbsp;&nbsp; $4,268,290<br> \*<br>|
| Adani Power Ltd. | Adani Power Ltd. | &nbsp;&nbsp; 8497300 | &nbsp;&nbsp; 13,476,707<br> \*<br>|
| JSW Energy Ltd. | JSW Energy Ltd. | &nbsp;&nbsp; 869250 | &nbsp;&nbsp; 4322021<br>|
| NHPC Ltd. | NHPC Ltd. | &nbsp;&nbsp; 5148400 | &nbsp;&nbsp; 4001529<br>|
| NLC India Ltd. | NLC India Ltd. | &nbsp;&nbsp; 558150 | &nbsp;&nbsp; 1580612<br>|
| NTPC Green Energy Ltd. | NTPC Green Energy Ltd. | &nbsp;&nbsp; 1506700 | &nbsp;&nbsp; 1,466,530<br> \*<br>|
| NTPC Ltd. | NTPC Ltd. | &nbsp;&nbsp; 7707350 | &nbsp;&nbsp; 30118787<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 59234476 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **114446787** |
| **Total Investments before Short-Term Investments (Cost — $2,643,120,179)** | **Total Investments before Short-Term Investments (Cost — $2,643,120,179)** | **Total Investments before Short-Term Investments (Cost — $2,643,120,179)** | &nbsp;&nbsp; **2438814588** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $4,616)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 4616<br>| &nbsp;&nbsp; **4616**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.3% (Cost — $2,643,124,795)** | **Total Investments — 99.3% (Cost — $2,643,124,795)** | **Total Investments — 99.3% (Cost — $2,643,124,795)** | &nbsp;&nbsp; **2438819204** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 17933672 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2456752876** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $4,616 and the cost was $4,616 (Note 6).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| India | 100.0<br> %<br>|
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| IFSC NIFTY 50 Index | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; $18796008 | &nbsp;&nbsp;&nbsp; $18254978 | &nbsp;&nbsp;&nbsp; **$(541030)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Communication Services — 5.9%** | **Communication Services — 5.9%** | **Communication Services — 5.9%** |
| Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; $1061522<br>|
| NTT Inc. | &nbsp;&nbsp; 14572800 | &nbsp;&nbsp; 14399674<br>|
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 286427<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 15747623 |
| Entertainment — 1.7% | Entertainment — 1.7% | Entertainment — 1.7% |
| Capcom Co. Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 3775418<br>|
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 697633<br>|
| Konami Group Corp. | &nbsp;&nbsp; 51300 | &nbsp;&nbsp; 6234745<br>|
| Nexon Co. Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 3048855<br>|
| Nintendo Co. Ltd. | &nbsp;&nbsp; 552000 | &nbsp;&nbsp; 30446917<br>|
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 2172054<br>|
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 450198<br>|
| Toho Co. Ltd. | &nbsp;&nbsp; 276000 | &nbsp;&nbsp; 2892023<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 49717843 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| Kakaku.com Inc. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 899312<br>|
| LY Corp. | &nbsp;&nbsp; 1366200 | &nbsp;&nbsp; 3286471<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 4185783 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| CyberAgent Inc. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 1841041<br>|
| Dentsu Group Inc. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1,872,962<br> \*<br>|
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 693079<br>|
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 801769<br>|
| Kadokawa Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1317458<br> <sup>(a)</sup><br>|
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 547698<br>|
| SKY Perfect JSAT Corp. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1254743<br>|
| TBS Holdings Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 484982<br>|
| Total Media | Total Media | &nbsp;&nbsp; 8813732 |
| Wireless Telecommunication Services — 3.2% | Wireless Telecommunication Services — 3.2% | Wireless Telecommunication Services — 3.2% |
| KDDI Corp. | &nbsp;&nbsp; 1476600 | &nbsp;&nbsp; 25278271<br>|
| SoftBank Corp. | &nbsp;&nbsp; 15166200 | &nbsp;&nbsp; 20124362<br>|
| SoftBank Group Corp. | &nbsp;&nbsp; 2097600 | &nbsp;&nbsp; 46872638<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 92275271 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **170740252** |
| **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** |
| Automobile Components — 2.4% | Automobile Components — 2.4% | Automobile Components — 2.4% |
| Aisin Corp. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 3573132<br>|
| Bridgestone Corp. | &nbsp;&nbsp; 579600 | &nbsp;&nbsp; 11902402<br>|
| Denso Corp. | &nbsp;&nbsp; 952200 | &nbsp;&nbsp; 11656355<br>|
| GS Yuasa Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1830979<br>|
| JTEKT Corp. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 1276819<br>|
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1480969<br>|
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1261595<br>|
| Nifco Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1142670<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 4388260<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| NOK Corp. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; $728774<br>|
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 743998<br>|
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 400200 | &nbsp;&nbsp; 21080370<br>|
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1227462<br>|
| Toyo Tire Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1247022<br>|
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1390669<br>|
| Toyota Boshoku Corp. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 627415<br>|
| Yokohama Rubber Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 2524665<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 68083556 |
| Automobiles — 5.4% | Automobiles — 5.4% | Automobiles — 5.4% |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 2001000 | &nbsp;&nbsp; 15816566<br> <sup>(a)</sup><br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 276000 | &nbsp;&nbsp; 3853140<br>|
| Mazda Motor Corp. | &nbsp;&nbsp; 317400 | &nbsp;&nbsp; 2072906<br>|
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 666189<br> <sup>(a)</sup><br>|
| Nissan Motor Co. Ltd. | &nbsp;&nbsp; 1145400 | &nbsp;&nbsp; 2,397,499<br> \*<br>|
| Subaru Corp. | &nbsp;&nbsp; 303600 | &nbsp;&nbsp; 4739397<br>|
| Suzuki Motor Corp. | &nbsp;&nbsp; 938400 | &nbsp;&nbsp; 11062727<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 5685600 | &nbsp;&nbsp; 113004382<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 483000 | &nbsp;&nbsp; 3417037<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 157029843 |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 2970266<br>|
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 1884586<br>|
| Mercari Inc. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1,273,739<br> \*<br>|
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 1021200 | &nbsp;&nbsp; 6214884<br>|
| Rakuten Group Inc. | &nbsp;&nbsp; 759000 | &nbsp;&nbsp; 3,449,827<br> \*<br>|
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 5494844<br>|
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 1465746<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 22753892 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| PALTAC Corp. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 417409<br>|
| Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% |
| Food & Life Cos. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 3216443<br>|
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 2149500<br>|
| Metaplanet Inc. | &nbsp;&nbsp; 579600 | &nbsp;&nbsp; 1,071,107<br> \*<sup>(a)</sup><br>|
| Oriental Land Co. Ltd. | &nbsp;&nbsp; 565800 | &nbsp;&nbsp; 9602489<br>|
| Resorttrust Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 903259<br>|
| Round One Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 425528<br>|
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2658250<br>|
| Toridoll Holdings Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 755882<br> <sup>(a)</sup><br>|
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 3184522<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 23966980 |
| Household Durables — 3.6% | Household Durables — 3.6% | Household Durables — 3.6% |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 972219<br>|
| Haseko Corp.  | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2252681<br>|
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1244940<br>|
| Nikon Corp. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 1801486<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; $2603602<br>|
| Panasonic Holdings Corp. | &nbsp;&nbsp; 1200600 | &nbsp;&nbsp; 19511920<br>|
| Rinnai Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1269576<br>|
| Sekisui House Ltd. | &nbsp;&nbsp; 317400 | &nbsp;&nbsp; 7022742<br>|
| Sharp Corp. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 499,642<br> \*<br>|
| Sony Group Corp. | &nbsp;&nbsp; 3215400 | &nbsp;&nbsp; 64857745<br>|
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 2313966<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 104350519 |
| Leisure Products — 0.6% | Leisure Products — 0.6% | Leisure Products — 0.6% |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 303600 | &nbsp;&nbsp; 7379604<br>|
| Sankyo Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1177975<br>|
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1261335<br>|
| Shimano Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 4275580<br>|
| Tomy Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 677118<br>|
| Yamaha Corp. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 1435169<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 16206781 |
| Specialty Retail — 1.8% | Specialty Retail — 1.8% | Specialty Retail — 1.8% |
| ABC-Mart Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 657211<br>|
| Bic Camera Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 449027<br>|
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 94371 | &nbsp;&nbsp; 36558456<br>|
| K's Holdings Corp. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 725825<br>|
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 3494022<br>|
| Sanrio Co. Ltd. | &nbsp;&nbsp; 552000 | &nbsp;&nbsp; 3397564<br>|
| Shimamura Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1431265<br>|
| USS Co. Ltd. | &nbsp;&nbsp; 193200 | &nbsp;&nbsp; 2011058<br>|
| Workman Co. Ltd. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 541279<br>|
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 289800 | &nbsp;&nbsp; 954706<br>|
| ZOZO Inc. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 1533622<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 51754035 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Asics Corp. | &nbsp;&nbsp; 358800 | &nbsp;&nbsp; 9373140<br>|
| Goldwin Inc. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 767505<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 10140645 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **454703660** |
| **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 772800 | &nbsp;&nbsp; 7699340<br>|
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1249104<br>|
| Ito En Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 516383<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 427800 | &nbsp;&nbsp; 6789836<br>|
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 193200 | &nbsp;&nbsp; 2078458<br>|
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1946087<br>|
| Takara Holdings Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 804111<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 21083319 |
| Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% |
| Aeon Co. Ltd. | &nbsp;&nbsp; 1311000 | &nbsp;&nbsp; 15529446<br>|
| Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 57000 | &nbsp;&nbsp; 679672<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — continued | Consumer Staples Distribution & Retail — continued | Consumer Staples Distribution & Retail — continued |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 19380 | &nbsp;&nbsp; $832990<br>|
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1498058<br>|
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 671220<br>|
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 2848478<br>|
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 1104000 | &nbsp;&nbsp; 14735961<br>|
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1206080<br>|
| Sundrug Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1017499<br>|
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1721335<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 40740739 |
| Food Products — 1.4% | Food Products — 1.4% | Food Products — 1.4% |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 496800 | &nbsp;&nbsp; 13730779<br>|
| Calbee Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 800728<br>|
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1020102<br>|
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 622991<br>|
| House Foods Group Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 528961<br>|
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 497907<br>|
| Kagome Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 730466<br>|
| Kewpie Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1398650<br>|
| Kikkoman Corp. | &nbsp;&nbsp; 386400 | &nbsp;&nbsp; 3485348<br>|
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 635135<br>|
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 3347426<br>|
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1239736<br>|
| NH Foods Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 2439223<br>|
| Nichirei Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1366728<br>|
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 1635936<br>|
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 2085310<br>|
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 2862530<br>|
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2076636<br>|
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1537959<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 42042551 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Lion Corp. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 1299459<br>|
| Unicharm Corp. | &nbsp;&nbsp; 634800 | &nbsp;&nbsp; 3712876<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 5012335 |
| Personal Care Products — 0.6% | Personal Care Products — 0.6% | Personal Care Products — 0.6% |
| Kao Corp. | &nbsp;&nbsp; 234600 | &nbsp;&nbsp; 9110307<br>|
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1022357<br>|
| Kose Holdings Corp. | &nbsp;&nbsp; 17280 | &nbsp;&nbsp; 638021<br>|
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 453668<br>|
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1670677<br>|
| Shiseido Co. Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 4150669<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 17045699 |
| Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% |
| Japan Tobacco Inc. | &nbsp;&nbsp; 593400 | &nbsp;&nbsp; 22454384<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **148379027** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 1.2%** | **Energy — 1.2%** | **Energy — 1.2%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Modec Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; $2545050<br>|
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 59000 | &nbsp;&nbsp; 1643648<br>|
| ENEOS Holdings Inc. | &nbsp;&nbsp; 1393800 | &nbsp;&nbsp; 12357502<br>|
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 414000 | &nbsp;&nbsp; 4011446<br>|
| Inpex Corp. | &nbsp;&nbsp; 455400 | &nbsp;&nbsp; 13390918<br>|
| Iwatani Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1217443<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 32620957 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **35166007** |
| **Financials — 16.0%** | **Financials — 16.0%** | **Financials — 16.0%** |
| Banks — 10.0% | Banks — 10.0% | Banks — 10.0% |
| 77 Bank Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2385789<br>|
| Aozora Bank Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 865352<br>|
| Chiba Bank Ltd. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 4328493<br>|
| Chugin Financial Group Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1440634<br>|
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 3578250<br>|
| Gunma Bank Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 2325806<br>|
| Hachijuni Nagano Bank Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 2507317<br>|
| Hirogin Holdings Inc. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 1491118<br>|
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 2025284<br>|
| Iyogin Holdings Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2209743<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 952200 | &nbsp;&nbsp; 15067971<br>|
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 3170383<br>|
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 193200 | &nbsp;&nbsp; 1368637<br>|
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 469200 | &nbsp;&nbsp; 3518484<br>|
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 5878800 | &nbsp;&nbsp; 96076938<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 1283400 | &nbsp;&nbsp; 49104631<br>|
| Rakuten Bank Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1,467,697<br> \*<br>|
| Resona Holdings Inc. | &nbsp;&nbsp; 1173000 | &nbsp;&nbsp; 12700311<br>|
| Seven Bank Ltd. | &nbsp;&nbsp; 303600 | &nbsp;&nbsp; 510866<br>|
| Shizuoka Financial Group Inc. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 4001037<br>|
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 1945800 | &nbsp;&nbsp; 61227449<br>|
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 10630398<br>|
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1461235<br>|
| Yokohama Financial Group Inc. | &nbsp;&nbsp; 565800 | &nbsp;&nbsp; 4886600<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 288350423 |
| Capital Markets — 1.0% | Capital Markets — 1.0% | Capital Markets — 1.0% |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 703800 | &nbsp;&nbsp; 6458910<br>|
| Japan Exchange Group Inc. | &nbsp;&nbsp; 552000 | &nbsp;&nbsp; 6268075<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 1559400 | &nbsp;&nbsp; 11801606<br>|
| SBI Holdings Inc. | &nbsp;&nbsp; 289800 | &nbsp;&nbsp; 5189768<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 29718359 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Acom Co. Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 598659<br>|
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 540064<br>|
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1392058<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; $1588444<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 4119225 |
| Financial Services — 1.0% | Financial Services — 1.0% | Financial Services — 1.0% |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 738707<br>|
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1423285<br>|
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 441600 | &nbsp;&nbsp; 3888878<br>|
| ORIX Corp. | &nbsp;&nbsp; 593400 | &nbsp;&nbsp; 17183945<br>|
| Sony Financial Group Inc. | &nbsp;&nbsp; 2994600 | &nbsp;&nbsp; 2695498<br> <sup>(a)</sup><br>|
| Tokyo Century Corp. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 873939<br>|
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1362304<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 28166556 |
| Insurance — 3.9% | Insurance — 3.9% | Insurance — 3.9% |
| Daiichi Life Group Inc. | &nbsp;&nbsp; 1849200 | &nbsp;&nbsp; 16517149<br>|
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 883200 | &nbsp;&nbsp; 9931767<br>|
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 289800 | &nbsp;&nbsp; 2869036<br>|
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 648600 | &nbsp;&nbsp; 16438212<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 455400 | &nbsp;&nbsp; 17209534<br>|
| T&D Holdings Inc. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 6176821<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 966000 | &nbsp;&nbsp; 44374430<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 113516949 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **463871512** |
| **Health Care — 6.2%** | **Health Care — 6.2%** | **Health Care — 6.2%** |
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 2316395<br>|
| Hoya Corp. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 29939468<br>|
| Nihon Kohden Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 757269<br>|
| Nipro Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 807754<br>|
| Olympus Corp. | &nbsp;&nbsp; 565800 | &nbsp;&nbsp; 5293817<br>|
| Sysmex Corp. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 2136749<br>|
| Terumo Corp. | &nbsp;&nbsp; 772800 | &nbsp;&nbsp; 10239879<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 51491331 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1535010<br>|
| Medipal Holdings Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1783964<br>|
| Suzuken Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1029644<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 4348618 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| JMDC Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 281049<br>|
| M3 Inc. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 2,228,263<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 2509312 |
| Pharmaceuticals — 4.2% | Pharmaceuticals — 4.2% | Pharmaceuticals — 4.2% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 952200 | &nbsp;&nbsp; 15076949<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 18673675<br>|
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 979800 | &nbsp;&nbsp; 17035180<br>|
| Eisai Co. Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 4225269<br>|
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 523496<br>|
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2012619<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; $887038<br>|
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 3266538<br>|
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 234600 | &nbsp;&nbsp; 16235753<br>|
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 1858563<br>|
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 766811<br>|
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 400200 | &nbsp;&nbsp; 8726468<br>|
| Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1,260,251<br> \*<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 841800 | &nbsp;&nbsp; 29970175<br>|
| Tsumura & Co. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 974822<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 121493607 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **179842868** |
| **Industrials — 25.9%** | **Industrials — 25.9%** | **Industrials — 25.9%** |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2766766<br>|
| Sankyu Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1513324<br>|
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 1923751<br>|
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 1513238<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 7717079 |
| Building Products — 1.1% | Building Products — 1.1% | Building Products — 1.1% |
| AGC Inc. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 3815319<br>|
| Daikin Industries Ltd. | &nbsp;&nbsp; 146969 | &nbsp;&nbsp; 17261398<br>|
| Lixil Corp. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 1547198<br>|
| Nichias Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1502308<br>|
| Sanwa Holdings Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 2147679<br>|
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1488863<br>|
| TOTO Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 2649142<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 30411907 |
| Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 1301150<br>|
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 3679003<br>|
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 967423<br>|
| Park24 Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 818640<br>|
| Secom Co. Ltd. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 8377326<br>|
| TOPPAN Holdings Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 3204733<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 18348275 |
| Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1728275<br>|
| EXEO Group Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1620322<br>|
| INFRONEER Holdings Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1310041<br> <sup>(a)</sup><br>|
| JGC Holdings Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1576647<br>|
| Kajima Corp. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 8198288<br>|
| Kandenko Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 2542448<br>|
| Kinden Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 2419099<br>|
| Kraftia Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1621580<br>|
| Obayashi Corp. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 8145201<br>|
| Shimizu Corp. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 4569423<br>|
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 730726<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Taisei Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; $8355987<br>|
| Toda Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1004835<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 43822872 |
| Electrical Equipment — 2.5% | Electrical Equipment — 2.5% | Electrical Equipment — 2.5% |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 4588723<br>|
| Fujikura Ltd. | &nbsp;&nbsp; 866400 | &nbsp;&nbsp; 22274034<br>|
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 36500 | &nbsp;&nbsp; 6604139<br>|
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 950577<br>|
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 1048800 | &nbsp;&nbsp; 32883364<br>|
| NIDEC Corp. | &nbsp;&nbsp; 496800 | &nbsp;&nbsp; 6,139,348<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 73440185 |
| Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% |
| Central Japan Railway Co. | &nbsp;&nbsp; 455400 | &nbsp;&nbsp; 11690575<br>|
| East Japan Railway Co. | &nbsp;&nbsp; 565800 | &nbsp;&nbsp; 12892231<br>|
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 3553702<br>|
| Keikyu Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 1058269<br>|
| Keio Corp. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 1672629<br>|
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 1630775<br>|
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1955195<br>|
| Kyushu Railway Co. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1632076<br>|
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1048033<br>|
| NANKAI Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1064514<br>|
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1475678<br>|
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 1855007<br>|
| Seibu Holdings Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 2274931<br>|
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 841931<br>|
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 761693<br>|
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1730833<br>|
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 1544335<br> <sup>(a)</sup><br>|
| Tokyu Corp. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 2906510<br>|
| West Japan Railway Co. | &nbsp;&nbsp; 234600 | &nbsp;&nbsp; 4612665<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 56201582 |
| Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 9250 | &nbsp;&nbsp; 2310610<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 2318400 | &nbsp;&nbsp; 65053351<br>|
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 840543<br>|
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 3391448<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 71595952 |
| Machinery — 5.9% | Machinery — 5.9% | Machinery — 5.9% |
| Amada Co. Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 2249429<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 6114192<br>|
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1026174<br>|
| Ebara Corp. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 6642112<br>|
| FANUC Corp. | &nbsp;&nbsp; 496800 | &nbsp;&nbsp; 16556877<br>|
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 601131<br>|
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1828897<br>|
| Hoshizaki Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1752910<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| IHI Corp. | &nbsp;&nbsp; 483000 | &nbsp;&nbsp; $9527022<br>|
| Japan Steel Works Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1452257<br>|
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 414000 | &nbsp;&nbsp; 7538865<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 483000 | &nbsp;&nbsp; 18255572<br>|
| Kubota Corp. | &nbsp;&nbsp; 510600 | &nbsp;&nbsp; 7885751<br>|
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 2542621<br>|
| Makita Corp. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 3963564<br>|
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 3298416<br>|
| MiSUMi Group Inc. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 2277447<br>|
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1711200 | &nbsp;&nbsp; 45423330<br>|
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1935071<br>|
| Miura Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1077699<br>|
| Nabtesco Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1333072<br>|
| NGK Corp. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 3449783<br>|
| NSK Ltd. | &nbsp;&nbsp; 234600 | &nbsp;&nbsp; 1603668<br>|
| Organo Corp. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 1180577<br>|
| SMC Corp. | &nbsp;&nbsp; 29465 | &nbsp;&nbsp; 11088501<br>|
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1633551<br>|
| THK Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1586709<br>|
| Toyota Industries Corp. | &nbsp;&nbsp; 19170 | &nbsp;&nbsp; 2,458,156<br> \*<sup>(a)</sup><br>|
| Yaskawa Electric Corp. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 3487083<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 169770437 |
| Marine Transportation — 0.6% | Marine Transportation — 0.6% | Marine Transportation — 0.6% |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 193200 | &nbsp;&nbsp; 3204820<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 6761818<br>|
| Nippon Yusen KK | &nbsp;&nbsp; 207000 | &nbsp;&nbsp; 7505035<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 17471673 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| ANA Holdings Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1459370<br>|
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1332118<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2791488 |
| Professional Services — 1.1% | Professional Services — 1.1% | Professional Services — 1.1% |
| BayCurrent Inc. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1968640<br>|
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 966000 | &nbsp;&nbsp; 1402640<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 703800 | &nbsp;&nbsp; 28870443<br>|
| Visional Inc. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 613,536<br> \*<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 32855259 |
| Trading Companies & Distributors — 7.6% | Trading Companies & Distributors — 7.6% | Trading Companies & Distributors — 7.6% |
| ITOCHU Corp. | &nbsp;&nbsp; 3353400 | &nbsp;&nbsp; 41619764<br>|
| Marubeni Corp. | &nbsp;&nbsp; 786600 | &nbsp;&nbsp; 27777477<br>|
| Mitsubishi Corp. | &nbsp;&nbsp; 1752600 | &nbsp;&nbsp; 58574230<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 1352400 | &nbsp;&nbsp; 50656557<br>|
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 1478974<br>|
| Nagase & Co. Ltd. | &nbsp;&nbsp; 276000 | &nbsp;&nbsp; 2003771<br>|
| Sojitz Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 4250424<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 538200 | &nbsp;&nbsp; 19553687<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 372600 | &nbsp;&nbsp; $13935320<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 219850204 |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1342006<br>|
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1418774<br>|
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 1375056<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 4135836 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **748412749** |
| **Information Technology — 12.9%** | **Information Technology — 12.9%** | **Information Technology — 12.9%** |
| Electronic Equipment, Instruments & Components — 3.8% | Electronic Equipment, Instruments & Components — 3.8% | Electronic Equipment, Instruments & Components — 3.8% |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1264198<br>|
| Amano Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 655433<br>|
| Azbil Corp. | &nbsp;&nbsp; 262200 | &nbsp;&nbsp; 2231559<br>|
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1197058<br>|
| Dexerials Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1100513<br>|
| Hamamatsu Photonics KK | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 1685553<br>|
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 1749613<br>|
| Horiba Ltd. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 2290817<br>|
| Ibiden Co. Ltd. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 6394720<br>|
| Jeol Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 992170<br>|
| Keyence Corp. | &nbsp;&nbsp; 100721 | &nbsp;&nbsp; 34732253<br>|
| Kyocera Corp. | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 10313785<br>|
| Macnica Holdings Inc. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1002103<br>|
| Maruwa Co. Ltd. | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 1493494<br>|
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 869400 | &nbsp;&nbsp; 18629610<br>|
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1538740<br>|
| Omron Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 2691126<br>|
| Shimadzu Corp. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 3199962<br>|
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 1602150<br>|
| TDK Corp. | &nbsp;&nbsp; 1007400 | &nbsp;&nbsp; 12449232<br>|
| Yokogawa Electric Corp. | &nbsp;&nbsp; 138000 | &nbsp;&nbsp; 4115105<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 111329194 |
| IT Services — 1.8% | IT Services — 1.8% | IT Services — 1.8% |
| BIPROGY Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1202263<br>|
| Dentsu Soken Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 512653<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 910800 | &nbsp;&nbsp; 18159895<br>|
| GMO internet group Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 497300<br>|
| NEC Corp. | &nbsp;&nbsp; 662400 | &nbsp;&nbsp; 16013517<br>|
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 220800 | &nbsp;&nbsp; 6012355<br>|
| NS Solutions Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 635308<br>|
| Obic Co. Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 4343760<br>|
| Otsuka Corp. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2358465<br>|
| SHIFT Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 386,060<br> \*<br>|
| TIS Inc. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 2332355<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 52453931 |
| Semiconductors & Semiconductor Equipment — 6.0% | Semiconductors & Semiconductor Equipment — 6.0% | Semiconductors & Semiconductor Equipment — 6.0% |
| Advantest Corp. | &nbsp;&nbsp; 386400 | &nbsp;&nbsp; 49377786<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Disco Corp. | &nbsp;&nbsp; 46332 | &nbsp;&nbsp; $17835010<br>|
| Kioxia Holdings Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 11,585,442<br> \*<br>|
| Kokusai Electric Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 3478062<br>|
| Lasertec Corp. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 8678672<br>|
| Renesas Electronics Corp. | &nbsp;&nbsp; 869400 | &nbsp;&nbsp; 11757584<br>|
| Rohm Co. Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 3177930<br>|
| Rorze Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 891722<br>|
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 93316 | &nbsp;&nbsp; 5243856<br>|
| Socionext Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1134863<br>|
| SUMCO Corp. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 1871358<br>|
| Tokyo Electron Ltd. | &nbsp;&nbsp; 234600 | &nbsp;&nbsp; 54900735<br>|
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 1693909<br>|
| Ulvac Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1414264<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 173041193 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Justsystems Corp. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 302734<br>|
| Money Forward Inc. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 602,346<br> \*<br>|
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 541365<br>|
| Oracle Corp. Japan | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; 746600<br>|
| Rakus Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 386806<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 2272676<br>|
| Total Software | Total Software | &nbsp;&nbsp; 4852527 |
| Technology Hardware, Storage & Peripherals — 1.1% | Technology Hardware, Storage & Peripherals — 1.1% | Technology Hardware, Storage & Peripherals — 1.1% |
| Brother Industries Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 2242142<br>|
| Canon Inc. | &nbsp;&nbsp; 441600 | &nbsp;&nbsp; 12094105<br>|
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 634800 | &nbsp;&nbsp; 11836911<br>|
| Konica Minolta Inc. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 801301<br>|
| Ricoh Co. Ltd. | &nbsp;&nbsp; 289800 | &nbsp;&nbsp; 2392685<br>|
| Seiko Epson Corp. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 1830111<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 31197255 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **372874100** |
| **Materials — 5.1%** | **Materials — 5.1%** | **Materials — 5.1%** |
| Chemicals — 3.6% | Chemicals — 3.6% | Chemicals — 3.6% |
| Air Water Inc. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 1290004<br>|
| Asahi Kasei Corp. | &nbsp;&nbsp; 662400 | &nbsp;&nbsp; 6282995<br>|
| Daicel Corp. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 956736<br>|
| DIC Corp. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 951401<br>|
| Kaneka Corp. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 831869<br>|
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1219698<br>|
| Kuraray Co. Ltd. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 1573915<br>|
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 731400 | &nbsp;&nbsp; 4133061<br>|
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 1871054<br>|
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 193200 | &nbsp;&nbsp; 2256975<br>|
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 761390<br>|
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 510600 | &nbsp;&nbsp; 3133118<br>|
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 3359657<br>|
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 984537<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Nissan Chemical Corp. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; $2600132<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 358800 | &nbsp;&nbsp; 6910322<br>|
| NOF Corp. | &nbsp;&nbsp; 110400 | &nbsp;&nbsp; 2151929<br>|
| Resonac Holdings Corp. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 5951808<br>|
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 993600 | &nbsp;&nbsp; 39090718<br>|
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 837594<br>|
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 800400 | &nbsp;&nbsp; 2513042<br>|
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 1296987<br>|
| Teijin Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 990956<br>|
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 2557888<br>|
| Toray Industries Inc. | &nbsp;&nbsp; 745200 | &nbsp;&nbsp; 5154897<br>|
| Tosoh Corp. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 2207488<br>|
| UBE Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 843492<br>|
| Zeon Corp. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 914969<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 103628632 |
| Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1214754<br>|
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 55200 | &nbsp;&nbsp; 1227245<br>|
| Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 943334<br>|
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 1515406<br>|
| JFE Holdings Inc. | &nbsp;&nbsp; 317400 | &nbsp;&nbsp; 3622099<br>|
| JX Advanced Metals Corp. | &nbsp;&nbsp; 289800 | &nbsp;&nbsp; 6033174<br>|
| Kobe Steel Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 2131284<br>|
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 863140<br>|
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 69000 | &nbsp;&nbsp; 2088346<br>|
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 4864567<br>|
| Nippon Steel Corp. | &nbsp;&nbsp; 2663400 | &nbsp;&nbsp; 9641411<br>|
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 124200 | &nbsp;&nbsp; 6913012<br>|
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 17800 | &nbsp;&nbsp; 1343755<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 39959528 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Oji Holdings Corp. | &nbsp;&nbsp; 414000 | &nbsp;&nbsp; 2204929<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **148235088** |
| **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** |
| Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% |
| Activia Properties Inc. | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; 970138<br>|
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 1730703<br>|
| KDX Realty Investment Corp. | &nbsp;&nbsp; 1932 | &nbsp;&nbsp; 1950338<br>|
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 2167890<br>|
| Sekisui House REIT Inc. | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 1165831<br>|
| United Urban Investment Corp. | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; 1770605<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 9755505 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| Invincible Investment Corp. | &nbsp;&nbsp; 3864 | &nbsp;&nbsp; 1435429<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotel & Resort REITs — continued | Hotel & Resort REITs — continued | Hotel & Resort REITs — continued |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 3036 | &nbsp;&nbsp; $1425540<br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 2860969 |
| Industrial REITs — 0.3% | Industrial REITs — 0.3% | Industrial REITs — 0.3% |
| GLP J-REIT | &nbsp;&nbsp; 2346 | &nbsp;&nbsp; 1909655<br>|
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 1099212<br>|
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 827532<br>|
| LaSalle Logiport REIT | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 771842<br>|
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; 1172076<br>|
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 3864 | &nbsp;&nbsp; 2069349<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 7849666 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 568169<br>|
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 1932 | &nbsp;&nbsp; 1175546<br>|
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 3588 | &nbsp;&nbsp; 2627456<br>|
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 573808<br>|
| Nippon Building Fund Inc. | &nbsp;&nbsp; 4278 | &nbsp;&nbsp; 3565672<br>|
| Orix JREIT Inc. | &nbsp;&nbsp; 2760 | &nbsp;&nbsp; 1668942<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 10179593 |
| Real Estate Management & Development — 2.2% | Real Estate Management & Development — 2.2% | Real Estate Management & Development — 2.2% |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 151800 | &nbsp;&nbsp; 3509463<br> <sup>(a)</sup><br>|
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 303600 | &nbsp;&nbsp; 9385284<br>|
| Hulic Co. Ltd. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 2856545<br>|
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 579600 | &nbsp;&nbsp; 15742357<br>|
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp; 14360362<br>|
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 276000 | &nbsp;&nbsp; 1753083<br>|
| Relo Group Inc. | &nbsp;&nbsp; 41400 | &nbsp;&nbsp; 491835<br>|
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 9524420<br>|
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 2178039<br>|
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 317400 | &nbsp;&nbsp; 2643504<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 62444892 |
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1401772<br>|
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 643636<br>|
| Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 1041441<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 3086849 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 757183<br>|
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 658902<br>|
| Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp; 3588 | &nbsp;&nbsp; 2503413<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 3919498 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **100096972** |
| **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 386400 | &nbsp;&nbsp; 6271198<br>|
| Chugoku Electric Power Co. Inc. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 1038526<br>|
| Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 524400 | &nbsp;&nbsp; 8519151<br>|
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 2822976<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Shikoku Electric Power Co. Inc. | Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; $909764<br>|
| Tohoku Electric Power Co. Inc. | Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 248400 | &nbsp;&nbsp; 1826815<br>|
| Tokyo Electric Power Co. Holdings Inc. | Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp; 800400 | &nbsp;&nbsp; 3,214,379<br> \*<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 24602809 |
| Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% |
| Osaka Gas Co. Ltd. | Osaka Gas Co. Ltd. | &nbsp;&nbsp; 193200 | &nbsp;&nbsp; 7749131<br>|
| Toho Gas Co. Ltd. | Toho Gas Co. Ltd. | &nbsp;&nbsp; 165600 | &nbsp;&nbsp; 1310518<br>|
| Tokyo Gas Co. Ltd. | Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 179400 | &nbsp;&nbsp; 8363881<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 17423530 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Electric Power Development Co. Ltd. | Electric Power Development Co. Ltd. | &nbsp;&nbsp; 82800 | &nbsp;&nbsp; 2254113<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **44280452** |
| **Total Investments before Short-Term Investments (Cost — $2,520,408,370)** | **Total Investments before Short-Term Investments (Cost — $2,520,408,370)** | **Total Investments before Short-Term Investments (Cost — $2,520,408,370)** | &nbsp;&nbsp; **2866602687** |
|  | Rate |  |  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.5%** | **Investments from Cash Collateral Received for Loaned Securities — 0.5%** | **Investments from Cash Collateral Received for Loaned Securities — 0.5%** | **Investments from Cash Collateral Received for Loaned Securities — 0.5%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $14,346,787) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 14346787<br>| &nbsp;&nbsp; **14346787**<br> <sup>(b)(c)(d)</sup><br>|
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $1,251)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 1251<br>| &nbsp;&nbsp; **1251**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Short-Term Investments (Cost — $14,348,038)** | **Total Short-Term Investments (Cost — $14,348,038)** | **Total Short-Term Investments (Cost — $14,348,038)** | &nbsp;&nbsp; **14348038** |
| **Total Investments — 99.5% (Cost — $2,534,756,408)** | **Total Investments — 99.5% (Cost — $2,534,756,408)** | **Total Investments — 99.5% (Cost — $2,534,756,408)** | &nbsp;&nbsp; **2880950725** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 15408422 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2896359147** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | A portion or all of the security is on loan at March 31, 2026 (Note 1).  |
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $14,348,038 and the cost was $14,348,038 (Note 6).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Japan | 99.5<br> %<br>|
| Short-Term Investments | 0.5 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan ETF**

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Tokyo Topix Index | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $27909526 | &nbsp;&nbsp;&nbsp; $27091081 | &nbsp;&nbsp;&nbsp; **$(818445)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Communication Services — 5.9%** | **Communication Services — 5.9%** | **Communication Services — 5.9%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; $52307<br>|
| NTT Inc. | &nbsp;&nbsp; 663000 | &nbsp;&nbsp; 655123<br>|
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 15567<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 722997 |
| Entertainment — 1.7% | Entertainment — 1.7% | Entertainment — 1.7% |
| Capcom Co. Ltd. | &nbsp;&nbsp; 7931 | &nbsp;&nbsp; 166905<br>|
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 34376<br>|
| Konami Group Corp. | &nbsp;&nbsp; 2284 | &nbsp;&nbsp; 277586<br>|
| Nexon Co. Ltd. | &nbsp;&nbsp; 7270 | &nbsp;&nbsp; 133848<br>|
| Nintendo Co. Ltd. | &nbsp;&nbsp; 25093 | &nbsp;&nbsp; 1384066<br>|
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 7198 | &nbsp;&nbsp; 113293<br>|
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 20716<br>|
| Toho Co. Ltd. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 142505<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 2273295 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Kakaku.com Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 44314<br>|
| LY Corp. | &nbsp;&nbsp; 61200 | &nbsp;&nbsp; 147220<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 191534 |
| Media — 0.3% | Media — 0.3% | Media — 0.3% |
| CyberAgent Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 85048<br>|
| Dentsu Group Inc. | &nbsp;&nbsp; 4442 | &nbsp;&nbsp; 75,360<br> \*<br>|
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 1259 | &nbsp;&nbsp; 31615<br>|
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 43897<br>|
| Kadokawa Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 81148<br>|
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 24011<br>|
| SKY Perfect JSAT Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 61828<br>|
| TBS Holdings Inc. | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 26428<br>|
| Total Media | Total Media | &nbsp;&nbsp; 429335 |
| Wireless Telecommunication Services — 3.2% | Wireless Telecommunication Services — 3.2% | Wireless Telecommunication Services — 3.2% |
| KDDI Corp. | &nbsp;&nbsp; 68000 | &nbsp;&nbsp; 1164109<br>|
| SoftBank Corp. | &nbsp;&nbsp; 693600 | &nbsp;&nbsp; 920353<br>|
| SoftBank Group Corp. | &nbsp;&nbsp; 95200 | &nbsp;&nbsp; 2127324<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 4211786 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **7828947** |
| **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** |
| Automobile Components — 2.4% | Automobile Components — 2.4% | Automobile Components — 2.4% |
| Aisin Corp. | &nbsp;&nbsp; 11548 | &nbsp;&nbsp; 157370<br>|
| Bridgestone Corp. | &nbsp;&nbsp; 27200 | &nbsp;&nbsp; 558567<br>|
| Denso Corp. | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 541074<br>|
| GS Yuasa Corp. | &nbsp;&nbsp; 2088 | &nbsp;&nbsp; 69259<br>|
| JTEKT Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 69906<br>|
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 3777 | &nbsp;&nbsp; 57905<br>|
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51805<br>|
| Nifco Inc. | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 50785<br>|
| Niterra Co. Ltd. | &nbsp;&nbsp; 4646 | &nbsp;&nbsp; 211054<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| NOK Corp. | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; $24293<br>|
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 2225 | &nbsp;&nbsp; 39985<br>|
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 18455 | &nbsp;&nbsp; 972110<br>|
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 55909<br>|
| Toyo Tire Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 76809<br>|
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 2389 | &nbsp;&nbsp; 60187<br>|
| Toyota Boshoku Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51527<br>|
| Yokohama Rubber Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 124404<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 3172949 |
| Automobiles — 5.4% | Automobiles — 5.4% | Automobiles — 5.4% |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 91800 | &nbsp;&nbsp; 725618<br>|
| Isuzu Motors Ltd. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 189865<br>|
| Mazda Motor Corp. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 88820<br>|
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 26261<br>|
| Nissan Motor Co. Ltd. | &nbsp;&nbsp; 51000 | &nbsp;&nbsp; 106,751<br> \*<br>|
| Subaru Corp. | &nbsp;&nbsp; 13643 | &nbsp;&nbsp; 212976<br>|
| Suzuki Motor Corp. | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 521071<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 258400 | &nbsp;&nbsp; 5135840<br>|
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 144322<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 7151524 |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 121968<br>|
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 103182<br>|
| Mercari Inc. | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 58,841<br> \*<br>|
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 47600 | &nbsp;&nbsp; 289687<br>|
| Rakuten Group Inc. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 154,538<br> \*<br>|
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 11775 | &nbsp;&nbsp; 246765<br>|
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 80250<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 1055231 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| PALTAC Corp. | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 21838<br>|
| Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% | Hotels, Restaurants & Leisure — 0.8% |
| Food & Life Cos. Ltd. | &nbsp;&nbsp; 2569 | &nbsp;&nbsp; 149693<br>|
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 2053 | &nbsp;&nbsp; 106592<br>|
| Metaplanet Inc. | &nbsp;&nbsp; 27200 | &nbsp;&nbsp; 50,266<br> \*<br>|
| Oriental Land Co. Ltd. | &nbsp;&nbsp; 25612 | &nbsp;&nbsp; 434675<br>|
| Resorttrust Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 37090<br>|
| Round One Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 17473<br>|
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 105945<br>|
| Toridoll Holdings Corp. | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 23279<br>|
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 2195 | &nbsp;&nbsp; 126631<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1051644 |
| Household Durables — 3.6% | Household Durables — 3.6% | Household Durables — 3.6% |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 59883<br>|
| Haseko Corp.  | &nbsp;&nbsp; 5584 | &nbsp;&nbsp; 101280<br>|
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51121<br>|
| Nikon Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 80699<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Durables — continued | Household Durables — continued | Household Durables — continued |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; $104899<br>|
| Panasonic Holdings Corp. | &nbsp;&nbsp; 54400 | &nbsp;&nbsp; 884098<br>|
| Rinnai Corp. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 55199<br>|
| Sekisui House Ltd. | &nbsp;&nbsp; 14416 | &nbsp;&nbsp; 318966<br>|
| Sharp Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 24,620<br> \*<br>|
| Sony Group Corp. | &nbsp;&nbsp; 146194 | &nbsp;&nbsp; 2948875<br>|
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 90017<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 4719657 |
| Leisure Products — 0.5% | Leisure Products — 0.5% | Leisure Products — 0.5% |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 330575<br>|
| Sankyo Co. Ltd. | &nbsp;&nbsp; 4275 | &nbsp;&nbsp; 52131<br>|
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51794<br>|
| Shimano Inc. | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 190852<br>|
| Tomy Co. Ltd. | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 35720<br>|
| Yamaha Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 70719<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 731791 |
| Specialty Retail — 1.8% | Specialty Retail — 1.8% | Specialty Retail — 1.8% |
| ABC-Mart Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 53974<br>|
| Bic Camera Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 36876<br>|
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; 1684375<br>|
| K's Holdings Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 35765<br>|
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 161409<br>|
| Sanrio Co. Ltd. | &nbsp;&nbsp; 23300 | &nbsp;&nbsp; 143412<br>|
| Shimamura Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 70526<br>|
| USS Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 106174<br>|
| Workman Co. Ltd. | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 18160<br>|
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 44803<br>|
| ZOZO Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 70847<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 2426321 |
| Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% |
| Asics Corp. | &nbsp;&nbsp; 16134 | &nbsp;&nbsp; 421478<br>|
| Goldwin Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 47274<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 468752 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **20799707** |
| **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 338739<br>|
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 42995<br>|
| Ito En Ltd. | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 25501<br>|
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 19008 | &nbsp;&nbsp; 301686<br>|
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 109732<br>|
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 95894<br>|
| Takara Holdings Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 33019<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 947566 |
| Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% | Consumer Staples Distribution & Retail — 1.4% |
| Aeon Co. Ltd. | &nbsp;&nbsp; 61200 | &nbsp;&nbsp; 724944<br>|
| Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 40542<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — continued | Consumer Staples Distribution & Retail — continued | Consumer Staples Distribution & Retail — continued |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 752 | &nbsp;&nbsp; $32323<br>|
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 73817<br>|
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 28259<br>|
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 7790 | &nbsp;&nbsp; 123688<br>|
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 51000 | &nbsp;&nbsp; 680737<br>|
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 47632<br>|
| Sundrug Co. Ltd. | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 36768<br>|
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 5923 | &nbsp;&nbsp; 92350<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 1881060 |
| Food Products — 1.4% | Food Products — 1.4% | Food Products — 1.4% |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 22920 | &nbsp;&nbsp; 633473<br>|
| Calbee Inc. | &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 32223<br>|
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 45387<br>|
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 25506<br>|
| House Foods Group Inc. | &nbsp;&nbsp; 1339 | &nbsp;&nbsp; 25662<br>|
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 754 | &nbsp;&nbsp; 27204<br>|
| Kagome Co. Ltd. | &nbsp;&nbsp; 2011 | &nbsp;&nbsp; 35482<br>|
| Kewpie Corp. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 60811<br>|
| Kikkoman Corp. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 153341<br>|
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 39121<br>|
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 5724 | &nbsp;&nbsp; 138845<br>|
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 52105<br>|
| NH Foods Ltd. | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 99867<br>|
| Nichirei Corp. | &nbsp;&nbsp; 5428 | &nbsp;&nbsp; 67197<br>|
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 5285 | &nbsp;&nbsp; 69613<br>|
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 4693 | &nbsp;&nbsp; 88645<br>|
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 2053 | &nbsp;&nbsp; 141951<br>|
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 5285 | &nbsp;&nbsp; 88366<br>|
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 75784<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1900583 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Lion Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 71146<br>|
| Unicharm Corp. | &nbsp;&nbsp; 30600 | &nbsp;&nbsp; 178976<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 250122 |
| Personal Care Products — 0.6% | Personal Care Products — 0.6% | Personal Care Products — 0.6% |
| Kao Corp. | &nbsp;&nbsp; 10893 | &nbsp;&nbsp; 423012<br>|
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1548 | &nbsp;&nbsp; 57341<br>|
| Kose Holdings Corp. | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 31421<br>|
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 27943<br>|
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5190 | &nbsp;&nbsp; 78540<br>|
| Shiseido Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 204526<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 822783 |
| Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% |
| Japan Tobacco Inc. | &nbsp;&nbsp; 26775 | &nbsp;&nbsp; 1013172<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6815286** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Energy — 1.2%** | **Energy — 1.2%** | **Energy — 1.2%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Modec Inc. | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; $103554<br>|
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; 80762<br>|
| ENEOS Holdings Inc. | &nbsp;&nbsp; 64600 | &nbsp;&nbsp; 572747<br>|
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 197665<br>|
| Inpex Corp. | &nbsp;&nbsp; 20996 | &nbsp;&nbsp; 617382<br>|
| Iwatani Corp. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 61754<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1530310 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1633864** |
| **Financials — 16.0%** | **Financials — 16.0%** | **Financials — 16.0%** |
| Banks — 9.9% | Banks — 9.9% | Banks — 9.9% |
| 77 Bank Ltd. | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 88363<br>|
| Aozora Bank Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 53301<br>|
| Chiba Bank Ltd. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 213288<br>|
| Chugin Financial Group Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 59156<br>|
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 4354 | &nbsp;&nbsp; 161280<br>|
| Gunma Bank Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 88158<br>|
| Hachijuni Nagano Bank Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 123549<br>|
| Hirogin Holdings Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 73475<br>|
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 88056<br>|
| Iyogin Holdings Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 120984<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 43600 | &nbsp;&nbsp; 689943<br>|
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 150606<br>|
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 72257<br>|
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 152978<br>|
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 268600 | &nbsp;&nbsp; 4389716<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 58604 | &nbsp;&nbsp; 2242269<br>|
| Rakuten Bank Ltd. | &nbsp;&nbsp; 2038 | &nbsp;&nbsp; 72,250<br> \*<br>|
| Resona Holdings Inc. | &nbsp;&nbsp; 54400 | &nbsp;&nbsp; 589000<br>|
| Seven Bank Ltd. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 22885<br>|
| Shizuoka Financial Group Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 164294<br>|
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 88400 | &nbsp;&nbsp; 2781635<br>|
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 15579 | &nbsp;&nbsp; 480032<br>|
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51431<br>|
| Yokohama Financial Group Inc. | &nbsp;&nbsp; 27200 | &nbsp;&nbsp; 234916<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 13163822 |
| Capital Markets — 1.0% | Capital Markets — 1.0% | Capital Markets — 1.0% |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 30600 | &nbsp;&nbsp; 280822<br>|
| Japan Exchange Group Inc. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 270254<br>|
| Nomura Holdings Inc. | &nbsp;&nbsp; 71400 | &nbsp;&nbsp; 540359<br>|
| SBI Holdings Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 243550<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1334985 |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% |
| Acom Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 29499<br>|
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 33265<br>|
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 85743<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; $65226<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 213733 |
| Financial Services — 1.0% | Financial Services — 1.0% | Financial Services — 1.0% |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 32760<br>|
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 56312<br>|
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 179649<br>|
| ORIX Corp. | &nbsp;&nbsp; 27200 | &nbsp;&nbsp; 787670<br>|
| Sony Financial Group Inc. | &nbsp;&nbsp; 139400 | &nbsp;&nbsp; 125477<br>|
| Tokyo Century Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 43064<br>|
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 67128<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1292060 |
| Insurance — 3.9% | Insurance — 3.9% | Insurance — 3.9% |
| Daiichi Life Group Inc. | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 759224<br>|
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 40800 | &nbsp;&nbsp; 458804<br>|
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 134641<br>|
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 29825 | &nbsp;&nbsp; 755889<br>|
| Sompo Holdings Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 770915<br>|
| T&D Holdings Inc. | &nbsp;&nbsp; 11362 | &nbsp;&nbsp; 282532<br>|
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 43979 | &nbsp;&nbsp; 2020231<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 5182236 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **21186836** |
| **Health Care — 6.2%** | **Health Care — 6.2%** | **Health Care — 6.2%** |
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 5076 | &nbsp;&nbsp; 106504<br>|
| Hoya Corp. | &nbsp;&nbsp; 8109 | &nbsp;&nbsp; 1353284<br>|
| Nihon Kohden Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 31095<br>|
| Nipro Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 33169<br>|
| Olympus Corp. | &nbsp;&nbsp; 27200 | &nbsp;&nbsp; 254492<br>|
| Sysmex Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 87741<br>|
| Terumo Corp. | &nbsp;&nbsp; 35034 | &nbsp;&nbsp; 464213<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2330498 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 69918<br>|
| Medipal Holdings Corp. | &nbsp;&nbsp; 4532 | &nbsp;&nbsp; 83695<br>|
| Suzuken Co. Ltd. | &nbsp;&nbsp; 1374 | &nbsp;&nbsp; 51258<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 204871 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| JMDC Inc. | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 14256<br>|
| M3 Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 102,936<br> \*<br>|
| Total Health Care Technology | Total Health Care Technology | &nbsp;&nbsp; 117192 |
| Pharmaceuticals — 4.2% | Pharmaceuticals — 4.2% | Pharmaceuticals — 4.2% |
| Astellas Pharma Inc. | &nbsp;&nbsp; 43655 | &nbsp;&nbsp; 691225<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 15599 | &nbsp;&nbsp; 844321<br>|
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 768478<br>|
| Eisai Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 208202<br>|
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 19726<br>|
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 110192<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; $46377<br>|
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 160960<br>|
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 10700 | &nbsp;&nbsp; 740505<br>|
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 76318<br>|
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 47231<br>|
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 18392 | &nbsp;&nbsp; 401042<br>|
| Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 44,357<br> \*<br>|
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 38700 | &nbsp;&nbsp; 1377816<br>|
| Tsumura & Co. | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 37768<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 5574518 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **8227079** |
| **Industrials — 25.7%** | **Industrials — 25.7%** | **Industrials — 25.7%** |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 4851 | &nbsp;&nbsp; 108064<br>|
| Sankyu Inc. | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 56092<br>|
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 94794<br>|
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 74565<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 333515 |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| AGC Inc. | &nbsp;&nbsp; 4549 | &nbsp;&nbsp; 157209<br>|
| Daikin Industries Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 798655<br>|
| Lixil Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 69308<br>|
| Nichias Corp. | &nbsp;&nbsp; 3630 | &nbsp;&nbsp; 65862<br>|
| Sanwa Holdings Corp. | &nbsp;&nbsp; 4390 | &nbsp;&nbsp; 97602<br>|
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 68509<br>|
| TOTO Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 108781<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1365926 |
| Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 53429<br>|
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 181284<br>|
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 55004<br>|
| Park24 Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 40339<br>|
| Secom Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 386996<br>|
| TOPPAN Holdings Inc. | &nbsp;&nbsp; 5681 | &nbsp;&nbsp; 146587<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 863639 |
| Construction & Engineering — 1.5% | Construction & Engineering — 1.5% | Construction & Engineering — 1.5% |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 2417 | &nbsp;&nbsp; 75675<br>|
| EXEO Group Inc. | &nbsp;&nbsp; 3793 | &nbsp;&nbsp; 63622<br>|
| INFRONEER Holdings Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 46109<br>|
| JGC Holdings Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 97112<br>|
| Kajima Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 378725<br>|
| Kandenko Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 125280<br>|
| Kinden Corp. | &nbsp;&nbsp; 2668 | &nbsp;&nbsp; 116923<br>|
| Kraftia Corp. | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 60222<br>|
| Obayashi Corp. | &nbsp;&nbsp; 15357 | &nbsp;&nbsp; 362568<br>|
| Shimizu Corp. | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 203899<br>|
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 3911 | &nbsp;&nbsp; 34515<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Construction & Engineering — continued | Construction & Engineering — continued | Construction & Engineering — continued |
| Taisei Corp. | &nbsp;&nbsp; 3438 | &nbsp;&nbsp; $346955<br>|
| Toda Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 61892<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1973497 |
| Electrical Equipment — 2.5% | Electrical Equipment — 2.5% | Electrical Equipment — 2.5% |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 226111<br>|
| Fujikura Ltd. | &nbsp;&nbsp; 39774 | &nbsp;&nbsp; 1022539<br>|
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 298905<br>|
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 4508 | &nbsp;&nbsp; 44360<br>|
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 47600 | &nbsp;&nbsp; 1492418<br>|
| NIDEC Corp. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 294,115<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 3378448 |
| Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% |
| Central Japan Railway Co. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 523688<br>|
| East Japan Railway Co. | &nbsp;&nbsp; 24849 | &nbsp;&nbsp; 566205<br>|
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 154509<br>|
| Keikyu Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 65183<br>|
| Keio Corp. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 65936<br>|
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 75335<br>|
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 3960 | &nbsp;&nbsp; 80151<br>|
| Kyushu Railway Co. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 80421<br>|
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 36887<br>|
| NANKAI Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 65568<br>|
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 2262 | &nbsp;&nbsp; 60471<br>|
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 70312<br>|
| Seibu Holdings Inc. | &nbsp;&nbsp; 3936 | &nbsp;&nbsp; 108142<br>|
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51858<br>|
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 1639 | &nbsp;&nbsp; 30155<br>|
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 4497 | &nbsp;&nbsp; 80575<br>|
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 69180<br>|
| Tokyu Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 119349<br>|
| West Japan Railway Co. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 200551<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 2504476 |
| Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% | Industrial Conglomerates — 2.5% |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 116405<br>|
| Hitachi Ltd. | &nbsp;&nbsp; 105400 | &nbsp;&nbsp; 2957481<br>|
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 2212 | &nbsp;&nbsp; 44910<br>|
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 8964 | &nbsp;&nbsp; 146864<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 3265660 |
| Machinery — 5.9% | Machinery — 5.9% | Machinery — 5.9% |
| Amada Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 92368<br>|
| Daifuku Co. Ltd. | &nbsp;&nbsp; 8010 | &nbsp;&nbsp; 272992<br>|
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 50565<br>|
| Ebara Corp. | &nbsp;&nbsp; 11246 | &nbsp;&nbsp; 300713<br>|
| FANUC Corp. | &nbsp;&nbsp; 22936 | &nbsp;&nbsp; 764389<br>|
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 29185<br>|
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 2417 | &nbsp;&nbsp; 80081<br>|
| Hoshizaki Corp. | &nbsp;&nbsp; 2692 | &nbsp;&nbsp; 85486<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| IHI Corp. | &nbsp;&nbsp; 21581 | &nbsp;&nbsp; $425678<br>|
| Japan Steel Works Ltd. | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 66720<br>|
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 18870 | &nbsp;&nbsp; 343619<br>|
| Komatsu Ltd. | &nbsp;&nbsp; 22102 | &nbsp;&nbsp; 835372<br>|
| Kubota Corp. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 367569<br>|
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 2458 | &nbsp;&nbsp; 113220<br>|
| Makita Corp. | &nbsp;&nbsp; 5459 | &nbsp;&nbsp; 174212<br>|
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 162531<br>|
| MiSUMi Group Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 112222<br>|
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 78200 | &nbsp;&nbsp; 2075797<br>|
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 70111<br>|
| Miura Co. Ltd. | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 41956<br>|
| Nabtesco Corp. | &nbsp;&nbsp; 2460 | &nbsp;&nbsp; 59409<br>|
| NGK Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 169989<br>|
| NSK Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 69725<br>|
| Organo Corp. | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 47908<br>|
| SMC Corp. | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 508419<br>|
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 100617<br>|
| THK Co. Ltd. | &nbsp;&nbsp; 2390 | &nbsp;&nbsp; 68700<br>|
| Toyota Industries Corp. | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 109,893<br> \*<br>|
| Yaskawa Electric Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 171827<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 7771273 |
| Marine Transportation — 0.6% | Marine Transportation — 0.6% | Marine Transportation — 0.6% |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 8346 | &nbsp;&nbsp; 138444<br>|
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 306813<br>|
| Nippon Yusen KK | &nbsp;&nbsp; 9877 | &nbsp;&nbsp; 358103<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 803360 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| ANA Holdings Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 59926<br>|
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 54700<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 114626 |
| Professional Services — 1.1% | Professional Services — 1.1% | Professional Services — 1.1% |
| BayCurrent Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 97005<br>|
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 64179<br>|
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 32536 | &nbsp;&nbsp; 1334653<br>|
| Visional Inc. | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 22,141<br> \*<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 1517978 |
| Trading Companies & Distributors — 7.6% | Trading Companies & Distributors — 7.6% | Trading Companies & Distributors — 7.6% |
| ITOCHU Corp. | &nbsp;&nbsp; 153665 | &nbsp;&nbsp; 1907169<br>|
| Marubeni Corp. | &nbsp;&nbsp; 36202 | &nbsp;&nbsp; 1278414<br>|
| Mitsubishi Corp. | &nbsp;&nbsp; 80100 | &nbsp;&nbsp; 2677049<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 62153 | &nbsp;&nbsp; 2328052<br>|
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 72877<br>|
| Nagase & Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 74052<br>|
| Sojitz Corp. | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 176292<br>|
| Sumitomo Corp. | &nbsp;&nbsp; 24927 | &nbsp;&nbsp; 905639<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — continued | Trading Companies & Distributors — continued | Trading Companies & Distributors — continued |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; $635804<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 10055348 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 53064<br>|
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 2079 | &nbsp;&nbsp; 71247<br>|
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 56464<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 180775 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **34128521** |
| **Information Technology — 12.8%** | **Information Technology — 12.8%** | **Information Technology — 12.8%** |
| Electronic Equipment, Instruments & Components — 3.7% | Electronic Equipment, Instruments & Components — 3.7% | Electronic Equipment, Instruments & Components — 3.7% |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 44496<br>|
| Amano Corp. | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 31584<br>|
| Azbil Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 86811<br>|
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 47275<br>|
| Dexerials Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 45190<br>|
| Hamamatsu Photonics KK | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 75506<br>|
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 86720<br>|
| Horiba Ltd. | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 109038<br>|
| Ibiden Co. Ltd. | &nbsp;&nbsp; 5901 | &nbsp;&nbsp; 273444<br>|
| Jeol Ltd. | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 35840<br>|
| Keyence Corp. | &nbsp;&nbsp; 4596 | &nbsp;&nbsp; 1584867<br>|
| Kyocera Corp. | &nbsp;&nbsp; 30600 | &nbsp;&nbsp; 457394<br>|
| Macnica Holdings Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 49379<br>|
| Maruwa Co. Ltd. | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 56421<br>|
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 40022 | &nbsp;&nbsp; 857596<br>|
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 1639 | &nbsp;&nbsp; 60918<br>|
| Omron Corp. | &nbsp;&nbsp; 4294 | &nbsp;&nbsp; 119624<br>|
| Shimadzu Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 157679<br>|
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 78947<br>|
| TDK Corp. | &nbsp;&nbsp; 45364 | &nbsp;&nbsp; 560599<br>|
| Yokogawa Electric Corp. | &nbsp;&nbsp; 5870 | &nbsp;&nbsp; 175041<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4994369 |
| IT Services — 1.8% | IT Services — 1.8% | IT Services — 1.8% |
| BIPROGY Inc. | &nbsp;&nbsp; 1683 | &nbsp;&nbsp; 48874<br>|
| Dentsu Soken Inc. | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 19243<br>|
| Fujitsu Ltd. | &nbsp;&nbsp; 40800 | &nbsp;&nbsp; 813487<br>|
| GMO internet group Inc. | &nbsp;&nbsp; 1397 | &nbsp;&nbsp; 25171<br>|
| NEC Corp. | &nbsp;&nbsp; 30600 | &nbsp;&nbsp; 739755<br>|
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 277745<br>|
| NS Solutions Corp. | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 34712<br>|
| Obic Co. Ltd. | &nbsp;&nbsp; 7957 | &nbsp;&nbsp; 192660<br>|
| Otsuka Corp. | &nbsp;&nbsp; 5042 | &nbsp;&nbsp; 95744<br>|
| SHIFT Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 27,176<br> \*<br>|
| TIS Inc. | &nbsp;&nbsp; 5005 | &nbsp;&nbsp; 105738<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 2380305 |
| Semiconductors & Semiconductor Equipment — 6.0% | Semiconductors & Semiconductor Equipment — 6.0% | Semiconductors & Semiconductor Equipment — 6.0% |
| Advantest Corp. | &nbsp;&nbsp; 17657 | &nbsp;&nbsp; 2256376<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Disco Corp. | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; $809143<br>|
| Kioxia Holdings Corp. | &nbsp;&nbsp; 4523 | &nbsp;&nbsp; 542,453<br> \*<br>|
| Kokusai Electric Corp. | &nbsp;&nbsp; 4638 | &nbsp;&nbsp; 146116<br>|
| Lasertec Corp. | &nbsp;&nbsp; 1874 | &nbsp;&nbsp; 392846<br>|
| Renesas Electronics Corp. | &nbsp;&nbsp; 39344 | &nbsp;&nbsp; 532080<br>|
| Rohm Co. Ltd. | &nbsp;&nbsp; 7931 | &nbsp;&nbsp; 152199<br>|
| Rorze Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 54925<br>|
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 4244 | &nbsp;&nbsp; 238490<br>|
| Socionext Inc. | &nbsp;&nbsp; 4154 | &nbsp;&nbsp; 48802<br>|
| SUMCO Corp. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 106398<br>|
| Tokyo Electron Ltd. | &nbsp;&nbsp; 10827 | &nbsp;&nbsp; 2533718<br>|
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 67756<br>|
| Ulvac Inc. | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 54367<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 7935669 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Justsystems Corp. | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 10925<br>|
| Money Forward Inc. | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 21,540<br> \*<br>|
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 26833<br>|
| Oracle Corp. Japan | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 38629<br>|
| Rakus Co. Ltd. | &nbsp;&nbsp; 4420 | &nbsp;&nbsp; 20648<br>|
| Trend Micro Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 111987<br>|
| Total Software | Total Software | &nbsp;&nbsp; 230562 |
| Technology Hardware, Storage & Peripherals — 1.1% | Technology Hardware, Storage & Peripherals — 1.1% | Technology Hardware, Storage & Peripherals — 1.1% |
| Brother Industries Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 122758<br>|
| Canon Inc. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 558695<br>|
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 28790 | &nbsp;&nbsp; 536838<br>|
| Konica Minolta Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 43872<br>|
| Ricoh Co. Ltd. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 112286<br>|
| Seiko Epson Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 81981<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1456430 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **16997335** |
| **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** |
| Chemicals — 3.6% | Chemicals — 3.6% | Chemicals — 3.6% |
| Air Water Inc. | &nbsp;&nbsp; 4275 | &nbsp;&nbsp; 57089<br>|
| Asahi Kasei Corp. | &nbsp;&nbsp; 30600 | &nbsp;&nbsp; 290247<br>|
| Daicel Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 52382<br>|
| DIC Corp. | &nbsp;&nbsp; 1973 | &nbsp;&nbsp; 45341<br>|
| Kaneka Corp. | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 29357<br>|
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 50084<br>|
| Kuraray Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 70505<br>|
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 192130<br>|
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 76831<br>|
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 79438<br>|
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 37518<br>|
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 146040<br>|
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 4503 | &nbsp;&nbsp; 156610<br>|
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 48513<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Nissan Chemical Corp. | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; $129102<br>|
| Nitto Denko Corp. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 327412<br>|
| NOF Corp. | &nbsp;&nbsp; 4770 | &nbsp;&nbsp; 92977<br>|
| Resonac Holdings Corp. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 266168<br>|
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 45333 | &nbsp;&nbsp; 1783514<br>|
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 46432<br>|
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 37400 | &nbsp;&nbsp; 117426<br>|
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 1754 | &nbsp;&nbsp; 54950<br>|
| Teijin Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 34878<br>|
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 112232<br>|
| Toray Industries Inc. | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 235194<br>|
| Tosoh Corp. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 98886<br>|
| UBE Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 51954<br>|
| Zeon Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 37571<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 4720781 |
| Construction Materials — 0.0%†† | Construction Materials — 0.0%†† | Construction Materials — 0.0%†† |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 2658 | &nbsp;&nbsp; 58493<br>|
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 75591<br>|
| Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 38736<br>|
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 73464<br>|
| JFE Holdings Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 155200<br>|
| JX Advanced Metals Corp. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 283131<br>|
| Kobe Steel Ltd. | &nbsp;&nbsp; 7855 | &nbsp;&nbsp; 93318<br>|
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 3990 | &nbsp;&nbsp; 35652<br>|
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 102904<br>|
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 238293<br>|
| Nippon Steel Corp. | &nbsp;&nbsp; 122400 | &nbsp;&nbsp; 443084<br>|
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 6002 | &nbsp;&nbsp; 334073<br>|
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 826 | &nbsp;&nbsp; 62356<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 1860211 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Oji Holdings Corp. | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 108649<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6823725** |
| **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| Activia Properties Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 50967<br>|
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 79951<br>|
| KDX Realty Investment Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 102968<br>|
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 100147<br>|
| Sekisui House REIT Inc. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 57447<br>|
| United Urban Investment Corp. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 76983<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 468463 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| Invincible Investment Corp. | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 63153<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotel & Resort REITs — continued | Hotel & Resort REITs — continued | Hotel & Resort REITs — continued |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 136 | &nbsp;&nbsp; $63858<br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 127011 |
| Industrial REITs — 0.3% | Industrial REITs — 0.3% | Industrial REITs — 0.3% |
| GLP J-REIT | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 83029<br>|
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 60182<br>|
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 40777<br>|
| LaSalle Logiport REIT | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31694<br>|
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 53083<br>|
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 91043<br>|
| Total Industrial REITs | Total Industrial REITs | &nbsp;&nbsp; 359808 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 24703<br>|
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 62063<br>|
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 115702<br>|
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 28274<br>|
| Nippon Building Fund Inc. | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 170032<br>|
| Orix JREIT Inc. | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 82238<br>|
| Total Office REITs | Total Office REITs | &nbsp;&nbsp; 483012 |
| Real Estate Management & Development — 2.1% | Real Estate Management & Development — 2.1% | Real Estate Management & Development — 2.1% |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 157209<br>|
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 13943 | &nbsp;&nbsp; 431024<br>|
| Hulic Co. Ltd. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 117298<br>|
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 26545 | &nbsp;&nbsp; 720981<br>|
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 61200 | &nbsp;&nbsp; 636851<br>|
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 86384<br>|
| Relo Group Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 40392<br>|
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 15775 | &nbsp;&nbsp; 435501<br>|
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 97674<br>|
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 113269<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 2836583 |
| Residential REITs — 0.1% | Residential REITs — 0.1% | Residential REITs — 0.1% |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 69073<br>|
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 22654<br>|
| Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 57019<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 148746 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 26651<br>|
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 36075<br>|
| Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 118612<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 181338 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4604961** |
| **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 275907<br>|
| Chugoku Electric Power Co. Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 42645<br>|
| Kansai Electric Power Co. Inc. | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 386643<br>|
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 115919<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Japan Hedged ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Shikoku Electric Power Co. Inc. | Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; $37358<br>|
| Tohoku Electric Power Co. Inc. | Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 100019<br>|
| Tokyo Electric Power Co. Holdings Inc. | Tokyo Electric Power Co. Holdings Inc. | &nbsp;&nbsp; 37400 | &nbsp;&nbsp; 150,197<br> \*<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 1108688 |
| Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% | Gas Utilities — 0.6% |
| Osaka Gas Co. Ltd. | Osaka Gas Co. Ltd. | &nbsp;&nbsp; 8669 | &nbsp;&nbsp; 347708<br>|
| Toho Gas Co. Ltd. | Toho Gas Co. Ltd. | &nbsp;&nbsp; 7380 | &nbsp;&nbsp; 58404<br>|
| Tokyo Gas Co. Ltd. | Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 7993 | &nbsp;&nbsp; 372645<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 778757 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Electric Power Development Co. Ltd. | Electric Power Development Co. Ltd. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 92560<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1980005** |
| **Total Investments before Short-Term Investments (Cost — $111,743,482)** | **Total Investments before Short-Term Investments (Cost — $111,743,482)** | **Total Investments before Short-Term Investments (Cost — $111,743,482)** | &nbsp;&nbsp; **131026266** |
|  | Rate |  |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $198,968)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 198968<br>| &nbsp;&nbsp; **198968**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.0% (Cost — $111,942,450)** | **Total Investments — 99.0% (Cost — $111,942,450)** | **Total Investments — 99.0% (Cost — $111,942,450)** | &nbsp;&nbsp; **131225234** |
| Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp; 1347594 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$132572828** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $198,968 and the cost was $198,968 (Note 6).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Japan | 99.8<br> %<br>|
| Short-Term Investments | 0.2 |
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Mini Tokyo Topix Index | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $1688087 | &nbsp;&nbsp;&nbsp; $1651895 | &nbsp;&nbsp;&nbsp; **$(36192)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Japan Hedged ETF**

At March 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| JPY | &nbsp;&nbsp; 5682210000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 35717312 | State Street Bank and Trust Co. | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; $(359) |
| USD | &nbsp;&nbsp; 36488512 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 5682210000 | State Street Bank and Trust Co. | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 771559 |
| JPY | &nbsp;&nbsp; 5682210000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 35717312 | UBS Securities LLC | &nbsp;&nbsp; 4/2/26 | (359) |
| USD | &nbsp;&nbsp; 36488629 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 5682210000 | UBS Securities LLC | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 771677 |
| JPY | &nbsp;&nbsp; 11364419000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 71434258 | Wells Fargo Securities LLC | &nbsp;&nbsp; 4/2/26 | (359) |
| USD | &nbsp;&nbsp; 72978470 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 11364419000 | Wells Fargo Securities LLC | &nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp; 1544571 |
| USD | &nbsp;&nbsp; 33766310 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 5355958000 | State Street Bank and Trust Co. | &nbsp;&nbsp; 5/7/26 | (575) |
| USD | &nbsp;&nbsp; 33766097 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 5355958000 | UBS Securities LLC | &nbsp;&nbsp; 5/7/26 | (788) |
| USD | &nbsp;&nbsp; 67533349 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 10711917000 | Wells Fargo Securities LLC | &nbsp;&nbsp; 5/7/26 | (426) |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$3084941** |

---

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

---

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

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 79.4%** | **Common Stocks — 79.4%** | **Common Stocks — 79.4%** |
| **Communication Services — 4.0%** | **Communication Services — 4.0%** | **Communication Services — 4.0%** |
| Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% |
| Telefonica Brasil SA | &nbsp;&nbsp; 82100 | &nbsp;&nbsp; $648222<br>|
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Megacable Holdings SAB de CV | &nbsp;&nbsp; 87296 | &nbsp;&nbsp; 301301<br>|
| Wireless Telecommunication Services — 2.9% | Wireless Telecommunication Services — 2.9% | Wireless Telecommunication Services — 2.9% |
| America Movil SAB de CV | &nbsp;&nbsp; 1698752 | &nbsp;&nbsp; 2144920<br>|
| TIM SA | &nbsp;&nbsp; 87300 | &nbsp;&nbsp; 459073<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 2603993 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3553516** |
| **Consumer Discretionary — 3.4%** | **Consumer Discretionary — 3.4%** | **Consumer Discretionary — 3.4%** |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| El Puerto de Liverpool SAB de CV, Class C1 Shares | &nbsp;&nbsp; 21344 | &nbsp;&nbsp; 127403<br>|
| Falabella SA | &nbsp;&nbsp; 90720 | &nbsp;&nbsp; 550901<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 678304 |
| Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% | Hotels, Restaurants & Leisure — 0.4% |
| Alsea SAB de CV | &nbsp;&nbsp; 52768 | &nbsp;&nbsp; 169200<br>|
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 211342<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 380542 |
| Specialty Retail — 2.2% | Specialty Retail — 2.2% | Specialty Retail — 2.2% |
| Cosan SA | &nbsp;&nbsp; 211200 | &nbsp;&nbsp; 217,592<br> \*<br>|
| Empresas Copec SA | &nbsp;&nbsp; 42848 | &nbsp;&nbsp; 293696<br>|
| Lojas Renner SA | &nbsp;&nbsp; 108800 | &nbsp;&nbsp; 311694<br>|
| Ultrapar Participacoes SA | &nbsp;&nbsp; 76800 | &nbsp;&nbsp; 422390<br>|
| Vibra Energia SA | &nbsp;&nbsp; 122700 | &nbsp;&nbsp; 742974<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1988346 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3047192** |
| **Consumer Staples — 11.7%** | **Consumer Staples — 11.7%** | **Consumer Staples — 11.7%** |
| Beverages — 5.8% | Beverages — 5.8% | Beverages — 5.8% |
| Ambev SA | &nbsp;&nbsp; 473600 | &nbsp;&nbsp; 1383085<br>|
| Arca Continental SAB de CV | &nbsp;&nbsp; 94912 | &nbsp;&nbsp; 1087504<br>|
| Becle SAB de CV | &nbsp;&nbsp; 52032 | &nbsp;&nbsp; 46981<br>|
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 13728 | &nbsp;&nbsp; 77600<br>|
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 50144 | &nbsp;&nbsp; 485556<br>|
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 188832 | &nbsp;&nbsp; 2071223<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 5151949 |
| Consumer Staples Distribution & Retail — 3.7% | Consumer Staples Distribution & Retail — 3.7% | Consumer Staples Distribution & Retail — 3.7% |
| Cencosud SA | &nbsp;&nbsp; 137472 | &nbsp;&nbsp; 372320<br>|
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 31264 | &nbsp;&nbsp; 182474<br>|
| Grupo Mateus SA | &nbsp;&nbsp; 54400 | &nbsp;&nbsp; 48962<br>|
| Raia Drogasil SA | &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 648861<br>|
| Sendas Distribuidora S/A | &nbsp;&nbsp; 147200 | &nbsp;&nbsp; 267229<br>|
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 551456 | &nbsp;&nbsp; 1778940<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 3298786 |
| Food Products — 1.6% | Food Products — 1.6% | Food Products — 1.6% |
| Gruma SAB de CV, Class B Shares | &nbsp;&nbsp; 17408 | &nbsp;&nbsp; 317110<br>|
| Grupo Bimbo SAB de CV, Class A Shares | &nbsp;&nbsp; 131552 | &nbsp;&nbsp; 438227<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Food Products — continued | Food Products — continued | Food Products — continued |
| M Dias Branco SA | &nbsp;&nbsp; 12800 | &nbsp;&nbsp; $56402<br>|
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 331524<br>|
| Sigma Foods SAB de CV, Class A Shares | &nbsp;&nbsp; 269888 | &nbsp;&nbsp; 267771<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 1411034 |
| Household Products — 0.4% | Household Products — 0.4% | Household Products — 0.4% |
| Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 168864 | &nbsp;&nbsp; 397135<br>|
| Personal Care Products — 0.2% | Personal Care Products — 0.2% | Personal Care Products — 0.2% |
| Natura Cosmeticos SA | &nbsp;&nbsp; 96000 | &nbsp;&nbsp; 191,928<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10450832** |
| **Energy — 6.5%** | **Energy — 6.5%** | **Energy — 6.5%** |
| Oil, Gas & Consumable Fuels — 6.5% | Oil, Gas & Consumable Fuels — 6.5% | Oil, Gas & Consumable Fuels — 6.5% |
| Brava Energia | &nbsp;&nbsp; 44800 | &nbsp;&nbsp; 176474<br>|
| Ecopetrol SA | &nbsp;&nbsp; 492896 | &nbsp;&nbsp; 377233<br>|
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 4129492<br>|
| PRIO SA | &nbsp;&nbsp; 87900 | &nbsp;&nbsp; 1,114,499<br> \*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5797698** |
| **Financials — 15.7%** | **Financials — 15.7%** | **Financials — 15.7%** |
| Banks — 10.2% | Banks — 10.2% | Banks — 10.2% |
| Banco Bradesco SA | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 511993<br>|
| Banco de Chile | &nbsp;&nbsp; 4819104 | &nbsp;&nbsp; 867708<br>|
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 8448 | &nbsp;&nbsp; 542867<br>|
| Banco del Bajio SA | &nbsp;&nbsp; 87040 | &nbsp;&nbsp; 268238<br> <sup>(a)</sup><br>|
| Banco do Brasil SA | &nbsp;&nbsp; 185200 | &nbsp;&nbsp; 815711<br>|
| Banco Itau Chile SA | &nbsp;&nbsp; 6432 | &nbsp;&nbsp; 132606<br>|
| Banco Santander Brasil SA | &nbsp;&nbsp; 44800 | &nbsp;&nbsp; 262866<br>|
| Banco Santander Chile | &nbsp;&nbsp; 6624160 | &nbsp;&nbsp; 544144<br>|
| Grupo Cibest SA | &nbsp;&nbsp; 24320 | &nbsp;&nbsp; 564376<br>|
| Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 312256 | &nbsp;&nbsp; 3440415<br>|
| Grupo Financiero Inbursa SAB de CV, Class O Shares | &nbsp;&nbsp; 192896 | &nbsp;&nbsp; 482734<br>|
| Itau Unibanco Holding SA | &nbsp;&nbsp; 55569 | &nbsp;&nbsp; 455666<br>|
| Regional SAB de CV | &nbsp;&nbsp; 27232 | &nbsp;&nbsp; 232464<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 9121788 |
| Capital Markets — 3.9% | Capital Markets — 3.9% | Capital Markets — 3.9% |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 569600 | &nbsp;&nbsp; 2007036<br>|
| Banco BTG Pactual SA | &nbsp;&nbsp; 132800 | &nbsp;&nbsp; 1431517<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3438553 |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| Gentera SAB de CV | &nbsp;&nbsp; 116896 | &nbsp;&nbsp; 328305<br>|
| Insurance — 1.2% | Insurance — 1.2% | Insurance — 1.2% |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 70400 | &nbsp;&nbsp; 469293<br>|
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; 224897<br>|
| Porto Seguro SA | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 193453<br>|
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 205961<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1093604 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **13982250** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** |
| Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% |
| Rede D'Or Sao Luiz SA | &nbsp;&nbsp; 101500 | &nbsp;&nbsp; $757467<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Hypera SA | &nbsp;&nbsp; 32690 | &nbsp;&nbsp; 145736<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **903203** |
| **Industrials — 9.4%** | **Industrials — 9.4%** | **Industrials — 9.4%** |
| Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% |
| Embraer SA | &nbsp;&nbsp; 73900 | &nbsp;&nbsp; 1088981<br>|
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| GPS Participacoes e Empreendimentos SA | &nbsp;&nbsp; 48306 | &nbsp;&nbsp; 154484<br> <sup>(a)</sup><br>|
| Electrical Equipment — 1.8% | Electrical Equipment — 1.8% | Electrical Equipment — 1.8% |
| WEG SA | &nbsp;&nbsp; 160700 | &nbsp;&nbsp; 1569779<br>|
| Ground Transportation — 1.4% | Ground Transportation — 1.4% | Ground Transportation — 1.4% |
| Localiza Rent a Car SA | &nbsp;&nbsp; 96700 | &nbsp;&nbsp; 869975<br>|
| Rumo SA | &nbsp;&nbsp; 131200 | &nbsp;&nbsp; 408277<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 1278252 |
| Industrial Conglomerates — 0.6% | Industrial Conglomerates — 0.6% | Industrial Conglomerates — 0.6% |
| Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp; 58400 | &nbsp;&nbsp; 435762<br>|
| Quinenco SA | &nbsp;&nbsp; 30720 | &nbsp;&nbsp; 141968<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 577730 |
| Marine Transportation — 0.1% | Marine Transportation — 0.1% | Marine Transportation — 0.1% |
| Cia Sud Americana de Vapores SA | &nbsp;&nbsp; 1388672 | &nbsp;&nbsp; 72132<br>|
| Passenger Airlines — 1.0% | Passenger Airlines — 1.0% | Passenger Airlines — 1.0% |
| Latam Airlines Group SA | &nbsp;&nbsp; 34988768 | &nbsp;&nbsp; 854756<br>|
| Transportation Infrastructure — 3.1% | Transportation Infrastructure — 3.1% | Transportation Infrastructure — 3.1% |
| Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 29792 | &nbsp;&nbsp; 424220<br>|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 44224 | &nbsp;&nbsp; 1083815<br>|
| Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 17120 | &nbsp;&nbsp; 573159<br>|
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 131200 | &nbsp;&nbsp; 397222<br>|
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 18912 | &nbsp;&nbsp; 303793<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 2782209 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **8378323** |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| Software — 0.4% | Software — 0.4% | Software — 0.4% |
| TOTVS SA | &nbsp;&nbsp; 58100 | &nbsp;&nbsp; **388746**<br>|
| **Materials — 15.9%** | **Materials — 15.9%** | **Materials — 15.9%** |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Alpek SAB de CV | &nbsp;&nbsp; 181408 | &nbsp;&nbsp; 114,527<br> \*<br>|
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 93344 | &nbsp;&nbsp; 111,703<br> \*<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 226230 |
| Construction Materials — 2.5% | Construction Materials — 2.5% | Construction Materials — 2.5% |
| Cementos Argos SA | &nbsp;&nbsp; 59360 | &nbsp;&nbsp; 190484<br>|
| Cemex SAB de CV | &nbsp;&nbsp; 1639200 | &nbsp;&nbsp; 1867116<br>|
| GCC SAB de CV | &nbsp;&nbsp; 17920 | &nbsp;&nbsp; 189346<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 2246946 |
| Containers & Packaging — 0.4% | Containers & Packaging — 0.4% | Containers & Packaging — 0.4% |
| Klabin SA | &nbsp;&nbsp; 96268 | &nbsp;&nbsp; 359672<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — 11.7% | Metals & Mining — 11.7% | Metals & Mining — 11.7% |
| Cia Siderurgica Nacional SA | &nbsp;&nbsp; 64000 | &nbsp;&nbsp; $77,580<br> \*<br>|
| CSN Mineracao SA | &nbsp;&nbsp; 44800 | &nbsp;&nbsp; 42467<br>|
| Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 308608 | &nbsp;&nbsp; 3282878<br>|
| Industrias Penoles SAB de CV | &nbsp;&nbsp; 20320 | &nbsp;&nbsp; 897,216<br> \*<br>|
| Vale SA | &nbsp;&nbsp; 388320 | &nbsp;&nbsp; 6133462<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 10433603 |
| Paper & Forest Products — 1.0% | Paper & Forest Products — 1.0% | Paper & Forest Products — 1.0% |
| Empresas CMPC SA | &nbsp;&nbsp; 119776 | &nbsp;&nbsp; 161632<br>|
| Suzano SA | &nbsp;&nbsp; 73000 | &nbsp;&nbsp; 725534<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 887166 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14153617** |
| **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** |
| Diversified REITs — 0.5% | Diversified REITs — 0.5% | Diversified REITs — 0.5% |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 485048<br>|
| Industrial REITs — 0.6% | Industrial REITs — 0.6% | Industrial REITs — 0.6% |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 118105 | &nbsp;&nbsp; 512379<br>|
| Real Estate Management & Development — 1.7% | Real Estate Management & Development — 1.7% | Real Estate Management & Development — 1.7% |
| Allos SA | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 223107<br>|
| Cencosud Shopping SA | &nbsp;&nbsp; 52320 | &nbsp;&nbsp; 135262<br>|
| Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 91584 | &nbsp;&nbsp; 304629<br>|
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 34100 | &nbsp;&nbsp; 207723<br>|
| Parque Arauco SA | &nbsp;&nbsp; 72256 | &nbsp;&nbsp; 292519<br>|
| Plaza SA | &nbsp;&nbsp; 85216 | &nbsp;&nbsp; 359771<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 1523011 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **2520438** |
| **Utilities — 8.6%** | **Utilities — 8.6%** | **Utilities — 8.6%** |
| Electric Utilities — 5.3% | Electric Utilities — 5.3% | Electric Utilities — 5.3% |
| Alupar Investimento SA | &nbsp;&nbsp; 15640 | &nbsp;&nbsp; 105366<br>|
| Axia Energia | &nbsp;&nbsp; 124800 | &nbsp;&nbsp; 1399532<br>|
| Cia Energetica de Minas Gerais | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 20529<br>|
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 198400 | &nbsp;&nbsp; 586239<br>|
| CPFL Energia SA | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 190485<br>|
| Enel Americas SA | &nbsp;&nbsp; 2054912 | &nbsp;&nbsp; 174524<br>|
| Enel Chile SA | &nbsp;&nbsp; 2683872 | &nbsp;&nbsp; 205492<br>|
| Energisa S/A | &nbsp;&nbsp; 45300 | &nbsp;&nbsp; 455086<br>|
| Equatorial SA | &nbsp;&nbsp; 115200 | &nbsp;&nbsp; 899416<br>|
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 45408 | &nbsp;&nbsp; 347526<br>|
| Neoenergia SA | &nbsp;&nbsp; 22400 | &nbsp;&nbsp; 143058<br>|
| Transmissora Alianca de Energia Eletrica S/A | &nbsp;&nbsp; 22400 | &nbsp;&nbsp; 184495<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 4711748 |
| Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% | Independent Power and Renewable Electricity Producers — 1.0% |
| Auren Energia SA | &nbsp;&nbsp; 35200 | &nbsp;&nbsp; 80485<br>|
| Colbun SA | &nbsp;&nbsp; 782432 | &nbsp;&nbsp; 108938<br>|
| Eneva SA | &nbsp;&nbsp; 102400 | &nbsp;&nbsp; 481,218<br> \*<br>|
| Engie Brasil Energia SA | &nbsp;&nbsp; 38880 | &nbsp;&nbsp; 244435<br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 915076 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Water Utilities — 2.3% | Water Utilities — 2.3% | Water Utilities — 2.3% | Water Utilities — 2.3% |
| Aguas Andinas SA, Class A Shares | Aguas Andinas SA, Class A Shares | &nbsp;&nbsp; 281024 | &nbsp;&nbsp; $106545<br>|
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 51183 | &nbsp;&nbsp; 1550999<br>|
| Cia de Saneamento de Minas Gerais Copasa MG | Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 225410<br>|
| Cia De Sanena Do Parana | Cia De Sanena Do Parana | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 136440<br>|
| Total Water Utilities | Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 2019394 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **7646218** |
| **Total Common Stocks (Cost — $56,447,050)** | **Total Common Stocks (Cost — $56,447,050)** | **Total Common Stocks (Cost — $56,447,050)** | &nbsp;&nbsp; **70822033**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 20.0%** | **Preferred Stocks — 20.0%** | **Preferred Stocks — 20.0%** | **Preferred Stocks — 20.0%** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Embotelladora Andina SA, Class B Shares  | &nbsp;&nbsp; 2.867% | &nbsp;&nbsp; 44384 | &nbsp;&nbsp; **186043**<br> <sup>(b)</sup><br>|
| **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** | **Energy — 5.2%** |
| Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% | Oil, Gas & Consumable Fuels — 5.2% |
| Petroleo Brasileiro SA - Petrobras  | &nbsp;&nbsp; 0.531% | &nbsp;&nbsp; 492600 | &nbsp;&nbsp; **4591167**<br> <sup>(b)</sup><br>|
| **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** |
| Banks — 10.7% | Banks — 10.7% | Banks — 10.7% | Banks — 10.7% |
| Banco Bradesco SA  | &nbsp;&nbsp; 0.082% | &nbsp;&nbsp; 556800 | &nbsp;&nbsp; 2044036<br> <sup>(b)</sup><br>|
| Grupo Cibest SA  | &nbsp;&nbsp; 1.671% | &nbsp;&nbsp; 47200 | &nbsp;&nbsp; 870849<br> <sup>(b)</sup><br>|
| Itau Unibanco Holding SA  | &nbsp;&nbsp; 0.034% | &nbsp;&nbsp; 592000 | &nbsp;&nbsp; 4929224<br> <sup>(b)</sup><br>|
| Itausa SA  | &nbsp;&nbsp; 0.143% | &nbsp;&nbsp; 633600 | &nbsp;&nbsp; 1696249<br> <sup>(b)</sup><br>|
| Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 9540358 |
| Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% |
| Grupo de Inversiones Suramericana SA  | &nbsp;&nbsp; 1.190% | &nbsp;&nbsp; 15168 | &nbsp;&nbsp; 174130<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9714488** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† | Ground Transportation — 0.0%†† |
| Localiza Rent a Car SA  | &nbsp;&nbsp; 0.951% | &nbsp;&nbsp; 3576 | &nbsp;&nbsp; **31015**<br> <sup>(b)</sup><br>|
| **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| Chemicals — 1.4% | Chemicals — 1.4% | Chemicals — 1.4% | Chemicals — 1.4% |
| Sociedad Quimica y Minera de Chile SA, Class B Shares  | &nbsp;&nbsp; 1.223% | &nbsp;&nbsp; 15296 | &nbsp;&nbsp; 1227828<br> <sup>(b)</sup><br>|
| Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% |
| Gerdau SA  | &nbsp;&nbsp; 0.526% | &nbsp;&nbsp; 137600 | &nbsp;&nbsp; 500656<br> <sup>(b)</sup><br>|
| Metalurgica Gerdau SA  | &nbsp;&nbsp; 0.585% | &nbsp;&nbsp; 89600 | &nbsp;&nbsp; 146532<br> <sup>(b)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 647188 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1875016** |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% |
| Axia Energia, Class B Shares  | &nbsp;&nbsp; 2.025% | &nbsp;&nbsp; 24500 | &nbsp;&nbsp; 301115<br> <sup>(b)</sup><br>|
| Axia Energia, Class C Shares  | &nbsp;&nbsp; — | &nbsp;&nbsp; 42878 | &nbsp;&nbsp; 465,075<br> \*<br>|
| Cia Energetica de Minas Gerais  | &nbsp;&nbsp; 1.157% | &nbsp;&nbsp; 176000 | &nbsp;&nbsp; 425006<br> <sup>(b)</sup><br>|
| Isa Energia Brasil SA  | &nbsp;&nbsp; 0.486% | &nbsp;&nbsp; 32000 | &nbsp;&nbsp; 178263<br> <sup>(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1369459** |
| **Total Preferred Stocks (Cost — $13,044,201)** | **Total Preferred Stocks (Cost — $13,044,201)** | **Total Preferred Stocks (Cost — $13,044,201)** | &nbsp;&nbsp; **17767188** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Latin America ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date <br>| Rights | Value |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† | Pharmaceuticals — 0.0%†† |
| Hypera SA (Cost — $11,476) |  | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; **$13,017**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $69,502,727)** | **Total Investments before Short-Term Investments (Cost — $69,502,727)** | **Total Investments before Short-Term Investments (Cost — $69,502,727)** | **Total Investments before Short-Term Investments (Cost — $69,502,727)** | &nbsp;&nbsp; **88602238** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $35,091)  | &nbsp;&nbsp; 3.536% |  | &nbsp;&nbsp; 35091<br>| &nbsp;&nbsp; **35091**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.4% (Cost — $69,537,818)** | **Total Investments — 99.4% (Cost — $69,537,818)** | **Total Investments — 99.4% (Cost — $69,537,818)** | **Total Investments — 99.4% (Cost — $69,537,818)** | &nbsp;&nbsp; **88637329** |
| Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp; 536529 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$89173858** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $35,091 and the cost was $35,091 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Brazil | 60.1<br> %<br>|
| Mexico | 28.4 |
| Chile | 8.4 |
| Colombia | 2.9 |
| United States | 0.2 |
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Bovespa Index | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp; $369072 | &nbsp;&nbsp;&nbsp; $361057 | &nbsp;&nbsp;&nbsp; $(8015) |
| Mex Bolsa Index | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; 184682 | &nbsp;&nbsp;&nbsp; 190248 | &nbsp;&nbsp;&nbsp; 5566 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(2449)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Mexico ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 100.0%** | **Common Stocks — 100.0%** | **Common Stocks — 100.0%** |
| **Communication Services — 9.6%** | **Communication Services — 9.6%** | **Communication Services — 9.6%** |
| Media — 1.5% | Media — 1.5% | Media — 1.5% |
| Megacable Holdings SAB de CV | &nbsp;&nbsp; 370512 | &nbsp;&nbsp; $1278817<br>|
| Wireless Telecommunication Services — 8.1% | Wireless Telecommunication Services — 8.1% | Wireless Telecommunication Services — 8.1% |
| America Movil SAB de CV | &nbsp;&nbsp; 5652336 | &nbsp;&nbsp; 7136891<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **8415708** |
| **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| El Puerto de Liverpool SAB de CV, Class C1 Shares | &nbsp;&nbsp; 90720 | &nbsp;&nbsp; 541509<br>|
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Alsea SAB de CV | &nbsp;&nbsp; 223824 | &nbsp;&nbsp; 717691<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1259200** |
| **Consumer Staples — 28.5%** | **Consumer Staples — 28.5%** | **Consumer Staples — 28.5%** |
| Beverages — 14.0% | Beverages — 14.0% | Beverages — 14.0% |
| Arca Continental SAB de CV | &nbsp;&nbsp; 268944 | &nbsp;&nbsp; 3081568<br>|
| Becle SAB de CV | &nbsp;&nbsp; 219552 | &nbsp;&nbsp; 198237<br>|
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 212736 | &nbsp;&nbsp; 2059972<br>|
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 627504 | &nbsp;&nbsp; 6882840<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 12222617 |
| Consumer Staples Distribution & Retail — 7.7% | Consumer Staples Distribution & Retail — 7.7% | Consumer Staples Distribution & Retail — 7.7% |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 132864 | &nbsp;&nbsp; 775467<br>|
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1844352 | &nbsp;&nbsp; 5949687<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 6725154 |
| Food Products — 4.9% | Food Products — 4.9% | Food Products — 4.9% |
| Gruma SAB de CV, Class B Shares | &nbsp;&nbsp; 73824 | &nbsp;&nbsp; 1344803<br>|
| Grupo Bimbo SAB de CV, Class A Shares | &nbsp;&nbsp; 558192 | &nbsp;&nbsp; 1859454<br>|
| Sigma Foods SAB de CV, Class A Shares | &nbsp;&nbsp; 1145040 | &nbsp;&nbsp; 1136059<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 4340316 |
| Household Products — 1.9% | Household Products — 1.9% | Household Products — 1.9% |
| Kimberly-Clark de Mexico SAB de CV, Class A Shares | &nbsp;&nbsp; 716976 | &nbsp;&nbsp; 1686184<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **24974271** |
| **Financials — 20.2%** | **Financials — 20.2%** | **Financials — 20.2%** |
| Banks — 17.6% | Banks — 17.6% | Banks — 17.6% |
| Banco del Bajio SA | &nbsp;&nbsp; 369264 | &nbsp;&nbsp; 1137992<br> <sup>(a)</sup><br>|
| Grupo Financiero Banorte SAB de CV, Class O Shares | &nbsp;&nbsp; 1018800 | &nbsp;&nbsp; 11225068<br>|
| Grupo Financiero Inbursa SAB de CV, Class O Shares | &nbsp;&nbsp; 818304 | &nbsp;&nbsp; 2047857<br>|
| Regional SAB de CV | &nbsp;&nbsp; 115536 | &nbsp;&nbsp; 986265<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 15397182 |
| Consumer Finance — 1.6% | Consumer Finance — 1.6% | Consumer Finance — 1.6% |
| Gentera SAB de CV | &nbsp;&nbsp; 496176 | &nbsp;&nbsp; 1393523<br>|
| Insurance — 1.0% | Insurance — 1.0% | Insurance — 1.0% |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 91776 | &nbsp;&nbsp; 875106<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **17665811** |
| **Industrials — 12.0%** | **Industrials — 12.0%** | **Industrials — 12.0%** |
| Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% | Industrial Conglomerates — 2.1% |
| Grupo Carso SAB de CV, Series A1 Shares | &nbsp;&nbsp; 247728 | &nbsp;&nbsp; 1848468<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Mexico ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Transportation Infrastructure — 9.9% | Transportation Infrastructure — 9.9% | Transportation Infrastructure — 9.9% | Transportation Infrastructure — 9.9% |
| Grupo Aeroportuario del Centro Norte SAB de CV | Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp; 126336 | &nbsp;&nbsp; $1798948<br>|
| Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | &nbsp;&nbsp; 128832 | &nbsp;&nbsp; 3157336<br>|
| Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | &nbsp;&nbsp; 72576 | &nbsp;&nbsp; 2429766<br>|
| Promotora y Operadora de Infraestructura SAB de CV | Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 80208 | &nbsp;&nbsp; 1288423<br>|
| Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | &nbsp;&nbsp; 8674473 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **10522941** |
| **Materials — 21.9%** | **Materials — 21.9%** | **Materials — 21.9%** | **Materials — 21.9%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Alpek SAB de CV | Alpek SAB de CV | &nbsp;&nbsp; 766464 | &nbsp;&nbsp; 483,886<br> \*<br>|
| Orbia Advance Corp. SAB de CV | Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 395520 | &nbsp;&nbsp; 473,313<br> \*<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 957199 |
| Construction Materials — 5.6% | Construction Materials — 5.6% | Construction Materials — 5.6% | Construction Materials — 5.6% |
| Cemex SAB de CV | Cemex SAB de CV | &nbsp;&nbsp; 3630000 | &nbsp;&nbsp; 4134717<br>|
| GCC SAB de CV | GCC SAB de CV | &nbsp;&nbsp; 76128 | &nbsp;&nbsp; 804383<br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 4939100 |
| Metals & Mining — 15.2% | Metals & Mining — 15.2% | Metals & Mining — 15.2% | Metals & Mining — 15.2% |
| Grupo Mexico SAB de CV, Series B Shares | Grupo Mexico SAB de CV, Series B Shares | &nbsp;&nbsp; 1007520 | &nbsp;&nbsp; 10717692<br>|
| Industrias Penoles SAB de CV | Industrias Penoles SAB de CV | &nbsp;&nbsp; 57984 | &nbsp;&nbsp; 2,560,244<br> \*<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 13277936 |
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **19174235** |
| **Real Estate — 6.3%** | **Real Estate — 6.3%** | **Real Estate — 6.3%** | **Real Estate — 6.3%** |
| Diversified REITs — 2.3% | Diversified REITs — 2.3% | Diversified REITs — 2.3% | Diversified REITs — 2.3% |
| Fibra Uno Administracion SA de CV | Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 1273680 | &nbsp;&nbsp; 2059321<br> <sup>(b)</sup><br>|
| Industrial REITs — 2.5% | Industrial REITs — 2.5% | Industrial REITs — 2.5% | Industrial REITs — 2.5% |
| Prologis Property Mexico SA de CV | Prologis Property Mexico SA de CV | &nbsp;&nbsp; 501186 | &nbsp;&nbsp; 2174309<br>|
| Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% | Real Estate Management & Development — 1.5% |
| Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 388656 | &nbsp;&nbsp; 1292756<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5526386** |
| **Total Investments before Short-Term Investments (Cost — $75,201,269)** | **Total Investments before Short-Term Investments (Cost — $75,201,269)** | **Total Investments before Short-Term Investments (Cost — $75,201,269)** | &nbsp;&nbsp; **87538552** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** | **Investments from Cash Collateral Received for Loaned Securities — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares (Cost — $4,080) <br>| &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 4080<br>| &nbsp;&nbsp; **4080**<br> <sup>(c)(d)(e)</sup><br>|
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $4)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 4<br>| &nbsp;&nbsp; **4**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Short-Term Investments (Cost — $4,084)** | **Total Short-Term Investments (Cost — $4,084)** | **Total Short-Term Investments (Cost — $4,084)** | &nbsp;&nbsp; **4084** |
| **Total Investments — 100.0% (Cost — $75,205,353)** | **Total Investments — 100.0% (Cost — $75,205,353)** | **Total Investments — 100.0% (Cost — $75,205,353)** | &nbsp;&nbsp; **87542636** |
| Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp; 12672 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$87555308** |

---

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

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Mexico ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | A portion or all of the security is on loan at March 31, 2026 (Note 1).  |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $4,084 and the cost was $4,084 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Mexico | 99.1<br> %<br>|
| United States | 0.9 |
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.3%** | **Common Stocks — 99.3%** | **Common Stocks — 99.3%** |
| **Communication Services — 8.7%** | **Communication Services — 8.7%** | **Communication Services — 8.7%** |
| Diversified Telecommunication Services — 5.9% | Diversified Telecommunication Services — 5.9% | Diversified Telecommunication Services — 5.9% |
| Saudi Telecom Co. | &nbsp;&nbsp; 26315 | &nbsp;&nbsp; $298030<br>|
| Media — 0.5% | Media — 0.5% | Media — 0.5% |
| Arabian Contracting Services Co. | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 9,348<br> \*<br>|
| Saudi Research & Media Group | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 13,812<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 23160 |
| Wireless Telecommunication Services — 2.3% | Wireless Telecommunication Services — 2.3% | Wireless Telecommunication Services — 2.3% |
| Etihad Etisalat Co. | &nbsp;&nbsp; 5655 | &nbsp;&nbsp; 98404<br>|
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 6621 | &nbsp;&nbsp; 20361<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 118765 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **439955** |
| **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** |
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Jabal Omar Development Co. | &nbsp;&nbsp; 8694 | &nbsp;&nbsp; 36,768<br> \*<br>|
| Seera Group Holding | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 10,610<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 47378 |
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 26041<br>|
| Jarir Marketing Co. | &nbsp;&nbsp; 8841 | &nbsp;&nbsp; 33266<br>|
| United Electronics Co. | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 12022<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 71329 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **118707** |
| **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Nahdi Medical Co. | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 16384<br>|
| Food Products — 2.3% | Food Products — 2.3% | Food Products — 2.3% |
| Almarai Co. JSC | &nbsp;&nbsp; 7334 | &nbsp;&nbsp; 85797<br>|
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 12759<br>|
| Savola Group | &nbsp;&nbsp; 2211 | &nbsp;&nbsp; 15,673<br> \*<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 114229 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **130613** |
| **Energy — 12.5%** | **Energy — 12.5%** | **Energy — 12.5%** |
| Energy Equipment & Services — 0.7% | Energy Equipment & Services — 0.7% | Energy Equipment & Services — 0.7% |
| Ades Holding Co. | &nbsp;&nbsp; 5112 | &nbsp;&nbsp; 24616<br>|
| Arabian Drilling Co. | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 8769<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 33385 |
| Oil, Gas & Consumable Fuels — 11.8% | Oil, Gas & Consumable Fuels — 11.8% | Oil, Gas & Consumable Fuels — 11.8% |
| Rabigh Refining & Petrochemical Co. | &nbsp;&nbsp; 6279 | &nbsp;&nbsp; 17,619<br> \*<br>|
| Saudi Arabian Oil Co. | &nbsp;&nbsp; 79949 | &nbsp;&nbsp; 583756<br> <sup>(a)</sup><br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 601375 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **634760** |
| **Financials — 41.6%** | **Financials — 41.6%** | **Financials — 41.6%** |
| Banks — 38.8% | Banks — 38.8% | Banks — 38.8% |
| Al Rajhi Bank | &nbsp;&nbsp; 26177 | &nbsp;&nbsp; 743609<br>|
| Alinma Bank | &nbsp;&nbsp; 18377 | &nbsp;&nbsp; 141331<br>|
| Arab National Bank | &nbsp;&nbsp; 13252 | &nbsp;&nbsp; 76067<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Bank AlBilad | &nbsp;&nbsp; 11013 | &nbsp;&nbsp; $79532<br>|
| Bank Al-Jazira | &nbsp;&nbsp; 9438 | &nbsp;&nbsp; 29527<br>|
| Banque Saudi Fransi | &nbsp;&nbsp; 18215 | &nbsp;&nbsp; 96254<br>|
| Riyad Bank | &nbsp;&nbsp; 22625 | &nbsp;&nbsp; 177740<br>|
| Saudi Awwal Bank | &nbsp;&nbsp; 14875 | &nbsp;&nbsp; 147854<br>|
| Saudi Investment Bank | &nbsp;&nbsp; 9207 | &nbsp;&nbsp; 32460<br>|
| Saudi National Bank | &nbsp;&nbsp; 39697 | &nbsp;&nbsp; 442394<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 1966768 |
| Capital Markets — 0.6% | Capital Markets — 0.6% | Capital Markets — 0.6% |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 26935<br>|
| Insurance — 2.2% | Insurance — 2.2% | Insurance — 2.2% |
| Al Rajhi Co. for Co.-operative Insurance | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 20,787<br> \*<br>|
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 1164 | &nbsp;&nbsp; 54593<br>|
| Co. for Cooperative Insurance | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; 37657<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 113037 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **2106740** |
| **Health Care — 3.5%** | **Health Care — 3.5%** | **Health Care — 3.5%** |
| Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% | Health Care Providers & Services — 3.2% |
| Dallah Healthcare Co. | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 24760<br>|
| Dr Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 7196<br>|
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 1527 | &nbsp;&nbsp; 105148<br>|
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 26659<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 163763 |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 15585<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **179348** |
| **Industrials — 3.0%** | **Industrials — 3.0%** | **Industrials — 3.0%** |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 26167<br>|
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 603 | &nbsp;&nbsp; 11120<br>|
| Electrical Equipment — 1.3% | Electrical Equipment — 1.3% | Electrical Equipment — 1.3% |
| Electrical Industries Co. | &nbsp;&nbsp; 8256 | &nbsp;&nbsp; 36741<br>|
| Riyadh Cables Group Co. | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 31632<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 68373 |
| Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% | Industrial Conglomerates — 0.5% |
| Astra Industrial Group Co. | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 22736<br>|
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| flynas Co. SJSC | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 13,210<br> \*<br>|
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| Saudi Ground Services Co. | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 11485<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **153091** |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| IT Services — 1.4% | IT Services — 1.4% | IT Services — 1.4% |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 19025<br>|
| Elm Co. | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 50135<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **69160** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Saudi Arabia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Materials — 16.3%** | **Materials — 16.3%** | **Materials — 16.3%** |
| Chemicals — 10.0% | Chemicals — 10.0% | Chemicals — 10.0% |
| Advanced Petrochemical Co. | &nbsp;&nbsp; 1905 | &nbsp;&nbsp; $12,823<br> \*<br>|
| National Industrialization Co. | &nbsp;&nbsp; 4929 | &nbsp;&nbsp; 12,110<br> \*<br>|
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 3499 | &nbsp;&nbsp; 135201<br>|
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 5403 | &nbsp;&nbsp; 23296<br>|
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 21431<br>|
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 14252 | &nbsp;&nbsp; 229013<br>|
| Saudi Industrial Investment Group | &nbsp;&nbsp; 5004 | &nbsp;&nbsp; 17642<br>|
| Saudi Kayan Petrochemical Co. | &nbsp;&nbsp; 11049 | &nbsp;&nbsp; 16,459<br> \*<br>|
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 4143 | &nbsp;&nbsp; 39392<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 507367 |
| Metals & Mining — 6.3% | Metals & Mining — 6.3% | Metals & Mining — 6.3% |
| Saudi Arabian Mining Co. | &nbsp;&nbsp; 18565 | &nbsp;&nbsp; 320,581<br> \*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **827948** |
| **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** |
| Real Estate Management & Development — 3.0% | Real Estate Management & Development — 3.0% | Real Estate Management & Development — 3.0% |
| Arabian Centres Co. | &nbsp;&nbsp; 3498 | &nbsp;&nbsp; 15930<br> <sup>(a)</sup><br>|
| Dar Al Arkan Real Estate Development Co. | &nbsp;&nbsp; 7956 | &nbsp;&nbsp; 38,480<br> \*<br>|
| Makkah Construction & Development Co. | &nbsp;&nbsp; 1473 | &nbsp;&nbsp; 33149<br>|
| Taiba Investments Co. | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 18921<br>|
| Umm Al Qura for Development & Construction Co. | &nbsp;&nbsp; 10469 | &nbsp;&nbsp; 46,032<br> \*<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **152512** |
| **Utilities — 4.4%** | **Utilities — 4.4%** | **Utilities — 4.4%** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Saudi Energy Co. | &nbsp;&nbsp; 11754 | &nbsp;&nbsp; 53028<br>|
| Independent Power and Renewable Electricity Producers — 3.1% | Independent Power and Renewable Electricity Producers — 3.1% | Independent Power and Renewable Electricity Producers — 3.1% |
| ACWA Power Co. | &nbsp;&nbsp; 3433 | &nbsp;&nbsp; 158,632<br> \*<br>|
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 9523<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **221183** |
| **Total Investments — 99.3% (Cost — $3,418,763)** | **Total Investments — 99.3% (Cost — $3,418,763)** | &nbsp;&nbsp; **5034017** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 37481 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$5071498** |

---

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

\* Non-income producing security.

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

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

---

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

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Saudi Arabia | 100.0<br> %<br>|
|  | **100.0%**<br>|

---

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

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Saudi Arabia ETF**

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| MSCI Saudi Arabia Index | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $36322 | &nbsp;&nbsp;&nbsp; $37330 | &nbsp;&nbsp;&nbsp; **$1008** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.2%** | **Common Stocks — 96.2%** | **Common Stocks — 96.2%** |
| **Communication Services — 3.4%** | **Communication Services — 3.4%** | **Communication Services — 3.4%** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| LG Uplus Corp. | &nbsp;&nbsp; 66348 | &nbsp;&nbsp; $672728<br>|
| Entertainment — 1.0% | Entertainment — 1.0% | Entertainment — 1.0% |
| HYBE Co. Ltd. | &nbsp;&nbsp; 7182 | &nbsp;&nbsp; 1402029<br>|
| Krafton Inc. | &nbsp;&nbsp; 8664 | &nbsp;&nbsp; 1442444<br>|
| NCSoft Corp. | &nbsp;&nbsp; 3990 | &nbsp;&nbsp; 583528<br>|
| Netmarble Corp. | &nbsp;&nbsp; 8322 | &nbsp;&nbsp; 267321<br> <sup>(a)</sup><br>|
| Pearl Abyss Corp. | &nbsp;&nbsp; 10830 | &nbsp;&nbsp; 487,886<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 4183208 |
| Interactive Media & Services — 2.2% | Interactive Media & Services — 2.2% | Interactive Media & Services — 2.2% |
| Kakao Corp. | &nbsp;&nbsp; 97698 | &nbsp;&nbsp; 2921404<br>|
| NAVER Corp. | &nbsp;&nbsp; 47652 | &nbsp;&nbsp; 6268977<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 9190381 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Cheil Worldwide Inc. | &nbsp;&nbsp; 22002 | &nbsp;&nbsp; 272502<br>|
| Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 170593<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **14489412** |
| **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** |
| Automobile Components — 1.4% | Automobile Components — 1.4% | Automobile Components — 1.4% |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 21888 | &nbsp;&nbsp; 773114<br>|
| Hanon Systems | &nbsp;&nbsp; 113658 | &nbsp;&nbsp; 277,531<br> \*<br>|
| HL Mando Co. Ltd. | &nbsp;&nbsp; 10260 | &nbsp;&nbsp; 328569<br>|
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 18582 | &nbsp;&nbsp; 4585902<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 5965116 |
| Automobiles — 4.7% | Automobiles — 4.7% | Automobiles — 4.7% |
| Hyundai Motor Co. | &nbsp;&nbsp; 43092 | &nbsp;&nbsp; 12533859<br>|
| Kia Corp. | &nbsp;&nbsp; 75468 | &nbsp;&nbsp; 7154346<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 19688205 |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% |
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 3534 | &nbsp;&nbsp; 249652<br>|
| Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% | Hotels, Restaurants & Leisure — 0.2% |
| Hanjin Kal Corp. | &nbsp;&nbsp; 7524 | &nbsp;&nbsp; 529551<br>|
| Kangwon Land Inc. | &nbsp;&nbsp; 36252 | &nbsp;&nbsp; 399763<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 929314 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Coway Co. Ltd. | &nbsp;&nbsp; 16986 | &nbsp;&nbsp; 800698<br>|
| LG Electronics Inc. | &nbsp;&nbsp; 33744 | &nbsp;&nbsp; 2326489<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 3127187 |
| Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% |
| Hotel Shilla Co. Ltd. | &nbsp;&nbsp; 10146 | &nbsp;&nbsp; 291,466<br> \*<br>|
| Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% |
| F&F Co. Ltd. | &nbsp;&nbsp; 4104 | &nbsp;&nbsp; 164251<br>|
| Misto Holdings Corp. | &nbsp;&nbsp; 8094 | &nbsp;&nbsp; 216664<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 380915 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **30631855** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** | **Consumer Staples — 2.3%** |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| BGF retail Co. Ltd. | &nbsp;&nbsp; 2622 | &nbsp;&nbsp; $238465<br>|
| Dongsuh Cos. Inc. | &nbsp;&nbsp; 9576 | &nbsp;&nbsp; 170994<br>|
| E-MART Inc. | &nbsp;&nbsp; 6042 | &nbsp;&nbsp; 377514<br>|
| GS Retail Co. Ltd. | &nbsp;&nbsp; 10260 | &nbsp;&nbsp; 146701<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 933674 |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 354508<br>|
| NongShim Co. Ltd. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 245841<br>|
| Orion Corp. | &nbsp;&nbsp; 7068 | &nbsp;&nbsp; 590673<br>|
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1028694<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 2219716 |
| Personal Care Products — 0.8% | Personal Care Products — 0.8% | Personal Care Products — 0.8% |
| Amorepacific Corp. | &nbsp;&nbsp; 9348 | &nbsp;&nbsp; 837362<br>|
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 7068 | &nbsp;&nbsp; 127595<br>|
| APR Corp. | &nbsp;&nbsp; 7866 | &nbsp;&nbsp; 1730710<br>|
| LG H&H Co. Ltd. | &nbsp;&nbsp; 2964 | &nbsp;&nbsp; 477986<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 3173653 |
| Tobacco — 0.8% | Tobacco — 0.8% | Tobacco — 0.8% |
| KT&G Corp. | &nbsp;&nbsp; 31692 | &nbsp;&nbsp; 3294073<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **9621116** |
| **Energy — 1.1%** | **Energy — 1.1%** | **Energy — 1.1%** |
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 13224 | &nbsp;&nbsp; 2063485<br>|
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 22344 | &nbsp;&nbsp; 1585736<br>|
| S-Oil Corp. | &nbsp;&nbsp; 12996 | &nbsp;&nbsp; 893467<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **4542688** |
| **Financials — 11.7%** | **Financials — 11.7%** | **Financials — 11.7%** |
| Banks — 7.6% | Banks — 7.6% | Banks — 7.6% |
| BNK Financial Group Inc. | &nbsp;&nbsp; 77862 | &nbsp;&nbsp; 909445<br>|
| Hana Financial Group Inc. | &nbsp;&nbsp; 85500 | &nbsp;&nbsp; 5950641<br>|
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 44802 | &nbsp;&nbsp; 488781<br>|
| Industrial Bank of Korea | &nbsp;&nbsp; 79914 | &nbsp;&nbsp; 1113938<br>|
| KakaoBank Corp. | &nbsp;&nbsp; 60306 | &nbsp;&nbsp; 942989<br>|
| KB Financial Group Inc. | &nbsp;&nbsp; 113886 | &nbsp;&nbsp; 10550990<br>|
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 135660 | &nbsp;&nbsp; 7767690<br>|
| Woori Financial Group Inc. | &nbsp;&nbsp; 213978 | &nbsp;&nbsp; 4477521<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 32201995 |
| Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 13110 | &nbsp;&nbsp; 1733278<br>|
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 63840 | &nbsp;&nbsp; 2567521<br>|
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 42066 | &nbsp;&nbsp; 812949<br>|
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 19950 | &nbsp;&nbsp; 1203526<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 6317274 |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 7524 | &nbsp;&nbsp; 260845<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| Kakaopay Corp. | &nbsp;&nbsp; 11400 | &nbsp;&nbsp; $363,588<br> \*<br>|
| Meritz Financial Group Inc. | &nbsp;&nbsp; 22458 | &nbsp;&nbsp; 1,633,416<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1997004 |
| Insurance — 2.0% | Insurance — 2.0% | Insurance — 2.0% |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 13908 | &nbsp;&nbsp; 1487370<br>|
| Hanwha Life Insurance Co. Ltd. | &nbsp;&nbsp; 87096 | &nbsp;&nbsp; 251,908<br> \*<br>|
| Hyundai Marine & Fire Insurance Co. Ltd. | &nbsp;&nbsp; 18582 | &nbsp;&nbsp; 365,780<br> \*<br>|
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 9918 | &nbsp;&nbsp; 2852401<br>|
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 25080 | &nbsp;&nbsp; 3446832<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 8404291 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **49181409** |
| **Health Care — 4.5%** | **Health Care — 4.5%** | **Health Care — 4.5%** |
| Biotechnology — 2.7% | Biotechnology — 2.7% | Biotechnology — 2.7% |
| ABLBio Inc. | &nbsp;&nbsp; 12882 | &nbsp;&nbsp; 1,395,308<br> \*<br>|
| Alteogen Inc. | &nbsp;&nbsp; 12540 | &nbsp;&nbsp; 2795946<br>|
| Celltrion Inc. | &nbsp;&nbsp; 46626 | &nbsp;&nbsp; 6003099<br>|
| Green Cross Corp. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 159540<br>|
| Samsung Episholdings Co. Ltd. | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 661,827<br> \*<br>|
| SK Bioscience Co. Ltd. | &nbsp;&nbsp; 8322 | &nbsp;&nbsp; 226,571<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 11242291 |
| Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% | Health Care Equipment & Supplies — 0.3% |
| HLB Inc. | &nbsp;&nbsp; 38418 | &nbsp;&nbsp; 1,269,187<br> \*<br>|
| Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† |
| Hanmi Science Co. ltd | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 138067<br>|
| Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% | Life Sciences Tools & Services — 0.9% |
| Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 3,694,087<br> \*<sup>(a)</sup><br>|
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Celltrion Pharm Inc. | &nbsp;&nbsp; 6612 | &nbsp;&nbsp; 236567<br>|
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 1938 | &nbsp;&nbsp; 651630<br>|
| SK Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 9006 | &nbsp;&nbsp; 557,418<br> \*<br>|
| Yuhan Corp. | &nbsp;&nbsp; 17556 | &nbsp;&nbsp; 1086612<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2532227 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **18875859** |
| **Industrials — 21.3%** | **Industrials — 21.3%** | **Industrials — 21.3%** |
| Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 10830 | &nbsp;&nbsp; 8831437<br>|
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 23256 | &nbsp;&nbsp; 1732452<br>|
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 22458 | &nbsp;&nbsp; 2414933<br>|
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 4218 | &nbsp;&nbsp; 1682628<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 14661450 |
| Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% |
| CJ Logistics Corp. | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 192400<br>|
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 11856 | &nbsp;&nbsp; 1606190<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 1798590 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 6954 | &nbsp;&nbsp; 251981<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| S-1 Corp. | &nbsp;&nbsp; 6384 | &nbsp;&nbsp; $357202<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 609183 |
| Construction & Engineering — 0.9% | Construction & Engineering — 0.9% | Construction & Engineering — 0.9% |
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 20748 | &nbsp;&nbsp; 340009<br>|
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 23142 | &nbsp;&nbsp; 2147017<br>|
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 49932 | &nbsp;&nbsp; 1163825<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 3650851 |
| Electrical Equipment — 6.9% | Electrical Equipment — 6.9% | Electrical Equipment — 6.9% |
| Doosan Enerbility Co. Ltd. | &nbsp;&nbsp; 140904 | &nbsp;&nbsp; 8,445,132<br> \*<br>|
| Ecopro BM Co. Ltd. | &nbsp;&nbsp; 15504 | &nbsp;&nbsp; 1945529<br>|
| Ecopro Co. Ltd. | &nbsp;&nbsp; 31920 | &nbsp;&nbsp; 2907218<br>|
| Ecopro Materials Co. Ltd. | &nbsp;&nbsp; 7980 | &nbsp;&nbsp; 349,075<br> \*<br>|
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 7018 | &nbsp;&nbsp; 3812213<br>|
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 1658 | &nbsp;&nbsp; 2658602<br>|
| L&F Co. Ltd. | &nbsp;&nbsp; 8892 | &nbsp;&nbsp; 835,412<br> \*<br>|
| LG Energy Solution Ltd. | &nbsp;&nbsp; 13224 | &nbsp;&nbsp; 3,406,044<br> \*<br>|
| LS Corp. | &nbsp;&nbsp; 5358 | &nbsp;&nbsp; 895536<br>|
| LS Electric Co. Ltd. | &nbsp;&nbsp; 4902 | &nbsp;&nbsp; 2297937<br>|
| POSCO Future M Co. Ltd. | &nbsp;&nbsp; 10488 | &nbsp;&nbsp; 1393470<br>|
| SK IE Technology Co. Ltd. | &nbsp;&nbsp; 7980 | &nbsp;&nbsp; 110,714<br> \*<sup>(a)</sup><br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 29056882 |
| Industrial Conglomerates — 4.7% | Industrial Conglomerates — 4.7% | Industrial Conglomerates — 4.7% |
| CJ Corp. | &nbsp;&nbsp; 4218 | &nbsp;&nbsp; 520486<br>|
| Doosan Co. Ltd. | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 1450929<br>|
| GS Holdings Corp. | &nbsp;&nbsp; 13908 | &nbsp;&nbsp; 579330<br>|
| Hanwha Corp. | &nbsp;&nbsp; 8778 | &nbsp;&nbsp; 613798<br>|
| LG Corp. | &nbsp;&nbsp; 27360 | &nbsp;&nbsp; 1479064<br>|
| Lotte Corp. | &nbsp;&nbsp; 9120 | &nbsp;&nbsp; 162554<br>|
| Samsung C&T Corp. | &nbsp;&nbsp; 25194 | &nbsp;&nbsp; 4169803<br>|
| SK Inc. | &nbsp;&nbsp; 11514 | &nbsp;&nbsp; 2262732<br>|
| SK Square Co. Ltd. | &nbsp;&nbsp; 28614 | &nbsp;&nbsp; 8,715,066<br> \*<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 19953762 |
| Machinery — 4.1% | Machinery — 4.1% | Machinery — 4.1% |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 15618 | &nbsp;&nbsp; 580200<br>|
| Hanwha Ocean Co. Ltd. | &nbsp;&nbsp; 39900 | &nbsp;&nbsp; 3,131,251<br> \*<br>|
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 9918 | &nbsp;&nbsp; 3011047<br>|
| HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 588172<br>|
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 14250 | &nbsp;&nbsp; 3200470<br>|
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 23142 | &nbsp;&nbsp; 2561009<br>|
| Rainbow Robotics | &nbsp;&nbsp; 2622 | &nbsp;&nbsp; 891,889<br> \*<br>|
| Samsung Heavy Industries Co. Ltd. | &nbsp;&nbsp; 201666 | &nbsp;&nbsp; 3,219,230<br> \*<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 17183268 |
| Marine Transportation — 0.3% | Marine Transportation — 0.3% | Marine Transportation — 0.3% |
| HMM Co. Ltd. | &nbsp;&nbsp; 85500 | &nbsp;&nbsp; 1092440<br>|
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 77178 | &nbsp;&nbsp; 246653<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 1339093 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 58938 | &nbsp;&nbsp; $906206<br>|
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |
| Posco International Corp. | &nbsp;&nbsp; 14706 | &nbsp;&nbsp; 686501<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **89845786** |
| **Information Technology — 41.1%** | **Information Technology — 41.1%** | **Information Technology — 41.1%** |
| Electronic Equipment, Instruments & Components — 3.1% | Electronic Equipment, Instruments & Components — 3.1% | Electronic Equipment, Instruments & Components — 3.1% |
| Hanwha Vision Co. Ltd. | &nbsp;&nbsp; 10602 | &nbsp;&nbsp; 491,458<br> \*<br>|
| IsuPetasys Co. Ltd. | &nbsp;&nbsp; 17328 | &nbsp;&nbsp; 1108702<br>|
| LG Display Co. Ltd. | &nbsp;&nbsp; 92568 | &nbsp;&nbsp; 655,739<br> \*<br>|
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 4446 | &nbsp;&nbsp; 851958<br>|
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 17556 | &nbsp;&nbsp; 4670826<br>|
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 19380 | &nbsp;&nbsp; 5,162,433<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 12941116 |
| IT Services — 0.6% | IT Services — 0.6% | IT Services — 0.6% |
| Hyundai Autoever Corp. | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 506977<br>|
| LG CNS Co. Ltd. | &nbsp;&nbsp; 15390 | &nbsp;&nbsp; 560678<br>|
| Posco DX Co. Ltd. | &nbsp;&nbsp; 16758 | &nbsp;&nbsp; 322216<br>|
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 12654 | &nbsp;&nbsp; 1240078<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 2629949 |
| Semiconductors & Semiconductor Equipment — 19.8% | Semiconductors & Semiconductor Equipment — 19.8% | Semiconductors & Semiconductor Equipment — 19.8% |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 13338 | &nbsp;&nbsp; 2185772<br>|
| SK hynix Inc. | &nbsp;&nbsp; 154128 | &nbsp;&nbsp; 81207388<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 83393160 |
| Technology Hardware, Storage & Peripherals — 17.6% | Technology Hardware, Storage & Peripherals — 17.6% | Technology Hardware, Storage & Peripherals — 17.6% |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 679440 | &nbsp;&nbsp; 74169927<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **173134152** |
| **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** |
| Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% |
| Hanwha Solutions Corp. | &nbsp;&nbsp; 33630 | &nbsp;&nbsp; 815,692<br> \*<br>|
| KCC Corp. | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 430500<br>|
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 4788 | &nbsp;&nbsp; 368560<br>|
| LG Chem Ltd. | &nbsp;&nbsp; 14706 | &nbsp;&nbsp; 2870822<br>|
| Lotte Chemical Corp. | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 299951<br>|
| SKC Co. Ltd. | &nbsp;&nbsp; 5928 | &nbsp;&nbsp; 353,362<br> \*<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 5138887 |
| Metals & Mining — 1.7% | Metals & Mining — 1.7% | Metals & Mining — 1.7% |
| Hyundai Steel Co. | &nbsp;&nbsp; 26790 | &nbsp;&nbsp; 588570<br>|
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 1231072<br>|
| POSCO Holdings Inc. | &nbsp;&nbsp; 23712 | &nbsp;&nbsp; 5147547<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 6967189 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **12106076** |
| **Utilities — 0.6%** | **Utilities — 0.6%** | **Utilities — 0.6%** |
| Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% |
| Korea Electric Power Corp. | &nbsp;&nbsp; 82194 | &nbsp;&nbsp; 2235093<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Korea Gas Corp. | Korea Gas Corp. | &nbsp;&nbsp; 8436 | &nbsp;&nbsp; $192497<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2427590** |
| **Total Common Stocks (Cost — $286,728,894)** | **Total Common Stocks (Cost — $286,728,894)** | **Total Common Stocks (Cost — $286,728,894)** | &nbsp;&nbsp; **404855943**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 3.1%** | **Preferred Stocks — 3.1%** | **Preferred Stocks — 3.1%** | **Preferred Stocks — 3.1%** |
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |
| Automobiles — 0.7% | Automobiles — 0.7% | Automobiles — 0.7% | Automobiles — 0.7% |
| Hyundai Motor Co.  | &nbsp;&nbsp; 1.114% | &nbsp;&nbsp; 6954 | &nbsp;&nbsp; 1039706<br> <sup>(b)</sup><br>|
| Hyundai Motor Co., Series 2  | &nbsp;&nbsp; 1.118% | &nbsp;&nbsp; 10944 | &nbsp;&nbsp; 1661267<br> <sup>(b)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 2700973 |
| Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† | Household Durables — 0.0%†† |
| LG Electronics Inc.  | &nbsp;&nbsp; 1.903% | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 154903<br> <sup>(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2855876** |
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| Food Products — 0.0%†† | Food Products — 0.0%†† | Food Products — 0.0%†† | Food Products — 0.0%†† |
| CJ CheilJedang Corp.  | &nbsp;&nbsp; 1.192% | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 29028<br> <sup>(b)</sup><br>|
| Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† | Personal Care Products — 0.0%†† |
| Amorepacific Corp.  | &nbsp;&nbsp; 2.727% | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 81545<br> <sup>(b)</sup><br>|
| LG H&H Co. Ltd.  | &nbsp;&nbsp; 0.985% | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 39671<br> <sup>(b)</sup><br>|
| Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 121216 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **150244** |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Korea Investment Holdings Co. Ltd.  | &nbsp;&nbsp; 5.834% | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 178631<br> <sup>(b)</sup><br>|
| Mirae Asset Securities Co. Ltd.  | &nbsp;&nbsp; 1.591% | &nbsp;&nbsp; 41724 | &nbsp;&nbsp; 513769<br> <sup>(b)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 692400 |
| Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† | Insurance — 0.0%†† |
| Samsung Fire & Marine Insurance Co. Ltd.  | &nbsp;&nbsp; 5.471% | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 212273<br> <sup>(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **904673** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Doosan Co. Ltd.  | &nbsp;&nbsp; 0.920% | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 163745<br> <sup>(b)</sup><br>|
| Hanwha Corp.  | &nbsp;&nbsp; 2.719% | &nbsp;&nbsp; 6156 | &nbsp;&nbsp; 170012<br> <sup>(b)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **333757** |
| **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** | **Information Technology — 2.1%** |
| Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† | Electronic Equipment, Instruments & Components — 0.0%†† |
| Samsung SDI Co. Ltd.  | &nbsp;&nbsp; — | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 62,818<br> \*<br>|
| Technology Hardware, Storage & Peripherals — 2.1% | Technology Hardware, Storage & Peripherals — 2.1% | Technology Hardware, Storage & Peripherals — 2.1% | Technology Hardware, Storage & Peripherals — 2.1% |
| Samsung Electronics Co. Ltd.  | &nbsp;&nbsp; 0.497% | &nbsp;&nbsp; 116052 | &nbsp;&nbsp; 8637697<br> <sup>(b)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8700515** |
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| LG Chem Ltd.  | &nbsp;&nbsp; 1.398% | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; **240050**<br> <sup>(b)</sup><br>|
| **Total Preferred Stocks (Cost — $9,021,646)** | **Total Preferred Stocks (Cost — $9,021,646)** | **Total Preferred Stocks (Cost — $9,021,646)** | &nbsp;&nbsp; **13185115** |
| **Total Investments before Short-Term Investments (Cost — $295,750,540)** | **Total Investments before Short-Term Investments (Cost — $295,750,540)** | **Total Investments before Short-Term Investments (Cost — $295,750,540)** | &nbsp;&nbsp; **418041058** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE South Korea ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $1,595)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 1595<br>| &nbsp;&nbsp; **$1595**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.3% (Cost — $295,752,135)** | **Total Investments — 99.3% (Cost — $295,752,135)** | **Total Investments — 99.3% (Cost — $295,752,135)** | &nbsp;&nbsp; **418042653** |
| Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | Other Assets in Excess of Liabilities — 0.7% | &nbsp;&nbsp; 2739162 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$420781815** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | The rate shown represents the yield as of March 31, 2026. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $1,595 and the cost was $1,595 (Note 6).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| South Korea | 100.0<br> %<br>|
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| KOSPI 200 Mini Index | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $2358523 | &nbsp;&nbsp;&nbsp; $2201303 | &nbsp;&nbsp;&nbsp; **$(157220)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% |
| Swisscom AG, Registered Shares | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; **$946276**<br>|
| **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Avolta AG | &nbsp;&nbsp; 4199 | &nbsp;&nbsp; 246960<br>|
| Textiles, Apparel & Luxury Goods — 4.3% | Textiles, Apparel & Luxury Goods — 4.3% | Textiles, Apparel & Luxury Goods — 4.3% |
| Cie Financiere Richemont SA, Registered Shares | &nbsp;&nbsp; 16948 | &nbsp;&nbsp; 2922214<br>|
| Swatch Group AG, Bearer Shares | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 270760<br>|
| Swatch Group AG, Registered Shares  | &nbsp;&nbsp; 1843 | &nbsp;&nbsp; 79725<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3272699 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3519659** |
| **Consumer Staples — 14.4%** | **Consumer Staples — 14.4%** | **Consumer Staples — 14.4%** |
| Food Products — 14.4% | Food Products — 14.4% | Food Products — 14.4% |
| Barry Callebaut AG, Registered Shares | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 272329<br>|
| Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 1313695<br>|
| Nestle SA, Registered Shares | &nbsp;&nbsp; 95456 | &nbsp;&nbsp; 9315736<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10901760** |
| **Financials — 17.6%** | **Financials — 17.6%** | **Financials — 17.6%** |
| Banks — 0.3% | Banks — 0.3% | Banks — 0.3% |
| Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 204364<br>|
| Capital Markets — 7.3% | Capital Markets — 7.3% | Capital Markets — 7.3% |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 9177 | &nbsp;&nbsp; 664220<br>|
| Partners Group Holding AG | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 1016219<br>|
| Swissquote Group Holding SA, Registered Shares | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 229830<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 92701 | &nbsp;&nbsp; 3545146<br>|
| VZ Holding AG | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 124799<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 5580214 |
| Insurance — 10.0% | Insurance — 10.0% | Insurance — 10.0% |
| Helvetia Baloise Holding AG, Registered Shares | &nbsp;&nbsp; 3439 | &nbsp;&nbsp; 879062<br>|
| Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 1375415<br>|
| Swiss Re AG | &nbsp;&nbsp; 12597 | &nbsp;&nbsp; 2072458<br>|
| Zurich Insurance Group AG | &nbsp;&nbsp; 4617 | &nbsp;&nbsp; 3225666<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 7552601 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **13337179** |
| **Health Care — 38.2%** | **Health Care — 38.2%** | **Health Care — 38.2%** |
| Health Care Equipment & Supplies — 3.5% | Health Care Equipment & Supplies — 3.5% | Health Care Equipment & Supplies — 3.5% |
| Alcon AG | &nbsp;&nbsp; 22230 | &nbsp;&nbsp; 1639413<br>|
| Sonova Holding AG, Registered Shares | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 490966<br>|
| Straumann Holding AG, Registered Shares | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 495337<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2625716 |
| Life Sciences Tools & Services — 2.7% | Life Sciences Tools & Services — 2.7% | Life Sciences Tools & Services — 2.7% |
| Bachem Holding AG | &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 82803<br>|
| Lonza Group AG, Registered Shares | &nbsp;&nbsp; 3086 | &nbsp;&nbsp; 1938663<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 2021466 |
| Pharmaceuticals — 32.0% | Pharmaceuticals — 32.0% | Pharmaceuticals — 32.0% |
| Galderma Group AG | &nbsp;&nbsp; 8246 | &nbsp;&nbsp; 1574185<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Novartis AG, Registered Shares | &nbsp;&nbsp; 71041 | &nbsp;&nbsp; $10685104<br>|
| Roche Holding AG | &nbsp;&nbsp; 26011 | &nbsp;&nbsp; 10186873<br>|
| Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 440990<br>|
| Sandoz Group AG | &nbsp;&nbsp; 18544 | &nbsp;&nbsp; 1424810<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 24311962 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28959144** |
| **Industrials — 12.2%** | **Industrials — 12.2%** | **Industrials — 12.2%** |
| Building Products — 1.7% | Building Products — 1.7% | Building Products — 1.7% |
| Belimo Holding AG, Registered Shares | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 345608<br>|
| Geberit AG, Registered Shares | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 977643<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1323251 |
| Electrical Equipment — 6.1% | Electrical Equipment — 6.1% | Electrical Equipment — 6.1% |
| ABB Ltd., Registered Shares | &nbsp;&nbsp; 59052 | &nbsp;&nbsp; 4647438<br>|
| Machinery — 2.4% | Machinery — 2.4% | Machinery — 2.4% |
| Georg Fischer AG, Registered Shares | &nbsp;&nbsp; 3477 | &nbsp;&nbsp; 174813<br>|
| Schindler Holding AG | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 591089<br>|
| Schindler Holding AG, Registered Shares | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 282606<br>|
| VAT Group AG | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 732127<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1780635 |
| Marine Transportation — 0.6% | Marine Transportation — 0.6% | Marine Transportation — 0.6% |
| Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 2071 | &nbsp;&nbsp; 464689<br>|
| Professional Services — 1.0% | Professional Services — 1.0% | Professional Services — 1.0% |
| SGS SA, Registered Shares | &nbsp;&nbsp; 7457 | &nbsp;&nbsp; 780454<br>|
| Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% |
| Flughafen Zurich AG, Registered Shares | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 263879<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **9260346** |
| **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Temenos AG, Registered Shares | &nbsp;&nbsp; 2470 | &nbsp;&nbsp; 211635<br>|
| Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% |
| Logitech International SA, Registered Shares | &nbsp;&nbsp; 6612 | &nbsp;&nbsp; 595413<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **807048** |
| **Materials — 7.6%** | **Materials — 7.6%** | **Materials — 7.6%** |
| Chemicals — 3.4% | Chemicals — 3.4% | Chemicals — 3.4% |
| EMS-Chemie Holding AG, Registered Shares | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 237054<br>|
| Givaudan SA, Registered Shares | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 1149021<br>|
| Sika AG, Registered Shares | &nbsp;&nbsp; 7201 | &nbsp;&nbsp; 1164097<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 2550172 |
| Construction Materials — 3.9% | Construction Materials — 3.9% | Construction Materials — 3.9% |
| Amrize Ltd. | &nbsp;&nbsp; 22382 | &nbsp;&nbsp; 1212759<br>|
| Holcim AG | &nbsp;&nbsp; 21888 | &nbsp;&nbsp; 1768364<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 2981123 |
| Containers & Packaging — 0.3% | Containers & Packaging — 0.3% | Containers & Packaging — 0.3% |
| SIG Group AG | &nbsp;&nbsp; 14630 | &nbsp;&nbsp; 215,750<br> \*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **5747045** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Switzerland ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% |
| PSP Swiss Property AG, Registered Shares | PSP Swiss Property AG, Registered Shares | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; $404757<br>|
| Swiss Prime Site AG, Registered Shares  | Swiss Prime Site AG, Registered Shares  | &nbsp;&nbsp; 3610 | &nbsp;&nbsp; 606496<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1011253** |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| BKW AG | BKW AG | &nbsp;&nbsp; 893 | &nbsp;&nbsp; **173588**<br>|
| **Total Investments before Short-Term Investments (Cost — $65,070,270)** | **Total Investments before Short-Term Investments (Cost — $65,070,270)** | **Total Investments before Short-Term Investments (Cost — $65,070,270)** | &nbsp;&nbsp; **74663298** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $148)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 148<br>| &nbsp;&nbsp; **148**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 98.4% (Cost — $65,070,418)** | **Total Investments — 98.4% (Cost — $65,070,418)** | **Total Investments — 98.4% (Cost — $65,070,418)** | &nbsp;&nbsp; **74663446** |
| Other Assets in Excess of Liabilities — 1.6% | Other Assets in Excess of Liabilities — 1.6% | Other Assets in Excess of Liabilities — 1.6% | &nbsp;&nbsp; 1190774 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$75854220** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $148 and the cost was $148 (Note 6).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Switzerland | 50.0<br> %<br>|
| United States | 50.0 |
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Swiss Market Index | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $1105909 | &nbsp;&nbsp;&nbsp; $1103901 | &nbsp;&nbsp;&nbsp; **$(2008)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.9%** | **Common Stocks — 99.9%** | **Common Stocks — 99.9%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 4208520 | &nbsp;&nbsp; $17508075<br>|
| Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% |
| International Games System Co. Ltd. | &nbsp;&nbsp; 246155 | &nbsp;&nbsp; 5797770<br>|
| Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 1948000 | &nbsp;&nbsp; 5599662<br>|
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 1567190 | &nbsp;&nbsp; 5343251<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 10942913 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **34248758** |
| **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** | **Consumer Discretionary — 1.1%** |
| Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 2080700 | &nbsp;&nbsp; 2024078<br>|
| Automobiles — 0.0%†† | Automobiles — 0.0%†† | Automobiles — 0.0%†† |
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 626540 | &nbsp;&nbsp; 533059<br>|
| Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† | Broadline Retail — 0.0%†† |
| momo.com Inc. | &nbsp;&nbsp; 90773 | &nbsp;&nbsp; 502559<br>|
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 183590 | &nbsp;&nbsp; 1895048<br>|
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 347315 | &nbsp;&nbsp; 781106<br>|
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 308190 | &nbsp;&nbsp; 4660928<br>|
| Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 204090 | &nbsp;&nbsp; 2106653<br>|
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 491284 | &nbsp;&nbsp; 1230899<br>|
| Pou Chen Corp. | &nbsp;&nbsp; 2492000 | &nbsp;&nbsp; 2205931<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 5543483 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **15940261** |
| **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| President Chain Store Corp. | &nbsp;&nbsp; 586620 | &nbsp;&nbsp; 4119368<br>|
| Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 5428300 | &nbsp;&nbsp; 12055342<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **16174710** |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% | Oil, Gas & Consumable Fuels — 0.2% |
| Formosa Petrochemical Corp. | &nbsp;&nbsp; 1312390 | &nbsp;&nbsp; **2261892**<br>|
| **Financials — 15.4%** | **Financials — 15.4%** | **Financials — 15.4%** |
| Banks — 9.7% | Banks — 9.7% | Banks — 9.7% |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 8130000 | &nbsp;&nbsp; 5187739<br>|
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 19470000 | &nbsp;&nbsp; 31242133<br>|
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 16912000 | &nbsp;&nbsp; 16795621<br>|
| Far Eastern International Bank | &nbsp;&nbsp; 2690000 | &nbsp;&nbsp; 1047560<br>|
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 11963000 | &nbsp;&nbsp; 10552287<br>|
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 10252000 | &nbsp;&nbsp; 10646431<br>|
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 13004000 | &nbsp;&nbsp; 15639781<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Shanghai Commercial & Savings Bank Ltd. | &nbsp;&nbsp; 4191000 | &nbsp;&nbsp; $5112574<br>|
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 13975000 | &nbsp;&nbsp; 13419847<br>|
| Taiwan Business Bank | &nbsp;&nbsp; 7802000 | &nbsp;&nbsp; 3660619<br>|
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 11533000 | &nbsp;&nbsp; 8459457<br>|
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 25339000 | &nbsp;&nbsp; 18348384<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 140112433 |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Capital Securities Corp. | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp; 1564123<br>|
| Financial Services — 1.6% | Financial Services — 1.6% | Financial Services — 1.6% |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 1643357 | &nbsp;&nbsp; 5628639<br>|
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 12008000 | &nbsp;&nbsp; 16808195<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 22436834 |
| Insurance — 4.0% | Insurance — 4.0% | Insurance — 4.0% |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 10324900 | &nbsp;&nbsp; 22703799<br>|
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 9201851 | &nbsp;&nbsp; 24753181<br>|
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 17376000 | &nbsp;&nbsp; 10462559<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 57919539 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **222032929** |
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| Biotechnology — 0.4% | Biotechnology — 0.4% | Biotechnology — 0.4% |
| PharmaEssentia Corp. | &nbsp;&nbsp; 311832 | &nbsp;&nbsp; 5852336<br>|
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Caliway Biopharmaceuticals Co. Ltd. | &nbsp;&nbsp; 1096000 | &nbsp;&nbsp; 2,958,549<br> \*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **8810885** |
| **Industrials — 4.5%** | **Industrials — 4.5%** | **Industrials — 4.5%** |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Taiwan Glass Industry Corp. | &nbsp;&nbsp; 1069000 | &nbsp;&nbsp; 1,735,411<br> \*<br>|
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 261040 | &nbsp;&nbsp; 926745<br>|
| Construction & Engineering — 0.3% | Construction & Engineering — 0.3% | Construction & Engineering — 0.3% |
| United Integrated Services Co. Ltd. | &nbsp;&nbsp; 184000 | &nbsp;&nbsp; 4725180<br>|
| Electrical Equipment — 1.8% | Electrical Equipment — 1.8% | Electrical Equipment — 1.8% |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 33430 | &nbsp;&nbsp; 1029983<br>|
| Bizlink Holding Inc. | &nbsp;&nbsp; 199000 | &nbsp;&nbsp; 10830779<br>|
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 158953 | &nbsp;&nbsp; 3912919<br>|
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 275200 | &nbsp;&nbsp; 1536540<br>|
| Tatung Co. Ltd. | &nbsp;&nbsp; 1241000 | &nbsp;&nbsp; 1211110<br>|
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp; 2899593<br>|
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 74210 | &nbsp;&nbsp; 1680577<br>|
| Walsin Lihwa Corp. | &nbsp;&nbsp; 3402352 | &nbsp;&nbsp; 3208662<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 26310163 |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 3329298 | &nbsp;&nbsp; 2738835<br>|
| Machinery — 0.5% | Machinery — 0.5% | Machinery — 0.5% |
| Airtac International Group | &nbsp;&nbsp; 154380 | &nbsp;&nbsp; 4795100<br>|
| Hiwin Technologies Corp. | &nbsp;&nbsp; 326789 | &nbsp;&nbsp; 2335667<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 7130767 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Marine Transportation — 1.0% | Marine Transportation — 1.0% | Marine Transportation — 1.0% |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 1198490 | &nbsp;&nbsp; $7478847<br>|
| U-Ming Marine Transport Corp. | &nbsp;&nbsp; 466553 | &nbsp;&nbsp; 846421<br>|
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 1323230 | &nbsp;&nbsp; 3191149<br>|
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 1932273 | &nbsp;&nbsp; 3142890<br>|
| Total Marine Transportation | Total Marine Transportation | &nbsp;&nbsp; 14659307 |
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| China Airlines Ltd. | &nbsp;&nbsp; 3185000 | &nbsp;&nbsp; 1783281<br>|
| Eva Airways Corp. | &nbsp;&nbsp; 2975000 | &nbsp;&nbsp; 3159251<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 4942532 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 1837989<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **65006929** |
| **Information Technology — 71.6%** | **Information Technology — 71.6%** | **Information Technology — 71.6%** |
| Communications Equipment — 1.8% | Communications Equipment — 1.8% | Communications Equipment — 1.8% |
| Accton Technology Corp. | &nbsp;&nbsp; 546300 | &nbsp;&nbsp; 25802721<br>|
| Electronic Equipment, Instruments & Components — 21.9% | Electronic Equipment, Instruments & Components — 21.9% | Electronic Equipment, Instruments & Components — 21.9% |
| AUO Corp. | &nbsp;&nbsp; 6560000 | &nbsp;&nbsp; 2975289<br>|
| Chroma ATE Inc. | &nbsp;&nbsp; 406821 | &nbsp;&nbsp; 18642251<br>|
| Delta Electronics Inc. | &nbsp;&nbsp; 2129250 | &nbsp;&nbsp; 91910072<br>|
| E Ink Holdings Inc. | &nbsp;&nbsp; 885000 | &nbsp;&nbsp; 3778621<br>|
| Elite Material Co. Ltd. | &nbsp;&nbsp; 316133 | &nbsp;&nbsp; 25709909<br>|
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 1091390 | &nbsp;&nbsp; 1723966<br>|
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 93380 | &nbsp;&nbsp; 1277878<br>|
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 376000 | &nbsp;&nbsp; 10114482<br>|
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 13450100 | &nbsp;&nbsp; 78883133<br>|
| Innolux Corp. | &nbsp;&nbsp; 8096000 | &nbsp;&nbsp; 6039712<br>|
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 105900 | &nbsp;&nbsp; 7138395<br>|
| Lotes Co. Ltd. | &nbsp;&nbsp; 92175 | &nbsp;&nbsp; 5910502<br>|
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 234530 | &nbsp;&nbsp; 3829361<br>|
| Synnex Technology International Corp. | &nbsp;&nbsp; 1355400 | &nbsp;&nbsp; 3213617<br>|
| Tripod Technology Corp. | &nbsp;&nbsp; 488000 | &nbsp;&nbsp; 5166969<br>|
| Unimicron Technology Corp. | &nbsp;&nbsp; 1421292 | &nbsp;&nbsp; 19761160<br>|
| Walsin Technology Corp. | &nbsp;&nbsp; 310090 | &nbsp;&nbsp; 1134831<br>|
| WPG Holdings Ltd. | &nbsp;&nbsp; 1623000 | &nbsp;&nbsp; 4467438<br>|
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 964000 | &nbsp;&nbsp; 6543259<br>|
| Yageo Corp. | &nbsp;&nbsp; 1712370 | &nbsp;&nbsp; 13042293<br>|
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 802680 | &nbsp;&nbsp; 5184655<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 316447793 |
| Semiconductors & Semiconductor Equipment — 38.5% | Semiconductors & Semiconductor Equipment — 38.5% | Semiconductors & Semiconductor Equipment — 38.5% |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 87710 | &nbsp;&nbsp; 6817621<br>|
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 3616200 | &nbsp;&nbsp; 37157388<br>|
| ASMedia Technology Inc. | &nbsp;&nbsp; 40690 | &nbsp;&nbsp; 1355485<br>|
| ASPEED Technology Inc. | &nbsp;&nbsp; 33370 | &nbsp;&nbsp; 11168564<br>|
| eMemory Technology Inc. | &nbsp;&nbsp; 74351 | &nbsp;&nbsp; 6116457<br>|
| Formosa Sumco Technology Corp. | &nbsp;&nbsp; 67780 | &nbsp;&nbsp; 276675<br>|
| Global Unichip Corp. | &nbsp;&nbsp; 91650 | &nbsp;&nbsp; 6206514<br>|
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 281460 | &nbsp;&nbsp; 3702031<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 92770 | &nbsp;&nbsp; $11012266<br>|
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 1189500 | &nbsp;&nbsp; 9710964<br>|
| MediaTek Inc. | &nbsp;&nbsp; 1621050 | &nbsp;&nbsp; 75550970<br>|
| MPI Corp. | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 10682671<br>|
| Nanya Technology Corp. | &nbsp;&nbsp; 1238380 | &nbsp;&nbsp; 7,689,035<br> \*<br>|
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 634640 | &nbsp;&nbsp; 7533496<br>|
| Parade Technologies Ltd. | &nbsp;&nbsp; 82446 | &nbsp;&nbsp; 1227535<br>|
| Phison Electronics Corp. | &nbsp;&nbsp; 188500 | &nbsp;&nbsp; 8844229<br>|
| Powerchip Semiconductor Manufacturing Corp. | &nbsp;&nbsp; 3552000 | &nbsp;&nbsp; 5,899,631<br> \*<br>|
| Powertech Technology Inc. | &nbsp;&nbsp; 759900 | &nbsp;&nbsp; 4444833<br>|
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 535975 | &nbsp;&nbsp; 8013639<br>|
| Silergy Corp. | &nbsp;&nbsp; 363940 | &nbsp;&nbsp; 3198847<br>|
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 603960 | &nbsp;&nbsp; 2030832<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 5214016 | &nbsp;&nbsp; 287039980<br>|
| United Microelectronics Corp. | &nbsp;&nbsp; 12853380 | &nbsp;&nbsp; 22715545<br>|
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 1144348 | &nbsp;&nbsp; 4152154<br>|
| Win Semiconductors Corp. | &nbsp;&nbsp; 378910 | &nbsp;&nbsp; 4165995<br>|
| Winbond Electronics Corp. | &nbsp;&nbsp; 3427000 | &nbsp;&nbsp; 9668921<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 556382278 |
| Technology Hardware, Storage & Peripherals — 9.4% | Technology Hardware, Storage & Peripherals — 9.4% | Technology Hardware, Storage & Peripherals — 9.4% |
| Acer Inc. | &nbsp;&nbsp; 3146000 | &nbsp;&nbsp; 2681530<br>|
| Advantech Co. Ltd. | &nbsp;&nbsp; 505748 | &nbsp;&nbsp; 5038497<br>|
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 357828 | &nbsp;&nbsp; 22273310<br>|
| Asustek Computer Inc. | &nbsp;&nbsp; 753130 | &nbsp;&nbsp; 12933011<br>|
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 524470 | &nbsp;&nbsp; 3084153<br>|
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 638240 | &nbsp;&nbsp; 2385664<br>|
| Compal Electronics Inc. | &nbsp;&nbsp; 4650000 | &nbsp;&nbsp; 3919847<br>|
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 594500 | &nbsp;&nbsp; 4137512<br>|
| HTC Corp. | &nbsp;&nbsp; 736200 | &nbsp;&nbsp; 902,691<br> \*<br>|
| Inventec Corp. | &nbsp;&nbsp; 2816000 | &nbsp;&nbsp; 3527707<br>|
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 62373 | &nbsp;&nbsp; 6194378<br>|
| Lite-On Technology Corp. | &nbsp;&nbsp; 2140100 | &nbsp;&nbsp; 9405194<br>|
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 754300 | &nbsp;&nbsp; 2005489<br>|
| Pegatron Corp. | &nbsp;&nbsp; 2123841 | &nbsp;&nbsp; 5062142<br>|
| Quanta Computer Inc. | &nbsp;&nbsp; 2909680 | &nbsp;&nbsp; 25347072<br>|
| Transcend Information Inc. | &nbsp;&nbsp; 208560 | &nbsp;&nbsp; 1376483<br>|
| Wistron Corp. | &nbsp;&nbsp; 3371370 | &nbsp;&nbsp; 12918136<br>|
| Wiwynn Corp. | &nbsp;&nbsp; 114060 | &nbsp;&nbsp; 11773475<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 134966291 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1033599083** |
| **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** |
| Chemicals — 1.9% | Chemicals — 1.9% | Chemicals — 1.9% |
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 900200 | &nbsp;&nbsp; 1621880<br>|
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 3704900 | &nbsp;&nbsp; 5209110<br>|
| Formosa Plastics Corp. | &nbsp;&nbsp; 4626550 | &nbsp;&nbsp; 6642435<br>|
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 5433150 | &nbsp;&nbsp; 12558955<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Taiwan ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Taiwan Fertilizer Co. Ltd. | Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 681955 | &nbsp;&nbsp; $970565<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 27002945 |
| Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% |
| Asia Cement Corp. | Asia Cement Corp. | &nbsp;&nbsp; 2562260 | &nbsp;&nbsp; 2781058<br>|
| TCC Group Holdings Co. Ltd. | TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 7365500 | &nbsp;&nbsp; 5298921<br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 8079979 |
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| China Steel Corp. | China Steel Corp. | &nbsp;&nbsp; 12309000 | &nbsp;&nbsp; 7276825<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **42359749** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Ruentex Development Co. Ltd. | Ruentex Development Co. Ltd. | &nbsp;&nbsp; 1725200 | &nbsp;&nbsp; **1340983**<br>|
| **Total Investments before Short-Term Investments (Cost — $1,239,214,206)** | **Total Investments before Short-Term Investments (Cost — $1,239,214,206)** | **Total Investments before Short-Term Investments (Cost — $1,239,214,206)** | &nbsp;&nbsp; **1441776179** |
|  | Rate |  |  |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $128,117)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 128117<br>| &nbsp;&nbsp; **128117**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,239,342,323)** | **Total Investments — 99.9% (Cost — $1,239,342,323)** | **Total Investments — 99.9% (Cost — $1,239,342,323)** | &nbsp;&nbsp; **1441904296** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 1788894 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1443693190** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $128,117 and the cost was $128,117 (Note 6).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Taiwan | 99.4<br> %<br>|
| China | 0.6 |
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% | Diversified Telecommunication Services — 0.6% |
| BT Group PLC | &nbsp;&nbsp; 1443227 | &nbsp;&nbsp; $4006199<br>|
| Zegona Communications PLC | &nbsp;&nbsp; 45984 | &nbsp;&nbsp; 994481<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 5000680 |
| Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% | Interactive Media & Services — 0.3% |
| Autotrader Group PLC | &nbsp;&nbsp; 213634 | &nbsp;&nbsp; 1322670<br> <sup>(a)</sup><br>|
| Rightmove PLC | &nbsp;&nbsp; 197827 | &nbsp;&nbsp; 1118890<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 2441560 |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Informa PLC | &nbsp;&nbsp; 329552 | &nbsp;&nbsp; 3248051<br>|
| Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% | Wireless Telecommunication Services — 0.9% |
| Airtel Africa PLC | &nbsp;&nbsp; 174356 | &nbsp;&nbsp; 792315<br> <sup>(a)</sup><br>|
| Vodafone Group PLC | &nbsp;&nbsp; 4679830 | &nbsp;&nbsp; 6992070<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 7784385 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **18474676** |
| **Consumer Discretionary — 4.1%** | **Consumer Discretionary — 4.1%** | **Consumer Discretionary — 4.1%** |
| Broadline Retail — 0.6% | Broadline Retail — 0.6% | Broadline Retail — 0.6% |
| Next PLC | &nbsp;&nbsp; 29219 | &nbsp;&nbsp; 4883814<br>|
| Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% |
| Pearson PLC | &nbsp;&nbsp; 161902 | &nbsp;&nbsp; 2112796<br>|
| Hotels, Restaurants & Leisure — 2.3% | Hotels, Restaurants & Leisure — 2.3% | Hotels, Restaurants & Leisure — 2.3% |
| Compass Group PLC | &nbsp;&nbsp; 434453 | &nbsp;&nbsp; 11945233<br>|
| Entain PLC | &nbsp;&nbsp; 152801 | &nbsp;&nbsp; 1130407<br>|
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 36883 | &nbsp;&nbsp; 4809543<br>|
| Whitbread PLC | &nbsp;&nbsp; 43110 | &nbsp;&nbsp; 1305256<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 19190439 |
| Household Durables — 0.5% | Household Durables — 0.5% | Household Durables — 0.5% |
| Barratt Redrow PLC | &nbsp;&nbsp; 343922 | &nbsp;&nbsp; 1180538<br>|
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 22992 | &nbsp;&nbsp; 1041779<br>|
| Persimmon PLC | &nbsp;&nbsp; 79993 | &nbsp;&nbsp; 1127125<br>|
| Taylor Wimpey PLC | &nbsp;&nbsp; 900999 | &nbsp;&nbsp; 1054124<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 4403566 |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| JD Sports Fashion PLC | &nbsp;&nbsp; 609767 | &nbsp;&nbsp; 568177<br>|
| Kingfisher PLC | &nbsp;&nbsp; 437806 | &nbsp;&nbsp; 1638475<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 2206652 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| Burberry Group PLC | &nbsp;&nbsp; 91489 | &nbsp;&nbsp; 1,312,634<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **34109901** |
| **Consumer Staples — 14.0%** | **Consumer Staples — 14.0%** | **Consumer Staples — 14.0%** |
| Beverages — 2.2% | Beverages — 2.2% | Beverages — 2.2% |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 53648 | &nbsp;&nbsp; 4860221<br>|
| Coca-Cola HBC AG | &nbsp;&nbsp; 51253 | &nbsp;&nbsp; 2869757<br>|
| Diageo PLC | &nbsp;&nbsp; 569531 | &nbsp;&nbsp; 10484520<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 18214498 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% | Consumer Staples Distribution & Retail — 1.8% |
| J Sainsbury PLC | &nbsp;&nbsp; 430621 | &nbsp;&nbsp; $1925044<br>|
| Marks & Spencer Group PLC | &nbsp;&nbsp; 523068 | &nbsp;&nbsp; 2339698<br>|
| Tesco PLC | &nbsp;&nbsp; 1595070 | &nbsp;&nbsp; 9951269<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 14216011 |
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Associated British Foods PLC | &nbsp;&nbsp; 73766 | &nbsp;&nbsp; 1825369<br>|
| Household Products — 1.4% | Household Products — 1.4% | Household Products — 1.4% |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 167650 | &nbsp;&nbsp; 11248547<br>|
| Personal Care Products — 3.7% | Personal Care Products — 3.7% | Personal Care Products — 3.7% |
| Unilever PLC | &nbsp;&nbsp; 548934 | &nbsp;&nbsp; 30395674<br>|
| Tobacco — 4.7% | Tobacco — 4.7% | Tobacco — 4.7% |
| British American Tobacco PLC | &nbsp;&nbsp; 538875 | &nbsp;&nbsp; 31060941<br>|
| Imperial Brands PLC | &nbsp;&nbsp; 190642 | &nbsp;&nbsp; 7685282<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 38746223 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **114646322** |
| **Energy — 12.5%** | **Energy — 12.5%** | **Energy — 12.5%** |
| Oil, Gas & Consumable Fuels — 12.5% | Oil, Gas & Consumable Fuels — 12.5% | Oil, Gas & Consumable Fuels — 12.5% |
| BP PLC | &nbsp;&nbsp; 4014978 | &nbsp;&nbsp; 32100848<br>|
| DCC PLC | &nbsp;&nbsp; 22034 | &nbsp;&nbsp; 1346465<br>|
| Shell PLC | &nbsp;&nbsp; 1456639 | &nbsp;&nbsp; 68824730<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **102272043** |
| **Financials — 23.4%** | **Financials — 23.4%** | **Financials — 23.4%** |
| Banks — 16.1% | Banks — 16.1% | Banks — 16.1% |
| Barclays PLC | &nbsp;&nbsp; 3561844 | &nbsp;&nbsp; 18292471<br>|
| HSBC Holdings PLC | &nbsp;&nbsp; 4395304 | &nbsp;&nbsp; 70804965<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 15147417 | &nbsp;&nbsp; 18444811<br>|
| NatWest Group PLC | &nbsp;&nbsp; 2045809 | &nbsp;&nbsp; 14924268<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 462714 | &nbsp;&nbsp; 9488309<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 131954824 |
| Capital Markets — 3.4% | Capital Markets — 3.4% | Capital Markets — 3.4% |
| 3i Group PLC | &nbsp;&nbsp; 253870 | &nbsp;&nbsp; 8161892<br>|
| ICG PLC | &nbsp;&nbsp; 73287 | &nbsp;&nbsp; 1468982<br>|
| London Stock Exchange Group PLC | &nbsp;&nbsp; 124061 | &nbsp;&nbsp; 14501429<br>|
| Schroders PLC | &nbsp;&nbsp; 189205 | &nbsp;&nbsp; 1433403<br>|
| St James's Place PLC | &nbsp;&nbsp; 130767 | &nbsp;&nbsp; 2028784<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 27594490 |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| M&G PLC | &nbsp;&nbsp; 541749 | &nbsp;&nbsp; 1943179<br>|
| Wise PLC, Class A Shares | &nbsp;&nbsp; 190163 | &nbsp;&nbsp; 2,264,433<br> \*<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 4207612 |
| Insurance — 3.4% | Insurance — 3.4% | Insurance — 3.4% |
| Admiral Group PLC | &nbsp;&nbsp; 64186 | &nbsp;&nbsp; 2666224<br>|
| Aviva PLC | &nbsp;&nbsp; 776459 | &nbsp;&nbsp; 6147592<br>|
| Beazley PLC | &nbsp;&nbsp; 148490 | &nbsp;&nbsp; 2479001<br>|
| Hiscox Ltd. | &nbsp;&nbsp; 82867 | &nbsp;&nbsp; 1651170<br>|
| Legal & General Group PLC | &nbsp;&nbsp; 1435563 | &nbsp;&nbsp; 4662646<br>|
| Prudential PLC | &nbsp;&nbsp; 650003 | &nbsp;&nbsp; 8897305<br>|

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Standard Life PLC | &nbsp;&nbsp; 191121 | &nbsp;&nbsp; $1710031<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 28213969 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **191970895** |
| **Health Care — 14.4%** | **Health Care — 14.4%** | **Health Care — 14.4%** |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Convatec Group PLC | &nbsp;&nbsp; 499597 | &nbsp;&nbsp; 1419094<br> <sup>(a)</sup><br>|
| Smith & Nephew PLC | &nbsp;&nbsp; 216987 | &nbsp;&nbsp; 3390766<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 4809860 |
| Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† | Health Care Providers & Services — 0.0%†† |
| NMC Health PLC | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Pharmaceuticals — 13.8% | Pharmaceuticals — 13.8% | Pharmaceuticals — 13.8% |
| AstraZeneca PLC | &nbsp;&nbsp; 383679 | &nbsp;&nbsp; 74325116<br>|
| GSK PLC | &nbsp;&nbsp; 1022665 | &nbsp;&nbsp; 27834848<br>|
| Haleon PLC | &nbsp;&nbsp; 2279561 | &nbsp;&nbsp; 11236636<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 113396600 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **118206460** |
| **Industrials — 13.6%** | **Industrials — 13.6%** | **Industrials — 13.6%** |
| Aerospace & Defense — 6.9% | Aerospace & Defense — 6.9% | Aerospace & Defense — 6.9% |
| BAE Systems PLC | &nbsp;&nbsp; 769753 | &nbsp;&nbsp; 22331600<br>|
| Melrose Industries PLC | &nbsp;&nbsp; 320451 | &nbsp;&nbsp; 2124725<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 2170828 | &nbsp;&nbsp; 32405417<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 56861742 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |
| Rentokil Initial PLC | &nbsp;&nbsp; 642818 | &nbsp;&nbsp; 3958682<br>|
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| Metlen Energy & Metals PLC | &nbsp;&nbsp; 28261 | &nbsp;&nbsp; 1,087,581<br> \*<br>|
| Smiths Group PLC | &nbsp;&nbsp; 80951 | &nbsp;&nbsp; 2433901<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 3521482 |
| Machinery — 0.8% | Machinery — 0.8% | Machinery — 0.8% |
| IMI PLC | &nbsp;&nbsp; 62270 | &nbsp;&nbsp; 2077520<br>|
| Spirax Group PLC | &nbsp;&nbsp; 18681 | &nbsp;&nbsp; 1644361<br>|
| Weir Group PLC | &nbsp;&nbsp; 66102 | &nbsp;&nbsp; 2438979<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 6160860 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| International Consolidated Airlines Group SA | &nbsp;&nbsp; 559472 | &nbsp;&nbsp; 2580738<br>|
| Professional Services — 3.1% | Professional Services — 3.1% | Professional Services — 3.1% |
| Experian PLC | &nbsp;&nbsp; 234710 | &nbsp;&nbsp; 8041120<br>|
| Intertek Group PLC | &nbsp;&nbsp; 39278 | &nbsp;&nbsp; 1889513<br>|
| RELX PLC | &nbsp;&nbsp; 465588 | &nbsp;&nbsp; 15201911<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 25132544 |
| Trading Companies & Distributors — 1.6% | Trading Companies & Distributors — 1.6% | Trading Companies & Distributors — 1.6% |
| Bunzl PLC | &nbsp;&nbsp; 82388 | &nbsp;&nbsp; 2451031<br>|
| Diploma PLC | &nbsp;&nbsp; 34009 | &nbsp;&nbsp; 2675162<br>|
| Howden Joinery Group PLC | &nbsp;&nbsp; 137952 | &nbsp;&nbsp; 1438965<br>|
| Sunbelt Rentals Holdings Inc. | &nbsp;&nbsp; 105859 | &nbsp;&nbsp; 6630819<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 13195977 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **111412025** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Information Technology — 0.9%** | **Information Technology — 0.9%** | **Information Technology — 0.9%** |
| Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% |
| Halma PLC | &nbsp;&nbsp; 95800 | &nbsp;&nbsp; $4803120<br>|
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Sage Group PLC | &nbsp;&nbsp; 240458 | &nbsp;&nbsp; 2656595<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7459715** |
| **Materials — 8.2%** | **Materials — 8.2%** | **Materials — 8.2%** |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Croda International PLC | &nbsp;&nbsp; 35446 | &nbsp;&nbsp; 1315805<br>|
| Metals & Mining — 7.9% | Metals & Mining — 7.9% | Metals & Mining — 7.9% |
| Anglo American PLC | &nbsp;&nbsp; 272551 | &nbsp;&nbsp; 11425733<br>|
| Antofagasta PLC | &nbsp;&nbsp; 87178 | &nbsp;&nbsp; 3824771<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; 51732 | &nbsp;&nbsp; 3042565<br>|
| Evraz PLC | &nbsp;&nbsp; 128818 | &nbsp;&nbsp; 0<br> \*<sup>(b)(c)(d)</sup><br>|
| Fresnillo PLC | &nbsp;&nbsp; 47421 | &nbsp;&nbsp; 2066125<br>|
| Glencore PLC | &nbsp;&nbsp; 2690064 | &nbsp;&nbsp; 20060465<br>|
| Rio Tinto PLC | &nbsp;&nbsp; 264408 | &nbsp;&nbsp; 24211967<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 64631626 |
| Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% | Paper & Forest Products — 0.1% |
| Mondi PLC | &nbsp;&nbsp; 111128 | &nbsp;&nbsp; 1236249<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **67183680** |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| Diversified REITs — 0.3% | Diversified REITs — 0.3% | Diversified REITs — 0.3% |
| British Land Co. PLC | &nbsp;&nbsp; 249559 | &nbsp;&nbsp; 1169598<br>|
| Land Securities Group PLC | &nbsp;&nbsp; 189684 | &nbsp;&nbsp; 1383253<br>|
| Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 2552851 |
| Industrial REITs — 0.4% | Industrial REITs — 0.4% | Industrial REITs — 0.4% |
| Segro PLC | &nbsp;&nbsp; 344880 | &nbsp;&nbsp; 2927957<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5480808** |
| **Utilities — 5.0%** | **Utilities — 5.0%** | **Utilities — 5.0%** |
| Electric Utilities — 1.3% | Electric Utilities — 1.3% | Electric Utilities — 1.3% |
| SSE PLC | &nbsp;&nbsp; 308476 | &nbsp;&nbsp; 10556125<br>|
| Multi-Utilities — 3.0% | Multi-Utilities — 3.0% | Multi-Utilities — 3.0% |
| Centrica PLC | &nbsp;&nbsp; 1177382 | &nbsp;&nbsp; 3299302<br>|
| National Grid PLC | &nbsp;&nbsp; 1267434 | &nbsp;&nbsp; 21217970<br>|
| Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 24517272 |
| Water Utilities — 0.7% | Water Utilities — 0.7% | Water Utilities — 0.7% |
| Severn Trent PLC | &nbsp;&nbsp; 67539 | &nbsp;&nbsp; 2752066<br>|
| United Utilities Group PLC | &nbsp;&nbsp; 174835 | &nbsp;&nbsp; 3031796<br>|
| Total Water Utilities | Total Water Utilities | &nbsp;&nbsp; 5783862 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **40857259** |
| **Total Investments before Short-Term Investments (Cost — $698,140,619)** | **Total Investments before Short-Term Investments (Cost — $698,140,619)** | &nbsp;&nbsp; **812073784** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

 **Franklin FTSE United Kingdom ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** | **Short-Term Investments — 0.0%††** |
| Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $7,148)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 7148<br>| &nbsp;&nbsp; **$7148**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 99.0% (Cost — $698,147,767)** | **Total Investments — 99.0% (Cost — $698,147,767)** | **Total Investments — 99.0% (Cost — $698,147,767)** | &nbsp;&nbsp; **812080932** |
| Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp; 8426990 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$820507922** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $7,148 and the cost was $7,148 (Note 6).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

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

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| United Kingdom | 70.6<br> %<br>|
| United States | 19.6 |
| Australia | 5.4 |
| South Africa | 1.4 |
| Hong Kong | 1.1 |
| Chile | 0.5 |
| Ivory Coast | 0.4 |
| Italy | 0.4 |
| Mexico | 0.3 |
| Austria | 0.1 |
| Greece | 0.1 |
| Nigeria | 0.1 |
| United Arab Emirates | 0.0<br> ††<br>|
| Russia | 0.0<br> ††<br>|
| Short-Term Investments | 0.0<br> ††<br>|
|  | **100.0%**<br>|

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change.  |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp; $8291009 | &nbsp;&nbsp;&nbsp; $8204143 | &nbsp;&nbsp;&nbsp; **$(86866)** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Asia ex Japan ETF<br>| Franklin FTSE <br>Australia ETF<br>| Franklin FTSE <br>Brazil ETF<br>| Franklin FTSE <br>Canada ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $30,651,534, $84,232,872, $387,893,703 and $537,617,296, <br> respectively)<br>| &nbsp;&nbsp; $40966679 | &nbsp;&nbsp; $86207972 | &nbsp;&nbsp; $497126334 | &nbsp;&nbsp; $675857331 |
| Investments in affiliated securities, at value (Cost — $21,919, <br> $40,048, $252,227 and $73,051, respectively)<br>| &nbsp;&nbsp; 21919 | &nbsp;&nbsp; 40048 | &nbsp;&nbsp; 252227 | &nbsp;&nbsp; 73051 |
| Foreign currency, at value (Cost — $58,273, $540,852, $831,011 <br> and $8,009, respectively)<br>| &nbsp;&nbsp; 57839 | &nbsp;&nbsp; 533737 | &nbsp;&nbsp; 837949 | &nbsp;&nbsp; 7478 |
| Cash | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 15471 | &nbsp;&nbsp; 10000 |
| Dividends and interest receivable from unaffiliated investments | &nbsp;&nbsp; 84951 | &nbsp;&nbsp; 229166 | &nbsp;&nbsp; 2816437 | &nbsp;&nbsp; 905609 |
| Receivable for securities sold  | &nbsp;&nbsp; 148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119328 | &nbsp;&nbsp; 547 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 12487 | &nbsp;&nbsp; 534 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 52278 | &nbsp;&nbsp; 801417 | &nbsp;&nbsp; 90571 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4712897 | &nbsp;&nbsp; — |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7265 | &nbsp;&nbsp; 35099 |
| **Total Assets** | &nbsp;&nbsp; **41141562** | &nbsp;&nbsp; **87073240** | &nbsp;&nbsp; **506701812** | &nbsp;&nbsp; **676980220** |
| **Liabilities:** |  |  |  |  |
| Accrued foreign capital gains tax | &nbsp;&nbsp; 140446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 7084 | &nbsp;&nbsp; 6133 | &nbsp;&nbsp; 73190 | &nbsp;&nbsp; 50942 |
| Payable for securities purchased | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4695208 | &nbsp;&nbsp; 533 |
| Payable to brokers — net variation margin on open futures <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **147556** | &nbsp;&nbsp; **9894** | &nbsp;&nbsp; **4768398** | &nbsp;&nbsp; **51475** |
| **Total Net Assets** | &nbsp;&nbsp; **$40994006** | &nbsp;&nbsp; **$87063346** | &nbsp;&nbsp; **$501933414** | &nbsp;&nbsp; **$676928745** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $38134328 | &nbsp;&nbsp; $87317648 | &nbsp;&nbsp; $555327257 | &nbsp;&nbsp; $546716313 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 2859678 | &nbsp;&nbsp; (254302) | &nbsp;&nbsp; (53393843) | &nbsp;&nbsp; 130212432 |
| **Total Net Assets** | &nbsp;&nbsp; **$40994006** | &nbsp;&nbsp; **$87063346** | &nbsp;&nbsp; **$501933414** | &nbsp;&nbsp; **$676928745** |
| **Shares Outstanding** | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 21300000 | &nbsp;&nbsp; 13850000 |
| **Net Asset Value** | $29.28 | $32.25 | $23.56 | $48.88 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>China ETF<br>| Franklin FTSE <br>Europe ETF<br>| Franklin FTSE <br>Eurozone ETF<br>| Franklin FTSE <br>Germany ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — $257,312,184, <br> $92,647,422, $56,127,361 and $43,620,714, respectively)<br>| &nbsp;&nbsp; $271559154 <br><sup>†</sup><br>| &nbsp;&nbsp; $106335034 | &nbsp;&nbsp; $63423804 | &nbsp;&nbsp; $39906306 |
| Investments in affiliated securities, at value (Cost — $599,285, $49, <br> $1,256 and $0, respectively)<br>| &nbsp;&nbsp; 599285 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; — |
| Foreign currency, at value (Cost — $207,798, $144,897, $34,274 and <br> $14,427, respectively)<br>| &nbsp;&nbsp; 207363 | &nbsp;&nbsp; 144712 | &nbsp;&nbsp; 34125 | &nbsp;&nbsp; 14440 |
| Cash | &nbsp;&nbsp; 12680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 1974 |
| Dividends and interest receivable from unaffiliated investments | &nbsp;&nbsp; 8735 | &nbsp;&nbsp; 507980 | &nbsp;&nbsp; 118331 | &nbsp;&nbsp; 66923 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 4850 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 3135 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| Receivable for securities sold  | &nbsp;&nbsp; 2762 | &nbsp;&nbsp; 2944 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 35041 | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 5709 |
| Receivable from brokers — net variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2906 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 463 |
| European Union tax reclaims receivable (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 179983 | &nbsp;&nbsp; 28560 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **272397964** | &nbsp;&nbsp; **107208704** | &nbsp;&nbsp; **63611562** | &nbsp;&nbsp; **39995815** |
| **Liabilities:** |  |  |  |  |
| Payable upon return of securities loaned | &nbsp;&nbsp; 423500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 43551 | &nbsp;&nbsp; 8893 | &nbsp;&nbsp; 4973 | &nbsp;&nbsp; 3155 |
| Payable for securities purchased | &nbsp;&nbsp; 3127 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; 112479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| European Union tax reclaim contingent fees payable (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; 14332 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **470178** | &nbsp;&nbsp; **135753** | &nbsp;&nbsp; **12079** | &nbsp;&nbsp; **3155** |
| **Total Net Assets** | &nbsp;&nbsp; **$271927786** | &nbsp;&nbsp; **$107072951** | &nbsp;&nbsp; **$63599483** | &nbsp;&nbsp; **$39992660** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $305504949 | &nbsp;&nbsp; $100740105 | &nbsp;&nbsp; $60701541 | &nbsp;&nbsp; $45909852 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (33577163) | &nbsp;&nbsp; 6332846 | &nbsp;&nbsp; 2897942 | &nbsp;&nbsp; (5917192) |
| **Total Net Assets** | &nbsp;&nbsp; **$271927786** | &nbsp;&nbsp; **$107072951** | &nbsp;&nbsp; **$63599483** | &nbsp;&nbsp; **$39992660** |
| **Shares Outstanding** | &nbsp;&nbsp; 12400000 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1300000 |
| **Net Asset Value** | $21.93 | $35.69 | $31.80 | $30.76 |
| **† Includes securities loaned** | &nbsp;&nbsp; 391425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities (cont'd)

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>India ETF<br>| Franklin FTSE <br>Japan ETF<br>| Franklin FTSE <br>Japan Hedged ETF<br>| Franklin FTSE <br>Latin America ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $2,643,120,179, $2,520,408,370, $111,743,482 and <br> $69,502,727, respectively)<br>| &nbsp;&nbsp; $2438814588 | &nbsp;&nbsp; $2866602687 <br><sup>†</sup><br>| &nbsp;&nbsp; $131026266 | &nbsp;&nbsp; $88602238 |
| Investments in affiliated securities, at value (Cost — <br> $4,616, $14,348,038, $198,968 and $35,091, respectively)<br>| &nbsp;&nbsp; 4616 | &nbsp;&nbsp; 14348038 | &nbsp;&nbsp; 198968 | &nbsp;&nbsp; 35091 |
| Foreign currency, at value (Cost — $23,801,847, <br> $1,741,119, $365,038 and $142,342, respectively)<br>| &nbsp;&nbsp; 23794111 | &nbsp;&nbsp; 1741119 | &nbsp;&nbsp; 366343 | &nbsp;&nbsp; 143138 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10547 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 1027180 | &nbsp;&nbsp; 2041789 | &nbsp;&nbsp; 124499 | &nbsp;&nbsp; 84525 |
| Dividends and interest receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 332820 | &nbsp;&nbsp; 26879318 | &nbsp;&nbsp; 1183220 | &nbsp;&nbsp; 308151 |
| Receivable for securities sold  | &nbsp;&nbsp; 106159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9546 |
| Receivable from brokers — net variation margin on open <br> futures contracts<br>| &nbsp;&nbsp; 48720 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 4613 | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 1204 | &nbsp;&nbsp; 117 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3087807 | &nbsp;&nbsp; — |
| Other receivables | &nbsp;&nbsp; 797512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **2464931929** | &nbsp;&nbsp; **2911614205** | &nbsp;&nbsp; **135998307** | &nbsp;&nbsp; **89193353** |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; 7723322 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 450925 | &nbsp;&nbsp; 237015 | &nbsp;&nbsp; 10513 | &nbsp;&nbsp; 13309 |
| Payable for securities purchased | &nbsp;&nbsp; 4806 | &nbsp;&nbsp; 1813 | &nbsp;&nbsp; 3345257 | &nbsp;&nbsp; 2426 |
| Payable to brokers — net variation margin on open <br> futures contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 669119 | &nbsp;&nbsp; 66843 | &nbsp;&nbsp; 3760 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2866 | &nbsp;&nbsp; — |
| Payable upon return of securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 14346787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **8179053** | &nbsp;&nbsp; **15255058** | &nbsp;&nbsp; **3425479** | &nbsp;&nbsp; **19495** |
| **Total Net Assets** | &nbsp;&nbsp; **$2456752876** | &nbsp;&nbsp; **$2896359147** | &nbsp;&nbsp; **$132572828** | &nbsp;&nbsp; **$89173858** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2802861967 | &nbsp;&nbsp; $2740765284 | &nbsp;&nbsp; $112175767 | &nbsp;&nbsp; $75266229 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (346109091) | &nbsp;&nbsp; 155593863 | &nbsp;&nbsp; 20397061 | &nbsp;&nbsp; 13907629 |
| **Total Net Assets** | &nbsp;&nbsp; **$2456752876** | &nbsp;&nbsp; **$2896359147** | &nbsp;&nbsp; **$132572828** | &nbsp;&nbsp; **$89173858** |
| **Shares Outstanding** | &nbsp;&nbsp; 76250000 | &nbsp;&nbsp; 82800000 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp; 3200000 |
| **Net Asset Value** | $32.22 | $34.98 | $38.99 | $27.87 |
| **† Includes securities loaned** | &nbsp;&nbsp; — | &nbsp;&nbsp; 13639692 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Mexico ETF<br>| Franklin FTSE <br>Saudi Arabia ETF<br>| Franklin FTSE <br>South Korea ETF<br>| Franklin FTSE <br>Switzerland ETF<br>|
| **Assets:** |  |  |  |  |
| Investments in unaffiliated securities, at value (Cost — <br> $75,201,269, $3,418,763, $295,750,540 and $65,070,270, <br> respectively)<br>| &nbsp;&nbsp; $87538552 <br><sup>†</sup><br>| &nbsp;&nbsp; $5034017 | &nbsp;&nbsp; $418041058 | &nbsp;&nbsp; $74663298 |
| Investments in affiliated securities, at value (Cost — $4,084, <br> $0, $1,595 and $148, respectively)<br>| &nbsp;&nbsp; 4084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 148 |
| Foreign currency, at value (Cost — $21,960, $31,266, $7,275 <br> and $462,097, respectively)<br>| &nbsp;&nbsp; 21667 | &nbsp;&nbsp; 31262 | &nbsp;&nbsp; 7279 | &nbsp;&nbsp; 458388 |
| Cash | &nbsp;&nbsp; 5166 | &nbsp;&nbsp; 3137 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6454 |
| Receivable from brokers — net variation margin on futures <br> contracts<br>| &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 366 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22793 |
| Dividends and interest receivable from unaffiliated <br> investments<br>| &nbsp;&nbsp; 595 | &nbsp;&nbsp; 12097 | &nbsp;&nbsp; 2653316 | &nbsp;&nbsp; 644796 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 149 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1621 | &nbsp;&nbsp; 341258 | &nbsp;&nbsp; 64282 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 5714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3339107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **87573363** | &nbsp;&nbsp; **8427321** | &nbsp;&nbsp; **421046096** | &nbsp;&nbsp; **75860308** |
| **Liabilities:** |  |  |  |  |
| Investment management fee payable | &nbsp;&nbsp; 13971 | &nbsp;&nbsp; 2708 | &nbsp;&nbsp; 36921 | &nbsp;&nbsp; 5940 |
| Payable upon return of securities loaned | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 148 |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147456 | &nbsp;&nbsp; — |
| Payable for Fund shares repurchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 3353115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to brokers — net variation margin on open futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78309 | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **18055** | &nbsp;&nbsp; **3355823** | &nbsp;&nbsp; **264281** | &nbsp;&nbsp; **6088** |
| **Total Net Assets** | &nbsp;&nbsp; **$87555308** | &nbsp;&nbsp; **$5071498** | &nbsp;&nbsp; **$420781815** | &nbsp;&nbsp; **$75854220** |
| **Net Assets:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $81379169 | &nbsp;&nbsp; $5000016 | &nbsp;&nbsp; $338166288 | &nbsp;&nbsp; $69688234 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 6176139 | &nbsp;&nbsp; 71482 | &nbsp;&nbsp; 82615527 | &nbsp;&nbsp; 6165986 |
| **Total Net Assets** | &nbsp;&nbsp; **$87555308** | &nbsp;&nbsp; **$5071498** | &nbsp;&nbsp; **$420781815** | &nbsp;&nbsp; **$75854220** |
| **Shares Outstanding** | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 11400000 | &nbsp;&nbsp; 1900000 |
| **Net Asset Value** | $36.48 | $33.81 | $36.91 | $39.92 |
| **† Includes securities loaned** | &nbsp;&nbsp; 3860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Assets and Liabilities (cont'd)

March 31, 2026

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

---

| | | |
|:---|:---|:---|
|  | Franklin FTSE <br>Taiwan ETF<br>| Franklin FTSE <br>United Kingdom ETF<br>|
| **Assets:** |  |  |
| Investments in unaffiliated securities, at value (Cost — $1,239,214,206 and $698,140,619, <br> respectively)<br>| &nbsp;&nbsp; $1441776179 | &nbsp;&nbsp; $812073784 |
| Investments in affiliated securities, at value (Cost — $128,117 and $7,148, respectively) | &nbsp;&nbsp; 128117 | &nbsp;&nbsp; 7148 |
| Foreign currency, at value (Cost — $1,390,725 and $2,304,759, respectively) | &nbsp;&nbsp; 1394667 | &nbsp;&nbsp; 2290149 |
| Cash | &nbsp;&nbsp; 1051418 | &nbsp;&nbsp; 10000 |
| Dividends and interest receivable from unaffiliated investments | &nbsp;&nbsp; 1253471 | &nbsp;&nbsp; 5668920 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 7005 | &nbsp;&nbsp; 117 |
| Deposits with brokers for open futures contracts  | &nbsp;&nbsp; — | &nbsp;&nbsp; 466672 |
| Receivable from brokers — net variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 58203 |
| **Total Assets** | &nbsp;&nbsp; **1445610857** | &nbsp;&nbsp; **820574993** |
| **Liabilities:** |  |  |
| Payable for securities purchased | &nbsp;&nbsp; 1705194 | &nbsp;&nbsp; 117 |
| Investment management fee payable | &nbsp;&nbsp; 212473 | &nbsp;&nbsp; 66954 |
| **Total Liabilities** | &nbsp;&nbsp; **1917667** | &nbsp;&nbsp; **67071** |
| **Total Net Assets** | &nbsp;&nbsp; **$1443693190** | &nbsp;&nbsp; **$820507922** |
| **Net Assets:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $1285583033 | &nbsp;&nbsp; $735513989 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 158110157 | &nbsp;&nbsp; 84993933 |
| **Total Net Assets** | &nbsp;&nbsp; **$1443693190** | &nbsp;&nbsp; **$820507922** |
| **Shares Outstanding** | &nbsp;&nbsp; 22100000 | &nbsp;&nbsp; 23950000 |
| **Net Asset Value** | $65.33 | $34.26 |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations

For the Year Ended March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Asia ex Japan ETF<br>| Franklin FTSE <br>Australia ETF<br>| Franklin FTSE <br>Brazil ETF<br>| Franklin FTSE <br>Canada ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $810467 | &nbsp;&nbsp; $2525683 | &nbsp;&nbsp; $16455423 | &nbsp;&nbsp; $13088102 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 45701 | &nbsp;&nbsp; 9379 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15570 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10212 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (99540) | &nbsp;&nbsp; (42989) | &nbsp;&nbsp; (511387) | &nbsp;&nbsp; (1927004) |
| **Total Investment Income** | &nbsp;&nbsp; **712797** | &nbsp;&nbsp; **2484003** | &nbsp;&nbsp; **15989737** | &nbsp;&nbsp; **11196259** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 65871 | &nbsp;&nbsp; 63622 | &nbsp;&nbsp; 485856 | &nbsp;&nbsp; 458071 |
| Excise tax (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14267 | &nbsp;&nbsp; — |
| **Total Expenses** | &nbsp;&nbsp; **65871** | &nbsp;&nbsp; **63622** | &nbsp;&nbsp; **500123** | &nbsp;&nbsp; **458071** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | (169) | (48) | &nbsp;&nbsp; (2151) | (294) |
| **Net Expenses** | &nbsp;&nbsp; **65702** | &nbsp;&nbsp; **63574** | &nbsp;&nbsp; **497972** | &nbsp;&nbsp; **457777** |
| **Net Investment Income** | &nbsp;&nbsp; **647095** | &nbsp;&nbsp; **2420429** | &nbsp;&nbsp; **15491765** | &nbsp;&nbsp; **10738482** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (259,758)†<br>| &nbsp;&nbsp; 3486627 | &nbsp;&nbsp; (3811336)<br>| &nbsp;&nbsp; 30231044 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (14095) | &nbsp;&nbsp; 1394679 | &nbsp;&nbsp; 217508 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4939 | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (6576) | &nbsp;&nbsp; (6220) | &nbsp;&nbsp; 310345 | &nbsp;&nbsp; (9283) |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(266334)** | &nbsp;&nbsp; **3466312** | &nbsp;&nbsp; **(2101373)** | &nbsp;&nbsp; **30439269** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 7,064,258<br> ‡<br>| &nbsp;&nbsp; 6113991 | &nbsp;&nbsp; 101453653 | &nbsp;&nbsp; 96163166 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (16855) | &nbsp;&nbsp; (129127) | &nbsp;&nbsp; 5461 |
| Foreign currencies | &nbsp;&nbsp; 4647 | &nbsp;&nbsp; (8887) | &nbsp;&nbsp; 113149 | &nbsp;&nbsp; (7498) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **7068905** | &nbsp;&nbsp; **6088249** | &nbsp;&nbsp; **101437675** | &nbsp;&nbsp; **96161129** |
| **Net Gain on Investments, Futures Contracts, Forward Foreign** <br> **Currency Contracts and Foreign Currency Transactions** <br>| &nbsp;&nbsp; **6802571** | &nbsp;&nbsp; **9554561** | &nbsp;&nbsp; **99336302** | &nbsp;&nbsp; **126600398** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$7449666** | &nbsp;&nbsp; **$11974990** | &nbsp;&nbsp; **$114828067** | &nbsp;&nbsp; **$137338880** |

---

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

† Net
 of foreign capital gains tax of $15,330.

‡ Net
 of change in accrued foreign capital gains tax of $(86,105).

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations (cont'd)

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>China ETF<br>| Franklin FTSE <br>Europe ETF<br>| Franklin FTSE <br>Eurozone ETF<br>| Franklin FTSE <br>Germany ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $4699314 | &nbsp;&nbsp; $3561432 | &nbsp;&nbsp; $1257385 | &nbsp;&nbsp; $1135397 |
| Dividends from affiliated investments | &nbsp;&nbsp; 14268 | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 585 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — |
| Securities lending income from affiliated investments | &nbsp;&nbsp; 2809 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (330064) | &nbsp;&nbsp; (321248) | &nbsp;&nbsp; (176036) | &nbsp;&nbsp; (154361) |
| **Total Investment Income** | &nbsp;&nbsp; **4386327** | &nbsp;&nbsp; **3242795** | &nbsp;&nbsp; **1082270** | &nbsp;&nbsp; **981621** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 439749 | &nbsp;&nbsp; 101242 | &nbsp;&nbsp; 45625 | &nbsp;&nbsp; 45179 |
| **Total Expenses** | &nbsp;&nbsp; **439749** | &nbsp;&nbsp; **101242** | &nbsp;&nbsp; **45625** | &nbsp;&nbsp; **45179** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | (882) | (98) | (32) | (27) |
| **Net Expenses** | &nbsp;&nbsp; **438867** | &nbsp;&nbsp; **101144** | &nbsp;&nbsp; **45593** | &nbsp;&nbsp; **45152** |
| **Net Investment Income** | &nbsp;&nbsp; **3947460** | &nbsp;&nbsp; **3141651** | &nbsp;&nbsp; **1036677** | &nbsp;&nbsp; **936469** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (5053387)<br>| &nbsp;&nbsp; 3154990 | &nbsp;&nbsp; (402293)<br>| &nbsp;&nbsp; 9173399 |
| Futures contracts | &nbsp;&nbsp; 167748 | &nbsp;&nbsp; 69753 | &nbsp;&nbsp; 15250 | &nbsp;&nbsp; 15951 |
| Foreign currency transactions | &nbsp;&nbsp; 1101 | &nbsp;&nbsp; 69245 | &nbsp;&nbsp; 3617 | (962) |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(4884538)** | &nbsp;&nbsp; **3293988** | &nbsp;&nbsp; **(383426)** | &nbsp;&nbsp; **9188388** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 7570541 | &nbsp;&nbsp; 12091253 | &nbsp;&nbsp; 5013873 | &nbsp;&nbsp; (6263389)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 16579 | &nbsp;&nbsp; 3152 | &nbsp;&nbsp; (1284) |
| Foreign currencies | (50) | &nbsp;&nbsp; 5217 | &nbsp;&nbsp; 2769 | &nbsp;&nbsp; 4222 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **7570491** | &nbsp;&nbsp; **12113049** | &nbsp;&nbsp; **5019794** | &nbsp;&nbsp; **(6260451)** |
| **Net Gain on Investments, Futures Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **2685953** | &nbsp;&nbsp; **15407037** | &nbsp;&nbsp; **4636368** | &nbsp;&nbsp; **2927937** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$6633413** | &nbsp;&nbsp; **$18548688** | &nbsp;&nbsp; **$5673045** | &nbsp;&nbsp; **$3864406** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>India ETF<br>| Franklin FTSE <br>Japan ETF<br>| Franklin FTSE <br>Japan Hedged ETF<br>| Franklin FTSE <br>Latin America ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $30575012 | &nbsp;&nbsp; $59890127 | &nbsp;&nbsp; $2559869 | &nbsp;&nbsp; $2572051 |
| Dividends from affiliated investments | &nbsp;&nbsp; 246833 | &nbsp;&nbsp; 80308 | &nbsp;&nbsp; 17160 | &nbsp;&nbsp; 1426 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 540 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (7675753) | &nbsp;&nbsp; (5845500) | &nbsp;&nbsp; (259961) | &nbsp;&nbsp; (156604) |
| **Total Investment Income** | &nbsp;&nbsp; **23146092** | &nbsp;&nbsp; **54126764** | &nbsp;&nbsp; **2317068** | &nbsp;&nbsp; **2417413** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 4727244 | &nbsp;&nbsp; 2190755 | &nbsp;&nbsp; 94296 | &nbsp;&nbsp; 85643 |
| Excise tax (Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1249 |
| **Total Expenses** | &nbsp;&nbsp; **4727244** | &nbsp;&nbsp; **2190755** | &nbsp;&nbsp; **94296** | &nbsp;&nbsp; **86892** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| &nbsp;&nbsp; (14722) | &nbsp;&nbsp; (3609) | (462) | (150) |
| **Net Expenses** | &nbsp;&nbsp; **4712522** | &nbsp;&nbsp; **2187146** | &nbsp;&nbsp; **93834** | &nbsp;&nbsp; **86742** |
| **Net Investment Income** | &nbsp;&nbsp; **18433570** | &nbsp;&nbsp; **51939618** | &nbsp;&nbsp; **2223234** | &nbsp;&nbsp; **2330671** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (82,159,733)†<br>| &nbsp;&nbsp; 99516856 | &nbsp;&nbsp; 2430211 | &nbsp;&nbsp; (415717)<br>|
| Futures contracts | &nbsp;&nbsp; (3614788) | &nbsp;&nbsp; 3043082 | &nbsp;&nbsp; 223616 | &nbsp;&nbsp; 102619 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7600779 | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (4094248) | &nbsp;&nbsp; (350477) | &nbsp;&nbsp; 119854 | &nbsp;&nbsp; 21658 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(89868769)** | &nbsp;&nbsp; **102209461** | &nbsp;&nbsp; **10374460** | &nbsp;&nbsp; **(291440)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (329,740,487)‡<br>| &nbsp;&nbsp; 308844789 | &nbsp;&nbsp; 15590239 | &nbsp;&nbsp; 16263630 |
| Futures contracts | &nbsp;&nbsp; (73761) | &nbsp;&nbsp; 62097 | &nbsp;&nbsp; (16628) | &nbsp;&nbsp; (6188) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3468386 | &nbsp;&nbsp; — |
| Foreign currencies | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; (160605) | &nbsp;&nbsp; (5564) | &nbsp;&nbsp; 12176 |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **(329812408)** | &nbsp;&nbsp; **308746281** | &nbsp;&nbsp; **19036433** | &nbsp;&nbsp; **16269618** |
| **Net Gain (Loss) on Investments, Futures Contracts,** <br> **Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions** <br>| &nbsp;&nbsp; **(419681177)** | &nbsp;&nbsp; **410955742** | &nbsp;&nbsp; **29410893** | &nbsp;&nbsp; **15978178** |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **$(401247607)** | &nbsp;&nbsp; **$462895360** | &nbsp;&nbsp; **$31634127** | &nbsp;&nbsp; **$18308849** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Net
 of foreign capital gains tax of $3,180,525.

‡ Net
 of change in accrued foreign capital gains tax of $(17,603,947).

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Operations (cont'd)

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Franklin FTSE <br>Mexico ETF<br>| Franklin FTSE <br>Saudi Arabia ETF<br>| Franklin FTSE <br>South Korea ETF<br>| Franklin FTSE <br>Switzerland ETF<br>|
| **Investment Income:** |  |  |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $2719823 | &nbsp;&nbsp; $597910 | &nbsp;&nbsp; $4443792 | &nbsp;&nbsp; $1779631 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1308 | &nbsp;&nbsp; 1129 | &nbsp;&nbsp; 38054 | &nbsp;&nbsp; 1005 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; 2778 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (273732) | &nbsp;&nbsp; (25023) | &nbsp;&nbsp; (706934) | &nbsp;&nbsp; (341559) |
| **Total Investment Income** | &nbsp;&nbsp; **2450177** | &nbsp;&nbsp; **574016** | &nbsp;&nbsp; **3774912** | &nbsp;&nbsp; **1439077** |
| **Expenses:** |  |  |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 123696 | &nbsp;&nbsp; 66106 | &nbsp;&nbsp; 207070 | &nbsp;&nbsp; 53595 |
| **Total Expenses** | &nbsp;&nbsp; **123696** | &nbsp;&nbsp; **66106** | &nbsp;&nbsp; **207070** | &nbsp;&nbsp; **53595** |
| Less: Fee waivers and/or expense <br> reimbursements (Note 2)<br>| (398) | (84) | &nbsp;&nbsp; (1031) | (46) |
| **Net Expenses** | &nbsp;&nbsp; **123298** | &nbsp;&nbsp; **66022** | &nbsp;&nbsp; **206039** | &nbsp;&nbsp; **53549** |
| **Net Investment Income** | &nbsp;&nbsp; **2326879** | &nbsp;&nbsp; **507994** | &nbsp;&nbsp; **3568873** | &nbsp;&nbsp; **1385528** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 658 | &nbsp;&nbsp; (975754)<br>| &nbsp;&nbsp; (164960)<br>| &nbsp;&nbsp; (687854)<br>|
| Futures contracts | &nbsp;&nbsp; 8776 | &nbsp;&nbsp; (7615) | &nbsp;&nbsp; 409225 | &nbsp;&nbsp; 5818 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | (306) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 25062 | &nbsp;&nbsp; (5379) | &nbsp;&nbsp; (90286) | &nbsp;&nbsp; 89483 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **34496** | &nbsp;&nbsp; **(989054)** | &nbsp;&nbsp; **153979** | &nbsp;&nbsp; **(592553)** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 22085849 | &nbsp;&nbsp; (337465)<br>| &nbsp;&nbsp; 116167828 | &nbsp;&nbsp; 5226106 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; (139636) | &nbsp;&nbsp; 28804 |
| Foreign currencies | (1) | (709) | &nbsp;&nbsp; (114234) | &nbsp;&nbsp; 5605 |
| **Change in Net Unrealized Appreciation** <br> **(Depreciation)** <br>| &nbsp;&nbsp; **22085848** | &nbsp;&nbsp; **(337166)** | &nbsp;&nbsp; **115913958** | &nbsp;&nbsp; **5260515** |
| **Net Gain (Loss) on Investments, Futures Contracts,** <br> **Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions** <br>| &nbsp;&nbsp; **22120344** | &nbsp;&nbsp; **(1326220)** | &nbsp;&nbsp; **116067937** | &nbsp;&nbsp; **4667962** |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **$24447223** | &nbsp;&nbsp; **$(818226)** | &nbsp;&nbsp; **$119636810** | &nbsp;&nbsp; **$6053490** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Franklin FTSE <br>Taiwan ETF<br>| Franklin FTSE <br>United Kingdom ETF<br>|
| **Investment Income:** |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $19254993 | &nbsp;&nbsp; $30671771 |
| Dividends from affiliated investments | &nbsp;&nbsp; 78290 | &nbsp;&nbsp; 15642 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2834 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (4208071) | &nbsp;&nbsp; (53982) |
| **Total Investment Income** | &nbsp;&nbsp; **15125212** | &nbsp;&nbsp; **30636265** |
| **Expenses:** |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 1219951 | &nbsp;&nbsp; 777398 |
| **Total Expenses** | &nbsp;&nbsp; **1219951** | &nbsp;&nbsp; **777398** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (3429) | (641) |
| **Net Expenses** | &nbsp;&nbsp; **1216522** | &nbsp;&nbsp; **776757** |
| **Net Investment Income** | &nbsp;&nbsp; **13908690** | &nbsp;&nbsp; **29859508** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign** <br> **Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (13756662)<br>| &nbsp;&nbsp; 94269657 |
| Futures contracts | &nbsp;&nbsp; 530124 | &nbsp;&nbsp; 588210 |
| Forward foreign currency contracts | &nbsp;&nbsp; (2736) | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (872516) | &nbsp;&nbsp; 278716 |
| **Net Realized Gain (Loss)**  | &nbsp;&nbsp; **(14101790)** | &nbsp;&nbsp; **95136583** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 160311595 | &nbsp;&nbsp; 65375959 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1476 |
| Foreign currencies | &nbsp;&nbsp; 1437 | &nbsp;&nbsp; (74318) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **160313032** | &nbsp;&nbsp; **65303117** |
| **Net Gain on Investments, Futures Contracts, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions** <br>| &nbsp;&nbsp; **146211242** | &nbsp;&nbsp; **160439700** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$160119932** | &nbsp;&nbsp; **$190299208** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets

Franklin FTSE Asia ex Japan ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $647095 | $622948 |
| Net realized loss  | &nbsp;&nbsp; (266334) | (281708) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 7068905 | 2484775 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **7449666** | **2826015** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (843608) | (851532) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(843608)** | **(851532)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (200,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 6305768 | 16146 |
| Cost of shares repurchased (0 and 400,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (8872959)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **6305768** | **(8856813)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **12911826** | **(6882330)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 28082180 | 34964510 |
| **End of year** | &nbsp;&nbsp; **$40994006** | **$28082180** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Australia ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2420429 | $1906998 |
| Net realized gain  | &nbsp;&nbsp; 3466312 | 2989411 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 6088249 | (6270535) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **11974990** | **(1374126)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2299547) | (1660072) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2299547)** | **(1660072)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,400,000 and 1,700,000 shares issued, respectively)  | &nbsp;&nbsp; 44611308 | 49152061 |
| Cost of shares repurchased (800,000 and 550,000 shares repurchased, respectively)  | &nbsp;&nbsp; (24590578)<br>| (16197522)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **20020730** | **32954539** |
| **Increase in Net Assets** | &nbsp;&nbsp; **29696173** | **29920341** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 57367173 | 27446832 |
| **End of year** | &nbsp;&nbsp; **$87063346** | **$57367173** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Brazil ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $15491765 | $12152438 |
| Net realized loss  | &nbsp;&nbsp; (2101373) | (5766671) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 101437675 | (23690153) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **114828067** | **(17304386)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (19286550) | (10598965) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(19286550)** | **(10598965)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (10,600,000 and 2,900,000 shares issued, respectively)  | &nbsp;&nbsp; 230875876 | 49960354 |
| Cost of shares repurchased (0 and 500,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (8922870)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **230875876** | **41037484** |
| **Increase in Net Assets** | &nbsp;&nbsp; **326417393** | **13134133** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 175516021 | 162381888 |
| **End of year** | &nbsp;&nbsp; **$501933414** | **$175516021** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Canada ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $10738482 | $10174933 |
| Net realized gain  | &nbsp;&nbsp; 30439269 | 8241603 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 96161129 | 17599115 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **137338880** | **36015651** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (10050366) | (10231884) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(10050366)** | **(10231884)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (4,700,000 and 250,000 shares issued, respectively)  | &nbsp;&nbsp; 222727130 | 9620167 |
| Cost of shares repurchased (1,600,000 and 1,300,000 shares repurchased, respectively)  | &nbsp;&nbsp; (72066862)<br>| (46251382)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **150660268** | **(36631215)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **277948782** | **(10847448)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 398979963 | 409827411 |
| **End of year** | &nbsp;&nbsp; **$676928745** | **$398979963** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE China ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3947460 | $3345861 |
| Net realized loss  | &nbsp;&nbsp; (4884538) | (6160663) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 7570491 | 45230334 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **6633413** | **42415532** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (5902201) | (4065568) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(5902201)** | **(4065568)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (4,200,000 and 1,800,000 shares issued, respectively)  | &nbsp;&nbsp; 97218746 | 35695885 |
| Cost of shares repurchased (0 and 800,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (13135877)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **97218746** | **22560008** |
| **Increase in Net Assets** | &nbsp;&nbsp; **97949958** | **60909972** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 173977828 | 113067856 |
| **End of year** | &nbsp;&nbsp; **$271927786** | **$173977828** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Europe ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3141651 | $2187354 |
| Net realized gain  | &nbsp;&nbsp; 3293988 | 473214 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 12113049 | 1464075 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **18548688** | **4124643** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3355127) | (2726480) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3355127)** | **(2726480)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (600,000 and 800,000 shares issued, respectively)  | &nbsp;&nbsp; 20118899 | 24345587 |
| Cost of shares repurchased (400,000 and 400,000 shares repurchased, respectively)  | &nbsp;&nbsp; (14173804)<br>| (11064698)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5945095** | **13280889** |
| **Increase in Net Assets** | &nbsp;&nbsp; **21138656** | **14679052** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 85934295 | 71255243 |
| **End of year** | &nbsp;&nbsp; **$107072951** | **$85934295** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Eurozone ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1036677 | $585555 |
| Net realized loss  | &nbsp;&nbsp; (383426) | (186431) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5019794 | 1074950 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **5673045** | **1474074** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1187826) | (611823) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1187826)** | **(611823)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,200,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 37423928 |  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **37423928** | **—** |
| **Increase in Net Assets** | &nbsp;&nbsp; **41909147** | **862251** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 21690336 | 20828085 |
| **End of year** | &nbsp;&nbsp; **$63599483** | **$21690336** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Germany ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $936469 | $584302 |
| Net realized gain  | &nbsp;&nbsp; 9188388 | 2010372 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (6260451) | 2068998 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **3864406** | **4663672** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1070494) | (568974) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1070494)** | **(568974)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,200,000 and 500,000 shares issued, respectively)  | &nbsp;&nbsp; 38482335 | 12585227 |
| Cost of shares repurchased (850,000 and 350,000 shares repurchased, respectively)  | &nbsp;&nbsp; (28780088)<br>| (9040446)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **9702247** | **3544781** |
| **Increase in Net Assets** | &nbsp;&nbsp; **12496159** | **7639479** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 27496501 | 19857022 |
| **End of year** | &nbsp;&nbsp; **$39992660** | **$27496501** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE India ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $18433570 | $11466757 |
| Net realized loss  | &nbsp;&nbsp; (89868769) | (30717247) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (329812408) | 4542211 |
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **(401247607)** | **(14708279)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (14940263) | (23733043) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(14940263)** | **(23733043)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (34,850,000 and 25,800,000 shares issued, respectively)  | &nbsp;&nbsp; 1329300198 | 995920035 |
| Cost of shares repurchased (6,900,000 and 1,850,000 shares repurchased, respectively)  | &nbsp;&nbsp; (238098314)<br>| (65875386)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **1091201884** | **930044649** |
| **Increase in Net Assets** | &nbsp;&nbsp; **675014014** | **891603327** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1781738862 | 890135535 |
| **End of year** | &nbsp;&nbsp; **$2456752876** | **$1781738862** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Japan ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $51939618 | $43597751 |
| Net realized gain  | &nbsp;&nbsp; 102209461 | 53546128 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 308746281 | (137550620) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **462895360** | **(40406741)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (127564350) | (94224019) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(127564350)** | **(94224019)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (24,000,000 and 22,200,000 shares issued, respectively)  | &nbsp;&nbsp; 900251922 | 661484622 |
| Cost of shares repurchased (12,000,000 and 13,800,000 shares repurchased, respectively)  | &nbsp;&nbsp; (403298889)<br>| (399345047)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **496953033** | **262139575** |
| **Increase in Net Assets** | &nbsp;&nbsp; **832284043** | **127508815** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2064075104 | 1936566289 |
| **End of year** | &nbsp;&nbsp; **$2896359147** | **$2064075104** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Japan Hedged ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2223234 | $1700308 |
| Net realized gain  | &nbsp;&nbsp; 10374460 | 361281 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 19036433 | (1291116) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **31634127** | **770473** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (8810975) | (3581470) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(8810975)** | **(3581470)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (900,000 and 1,300,000 shares issued, respectively)  | &nbsp;&nbsp; 35407675 | 40589333 |
| Cost of shares repurchased (300,000 and 100,000 shares repurchased, respectively)  | &nbsp;&nbsp; (11042001)<br>| (2735943)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **24365674** | **37853390** |
| **Increase in Net Assets** | &nbsp;&nbsp; **47188826** | **35042393** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 85384002 | 50341609 |
| **End of year** | &nbsp;&nbsp; **$132572828** | **$85384002** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Latin America ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2330671 | $2994865 |
| Net realized loss  | &nbsp;&nbsp; (291440) | (1738373) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 16269618 | (11098953) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **18308849** | **(9842461)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2554151) | (3090596) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2554151)** | **(3090596)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,700,000 and 200,000 shares issued, respectively)  | &nbsp;&nbsp; 44342202 | 3774440 |
| Cost of shares repurchased (0 and 1,600,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (30243137)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **44342202** | **(26468697)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **60096900** | **(39401754)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 29076958 | 68478712 |
| **End of year** | &nbsp;&nbsp; **$89173858** | **$29076958** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Mexico ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2326879 | $2671181 |
| Net realized gain (loss)  | &nbsp;&nbsp; 34496 | (5082753) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 22085848 | (17479617) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **24447223** | **(19891189)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2408449) | (2471603) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2408449)** | **(2471603)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,100,000 and 3,100,000 shares issued, respectively)  | &nbsp;&nbsp; 35821832 | 88689656 |
| Cost of shares repurchased (500,000 and 2,650,000 shares repurchased, respectively)  | &nbsp;&nbsp; (15387066)<br>| (66776275)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **20434766** | **21913381** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **42473540** | **(449411)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 45081768 | 45531179 |
| **End of year** | &nbsp;&nbsp; **$87555308** | **$45081768** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Saudi Arabia ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $507994 | $667422 |
| Net realized loss  | &nbsp;&nbsp; (989054) | (144771) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (337166) | (992499) |
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **(818226)** | **(469848)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (732985) | (529436) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(732985)** | **(529436)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (250,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 8403024 |  |
| Cost of shares repurchased (600,000 and 0 shares repurchased, respectively)  | &nbsp;&nbsp; (19567102)<br>|  |
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(11164078)** | **—** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(12715289)** | **(999284)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 17786787 | 18786071 |
| **End of year** | &nbsp;&nbsp; **$5071498** | **$17786787** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE South Korea ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $3568873 | $2432503 |
| Net realized gain  | &nbsp;&nbsp; 153979 | 8532155 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 115913958 | (38229770) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **119636810** | **(27265112)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (9114936) | (10581086) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(9114936)** | **(10581086)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (6,000,000 and 1,500,000 shares issued, respectively)  | &nbsp;&nbsp; 217473808 | 29398832 |
| Cost of shares repurchased (1,000,000 and 8,000,000 shares repurchased, respectively)  | &nbsp;&nbsp; (23901638)<br>| (176202335)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **193572170** | **(146803503)** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **304094044** | **(184649701)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 116687771 | 301337472 |
| **End of year** | &nbsp;&nbsp; **$420781815** | **$116687771** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Switzerland ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1385528 | $1177103 |
| Net realized gain (loss)  | &nbsp;&nbsp; (592553) | 2944958 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 5260515 | 1475216 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **6053490** | **5597277** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1234853) | (1104558) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1234853)** | **(1104558)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (500,000 and 400,000 shares issued, respectively)  | &nbsp;&nbsp; 21286733 | 13638934 |
| Cost of shares repurchased (0 and 400,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (14392503)<br>|
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **21286733** | **(753569)** |
| **Increase in Net Assets** | &nbsp;&nbsp; **26105370** | **3739150** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 49748850 | 46009700 |
| **End of year** | &nbsp;&nbsp; **$75854220** | **$49748850** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

Franklin FTSE Taiwan ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $13908690 | $5160374 |
| Net realized loss  | &nbsp;&nbsp; (14101790) | (23617726) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 160313032 | (2275136) |
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **160119932** | **(20732488)** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (14852461) | (6331672) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(14852461)** | **(6331672)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (21,200,000 and 14,900,000 shares issued, respectively)  | &nbsp;&nbsp; 1315485196 | 714459585 |
| Cost of shares repurchased (6,200,000 and 12,900,000 shares repurchased, respectively)  | &nbsp;&nbsp; (319514982)<br>| (610443709)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **995970214** | **104015876** |
| **Increase in Net Assets** | &nbsp;&nbsp; **1141237685** | **76951716** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 302455505 | 225503789 |
| **End of year** | &nbsp;&nbsp; **$1443693190** | **$302455505** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE United Kingdom ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $29859508 | $25515863 |
| Net realized gain  | &nbsp;&nbsp; 95136583 | 34431363 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 65303117 | 31282747 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **190299208** | **91229973** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (32420912) | (29746195) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(32420912)** | **(29746195)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (7,800,000 and 5,450,000 shares issued, respectively)  | &nbsp;&nbsp; 251058849 | 146749033 |
| Cost of shares repurchased (8,850,000 and 5,450,000 shares repurchased, respectively)  | &nbsp;&nbsp; (300920917)<br>| (148267656)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(49862068)** | **(1518623)** |
| **Increase in Net Assets** | &nbsp;&nbsp; **108016228** | **59965155** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 712491694 | 652526539 |
| **End of year** | &nbsp;&nbsp; **$820507922** | **$712491694** |

---

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights

Franklin FTSE Asia ex Japan ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $23.40 | &nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp; $28.60 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net realized and unrealized gain (loss) | 6.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (4.31)<br>|
| **Total income (loss) from operations** | **6.58** | &nbsp;&nbsp;&nbsp;&nbsp;**2.26** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** | &nbsp;&nbsp;&nbsp; **(2.22)** | &nbsp;&nbsp;&nbsp; **(3.76)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.70)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.47)**<br>| &nbsp;&nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(0.62)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $29.28 | &nbsp;&nbsp;&nbsp; $23.40 | &nbsp;&nbsp;&nbsp; $21.85 | &nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $24.22 |
| **Total return, based on NAV**<sup>2</sup> <br>| **28.30%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.43%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4.32%**<br>| &nbsp;&nbsp;&nbsp; **(9.10)%**<br>| &nbsp;&nbsp;&nbsp; **(13.34)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $40994 | &nbsp;&nbsp;&nbsp; $28082 | &nbsp;&nbsp;&nbsp; $34965 | &nbsp;&nbsp;&nbsp; $29980 | &nbsp;&nbsp;&nbsp; $38751 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Australia ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp; $28.89 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $31.55 | &nbsp;&nbsp;&nbsp; $29.12 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net realized and unrealized gain (loss) | 4.87 | &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| **Total income (loss) from operations** | **5.95** | &nbsp;&nbsp;&nbsp; **(0.63)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.16** | &nbsp;&nbsp;&nbsp; **(3.24)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.95** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.02)**<br>| &nbsp;&nbsp;&nbsp; **(0.94)**<br>| &nbsp;&nbsp;&nbsp; **(1.03)**<br>| &nbsp;&nbsp;&nbsp; **(1.55)**<br>| &nbsp;&nbsp;&nbsp; **(1.52)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.25 | &nbsp;&nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp; $28.89 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $31.55 |
| **Total return, based on NAV**<sup>2</sup> <br>| **22.01%**<br>| &nbsp;&nbsp;&nbsp; **(2.25)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.03%**<br>| &nbsp;&nbsp;&nbsp; **(9.90)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.93%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $87063 | &nbsp;&nbsp;&nbsp; $57367 | &nbsp;&nbsp;&nbsp; $27447 | &nbsp;&nbsp;&nbsp; $29437 | &nbsp;&nbsp;&nbsp; $29968 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 3.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **8%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **15%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Brazil ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $19.56 | &nbsp;&nbsp;&nbsp; $16.81 | &nbsp;&nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $20.70 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Net realized and unrealized gain (loss) | 7.46 | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (6.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| **Total income (loss) from operations** | **8.63** | &nbsp;&nbsp;&nbsp; **(2.07)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.60** | &nbsp;&nbsp;&nbsp; **(4.68)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.39** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.47)**<br>| &nbsp;&nbsp;&nbsp; **(1.09)**<br>| &nbsp;&nbsp;&nbsp; **(1.85)**<br>| &nbsp;&nbsp;&nbsp; **(2.07)**<br>| &nbsp;&nbsp;&nbsp; **(1.53)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp; $19.56 | &nbsp;&nbsp;&nbsp; $16.81 | &nbsp;&nbsp;&nbsp; $23.56 |
| **Total return, based on NAV**<sup>2</sup> <br>| **55.29%**<br>| &nbsp;&nbsp;&nbsp; **(10.19)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27.62%**<br>| &nbsp;&nbsp;&nbsp; **(19.57)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **23.03%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $502 | &nbsp;&nbsp;&nbsp; $176 | &nbsp;&nbsp;&nbsp; $162 | &nbsp;&nbsp;&nbsp; $269 | &nbsp;&nbsp;&nbsp; $528 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 6.06 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.72 | &nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;8.87 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **14%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **15%** <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Canada ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $34.73 | &nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp; $36.07 | &nbsp;&nbsp;&nbsp; $30.20 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net realized and unrealized gain (loss) | 11.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp; (5.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.77 |
| **Total income (loss) from operations** | **12.67** | &nbsp;&nbsp;&nbsp;&nbsp;**3.29** | &nbsp;&nbsp;&nbsp;&nbsp;**4.80** | &nbsp;&nbsp;&nbsp; **(4.66)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.57** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.90)**<br>| &nbsp;&nbsp;&nbsp; **(0.91)**<br>| &nbsp;&nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.70)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $48.88 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $34.73 | &nbsp;&nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp; $36.07 |
| **Total return, based on NAV**<sup>2</sup> <br>| **34.36%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **9.67%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.86%**<br>| &nbsp;&nbsp;&nbsp; **(12.82)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **21.95%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $676929 | &nbsp;&nbsp;&nbsp; $398980 | &nbsp;&nbsp;&nbsp; $409827 | &nbsp;&nbsp;&nbsp; $279927 | &nbsp;&nbsp;&nbsp; $43289 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE China ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp; $15.70 | &nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp; $21.43 | &nbsp;&nbsp;&nbsp; $31.78 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain (loss) | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (10.47)<br>|
| **Total income (loss) from operations** | **1.27** | &nbsp;&nbsp;&nbsp;&nbsp;**6.05** | &nbsp;&nbsp;&nbsp; **(3.44)** | &nbsp;&nbsp;&nbsp; **(1.23)** | &nbsp;&nbsp;&nbsp; **(9.98)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.56)**<br>| &nbsp;&nbsp;&nbsp; **(0.53)**<br>| &nbsp;&nbsp;&nbsp; **(0.56)**<br>| &nbsp;&nbsp;&nbsp; **(0.50)**<br>| &nbsp;&nbsp;&nbsp; **(0.37)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.93 | &nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp; $15.70 | &nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp; $21.43 |
| **Total return, based on NAV**<sup>2</sup> <br>| **5.90%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **39.13%**<br>| &nbsp;&nbsp;&nbsp; **(17.65)%**<br>| &nbsp;&nbsp;&nbsp; **(5.68)%**<br>| &nbsp;&nbsp;&nbsp; **(31.63)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $272 | &nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp; $113 | &nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp; $111 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **12%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Europe ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $29.69 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $27.18 | &nbsp;&nbsp;&nbsp; $27.28 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net realized and unrealized gain (loss) | 5.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| **Total income from operations** | **6.01** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** | &nbsp;&nbsp;&nbsp;&nbsp;**3.86** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**0.96** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.01)**<br>| &nbsp;&nbsp;&nbsp; **(1.09)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>| &nbsp;&nbsp;&nbsp; **(1.06)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $35.69 | &nbsp;&nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $29.69 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $27.18 |
| **Total return, based on NAV**<sup>2</sup> <br>| **19.77%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.31%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.77%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.31%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.30%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $107073 | &nbsp;&nbsp;&nbsp; $85934 | &nbsp;&nbsp;&nbsp; $71255 | &nbsp;&nbsp;&nbsp; $111558 | &nbsp;&nbsp;&nbsp; $184857 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>45</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>345</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>45</sup><br>|
| Net investment income | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| **Portfolio turnover rate**<sup>6</sup> <br>| &nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Included in the expense ratios are certain non-recurring 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, and would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024, and 0.09% and 0.09%, respectively, for the year ended March 31, 2023. 

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Eurozone ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.11 | &nbsp;&nbsp;&nbsp; $26.04 | &nbsp;&nbsp;&nbsp; $23.60 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $25.72 |
| **Income from operations:** | **Income from operations:** |  |  |  |  |
| Net investment income | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain | 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| **Total income from operations** | **5.43** | &nbsp;&nbsp;&nbsp;&nbsp;**1.83** | &nbsp;&nbsp;&nbsp;&nbsp;**3.23** | &nbsp;&nbsp;&nbsp;&nbsp;**1.51** | &nbsp;&nbsp;&nbsp;&nbsp;**2.27** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.39)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; **(0.74)**<br>| &nbsp;&nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>| &nbsp;&nbsp;&nbsp; **(5.03)**<br>| &nbsp;&nbsp;&nbsp; **(0.87)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $31.80 | &nbsp;&nbsp;&nbsp; $27.11 | &nbsp;&nbsp;&nbsp; $26.04 | &nbsp;&nbsp;&nbsp; $23.60 | &nbsp;&nbsp;&nbsp; $27.12 |
| **Total return, based on NAV**<sup>2</sup> <br>| **20.09%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.41%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.90%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.53%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.75%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $63599 | &nbsp;&nbsp;&nbsp; $21690 | &nbsp;&nbsp;&nbsp; $20828 | &nbsp;&nbsp;&nbsp; $14163 | &nbsp;&nbsp;&nbsp; $21695 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>4,5</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>3</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| **Portfolio turnover rate**<sup>6</sup> <br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **79%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **12%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Included in the expense ratios are certain non-recurring 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, and would have been 0.09% and 0.09%, respectively, for the year ended March 31, 2024, and 0.09% and 0.09%, respectively, for the year ended March 31, 2023. 

<sup>4</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Germany ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $22.37 | &nbsp;&nbsp;&nbsp; $25.98 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain (loss) | 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (3.63)<br>|
| **Total income (loss) from operations** | **2.40** | &nbsp;&nbsp;&nbsp;&nbsp;**4.72** | &nbsp;&nbsp;&nbsp;&nbsp;**3.41** | &nbsp;&nbsp;&nbsp;&nbsp;**0.40** | &nbsp;&nbsp;&nbsp; **(2.93)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.58)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.69)**<br>| &nbsp;&nbsp;&nbsp; **(0.67)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $30.76 | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $24.82 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $22.37 |
| **Total return, based on NAV**<sup>2</sup> <br>| **8.20%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **19.56%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.78%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.41%**<br>| &nbsp;&nbsp;&nbsp; **(11.68)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $39993 | &nbsp;&nbsp;&nbsp; $27497 | &nbsp;&nbsp;&nbsp; $19857 | &nbsp;&nbsp;&nbsp; $17683 | &nbsp;&nbsp;&nbsp; $16775 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **7%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE India ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $36.89 | &nbsp;&nbsp;&nbsp; $36.56 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $31.34 | &nbsp;&nbsp;&nbsp; $27.70 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp; **(4.45)** | &nbsp;&nbsp;&nbsp;&nbsp;**0.93** | &nbsp;&nbsp;&nbsp;&nbsp;**9.33** | &nbsp;&nbsp;&nbsp; **(3.64)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.36** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.22)**<br>| &nbsp;&nbsp;&nbsp; **(0.60)**<br>| &nbsp;&nbsp;&nbsp; **(0.26)**<br>| &nbsp;&nbsp;&nbsp; **(0.21)**<br>| &nbsp;&nbsp;&nbsp; **(0.72)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.22 | &nbsp;&nbsp;&nbsp; $36.89 | &nbsp;&nbsp;&nbsp; $36.56 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $31.34 |
| **Total return, based on NAV**<sup>2</sup> <br>| &nbsp;&nbsp; **(12.17)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.47%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **33.98%**<br>| &nbsp;&nbsp;&nbsp; **(11.65)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.75%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $2456753 | &nbsp;&nbsp;&nbsp; $1781739 | &nbsp;&nbsp;&nbsp; $890136 | &nbsp;&nbsp;&nbsp; $98977 | &nbsp;&nbsp;&nbsp; $50140 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Japan ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $29.15 | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $25.66 | &nbsp;&nbsp;&nbsp; $27.42 | &nbsp;&nbsp;&nbsp; $30.25 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) | 6.87 | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (2.76)<br>|
| **Total income (loss) from operations** | **7.60** | &nbsp;&nbsp;&nbsp; **(0.58)** | &nbsp;&nbsp;&nbsp;&nbsp;**6.21** | &nbsp;&nbsp;&nbsp; **(1.30)** | &nbsp;&nbsp;&nbsp; **(2.13)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.77)**<br>| &nbsp;&nbsp;&nbsp; **(1.30)**<br>| &nbsp;&nbsp;&nbsp; **(0.84)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp;&nbsp; **(0.70)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $34.98 | &nbsp;&nbsp;&nbsp; $29.15 | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $25.66 | &nbsp;&nbsp;&nbsp; $27.42 |
| **Total return, based on NAV**<sup>2</sup> <br>| **26.40%**<br>| &nbsp;&nbsp;&nbsp; **(1.64)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **24.69%**<br>| &nbsp;&nbsp;&nbsp; **(4.61)%**<br>| &nbsp;&nbsp;&nbsp; **(7.21)%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $2896 | &nbsp;&nbsp;&nbsp; $2064 | &nbsp;&nbsp;&nbsp; $1937 | &nbsp;&nbsp;&nbsp; $1001 | &nbsp;&nbsp;&nbsp; $790 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp;&nbsp; **3%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Japan Hedged ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $31.46 | &nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp;&nbsp; $30.90 | &nbsp;&nbsp;&nbsp; $30.70 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) | 10.81 | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **Total income from operations** | **11.58** | &nbsp;&nbsp;&nbsp;&nbsp;**0.62** | &nbsp;&nbsp;&nbsp;&nbsp;**11.59** | &nbsp;&nbsp;&nbsp;&nbsp;**2.14** | &nbsp;&nbsp;&nbsp;&nbsp;**0.60** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net realized gains | &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp;&nbsp; (5.55)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp; **(3.08)**<br>| &nbsp;&nbsp;&nbsp; **(1.59)**<br>| &nbsp;&nbsp;&nbsp; **(6.70)**<br>| &nbsp;&nbsp;&nbsp; **(6.47)**<br>| &nbsp;&nbsp;&nbsp; **(0.40)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $38.99 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $31.46 | &nbsp;&nbsp;&nbsp; $26.57 | &nbsp;&nbsp;&nbsp; $30.90 |
| **Total return, based on NAV**<sup>2</sup> <br>| **39.06%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2.02%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **49.20%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.15%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.93%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $132573 | &nbsp;&nbsp;&nbsp; $85384 | &nbsp;&nbsp;&nbsp; $50342 | &nbsp;&nbsp;&nbsp; $13284 | &nbsp;&nbsp;&nbsp; $24720 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **31%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Latin America ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $20.42 | &nbsp;&nbsp;&nbsp; $25.25 | &nbsp;&nbsp;&nbsp; $22.40 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| Net realized and unrealized gain (loss) | 8.72 | &nbsp;&nbsp;&nbsp; (4.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; (4.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| **Total income (loss) from operations** | **9.95** | &nbsp;&nbsp;&nbsp; **(3.04)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.53** | &nbsp;&nbsp;&nbsp; **(2.96)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.37** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.46)**<br>| &nbsp;&nbsp;&nbsp; **(1.19)**<br>| &nbsp;&nbsp;&nbsp; **(1.34)**<br>| &nbsp;&nbsp;&nbsp; **(1.87)**<br>| &nbsp;&nbsp;&nbsp; **(1.52)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $27.87 | &nbsp;&nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $20.42 | &nbsp;&nbsp;&nbsp; $25.25 |
| **Total return, based on NAV**<sup>2</sup> <br>| **53.19%**<br>| &nbsp;&nbsp;&nbsp; **(12.60)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **22.39%**<br>| &nbsp;&nbsp;&nbsp; **(11.05)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **21.12%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $89174 | &nbsp;&nbsp;&nbsp; $29077 | &nbsp;&nbsp;&nbsp; $68479 | &nbsp;&nbsp;&nbsp; $67372 | &nbsp;&nbsp;&nbsp; $7575 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 5.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **19%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE Mexico ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $29.28 | &nbsp;&nbsp;&nbsp; $27.49 | &nbsp;&nbsp;&nbsp; $22.14 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss) | 11.62 | &nbsp;&nbsp;&nbsp; (8.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 |
| **Total income (loss) from operations** | **12.78** | &nbsp;&nbsp;&nbsp; **(7.92)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.41** | &nbsp;&nbsp;&nbsp;&nbsp;**2.82** | &nbsp;&nbsp;&nbsp;&nbsp;**6.14** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.35)**<br>| &nbsp;&nbsp;&nbsp; **(0.76)**<br>| &nbsp;&nbsp;&nbsp; **(0.96)**<br>| &nbsp;&nbsp;&nbsp; **(1.03)**<br>| &nbsp;&nbsp;&nbsp; **(0.79)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $36.48 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $29.28 | &nbsp;&nbsp;&nbsp; $27.49 |
| **Total return, based on NAV**<sup>2</sup> <br>| **52.06%**<br>| &nbsp;&nbsp;&nbsp; **(23.44)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18.66%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.15%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **28.33%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $87555 | &nbsp;&nbsp;&nbsp; $45082 | &nbsp;&nbsp;&nbsp; $45531 | &nbsp;&nbsp;&nbsp; $24890 | &nbsp;&nbsp;&nbsp; $12372 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **22%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Saudi Arabia ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $35.57 | &nbsp;&nbsp;&nbsp; $37.57 | &nbsp;&nbsp;&nbsp; $33.65 | &nbsp;&nbsp;&nbsp; $41.30 | &nbsp;&nbsp;&nbsp; $30.33 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp; (8.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.03 |
| **Total income (loss) from operations** | &nbsp;&nbsp; **(0.50)** | &nbsp;&nbsp;&nbsp; **(0.94)** | &nbsp;&nbsp;&nbsp;&nbsp;**5.04** | &nbsp;&nbsp;&nbsp; **(7.02)** | &nbsp;&nbsp;&nbsp;&nbsp;**11.65** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.26)**<br>| &nbsp;&nbsp;&nbsp; **(1.06)**<br>| &nbsp;&nbsp;&nbsp; **(1.12)**<br>| &nbsp;&nbsp;&nbsp; **(0.63)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $33.81 | &nbsp;&nbsp;&nbsp; $35.57 | &nbsp;&nbsp;&nbsp; $37.57 | &nbsp;&nbsp;&nbsp; $33.65 | &nbsp;&nbsp;&nbsp; $41.30 |
| **Total return, based on NAV**<sup>2</sup> <br>| &nbsp;&nbsp; **(1.07)%**<br>| &nbsp;&nbsp;&nbsp; **(2.39)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15.21%**<br>| &nbsp;&nbsp;&nbsp; **(17.04)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **38.99%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $5071 | &nbsp;&nbsp;&nbsp; $17787 | &nbsp;&nbsp;&nbsp; $18786 | &nbsp;&nbsp;&nbsp; $21874 | &nbsp;&nbsp;&nbsp; $4130 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net expenses | 0.39 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net investment income | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **60%**<br>| &nbsp;&nbsp;&nbsp; **16%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **14%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **16%** <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Financial Highlights (cont'd)

Franklin FTSE South Korea ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $18.23 | &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $31.48 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Net realized and unrealized gain (loss) | 19.45 | &nbsp;&nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp; (5.87)<br>|
| **Total income (loss) from operations** | **19.92** | &nbsp;&nbsp;&nbsp; **(3.90)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.80** | &nbsp;&nbsp;&nbsp; **(3.88)** | &nbsp;&nbsp;&nbsp; **(5.32)** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.24)**<br>| &nbsp;&nbsp;&nbsp; **(1.23)**<br>| &nbsp;&nbsp;&nbsp; **(0.52)**<br>| &nbsp;&nbsp;&nbsp; **(0.61)**<br>| &nbsp;&nbsp;&nbsp; **(0.59)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $36.91 | &nbsp;&nbsp;&nbsp; $18.23 | &nbsp;&nbsp;&nbsp; $23.36 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $25.57 |
| **Total return, based on NAV**<sup>2</sup> <br>| **111.11%**<br>| &nbsp;&nbsp;&nbsp; **(17.47)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13.42%**<br>| &nbsp;&nbsp;&nbsp; **(15.00)%**<br>| &nbsp;&nbsp;&nbsp; **(17.15)%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $420782 | &nbsp;&nbsp;&nbsp; $116688 | &nbsp;&nbsp;&nbsp; $301337 | &nbsp;&nbsp;&nbsp; $293049 | &nbsp;&nbsp;&nbsp; $61361 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **30%**<br>| &nbsp;&nbsp;&nbsp; **7%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **9%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **6%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **11%** <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Franklin FTSE Switzerland ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $35.53 | &nbsp;&nbsp;&nbsp; $32.86 | &nbsp;&nbsp;&nbsp; $31.21 | &nbsp;&nbsp;&nbsp; $34.00 | &nbsp;&nbsp;&nbsp; $30.36 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain (loss) | 4.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.62 |
| **Total income (loss) from operations** | **5.27** | &nbsp;&nbsp;&nbsp;&nbsp;**3.32** | &nbsp;&nbsp;&nbsp;&nbsp;**2.43** | &nbsp;&nbsp;&nbsp; **(2.20)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.32** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>|
| **Total distributions** | &nbsp;&nbsp; **(0.88)**<br>| &nbsp;&nbsp;&nbsp; **(0.65)**<br>| &nbsp;&nbsp;&nbsp; **(0.78)**<br>| &nbsp;&nbsp;&nbsp; **(0.59)**<br>| &nbsp;&nbsp;&nbsp; **(0.68)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $39.92 | &nbsp;&nbsp;&nbsp; $35.53 | &nbsp;&nbsp;&nbsp; $32.86 | &nbsp;&nbsp;&nbsp; $31.21 | &nbsp;&nbsp;&nbsp; $34.00 |
| **Total return, based on NAV**<sup>2</sup> <br>| **15.04%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.22%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **7.86%**<br>| &nbsp;&nbsp;&nbsp; **(6.23)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.22%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $75854 | &nbsp;&nbsp;&nbsp; $49749 | &nbsp;&nbsp;&nbsp; $46010 | &nbsp;&nbsp;&nbsp; $49941 | &nbsp;&nbsp;&nbsp; $47593 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses | 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp;&nbsp; **14%**<br>| &nbsp;&nbsp;&nbsp; **8%**<br>| &nbsp;&nbsp;&nbsp; **14%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

Franklin Templeton ETF Trust 2026 Annual Report

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Financial Highlights (cont'd)

Franklin FTSE Taiwan ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.60 | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $37.05 | &nbsp;&nbsp;&nbsp; $43.67 | &nbsp;&nbsp;&nbsp; $41.12 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net realized and unrealized gain (loss) | 22.99 | &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp; (6.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
| **Total income (loss) from operations** | **24.26** | &nbsp;&nbsp;&nbsp; **(0.73)** | &nbsp;&nbsp;&nbsp;&nbsp;**8.35** | &nbsp;&nbsp;&nbsp; **(5.59)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.62** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.53)**<br>| &nbsp;&nbsp;&nbsp; **(0.89)**<br>| &nbsp;&nbsp;&nbsp; **(1.18)**<br>| &nbsp;&nbsp;&nbsp; **(1.03)**<br>| &nbsp;&nbsp;&nbsp; **(1.07)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $65.33 | &nbsp;&nbsp;&nbsp; $42.60 | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $37.05 | &nbsp;&nbsp;&nbsp; $43.67 |
| **Total return, based on NAV**<sup>2</sup> <br>| **57.35%**<br>| &nbsp;&nbsp;&nbsp; **(1.84)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **22.90%**<br>| &nbsp;&nbsp;&nbsp; **(12.55)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8.72%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $1443693 | &nbsp;&nbsp;&nbsp; $302456 | &nbsp;&nbsp;&nbsp; $225504 | &nbsp;&nbsp;&nbsp; $137094 | &nbsp;&nbsp;&nbsp; $43667 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net expenses | 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>34</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net investment income | 2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **57%**<br>| &nbsp;&nbsp;&nbsp; **2%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **12%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **5%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **8%** <br><sup>5</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

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Franklin FTSE United Kingdom ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $28.50 | &nbsp;&nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp; $24.21 | &nbsp;&nbsp;&nbsp; $25.46 | &nbsp;&nbsp;&nbsp; $23.78 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net realized and unrealized gain (loss) | 5.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Total income (loss) from operations** | **6.94** | &nbsp;&nbsp;&nbsp;&nbsp;**3.56** | &nbsp;&nbsp;&nbsp;&nbsp;**2.88** | &nbsp;&nbsp;&nbsp; **(0.28)** | &nbsp;&nbsp;&nbsp;&nbsp;**2.42** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| **Total distributions** | &nbsp;&nbsp; **(1.18)**<br>| &nbsp;&nbsp;&nbsp; **(1.16)**<br>| &nbsp;&nbsp;&nbsp; **(0.99)**<br>| &nbsp;&nbsp;&nbsp; **(0.97)**<br>| &nbsp;&nbsp;&nbsp; **(0.74)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $34.26 | &nbsp;&nbsp;&nbsp; $28.50 | &nbsp;&nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp; $24.21 | &nbsp;&nbsp;&nbsp; $25.46 |
| **Total return, based on NAV**<sup>2</sup> <br>| **24.74%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.06%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12.18%**<br>| &nbsp;&nbsp;&nbsp; **(0.71)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10.27%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $821 | &nbsp;&nbsp;&nbsp; $712 | &nbsp;&nbsp;&nbsp; $653 | &nbsp;&nbsp;&nbsp; $569 | &nbsp;&nbsp;&nbsp; $614 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net expenses<sup>3,4</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net investment income | 3.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 |
| **Portfolio turnover rate**<sup>5</sup> <br>| &nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **10%**<br>| &nbsp;&nbsp;&nbsp; **5%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

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Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies**

Franklin FTSE Asia ex Japan ETF ("FTSE Asia ex Japan ETF"), Franklin FTSE Europe ETF ("FTSE Europe ETF"), Franklin FTSE India ETF ("FTSE India ETF"), Franklin FTSE Japan Hedged ETF ("FTSE Japan Hedged ETF") and Franklin FTSE Latin America ETF ("FTSE Latin America ETF") are separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). Franklin FTSE Australia ETF ("FTSE Australia ETF"), Franklin FTSE Brazil ETF ("FTSE Brazil ETF"), Franklin FTSE Canada ETF ("FTSE Canada ETF"), Franklin FTSE China ETF ("FTSE China ETF"), Franklin FTSE Eurozone ETF ("FTSE Eurozone ETF"), Franklin FTSE Germany ETF ("FTSE Germany ETF"), Franklin FTSE Japan ETF ("FTSE Japan ETF"), Franklin FTSE Mexico ETF ("FTSE Mexico ETF"), Franklin FTSE Saudi Arabia ETF ("FTSE Saudi Arabia ETF"), Franklin FTSE South Korea ETF ("FTSE South Korea ETF"), Franklin FTSE Switzerland ETF ("FTSE Switzerland ETF"), Franklin FTSE Taiwan ETF ("FTSE Taiwan ETF") and Franklin FTSE United Kingdom ETF ("FTSE United Kingdom ETF") (each a "Fund", collectively referenced as "Funds") are separate non-diversified investment series of the Trust. The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Funds intend to be diversified in approximately the same proportion as the Funds' underlying index is diversified. The Funds may become "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Funds' underlying index. A "non-diversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

On May 21, 2025, the Funds' Board of Trustees (the "Board"), on behalf of Franklin FTSE Hong Kong ETF approved a proposal to liquidate the Fund. The Fund liquidated on July 8, 2025.

The Funds are exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Funds are listed and traded at market prices on NYSE Arca, Inc. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be

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Franklin Templeton ETF Trust 2026 Annual Report

------

unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Board.

Pursuant to policies adopted by the Board, the Funds' manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds' manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies, and reporting to the Funds' manager and the Board. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

The following is a summary of the inputs used in valuing the Funds' assets and liabilities carried at fair value:

**FTSE Asia ex Japan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Information Technology | &nbsp;&nbsp; $13925618 | &nbsp;&nbsp; $3349 | &nbsp;&nbsp; — | &nbsp;&nbsp; $13928967 |
| Materials | &nbsp;&nbsp; 1829252 | &nbsp;&nbsp; 6142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1835394 |
| Real Estate | &nbsp;&nbsp; 869166 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 869166 |
| Other Common Stocks | &nbsp;&nbsp; 24023766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24023766 |
| Preferred Stocks | &nbsp;&nbsp; 309346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 309346 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 40 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40 |
| Total Long-Term Investments | &nbsp;&nbsp; 40957148 | &nbsp;&nbsp; 9531 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 40966679 |
| Short-Term Investments† | &nbsp;&nbsp; 21919 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21919 |
| **Total Investments** | &nbsp;&nbsp; **$40979067** | &nbsp;&nbsp; **$9531** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$40988598** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

**FTSE Australia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $86207972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $86207972 |
| Short-Term Investments† | &nbsp;&nbsp; 40048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40048 |
| **Total Investments** | &nbsp;&nbsp; **$86248020** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$86248020** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $17047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $17047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Brazil ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $354289803 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $354289803 |
| Preferred Stocks | &nbsp;&nbsp; 142733113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 142733113 |
| Rights | &nbsp;&nbsp; 103418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103418 |
| Total Long-Term Investments | &nbsp;&nbsp; 497126334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 497126334 |
| Short-Term Investments† | &nbsp;&nbsp; 252227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 252227 |
| **Total Investments** | &nbsp;&nbsp; **$497378561** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$497378561** |

---

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Franklin Templeton ETF Trust 2026 Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $101146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $101146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Canada ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $674424204 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $674424204 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 674424204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 674424204 |
| Short-Term Investments†: |  |  |  |  |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; $1433127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1433127 |
| Money Market Funds | &nbsp;&nbsp; 73051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73051 |
| Total Short-Term Investments | &nbsp;&nbsp; 73051 | &nbsp;&nbsp; 1433127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1506178 |
| **Total Investments** | &nbsp;&nbsp; **$674497255** | &nbsp;&nbsp; **$1433127** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$675930382** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $14238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $14238 |
| **Total** | &nbsp;&nbsp; **$674511493** | &nbsp;&nbsp; **$1433127** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$675944620** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**FTSE China ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Information Technology | &nbsp;&nbsp; $24675967 | &nbsp;&nbsp; $74148 | &nbsp;&nbsp; — | &nbsp;&nbsp; $24750115 |
| Materials | &nbsp;&nbsp; 16095900 | &nbsp;&nbsp; 102560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16198460 |
| Real Estate | &nbsp;&nbsp; 4256969 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 4256969 |
| Other Common Stocks | &nbsp;&nbsp; 226353610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 226353610 |
| Total Long-Term Investments | &nbsp;&nbsp; 271382446 | &nbsp;&nbsp; 176708 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 271559154 |
| Short-Term Investments†: |  |  |  |  |
| Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 423500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 423500 |
| Money Market Funds | &nbsp;&nbsp; 175785 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 175785 |
| Total Short-Term Investments | &nbsp;&nbsp; 599285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 599285 |
| **Total Investments** | &nbsp;&nbsp; **$271981731** | &nbsp;&nbsp; **$176708** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$272158439** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

**FTSE Europe ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $14389776 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $14389776 |
| Materials | &nbsp;&nbsp; 6089373 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6089373 |
| Other Common Stocks | &nbsp;&nbsp; 85518028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 85518028 |
| Preferred Stocks | &nbsp;&nbsp; 337856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 337856 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; $1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Total Long-Term Investments | &nbsp;&nbsp; 106335033 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 106335034 |
| Short-Term Investments† | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 |
| **Total Investments** | &nbsp;&nbsp; **$106335082** | &nbsp;&nbsp; **$1** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$106335083** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $14734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $14734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**FTSE Eurozone ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $3989010 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $3989010 |
| Materials | &nbsp;&nbsp; 2642131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2642131 |
| Other Common Stocks | &nbsp;&nbsp; 56408257 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56408257 |
| Preferred Stocks | &nbsp;&nbsp; 384405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 384405 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; $1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Total Long-Term Investments | &nbsp;&nbsp; 63423803 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 63423804 |
| Short-Term Investments† | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1256 |
| **Total Investments** | &nbsp;&nbsp; **$63425059** | &nbsp;&nbsp; **$1** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$63425060** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $631 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $631 |
| **Total** | &nbsp;&nbsp; **$63425690** | &nbsp;&nbsp; **$1** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$63425691** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

**FTSE Germany ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $39011690 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $39011690 |
| Preferred Stocks | &nbsp;&nbsp; 894616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 894616 |
| **Total Investments** | &nbsp;&nbsp; **$39906306** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$39906306** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $3828 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE India ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $2438814588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2438814588 |
| Short-Term Investments† | &nbsp;&nbsp; 4616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4616 |
| **Total Investments** | &nbsp;&nbsp; **$2438819204** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2438819204** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $541030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $541030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Japan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $2866602687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2866602687 |
| Short-Term Investments†: |  |  |  |  |
| Investments from Cash Collateral Received for Loaned <br> Securities<br>| &nbsp;&nbsp; 14346787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14346787 |
| Money Market Funds | &nbsp;&nbsp; 1251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1251 |
| Total Short-Term Investments | &nbsp;&nbsp; 14348038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14348038 |
| **Total Investments** | &nbsp;&nbsp; **$2880950725** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2880950725** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $818445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $818445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Japan Hedged ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $131026266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $131026266 |
| Short-Term Investments† | &nbsp;&nbsp; 198968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198968 |
| **Total Investments** | &nbsp;&nbsp; **$131225234** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$131225234** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3087807 | &nbsp;&nbsp; — | &nbsp;&nbsp; $3087807 |
| **Total** | &nbsp;&nbsp; **$131225234** | &nbsp;&nbsp; **$3087807** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$134313041** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $36192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $36192 |
| Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $2866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2866 |
| **Total** | &nbsp;&nbsp; **$36192** | &nbsp;&nbsp; **$2866** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$39058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Latin America ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $70822033 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $70822033 |
| Preferred Stocks | &nbsp;&nbsp; 17767188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17767188 |
| Rights | &nbsp;&nbsp; 13017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13017 |
| Total Long-Term Investments | &nbsp;&nbsp; 88602238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88602238 |
| Short-Term Investments† | &nbsp;&nbsp; 35091 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35091 |
| **Total Investments** | &nbsp;&nbsp; **$88637329** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$88637329** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $5566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5566 |
| **Total** | &nbsp;&nbsp; **$88642895** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$88642895** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $8015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Mexico ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $87538552 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $87538552 |
| Short-Term Investments†: |  |  |  |  |
| Investments from Cash Collateral Received for Loaned Securities | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4080 |
| Money Market Funds | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Total Short-Term Investments | &nbsp;&nbsp; 4084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4084 |
| **Total Investments** | &nbsp;&nbsp; **$87542636** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$87542636** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedules of Investments for additional detailed categorizations.

**FTSE Saudi Arabia ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $5034017 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5034017 |
| **Total Investments** | &nbsp;&nbsp; **$5034017** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5034017** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $1008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1008 |
| **Total** | &nbsp;&nbsp; **$5035025** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5035025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE South Korea ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $404855943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $404855943 |
| Preferred Stocks | &nbsp;&nbsp; 13185115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13185115 |
| Total Long-Term Investments | &nbsp;&nbsp; 418041058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 418041058 |
| Short-Term Investments† | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1595 |
| **Total Investments** | &nbsp;&nbsp; **$418042653** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$418042653** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $157220 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $157220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Switzerland ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $74663298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $74663298 |
| Short-Term Investments† | &nbsp;&nbsp; 148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148 |
| **Total Investments** | &nbsp;&nbsp; **$74663446** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$74663446** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $2008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**FTSE Taiwan ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $1441776179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1441776179 |
| Short-Term Investments† | &nbsp;&nbsp; 128117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128117 |
| **Total Investments** | &nbsp;&nbsp; **$1441904296** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1441904296** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedules of Investments for additional detailed categorizations.

**FTSE United Kingdom ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $118206460 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $118206460 |
| Materials | &nbsp;&nbsp; 67183680 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 67183680 |
| Other Common Stocks | &nbsp;&nbsp; 626683644 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 626683644 |
| Total Long-Term Investments | &nbsp;&nbsp; 812073784 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 812073784 |
| Short-Term Investments† | &nbsp;&nbsp; 7148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7148 |
| **Total Investments** | &nbsp;&nbsp; **$812080932** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$812080932** |

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Franklin Templeton ETF Trust 2026 Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $86866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $86866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**(b) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Forward foreign currency contracts.** The Funds enter into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(d) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' 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.

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(e) Foreign investment risks.** The Funds' investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(f) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Funds may invest in certain securities or engage in other transactions where the Funds are exposed to counterparty credit risk in addition to broader market risks. The Funds may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Funds' subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Funds to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Funds have entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Funds' net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Funds under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedules of Investments.

As of March 31, 2026, FTSE Japan Hedged ETF held forward foreign currency contracts with credit related contingent features which had a liability position of $2,866. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

**(g) Securities lending.** Certain or all Funds participate in an agency based securities lending program to earn additional income. The Funds receive 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 the Funds business each day; any additional collateral required due to changes in security values is delivered to the Funds 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. ("Franklin Advisers"), an affiliate of the Funds. These securities received as collateral are held in segregated accounts with the Funds' custodian. The Funds 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 Funds may receive income from the investment of cash collateral,

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Franklin Templeton ETF Trust 2026 Annual Report

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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 Funds bear the market risk with respect to the collateral investment, securities loaned, and the risk that the agent may default on its obligations to the Funds. If the borrower defaults on its obligation to return the securities loaned, the Funds have the right to repurchase the securities in the open market using the collateral received. The securities lending agent has agreed to indemnify the Funds in the event of default by a third party borrower.

**(h) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Funds determine the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(i) Distributions to shareholders.** Distributions from net investment income of the Funds, if any, are declared and paid on a semi-annual basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(j) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

However, due to the timing of when distributions are made by the Funds, the Funds may be subject to an excise tax of 4% of the amount by which 98% of the Funds' annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. During the year ended March 31, 2026, FTSE Brazil ETF and FTSE Latin America ETF paid $14,267 and $1,249 respectively, of federal excise taxes attributable to calendar year 2025.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. Realized gains upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. As of March 31, 2026, there were $140,446 of capital gains tax liabilities accrued on unrealized gains for FTSE Asia ex Japan ETF. In some cases, the Funds may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statements of Assets and Liabilities and dividend income in the Statements of Operations. In many cases, however, the Funds may not receive such amounts for an extended period of time, depending on the country of investment.

As a result of several court cases, in certain countries across the European Union, FTSE Europe ETF and FTSE Eurozone ETF 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 FTSE Europe ETF and FTSE Eurozone ETF, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(k) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

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| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| FTSE Australia ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $(4307615)<br>| &nbsp;&nbsp; $4307615 |
| FTSE Brazil ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; 14267 | &nbsp;&nbsp; (14267)<br>|
| FTSE Canada ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (34872446)<br>| &nbsp;&nbsp; 34872446 |
| FTSE Europe ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (4313142)<br>| &nbsp;&nbsp; 4313142 |
| FTSE Germany ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (9684720)<br>| &nbsp;&nbsp; 9684720 |
| FTSE Japan ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (112741556)<br>| &nbsp;&nbsp; 112741556 |
| FTSE Japan Hedged ETF<sup>(c)</sup> <br>| &nbsp;&nbsp; (3593763)<br>| &nbsp;&nbsp; 3593763 |
| FTSE Latin America ETF<sup>(d)</sup> <br>| &nbsp;&nbsp; 600 | &nbsp;&nbsp; (600)<br>|
| FTSE Mexico ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (1331151)<br>| &nbsp;&nbsp; 1331151 |
| FTSE South Korea ETF<sup>(e)</sup> <br>| &nbsp;&nbsp; (97486)<br>| &nbsp;&nbsp; 97486 |
| FTSE United Kingdom ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; (101168083)<br>| &nbsp;&nbsp; 101168083 |

---

<sup>(a)</sup>

Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities and book/tax differences in the treatment of various items.

<sup>(b)</sup>

Reclassifications are due to a non-deductible excise tax paid by the Fund.

<sup>(c)</sup>

Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities and distributions paid in connection with the redemption of Fund shares.

<sup>(d)</sup>

Reclassifications are due to a non-deductible excise tax paid by the Fund and prior year true-ups.

<sup>(e)</sup>

Reclassifications are due to a book/tax differences in the treatment of various items.

During the current year, FTSE Asia ex Japan ETF, FTSE China ETF, FTSE Eurozone ETF, FTSE India ETF, FTSE Saudi Arabia ETF, FTSE Switzerland ETF and FTSE Taiwan ETF had no reclassifications.

**(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. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC ("FASL") is each Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is each Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is each Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton 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.

Under a subadvisory agreement, FT Institutional provides subadvisory services to the Funds. The subadvisory fee is paid by FASL based on the Funds' average daily net assets and is not an additional expense of the Funds.

The Funds pay FASL a unified management fee for managing the Funds' assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, FASL reimburses the Funds for all acquired fund fees and expenses (such as those associated with the Funds' investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Funds, except for (i) the Funds' management fee, (ii) payments under the Funds' 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 Funds may be a party and indemnification of the Trustees and officers with respect thereto), and (vii) other non-routine or extraordinary expenses.

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Franklin Templeton ETF Trust 2026 Annual Report

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Each Fund pays gross effective investment management fee, calculated daily and paid monthly according to the terms of the management agreement, at an annual rate of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; 0.19% |
| FTSE Australia ETF | &nbsp;&nbsp; 0.09% |
| FTSE Brazil ETF | &nbsp;&nbsp; 0.19% |
| FTSE Canada ETF | &nbsp;&nbsp; 0.09% |
| FTSE China ETF | &nbsp;&nbsp; 0.19% |
| FTSE Europe ETF | &nbsp;&nbsp; 0.09% |
| FTSE Eurozone ETF | &nbsp;&nbsp; 0.09% |
| FTSE Germany ETF | &nbsp;&nbsp; 0.09% |
| FTSE India ETF | &nbsp;&nbsp; 0.19% |
| FTSE Japan ETF | &nbsp;&nbsp; 0.09% |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 0.09% |
| FTSE Latin America ETF | &nbsp;&nbsp; 0.19% |
| FTSE Mexico ETF | &nbsp;&nbsp; 0.19% |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 0.39% |
| FTSE South Korea ETF | &nbsp;&nbsp; 0.09% |
| FTSE Switzerland ETF | &nbsp;&nbsp; 0.09% |
| FTSE Taiwan ETF | &nbsp;&nbsp; 0.19% |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 0.09% |

---

FASL pays FT Institutional for its services to the Funds. With respect to each Fund, FASL pays FT Institutional a monthly fee equal to 50% of the net investment advisory fee payable by each Fund to FASL (the "Net Investment Advisory Fee"), calculated daily. The Net Investment Advisory Fee is equal to (i) 96% of an amount equal to the total investment management fees payable to FASL, minus any Fund fees and/or expenses waived or reimbursed by FASL, including as part of each Fund's unitary management fee structure pursuant to the investment management agreement between FASL and the Trust, on behalf of each Fund, minus (ii) any fees payable by FASL to Franklin Templeton Services for fund administrative services.

The manager has agreed to waive the Funds' management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the year ended March 31, 2026, fees waived and/or expenses reimbursed, all of which was an affiliated money market fund waiver, amounted to as follows:

---

| | |
|:---|:---|
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; $169 |
| FTSE Australia ETF | &nbsp;&nbsp; 48 |
| FTSE Brazil ETF | &nbsp;&nbsp; 2151 |
| FTSE Canada ETF | &nbsp;&nbsp; 294 |
| FTSE China ETF | &nbsp;&nbsp; 882 |
| FTSE Europe ETF | &nbsp;&nbsp; 98 |
| FTSE Eurozone ETF | &nbsp;&nbsp; 32 |
| FTSE Germany ETF | &nbsp;&nbsp; 27 |
| FTSE India ETF  | &nbsp;&nbsp; 14722 |
| FTSE Japan ETF | &nbsp;&nbsp; 3609 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 462 |
| FTSE Latin America ETF | &nbsp;&nbsp; 150 |
| FTSE Mexico ETF | &nbsp;&nbsp; 398 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 84 |
| FTSE South Korea ETF | &nbsp;&nbsp; 1031 |
| FTSE Switzerland ETF | &nbsp;&nbsp; 46 |
| FTSE Taiwan ETF | &nbsp;&nbsp; 3429 |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 641 |

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Franklin Templeton ETF Trust 2026 Annual Report

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Notes to Financial Statements (cont'd)

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; $7890711 | &nbsp;&nbsp; $2322644 |
| FTSE Australia ETF | &nbsp;&nbsp; 4727082 | &nbsp;&nbsp; 4723747 |
| FTSE Brazil ETF | &nbsp;&nbsp; 263704414 | &nbsp;&nbsp; 35928752 |
| FTSE Canada ETF | &nbsp;&nbsp; 88832752 | &nbsp;&nbsp; 86833253 |
| FTSE China ETF | &nbsp;&nbsp; 106932360 | &nbsp;&nbsp; 16279757 |
| FTSE Europe ETF | &nbsp;&nbsp; 5802987 | &nbsp;&nbsp; 5438128 |
| FTSE Eurozone ETF | &nbsp;&nbsp; 3043134 | &nbsp;&nbsp; 3075819 |
| FTSE Germany ETF | &nbsp;&nbsp; 2886810 | &nbsp;&nbsp; 2945719 |
| FTSE India ETF  | &nbsp;&nbsp; 1439811713 | &nbsp;&nbsp; 342900402 |
| FTSE Japan ETF | &nbsp;&nbsp; 131241107 | &nbsp;&nbsp; 205110330 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 23025555 | &nbsp;&nbsp; 18207990 |
| FTSE Latin America ETF | &nbsp;&nbsp; 36229265 | &nbsp;&nbsp; 5628722 |
| FTSE Mexico ETF | &nbsp;&nbsp; 13792157 | &nbsp;&nbsp; 13636450 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; 9821884 | &nbsp;&nbsp; 21243248 |
| FTSE South Korea ETF | &nbsp;&nbsp; 260192884 | &nbsp;&nbsp; 72659558 |
| FTSE Switzerland ETF | &nbsp;&nbsp; 7696062 | &nbsp;&nbsp; 7119076 |
| FTSE Taiwan ETF | &nbsp;&nbsp; 1371410829 | &nbsp;&nbsp; 377953880 |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 44334932 | &nbsp;&nbsp; 48516595 |

---

During the year ended March 31, 2026, in-kind transactions (Note 5) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| FTSE Asia ex Japan ETF | &nbsp;&nbsp; $468573 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Australia ETF | &nbsp;&nbsp; 44322557 | &nbsp;&nbsp; $24502496 | &nbsp;&nbsp; $4422748 |
| FTSE Brazil ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Canada ETF | &nbsp;&nbsp; 221768867 | &nbsp;&nbsp; 73184268 | &nbsp;&nbsp; 34968644 |
| FTSE China ETF | &nbsp;&nbsp; 4617441 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Europe ETF | &nbsp;&nbsp; 19805674 | &nbsp;&nbsp; 14106530 | &nbsp;&nbsp; 4390302 |
| FTSE Eurozone ETF | &nbsp;&nbsp; 37225268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Germany ETF | &nbsp;&nbsp; 38309021 | &nbsp;&nbsp; 28693890 | &nbsp;&nbsp; 9705229 |
| FTSE India ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Japan ETF | &nbsp;&nbsp; 894198060 | &nbsp;&nbsp; 399070583 | &nbsp;&nbsp; 127420711 |
| FTSE Japan Hedged ETF | &nbsp;&nbsp; 34715806 | &nbsp;&nbsp; 10744127 | &nbsp;&nbsp; 3394886 |
| FTSE Latin America ETF | &nbsp;&nbsp; 13428777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Mexico ETF | &nbsp;&nbsp; 35563673 | &nbsp;&nbsp; 15346074 | &nbsp;&nbsp; 1345397 |
| FTSE Saudi Arabia ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE South Korea ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Switzerland ETF | &nbsp;&nbsp; 20935276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE Taiwan ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| FTSE United Kingdom ETF | &nbsp;&nbsp; 249681588 | &nbsp;&nbsp; 299397576 | &nbsp;&nbsp; 104342600 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Funds.

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Franklin Templeton ETF Trust 2026 Annual Report

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The in-kind contributions and in-kind redemptions shown in this table may not agree with the Funds' Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of each Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, in connection with securities lending transactions, certain or all Funds loaned investments and received cash collateral as follows:

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| | |
|:---|:---|
| **Securities Lending Transactions**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Equity** <br>**Investments**<sup>(b)</sup><br>|
| FTSE China ETF | &nbsp;&nbsp; $423500 |
| FTSE Japan ETF | &nbsp;&nbsp; 14346787 |
| FTSE Mexico ETF | &nbsp;&nbsp; 4080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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. 

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Asia ex Japan ETF | FTSE Asia ex Japan ETF | FTSE Asia ex Japan ETF | FTSE Asia ex Japan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $32114762 | &nbsp;&nbsp; $13745443 | &nbsp;&nbsp; $(4871607)<br>| &nbsp;&nbsp; $8873836 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Australia ETF | FTSE Australia ETF | FTSE Australia ETF | FTSE Australia ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $84483921 | &nbsp;&nbsp; $8231528 | &nbsp;&nbsp; $(6467429)<br>| &nbsp;&nbsp; $1764099 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17047)<br>| &nbsp;&nbsp; (17047)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Brazil ETF | FTSE Brazil ETF | FTSE Brazil ETF | FTSE Brazil ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $407009367 | &nbsp;&nbsp; $109278875 | &nbsp;&nbsp; $(18909681)<br>| &nbsp;&nbsp; $90369194 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (101146)<br>| &nbsp;&nbsp; (101146)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Canada ETF | FTSE Canada ETF | FTSE Canada ETF | FTSE Canada ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $537996018 | &nbsp;&nbsp; $148731787 | &nbsp;&nbsp; $(10797423)<br>| &nbsp;&nbsp; $137934364 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 14238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14238 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE China ETF | FTSE China ETF | FTSE China ETF | FTSE China ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $271509140 | &nbsp;&nbsp; $36242815 | &nbsp;&nbsp; $(35593516)<br>| &nbsp;&nbsp; $649299 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Europe ETF | FTSE Europe ETF | FTSE Europe ETF | FTSE Europe ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $93209662 | &nbsp;&nbsp; $22935997 | &nbsp;&nbsp; $(9810576)<br>| &nbsp;&nbsp; $13125421 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14734)<br>| &nbsp;&nbsp; (14734)<br>|

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Eurozone ETF | FTSE Eurozone ETF | FTSE Eurozone ETF | FTSE Eurozone ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $56426049 | &nbsp;&nbsp; $11070003 | &nbsp;&nbsp; $(4070992)<br>| &nbsp;&nbsp; $6999011 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Germany ETF | FTSE Germany ETF | FTSE Germany ETF | FTSE Germany ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $44090335 | &nbsp;&nbsp; $2315809 | &nbsp;&nbsp; $(6499838)<br>| &nbsp;&nbsp; $(4184029)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3828)<br>| &nbsp;&nbsp; (3828)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE India ETF  | FTSE India ETF  | FTSE India ETF  | FTSE India ETF  |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $2712379718 | &nbsp;&nbsp; $131385051 | &nbsp;&nbsp; $(404945565)<br>| &nbsp;&nbsp; $(273560514)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (541030)<br>| &nbsp;&nbsp; (541030)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Japan ETF | FTSE Japan ETF | FTSE Japan ETF | FTSE Japan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $2641795089 | &nbsp;&nbsp; $527939462 | &nbsp;&nbsp; $(288783826)<br>| &nbsp;&nbsp; $239155636 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (818445)<br>| &nbsp;&nbsp; (818445)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Japan Hedged ETF | FTSE Japan Hedged ETF | FTSE Japan Hedged ETF | FTSE Japan Hedged ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $117084274 | &nbsp;&nbsp; $23932533 | &nbsp;&nbsp; $(9791573)<br>| &nbsp;&nbsp; $14140960 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (36192)<br>| &nbsp;&nbsp; (36192)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3087807 | &nbsp;&nbsp; (2866)<br>| &nbsp;&nbsp; 3084941 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Latin America ETF | FTSE Latin America ETF | FTSE Latin America ETF | FTSE Latin America ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $70769939 | &nbsp;&nbsp; $19558336 | &nbsp;&nbsp; $(1690946)<br>| &nbsp;&nbsp; $17867390 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 5566 | &nbsp;&nbsp; (8015)<br>| &nbsp;&nbsp; (2449)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Mexico ETF | FTSE Mexico ETF | FTSE Mexico ETF | FTSE Mexico ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $75521260 | &nbsp;&nbsp; $13773452 | &nbsp;&nbsp; $(1752076)<br>| &nbsp;&nbsp; $12021376 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Saudi Arabia ETF | FTSE Saudi Arabia ETF | FTSE Saudi Arabia ETF | FTSE Saudi Arabia ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $3433508 | &nbsp;&nbsp; $1633166 | &nbsp;&nbsp; $(32657)<br>| &nbsp;&nbsp; $1600509 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1008 |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE South Korea ETF | FTSE South Korea ETF | FTSE South Korea ETF | FTSE South Korea ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $322003061 | &nbsp;&nbsp; $130432009 | &nbsp;&nbsp; $(34392417)<br>| &nbsp;&nbsp; $96039592 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (157220)<br>| &nbsp;&nbsp; (157220)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Switzerland ETF | FTSE Switzerland ETF | FTSE Switzerland ETF | FTSE Switzerland ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $65180393 | &nbsp;&nbsp; $12708623 | &nbsp;&nbsp; $(3225570)<br>| &nbsp;&nbsp; $9483053 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2008)<br>| &nbsp;&nbsp; (2008)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE Taiwan ETF | FTSE Taiwan ETF | FTSE Taiwan ETF | FTSE Taiwan ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $1263924691 | &nbsp;&nbsp; $223119183 | &nbsp;&nbsp; $(45139578)<br>| &nbsp;&nbsp; $177979605 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | FTSE United Kingdom ETF | FTSE United Kingdom ETF | FTSE United Kingdom ETF | FTSE United Kingdom ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $700191508 | &nbsp;&nbsp; $174935886 | &nbsp;&nbsp; $(63046462)<br>| &nbsp;&nbsp; $111889424 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (86866)<br>| &nbsp;&nbsp; (86866)<br>|

---

**4. Derivative instruments and hedging activities** 

**FTSE Asia ex Japan ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**FTSE Australia ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $17047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(14095)<br>|

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(16855)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $297326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE Brazil ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $101146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $1394679 | &nbsp;&nbsp; $1394679 |
| Forward foreign currency contracts | &nbsp;&nbsp; $4939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4939 |
| **Total** | &nbsp;&nbsp; **$4939** | &nbsp;&nbsp; **$1394679** | &nbsp;&nbsp; **$1399618** |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(129127)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $4354741 |
| Forward foreign currency contracts (to buy)† | &nbsp;&nbsp; 387025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

**FTSE Canada ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $14238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $217508 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $5461 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1018100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE China ETF**

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following table provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $167748 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $557837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

**FTSE Europe ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $14734 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $69753 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $16579 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $605971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE Eurozone ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $15250 |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $3152 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $56367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE Germany ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $3828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $15951 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(1284)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $91318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE India ETF** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $541030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(3614788)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(73761)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $23863962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE Japan ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $818445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $3043082 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $62097 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $15167871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

**FTSE Japan Hedged ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $3087807 |

---

---

| | | | |
|:---|:---|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $36192 | &nbsp;&nbsp; $36192 |
| Forward foreign currency contracts | &nbsp;&nbsp; $2866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2866 |
| **Total** | &nbsp;&nbsp; **$2866** | &nbsp;&nbsp; **$36192** | &nbsp;&nbsp; **$39058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $223616 | &nbsp;&nbsp; $223616 |
| Forward foreign currency contracts | &nbsp;&nbsp; $7600779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7600779 |
| **Total** | &nbsp;&nbsp; **$7600779** | &nbsp;&nbsp; **$223616** | &nbsp;&nbsp; **$7824395** |

---

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(16628)<br>| &nbsp;&nbsp; $(16628)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $3468386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3468386 |
| **Total** | &nbsp;&nbsp; **$3468386** | &nbsp;&nbsp; **$(16628)**<br>| &nbsp;&nbsp; **$3451758** |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1005110 |
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; 58103732 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 171558292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2,3</sup> <br>|
| State Street Bank and Trust Co. | &nbsp;&nbsp; $771559 | &nbsp;&nbsp; $(934)<br>| &nbsp;&nbsp; $770625 | &nbsp;&nbsp; — | &nbsp;&nbsp; $770625 |
| UBS Securities LLC | &nbsp;&nbsp; 771677 | &nbsp;&nbsp; (1147)<br>| &nbsp;&nbsp; 770530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 770530 |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1544571 | &nbsp;&nbsp; (785)<br>| &nbsp;&nbsp; 1543786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1543786 |
| **Total** | &nbsp;&nbsp; **$3087807** | &nbsp;&nbsp; **$(2866)**<br>| &nbsp;&nbsp; **$3084941** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3084941** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**FTSE Latin America ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $5566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $8015 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $102619 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(6188)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $448100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

**FTSE Mexico ETF**

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following table provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $8776 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $101946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

**FTSE Saudi Arabia ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $1008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $(7615)<br>| &nbsp;&nbsp; $(7615)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $(306)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (306)<br>|
| **Total** | &nbsp;&nbsp; **$(306)**<br>| &nbsp;&nbsp; **$(7615)**<br>| &nbsp;&nbsp; **$(7921)**<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1008 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $22664 |
| Forward foreign currency contracts (to sell)† | &nbsp;&nbsp; 3715 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

**FTSE South Korea ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $157220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $409225 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(139636)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $803112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE Switzerland ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $2008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $5818 |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $28804 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $960445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**FTSE Taiwan ETF**

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following table provides information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>| Equity <br>Risk<br>| Total |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $530124 | &nbsp;&nbsp; $530124 |
| Forward foreign currency contracts | &nbsp;&nbsp; $(2736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2736)<br>|
| **Total** | &nbsp;&nbsp; **$(2736)**<br>| &nbsp;&nbsp; **$530124** | &nbsp;&nbsp; **$527388** |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $755200 |
| Forward foreign currency contracts (to sell)† | &nbsp;&nbsp; 3873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

**FTSE United Kingdom ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup> <br>| &nbsp;&nbsp; $86866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only net variation margin is reported within the receivables and/or payables on the Statements of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $588210 |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $1476 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $4218494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following companies were considered affiliated companies for all or some portion of the year ended March 31, 2026. The following transactions were effected in such companies for the year ended March 31, 2026.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Asia ex Japan <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Asia ex Japan <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $39 | $2971412 | 2971412 | $2949532 | 2949532 |  | $1870 |  |  | $21919 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 11273120 | 11273120 | 11273120 | 11273120 |  |  |  |  |  |
| **Total** | **$39** | **$14244532** |  | **$14222652** |  | **—** | **$1870** | **—** | **—** | **$21919** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Australia ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Australia ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $40578 | $2481095 | 2481095 | $2481625 | 2481625 |  | $1309 |  |  | $40048 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>|  | 3920895 | 3920895 | 3920895 | 3920895 |  |  |  |  |  |
| **Total** | **$40578** | **$6401990** |  | **$6402520** |  | **—** | **$1309** | **—** | **—** | **$40048** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Brazil ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Brazil ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $48735 | $155088670 | 155088670 | $154885178 | 154885178 |  | $45701 |  | $252227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Canada ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Canada ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $78873 | $12164522 | 12164522 | $12170344 | 12170344 |  | $9379 |  |  | $73051 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 37037255 | 37037255 | 37037255 | 37037255 |  |  | $10212 |  |  |
| **Total** | **$78873** | **$49201777** |  | **$49207599** |  | **—** | **$9379** | **$10212** | **—** | **$73051** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE China ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE China ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $29700 | $4666409 | 4666409 | $4272609 | 4272609 |  |  | $2809 |  | $423500 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| 22311 | 34696090 | 34696090 | 34542616 | 34542616 |  | $14268 |  |  | 175785 |
| **Total** | **$52011** | **$39362499** |  | **$38815225** |  | **—** | **$14268** | **$2809** | **—** | **$599285** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Europe ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Europe ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $46800 | $3727215 | 3727215 | $3773966 | 3773966 |  | $2610 |  |  | $49 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>|  | 5555 | 5555 | 5555 | 5555 |  |  | $1 |  |  |
| **Total** | **$46800** | **$3732770** |  | **$3779521** |  | **—** | **$2610** | **$1** | **—** | **$49** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Eurozone ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Eurozone ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>| $1925 | $1301139 | 1301139 | $1301808 | 1301808 |  | $821 |  | $1256 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Germany ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Germany ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | $1239894 | 1239894 | $1239894 | 1239894 |  | $585 |  |  |  |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 23582265 | 23582265 | 23582265 | 23582265 |  |  |  |  |  |
| **Total** | **—** | **$24822159** |  | **$24822159** |  | **—** | **$585** | **—** | **—** | **—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE India ETF  | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE India ETF  | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $14580819 | $312808285 | 312808285 | $327384488 | 327384488 |  | $246833 |  | $4616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Japan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Japan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| $1489374 | $94524327 | 94524327 | $81666914 | 81666914 |  |  | $1829 |  | $14346787 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| 144665 | 126362953 | 126362953 | 126506367 | 126506367 |  | $80308 |  |  | 1251 |
| **Total** | **$1634039** | **$220887280** |  | **$208173281** |  | **—** | **$80308** | **$1829** | **—** | **$14348038** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Japan Hedged <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Japan Hedged <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $438852 | $11488312 | 11488312 | $11728196 | 11728196 |  | $17160 |  |  | $198968 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 375550 | 375550 | 375550 | 375550 |  |  |  |  |  |
| **Total** | **$438852** | **$11863862** |  | **$12103746** |  | **—** | **$17160** | **—** | **—** | **$198968** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Latin America ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Latin America ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $18048 | $4968595 | 4968595 | $4951552 | 4951552 |  | $1426 |  |  | $35091 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| 34414 | 629916 | 629916 | 664330 | 664330 |  |  | $540 |  |  |
| **Total** | **$52462** | **$5598511** |  | **$5615882** |  | **—** | **$1426** | **$540** | **—** | **$35091** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Mexico ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Mexico ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $175005 | $8851640 | 8851640 | $9022565 | 9022565 |  |  | $2778 |  | $4080 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| 1 | 2531171 | 2531171 | 2531168 | 2531168 |  | $1308 |  |  | 4 |
| **Total** | **$175006** | **$11382811** |  | **$11553733** |  | **—** | **$1308** | **$2778** | **—** | **$4084** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Saudi Arabia ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Saudi Arabia ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>| $1 | $2722676 | 2722676 | $2722677 | 2722677 |  | $1129 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE South Korea ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE South Korea ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $37 | $112052518 | 112052518 | $112050960 | 112050960 |  | $38054 |  | $1595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Switzerland ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Switzerland ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares<sup>(a)</sup> <br>| $2258 | $1549022 | 1549022 | $1551132 | 1551132 |  | $1005 |  | $148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE Taiwan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE Taiwan ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $224256 | $113385605 | 113385605 | $113481744 | 113481744 |  | $78290 |  | $128117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FTSE United Kingdom <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| FTSE United Kingdom <br> ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Income From <br>Securities Lending | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $489625 | $32010816<br>| 32010816 | $32493293 | 32493293 |  | $15642 |  |  | $7148 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |  |  |
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>|  | 17192815 | 17192815 | 17192815 | 17192815 |  |  | $2834 |  |  |
| **Total** | **$489625** | **$49203631** |  | **$49686108** |  | **—** | **$15642** | **$2834** | **—** | **$7148** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Asia ex Japan ETF<br>| FTSE <br>Australia ETF<br>| FTSE <br>Brazil ETF<br>| FTSE <br>Canada ETF<br>| FTSE <br>China ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $843608 | &nbsp;&nbsp; $2299547 | &nbsp;&nbsp; $19286550 | &nbsp;&nbsp; $10050366 | &nbsp;&nbsp; $5902201 |
| **Total distributions paid** | &nbsp;&nbsp; **$843608** | &nbsp;&nbsp; **$2299547** | &nbsp;&nbsp; **$19286550** | &nbsp;&nbsp; **$10050366** | &nbsp;&nbsp; **$5902201** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Europe ETF<br>| FTSE <br>Eurozone ETF<br>| FTSE <br>Germany ETF<br>| FTSE <br>India ETF<br>| FTSE <br>Japan ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $3355127 | &nbsp;&nbsp; $1187826 | &nbsp;&nbsp; $1070494 | &nbsp;&nbsp; $14940263 | &nbsp;&nbsp; $127564350 |
| **Total distributions paid** | &nbsp;&nbsp; **$3355127** | &nbsp;&nbsp; **$1187826** | &nbsp;&nbsp; **$1070494** | &nbsp;&nbsp; **$14940263** | &nbsp;&nbsp; **$127564350** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Japan Hedged ETF<br>| FTSE <br>Latin America ETF<br>| FTSE <br>Mexico ETF<br>| FTSE <br>Saudi Arabia ETF<br>| FTSE <br>South Korea ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $7565309 | &nbsp;&nbsp; $2554151 | &nbsp;&nbsp; $2408449 | &nbsp;&nbsp; $732985 | &nbsp;&nbsp; $9114936 |
| Net long-term capital gains | &nbsp;&nbsp; 1245666 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **$8810975** | &nbsp;&nbsp; **$2554151** | &nbsp;&nbsp; **$2408449** | &nbsp;&nbsp; **$732985** | &nbsp;&nbsp; **$9114936** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | FTSE <br>Switzerland ETF<br>| FTSE <br>Taiwan ETF<br>| FTSE <br>United Kingdom ETF<br>|
| **Distributions paid from:** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $1234853 | &nbsp;&nbsp; $14852461 | &nbsp;&nbsp; $32420912 |
| **Total distributions paid** | &nbsp;&nbsp; **$1234853** | &nbsp;&nbsp; **$14852461** | &nbsp;&nbsp; **$32420912** |

---

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Asia ex Japan ETF<br>| FTSE <br>Australia ETF<br>| FTSE <br>Brazil ETF<br>| FTSE <br>Canada ETF<br>| FTSE <br>China ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $851532 | &nbsp;&nbsp; $1660072 | &nbsp;&nbsp; $10598965 | &nbsp;&nbsp; $10231884 | &nbsp;&nbsp; $4065568 |
| **Total distributions paid** | &nbsp;&nbsp; **$851532** | &nbsp;&nbsp; **$1660072** | &nbsp;&nbsp; **$10598965** | &nbsp;&nbsp; **$10231884** | &nbsp;&nbsp; **$4065568** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Europe ETF<br>| FTSE <br>Eurozone ETF<br>| FTSE <br>Germany ETF<br>| FTSE <br>India ETF<br>| FTSE <br>Japan ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $2726480 | &nbsp;&nbsp; $611823 | &nbsp;&nbsp; $568974 | &nbsp;&nbsp; $23733043 | &nbsp;&nbsp; $94224019 |
| **Total distributions paid** | &nbsp;&nbsp; **$2726480** | &nbsp;&nbsp; **$611823** | &nbsp;&nbsp; **$568974** | &nbsp;&nbsp; **$23733043** | &nbsp;&nbsp; **$94224019** |

---

------

Franklin Templeton ETF Trust 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Japan Hedged ETF<br>| FTSE <br>Latin America ETF<br>| FTSE <br>Mexico ETF<br>| FTSE <br>Saudi Arabia ETF<br>| FTSE <br>South Korea ETF<br>|
| **Distributions paid from:** |  |  |  |  |  |
| Ordinary income | &nbsp;&nbsp; $3331025 | &nbsp;&nbsp; $3090596 | &nbsp;&nbsp; $2471603 | &nbsp;&nbsp; $529436 | &nbsp;&nbsp; $10581086 |
| Net long-term capital gains | &nbsp;&nbsp; 250445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **$3581470** | &nbsp;&nbsp; **$3090596** | &nbsp;&nbsp; **$2471603** | &nbsp;&nbsp; **$529436** | &nbsp;&nbsp; **$10581086** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | FTSE <br>Switzerland ETF<br>| FTSE <br>Taiwan ETF<br>| FTSE <br>United Kingdom ETF<br>|
| **Distributions paid from:** |  |  |  |
| Ordinary income | &nbsp;&nbsp; $1104558 | &nbsp;&nbsp; $6331672 | &nbsp;&nbsp; $29746195 |
| **Total distributions paid** | &nbsp;&nbsp; **$1104558** | &nbsp;&nbsp; **$6331672** | &nbsp;&nbsp; **$29746195** |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Asia ex Japan ETF<br>| FTSE <br>Australia ETF<br>| FTSE <br>Brazil ETF<br>| FTSE <br>Canada ETF<br>| FTSE <br>China ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $144332 | &nbsp;&nbsp; $875363 | &nbsp;&nbsp; $2807641 | &nbsp;&nbsp; $3234102 | &nbsp;&nbsp; — |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (6017089)<br>| &nbsp;&nbsp; (2861667)<br>| &nbsp;&nbsp; (146583228)<br>| &nbsp;&nbsp; (10947549)<br>| &nbsp;&nbsp; $(33673736)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14236)<br>| &nbsp;&nbsp; (552283)<br>|
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 8732435 | &nbsp;&nbsp; 1732002 | &nbsp;&nbsp; 90381744 | &nbsp;&nbsp; 137940115 | &nbsp;&nbsp; 648856 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$2859678** | &nbsp;&nbsp; **$(254302)**<br>| &nbsp;&nbsp; **$(53393843)**<br>| &nbsp;&nbsp; **$130212432** | &nbsp;&nbsp; **$(33577163)**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Europe ETF<br>| FTSE <br>Eurozone ETF<br>| FTSE <br>Germany ETF<br>| FTSE <br>India ETF<br>| FTSE <br>Japan ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $999936 | &nbsp;&nbsp; $24389 | &nbsp;&nbsp; $300060 | &nbsp;&nbsp; $6635988 | &nbsp;&nbsp; $14942986 |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (7985493)<br>| &nbsp;&nbsp; (4172731)<br>| &nbsp;&nbsp; (2037461)<br>| &nbsp;&nbsp; (78639281)<br>| &nbsp;&nbsp; (97637230)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; 192340 | &nbsp;&nbsp; 42777 | &nbsp;&nbsp; 3827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 13126063 | &nbsp;&nbsp; 7003507 | &nbsp;&nbsp; (4183618)<br>| &nbsp;&nbsp; (274105798)<br>| &nbsp;&nbsp; 238288107 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$6332846** | &nbsp;&nbsp; **$2897942** | &nbsp;&nbsp; **$(5917192)**<br>| &nbsp;&nbsp; **$(346109091)**<br>| &nbsp;&nbsp; **$155593863** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FTSE <br>Japan Hedged ETF<br>| FTSE <br>Latin America ETF<br>| FTSE <br>Mexico ETF<br>| FTSE <br>Saudi Arabia ETF<br>| FTSE <br>South Korea ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $3457458 | &nbsp;&nbsp; $470975 | &nbsp;&nbsp; $397066 | &nbsp;&nbsp; $32154 | &nbsp;&nbsp; $5767793 |
| Undistributed long-term capital gains <br> — net<br>| &nbsp;&nbsp; 2834249 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; $6291707 | &nbsp;&nbsp; $470975 | &nbsp;&nbsp; $397066 | &nbsp;&nbsp; $32154 | &nbsp;&nbsp; $5767793 |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4439414)<br>| &nbsp;&nbsp; (6242012)<br>| &nbsp;&nbsp; (1560476)<br>| &nbsp;&nbsp; (18902881)<br>|
| Other book/tax temporary <br> differences<sup>(a)</sup> <br>| &nbsp;&nbsp; (3084940)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1008)<br>| &nbsp;&nbsp; — |
| Unrealized appreciation <br> (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 17190294 | &nbsp;&nbsp; 17876068 | &nbsp;&nbsp; 12021085 | &nbsp;&nbsp; 1600812 | &nbsp;&nbsp; 95750615 |
| **Total distributable earnings (loss)** <br> **— net**<br>| &nbsp;&nbsp; **$20397061** | &nbsp;&nbsp; **$13907629** | &nbsp;&nbsp; **$6176139** | &nbsp;&nbsp; **$71482** | &nbsp;&nbsp; **$82615527** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | FTSE <br>Switzerland ETF<br>| FTSE <br>Taiwan ETF<br>| FTSE <br>United Kingdom ETF<br>|
| Undistributed ordinary income — net | &nbsp;&nbsp; $739149 | &nbsp;&nbsp; $3612122 | &nbsp;&nbsp; $4713142 |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (4084596)<br>| &nbsp;&nbsp; (23481160)<br>| &nbsp;&nbsp; (31550440)<br>|
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; 2008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86865 |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 9509425 | &nbsp;&nbsp; 177979195 | &nbsp;&nbsp; 111744366 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$6165986** | &nbsp;&nbsp; **$158110157** | &nbsp;&nbsp; **$84993933** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable to the tax deferral of losses on straddles, the realization for tax purposes on unrealized gains (losses) on certain futures and/or foreign currency contracts and/or book/tax differences in the timing of the destructibility of various expenses. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the difference between the book and tax cost basis of investments in partnership and other book/tax basis adjustments. 

------

Franklin Templeton ETF Trust 2026 Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Concentration of risk**

Ongoing or threatened military conflicts throughout the world may cause significant market disruptions and volatility. The hostilities and sanctions resulting from those conflicts may also have a significant impact on certain investments of the Funds as well as the Funds' performance and liquidity. 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 FTSE Asia ex Japan ETF & 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 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.

**9. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

Franklin Templeton ETF Trust 2026 Annual Report

------

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 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 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 (eighteen of the funds constituting Franklin Templeton ETF Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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, 2026, 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, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026 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, 2026 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 28, 2026

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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Franklin Templeton ETF Trust 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Funds hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **FTSE** <br>**Asia ex Japan ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Australia ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Brazil ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Canada ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**China ETF**<br>|
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $410417 | $2342536 |  | $11936729 | $3108017 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **FTSE** <br>**Europe ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Eurozone ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Germany ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**India ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Japan ETF**<br>|
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $3381532 | $1213484 | $1096531 | $25842209 | $56597529 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **FTSE** <br>**Japan Hedged ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Latin America ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Mexico ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Saudi Arabia ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**South Korea ETF**<br>|
| Long-Term Capital <br> Gain Dividends <br> Distributed<br>| §852(b)(3)(C) | $1857206 |  |  |  |  |
| Qualified Dividend <br> Income Earned (QDI)<br>| §854(b)(1)(B) | $2411636 | $509195 | $2479325 |  | $4159386 |
| Short-Term Capital <br> Gain Dividends <br> Distributed<br>| §871(k)(2)(C) | $1193495 |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **FTSE** <br>**Switzerland ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Taiwan ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**United Kingdom ETF**<br>|
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $1576043 |  | $29592346 |

---

Under Section 853 of the Internal Revenue Code, the Funds 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, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **FTSE** <br>**Asia ex Japan ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Australia ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Brazil ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Canada ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**China ETF**<br>|
| Foreign Taxes Paid | $111391 | $42989 | $506861 | $1886363 | $322395 |
| Foreign Source Income Earned | $794891 | $2460643 | $17980606 | $12593049 | $4430810 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **FTSE** <br>**Europe ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Eurozone ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Germany ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**India ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Japan ETF**<br>|
| Foreign Taxes Paid | $242713 | $110806 | $154356 | $10901946 | $5826676 |
| Foreign Source Income Earned | $3326431 | $1120327 | $1087673 | $34983275 | $62556751 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **FTSE** <br>**Japan Hedged ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Latin America ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Mexico ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Saudi Arabia ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**South Korea ETF**<br>|
| Foreign Taxes Paid | $259594 | $155387 | $255961 | $24991 | $706648 |
| Foreign Source Income Earned | $2665240 | $2485957 | $2578457 | $529555 | $4903271 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **FTSE** <br>**Switzerland ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**Taiwan ETF**<br>| &nbsp;&nbsp; **FTSE** <br>**United Kingdom ETF**<br>|
| Foreign Taxes Paid | $341190 | $3985311 | $19039 |
| Foreign Source Income Earned | $1728853 | $17863847 | $29850807 |

---

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Franklin Templeton ETF Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. |

---

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Franklin Templeton ETF Trust

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(This page intentionally left blank.)

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Templeton ETF Trust**

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 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

The Funds are separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img54dbfe253.jpg)

**ETF5-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

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![](imgf66a6a011.gif)

**BrandywineGLOBAL — ETFS**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026 ![](img93ba27b02.gif)

**BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

**BrandywineGLOBAL - U.S. Fixed Income ETF**

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_SOI-Header-SOI-4993_1) | **1** |
| [Statements of Assets and Liabilities](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_SAL-Header-SAL_1) | **9** |
| [Statements of Operations](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_SOP-Header-SOP_1) | **10** |
| [Statements of Changes in Net Assets](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_SOC-Header-SOC-4993_1) | **11** |
| [Financial Highlights](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_FIHISP-Header-Financialhighlights2-4993_1) | **13** |
| [Notes to Financial Statements](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_NTF-Header-Notestofinancialstatements-4993_1) | **15** |
| [Report of Independent Registered Public Accounting Firm](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_RIRPAF-Header-Auditletter-4993_1) | **21** |
| [Important Tax Information](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_ITI-Header-Importanttaxinfo-4993_1) | **22** |
| [Changes in and Disagreements with Accountants](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_TSR-TOCTSRDisclosures-4993_1) | **23** |
| [Results of Meeting(s) of Shareholders](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_TSR-TOCTSRDisclosures-4993_1) | **23** |
| [Remuneration Paid to Directors, Officers and Others](#xx_477e8a03-a8a9-4b7c-8b4d-a1a2664e6f04_TSR-TOCTSRDisclosures-4993_1) | **23** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedules of Investments

March 31, 2026

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Communication Services — 10.4%** | **Communication Services — 10.4%** | **Communication Services — 10.4%** |
| Diversified Telecommunication Services — 8.7% | Diversified Telecommunication Services — 8.7% | Diversified Telecommunication Services — 8.7% |
| AT&T Inc. | &nbsp;&nbsp; 69752 | &nbsp;&nbsp; $2022110<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 98117 | &nbsp;&nbsp; 2816939<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 45208 | &nbsp;&nbsp; 2269442<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 7108491 |
| Interactive Media & Services — 1.2% | Interactive Media & Services — 1.2% | Interactive Media & Services — 1.2% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 3283 | &nbsp;&nbsp; 944059<br>|
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Fox Corp., Class A Shares | &nbsp;&nbsp; 1685 | &nbsp;&nbsp; 98404<br>|
| Wireless Telecommunication Services — 0.4% | Wireless Telecommunication Services — 0.4% | Wireless Telecommunication Services — 0.4% |
| Millicom International Cellular SA | &nbsp;&nbsp; 4741 | &nbsp;&nbsp; 355291<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **8506245** |
| **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** |
| Broadline Retail — 3.1% | Broadline Retail — 3.1% | Broadline Retail — 3.1% |
| Amazon.com Inc. | &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 549,833<br> \*<br>|
| Dillard's Inc., Class A Shares | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 168773<br>|
| eBay Inc. | &nbsp;&nbsp; 19660 | &nbsp;&nbsp; 1789453<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 2508059 |
| Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% |
| ADT Inc. | &nbsp;&nbsp; 29058 | &nbsp;&nbsp; 190911<br>|
| Service Corp. International | &nbsp;&nbsp; 4466 | &nbsp;&nbsp; 368490<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 559401 |
| Hotels, Restaurants & Leisure — 2.8% | Hotels, Restaurants & Leisure — 2.8% | Hotels, Restaurants & Leisure — 2.8% |
| Boyd Gaming Corp. | &nbsp;&nbsp; 3383 | &nbsp;&nbsp; 278015<br>|
| Churchill Downs Inc. | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 54796<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 557146<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 214728<br>|
| Hyatt Hotels Corp., Class A Shares | &nbsp;&nbsp; 1498 | &nbsp;&nbsp; 215397<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 18574 | &nbsp;&nbsp; 1000767<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 2320849 |
| Household Durables — 2.7% | Household Durables — 2.7% | Household Durables — 2.7% |
| DR Horton Inc. | &nbsp;&nbsp; 8455 | &nbsp;&nbsp; 1160195<br>|
| Lennar Corp., Class A Shares | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 157180<br>|
| NVR Inc. | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 698,522<br> \*<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 185824<br>|
| Taylor Morrison Home Corp., Class A Shares | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 45,136<br> \*<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 2246857 |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| AutoNation Inc. | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 140,196<br> \*<br>|
| Lithia Motors Inc. | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 47447<br>|
| Murphy USA Inc. | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 366526<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 554169 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **8189335** |
| **Consumer Staples — 8.2%** | **Consumer Staples — 8.2%** | **Consumer Staples — 8.2%** |
| Beverages — 2.2% | Beverages — 2.2% | Beverages — 2.2% |
| PepsiCo Inc. | &nbsp;&nbsp; 11608 | &nbsp;&nbsp; 1802606<br>|

---

See Notes to Financial Statements.

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BrandywineGLOBAL — ETFs 2026 Annual Report

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Schedules of Investments (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Consumer Staples Distribution & Retail — 3.1% | Consumer Staples Distribution & Retail — 3.1% | Consumer Staples Distribution & Retail — 3.1% |
| Albertsons Cos. Inc., Class A Shares | &nbsp;&nbsp; 12831 | &nbsp;&nbsp; $218640<br>|
| Dollar Tree Inc. | &nbsp;&nbsp; 2568 | &nbsp;&nbsp; 281,222<br> \*<br>|
| Kroger Co. | &nbsp;&nbsp; 17379 | &nbsp;&nbsp; 1257544<br>|
| Walmart Inc. | &nbsp;&nbsp; 6291 | &nbsp;&nbsp; 781846<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2539252 |
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Ingredion Inc. | &nbsp;&nbsp; 2164 | &nbsp;&nbsp; 243796<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 6062 | &nbsp;&nbsp; 228901<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 472697 |
| Household Products — 2.3% | Household Products — 2.3% | Household Products — 2.3% |
| Procter & Gamble Co. | &nbsp;&nbsp; 12931 | &nbsp;&nbsp; 1867754<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6682309** |
| **Energy — 7.2%** | **Energy — 7.2%** | **Energy — 7.2%** |
| Oil, Gas & Consumable Fuels — 7.2% | Oil, Gas & Consumable Fuels — 7.2% | Oil, Gas & Consumable Fuels — 7.2% |
| Antero Midstream Corp. | &nbsp;&nbsp; 17175 | &nbsp;&nbsp; 391590<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 17279 | &nbsp;&nbsp; 2498025<br>|
| HF Sinclair Corp. | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 92649<br>|
| Marathon Petroleum Corp. | &nbsp;&nbsp; 3804 | &nbsp;&nbsp; 928861<br>|
| Phillips 66 | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 568402<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 19266 | &nbsp;&nbsp; 1402179<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5881706** |
| **Financials — 31.7%** | **Financials — 31.7%** | **Financials — 31.7%** |
| Banks — 12.1% | Banks — 12.1% | Banks — 12.1% |
| Bank of America Corp. | &nbsp;&nbsp; 41009 | &nbsp;&nbsp; 1999189<br>|
| First Horizon Corp. | &nbsp;&nbsp; 15204 | &nbsp;&nbsp; 346043<br>|
| Hancock Whitney Corp. | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 37836<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 11773 | &nbsp;&nbsp; 3463146<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 3331 | &nbsp;&nbsp; 688584<br>|
| Popular Inc. | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 109080<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 40957 | &nbsp;&nbsp; 3260587<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 9904465 |
| Capital Markets — 8.8% | Capital Markets — 8.8% | Capital Markets — 8.8% |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; 461536<br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 19502 | &nbsp;&nbsp; 1832798<br>|
| Evercore Inc., Class A Shares | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 83583<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 3462 | &nbsp;&nbsp; 2928817<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 5476 | &nbsp;&nbsp; 764285<br>|
| Raymond James Financial Inc. | &nbsp;&nbsp; 2950 | &nbsp;&nbsp; 427131<br>|
| SEI Investments Co. | &nbsp;&nbsp; 4062 | &nbsp;&nbsp; 318745<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 4350 | &nbsp;&nbsp; 392109<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 7209004 |
| Consumer Finance — 1.0% | Consumer Finance — 1.0% | Consumer Finance — 1.0% |
| OneMain Holdings Inc. | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 53543<br>|
| Synchrony Financial | &nbsp;&nbsp; 11583 | &nbsp;&nbsp; 787876<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 841419 |
| Financial Services — 2.6% | Financial Services — 2.6% | Financial Services — 2.6% |
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 386,235<br> \*<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Enact Holdings Inc. | &nbsp;&nbsp; 4040 | &nbsp;&nbsp; $164873<br>|
| Essent Group Ltd. | &nbsp;&nbsp; 2323 | &nbsp;&nbsp; 135756<br>|
| MGIC Investment Corp. | &nbsp;&nbsp; 14188 | &nbsp;&nbsp; 372435<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 23696 | &nbsp;&nbsp; 1071770<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 2131069 |
| Insurance — 7.2% | Insurance — 7.2% | Insurance — 7.2% |
| American Financial Group Inc. | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 263082<br>|
| American International Group Inc. | &nbsp;&nbsp; 12390 | &nbsp;&nbsp; 932347<br>|
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 229187<br>|
| Globe Life Inc. | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 315916<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 7942 | &nbsp;&nbsp; 1073997<br>|
| MetLife Inc. | &nbsp;&nbsp; 21486 | &nbsp;&nbsp; 1519490<br>|
| Old Republic International Corp. | &nbsp;&nbsp; 13467 | &nbsp;&nbsp; 537333<br>|
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 396505<br>|
| Willis Towers Watson PLC | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 668610<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 5936467 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26022424** |
| **Health Care — 9.1%** | **Health Care — 9.1%** | **Health Care — 9.1%** |
| Biotechnology — 1.3% | Biotechnology — 1.3% | Biotechnology — 1.3% |
| Amgen Inc. | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; 614330<br>|
| Exelixis Inc. | &nbsp;&nbsp; 8043 | &nbsp;&nbsp; 344,965<br> \*<br>|
| Halozyme Therapeutics Inc. | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 60,752<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 1020047 |
| Health Care Providers & Services — 2.6% | Health Care Providers & Services — 2.6% | Health Care Providers & Services — 2.6% |
| Cigna Group | &nbsp;&nbsp; 6161 | &nbsp;&nbsp; 1643447<br>|
| Tenet Healthcare Corp. | &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 495,741<br> \*<br>|
| Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 26845<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 2166033 |
| Pharmaceuticals — 5.2% | Pharmaceuticals — 5.2% | Pharmaceuticals — 5.2% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 17381 | &nbsp;&nbsp; 1054158<br>|
| Johnson & Johnson | &nbsp;&nbsp; 8806 | &nbsp;&nbsp; 2152539<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 2826 | &nbsp;&nbsp; 339939<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 11657 | &nbsp;&nbsp; 559186<br>|
| Zoetis Inc. | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; 190791<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 4296613 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **7482693** |
| **Industrials — 14.8%** | **Industrials — 14.8%** | **Industrials — 14.8%** |
| Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% | Aerospace & Defense — 4.6% |
| Lockheed Martin Corp. | &nbsp;&nbsp; 6236 | &nbsp;&nbsp; 3768976<br>|
| Air Freight & Logistics — 1.2% | Air Freight & Logistics — 1.2% | Air Freight & Logistics — 1.2% |
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 9769 | &nbsp;&nbsp; 961074<br>|
| Building Products — 1.1% | Building Products — 1.1% | Building Products — 1.1% |
| AO Smith Corp. | &nbsp;&nbsp; 4002 | &nbsp;&nbsp; 263892<br>|
| Carlisle Cos. Inc. | &nbsp;&nbsp; 1992 | &nbsp;&nbsp; 664571<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 928463 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| AECOM | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 90758<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Ryder System Inc. | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; $213308<br>|
| Industrial Conglomerates — 4.2% | Industrial Conglomerates — 4.2% | Industrial Conglomerates — 4.2% |
| Honeywell International Inc. | &nbsp;&nbsp; 15160 | &nbsp;&nbsp; 3426615<br>|
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 5511 | &nbsp;&nbsp; 1434458<br>|
| Toro Co. | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 33078<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 1467536 |
| Professional Services — 0.7% | Professional Services — 0.7% | Professional Services — 0.7% |
| Leidos Holdings Inc. | &nbsp;&nbsp; 3811 | &nbsp;&nbsp; 592687<br>|
| Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% |
| United Rentals Inc. | &nbsp;&nbsp; 981 | &nbsp;&nbsp; 714717<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12164134** |
| **Information Technology — 3.9%** | **Information Technology — 3.9%** | **Information Technology — 3.9%** |
| Electronic Equipment, Instruments & Components — 3.3% | Electronic Equipment, Instruments & Components — 3.3% | Electronic Equipment, Instruments & Components — 3.3% |
| Flex Ltd. | &nbsp;&nbsp; 16155 | &nbsp;&nbsp; 1,057,506<br> \*<br>|
| Jabil Inc. | &nbsp;&nbsp; 6261 | &nbsp;&nbsp; 1663110<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 2720616 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Amdocs Ltd. | &nbsp;&nbsp; 3237 | &nbsp;&nbsp; 211247<br>|
| Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% |
| Cirrus Logic Inc. | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 80,698<br> \*<br>|
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Zoom Communications Inc. | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 174,044<br> \*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3186605** |
| **Materials — 3.2%** | **Materials — 3.2%** | **Materials — 3.2%** |
| Chemicals — 2.0% | Chemicals — 2.0% | Chemicals — 2.0% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 598409<br>|
| CF Industries Holdings Inc. | &nbsp;&nbsp; 8110 | &nbsp;&nbsp; 1053003<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 1651412 |
| Construction Materials — 0.7% | Construction Materials — 0.7% | Construction Materials — 0.7% |
| Eagle Materials Inc. | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 92830<br>|
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 869 | &nbsp;&nbsp; 511563<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 604393 |
| Containers & Packaging — 0.5% | Containers & Packaging — 0.5% | Containers & Packaging — 0.5% |
| Avery Dennison Corp. | &nbsp;&nbsp; 1738 | &nbsp;&nbsp; 300118<br>|
| Crown Holdings Inc. | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 68170<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 368288 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2624093** |
| **Utilities — 0.7%** | **Utilities — 0.7%** | **Utilities — 0.7%** |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Edison International | &nbsp;&nbsp; 3165 | &nbsp;&nbsp; 231615<br>|
| NRG Energy Inc. | &nbsp;&nbsp; 2397 | &nbsp;&nbsp; 350297<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **581912** |
| **Total Investments before Short-Term Investments (Cost — $76,357,847)** | **Total Investments before Short-Term Investments (Cost — $76,357,847)** | &nbsp;&nbsp; **81321456** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares (Cost — $634,999)  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 634999<br>| &nbsp;&nbsp; **$634999**<br> <sup>(a)(b)</sup><br>|
| **Total Investments — 100.0% (Cost — $76,992,846)** | **Total Investments — 100.0% (Cost — $76,992,846)** | **Total Investments — 100.0% (Cost — $76,992,846)** | &nbsp;&nbsp; **81956455** |
| Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp; (144)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$81956311** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $634,999 and the cost was $634,999 (Note 6).<br>|

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **BrandywineGLOBAL — U.S. Fixed Income ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 57.9%** | **U.S. Government & Agency Obligations — 57.9%** | **U.S. Government & Agency Obligations — 57.9%** | **U.S. Government & Agency Obligations — 57.9%** | **U.S. Government & Agency Obligations — 57.9%** |
| U.S. Government Obligations — 57.9% | U.S. Government Obligations — 57.9% | U.S. Government Obligations — 57.9% | U.S. Government Obligations — 57.9% | U.S. Government Obligations — 57.9% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; $580000 | &nbsp;&nbsp; $564934<br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.159%) | &nbsp;&nbsp; 3.812% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 2690000 | &nbsp;&nbsp; 2692835<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.190%) | &nbsp;&nbsp; 3.843% | &nbsp;&nbsp; 10/31/27 | &nbsp;&nbsp; 1630000 | &nbsp;&nbsp; 1632181<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.099%) | &nbsp;&nbsp; 3.752% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 440014<br> <sup>(a)</sup><br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 799260<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp; 1713819<br>|
| **Total U.S. Government & Agency Obligations (Cost — $7,844,095)** | **Total U.S. Government & Agency Obligations (Cost — $7,844,095)** | **Total U.S. Government & Agency Obligations (Cost — $7,844,095)** | **Total U.S. Government & Agency Obligations (Cost — $7,844,095)** | &nbsp;&nbsp; **7843043** |
| **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** | **Mortgage-Backed Securities — 25.4%** |
| GNMA — 25.4% | GNMA — 25.4% | GNMA — 25.4% | GNMA — 25.4% | GNMA — 25.4% |
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/20/53- <br>12/20/54<br>| &nbsp;&nbsp; 2032887 | &nbsp;&nbsp; 2074054<br>|
| Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/55- <br>2/20/56<br>| &nbsp;&nbsp; 1345935 | &nbsp;&nbsp; 1356701<br>|
| **Total Mortgage-Backed Securities (Cost — $3,405,446)** | **Total Mortgage-Backed Securities (Cost — $3,405,446)** | **Total Mortgage-Backed Securities (Cost — $3,405,446)** | **Total Mortgage-Backed Securities (Cost — $3,405,446)** | &nbsp;&nbsp; **3430755** |
| **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** | **Corporate Bonds & Notes — 8.7%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| Media — 0.5% | Media — 0.5% | Media — 0.5% | Media — 0.5% | Media — 0.5% |
| Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19833<br>|
| Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 51803<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **71636** |
| **Financials — 6.2%** | **Financials — 6.2%** | **Financials — 6.2%** | **Financials — 6.2%** | **Financials — 6.2%** |
| Banks — 1.9% | Banks — 1.9% | Banks — 1.9% | Banks — 1.9% | Banks — 1.9% |
| Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. Term SOFR + <br> 3.412%) | &nbsp;&nbsp; 4.083% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp; 32510<br> <sup>(a)</sup><br>|
| Bank of America Corp., Senior Notes (4.330% to 3/15/49 then 3 mo. Term SOFR + <br> 1.782%) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 32453<br> <sup>(a)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 67446<br>|
| US Bancorp, Junior Subordinated Notes (5.300% to 4/15/27 then 3 mo. Term SOFR <br> + 3.176%) | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 59701<br> <sup>(a)(b)</sup><br>|
| Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/2/43 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 65494<br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 257604 |
| Capital Markets — 3.8% | Capital Markets — 3.8% | Capital Markets — 3.8% | Capital Markets — 3.8% | Capital Markets — 3.8% |
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10137<br>|
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37777<br>|
| Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/8/32 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 34547<br>|
| Blue Owl Capital Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/11/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37193<br> <sup>(c)</sup><br>|
| Charles Schwab Corp., Junior Subordinated Notes (4.000% to 6/1/26 then 5 year <br> Treasury Constant Maturity Rate + 3.168%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 143000<br>| &nbsp;&nbsp; 142120<br> <sup>(a)(b)</sup><br>|
| Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 62656<br>|
| Golub Capital BDC Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 118463<br> <sup>(c)</sup><br>|
| Morgan Stanley, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 7/24/42 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 64331<br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 507224 |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

 **BrandywineGLOBAL — U.S. Fixed Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% | Consumer Finance — 0.1% |
| American Express Co., Junior Subordinated Notes (3.550% to 9/15/26 then 5 year <br> Treasury Constant Maturity Rate + 2.854%) | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; $15000<br>| &nbsp;&nbsp; $14839<br> <sup>(a)(b)</sup><br>|
| Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% |
| Prudential Financial Inc., Senior Notes | &nbsp;&nbsp; 3.935% | &nbsp;&nbsp; 12/7/49 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp; 20881<br>|
| Prudential Financial Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 44000<br>| &nbsp;&nbsp; 35345<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 56226 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **835893** |
| **Industrials — 0.8%** | **Industrials — 0.8%** | **Industrials — 0.8%** | **Industrials — 0.8%** | **Industrials — 0.8%** |
| Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38589<br>|
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |
| Southwest Airlines Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 65743<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **104332** |
| **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| International Business Machines Corp., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/3/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 95675<br>|
| Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% | Software — 0.5% |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/4/56 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 37153<br>|
| Salesforce Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 7/15/51 | &nbsp;&nbsp; 58000<br>| &nbsp;&nbsp; 34001<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 71154 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **166829** |
| **Total Corporate Bonds & Notes (Cost — $1,178,870)** | **Total Corporate Bonds & Notes (Cost — $1,178,870)** | **Total Corporate Bonds & Notes (Cost — $1,178,870)** | **Total Corporate Bonds & Notes (Cost — $1,178,870)** | &nbsp;&nbsp; **1178690** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 4.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 4.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 4.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 4.0%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 4.0%** |
| BX Commercial Mortgage Trust, 2026-VLT9 A (1 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99711<br> <sup>(a)(e)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2023-DNA2 M1A (30 Day Average SOFR + 2.100%) | &nbsp;&nbsp; 5.762% | &nbsp;&nbsp; 4/25/43 | &nbsp;&nbsp; 30945<br>| &nbsp;&nbsp; 31241<br> <sup>(a)(e)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2023-HQA3 M2 (30 Day Average SOFR + 3.350%) | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 11/25/43 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 83506<br> <sup>(a)(e)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2B1 (30 Day <br> Average SOFR + 4.500%) | &nbsp;&nbsp; 8.162% | &nbsp;&nbsp; 1/25/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 102621<br> <sup>(a)(e)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2022-R05 2B1 (30 Day <br> Average SOFR + 4.500%) | &nbsp;&nbsp; 8.162% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82660<br> <sup>(a)(e)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2022-R09 2M1 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.162% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 94327<br>| &nbsp;&nbsp; 95241<br> <sup>(a)(e)</sup><br>|
| Federal National Mortgage Association (FNMA) — CAS, 2023-R03 2M2 (30 Day <br> Average SOFR + 3.900%) | &nbsp;&nbsp; 7.562% | &nbsp;&nbsp; 4/25/43 | &nbsp;&nbsp; 42823<br>| &nbsp;&nbsp; 44859<br> <sup>(a)(e)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $540,318)** | **Total Collateralized Mortgage Obligations (Cost — $540,318)** | **Total Collateralized Mortgage Obligations (Cost — $540,318)** | **Total Collateralized Mortgage Obligations (Cost — $540,318)** | &nbsp;&nbsp; **539839** |
| **Asset-Backed Securities — 1.4%** | **Asset-Backed Securities — 1.4%** | **Asset-Backed Securities — 1.4%** | **Asset-Backed Securities — 1.4%** | **Asset-Backed Securities — 1.4%** |
| Volkswagen Auto Loan Enhanced Trust, 2023-1 A4 | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 1/22/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100740<br>|
| Zayo Issuer LLC, 2025-2A B | &nbsp;&nbsp; 6.586% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 92223<br> <sup>(e)</sup><br>|
| **Total Asset-Backed Securities (Cost — $194,007)** | **Total Asset-Backed Securities (Cost — $194,007)** | **Total Asset-Backed Securities (Cost — $194,007)** | **Total Asset-Backed Securities (Cost — $194,007)** | &nbsp;&nbsp; **192963** |
| **Total Investments before Short-Term Investments (Cost — $13,162,736)** | **Total Investments before Short-Term Investments (Cost — $13,162,736)** | **Total Investments before Short-Term Investments (Cost — $13,162,736)** | **Total Investments before Short-Term Investments (Cost — $13,162,736)** | &nbsp;&nbsp; **13185290** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **BrandywineGLOBAL — U.S. Fixed Income ETF**

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares <br> (Cost — $270,358)  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 270358<br>| &nbsp;&nbsp; **$270358**<br> <sup>(f)(g)</sup><br>|
| **Total Investments — 99.4% (Cost — $13,433,094)** | **Total Investments — 99.4% (Cost — $13,433,094)** | **Total Investments — 99.4% (Cost — $13,433,094)** | &nbsp;&nbsp; **13455648** |
| Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp; 82283 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$13537931** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(b)</sup> Security has no maturity date. The date shown represents the next call date.

<sup>(c)</sup> Security is a business development company (Note 1).

<sup>(d)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(e)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(f)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(g)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $270,358 and the cost was $270,358 (Note 6). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| BDC |  | Business development company. |
| CAS |  | Connecticut Avenue Securities |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BrandywineGLOBAL — <br>Dynamic US Large Cap Value ETF<br>| BrandywineGLOBAL — <br>U.S. Fixed Income ETF<br>|
| **Assets:** |  |  |
| Investments in unaffiliated securities, at value (Cost — $76,357,847 and <br> $13,162,736, respectively)<br>| &nbsp;&nbsp; $81321456 | &nbsp;&nbsp; $13185290 |
| Investments in affiliated securities, at value (Cost — $634,999 and <br> $270,358, respectively)<br>| &nbsp;&nbsp; 634999 | &nbsp;&nbsp; 270358 |
| Interest and dividends receivable from unaffiliated investments | &nbsp;&nbsp; 33247 | &nbsp;&nbsp; 85622 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 1721 | &nbsp;&nbsp; 967 |
| **Total Assets** | &nbsp;&nbsp; **81991423** | &nbsp;&nbsp; **13542237** |
| **Liabilities:** |  |  |
| Investment management fee payable | &nbsp;&nbsp; 35112 | &nbsp;&nbsp; 4306 |
| **Total Liabilities** | &nbsp;&nbsp; **35112** | &nbsp;&nbsp; **4306** |
| **Total Net Assets** | &nbsp;&nbsp; **$81956311** | &nbsp;&nbsp; **$13537931** |
| **Net Assets:** |  |  |
| Paid-in capital | &nbsp;&nbsp; $88877303 | &nbsp;&nbsp; $13740529 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (6920992) | &nbsp;&nbsp; (202598) |
| **Total Net Assets** | &nbsp;&nbsp; **$81956311** | &nbsp;&nbsp; **$13537931** |
| **Shares Outstanding** | &nbsp;&nbsp; 5552953 | &nbsp;&nbsp; 550000 |
| **Net Asset Value** | $14.76 | $24.61 |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL— ETFs 2026 Annual Report

------

Statements of Operations

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BrandywineGLOBAL — <br>Dynamic US Large Cap Value ETF<br>| BrandywineGLOBAL — <br>U.S. Fixed Income ETF<br>|
| **Investment Income:** |  |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $2603895 | &nbsp;&nbsp; $5708 |
| Dividends from affiliated investments | &nbsp;&nbsp; 19008 | &nbsp;&nbsp; 6778 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 575461 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (1787) | &nbsp;&nbsp; — |
| **Total Investment Income** | &nbsp;&nbsp; **2621116** | &nbsp;&nbsp; **587947** |
| **Expenses:** |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 550933 | &nbsp;&nbsp; 49729 |
| **Total Expenses** | &nbsp;&nbsp; **550933** | &nbsp;&nbsp; **49729** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (1056) | (310) |
| **Net Expenses** | &nbsp;&nbsp; **549877** | &nbsp;&nbsp; **49419** |
| **Net Investment Income** | &nbsp;&nbsp; **2071239** | &nbsp;&nbsp; **538528** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain From: |  |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 12395298 | &nbsp;&nbsp; 12410 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 115787 |
| **Net Realized Gain**  | &nbsp;&nbsp; **12395298** | &nbsp;&nbsp; **128197** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (1135145)<br>| &nbsp;&nbsp; (57377)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (18065) |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **(1135145)** | &nbsp;&nbsp; **(75442)** |
| **Net Gain on Investments and Futures Contracts**  | &nbsp;&nbsp; **11260153** | &nbsp;&nbsp; **52755** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$13331392** | &nbsp;&nbsp; **$591283** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL— ETFs 2026 Annual Report

------

Statements of Changes in Net Assets

BrandywineGLOBAL — Dynamic US Large Cap Value ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $2071239 | $2343748 |
| Net realized gain  | &nbsp;&nbsp; 12395298 | 18340586 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (1135145) | (18731870) |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **13331392** | **1952464** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (2345768) | (3144713) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(2345768)** | **(3144713)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,550,000 and 5,100,000 shares issued, respectively)  | &nbsp;&nbsp; 36016498 | 69588592 |
| Cost of shares repurchased (5,200,000 and 9,000,000 shares repurchased, respectively)  | &nbsp;&nbsp; (75898862)<br>| (123024621)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(39882364)** | **(53436029)** |
| **Decrease in Net Assets** | &nbsp;&nbsp; **(28896740)** | **(54628278)** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 110853051 | 165481329 |
| **End of year** | &nbsp;&nbsp; **$81956311** | **$110853051** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

BrandywineGLOBAL — U.S. Fixed Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $538528 | $551811 |
| Net realized gain  | &nbsp;&nbsp; 128197 | 51684 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (75442) | 23501 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **591283** | **626996** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (544797) | (556192) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(544797)** | **(556192)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (50,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 1240529 |  |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **1240529** | **—** |
| **Increase in Net Assets** | &nbsp;&nbsp; **1287015** | **70804** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 12250916 | 12180112 |
| **End of year** | &nbsp;&nbsp; **$13537931** | **$12250916** |

---

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Financial Highlights

BrandywineGLOBAL — Dynamic US Large Cap Value ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>12</sup> <br>| 2022<sup>13</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $13.67 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp; $15.45 | &nbsp;&nbsp;&nbsp; $11.49 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.26 | &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 |
| Net realized and unrealized gain (loss) | 1.28 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.44 |
| **Total income (loss) from operations** | **1.54** | &nbsp;&nbsp;&nbsp;&nbsp;**0.22** | &nbsp;&nbsp;&nbsp;&nbsp;**2.32** | &nbsp;&nbsp;&nbsp;&nbsp;**1.63** | &nbsp;&nbsp;&nbsp; **(1.70)** | &nbsp;&nbsp;&nbsp;&nbsp;**4.63** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(0.29)**<br>| &nbsp;&nbsp;&nbsp; **(0.38)**<br>| &nbsp;&nbsp;&nbsp; **(0.14)**<br>| &nbsp;&nbsp;&nbsp; **(1.50)**<br>| &nbsp;&nbsp;&nbsp; **(2.39)**<br>| &nbsp;&nbsp;&nbsp; **(0.67)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $13.67 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp; $15.45 |
| **Total return, based on NAV**<sup>4</sup> <br>| **11.43%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1.62%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20.38%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **14.03%** <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp; **(13.03)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **41.75%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $81956 | &nbsp;&nbsp;&nbsp; $110853 | &nbsp;&nbsp;&nbsp; $165481 | &nbsp;&nbsp;&nbsp; $158053 | &nbsp;&nbsp;&nbsp; $155901 | &nbsp;&nbsp;&nbsp; $207109 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Net expenses | 0.49 <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>7</sup><br>|
| Net investment income | 1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp; 2.40 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| **Portfolio turnover rate** | &nbsp;&nbsp; **80%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **67%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **100%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **52%** <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp; **124%**<br>| &nbsp;&nbsp;&nbsp; **83%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period October 1, 2022 through March 31, 2023.

<sup>3</sup> For the year ended September 30.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> 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>6</sup> Annualized.

<sup>7</sup> Reflects fee waivers and/or expense reimbursements.

<sup>8</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Financial Highlights (cont'd)

BrandywineGLOBAL — U.S. Fixed Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>12</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.36 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |
| Net investment income | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.75)<br>|
| **Total income (loss) from operations** | **1.17** | &nbsp;&nbsp;&nbsp;&nbsp;**1.25** | &nbsp;&nbsp;&nbsp; **(0.01)** |
| **Less distributions from:** |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(1.06)**<br>| &nbsp;&nbsp;&nbsp; **(1.11)**<br>| &nbsp;&nbsp;&nbsp; **(0.63)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.36 |
| **Total return, based on NAV**<sup>3</sup> <br>| **4.87%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5.27%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **0.01%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $13538 | &nbsp;&nbsp;&nbsp; $12251 | &nbsp;&nbsp;&nbsp; $12180 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>4</sup><br>|
| Net expenses | 0.39 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>4</sup><br>|
| Net investment income | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.51 <br><sup>4</sup><br>|
| **Portfolio turnover rate** | &nbsp;&nbsp; **199%**<br>| &nbsp;&nbsp;&nbsp; **157%** <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp; **84%** <br><sup>6</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period July 25, 2023 (inception date) to March 31, 2024.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

BrandywineGLOBAL — Dynamic US Large Cap Value ETF ("Dynamic US Large Cap Value ETF") and BrandywineGLOBAL — U.S. Fixed Income ETF ("U.S. Fixed Income ETF") (the "Funds") are separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.&nbsp;&nbsp;&nbsp;&nbsp;

The Funds are actively managed exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Funds are listed and traded at market prices on NASDAQ. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds' Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Funds' manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds' manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies, and reporting to the Funds' manager and the Board. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from

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BrandywineGLOBAL — ETFs 2026 Annual Report

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Notes to Financial Statements (cont'd)

market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Funds' assets carried at fair value:

**Dynamic US Large Cap Value ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $81321456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $81321456 |
| Short-Term Investments† | &nbsp;&nbsp; 634999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 634999 |
| **Total Investments** | &nbsp;&nbsp; **$81956455** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$81956455** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedules of Investments for additional detailed categorizations.

**U.S. Fixed Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $7843043 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7843043 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3430755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3430755 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178690 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 539839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 539839 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 192963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 192963 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 13185290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13185290 |
| Short-Term Investments† | &nbsp;&nbsp; $270358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 270358 |
| **Total Investments** | &nbsp;&nbsp; **$270358** | &nbsp;&nbsp; **$13185290** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$13455648** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedules of Investments for additional detailed categorizations.

**(b) Business development companies.** The 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

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BrandywineGLOBAL — ETFs 2026 Annual Report

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development company generally reflect the risks of owning the underlying securities. Business development companies have expenses that reduce their value.

**(c) Futures contracts.** The Funds use futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Funds are required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Funds each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statements of Operations and the Funds recognize a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Funds may not be able to enter into a closing transaction because of an illiquid secondary market.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(f) Distributions to shareholders.** Distributions from net investment income of the Funds, if any, are declared and paid on a monthly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(g) Federal and other taxes.** It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(h) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| Dynamic US Large Cap Value ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $(14372497)<br>| &nbsp;&nbsp; $14372497 |

---

<sup>(a)</sup>

Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities and book/tax differences in the treatment of various items.

**(i) 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

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BrandywineGLOBAL — ETFs 2026 Annual Report

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Notes to Financial Statements (cont'd)

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. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is each Fund's investment manager and Brandywine Global Investment Management, LLC ("Brandywine Global") is each Fund's subadviser. Advisers and Brandywine Global are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Advisers provides administrative and certain oversight services to the Funds. Advisers delegates to the subadviser the day-to-day portfolio management of the Funds. Each Fund is responsible for paying interest expenses, taxes, brokerage expenses, future 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to Advisers under the investment management agreement.

Under the investment management agreement and subject to the general supervision of the Funds' Board, Advisers as to each Fund provides or causes to be furnished all investment management, supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement) and investment advisory services (provided pursuant to separate subadvisory agreements) under a unitary fee structure.

Each Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Dynamic US Large Cap Value ETF | &nbsp;&nbsp; 0.49% |
| U.S. Fixed Income ETF | &nbsp;&nbsp; 0.39% |

---

During the year ended March 31, 2026, fees waived and/or expenses reimbursed were as follows:

---

| | |
|:---|:---|
| Dynamic US Large Cap Value ETF | &nbsp;&nbsp; $1056 |
| U.S. Fixed Income ETF | &nbsp;&nbsp; 310 |

---

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Funds, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) and U.S. Government & Agency Obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Purchases | Sales | Sales |
|  | &nbsp;&nbsp; Investments | &nbsp;&nbsp; U.S. <br>Government &<br>Agency<br> Obligations<br>| &nbsp;&nbsp; Investments | &nbsp;&nbsp; U.S. <br>Government &<br>Agency<br> Obligations<br>|
| Dynamic US Large Cap Value <br> ETF<br>| &nbsp;&nbsp; $87387345 | &nbsp;&nbsp; — | &nbsp;&nbsp; $87792175 | &nbsp;&nbsp; — |
| U.S. Fixed Income ETF | &nbsp;&nbsp; 1158517 | &nbsp;&nbsp; $24580706 | &nbsp;&nbsp; 1069726 | &nbsp;&nbsp; $23304279 |

---

During the year ended March 31, 2026, in-kind transactions (Note 5) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss) |
| Dynamic US Large Cap Value ETF | &nbsp;&nbsp; $35637737 | &nbsp;&nbsp; $74897811 | &nbsp;&nbsp; $14460256 <br><sup>\*</sup><br>|
| U.S. Fixed Income ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

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BrandywineGLOBAL — ETFs 2026 Annual Report

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The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic US Large Cap Value ETF | Dynamic US Large Cap Value ETF | Dynamic US Large Cap Value ETF | Dynamic US Large Cap Value ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $77174914 | &nbsp;&nbsp; $8695865 | &nbsp;&nbsp; $(3914324)<br>| &nbsp;&nbsp; $4781541 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Fixed Income ETF | U.S. Fixed Income ETF | U.S. Fixed Income ETF | U.S. Fixed Income ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $13437667 | &nbsp;&nbsp; $47898 | &nbsp;&nbsp; $(29917)<br>| &nbsp;&nbsp; $17981 |

---

**4. Derivative instruments and hedging activities** 

**Dynamic US Large Cap Value ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**U.S. Fixed Income ETF**

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $115787 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(18065)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $2852201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Each Funds' shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000 shares of each Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

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BrandywineGLOBAL — ETFs 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following company was considered an affiliated company for all or some portion of the year ended March 31, 2026. The following transactions were effected in such company for the year ended March 31, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dynamic US Large Cap Value ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Dynamic US Large Cap Value ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Western Asset Premier Institutional U.S. Treasury <br> Reserves, Premium Shares<br>|  | $6093251 | 6093251 | $5458252 | 5458252 |  | $19008 |  | $634999 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Fixed Income ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| U.S. Fixed Income ETF | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend <br>Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>March 31, <br>2026 |
| Western Asset Premier Institutional U.S. Treasury <br> Reserves, Premium Shares<br>|  | $2728278 | 2728278 | $2457920 | 2457920 |  | $6778 |  | $270358 |

---

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | |
|:---|:---|:---|
|  | Dynamic US Large Cap Value ETF | U.S. Fixed Income ETF |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $2345768 | &nbsp;&nbsp; $544797 |
| **Total distributions paid** | &nbsp;&nbsp; **$2345768** | &nbsp;&nbsp; **$544797** |

---

The tax character of distributions paid during the fiscal year ended March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | Dynamic US Large Cap Value ETF | U.S. Fixed Income ETF |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $3144713 | &nbsp;&nbsp; $556192 |
| **Total distributions paid** | &nbsp;&nbsp; **$3144713** | &nbsp;&nbsp; **$556192** |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Dynamic US Large Cap Value ETF | U.S. Fixed Income ETF |
| Undistributed ordinary income — net | &nbsp;&nbsp; $2194589 | &nbsp;&nbsp; $51370 |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; (13897122)<br>| &nbsp;&nbsp; (271949)<br>|
| Unrealized appreciation (depreciation) | &nbsp;&nbsp; 4781541 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 17981 <br><sup>(a)</sup><br>|
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(6920992)**<br>| &nbsp;&nbsp; **$(202598)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and differing treatment of bond discounts and premium. 

**8. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Funds within the Funds' investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds' Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

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BrandywineGLOBAL — ETFs 2026 Annual Report

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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, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, 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, 2026, 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, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

------

BrandywineGLOBAL — ETFs 2026 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Funds hereby report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Pursuant to:** | &nbsp;&nbsp; **Dynamic US Large Cap** <br>**Value ETF**<br>| &nbsp;&nbsp; **U.S. Fixed** <br>**Income ETF**<br>|
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $2345768 |  |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $2345768 |  |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) |  | $523341 |
| Section 163(j) Interest Earned | §163(j) |  | $525095 |

---

------

BrandywineGLOBAL — ETFs

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the <br> Fund. |

---

------

BrandywineGLOBAL — ETFs

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Franklin Templeton ETF Trust

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadviser**

Brandywine Global Investment Management, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Templeton ETF Trust**

BrandywineGLOBAL — Dynamic US Large Cap Value ETF

BrandywineGLOBAL — U.S. Fixed Income ETF

The Funds are a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Templeton ETF Trust

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Funds at (800) DIAL BEN/342-5236.

Information on how the Funds voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Templeton ETF Trust. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img1867b5033.jpg)

**BWETF-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

![](img32ac86141.gif)

**Franklin**

**FTSE Russia ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](imgcd0b059b2.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_SOI-Header-SOI-5038_1) | **1** |
| [Statement of Assets and Liabilities](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_SAL-Header-SAL-5038_1) | **4** |
| [Statement of Operations](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_SOP-Header-SOP-5038_1) | **5** |
| [Statements of Changes in Net Assets](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_SOC-Header-SOC-5038_1) | **6** |
| [Statement of Cash Flows](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_SOCF-Header-StatementofCashFlows-5038_1) | **7** |
| [Financial Highlights](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_FH-Header-Financialhighlights-5038_1) | **8** |
| [Notes to Financial Statements](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_NTF-Header-Notestofinancialstatements-5038_1) | **9** |
| [Report of Independent Registered Public Accounting](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_RIRPAF-Header-Auditletter-5038_1) [Firm](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_RIRPAF-Header-Auditletter-5038_1) | **19** |
| [Important Tax Information](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_ITI-Header-Importanttaxinformation-5038_1) | **20** |
| [Changes in and Disagreements with Accountants](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_TSR-TOCTSRDisclosures-5038_1) | **21** |
| [Results of Meeting(s) of Shareholders](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_TSR-TOCTSRDisclosures-5038_1) | **21** |
| [Remuneration Paid to Directors, Officers and Others](#xx_6afe320c-3fe0-455c-9139-679f31fe070c_TSR-TOCTSRDisclosures-5038_1) | **21** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Franklin FTSE Russia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† | Diversified Telecommunication Services — 0.0%†† |
| Rostelecom PJSC | &nbsp;&nbsp; 165056 | &nbsp;&nbsp; $0<br> \*<sup>(a)(b)</sup><br>|
| Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† | Wireless Telecommunication Services — 0.0%†† |
| Mobile TeleSystems PJSC | &nbsp;&nbsp; 147584 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Sistema AFK PAO | &nbsp;&nbsp; 499664 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 0 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **0** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| Specialty Retail — 0.0%†† | Specialty Retail — 0.0%†† | Specialty Retail — 0.0%†† |
| M.Video PJSC | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)</sup><br>|
| **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** | **Consumer Staples — 0.0%††** |
| Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† | Consumer Staples Distribution & Retail — 0.0%†† |
| Magnit PJSC | &nbsp;&nbsp; 8112 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)</sup><br>|
| **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** |
| Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† |
| Gazprom PJSC | &nbsp;&nbsp; 981872 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| LUKOIL PJSC | &nbsp;&nbsp; 36048 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Novatek PJSC | &nbsp;&nbsp; 47472 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Rosneft Oil Co. PJSC | &nbsp;&nbsp; 92320 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Sovcomflot PJSC | &nbsp;&nbsp; 72128 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Surgutneftegas PAO | &nbsp;&nbsp; 634480 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Tatneft PJSC | &nbsp;&nbsp; 105552 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **0** |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| Banks — 0.0%†† | Banks — 0.0%†† | Banks — 0.0%†† |
| Credit Bank of Moscow PJSC | &nbsp;&nbsp; 2127840 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Sberbank of Russia PJSC | &nbsp;&nbsp; 959968 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| VTB Bank PJSC | &nbsp;&nbsp; 177270 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 0 |
| Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† |
| Moscow Exchange MICEX-RTS PJSC | &nbsp;&nbsp; 253248 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **0** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Aeroflot PJSC | &nbsp;&nbsp; 174496 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| Chemicals — 0.0%†† | Chemicals — 0.0%†† | Chemicals — 0.0%†† |
| PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 6208 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin FTSE Russia ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Metals & Mining — 0.0%†† | Metals & Mining — 0.0%†† | Metals & Mining — 0.0%†† | Metals & Mining — 0.0%†† |
| Alrosa PJSC | Alrosa PJSC | &nbsp;&nbsp; 361232 | &nbsp;&nbsp; $0<br> \*<sup>(a)(b)</sup><br>|
| GMK Norilskiy Nickel PAO | GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 288800 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Magnitogorsk Iron & Steel Works PJSC | Magnitogorsk Iron & Steel Works PJSC | &nbsp;&nbsp; 370640 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Novolipetsk Steel PJSC | Novolipetsk Steel PJSC | &nbsp;&nbsp; 200944 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Polyus PJSC | Polyus PJSC | &nbsp;&nbsp; 35040 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Raspadskaya PAO | Raspadskaya PAO | &nbsp;&nbsp; 10720 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Severstal PAO | Severstal PAO | &nbsp;&nbsp; 27744 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| United Co. RUSAL International PJSC | United Co. RUSAL International PJSC | &nbsp;&nbsp; 447600 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 0 |
| Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† | Paper & Forest Products — 0.0%†† |
| Segezha Group PJSC | Segezha Group PJSC | &nbsp;&nbsp; 666096 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **0** |
| **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** | **Utilities — 0.0%††** |
| Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† | Electric Utilities — 0.0%†† |
| Federal Grid Co. - Rosseti PJSC | Federal Grid Co. - Rosseti PJSC | &nbsp;&nbsp; 80095477 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Inter RAO UES PJSC | Inter RAO UES PJSC | &nbsp;&nbsp; 6229280 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Mosenergo PJSC | Mosenergo PJSC | &nbsp;&nbsp; 1418704 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| RusHydro PJSC | RusHydro PJSC | &nbsp;&nbsp; 20149712 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 0 |
| Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† | Independent Power and Renewable Electricity Producers — 0.0%†† |
| Unipro PAO | Unipro PAO | &nbsp;&nbsp; 1811376 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **0** |
| **Total Common Stocks (Cost — $21,363,101)** | **Total Common Stocks (Cost — $21,363,101)** | **Total Common Stocks (Cost — $21,363,101)** | &nbsp;&nbsp; **0**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** |
| **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** |
| Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† |
| Bashneft PJSC  | —  | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Surgutneftegas PAO  | —  | &nbsp;&nbsp; 682080 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Tatneft PJSC  | —  | &nbsp;&nbsp; 10416 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| Transneft PJSC  | —  | &nbsp;&nbsp; 27600 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)</sup><br>|
| **Total Preferred Stocks (Cost — $1,113,686)** | **Total Preferred Stocks (Cost — $1,113,686)** | **Total Preferred Stocks (Cost — $1,113,686)** | &nbsp;&nbsp; **0** |
| **Total Investments — 0.0%†† (Cost — $22,476,787)** | **Total Investments — 0.0%†† (Cost — $22,476,787)** | **Total Investments — 0.0%†† (Cost — $22,476,787)** | &nbsp;&nbsp; **0** |
| Other Assets in Excess of Liabilities — 100.0% | Other Assets in Excess of Liabilities — 100.0% | Other Assets in Excess of Liabilities — 100.0% | &nbsp;&nbsp; 4949 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$4949** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Franklin FTSE Russia ETF 2026 Annual Report

------

 **Franklin FTSE Russia ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| PJSC |  | Private Joint Stock Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| Russia | 0.0<br> ††%<br>|
|  | **0.0%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| # | As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject <br> to change. <br>|

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $22,476,787) | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; $4945 |
| Due from investment manager | &nbsp;&nbsp; 4 |
| **Total Assets** | &nbsp;&nbsp; **4949** |
| **Liabilities:** |  |
| **Total Liabilities** | &nbsp;&nbsp; **—** |
| **Total Net Assets** | &nbsp;&nbsp; **$4949** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $23214867 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (23209918)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$4949** |
| **Shares Outstanding** | &nbsp;&nbsp; 800000 |
| **Net Asset Value** | &nbsp;&nbsp; $0.01 <br> <sup>1</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Actual amount less than $0.01 per share. Amount shown reflects effect of rounding.

See Notes to Financial Statements.

------

Franklin FTSE Russia ETF 2026 Annual Report

------

Statement of Operations

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| **Interest** | &nbsp;&nbsp; **$114** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 9 |
| **Total Expenses** | &nbsp;&nbsp; **9** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (9)<br>|
| **Net Expenses** | &nbsp;&nbsp; **—** |
| **Net Investment Income** | &nbsp;&nbsp; **114** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$114** |

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2026 Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $114 | $72 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **114** | **72** |
| **Increase in Net Assets** | &nbsp;&nbsp; **114** | **72** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4835 | 4763 |
| **End of year** | &nbsp;&nbsp; **$4949** | **$4835** |

---

See Notes to Financial Statements.

------

Franklin FTSE Russia ETF 2026 Annual Report

------

Statement of Cash Flows

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Increase (Decrease) in Cash:** |  |
| **Cash Flows from Operating Activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $114 |
| Increase in due from investment manager | &nbsp;&nbsp; (4)<br>|
| Decrease in dividends receivable from affiliated investments | &nbsp;&nbsp; 82 |
| **Net Cash Provided in Operating Activities** | &nbsp;&nbsp; **192** |
| **Net Increase in Cash** | &nbsp;&nbsp; **192** |
| Cash at beginning of year | &nbsp;&nbsp; 4753 |
| Cash at end of year | &nbsp;&nbsp; $4945 |

---

See Notes to Financial Statements.

Franklin FTSE Russia ETF 2026 Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup>  | 2025<sup>1</sup>  | 2024<sup>1</sup>  | 2023<sup>1</sup>  | 2022<sup>1</sup>  |
| **Net asset value, beginning of year** | $0.01 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; — <br> <sup>2</sup><br>| &nbsp;&nbsp; $26.98 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | — <br> <sup>2</sup><br>| &nbsp;&nbsp; — <br> <sup>2</sup><br>| &nbsp;&nbsp; — <br> <sup>2</sup><br>| &nbsp;&nbsp; — <br> <sup>2</sup><br>| 1.68 |
| Net realized and unrealized gain (loss) | — <br> <sup>2</sup><br>| &nbsp;&nbsp; — <br> <sup>2</sup><br>| &nbsp;&nbsp; — <br> <sup>2</sup><br>| 0.01 <br> <sup>3</sup><br>| &nbsp;&nbsp; (27.28)<br>|
| **Total income (loss) from operations** | **—** <br> <sup>2</sup><br>| &nbsp;&nbsp; **—** <br> <sup>2</sup><br>| &nbsp;&nbsp; **—** <br> <sup>2</sup><br>| **0.01** <br> <sup>3</sup><br>| &nbsp;&nbsp; **(25.60)** |
| Net investment income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38)<br>|
| **Total distributions** | **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(1.38)**<br>|
| **Net asset value, end of year** | $0.01 <br> <sup>3</sup><br>| &nbsp;&nbsp; $0.01 <br> <sup>3</sup><br>| &nbsp;&nbsp; $0.01 <br> <sup>3</sup><br>| &nbsp;&nbsp; $0.01 <br> <sup>3</sup><br>| &nbsp;&nbsp; — <br> <sup>2</sup><br>|
| **Total return, based on NAV**<sup>4</sup>  | **2.36%** <br> <sup>5</sup><br>| **1.65%** <br> <sup>6</sup><br>| **1.52%** <br> <sup>7</sup><br>| **73.56%** <br> <sup>8</sup><br>| &nbsp;&nbsp; **(100.00)%**<br>|
| **Net assets, end of year (000s)** | $5 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $3 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>| 0.19<br> %<br>|
| Net expenses | 0.00 <br> <sup>9</sup><br>| 0.00 <br> <sup>9</sup><br>| 0.00 <br> <sup>9</sup><br>| 0.00 <br> <sup>9</sup><br>| 0.19 |
| Net investment income | 2.37 | 1.52 | 1.52 | 49.38 <br> <sup>10</sup><br>| 6.19 |
| **Portfolio turnover rate**<sup>11</sup>  | **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **0%**<br>| &nbsp;&nbsp; **20%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>3</sup> Actual amount less than $0.01 per share. Amount shown reflects effect of rounding.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>5</sup> The amount shown above reflects the Fund's unrounded NAV per share increasing from $0.006044 as of March 31, 2025 to $0.006186 as of March 31, 2026. 

<sup>6</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>7</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>8</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>9</sup> Reflects fee waivers and/or expense reimbursements.

<sup>10</sup> 47.52% of this amount represents income from refunds of foreign tax withheld included in net investment income.

<sup>11</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Franklin FTSE Russia ETF 2026 Annual Report

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Franklin FTSE Russia ETF (the "Fund") is a separate non-diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The

Franklin FTSE Russia ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

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Franklin FTSE Russia ETF 2026 Annual Report

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GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0  |
| Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Consumer Staples | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0  |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0\*** | &nbsp;&nbsp; **$0** <br> **\***<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations. <br> \* Includes financial instruments determined to have no value.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The 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

Franklin FTSE Russia ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

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.

**(c) Foreign investment risks.** 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.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) Distributions to shareholders.** The Fund will not declare any dividends from net investment income during liquidation. The Fund will make one or more liquidating distributions. Upon payment of the final liquidating distribution, it is anticipated that the

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Franklin FTSE Russia ETF 2026 Annual Report

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Fund will be terminated. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(f) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(g) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| <sup>(a)</sup>  | &nbsp;&nbsp; $(72) | &nbsp;&nbsp; $72 |

---

<sup>(a)</sup>

Reclassifications are due to book/tax differences in the treatment of various items.

**(h) Guarantees and indemnifications.** Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC (" FASL") is the Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is the Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is the Fund's Administrative manager. FASL, FT Institutional and Franklin Templeton Services are FASL subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton 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.

Franklin FTSE Russia ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

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.

The Fund pays FASL a unified management fee for managing the Fund's assets, as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Funds, FASL reimburses the Fund for all acquired fund fees and expenses (such as those associated with the Fund's investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's management 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 fee is calculated daily and paid monthly according to the terms of the management agreement.

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.

FASL pays FT Institutional for its services to the Fund. With respect to the Fund, FASL pays FT Institutional a monthly fee equal to 50% of the net investment advisory fee payable by the Fund to FASL (the "Net Investment Advisory Fee"), calculated daily. The Net Investment Advisory Fee is equal to (i) 96% of an amount equal to the total investment management fees payable to FASL, minus any Fund fees and/or expenses waived or reimbursed by FASL, including as part of the Fund's unitary management fee structure pursuant to the investment management agreement between FASL and the Trust, on behalf of the Fund, minus (ii) any fees payable by FASL to Franklin Templeton Services, LLC for fund administrative services. Investment advisory responsibilities and fees may be reallocated periodically between FT Institutional and FASL.

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.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

There were no purchases and sales of investments for the year ended March 31, 2026.

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Franklin FTSE Russia ETF 2026 Annual Report

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At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $22661468 | &nbsp;&nbsp; — | &nbsp;&nbsp; $(22661468) | &nbsp;&nbsp; $(22661468) |

---

**4. Derivative instruments and hedging activities**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of each Fund on the transaction date.Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended March 31, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Distributions paid from:** |  |  |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $114 |
| Deferred capital losses\* | &nbsp;&nbsp; (548564) |
| Unrealized appreciation (depreciation)<sup>(a)</sup>  | &nbsp;&nbsp; (22661468) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(23209918)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales. 

Franklin FTSE Russia ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Concentration of risk**

Ongoing or threatened military conflicts throughout the world may cause significant market disruptions and volatility. The hostilities and sanctions resulting from those conflicts may also have a significant impact on certain investments of the Fund as well as the Fund's performance and liquidity. 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

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Franklin FTSE Russia ETF 2026 Annual Report

------

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, 2026, 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, 2026.

**8. 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, 2026, such securities continue to be fair valued at $0. Accordingly, as of March 31, 2026, 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 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

Franklin FTSE Russia ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Schedule of Investments provides 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.

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Franklin FTSE Russia ETF 2026 Annual Report

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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, 2026, the related statements of operations and cash flows for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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, 2026, 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, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 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, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

**Emphasis of Matter**

As discussed in Note 8 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 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

Franklin FTSE Russia ETF 2026 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

------

Franklin FTSE Russia ETF

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

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Franklin FTSE Russia ETF

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Franklin

FTSE Russia ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin FTSE Russia ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin FTSE Russia ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin FTSE Russia ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](imgdd9a03023.jpg)

**FLRU-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

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![](img5b2189a01.gif)

**Franklin**

**Small Cap Enhanced ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img043c07da2.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_SOI-Header-SOI-5156_1) | **1** |
| [Statement of Assets and Liabilities](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_SAL-Header-SAL-5156_1) | **13** |
| [Statement of Operations](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_SOP-Header-SOP-5156_1) | **14** |
| [Statement of Changes in Net Assets](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_SOC-Header-SOC-5156_1) | **15** |
| [Financial Highlights](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_FH-Header-Financialhighlights-5156_1) | **16** |
| [Notes to Financial Statements](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_NTF-Header-Notestofinancialstatements-5156_1) | **17** |
| [Report of Independent Registered Public Accounting](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_RIRPAF-Header-Auditletter-5156_1) [Firm](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_RIRPAF-Header-Auditletter-5156_1) | **26** |
| [Important Tax Information](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_ITI-Header-Importanttaxinformation-5156_1) | **27** |
| [Changes in and Disagreements with Accountants](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_TSR-TOCTSRDisclosures-5156_1) | **28** |
| [Results of Meeting(s) of Shareholders](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_TSR-TOCTSRDisclosures-5156_1) | **28** |
| [Remuneration Paid to Directors, Officers and Others](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_TSR-TOCTSRDisclosures-5156_1) | **28** |
| [Board Approval of Management and Subadvisory](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_BAMSA-TOC-Mgmtandsubadvisoryagreements-5156_1) [Agreements](#xx_61003cbf-ca8f-49fd-aceb-556d872e76a7_BAMSA-TOC-Mgmtandsubadvisoryagreements-5156_1) | **29** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 2.5%** | **Communication Services — 2.5%** | **Communication Services — 2.5%** |
| Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% | Diversified Telecommunication Services — 1.2% |
| Globalstar Inc. | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; $114,840<br> \*<br>|
| IDT Corp., Class B Shares | &nbsp;&nbsp; 24114 | &nbsp;&nbsp; 1183998<br>|
| Lumen Technologies Inc. | &nbsp;&nbsp; 13832 | &nbsp;&nbsp; 96,132<br> \*<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 1394970 |
| Entertainment — 0.6% | Entertainment — 0.6% | Entertainment — 0.6% |
| Cinemark Holdings Inc. | &nbsp;&nbsp; 5187 | &nbsp;&nbsp; 147933<br>|
| Playtika Holding Corp. | &nbsp;&nbsp; 196827 | &nbsp;&nbsp; 547179<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 695112 |
| Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% | Interactive Media & Services — 0.5% |
| Angi Inc. | &nbsp;&nbsp; 8190 | &nbsp;&nbsp; 56,102<br> \*<br>|
| Cargurus Inc. | &nbsp;&nbsp; 3185 | &nbsp;&nbsp; 108,449<br> \*<br>|
| EverQuote Inc., Class A Shares | &nbsp;&nbsp; 8310 | &nbsp;&nbsp; 128,140<br> \*<br>|
| Nextdoor Holdings Inc. | &nbsp;&nbsp; 174356 | &nbsp;&nbsp; 244,098<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 536789 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| PubMatic Inc., Class A Shares | &nbsp;&nbsp; 26754 | &nbsp;&nbsp; 218,848<br> \*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2845719** |
| **Consumer Discretionary — 9.3%** | **Consumer Discretionary — 9.3%** | **Consumer Discretionary — 9.3%** |
| Automobile Components — 1.0% | Automobile Components — 1.0% | Automobile Components — 1.0% |
| Dana Inc. | &nbsp;&nbsp; 4353 | &nbsp;&nbsp; 146478<br>|
| Garrett Motion Inc. | &nbsp;&nbsp; 34398 | &nbsp;&nbsp; 625012<br>|
| Holley Inc. | &nbsp;&nbsp; 38834 | &nbsp;&nbsp; 119,220<br> \*<br>|
| Strattec Security Corp. | &nbsp;&nbsp; 3822 | &nbsp;&nbsp; 299,416<br> \*<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1190126 |
| Broadline Retail — 0.8% | Broadline Retail — 0.8% | Broadline Retail — 0.8% |
| Kohl's Corp. | &nbsp;&nbsp; 66790 | &nbsp;&nbsp; 861591<br>|
| Distributors — 0.1% | Distributors — 0.1% | Distributors — 0.1% |
| GigaCloud Technology Inc., Class A Shares | &nbsp;&nbsp; 2912 | &nbsp;&nbsp; 132,147<br> \*<br>|
| Diversified Consumer Services — 1.5% | Diversified Consumer Services — 1.5% | Diversified Consumer Services — 1.5% |
| Coursera Inc. | &nbsp;&nbsp; 19292 | &nbsp;&nbsp; 112,279<br> \*<br>|
| Laureate Education Inc. | &nbsp;&nbsp; 8827 | &nbsp;&nbsp; 307,533<br> \*<br>|
| Perdoceo Education Corp. | &nbsp;&nbsp; 31850 | &nbsp;&nbsp; 1185139<br>|
| Udemy Inc. | &nbsp;&nbsp; 21749 | &nbsp;&nbsp; 100,480<br> \*<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 1705431 |
| Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% |
| BJ's Restaurants Inc. | &nbsp;&nbsp; 22477 | &nbsp;&nbsp; 788,943<br> \*<br>|
| Cheesecake Factory Inc. | &nbsp;&nbsp; 2457 | &nbsp;&nbsp; 134521<br>|
| Red Rock Resorts Inc., Class A Shares | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 111682<br>|

---

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Rush Street Interactive Inc. | &nbsp;&nbsp; 20566 | &nbsp;&nbsp; $447,310<br> \*<br>|
| Super Group SGHC Ltd. | &nbsp;&nbsp; 29757 | &nbsp;&nbsp; 321376<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1803832 |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| Hovnanian Enterprises Inc., Class A Shares | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 102,814<br> \*<br>|
| KB Home | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 119543<br>|
| M/I Homes Inc. | &nbsp;&nbsp; 4732 | &nbsp;&nbsp; 579,433<br> \*<br>|
| Meritage Homes Corp. | &nbsp;&nbsp; 1542 | &nbsp;&nbsp; 95357<br>|
| Sonos Inc. | &nbsp;&nbsp; 6006 | &nbsp;&nbsp; 80,480<br> \*<br>|
| Taylor Morrison Home Corp., Class A Shares | &nbsp;&nbsp; 5915 | &nbsp;&nbsp; 344,490<br> \*<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 1322117 |
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Polaris Inc. | &nbsp;&nbsp; 1708 | &nbsp;&nbsp; 93086<br>|
| Specialty Retail — 2.5% | Specialty Retail — 2.5% | Specialty Retail — 2.5% |
| Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 166,293<br> \*<br>|
| Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 2758 | &nbsp;&nbsp; 155689<br>|
| American Eagle Outfitters Inc. | &nbsp;&nbsp; 4882 | &nbsp;&nbsp; 81529<br>|
| Buckle Inc. | &nbsp;&nbsp; 29643 | &nbsp;&nbsp; 1492822<br>|
| Haverty Furniture Cos. Inc. | &nbsp;&nbsp; 4823 | &nbsp;&nbsp; 102151<br>|
| J Jill Inc. | &nbsp;&nbsp; 7134 | &nbsp;&nbsp; 81756<br>|
| RealReal Inc. | &nbsp;&nbsp; 8190 | &nbsp;&nbsp; 74,365<br> \*<br>|
| Urban Outfitters Inc. | &nbsp;&nbsp; 10709 | &nbsp;&nbsp; 678,415<br> \*<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 2833020 |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| Carter's Inc. | &nbsp;&nbsp; 11830 | &nbsp;&nbsp; 423041<br>|
| Movado Group Inc. | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; 131111<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 554152 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10495502** |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |
| Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% |
| Cal-Maine Foods Inc. | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 108040<br>|
| Personal Care Products — 1.4% | Personal Care Products — 1.4% | Personal Care Products — 1.4% |
| Herbalife Ltd. | &nbsp;&nbsp; 76203 | &nbsp;&nbsp; 1,121,708<br> \*<br>|
| Nature's Sunshine Products Inc. | &nbsp;&nbsp; 20855 | &nbsp;&nbsp; 500,311<br> \*<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 1622019 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1730059** |
| **Energy — 5.7%** | **Energy — 5.7%** | **Energy — 5.7%** |
| Energy Equipment & Services — 1.6% | Energy Equipment & Services — 1.6% | Energy Equipment & Services — 1.6% |
| Helix Energy Solutions Group Inc. | &nbsp;&nbsp; 15561 | &nbsp;&nbsp; 153,898<br> \*<br>|
| Liberty Energy Inc., Class A Shares | &nbsp;&nbsp; 21931 | &nbsp;&nbsp; 631613<br>|

---

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued |
| Nabors Industries Ltd. | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; $180,124<br> \*<br>|
| Oceaneering International Inc. | &nbsp;&nbsp; 4277 | &nbsp;&nbsp; 151,705<br> \*<br>|
| ProPetro Holding Corp. | &nbsp;&nbsp; 10465 | &nbsp;&nbsp; 150,801<br> \*<br>|
| Seadrill Ltd. | &nbsp;&nbsp; 2722 | &nbsp;&nbsp; 123,851<br> \*<br>|
| TETRA Technologies Inc. | &nbsp;&nbsp; 25935 | &nbsp;&nbsp; 220,966<br> \*<br>|
| Valaris Ltd. | &nbsp;&nbsp; 1309 | &nbsp;&nbsp; 128,334<br> \*<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 1741292 |
| Oil, Gas & Consumable Fuels — 4.1% | Oil, Gas & Consumable Fuels — 4.1% | Oil, Gas & Consumable Fuels — 4.1% |
| Centrus Energy Corp., Class A Shares | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 94,780<br> \*<br>|
| Core Natural Resources Inc. | &nbsp;&nbsp; 14266 | &nbsp;&nbsp; 1494078<br>|
| CVR Energy Inc. | &nbsp;&nbsp; 18594 | &nbsp;&nbsp; 625,688<br> \*<br>|
| Gulfport Energy Corp. | &nbsp;&nbsp; 8173 | &nbsp;&nbsp; 1,729,162<br> \*<br>|
| Magnolia Oil & Gas Corp., Class A Shares | &nbsp;&nbsp; 5362 | &nbsp;&nbsp; 169278<br>|
| Murphy Oil Corp. | &nbsp;&nbsp; 3568 | &nbsp;&nbsp; 147180<br>|
| Par Pacific Holdings Inc. | &nbsp;&nbsp; 2881 | &nbsp;&nbsp; 180,466<br> \*<br>|
| PBF Energy Inc., Class A Shares | &nbsp;&nbsp; 3858 | &nbsp;&nbsp; 183718<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 4624350 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **6365642** |
| **Financials — 16.3%** | **Financials — 16.3%** | **Financials — 16.3%** |
| Banks — 8.5% | Banks — 8.5% | Banks — 8.5% |
| Ameris Bancorp | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 1247840<br>|
| Axos Financial Inc. | &nbsp;&nbsp; 14942 | &nbsp;&nbsp; 1,271,415<br> \*<br>|
| Banc of California Inc. | &nbsp;&nbsp; 5769 | &nbsp;&nbsp; 101419<br>|
| Bancorp Inc. | &nbsp;&nbsp; 2101 | &nbsp;&nbsp; 112,887<br> \*<br>|
| Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp; 2366 | &nbsp;&nbsp; 124168<br>|
| BankUnited Inc. | &nbsp;&nbsp; 28392 | &nbsp;&nbsp; 1282183<br>|
| Bankwell Financial Group Inc. | &nbsp;&nbsp; 2657 | &nbsp;&nbsp; 128918<br>|
| Capitol Federal Financial Inc. | &nbsp;&nbsp; 175357 | &nbsp;&nbsp; 1250295<br>|
| CoastalSouth Bancshares Inc. | &nbsp;&nbsp; 4838 | &nbsp;&nbsp; 118966<br>|
| Community Trust Bancorp Inc. | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 122229<br>|
| Customers Bancorp Inc. | &nbsp;&nbsp; 5096 | &nbsp;&nbsp; 353,713<br> \*<br>|
| Eagle Bancorp Inc. | &nbsp;&nbsp; 4606 | &nbsp;&nbsp; 114551<br>|
| Hanmi Financial Corp. | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 107944<br>|
| Independent Bank Corp. (Michigan) | &nbsp;&nbsp; 3559 | &nbsp;&nbsp; 118515<br>|
| International Bancshares Corp. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 115066<br>|
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp; 3219 | &nbsp;&nbsp; 268110<br>|
| Northrim BanCorp Inc. | &nbsp;&nbsp; 4825 | &nbsp;&nbsp; 110396<br>|
| OFG Bancorp | &nbsp;&nbsp; 2821 | &nbsp;&nbsp; 114138<br>|
| Texas Capital Bancshares Inc. | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 120,877<br> \*<br>|
| Valley National Bancorp | &nbsp;&nbsp; 118995 | &nbsp;&nbsp; 1461259<br>|

---

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| Westamerica Bancorp | &nbsp;&nbsp; 17529 | &nbsp;&nbsp; $914137<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 9559026 |
| Capital Markets — 3.2% | Capital Markets — 3.2% | Capital Markets — 3.2% |
| Acadian Asset Management Inc. | &nbsp;&nbsp; 19842 | &nbsp;&nbsp; 1079802<br>|
| Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 29120 | &nbsp;&nbsp; 1059677<br>|
| Cohen & Steers Inc. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 113841<br>|
| Diamond Hill Investment Group Inc. | &nbsp;&nbsp; 2558 | &nbsp;&nbsp; 440232<br>|
| Donnelley Financial Solutions Inc. | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 118,510<br> \*<br>|
| Marex Group PLC | &nbsp;&nbsp; 3016 | &nbsp;&nbsp; 134453<br>|
| Miami International Holdings Inc. | &nbsp;&nbsp; 2995 | &nbsp;&nbsp; 116,565<br> \*<br>|
| Moelis & Co., Class A Shares | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 110295<br>|
| Piper Sandler Cos. | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 113600<br>|
| PJT Partners Inc., Class A Shares | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 111776<br>|
| Virtus Investment Partners Inc. | &nbsp;&nbsp; 1547 | &nbsp;&nbsp; 207840<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 3606591 |
| Consumer Finance — 2.5% | Consumer Finance — 2.5% | Consumer Finance — 2.5% |
| Bread Financial Holdings Inc. | &nbsp;&nbsp; 18828 | &nbsp;&nbsp; 1410029<br>|
| Dave Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 804,992<br> \*<br>|
| LendingClub Corp. | &nbsp;&nbsp; 5915 | &nbsp;&nbsp; 84,703<br> \*<br>|
| PROG Holdings Inc. | &nbsp;&nbsp; 3913 | &nbsp;&nbsp; 112264<br>|
| World Acceptance Corp. | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 417,814<br> \*<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 2829802 |
| Financial Services — 1.5% | Financial Services — 1.5% | Financial Services — 1.5% |
| Essent Group Ltd. | &nbsp;&nbsp; 3083 | &nbsp;&nbsp; 180170<br>|
| Jackson Financial Inc., Class A Shares | &nbsp;&nbsp; 10747 | &nbsp;&nbsp; 1136173<br>|
| loanDepot Inc., Class A Shares | &nbsp;&nbsp; 79443 | &nbsp;&nbsp; 112,809<br> \*<br>|
| NMI Holdings Inc. | &nbsp;&nbsp; 3201 | &nbsp;&nbsp; 120,069<br> \*<br>|
| Pagseguro Digital Ltd., Class A Shares | &nbsp;&nbsp; 11776 | &nbsp;&nbsp; 117996<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1667217 |
| Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% |
| CNO Financial Group Inc. | &nbsp;&nbsp; 2851 | &nbsp;&nbsp; 117062<br>|
| Selective Insurance Group Inc. | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 233257<br>|
| SiriusPoint Ltd. | &nbsp;&nbsp; 5910 | &nbsp;&nbsp; 127,301<br> \*<br>|
| Universal Insurance Holdings Inc. | &nbsp;&nbsp; 3896 | &nbsp;&nbsp; 133087<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 610707 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **18273343** |
| **Health Care — 18.2%** | **Health Care — 18.2%** | **Health Care — 18.2%** |
| Biotechnology — 9.2% | Biotechnology — 9.2% | Biotechnology — 9.2% |
| ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 45133 | &nbsp;&nbsp; 1,004,661<br> \*<br>|
| ADMA Biologics Inc. | &nbsp;&nbsp; 9282 | &nbsp;&nbsp; 83,631<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Agios Pharmaceuticals Inc. | &nbsp;&nbsp; 6006 | &nbsp;&nbsp; $203,183<br> \*<br>|
| Alkermes PLC | &nbsp;&nbsp; 3855 | &nbsp;&nbsp; 136,313<br> \*<br>|
| Amicus Therapeutics Inc. | &nbsp;&nbsp; 11557 | &nbsp;&nbsp; 167,114<br> \*<br>|
| AnaptysBio Inc. | &nbsp;&nbsp; 2192 | &nbsp;&nbsp; 121,568<br> \*<br>|
| Arcutis Biotherapeutics Inc. | &nbsp;&nbsp; 5551 | &nbsp;&nbsp; 130,782<br> \*<br>|
| Ardelyx Inc. | &nbsp;&nbsp; 18044 | &nbsp;&nbsp; 108,084<br> \*<br>|
| Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 131,231<br> \*<br>|
| Aurinia Pharmaceuticals Inc. | &nbsp;&nbsp; 7371 | &nbsp;&nbsp; 109,238<br> \*<br>|
| BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp; 16268 | &nbsp;&nbsp; 154,871<br> \*<br>|
| Bridgebio Pharma Inc. | &nbsp;&nbsp; 21925 | &nbsp;&nbsp; 1,628,150<br> \*<br>|
| Celcuity Inc. | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 124,641<br> \*<br>|
| Corvus Pharmaceuticals Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 101,474<br> \*<br>|
| CRISPR Therapeutics AG | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 95,235<br> \*<br>|
| Cytokinetics Inc. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 119,956<br> \*<br>|
| Enanta Pharmaceuticals Inc. | &nbsp;&nbsp; 20293 | &nbsp;&nbsp; 256,301<br> \*<br>|
| Entrada Therapeutics Inc. | &nbsp;&nbsp; 11102 | &nbsp;&nbsp; 140,107<br> \*<br>|
| Greenwich Lifesciences Inc. | &nbsp;&nbsp; 4885 | &nbsp;&nbsp; 117,338<br> \*<br>|
| Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp; 180914 | &nbsp;&nbsp; 635,008<br> \*<br>|
| Kodiak Sciences Inc. | &nbsp;&nbsp; 6734 | &nbsp;&nbsp; 256,700<br> \*<br>|
| Krystal Biotech Inc. | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 119,344<br> \*<br>|
| Kura Oncology Inc. | &nbsp;&nbsp; 13534 | &nbsp;&nbsp; 110,031<br> \*<br>|
| Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 1,058,456<br> \*<br>|
| MiMedx Group Inc. | &nbsp;&nbsp; 16471 | &nbsp;&nbsp; 65,060<br> \*<br>|
| Monte Rosa Therapeutics Inc. | &nbsp;&nbsp; 20839 | &nbsp;&nbsp; 342,802<br> \*<br>|
| Myriad Genetics Inc. | &nbsp;&nbsp; 19952 | &nbsp;&nbsp; 89,784<br> \*<br>|
| Praxis Precision Medicines Inc. | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 117,921<br> \*<br>|
| Protagonist Therapeutics Inc. | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 134,280<br> \*<br>|
| PTC Therapeutics Inc. | &nbsp;&nbsp; 7553 | &nbsp;&nbsp; 514,586<br> \*<br>|
| REGENXBIO Inc. | &nbsp;&nbsp; 16744 | &nbsp;&nbsp; 140,315<br> \*<br>|
| Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp; 13080 | &nbsp;&nbsp; 1,137,568<br> \*<br>|
| Rigel Pharmaceuticals Inc. | &nbsp;&nbsp; 3367 | &nbsp;&nbsp; 91,044<br> \*<br>|
| Soleno Therapeutics Inc. | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 96,422<br> \*<br>|
| Stoke Therapeutics Inc. | &nbsp;&nbsp; 3731 | &nbsp;&nbsp; 121,481<br> \*<br>|
| TG Therapeutics Inc. | &nbsp;&nbsp; 3731 | &nbsp;&nbsp; 123,944<br> \*<br>|
| Xenon Pharmaceuticals Inc. | &nbsp;&nbsp; 2823 | &nbsp;&nbsp; 164,157<br> \*<br>|
| Zymeworks Inc. | &nbsp;&nbsp; 4277 | &nbsp;&nbsp; 107,096<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 10359877 |
| Health Care Equipment & Supplies — 2.2% | Health Care Equipment & Supplies — 2.2% | Health Care Equipment & Supplies — 2.2% |
| Axogen Inc. | &nbsp;&nbsp; 3472 | &nbsp;&nbsp; 115,027<br> \*<br>|
| Haemonetics Corp. | &nbsp;&nbsp; 1631 | &nbsp;&nbsp; 91,923<br> \*<br>|

---

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| iRhythm Holdings Inc. | &nbsp;&nbsp; 5642 | &nbsp;&nbsp; $665,869<br> \*<br>|
| LivaNova PLC | &nbsp;&nbsp; 19656 | &nbsp;&nbsp; 1,249,335<br> \*<br>|
| Merit Medical Systems Inc. | &nbsp;&nbsp; 1493 | &nbsp;&nbsp; 102,913<br> \*<br>|
| Novocure Ltd. | &nbsp;&nbsp; 17745 | &nbsp;&nbsp; 193,421<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 2418488 |
| Health Care Providers & Services — 2.7% | Health Care Providers & Services — 2.7% | Health Care Providers & Services — 2.7% |
| Alignment Healthcare Inc. | &nbsp;&nbsp; 17745 | &nbsp;&nbsp; 312,667<br> \*<br>|
| GeneDx Holdings Corp. | &nbsp;&nbsp; 11759 | &nbsp;&nbsp; 755,163<br> \*<br>|
| Guardant Health Inc. | &nbsp;&nbsp; 19073 | &nbsp;&nbsp; 1,761,773<br> \*<br>|
| HealthEquity Inc. | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 106,468<br> \*<br>|
| Progyny Inc. | &nbsp;&nbsp; 7007 | &nbsp;&nbsp; 118,979<br> \*<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 3055050 |
| Health Care Technology — 0.1% | Health Care Technology — 0.1% | Health Care Technology — 0.1% |
| Phreesia Inc. | &nbsp;&nbsp; 5642 | &nbsp;&nbsp; 47,280<br> \*<br>|
| Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% | Life Sciences Tools & Services — 1.4% |
| 10X Genomics Inc., Class A Shares | &nbsp;&nbsp; 61121 | &nbsp;&nbsp; 1,297,599<br> \*<br>|
| Adaptive Biotechnologies Corp. | &nbsp;&nbsp; 6772 | &nbsp;&nbsp; 93,995<br> \*<br>|
| Cytek Biosciences Inc. | &nbsp;&nbsp; 28030 | &nbsp;&nbsp; 122,491<br> \*<br>|
| Fortrea Holdings Inc. | &nbsp;&nbsp; 7553 | &nbsp;&nbsp; 71,149<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 1585234 |
| Pharmaceuticals — 2.6% | Pharmaceuticals — 2.6% | Pharmaceuticals — 2.6% |
| Amneal Pharmaceuticals Inc. | &nbsp;&nbsp; 9133 | &nbsp;&nbsp; 113,523<br> \*<br>|
| Arvinas Inc. | &nbsp;&nbsp; 9772 | &nbsp;&nbsp; 103,583<br> \*<br>|
| Avadel Pharmaceuticals PLC | &nbsp;&nbsp; 30096 | &nbsp;&nbsp; 19,261<br> \*<sup>(a)(b)</sup><br>|
| Axsome Therapeutics Inc. | &nbsp;&nbsp; 9772 | &nbsp;&nbsp; 1,651,664<br> \*<br>|
| Esperion Therapeutics Inc. | &nbsp;&nbsp; 30576 | &nbsp;&nbsp; 83,778<br> \*<br>|
| Fulcrum Therapeutics Inc. | &nbsp;&nbsp; 10372 | &nbsp;&nbsp; 79,553<br> \*<br>|
| Indivior Pharmaceuticals Inc. | &nbsp;&nbsp; 19474 | &nbsp;&nbsp; 593,568<br> \*<br>|
| Maze Therapeutics Inc. | &nbsp;&nbsp; 2730 | &nbsp;&nbsp; 81,491<br> \*<br>|
| Tarsus Pharmaceuticals Inc. | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 114,836<br> \*<br>|
| Theravance Biopharma Inc. | &nbsp;&nbsp; 6188 | &nbsp;&nbsp; 100,431<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2941688 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **20407617** |
| **Industrials — 19.4%** | **Industrials — 19.4%** | **Industrials — 19.4%** |
| Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% |
| Astronics Corp. | &nbsp;&nbsp; 16396 | &nbsp;&nbsp; 1,094,105<br> \*<br>|
| Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 18839 | &nbsp;&nbsp; 1,328,338<br> \*<br>|
| Moog Inc., Class A Shares | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 122616<br>|
| V2X Inc. | &nbsp;&nbsp; 1797 | &nbsp;&nbsp; 123,095<br> \*<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 2668154 |

---

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Building Products — 1.7% | Building Products — 1.7% | Building Products — 1.7% |
| Resideo Technologies Inc. | &nbsp;&nbsp; 18957 | &nbsp;&nbsp; $639,041<br> \*<br>|
| UFP Industries Inc. | &nbsp;&nbsp; 13443 | &nbsp;&nbsp; 1238369<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 1877410 |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Cimpress PLC | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 120,669<br> \*<br>|
| CoreCivic Inc. | &nbsp;&nbsp; 6188 | &nbsp;&nbsp; 117,015<br> \*<br>|
| Interface Inc. | &nbsp;&nbsp; 3913 | &nbsp;&nbsp; 97512<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 335196 |
| Construction & Engineering — 3.0% | Construction & Engineering — 3.0% | Construction & Engineering — 3.0% |
| Dycom Industries Inc. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 113,843<br> \*<br>|
| IES Holdings Inc. | &nbsp;&nbsp; 3357 | &nbsp;&nbsp; 1,599,510<br> \*<br>|
| Legence Corp., Class A Shares | &nbsp;&nbsp; 2609 | &nbsp;&nbsp; 147,304<br> \*<br>|
| NWPX Infrastructure Inc. | &nbsp;&nbsp; 1739 | &nbsp;&nbsp; 135,399<br> \*<br>|
| Primoris Services Corp. | &nbsp;&nbsp; 9247 | &nbsp;&nbsp; 1322691<br>|
| Tutor Perini Corp. | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; 124276<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 3443023 |
| Electrical Equipment — 3.3% | Electrical Equipment — 3.3% | Electrical Equipment — 3.3% |
| Atkore Inc. | &nbsp;&nbsp; 1823 | &nbsp;&nbsp; 107393<br>|
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 18144 | &nbsp;&nbsp; 2,458,330<br> \*<br>|
| EnerSys | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 125600<br>|
| Fluence Energy Inc. | &nbsp;&nbsp; 4823 | &nbsp;&nbsp; 66,364<br> \*<br>|
| Hyliion Holdings Corp. | &nbsp;&nbsp; 54053 | &nbsp;&nbsp; 95,133<br> \*<br>|
| NuScale Power Corp. | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; 58,200<br> \*<br>|
| Power Solutions International Inc. | &nbsp;&nbsp; 7553 | &nbsp;&nbsp; 459,827<br> \*<br>|
| Preformed Line Products Co. | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 125899<br>|
| Shoals Technologies Group Inc., Class A Shares | &nbsp;&nbsp; 11936 | &nbsp;&nbsp; 78,539<br> \*<br>|
| Vicor Corp. | &nbsp;&nbsp; 827 | &nbsp;&nbsp; 133,147<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 3708432 |
| Ground Transportation — 0.2% | Ground Transportation — 0.2% | Ground Transportation — 0.2% |
| Covenant Logistics Group Inc. | &nbsp;&nbsp; 4131 | &nbsp;&nbsp; 112157<br>|
| Werner Enterprises Inc. | &nbsp;&nbsp; 3515 | &nbsp;&nbsp; 103376<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 215533 |
| Machinery — 3.6% | Machinery — 3.6% | Machinery — 3.6% |
| Astec Industries Inc. | &nbsp;&nbsp; 7759 | &nbsp;&nbsp; 417745<br>|
| Atmus Filtration Technologies Inc. | &nbsp;&nbsp; 23965 | &nbsp;&nbsp; 1360493<br>|
| Hyster-Yale Inc. | &nbsp;&nbsp; 3125 | &nbsp;&nbsp; 101594<br>|
| Kennametal Inc. | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 147952<br>|
| Manitowoc Co. Inc. | &nbsp;&nbsp; 8590 | &nbsp;&nbsp; 100,073<br> \*<br>|
| Proto Labs Inc. | &nbsp;&nbsp; 22750 | &nbsp;&nbsp; 1,297,205<br> \*<br>|
| Tennant Co. | &nbsp;&nbsp; 8190 | &nbsp;&nbsp; 543816<br>|

---

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Wabash National Corp. | &nbsp;&nbsp; 15561 | &nbsp;&nbsp; $134136<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 4103014 |
| Passenger Airlines — 1.5% | Passenger Airlines — 1.5% | Passenger Airlines — 1.5% |
| Allegiant Travel Co. | &nbsp;&nbsp; 6184 | &nbsp;&nbsp; 501,151<br> \*<br>|
| SkyWest Inc. | &nbsp;&nbsp; 12558 | &nbsp;&nbsp; 1,153,201<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 1654352 |
| Professional Services — 2.2% | Professional Services — 2.2% | Professional Services — 2.2% |
| Exponent Inc. | &nbsp;&nbsp; 17472 | &nbsp;&nbsp; 1140048<br>|
| IBEX Holdings Ltd. | &nbsp;&nbsp; 4113 | &nbsp;&nbsp; 110,311<br> \*<br>|
| Kforce Inc. | &nbsp;&nbsp; 3822 | &nbsp;&nbsp; 111755<br>|
| Korn Ferry | &nbsp;&nbsp; 17572 | &nbsp;&nbsp; 1106157<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 2468271 |
| Trading Companies & Distributors — 1.2% | Trading Companies & Distributors — 1.2% | Trading Companies & Distributors — 1.2% |
| Boise Cascade Co. | &nbsp;&nbsp; 15434 | &nbsp;&nbsp; 1170669<br>|
| Rush Enterprises Inc., Class B Shares | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 199099<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 1369768 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **21843153** |
| **Information Technology — 14.3%** | **Information Technology — 14.3%** | **Information Technology — 14.3%** |
| Communications Equipment — 0.4% | Communications Equipment — 0.4% | Communications Equipment — 0.4% |
| BK Technologies Corp. | &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 109,258<br> \*<br>|
| NETGEAR Inc. | &nbsp;&nbsp; 4277 | &nbsp;&nbsp; 93,410<br> \*<br>|
| NetScout Systems Inc. | &nbsp;&nbsp; 4307 | &nbsp;&nbsp; 136,920<br> \*<br>|
| Ribbon Communications Inc. | &nbsp;&nbsp; 39403 | &nbsp;&nbsp; 83,534<br> \*<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 423122 |
| Electronic Equipment, Instruments & Components — 3.9% | Electronic Equipment, Instruments & Components — 3.9% | Electronic Equipment, Instruments & Components — 3.9% |
| Advanced Energy Industries Inc. | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 150705<br>|
| Bel Fuse Inc., Class A Shares | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 101453<br>|
| Daktronics Inc. | &nbsp;&nbsp; 5495 | &nbsp;&nbsp; 107,427<br> \*<br>|
| Fabrinet | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 142,375<br> \*<br>|
| Frequency Electronics Inc. | &nbsp;&nbsp; 2403 | &nbsp;&nbsp; 106,357<br> \*<br>|
| Insight Enterprises Inc. | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 95,556<br> \*<br>|
| Itron Inc. | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 106,929<br> \*<br>|
| nLight Inc. | &nbsp;&nbsp; 28885 | &nbsp;&nbsp; 1,647,023<br> \*<br>|
| Plexus Corp. | &nbsp;&nbsp; 2831 | &nbsp;&nbsp; 573,391<br> \*<br>|
| Sanmina Corp. | &nbsp;&nbsp; 4732 | &nbsp;&nbsp; 613,456<br> \*<br>|
| TTM Technologies Inc. | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 116,222<br> \*<br>|
| Vishay Intertechnology Inc. | &nbsp;&nbsp; 36947 | &nbsp;&nbsp; 665046<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 4425940 |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Applied Digital Corp. | &nbsp;&nbsp; 3852 | &nbsp;&nbsp; 91,446<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — 5.0% | Semiconductors & Semiconductor Equipment — 5.0% | Semiconductors & Semiconductor Equipment — 5.0% |
| ACM Research Inc., Class A Shares | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; $72,994<br> \*<br>|
| Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp; 5362 | &nbsp;&nbsp; 118,822<br> \*<br>|
| Axcelis Technologies Inc. | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 118,584<br> \*<br>|
| Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 7917 | &nbsp;&nbsp; 743,169<br> \*<br>|
| FormFactor Inc. | &nbsp;&nbsp; 16235 | &nbsp;&nbsp; 1,574,633<br> \*<br>|
| Kulicke & Soffa Industries Inc. | &nbsp;&nbsp; 23900 | &nbsp;&nbsp; 1570708<br>|
| Photronics Inc. | &nbsp;&nbsp; 7280 | &nbsp;&nbsp; 294,185<br> \*<br>|
| Silicon Laboratories Inc. | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 125,098<br> \*<br>|
| SiTime Corp. | &nbsp;&nbsp; 3029 | &nbsp;&nbsp; 1,046,065<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 5664258 |
| Software — 4.1% | Software — 4.1% | Software — 4.1% |
| 8x8 Inc. | &nbsp;&nbsp; 166621 | &nbsp;&nbsp; 276,591<br> \*<br>|
| A10 Networks Inc. | &nbsp;&nbsp; 6461 | &nbsp;&nbsp; 149378<br>|
| Appian Corp., Class A Shares | &nbsp;&nbsp; 14105 | &nbsp;&nbsp; 340,072<br> \*<br>|
| Arteris Inc. | &nbsp;&nbsp; 6552 | &nbsp;&nbsp; 107,715<br> \*<br>|
| Blackbaud Inc. | &nbsp;&nbsp; 3458 | &nbsp;&nbsp; 133,513<br> \*<br>|
| Box Inc., Class A Shares | &nbsp;&nbsp; 72447 | &nbsp;&nbsp; 1,712,647<br> \*<br>|
| Clear Secure Inc., Class A Shares | &nbsp;&nbsp; 3458 | &nbsp;&nbsp; 167402<br>|
| Commvault Systems Inc. | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 77,968<br> \*<br>|
| Daily Journal Corp. | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 245,511<br> \*<br>|
| D-Wave Quantum Inc. | &nbsp;&nbsp; 4196 | &nbsp;&nbsp; 60,548<br> \*<br>|
| eGain Corp. | &nbsp;&nbsp; 12772 | &nbsp;&nbsp; 100,771<br> \*<br>|
| InterDigital Inc. | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 109928<br>|
| ON24 Inc. | &nbsp;&nbsp; 19201 | &nbsp;&nbsp; 155,528<br> \*<br>|
| PagerDuty Inc. | &nbsp;&nbsp; 44590 | &nbsp;&nbsp; 276,904<br> \*<br>|
| Qualys Inc. | &nbsp;&nbsp; 6461 | &nbsp;&nbsp; 567,599<br> \*<br>|
| Telos Corp. | &nbsp;&nbsp; 20930 | &nbsp;&nbsp; 87,697<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 4569772 |
| Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% |
| Diebold Nixdorf Inc. | &nbsp;&nbsp; 11046 | &nbsp;&nbsp; 833,310<br> \*<br>|
| Eastman Kodak Co. | &nbsp;&nbsp; 13013 | &nbsp;&nbsp; 117,768<br> \*<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 951078 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **16125616** |
| **Materials — 5.7%** | **Materials — 5.7%** | **Materials — 5.7%** |
| Chemicals — 2.9% | Chemicals — 2.9% | Chemicals — 2.9% |
| Aspen Aerogels Inc. | &nbsp;&nbsp; 32214 | &nbsp;&nbsp; 110,172<br> \*<br>|
| Avient Corp. | &nbsp;&nbsp; 37029 | &nbsp;&nbsp; 1344153<br>|
| Cabot Corp. | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 137064<br>|
| Innospec Inc. | &nbsp;&nbsp; 3515 | &nbsp;&nbsp; 256665<br>|
| Orion SA | &nbsp;&nbsp; 162617 | &nbsp;&nbsp; 1057010<br>|

---

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Chemicals — continued | Chemicals — continued | Chemicals — continued |
| Stepan Co. | &nbsp;&nbsp; 8666 | &nbsp;&nbsp; $433127<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 3338191 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| O-I Glass Inc. | &nbsp;&nbsp; 7628 | &nbsp;&nbsp; 80,171<br> \*<br>|
| Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% |
| Caledonia Mining Corp. PLC | &nbsp;&nbsp; 7007 | &nbsp;&nbsp; 158288<br>|
| Commercial Metals Co. | &nbsp;&nbsp; 20197 | &nbsp;&nbsp; 1240702<br>|
| Constellium SE | &nbsp;&nbsp; 16926 | &nbsp;&nbsp; 416,041<br> \*<br>|
| Critical Metals Corp. | &nbsp;&nbsp; 37787 | &nbsp;&nbsp; 300,029<br> \*<br>|
| Hecla Mining Co. | &nbsp;&nbsp; 6102 | &nbsp;&nbsp; 113680<br>|
| Idaho Strategic Resources Inc. | &nbsp;&nbsp; 3110 | &nbsp;&nbsp; 99,893<br> \*<br>|
| Kaiser Aluminum Corp. | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 241261<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 2569894 |
| Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% |
| Sylvamo Corp. | &nbsp;&nbsp; 10842 | &nbsp;&nbsp; 457966<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6446222** |
| **Real Estate — 4.6%** | **Real Estate — 4.6%** | **Real Estate — 4.6%** |
| Diversified REITs — 0.1% | Diversified REITs — 0.1% | Diversified REITs — 0.1% |
| Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 3731 | &nbsp;&nbsp; 113273<br>|
| Health Care REITs — 0.2% | Health Care REITs — 0.2% | Health Care REITs — 0.2% |
| CareTrust REIT Inc. | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 113395<br>|
| National Health Investors Inc. | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 110778<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 224173 |
| Hotel & Resort REITs — 1.6% | Hotel & Resort REITs — 1.6% | Hotel & Resort REITs — 1.6% |
| Chatham Lodging Trust | &nbsp;&nbsp; 17563 | &nbsp;&nbsp; 138221<br>|
| DiamondRock Hospitality Co. | &nbsp;&nbsp; 37579 | &nbsp;&nbsp; 352115<br>|
| Pebblebrook Hotel Trust | &nbsp;&nbsp; 10556 | &nbsp;&nbsp; 133323<br>|
| Sunstone Hotel Investors Inc. | &nbsp;&nbsp; 119102 | &nbsp;&nbsp; 1073109<br>|
| Xenia Hotels & Resorts Inc. | &nbsp;&nbsp; 8105 | &nbsp;&nbsp; 120197<br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 1816965 |
| Industrial REITs — 0.8% | Industrial REITs — 0.8% | Industrial REITs — 0.8% |
| LXP Industrial Trust | &nbsp;&nbsp; 18382 | &nbsp;&nbsp; 850351<br>|
| Office REITs — 0.1% | Office REITs — 0.1% | Office REITs — 0.1% |
| COPT Defense Properties | &nbsp;&nbsp; 3913 | &nbsp;&nbsp; 119738<br>|
| Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% | Real Estate Management & Development — 1.3% |
| Douglas Elliman Inc. | &nbsp;&nbsp; 44317 | &nbsp;&nbsp; 72,680<br> \*<br>|
| eXp World Holdings Inc. | &nbsp;&nbsp; 16304 | &nbsp;&nbsp; 97661<br>|
| Marcus & Millichap Inc. | &nbsp;&nbsp; 4437 | &nbsp;&nbsp; 117980<br>|
| Newmark Group Inc., Class A Shares | &nbsp;&nbsp; 67249 | &nbsp;&nbsp; 1008063<br>|

---

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

 **Franklin Small Cap Enhanced ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| Real Brokerage Inc. | Real Brokerage Inc. | &nbsp;&nbsp; 45741 | &nbsp;&nbsp; $114,352<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 1410736 |
| Retail REITs — 0.5% | Retail REITs — 0.5% | Retail REITs — 0.5% | Retail REITs — 0.5% |
| Alexander's Inc. | Alexander's Inc. | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 122588<br>|
| CBL & Associates Properties Inc. | CBL & Associates Properties Inc. | &nbsp;&nbsp; 3251 | &nbsp;&nbsp; 124936<br>|
| Phillips Edison & Co. Inc. | Phillips Edison & Co. Inc. | &nbsp;&nbsp; 3426 | &nbsp;&nbsp; 128201<br>|
| SITE Centers Corp. | SITE Centers Corp. | &nbsp;&nbsp; 18354 | &nbsp;&nbsp; 99112<br>|
| Tanger Inc. | Tanger Inc. | &nbsp;&nbsp; 3476 | &nbsp;&nbsp; 118114<br>|
| Total Retail REITs | Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 592951 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5128187** |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| Portland General Electric Co. | Portland General Electric Co. | &nbsp;&nbsp; 2366 | &nbsp;&nbsp; 124854<br>|
| Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% | Gas Utilities — 0.3% |
| ONE Gas Inc. | ONE Gas Inc. | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 185093<br>|
| Southwest Gas Holdings Inc. | Southwest Gas Holdings Inc. | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 126527<br>|
| Total Gas Utilities | Total Gas Utilities | Total Gas Utilities | &nbsp;&nbsp; 311620 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Hallador Energy Co. | Hallador Energy Co. | &nbsp;&nbsp; 5733 | &nbsp;&nbsp; 93,333<br> \*<br>|
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Avista Corp. | Avista Corp. | &nbsp;&nbsp; 3007 | &nbsp;&nbsp; 120701<br>|
| Water Utilities — 1.0% | Water Utilities — 1.0% | Water Utilities — 1.0% | Water Utilities — 1.0% |
| American States Water Co. | American States Water Co. | &nbsp;&nbsp; 15743 | &nbsp;&nbsp; 1190485<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1840993** |
| **Total Investments before Short-Term Investments (Cost — $119,218,275)** | **Total Investments before Short-Term Investments (Cost — $119,218,275)** | **Total Investments before Short-Term Investments (Cost — $119,218,275)** | &nbsp;&nbsp; **111502053** |
|  | Rate |  |  |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| Franklin Institutional U.S. Government Money Market Fund, <br> Class A Shares <br>(Cost — $946,010)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 946010<br>| &nbsp;&nbsp; **946010**<br> <sup>(c)(d)</sup><br>|
| **Total Investments — 100.0% (Cost — $120,164,285)** | **Total Investments — 100.0% (Cost — $120,164,285)** | **Total Investments — 100.0% (Cost — $120,164,285)** | &nbsp;&nbsp; **112448063** |
| Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp; 51194 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$112499257** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin Small Cap Enhanced ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated <br> Companies was $946,010 and the cost was $946,010 (Note 6).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| REIT |  | Real Estate Investment Trust |

---

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $119,218,275) | &nbsp;&nbsp; $111502053 |
| Investments in affiliated securities, at value (Cost — $946,010) | &nbsp;&nbsp; 946010 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 93728 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 2611 |
| **Total Assets** | &nbsp;&nbsp; **112544402** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 42534 |
| Payable for securities purchased | &nbsp;&nbsp; 2611 |
| **Total Liabilities** | &nbsp;&nbsp; **45145** |
| **Total Net Assets** | &nbsp;&nbsp; **$112499257** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $120805864 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (8306607)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$112499257** |
| **Shares Outstanding** | &nbsp;&nbsp; 4550000 |
| **Net Asset Value** | &nbsp;&nbsp; $24.73 |

---

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Statement of Operations

For the Period Ended March 31, 2026<sup>†</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $305657 |
| Dividends from affiliated investments | &nbsp;&nbsp; 7087 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (617)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **312127** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 100360 |
| **Total Expenses** | &nbsp;&nbsp; **100360** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (332)<br>|
| **Net Expenses** | &nbsp;&nbsp; **100028** |
| **Net Investment Income** | &nbsp;&nbsp; **212099** |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 1338866 |
| Futures contracts | &nbsp;&nbsp; (51035)<br>|
| **Net Realized Gain**  | &nbsp;&nbsp; **1287831** |
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **(7716222)**<br>|
| **Net Loss on Investments and Futures Contracts**  | &nbsp;&nbsp; **(6428391)**<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **$(6216292)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period December 9, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| For the Period Ended March 31, 2026<sup>†</sup>  | 2026 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $212099 |
| Net realized gain  | &nbsp;&nbsp; 1287831 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (7716222)<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **(6216292)**<br>|
| **Distributions to Shareholders From (Note 1):** |  |
| Total distributable earnings | &nbsp;&nbsp; (132094)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(132094)**<br>|
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (5,050,000 shares issued)  | &nbsp;&nbsp; 131971191 |
| Cost of shares repurchased (500,000 shares repurchased)  | &nbsp;&nbsp; (13123548)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **118847643** |
| **Increase in Net Assets** | &nbsp;&nbsp; **112499257** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$112499257** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period December 9, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

Franklin Small Cap Enhanced ETF 2026 Annual Report

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Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2026<sup>12</sup>  |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |
| Net investment income | 0.07 |
| Net realized and unrealized loss | (0.30)<br>|
| **Total loss from operations** | **(0.23)** |
| **Less distributions from:** |  |
| Net investment income | (0.04)<br>|
| **Total distributions** | **(0.04)**<br>|
| **Net asset value, end of period** | $24.73 |
| **Total return, based on NAV**<sup>3</sup>  | **(0.90)%**<br>|
| **Net assets, end of period (millions)** | $112 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses<sup>4</sup>  | 0.45<br> %<br>|
| Net expenses<sup>4,5,6</sup>  | 0.45 |
| Net investment income<sup>4</sup>  | 0.95 |
| **Portfolio turnover rate**<sup>7</sup>  | **37%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period December 9, 2025 (inception date) to March 31, 2026.

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Franklin Small Cap Enhanced ETF 2026 Annual Report

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Franklin Small Cap Enhanced ETF (the "Fund") is a separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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Franklin Small Cap Enhanced ETF 2026 Annual Report

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For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $20388356 | &nbsp;&nbsp; — | &nbsp;&nbsp; $19261 | &nbsp;&nbsp; $20407617 |
| Other Common Stocks | &nbsp;&nbsp; 91094436 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91094436 |
| Total Long-Term Investments | &nbsp;&nbsp; 111482792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19261 | &nbsp;&nbsp; 111502053 |
| Short-Term Investments† | &nbsp;&nbsp; 946010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 946010 |
| **Total Investments** | &nbsp;&nbsp; **$112428802** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$19261** | &nbsp;&nbsp; **$112448063** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Foreign investment risks.** 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.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(f) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(g) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(h) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| <sup>(a)</sup>  | &nbsp;&nbsp; $(1958221) | &nbsp;&nbsp; $1958221 |

---

<sup>(a)</sup>

Reclassifications are due to a book/tax differences in the treatment of an in-kind distribution of securities.

**(i) Guarantees and indemnifications.** Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is the Fund's investment manager. Putnam Investment Management, LLC ("Putnam Management"), Royce & Associates, LP ("Royce") and ClearBridge Investments, LLC ("ClearBridge Investments") are the Fund's subadvisers. Advisers is a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin Resources") and Putnam Management, Royce and ClearBridge Investments are indirect, wholly owned subsidiaries of Franklin Resources.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton Services") provides administrative services and facilities to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services, and is not an additional expense of the Fund. Franklin Templeton Services is an indirect, wholly owned subsidiary of Franklin Resources.

Under a subadvisory agreement, Putnam Management, Royce and ClearBridge Investments provides subadvisory services to the Funds. The subadvisory fee is paid by Advisers based on the Funds' average daily net assets and is not an additional expense of the Funds.

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 Fund's management fee, 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 Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.45% of the Fund's average daily net assets.

The Fund invests in Franklin Institutional U.S. Government Money Market Fund, an open-end management investment company managed by Advisers. The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the period ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $332, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Investments**

During the period ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $38351687 |
| Sales | &nbsp;&nbsp; 28655196 |

---

During the period ended March 31, 2026, in-kind transactions (Note 5) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $120988852 |
| Redemptions | &nbsp;&nbsp; 12795609 |
| Realized gain (loss)\* | &nbsp;&nbsp; 1958183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statement of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statement of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $120203802 | &nbsp;&nbsp; $3192710 | &nbsp;&nbsp; $(10948449) | &nbsp;&nbsp; $(7755739) |

---

**4. Derivative instruments and hedging activities** 

At March 31, 2026, the Fund did not have any derivative instruments outstanding.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(51035)<br>|

---

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

During the period ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy)† | &nbsp;&nbsp; $190317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the daily market values during the period. <br> † At March 31, 2026, there were no open positions held in this derivative.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statement of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>December 9, <br> 2025 <br>(inception date) | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>December 9, <br> 2025 <br>(inception date) | Cost | Shares | Proceeds | Shares |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<br>|  | $11648311 | 11648311 | $10702301 | 10702301 |

---

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Franklin Small Cap Enhanced ETF 2026 Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<br>|  | $7087 |  | $946010 |

---

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal period ended March 31, was as follows:

---

| | |
|:---|:---|
|  | 2026 |
| **Distributions paid from:** |  |
| Ordinary income | &nbsp;&nbsp; $132094 |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $119656 |
| Deferred capital losses\* | &nbsp;&nbsp; (670524) |
| Unrealized appreciation (depreciation)<sup>(a)</sup>  | &nbsp;&nbsp; (7755739) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(8306607)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Schedule of Investments provides 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.

Franklin Small Cap Enhanced ETF 2026 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Franklin Small Cap Enhanced ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin Small Cap Enhanced ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2026, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 9, 2025 (inception date) to March 31, 2026 (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, 2026, and the results of its operations, changes in its net assets and the financial highlights for the period December 9, 2025 (inception date) to March 31, 2026 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 audit. 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 audit 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 audit 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 audit 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, 2026 by correspondence with the custodian, transfer agent and broker; when replies were not received from a broker, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

------

Franklin Small Cap Enhanced ETF 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $132094 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $132094 |

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Franklin Small Cap Enhanced ETF

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Franklin Small Cap Enhanced ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

At a meeting held on December 4, 2025 (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 Advisers, Inc. (FAV) and the Trust; (ii) an investment sub-advisory agreement between FAV and Putnam Investment Management, LLC (PIM); (iii) an investment sub-advisory agreement between FAV and Royce & Associates, LP (Royce); and (iv) an investment sub-advisory agreement between FAV and ClearBridge Investments, LLC (ClearBridge), on behalf of the Fund (each a Management Agreement), each for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the approval of each Management Agreement. FAV, PIM, Royce and ClearBridge 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 discussed at the Meeting. The Board noted that FAV would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby FAV 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. The Board further noted that PIM, Royce and ClearBridge are proposed to serve as non-discretionary investment sub-advisers to the Fund providing model portfolio recommendations, research and related services.

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

Franklin Small Cap Enhanced ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

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, as applicable; 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/or 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. 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. It was noted that 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 the Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and thirteen other small-cap core funds. The Board noted

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Franklin Small Cap Enhanced ETF

------

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, FAV 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 each of PIM, Royce and ClearBridge would be paid by FAV out of the Unified Fee FAV receives from the Fund and that the allocation of the fee between FAV and each of PIM, Royce and ClearBridge reflects the services to be provided by each Manager to the Fund. The Board further noted management's representation that ClearBridge is not expected to provide model portfolio services at the commencement of the Fund's operations and has agreed to waive its sub-advisory fee until it begins the provision of such services. After consideration of the above, the Board concluded that the Management Rate to be charged to the Fund and the sub-advisory fees to be paid to each of PIM, Royce and ClearBridge 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 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 Small Cap Enhanced ETF

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Franklin

Small Cap Enhanced ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadvisers**

Putnam Investment Management, LLC

Royce & Associates, LP

ClearBridge Investments, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin Small Cap Enhanced ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin Small Cap Enhanced ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Small Cap Enhanced ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img54a5ca8c3.jpg)

**50069-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

![](img09a2c3071.gif)

**Franklin**

**U.S. Equity Index ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img628d0e5f2.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_SOI-Header-SOI-5039_1) | **1** |
| [Statement of Assets and Liabilities](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_SAL-Header-SAL-5039_1) | **19** |
| [Statement of Operations](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_SOP-Header-SOP-5039_1) | **20** |
| [Statements of Changes in Net Assets](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_SOC-Header-SOC-5039_1) | **21** |
| [Financial Highlights](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_FH-Header-Financialhighlights-5039_1) | **22** |
| [Notes to Financial Statements](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_NTF-Header-Notestofinancialstatements-5039_1) | **23** |
| [Report of Independent Registered Public Accounting](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_RIRPAF-Header-Auditletter-5039_1) [Firm](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_RIRPAF-Header-Auditletter-5039_1) | **36** |
| [Important Tax Information](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_ITI-Header-Importanttaxinformation-5039_1) | **37** |
| [Changes in and Disagreements with Accountants](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_TSR-TOCTSRDisclosures-5039_1) | **38** |
| [Results of Meeting(s) of Shareholders](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_TSR-TOCTSRDisclosures-5039_1) | **38** |
| [Remuneration Paid to Directors, Officers and Others](#xx_c26b48f2-b4dd-4988-9304-2347fdf2ba66_TSR-TOCTSRDisclosures-5039_1) | **38** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 10.5%** | **Communication Services — 10.5%** | **Communication Services — 10.5%** |
| Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% | Diversified Telecommunication Services — 0.9% |
| AT&T Inc. | &nbsp;&nbsp; 205190 | &nbsp;&nbsp; $5948458<br>|
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 106352 | &nbsp;&nbsp; 3053366<br>|
| Verizon Communications Inc. | &nbsp;&nbsp; 123692 | &nbsp;&nbsp; 6209338<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 15211162 |
| Entertainment — 1.4% | Entertainment — 1.4% | Entertainment — 1.4% |
| Electronic Arts Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 1414042<br>|
| Liberty Media Corp.-Liberty Formula One, Class A Shares | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 45,130<br> \*<br>|
| Liberty Media Corp.-Liberty Formula One, Class C Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 540,557<br> \*<br>|
| Live Nation Entertainment Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 617,056<br> \*<br>|
| Netflix Inc. | &nbsp;&nbsp; 123692 | &nbsp;&nbsp; 11,892,986<br> \*<br>|
| ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 18496 | &nbsp;&nbsp; 1,046,134<br> \*<br>|
| Take-Two Interactive Software Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1,027,395<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 52020 | &nbsp;&nbsp; 5013688<br>|
| Warner Bros. Discovery Inc. | &nbsp;&nbsp; 66470 | &nbsp;&nbsp; 1,825,266<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 23422254 |
| Interactive Media & Services — 7.8% | Interactive Media & Services — 7.8% | Interactive Media & Services — 7.8% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 170510 | &nbsp;&nbsp; 49031856<br>|
| Alphabet Inc., Class C Shares | &nbsp;&nbsp; 148546 | &nbsp;&nbsp; 42611905<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 64158 | &nbsp;&nbsp; 36706716<br>|
| Pinterest Inc., Class A Shares | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 318,016<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 128668493 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Charter Communications Inc., Class A Shares | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 623,893<br> \*<br>|
| Fox Corp., Class A Shares | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 337552<br>|
| Fox Corp., Class B Shares | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 214843<br>|
| News Corp., Class A Shares | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 273781<br>|
| News Corp., Class B Shares | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 82394<br>|
| Omnicom Group Inc. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 696467<br>|
| Trade Desk Inc., Class A Shares | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 301,641<br> \*<br>|
| Total Media | Total Media | &nbsp;&nbsp; 2530571 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| T-Mobile US Inc. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 2913536<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **172746016** |
| **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** | **Consumer Discretionary — 9.9%** |
| Automobile Components — 0.0%†† | Automobile Components — 0.0%†† | Automobile Components — 0.0%†† |
| Aptiv PLC | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 441,500<br> \*<br>|
| Automobiles — 2.1% | Automobiles — 2.1% | Automobiles — 2.1% |
| Ford Motor Co. | &nbsp;&nbsp; 115600 | &nbsp;&nbsp; 1334024<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Automobiles — continued | Automobiles — continued | Automobiles — continued |
| General Motors Co. | &nbsp;&nbsp; 26588 | &nbsp;&nbsp; $1980806<br>|
| Tesla Inc. | &nbsp;&nbsp; 82654 | &nbsp;&nbsp; 30,726,624<br> \*<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 34041454 |
| Broadline Retail — 3.9% | Broadline Retail — 3.9% | Broadline Retail — 3.9% |
| Amazon.com Inc. | &nbsp;&nbsp; 287844 | &nbsp;&nbsp; 59,949,270<br> \*<br>|
| Coupang Inc. | &nbsp;&nbsp; 39314 | &nbsp;&nbsp; 742,248<br> \*<br>|
| eBay Inc. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 1210020<br>|
| MercadoLibre Inc. | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 2,411,983<br> \*<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 64313521 |
| Distributors — 0.0%†† | Distributors — 0.0%†† | Distributors — 0.0%†† |
| Genuine Parts Co. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 427864<br>|
| Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% | Hotels, Restaurants & Leisure — 1.8% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 12138 | &nbsp;&nbsp; 1,532,787<br> \*<br>|
| Booking Holdings Inc. | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 3818760<br>|
| Carnival Corp. | &nbsp;&nbsp; 33524 | &nbsp;&nbsp; 867601<br>|
| Chipotle Mexican Grill Inc. | &nbsp;&nbsp; 38148 | &nbsp;&nbsp; 1,221,117<br> \*<br>|
| Darden Restaurants Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 679867<br>|
| Domino's Pizza Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 414761<br>|
| DoorDash Inc., Class A Shares | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 1,648,947<br> \*<br>|
| Expedia Group Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 800727<br>|
| Flutter Entertainment PLC | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 471,417<br> \*<br>|
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1933341<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 498282<br>|
| Marriott International Inc., Class A Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2079511<br>|
| McDonald's Corp. | &nbsp;&nbsp; 20808 | &nbsp;&nbsp; 6466918<br>|
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 2067703<br>|
| Starbucks Corp. | &nbsp;&nbsp; 33524 | &nbsp;&nbsp; 3003415<br>|
| Yum! Brands Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 1258144<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 28763298 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| DR Horton Inc. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 1031071<br>|
| Garmin Ltd. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 1072814<br>|
| Lennar Corp., Class A Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 552129<br>|
| NVR Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 514,007<br> \*<br>|
| PulteGroup Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 679786<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 3849807 |
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| AutoZone Inc. | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 1,617,957<br> \*<br>|
| Best Buy Co. Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 371076<br>|
| Burlington Stores Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 564,209<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialty Retail — continued | Specialty Retail — continued | Specialty Retail — continued |
| Carvana Co. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; $1,271,981<br> \*<br>|
| Home Depot Inc. | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 9504921<br>|
| Lowe's Cos. Inc. | &nbsp;&nbsp; 16184 | &nbsp;&nbsp; 3823955<br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 24854 | &nbsp;&nbsp; 2,294,273<br> \*<br>|
| Ross Stores Inc. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 2003394<br>|
| TJX Cos. Inc. | &nbsp;&nbsp; 32368 | &nbsp;&nbsp; 5169170<br>|
| Tractor Supply Co. | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 680768<br>|
| Ulta Beauty Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 604,253<br> \*<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 27905957 |
| Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% |
| Lululemon Athletica Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 442,459<br> \*<br>|
| NIKE Inc., Class B Shares | &nbsp;&nbsp; 32946 | &nbsp;&nbsp; 1740208<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 2182667 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **161926068** |
| **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** | **Consumer Staples — 5.1%** |
| Beverages — 1.1% | Beverages — 1.1% | Beverages — 1.1% |
| Coca-Cola Co. | &nbsp;&nbsp; 114444 | &nbsp;&nbsp; 8703466<br>|
| Constellation Brands Inc., Class A Shares | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 693600<br>|
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 35836 | &nbsp;&nbsp; 943562<br>|
| Monster Beverage Corp. | &nbsp;&nbsp; 20230 | &nbsp;&nbsp; 1,465,866<br> \*<br>|
| PepsiCo Inc. | &nbsp;&nbsp; 39882 | &nbsp;&nbsp; 6193275<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 17999769 |
| Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% | Consumer Staples Distribution & Retail — 2.1% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 13016 | &nbsp;&nbsp; 12969533<br>|
| Dollar General Corp. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 754885<br>|
| Dollar Tree Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 632,968<br> \*<br>|
| Kroger Co. | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 1254722<br>|
| Sysco Corp. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 989490<br>|
| Target Corp. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 1611233<br>|
| Walmart Inc. | &nbsp;&nbsp; 126004 | &nbsp;&nbsp; 15659777<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 33872608 |
| Food Products — 0.4% | Food Products — 0.4% | Food Products — 0.4% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 966341<br>|
| General Mills Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 580855<br>|
| Hershey Co. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 841123<br>|
| Kraft Heinz Co. | &nbsp;&nbsp; 25432 | &nbsp;&nbsp; 571966<br>|
| McCormick & Co. Inc., Non Voting Shares | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 379006<br>|
| Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 38148 | &nbsp;&nbsp; 2198851<br>|
| Tyson Foods Inc., Class A Shares | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 518454<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 6056596 |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Household Products — 0.8% | Household Products — 0.8% | Household Products — 0.8% |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; $647267<br>|
| Clorox Co. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 359389<br>|
| Colgate-Palmolive Co. | &nbsp;&nbsp; 23698 | &nbsp;&nbsp; 2019781<br>|
| Kimberly-Clark Corp. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 947914<br>|
| Procter & Gamble Co. | &nbsp;&nbsp; 68204 | &nbsp;&nbsp; 9851386<br>|
| Total Household Products | Total Household Products | &nbsp;&nbsp; 13825737 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 497797<br>|
| Kenvue Inc. | &nbsp;&nbsp; 51442 | &nbsp;&nbsp; 886860<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 1384657 |
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc. | &nbsp;&nbsp; 49130 | &nbsp;&nbsp; 3242089<br>|
| Philip Morris International Inc. | &nbsp;&nbsp; 45662 | &nbsp;&nbsp; 7549755<br>|
| Total Tobacco | Total Tobacco | &nbsp;&nbsp; 10791844 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **83931211** |
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% |
| Baker Hughes Co. | &nbsp;&nbsp; 28900 | &nbsp;&nbsp; 1764345<br>|
| Halliburton Co. | &nbsp;&nbsp; 24276 | &nbsp;&nbsp; 946521<br>|
| SLB Ltd. | &nbsp;&nbsp; 43350 | &nbsp;&nbsp; 2227757<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 4938623 |
| Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% |
| Cheniere Energy Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1804146<br>|
| Chevron Corp. | &nbsp;&nbsp; 54332 | &nbsp;&nbsp; 11241291<br>|
| ConocoPhillips | &nbsp;&nbsp; 36414 | &nbsp;&nbsp; 4806648<br>|
| Coterra Energy Inc. | &nbsp;&nbsp; 21964 | &nbsp;&nbsp; 771815<br>|
| Devon Energy Corp. | &nbsp;&nbsp; 16762 | &nbsp;&nbsp; 843464<br>|
| Diamondback Energy Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1028903<br>|
| EOG Resources Inc. | &nbsp;&nbsp; 16184 | &nbsp;&nbsp; 2339721<br>|
| EQT Corp. | &nbsp;&nbsp; 17918 | &nbsp;&nbsp; 1140301<br>|
| Expand Energy Corp. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 761434<br>|
| Exxon Mobil Corp. | &nbsp;&nbsp; 121958 | &nbsp;&nbsp; 20691394<br>|
| Gazprom PJSC | &nbsp;&nbsp; 15428 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Kinder Morgan Inc. | &nbsp;&nbsp; 57800 | &nbsp;&nbsp; 1938034<br>|
| LUKOIL PJSC | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Marathon Petroleum Corp. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 2117041<br>|
| Occidental Petroleum Corp. | &nbsp;&nbsp; 19074 | &nbsp;&nbsp; 1239810<br>|
| ONEOK Inc. | &nbsp;&nbsp; 17918 | &nbsp;&nbsp; 1619608<br>|
| Phillips 66 | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 2106001<br>|
| Rosneft Oil Co. PJSC | &nbsp;&nbsp; 1154 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Surgutneftegas PAO | &nbsp;&nbsp; 8286 | &nbsp;&nbsp; $0<br> \*<sup>(a)(b)(c)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1594141<br>|
| Tatneft PJSC | &nbsp;&nbsp; 1974 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Texas Pacific Land Corp. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 822887<br>|
| Valero Energy Corp. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 2142184<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 35836 | &nbsp;&nbsp; 2608144<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 61616967 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **66555590** |
| **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** |
| Banks — 3.6% | Banks — 3.6% | Banks — 3.6% |
| Bank of America Corp. | &nbsp;&nbsp; 193630 | &nbsp;&nbsp; 9439462<br>|
| Citigroup Inc. | &nbsp;&nbsp; 51442 | &nbsp;&nbsp; 5834037<br>|
| Citizens Financial Group Inc. | &nbsp;&nbsp; 12716 | &nbsp;&nbsp; 762579<br>|
| East-West Bancorp Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 431951<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 25432 | &nbsp;&nbsp; 1181571<br>|
| First Citizens BancShares Inc., Class A Shares | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 427818<br>|
| Huntington Bancshares Inc. | &nbsp;&nbsp; 57800 | &nbsp;&nbsp; 904570<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 79186 | &nbsp;&nbsp; 23293354<br>|
| KeyCorp | &nbsp;&nbsp; 27744 | &nbsp;&nbsp; 556267<br>|
| M&T Bank Corp. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 955873<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 2405520<br>|
| Regions Financial Corp. | &nbsp;&nbsp; 25432 | &nbsp;&nbsp; 664284<br>|
| Truist Financial Corp. | &nbsp;&nbsp; 36414 | &nbsp;&nbsp; 1673952<br>|
| US Bancorp | &nbsp;&nbsp; 45662 | &nbsp;&nbsp; 2374881<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 90746 | &nbsp;&nbsp; 7224289<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 58130408 |
| Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 1284316<br>|
| Ares Management Corp., Class A Shares | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 630598<br>|
| Bank of New York Mellon Corp. | &nbsp;&nbsp; 20230 | &nbsp;&nbsp; 2399885<br>|
| Blackrock Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 3891079<br>|
| Blackstone Inc. | &nbsp;&nbsp; 21964 | &nbsp;&nbsp; 2525640<br>|
| Carlyle Group Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 307664<br>|
| Charles Schwab Corp. | &nbsp;&nbsp; 49130 | &nbsp;&nbsp; 4617238<br>|
| CME Group Inc. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 3072821<br>|
| Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1,110,170<br> \*<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 7334733<br>|
| Interactive Brokers Group Inc., Class A Shares | &nbsp;&nbsp; 12716 | &nbsp;&nbsp; 852862<br>|
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 16762 | &nbsp;&nbsp; 2636327<br>|
| KKR & Co. Inc. | &nbsp;&nbsp; 19652 | &nbsp;&nbsp; 1817810<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; $695519<br>|
| Moody's Corp. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 2017220<br>|
| Morgan Stanley | &nbsp;&nbsp; 35258 | &nbsp;&nbsp; 5802409<br>|
| MSCI Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 1246191<br>|
| Nasdaq Inc. | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 932262<br>|
| Northern Trust Corp. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 806715<br>|
| Raymond James Financial Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 753198<br>|
| Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 21964 | &nbsp;&nbsp; 1,522,105<br> \*<br>|
| S&P Global Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 3687698<br>|
| State Street Corp. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 1024124<br>|
| T. Rowe Price Group Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 573110<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 51541694 |
| Consumer Finance — 0.6% | Consumer Finance — 0.6% | Consumer Finance — 0.6% |
| American Express Co. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 4720503<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 18039 | &nbsp;&nbsp; 3290855<br>|
| SoFi Technologies Inc. | &nbsp;&nbsp; 35836 | &nbsp;&nbsp; 569,075<br> \*<br>|
| Synchrony Financial | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 707680<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 9288113 |
| Financial Services — 3.6% | Financial Services — 3.6% | Financial Services — 3.6% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 12138 | &nbsp;&nbsp; 1352416<br>|
| Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 53754 | &nbsp;&nbsp; 25,758,917<br> \*<br>|
| Block Inc. | &nbsp;&nbsp; 16184 | &nbsp;&nbsp; 973,953<br> \*<br>|
| Corebridge Financial Inc. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 179284<br>|
| Corpay Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 504,576<br> \*<br>|
| Equitable Holdings Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 321744<br>|
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 732077<br>|
| Fiserv Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 870,815<br> \*<br>|
| Global Payments Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 466793<br>|
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 23698 | &nbsp;&nbsp; 11840943<br>|
| PayPal Holdings Inc. | &nbsp;&nbsp; 27744 | &nbsp;&nbsp; 1254861<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 49130 | &nbsp;&nbsp; 14849051<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 59105430 |
| Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% |
| Aflac Inc. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 1521897<br>|
| Allstate Corp. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 1557953<br>|
| American International Group Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 1174352<br>|
| Aon PLC, Class A Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2052235<br>|
| Arch Capital Group Ltd. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 998,680<br> \*<br>|
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 1627382<br>|
| Brown & Brown Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 527679<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — continued | Insurance — continued | Insurance — continued |
| Chubb Ltd. | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; $3579363<br>|
| Cincinnati Financial Corp. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 727586<br>|
| Fidelity National Financial Inc. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 348499<br>|
| Hartford Insurance Group Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 1094281<br>|
| Loews Corp. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 555261<br>|
| Markel Group Inc. | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 656,526<br> \*<br>|
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 14450 | &nbsp;&nbsp; 2506353<br>|
| MetLife Inc. | &nbsp;&nbsp; 16184 | &nbsp;&nbsp; 1144533<br>|
| Principal Financial Group Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 572919<br>|
| Progressive Corp. | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 3437482<br>|
| Prudential Financial Inc. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 1016367<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1854501<br>|
| Willis Towers Watson PLC | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 840123<br>|
| WR Berkley Corp. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 574648<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 28368620 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† | Mortgage Real Estate Investment Trusts (REITs) — 0.0%†† |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 20230 | &nbsp;&nbsp; 427865<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **206862130** |
| **Health Care — 9.5%** | **Health Care — 9.5%** | **Health Care — 9.5%** |
| Biotechnology — 1.9% | Biotechnology — 1.9% | Biotechnology — 1.9% |
| AbbVie Inc. | &nbsp;&nbsp; 52020 | &nbsp;&nbsp; 11313830<br>|
| Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 1,147,457<br> \*<br>|
| Amgen Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 5490971<br>|
| Biogen Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 741,753<br> \*<br>|
| Gilead Sciences Inc. | &nbsp;&nbsp; 36414 | &nbsp;&nbsp; 5075019<br>|
| Incyte Corp. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 435,211<br> \*<br>|
| Insmed Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1,039,660<br> \*<br>|
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2232930<br>|
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 3,355,301<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 30832132 |
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Abbott Laboratories | &nbsp;&nbsp; 50864 | &nbsp;&nbsp; 5222207<br>|
| Becton Dickinson & Co. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 1363184<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 43350 | &nbsp;&nbsp; 2,720,213<br> \*<br>|
| Cooper Cos. Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 413,270<br> \*<br>|
| Dexcom Inc. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 725,968<br> \*<br>|
| Edwards Lifesciences Corp. | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 1,388,587<br> \*<br>|
| GE HealthCare Technologies Inc. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 946267<br>|
| Hologic Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 480,601<br> \*<br>|
| IDEXX Laboratories Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 1,299,090<br> \*<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued | Health Care Equipment & Supplies — continued |
| Insulet Corp. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; $485,150<br> \*<br>|
| Intuitive Surgical Inc. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 4,796,140<br> \*<br>|
| Medline Inc., Class A Shares | &nbsp;&nbsp; 12716 | &nbsp;&nbsp; 565,862<br> \*<br>|
| Medtronic PLC | &nbsp;&nbsp; 37570 | &nbsp;&nbsp; 3255440<br>|
| ResMed Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 908246<br>|
| STERIS PLC | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 639066<br>|
| Stryker Corp. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 3418650<br>|
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 522628<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 29150569 |
| Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% | Health Care Providers & Services — 1.5% |
| Cardinal Health Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 1465646<br>|
| Cencora Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1634156<br>|
| Centene Corp. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 454,169<br> \*<br>|
| Cigna Group | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 2004359<br>|
| CVS Health Corp. | &nbsp;&nbsp; 36992 | &nbsp;&nbsp; 2656765<br>|
| Elevance Health Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1861305<br>|
| HCA Healthcare Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 2188262<br>|
| Humana Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 601317<br>|
| Labcorp Holdings Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 616865<br>|
| McKesson Corp. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 3001068<br>|
| Quest Diagnostics Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 679659<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 26588 | &nbsp;&nbsp; 7194447<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 24358018 |
| Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† |
| Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 812,252<br> \*<br>|
| Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% | Life Sciences Tools & Services — 0.8% |
| Agilent Technologies Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 922326<br>|
| Danaher Corp. | &nbsp;&nbsp; 19074 | &nbsp;&nbsp; 3616430<br>|
| Illumina Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 569,954<br> \*<br>|
| IQVIA Holdings Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 887,149<br> \*<br>|
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 728,974<br> \*<br>|
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 5397983<br>|
| Waters Corp. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 860,642<br> \*<br>|
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 579480<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 13562938 |
| Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% | Pharmaceuticals — 3.5% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 60112 | &nbsp;&nbsp; 3645793<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 23420 | &nbsp;&nbsp; 21541014<br>|
| Johnson & Johnson | &nbsp;&nbsp; 70516 | &nbsp;&nbsp; 17236931<br>|
| Merck & Co. Inc. | &nbsp;&nbsp; 72828 | &nbsp;&nbsp; 8760480<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Pfizer Inc. | &nbsp;&nbsp; 166464 | &nbsp;&nbsp; $4674309<br>|
| Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 499080<br>|
| Zoetis Inc. | &nbsp;&nbsp; 12716 | &nbsp;&nbsp; 1503158<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 57860765 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **156576674** |
| **Industrials — 9.1%** | **Industrials — 9.1%** | **Industrials — 9.1%** |
| Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% |
| Axon Enterprise Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 981,883<br> \*<br>|
| Boeing Co. | &nbsp;&nbsp; 23120 | &nbsp;&nbsp; 4,601,574<br> \*<br>|
| General Dynamics Corp. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 2380574<br>|
| General Electric Co. | &nbsp;&nbsp; 30634 | &nbsp;&nbsp; 8693010<br>|
| HEICO Corp. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 316975<br>|
| HEICO Corp., Class A Shares | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 488040<br>|
| Howmet Aerospace Inc. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 2664118<br>|
| L3Harris Technologies Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1795470<br>|
| Lockheed Martin Corp. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 3493374<br>|
| Northrop Grumman Corp. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 2760343<br>|
| Rocket Lab Corp. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 890,860<br> \*<br>|
| RTX Corp. | &nbsp;&nbsp; 39304 | &nbsp;&nbsp; 7581742<br>|
| Textron Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 455487<br>|
| TransDigm Group Inc. | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1802183<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 38905633 |
| Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% | Air Freight & Logistics — 0.3% |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 579509<br>|
| FedEx Corp. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2264592<br>|
| United Parcel Service Inc., Class B Shares | &nbsp;&nbsp; 21386 | &nbsp;&nbsp; 2103955<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 4948056 |
| Building Products — 0.4% | Building Products — 0.4% | Building Products — 0.4% |
| Allegion PLC | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 335911<br>|
| Carrier Global Corp. | &nbsp;&nbsp; 23120 | &nbsp;&nbsp; 1301887<br>|
| Johnson Controls International PLC | &nbsp;&nbsp; 17918 | &nbsp;&nbsp; 2346362<br>|
| Lennox International Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 536534<br>|
| Masco Corp. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 383832<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2649633<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 7554159 |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| Cintas Corp. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 1661970<br>|
| Copart Inc. | &nbsp;&nbsp; 24854 | &nbsp;&nbsp; 825,153<br> \*<br>|
| Republic Services Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 1265935<br>|
| Rollins Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 463065<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| Veralto Corp. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; $613281<br>|
| Waste Management Inc. | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 2523554<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 7352958 |
| Construction & Engineering — 0.3% | Construction & Engineering — 0.3% | Construction & Engineering — 0.3% |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1594113<br>|
| EMCOR Group Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 853486<br>|
| Quanta Services Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 2221335<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 4668934 |
| Electrical Equipment — 1.3% | Electrical Equipment — 1.3% | Electrical Equipment — 1.3% |
| AMETEK Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 1486801<br>|
| Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 1,018,072<br> \*<br>|
| Eaton Corp. PLC | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 4134665<br>|
| Emerson Electric Co. | &nbsp;&nbsp; 16762 | &nbsp;&nbsp; 2196157<br>|
| GE Vernova Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 7063507<br>|
| Hubbell Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 850943<br>|
| Rockwell Automation Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 1244596<br>|
| Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 2751870<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 20746611 |
| Ground Transportation — 0.8% | Ground Transportation — 0.8% | Ground Transportation — 0.8% |
| CSX Corp. | &nbsp;&nbsp; 54910 | &nbsp;&nbsp; 2254055<br>|
| J.B. Hunt Transport Services Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 489913<br>|
| Norfolk Southern Corp. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1824746<br>|
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1016471<br>|
| Uber Technologies Inc. | &nbsp;&nbsp; 60690 | &nbsp;&nbsp; 4,365,431<br> \*<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 4207031<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 14157647 |
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| 3M Co. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 2266459<br>|
| Honeywell International Inc. | &nbsp;&nbsp; 18496 | &nbsp;&nbsp; 4180651<br>|
| Total Industrial Conglomerates | Total Industrial Conglomerates | &nbsp;&nbsp; 6447110 |
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| Caterpillar Inc. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 9827757<br>|
| Cummins Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 2176829<br>|
| Deere & Co. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 4232636<br>|
| Dover Corp. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 843389<br>|
| Fortive Corp. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 511229<br>|
| Illinois Tool Works Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 2256714<br>|
| Ingersoll Rand Inc. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 926187<br>|
| Otis Worldwide Corp. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 891045<br>|
| PACCAR Inc. | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 1735734<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Machinery — continued | Machinery — continued | Machinery — continued |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; $3104692<br>|
| Pentair PLC | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 402797<br>|
| Snap-on Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 629824<br>|
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1300032<br>|
| Xylem Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 828852<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 29667717 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Delta Air Lines Inc. | &nbsp;&nbsp; 19074 | &nbsp;&nbsp; 1268039<br>|
| Southwest Airlines Co. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 499456<br>|
| United Airlines Holdings Inc. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 904,680<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 2672175 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 2348761<br>|
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 563481<br>|
| Equifax Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 624483<br>|
| Jacobs Solutions Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 441407<br>|
| Leidos Holdings Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 539343<br>|
| Paychex Inc. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 851926<br>|
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 429610<br>|
| TransUnion | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 399918<br>|
| Verisk Analytics Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 767728<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 6966657 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Fastenal Co. | &nbsp;&nbsp; 33524 | &nbsp;&nbsp; 1555513<br>|
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 1348243<br>|
| United Rentals Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 1263323<br>|
| W.W. Grainger Inc. | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 1408236<br>|
| Watsco Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 420541<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 5995856 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **150083513** |
| **Information Technology — 32.7%** | **Information Technology — 32.7%** | **Information Technology — 32.7%** |
| Communications Equipment — 0.9% | Communications Equipment — 0.9% | Communications Equipment — 0.9% |
| Arista Networks Inc. | &nbsp;&nbsp; 30056 | &nbsp;&nbsp; 3,690,276<br> \*<br>|
| Cisco Systems Inc. | &nbsp;&nbsp; 115600 | &nbsp;&nbsp; 8969404<br>|
| F5 Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 501,698<br> \*<br>|
| Motorola Solutions Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 2006677<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 15168055 |
| Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% |
| Amphenol Corp., Class A Shares | &nbsp;&nbsp; 35836 | &nbsp;&nbsp; 4527879<br>|
| CDW Corp. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 489647<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued | Electronic Equipment, Instruments & Components — continued |
| Corning Inc. | &nbsp;&nbsp; 21964 | &nbsp;&nbsp; $2986445<br>|
| Flex Ltd. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 681,046<br> \*<br>|
| Keysight Technologies Inc. | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 1,468,889<br> \*<br>|
| TE Connectivity PLC | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 1812203<br>|
| Teledyne Technologies Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 699,391<br> \*<br>|
| Zebra Technologies Corp., Class A Shares | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 362,545<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 13028045 |
| IT Services — 1.1% | IT Services — 1.1% | IT Services — 1.1% |
| Accenture PLC, Class A Shares | &nbsp;&nbsp; 18496 | &nbsp;&nbsp; 3667572<br>|
| Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 1,908,233<br> \*<br>|
| Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 851047<br>|
| CoreWeave Inc., Class A Shares | &nbsp;&nbsp; 7517 | &nbsp;&nbsp; 582,342<br> \*<br>|
| Gartner Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 366,082<br> \*<br>|
| GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 334,483<br> \*<br>|
| International Business Machines Corp. | &nbsp;&nbsp; 27166 | &nbsp;&nbsp; 6584767<br>|
| MongoDB Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 565,908<br> \*<br>|
| Okta Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 363,955<br> \*<br>|
| Snowflake Inc. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 1,481,957<br> \*<br>|
| Twilio Inc., Class A Shares | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 509,068<br> \*<br>|
| VeriSign Inc. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 574208<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 17789622 |
| Semiconductors & Semiconductor Equipment — 14.3% | Semiconductors & Semiconductor Equipment — 14.3% | Semiconductors & Semiconductor Equipment — 14.3% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 47974 | &nbsp;&nbsp; 9,759,351<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 14450 | &nbsp;&nbsp; 4597123<br>|
| Applied Materials Inc. | &nbsp;&nbsp; 23120 | &nbsp;&nbsp; 7902185<br>|
| Astera Labs Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 443,441<br> \*<br>|
| Broadcom Inc. | &nbsp;&nbsp; 136408 | &nbsp;&nbsp; 42219640<br>|
| Credo Technology Group Holding Ltd. | &nbsp;&nbsp; 4632 | &nbsp;&nbsp; 434,806<br> \*<br>|
| Entegris Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 542118<br>|
| First Solar Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 570,081<br> \*<br>|
| Intel Corp. | &nbsp;&nbsp; 127160 | &nbsp;&nbsp; 5,611,571<br> \*<br>|
| KLA Corp. | &nbsp;&nbsp; 3861 | &nbsp;&nbsp; 5684975<br>|
| Lam Research Corp. | &nbsp;&nbsp; 36992 | &nbsp;&nbsp; 7903711<br>|
| Marvell Technology Inc. | &nbsp;&nbsp; 25432 | &nbsp;&nbsp; 2519039<br>|
| Microchip Technology Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 1008304<br>|
| Micron Technology Inc. | &nbsp;&nbsp; 32946 | &nbsp;&nbsp; 11130477<br>|
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 1306 | &nbsp;&nbsp; 1427915<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 687242 | &nbsp;&nbsp; 119855005<br>|
| NXP Semiconductors NV | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 1365421<br>|
| ON Semiconductor Corp. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 715,795<br> \*<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| QUALCOMM Inc. | &nbsp;&nbsp; 31212 | &nbsp;&nbsp; $4019481<br>|
| Teradyne Inc. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 1370831<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 26588 | &nbsp;&nbsp; 5161794<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 234243064 |
| Software — 8.4% | Software — 8.4% | Software — 8.4% |
| Adobe Inc. | &nbsp;&nbsp; 12138 | &nbsp;&nbsp; 2,950,505<br> \*<br>|
| AppLovin Corp., Class A Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2,530,484<br> \*<br>|
| Atlassian Corp., Class A Shares | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 315,588<br> \*<br>|
| Autodesk Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1,522,105<br> \*<br>|
| Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 142096<br>|
| Cadence Design Systems Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 2,248,524<br> \*<br>|
| Circle Internet Group Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 110,294<br> \*<br>|
| CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 2,707,884<br> \*<br>|
| Datadog Inc., Class A Shares | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 1,091,726<br> \*<br>|
| DocuSign Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 274,030<br> \*<br>|
| Dynatrace Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 320,617<br> \*<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 720,590<br> \*<br>|
| Fortinet Inc. | &nbsp;&nbsp; 18496 | &nbsp;&nbsp; 1,511,493<br> \*<br>|
| Gen Digital Inc. | &nbsp;&nbsp; 16762 | &nbsp;&nbsp; 315629<br>|
| HubSpot Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 423,269<br> \*<br>|
| Intuit Inc. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 3498819<br>|
| Microsoft Corp. | &nbsp;&nbsp; 217328 | &nbsp;&nbsp; 80448306<br>|
| Oracle Corp. | &nbsp;&nbsp; 49708 | &nbsp;&nbsp; 7312544<br>|
| Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 64736 | &nbsp;&nbsp; 9,469,582<br> \*<br>|
| Palo Alto Networks Inc. | &nbsp;&nbsp; 23698 | &nbsp;&nbsp; 3,799,263<br> \*<br>|
| PTC Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 494,155<br> \*<br>|
| Roper Technologies Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 1022655<br>|
| Salesforce Inc. | &nbsp;&nbsp; 26588 | &nbsp;&nbsp; 4963182<br>|
| ServiceNow Inc. | &nbsp;&nbsp; 30634 | &nbsp;&nbsp; 3,202,785<br> \*<br>|
| Strategy Inc. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 1,154,151<br> \*<br>|
| Synopsys Inc. | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; 2,128,701<br> \*<br>|
| Trimble Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 452,435<br> \*<br>|
| Tyler Technologies Inc. | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 395,791<br> \*<br>|
| Workday Inc., Class A Shares | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 826,031<br> \*<br>|
| Zoom Communications Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 557,585<br> \*<br>|
| Zscaler Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 405,438<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 137316257 |
| Technology Hardware, Storage & Peripherals — 7.2% | Technology Hardware, Storage & Peripherals — 7.2% | Technology Hardware, Storage & Peripherals — 7.2% |
| Apple Inc. | &nbsp;&nbsp; 430610 | &nbsp;&nbsp; 109284512<br>|
| Dell Technologies Inc., Class C Shares | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 1517874<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued | Technology Hardware, Storage & Peripherals — continued |
| Everpure Inc., Class A Shares | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; $546,002<br> \*<br>|
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 38726 | &nbsp;&nbsp; 922066<br>|
| HP Inc. | &nbsp;&nbsp; 27744 | &nbsp;&nbsp; 532962<br>|
| NetApp Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 591814<br>|
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 2490810<br>|
| Super Micro Computer Inc. | &nbsp;&nbsp; 15606 | &nbsp;&nbsp; 355,349<br> \*<br>|
| Western Digital Corp. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 2657835<br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 118899224 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **536444267** |
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Air Products & Chemicals Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 1846935<br>|
| Corteva Inc. | &nbsp;&nbsp; 19652 | &nbsp;&nbsp; 1645069<br>|
| Dow Inc. | &nbsp;&nbsp; 20808 | &nbsp;&nbsp; 866653<br>|
| DuPont de Nemours Inc. | &nbsp;&nbsp; 12138 | &nbsp;&nbsp; 555920<br>|
| Ecolab Inc. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 1998874<br>|
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 545141<br>|
| Linde PLC | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 6590634<br>|
| LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 605328<br>|
| PhosAgro PJSC | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| PhosAgro PJSC, Russian Stock Exchange | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| PPG Industries Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 741320<br>|
| Sherwin-Williams Co. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 2223335<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 17619209 |
| Construction Materials — 0.2% | Construction Materials — 0.2% | Construction Materials — 0.2% |
| CRH PLC | &nbsp;&nbsp; 19652 | &nbsp;&nbsp; 2065818<br>|
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 1020771<br>|
| Vulcan Materials Co. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 1101726<br>|
| Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 4188315 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Amcor PLC | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 528436<br>|
| Avery Dennison Corp. | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 399236<br>|
| International Paper Co. | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 536500<br>|
| Packaging Corp. of America | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 490653<br>|
| Smurfit Westrock PLC | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 598866<br>|
| Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 2553691 |
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| Alrosa PJSC | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 42194 | &nbsp;&nbsp; 2480163<br>|
| GMK Norilskiy Nickel PAO | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining — continued | Metals & Mining — continued | Metals & Mining — continued |
| Newmont Corp. | &nbsp;&nbsp; 31790 | &nbsp;&nbsp; $3441268<br>|
| Novolipetsk Steel PJSC | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Nucor Corp. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 1172878<br>|
| Polyus PJSC | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Severstal PAO | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Southern Copper Corp. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 497253<br>|
| Steel Dynamics Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 728280<br>|
| United Co. RUSAL International PJSC | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 8319842 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **32681057** |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** | **Real Estate — 1.9%** |
| Diversified REITs — 0.0%†† | Diversified REITs — 0.0%†† | Diversified REITs — 0.0%†† |
| WP Carey Inc. | &nbsp;&nbsp; 6358 | &nbsp;&nbsp; 432090<br>|
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Ventas Inc. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 1087183<br>|
| Welltower Inc. | &nbsp;&nbsp; 20230 | &nbsp;&nbsp; 3999673<br>|
| Total Health Care REITs | Total Health Care REITs | &nbsp;&nbsp; 5086856 |
| Industrial REITs — 0.2% | Industrial REITs — 0.2% | Industrial REITs — 0.2% |
| Prologis Inc. | &nbsp;&nbsp; 27166 | &nbsp;&nbsp; 3590802<br>|
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| CBRE Group Inc., Class A Shares | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 1,174,438<br> \*<br>|
| CoStar Group Inc. | &nbsp;&nbsp; 11560 | &nbsp;&nbsp; 466,331<br> \*<br>|
| Zillow Group Inc., Class A Shares | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 71,770<br> \*<br>|
| Zillow Group Inc., Class C Shares | &nbsp;&nbsp; 5202 | &nbsp;&nbsp; 215,259<br> \*<br>|
| Total Real Estate Management & Development | Total Real Estate Management & Development | &nbsp;&nbsp; 1927798 |
| Residential REITs — 0.2% | Residential REITs — 0.2% | Residential REITs — 0.2% |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4046 | &nbsp;&nbsp; 660914<br>|
| Equity Residential | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 581208<br>|
| Essex Property Trust Inc. | &nbsp;&nbsp; 1734 | &nbsp;&nbsp; 419628<br>|
| Invitation Homes Inc. | &nbsp;&nbsp; 16184 | &nbsp;&nbsp; 402173<br>|
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 423512<br>|
| Sun Communities Inc. | &nbsp;&nbsp; 3468 | &nbsp;&nbsp; 436829<br>|
| Total Residential REITs | Total Residential REITs | &nbsp;&nbsp; 2924264 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| Kimco Realty Corp. | &nbsp;&nbsp; 19652 | &nbsp;&nbsp; 441580<br>|
| Realty Income Corp. | &nbsp;&nbsp; 26010 | &nbsp;&nbsp; 1591292<br>|
| Simon Property Group Inc. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 1832844<br>|
| Total Retail REITs | Total Retail REITs | &nbsp;&nbsp; 3865716 |
| Specialized REITs — 0.8% | Specialized REITs — 0.8% | Specialized REITs — 0.8% |
| American Tower Corp. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 2394030<br>|

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Specialized REITs — continued | Specialized REITs — continued | Specialized REITs — continued |
| Crown Castle Inc. | &nbsp;&nbsp; 12138 | &nbsp;&nbsp; $986941<br>|
| Digital Realty Trust Inc. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 1666582<br>|
| Equinix Inc. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2832893<br>|
| Extra Space Storage Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 757931<br>|
| Iron Mountain Inc. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 885554<br>|
| Public Storage | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 1252549<br>|
| SBA Communications Corp. | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 497398<br>|
| VICI Properties Inc. | &nbsp;&nbsp; 31212 | &nbsp;&nbsp; 852712<br>|
| Weyerhaeuser Co. | &nbsp;&nbsp; 20230 | &nbsp;&nbsp; 494219<br>|
| Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 12620809 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **30448335** |
| **Utilities — 2.5%** | **Utilities — 2.5%** | **Utilities — 2.5%** |
| Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% |
| Alliant Energy Corp. | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 539205<br>|
| American Electric Power Co. Inc. | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 1969870<br>|
| Constellation Energy Corp. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 2743910<br>|
| Duke Energy Corp. | &nbsp;&nbsp; 23120 | &nbsp;&nbsp; 3027333<br>|
| Edison International | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 803663<br>|
| Entergy Corp. | &nbsp;&nbsp; 13294 | &nbsp;&nbsp; 1493714<br>|
| Evergy Inc. | &nbsp;&nbsp; 6936 | &nbsp;&nbsp; 568197<br>|
| Eversource Energy | &nbsp;&nbsp; 10982 | &nbsp;&nbsp; 760833<br>|
| Exelon Corp. | &nbsp;&nbsp; 29478 | &nbsp;&nbsp; 1445012<br>|
| FirstEnergy Corp. | &nbsp;&nbsp; 15028 | &nbsp;&nbsp; 761318<br>|
| Inter RAO UES PJSC | &nbsp;&nbsp; 53546 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)</sup><br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 61268 | &nbsp;&nbsp; 5690572<br>|
| NRG Energy Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 844689<br>|
| PG&E Corp. | &nbsp;&nbsp; 64158 | &nbsp;&nbsp; 1127256<br>|
| PPL Corp. | &nbsp;&nbsp; 20808 | &nbsp;&nbsp; 794866<br>|
| Southern Co. | &nbsp;&nbsp; 32368 | &nbsp;&nbsp; 3124159<br>|
| Xcel Energy Inc. | &nbsp;&nbsp; 17340 | &nbsp;&nbsp; 1377490<br>|
| Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 27072087 |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Atmos Energy Corp. | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 854145<br>|
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
| Vistra Corp. | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 1477143<br>|
| Multi-Utilities — 0.7% | Multi-Utilities — 0.7% | Multi-Utilities — 0.7% |
| Ameren Corp. | &nbsp;&nbsp; 8092 | &nbsp;&nbsp; 889473<br>|
| CenterPoint Energy Inc. | &nbsp;&nbsp; 19074 | &nbsp;&nbsp; 823234<br>|
| CMS Energy Corp. | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 672619<br>|
| Consolidated Edison Inc. | &nbsp;&nbsp; 10404 | &nbsp;&nbsp; 1177525<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

 **Franklin U.S. Equity Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued | Multi-Utilities — continued |
| Dominion Energy Inc. | Dominion Energy Inc. | &nbsp;&nbsp; 24854 | &nbsp;&nbsp; $1536474<br>|
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 845152<br>|
| NiSource Inc. | NiSource Inc. | &nbsp;&nbsp; 13872 | &nbsp;&nbsp; 647267<br>|
| Public Service Enterprise Group Inc. | Public Service Enterprise Group Inc. | &nbsp;&nbsp; 14450 | &nbsp;&nbsp; 1169727<br>|
| Sempra | Sempra | &nbsp;&nbsp; 19074 | &nbsp;&nbsp; 1853420<br>|
| WEC Energy Group Inc. | WEC Energy Group Inc. | &nbsp;&nbsp; 9248 | &nbsp;&nbsp; 1070641<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 10685532 |
| Water Utilities — 0.0%†† | Water Utilities — 0.0%†† | Water Utilities — 0.0%†† | Water Utilities — 0.0%†† |
| American Water Works Co. Inc. | American Water Works Co. Inc. | &nbsp;&nbsp; 5780 | &nbsp;&nbsp; 786600<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **40875507** |
| **Total Common Stocks (Cost — $1,372,699,157)** | **Total Common Stocks (Cost — $1,372,699,157)** | **Total Common Stocks (Cost — $1,372,699,157)** | &nbsp;&nbsp; **1639130368**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** | **Preferred Stocks — 0.0%††** |
| **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** |
| Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† | Oil, Gas & Consumable Fuels — 0.0%†† |
| Surgutneftegas PAO (Cost — $6,128) | —  | &nbsp;&nbsp; 10688 | &nbsp;&nbsp; **0**<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $1,372,705,285)** | **Total Investments before Short-Term Investments (Cost — $1,372,705,285)** | **Total Investments before Short-Term Investments (Cost — $1,372,705,285)** | &nbsp;&nbsp; **1639130368** |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| Franklin Institutional U.S. Government Money Market Fund, <br> Class A Shares <br>(Cost — $1,565,526)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 1565526<br>| &nbsp;&nbsp; **1565526**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 99.9% (Cost — $1,374,270,811)** | **Total Investments — 99.9% (Cost — $1,374,270,811)** | **Total Investments — 99.9% (Cost — $1,374,270,811)** | &nbsp;&nbsp; **1640695894** |
| Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp; 1584867 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1642280761** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated <br> Companies was $1,565,526 and the cost was $1,565,526 (Note 6).<br>|
| <sup>(f)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| PJSC |  | Private Joint Stock Company |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Franklin U.S. Equity Index ETF**

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; $1354608 | &nbsp;&nbsp; $1314150 | &nbsp;&nbsp; **$(40458)**<br>|

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $1,372,705,285) | &nbsp;&nbsp; $1639130368 |
| Investments in affiliated securities, at value (Cost — $1,565,526) | &nbsp;&nbsp; 1565526 |
| Cash | &nbsp;&nbsp; 10000 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 110811330 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 787923 |
| Deposits with brokers for open futures contracts | &nbsp;&nbsp; 97301 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 36723 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 7065 |
| **Total Assets** | &nbsp;&nbsp; **1752446236** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 110124400 |
| Investment management fee payable | &nbsp;&nbsp; 41075 |
| **Total Liabilities** | &nbsp;&nbsp; **110165475** |
| **Total Net Assets** | &nbsp;&nbsp; **$1642280761** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $1392632182 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 249648579 |
| **Total Net Assets** | &nbsp;&nbsp; **$1642280761** |
| **Shares Outstanding** | &nbsp;&nbsp; 28900000 |
| **Net Asset Value** | &nbsp;&nbsp; $56.83 |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Statement of Operations

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $17591834 |
| Dividends from affiliated investments | &nbsp;&nbsp; 65535 |
| Securities lending income from affiliated investments | &nbsp;&nbsp; 66 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (3773)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **17653662** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 435820 |
| **Total Expenses** | &nbsp;&nbsp; **435820** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (765)<br>|
| **Net Expenses** | &nbsp;&nbsp; **435055** |
| **Net Investment Income** | &nbsp;&nbsp; **17218607** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 145773402 |
| Futures contracts | &nbsp;&nbsp; 106104 |
| Foreign currency transactions | &nbsp;&nbsp; 388 |
| **Net Realized Gain**  | &nbsp;&nbsp; **145879894** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 24531833 |
| Futures contracts | &nbsp;&nbsp; (59134)<br>|
| Foreign currencies | &nbsp;&nbsp; 378 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **24473077** |
| **Net Gain on Investments, Futures Contracts and Foreign Currency Transactions**  | &nbsp;&nbsp; **170352971** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$187571578** |

---

See Notes to Financial Statements.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $17218607 | $14917216 |
| Net realized gain  | &nbsp;&nbsp; 145879894 | 54772611 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 24473077 | 13414002 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **187571578** | **83103829** |
| **Distributions to Shareholders From (Note 1) :** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (17671298)<br>| (15125452)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(17671298)**<br>| **(15125452)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (12,200,000 and 4,450,000 shares <br> issued, respectively) <br>| &nbsp;&nbsp; 673879222 | 224011018 |
| Cost of shares repurchased (8,350,000 and 3,400,000 shares <br> repurchased, respectively) <br>| &nbsp;&nbsp; (427888423)<br>| (166766131)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **245990799** | **57244887** |
| **Increase in Net Assets** | &nbsp;&nbsp; **415891079** | **125223264** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1226389682 | 1101166418 |
| **End of year** | &nbsp;&nbsp; **$1642280761** | **$1226389682** |

---

See Notes to Financial Statements.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** | **For a share of beneficial interest outstanding throughout each year ended March 31:** |
|  | 2026<sup>1</sup>  | 2025<sup>1</sup>  | 2024<sup>1</sup>  | 2023<sup>1</sup>  | 2022<sup>1</sup>  |
| **Net asset value, beginning of year** | $48.96 | &nbsp;&nbsp; $45.88 | &nbsp;&nbsp; $35.70 | &nbsp;&nbsp; $40.04 | &nbsp;&nbsp; $37.65 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.67 | 0.63 | 0.60 | 0.59 | 1.05 |
| Net realized and unrealized gain (loss) | 7.88 | 3.09 | 10.15 | &nbsp;&nbsp; (4.10)<br>| 2.34 |
| **Total income (loss) from** <br> **operations**<br>| **8.55** | **3.72** | **10.75** | &nbsp;&nbsp; **(3.51)** | **3.39** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.68)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.00)<br>|
| **Total distributions** | **(0.68)**<br>| &nbsp;&nbsp; **(0.64)**<br>| &nbsp;&nbsp; **(0.57)**<br>| &nbsp;&nbsp; **(0.83)**<br>| &nbsp;&nbsp; **(1.00)**<br>|
| **Net asset value, end of year** | $56.83 | &nbsp;&nbsp; $48.96 | &nbsp;&nbsp; $45.88 | &nbsp;&nbsp; $35.70 | &nbsp;&nbsp; $40.04 |
| **Total return, based on NAV**<sup>2</sup>  | **17.47%**<br>| **8.10%**<br>| **30.34%**<br>| &nbsp;&nbsp; **(8.63)%**<br>| **9.00%**<br>|
| **Net assets, end of year (000s)** | $1642281 | &nbsp;&nbsp; $1226390 | &nbsp;&nbsp; $1101166 | &nbsp;&nbsp; $681913 | &nbsp;&nbsp; $16014 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.35<br> %<br>|
| Net expenses<sup>3</sup>  | 0.03 | 0.03 | 0.03 | 0.03 | 0.35 |
| Net investment income | 1.19 | 1.29 | 1.51 | 1.73 | 2.63 |
| **Portfolio turnover rate**<sup>4</sup>  | **3%**<br>| &nbsp;&nbsp; **3%**<br>| &nbsp;&nbsp; **4%**<br>| &nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp; **24%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. 

<sup>3</sup> Reflects fee waivers and/or expense reimbursements.

<sup>4</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Franklin U.S. Equity Index ETF (the "Fund") is a separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund intends to be diversified in approximately the same proportion as the Fund's underlying index is diversified. The Fund may become "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Fund's underlying index. A "non-diversified" fund generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The Fund is an exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to,

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Energy | &nbsp;&nbsp; $66555590 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $66555590 |
| Materials | &nbsp;&nbsp; 32681057 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 32681057 |
| Utilities | &nbsp;&nbsp; 40875507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 40875507 |
| Other Common Stocks | &nbsp;&nbsp; 1499018214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1499018214 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 1639130368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1639130368 |
| Short-Term Investments† | &nbsp;&nbsp; 1565526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1565526 |
| **Total Investments** | &nbsp;&nbsp; **$1640695894** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$1640695894** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $40458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $40458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**(b) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

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Franklin U.S. Equity Index ETF 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(c) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The 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.

**(d) Foreign investment risks.** 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.

**(e) 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 funds and is used to invest in a money market fund managed by Franklin Advisers, Inc. ("Franklin

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

Advisers"), 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 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.

**(f) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(g) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(h) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(i) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute

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Franklin U.S. Equity Index ETF 2026 Annual Report

------

its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(j) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| <sup>(a)</sup>  | &nbsp;&nbsp; $(152767100) | &nbsp;&nbsp; $152767100 |

---

<sup>(a)</sup>

Reclassifications are due to a book/tax differences in the treatment of an in-kind distribution of securities and book/tax differences in the treatment of various items.

**(k) 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. Investment management agreement and other transactions with affiliates**

Franklin Advisory Services, LLC ("FASL") is the Fund's investment manager. Franklin Templeton Institutional, LLC ("FT Institutional") is the Fund's subadviser. Franklin Templeton Services, LLC ("Franklin Templeton Services") is the Fund's administrative manager. FASL, FT Institutional and Franklin Templeton Services are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with FASL, Franklin Templeton 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.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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.

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 Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.03% of the Fund's average daily net assets.

During the year ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $765, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $41129220 |
| Sales | &nbsp;&nbsp; 40673887 |

---

During the year ended March 31, 2026, in-kind transactions (Note 5)) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $669606657 |
| Redemptions | &nbsp;&nbsp; 424968513 |
| Realized gain (loss)\* | &nbsp;&nbsp; 152691287 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

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Franklin U.S. Equity Index ETF 2026 Annual Report

------

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $1374753111 | &nbsp;&nbsp; $331876060 | &nbsp;&nbsp; $(65933277) | &nbsp;&nbsp; $265942783 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (40458) | &nbsp;&nbsp; (40458) |

---

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Futures contracts<sup>2</sup>  | &nbsp;&nbsp; $40458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $106104 |

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Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Futures contracts | &nbsp;&nbsp; $(59134)<br>|

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Futures contracts (to buy) | &nbsp;&nbsp; $1171351 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following companies were considered affiliated companies for all or some portion of the year ended March 31, 2026. The following transactions were effected in such companies for the year ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Money Market Funds: | Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>| $1318013 | $29075600 | 29075600 | $28828087 | 28828087 |
| Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: | Investments from Cash Collateral Received for Loaned Securities: |  |  |

---

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Franklin U.S. Equity Index ETF 2026 Annual Report

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate<br> Value at<br> March 31,<br> 2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate<br> Value at<br> March 31,<br> 2025 | Cost | Shares | Proceeds | Shares |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>|  | $1962225 | 1962225 | $1962225 | 1962225 |
| **Total** | **$1318013** | **$31037825** |  | **$30790312** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Income From <br>Securities <br> Lending<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Money Market Funds: | Money Market Funds: | Money Market Funds: |  |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>|  | $65535 |  |  | $1565526 |
| Investments from Cash Collateral Received for Loaned <br> Securities: | Investments from Cash Collateral Received for Loaned <br> Securities: | Investments from Cash Collateral Received for Loaned <br> Securities: |  |  |  |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<sup>(a)</sup> <br>|  |  | $66 |  |  |
| **Total** | **—** | **$65535** | **$66** | **—** | **$1565526** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended March 31, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $17671298 | &nbsp;&nbsp; $15125452 |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $661409 |
| Deferred capital losses\* | &nbsp;&nbsp; (16956181) |
| Other book/tax temporary differences<sup>(a)</sup>  | &nbsp;&nbsp; 40462 |
| Unrealized appreciation (depreciation)<sup>(b)</sup>  | &nbsp;&nbsp; 265902889 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$249648579** |

---

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on futures contracts. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, and the difference between the book and tax cost basis of investments in real estate investment trusts. 

**8. Concentration of risk**

Ongoing or threatened military conflicts throughout the world may cause significant market disruptions and volatility. The hostilities and sanctions resulting from those conflicts may also have a significant impact on certain investments of the Funds as well as the Funds' performance and liquidity. 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 a 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 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

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

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. At March 31, 2026, 0.00% of its net assets invested in securities with significant economic risk or exposure to Russia.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Schedule of Investments provides 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.

Franklin U.S. Equity Index ETF 2026 Annual Report

------

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, 2026, the related statement of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (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, 2026, 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, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 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, 2026 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 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

------

Franklin U.S. Equity Index ETF 2026 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $16001936 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $16621454 |
| Qualified Business Income Dividends Earned | &nbsp;&nbsp; §199A | &nbsp;&nbsp; $841003 |

---

Franklin U.S. Equity Index ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Franklin U.S. Equity Index ETF

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Franklin

U.S. Equity Index ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisory Services, LLC

**Subadviser**

Franklin Templeton Institutional, LLC

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Franklin U.S. Equity Index ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Franklin U.S. Equity Index ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin U.S. Equity Index ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img7ad546113.jpg)

**USPX-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

![](img1a80656d1.gif)

**Putnam**

**International Stock ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](imgd95617792.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_SOI-Header-SOI-5153_1) | **1** |
| [Statement of Assets and Liabilities](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_SAL-Header-SAL-5153_1) | **4** |
| [Statement of Operations](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_SOP-Header-SOP-5153_1) | **5** |
| [Statement of Changes in Net Assets](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_SOC-Header-SOC-5153_1) | **6** |
| [Financial Highlights](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_FH-Header-Financialhighlights-5153_1) | **7** |
| [Notes to Financial Statements](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_NTF-Header-Notestofinancialstatements-5153_1) | **8** |
| [Report of Independent Registered Public Accounting](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_RIRPAF-Header-Auditletter-5153_1) [Firm](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_RIRPAF-Header-Auditletter-5153_1) | **17** |
| [Important Tax Information](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_ITI-Header-Importanttaxinformation-5153_1) | **18** |
| [Changes in and Disagreements with Accountants](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_TSR-TOCTSRDisclosures-5153_1) | **19** |
| [Results of Meeting(s) of Shareholders](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_TSR-TOCTSRDisclosures-5153_1) | **19** |
| [Remuneration Paid to Directors, Officers and Others](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_TSR-TOCTSRDisclosures-5153_1) | **19** |
| [Board Approval of Management and Subadvisory](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_BAMSA-TOC-Mgmtandsubadvisoryagreements-5153_1) [Agreements](#xx_f7fb947b-9496-4463-88ee-8952aa162ee1_BAMSA-TOC-Mgmtandsubadvisoryagreements-5153_1) | **20** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Putnam International Stock ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.4%** | **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |
| **Communication Services — 7.2%** | **Communication Services — 7.2%** | **Communication Services — 7.2%** |
| Entertainment — 4.5% | Entertainment — 4.5% | Entertainment — 4.5% |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; $110315<br>|
| Spotify Technology SA | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 104,740<br> \*<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 215055 |
| Interactive Media & Services — 2.7% | Interactive Media & Services — 2.7% | Interactive Media & Services — 2.7% |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 129640<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **344695** |
| **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** |
| Broadline Retail — 4.0% | Broadline Retail — 4.0% | Broadline Retail — 4.0% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 191245<br>|
| Hotels, Restaurants & Leisure — 2.9% | Hotels, Restaurants & Leisure — 2.9% | Hotels, Restaurants & Leisure — 2.9% |
| Compass Group PLC | &nbsp;&nbsp; 4916 | &nbsp;&nbsp; 135165<br>|
| Household Durables — 2.0% | Household Durables — 2.0% | Household Durables — 2.0% |
| Sony Group Corp. | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 96821<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **423231** |
| **Consumer Staples — 9.9%** | **Consumer Staples — 9.9%** | **Consumer Staples — 9.9%** |
| Beverages — 3.3% | Beverages — 3.3% | Beverages — 3.3% |
| Coca-Cola European Partners PLC | &nbsp;&nbsp; 1704 | &nbsp;&nbsp; 154502<br>|
| Personal Care Products — 2.1% | Personal Care Products — 2.1% | Personal Care Products — 2.1% |
| Unilever PLC | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 101386<br>|
| Tobacco — 4.5% | Tobacco — 4.5% | Tobacco — 4.5% |
| British American Tobacco PLC | &nbsp;&nbsp; 3704 | &nbsp;&nbsp; 213500<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **469388** |
| **Financials — 9.6%** | **Financials — 9.6%** | **Financials — 9.6%** |
| Insurance — 9.6% | Insurance — 9.6% | Insurance — 9.6% |
| AIA Group Ltd. | &nbsp;&nbsp; 20800 | &nbsp;&nbsp; 225107<br>|
| Prudential PLC | &nbsp;&nbsp; 16768 | &nbsp;&nbsp; 229522<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **454629** |
| **Health Care — 16.3%** | **Health Care — 16.3%** | **Health Care — 16.3%** |
| Health Care Equipment & Supplies — 5.6% | Health Care Equipment & Supplies — 5.6% | Health Care Equipment & Supplies — 5.6% |
| Hoya Corp. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 267019<br>|
| Pharmaceuticals — 10.7% | Pharmaceuticals — 10.7% | Pharmaceuticals — 10.7% |
| AstraZeneca PLC | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 302586<br>|
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 146141<br>|
| Novo Nordisk A/S, ADR | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 61188<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 509915 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **776934** |

---

See Notes to Financial Statements.

Putnam International Stock ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Putnam International Stock ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Industrials — 17.2%** | **Industrials — 17.2%** | **Industrials — 17.2%** | **Industrials — 17.2%** |
| Aerospace & Defense — 7.6% | Aerospace & Defense — 7.6% | Aerospace & Defense — 7.6% | Aerospace & Defense — 7.6% |
| Airbus SE | Airbus SE | &nbsp;&nbsp; 944 | &nbsp;&nbsp; $174920<br>|
| Safran SA | Safran SA | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 189614<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 364534 |
| Electrical Equipment — 7.7% | Electrical Equipment — 7.7% | Electrical Equipment — 7.7% | Electrical Equipment — 7.7% |
| ABB Ltd., Registered Shares | ABB Ltd., Registered Shares | &nbsp;&nbsp; 2285 | &nbsp;&nbsp; 179831<br>|
| Schneider Electric SE | Schneider Electric SE | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 186362<br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 366193 |
| Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% | Ground Transportation — 1.9% |
| Canadian Pacific Kansas City Ltd. | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 88483<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **819210** |
| **Information Technology — 20.0%** | **Information Technology — 20.0%** | **Information Technology — 20.0%** | **Information Technology — 20.0%** |
| Semiconductors & Semiconductor Equipment — 18.1% | Semiconductors & Semiconductor Equipment — 18.1% | Semiconductors & Semiconductor Equipment — 18.1% | Semiconductors & Semiconductor Equipment — 18.1% |
| ASML Holding NV | ASML Holding NV | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 278541<br>|
| Infineon Technologies AG | Infineon Technologies AG | &nbsp;&nbsp; 4483 | &nbsp;&nbsp; 196282<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 1151 | &nbsp;&nbsp; 388980<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 863803 |
| Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% | Technology Hardware, Storage & Peripherals — 1.9% |
| Samsung Electronics Co. Ltd., GDR | Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 90752<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **954555** |
| **Materials — 8.3%** | **Materials — 8.3%** | **Materials — 8.3%** | **Materials — 8.3%** |
| Chemicals — 4.5% | Chemicals — 4.5% | Chemicals — 4.5% | Chemicals — 4.5% |
| Linde PLC | Linde PLC | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 216151<br>|
| Construction Materials — 3.8% | Construction Materials — 3.8% | Construction Materials — 3.8% | Construction Materials — 3.8% |
| CRH PLC | CRH PLC | &nbsp;&nbsp; 1708 | &nbsp;&nbsp; 179545<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **395696** |
| **Total Investments before Short-Term Investments (Cost — $4,840,378)** | **Total Investments before Short-Term Investments (Cost — $4,840,378)** | **Total Investments before Short-Term Investments (Cost — $4,840,378)** | &nbsp;&nbsp; **4638338** |
|  | Rate |  |  |
| **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** |
| Putnam Government Money Market Fund, Class P Shares <br> (Cost — $111,834)  | &nbsp;&nbsp; 3.430% | &nbsp;&nbsp; 111834<br>| &nbsp;&nbsp; **111834**<br> <sup>(a)(b)</sup><br>|
| **Total Investments — 99.7% (Cost — $4,952,212)** | **Total Investments — 99.7% (Cost — $4,952,212)** | **Total Investments — 99.7% (Cost — $4,952,212)** | &nbsp;&nbsp; **4750172** |
| Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp; 12973 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$4763145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Putnam International Stock ETF 2026 Annual Report

------

 **Putnam International Stock ETF**

\* Non-income producing security.

<sup>(a)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $111,834 and the cost was $111,834 (Note 6). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| GDR | —  | Global Depositary Receipts |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| United Kingdom | 19.1<br> %<br>|
| United States | 14.4 |
| Japan | 13.0 |
| Hong Kong | 9.6 |
| Taiwan | 8.2 |
| France | 7.7 |
| China | 6.7 |
| Netherlands | 5.9 |
| Germany | 4.1 |
| Switzerland | 3.8 |
| South Korea | 1.9 |
| Canada | 1.9 |
| Denmark | 1.3 |
| Short-Term Investments | 2.4 |
|  | **100.0%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

See Notes to Financial Statements.

Putnam International Stock ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $4,840,378) | &nbsp;&nbsp; $4638338 |
| Investments in affiliated securities, at value (Cost — $111,834) | &nbsp;&nbsp; 111834 |
| Foreign currency, at value (Cost — $736) | &nbsp;&nbsp; 726 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 14308 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 239 |
| **Total Assets** | &nbsp;&nbsp; **4765445** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 2300 |
| **Total Liabilities** | &nbsp;&nbsp; **2300** |
| **Total Net Assets** | &nbsp;&nbsp; **$4763145** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $4999957 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (236812)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$4763145** |
| **Shares Outstanding** | &nbsp;&nbsp; 200000 |
| **Net Asset Value** | &nbsp;&nbsp; $23.82 |

---

See Notes to Financial Statements.

------

Putnam International Stock ETF 2026 Annual Report

------

Statement of Operations

For the Period Ended March 31, 2026<sup>†</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $38606 |
| Dividends from affiliated investments | &nbsp;&nbsp; 1919 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (2640)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **37885** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 12136 |
| Excise tax (Note 1) | &nbsp;&nbsp; 43 |
| **Total Expenses** | &nbsp;&nbsp; **12179** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (142)<br>|
| **Net Expenses** | &nbsp;&nbsp; **12037** |
| **Net Investment Income** | &nbsp;&nbsp; **25848** |
| **Realized and Unrealized Loss on Investments and Foreign Currency Transactions (Notes 1 and 3):** | **Realized and Unrealized Loss on Investments and Foreign Currency Transactions (Notes 1 and 3):** |
| Net Realized Loss From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (54012)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (471)<br>|
| **Net Realized Loss**  | &nbsp;&nbsp; **(54483)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (202040)<br>|
| Foreign currencies | &nbsp;&nbsp; (116)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **(202156)**<br>|
| **Net Loss on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **(256639)**<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **$(230791)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period October 21, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

Putnam International Stock ETF 2026 Annual Report

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| For the Period Ended March 31, 2026<sup>†</sup>  | 2026 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $25848 |
| Net realized loss  | &nbsp;&nbsp; (54483)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (202156)<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **(230791)**<br>|
| **Distributions to Shareholders From (Note 1) :** |  |
| Total distributable earnings | &nbsp;&nbsp; (6064)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(6064)**<br>|
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (200,000 shares issued)  | &nbsp;&nbsp; 5000000 |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5000000** |
| **Increase in Net Assets** | &nbsp;&nbsp; **4763145** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$4763145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period October 21, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

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Putnam International Stock ETF 2026 Annual Report

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Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2026<sup>12</sup>  |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |
| Net investment income | 0.13 |
| Net realized and unrealized loss | (1.28)<br>|
| **Total loss from operations** | **(1.15)** |
| **Less distributions from:** |  |
| Net investment income | (0.03)<br>|
| **Total distributions** | **(0.03)**<br>|
| **Net asset value, end of period** | $23.82 |
| **Total return, based on NAV**<sup>3</sup>  | **(4.60)%**<br>|
| **Net assets, end of period (000s)** | $4763 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses<sup>4</sup>  | 0.55<br> %<br>|
| Net expenses<sup>4,5,6</sup>  | 0.55 |
| Net investment income<sup>4</sup>  | 1.17 |
| **Portfolio turnover rate**<sup>7</sup>  | **21%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period October 21, 2025 (inception date) to March 31, 2026.

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

Putnam International Stock ETF 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Putnam International Stock ETF (the "Fund") is a separate non-diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use

------

Putnam International Stock ETF 2026 Annual Report

------

inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market

Putnam International Stock ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $4638338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4638338 |
| Short-Term Investments† | &nbsp;&nbsp; 111834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111834 |
| **Total Investments** | &nbsp;&nbsp; **$4750172** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$4750172** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The 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

------

Putnam International Stock ETF 2026 Annual Report

------

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.

**(c) Foreign investment risks.** 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.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(e) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to

Putnam International Stock ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(f) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund's annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. During the period, the Fund paid $43 of federal income taxes attributable to calendar year 2025.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(g) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| <sup>(a)</sup>  | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $(43) |

---

<sup>(a)</sup>

Reclassifications are due to a non-deductible excise tax paid by the Fund.

**(h) Guarantees and indemnifications.** Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Putnam Investment Management, LLC ("Putnam Management") is the Fund's investment manager. Franklin Templeton Investment Management Limited ("FTIML") is the Fund's subadviser. Putnam Management is an indirect wholly-owned subsidiary of Franklin Resources, Inc. ("Franklin Resources"). FTIML is an indirect subsidiary of Franklin Resources.

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Putnam International Stock ETF 2026 Annual Report

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The Fund pays its investment manager an annual all-inclusive unified management fee of 0.55% based on the Fund's average daily net assets computed daily and paid monthly. The management fee covers investment management services and all of the Fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

Putnam Management has retained FTIML as the subadviser for the Fund pursuant to a subadvisory agreement. Pursuant to the agreement, FTIML is authorized by the Trustees to make investment decisions for the assets of the Fund as determined by Putnam Management. Putnam Management pays a monthly subadvisory fee to FTIML for its services.

FTIML is authorized by the Trustees to manage a separate portion of the assets of the Fund as determined by Putnam Management from time to time. FTIML did not manage any portion of the assets of the Fund during the reporting period. If Putnam Management were to engage the services of FTIML, Putnam Management (and not the Fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.50% of the average net assets of the portion of the Fund assets managed by FTIML.

Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton Services"), provides administrative services to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services and is not an additional expense of the Fund.

The Fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Advisers. The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the period ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $142, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

Putnam International Stock ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

As of March 31, 2026, Franklin Resources and its affiliates owned 86% of the Fund.

**3. Investments**

During the period ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1688833 |
| Sales | &nbsp;&nbsp; 1021380 |

---

During the period ended March 31, 2026, in-kind transactions (Note 5) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $4226945 |
| Redemptions | &nbsp;&nbsp; — |

---

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statement of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statement of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $4952212 | &nbsp;&nbsp; $266097 | &nbsp;&nbsp; $(468137) | &nbsp;&nbsp; $(202040) |

---

**4. Derivative instruments and hedging activities**

During the period ended March 31, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statement of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

------

Putnam International Stock ETF 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>October 21, <br> 2025 <br>(inception date) | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>October 21, <br> 2025 <br>(inception date) | Cost | Shares | Proceeds | Shares |
| Putnam <br> Government <br> Money Market <br> Fund, Class P <br> Shares<br>|  | $502604 | 502604 | $390770 | 390770 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $1919 |  | $111834 |

---

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal period ended March 31, was as follows:

---

| | |
|:---|:---|
|  | 2026 |
| **Distributions paid from:** |  |
| Ordinary income | &nbsp;&nbsp; $6064 |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $19356 |
| Deferred capital losses\* | &nbsp;&nbsp; (54012) |
| Unrealized appreciation (depreciation) | &nbsp;&nbsp; (202156) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(236812)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as

Putnam International Stock ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Schedule of Investments provides 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.

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Putnam International Stock ETF 2026 Annual Report

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Putnam International Stock ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Putnam International Stock ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2026, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2025 (inception date) to March 31, 2026 (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, 2026, and the results of its operations, changes in its net assets and the financial highlights for the period October 21, 2025 (inception date) to March 31, 2026 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 audit. 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 audit 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 audit 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 audit 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, 2026 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

Putnam International Stock ETF 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $38200 |

---

Under Section 853 of the Internal Revenue Code, the Fund intends to elect to pass through to its 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, 2026:

---

| | |
|:---|:---|
| Foreign Taxes Paid | $2640 |
| Foreign Source Income Earned | $38200 |

---

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Putnam International Stock ETF

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

Putnam International Stock ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (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 Putnam Investment Management, LLC (PIM) and the Trust and (ii) an investment sub-advisory agreement between PIM and Franklin Templeton Investment Management Limited (FTIML), on behalf of the Fund (each a Management Agreement), each for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the approval of each Management Agreement. PIM and FTIML 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 discussed at the Meeting. The Board noted that PIM would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby PIM 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. The Board noted that PIM, and not the Fund, would pay FTIML a sub-advisory fee for its services.

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

------

Putnam International Stock ETF

------

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 (with respect to FTIML) and other funds in the FT family of funds (with respect to PIM and FTIML); 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. 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 the Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and seven other international large-cap growth 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

Putnam International Stock ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

to the proposed Unified Fee arrangement, PIM 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 FTIML would be paid by PIM out of the Unified Fee PIM receives from the Fund and that the allocation of the fee between PIM and FTIML reflects the services to be provided by FTIML 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 FTIML 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 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.

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Putnam International Stock ETF

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Putnam

International Stock ETF

**Trustees**

Liaquat Ahamed

Barbara M. Baumann

Chair

Katinka Domotorffy

Catharine Bond Hill

Gregory G. McGreevey

Jennifer Williams Murphy

Marie Pillai

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

Jane Trust

**Investment manager**

Putnam Investment Management, LLC

**Subadviser**

Franklin Templeton Investment Management Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP Boston, MA

**Putnam International Stock ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Putnam International Stock ETF

Putnam Investments

100 Federal Street

Boston, MA 02110

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-800-225-1581.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-800-225-1581, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Putnam International Stock ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img357a25563.jpg)

**47497-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

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![](img28355ff71.gif)

**Templeton**

**Emerging Markets Debt ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](imgbd32edf72.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_SOI-Header-SOI-5182_1) | **1** |
| [Statement of Assets and Liabilities](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_SAL-Header-SAL-5182_1) | **6** |
| [Statement of Operations](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_SOP-Header-SOP-5182_1) | **7** |
| [Statement of Changes in Net Assets](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_SOC-Header-SOC-5182_1) | **8** |
| [Financial Highlights](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_FH-Header-Financialhighlights-5182_1) | **9** |
| [Notes to Financial Statements](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_NTF-Header-Notestofinancialstatements-5182_1) | **10** |
| [Report of Independent Registered Public Accounting](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_RIRPAF-Header-Auditletter-5182_1) [Firm](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_RIRPAF-Header-Auditletter-5182_1) | **22** |
| [Important Tax Information](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_ITI-Header-Importanttaxinformation-5182_1) | **23** |
| [Changes in and Disagreements with Accountants](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_TSR-TOCTSRDisclosures-5182_1) | **24** |
| [Results of Meeting(s) of Shareholders](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_TSR-TOCTSRDisclosures-5182_1) | **24** |
| [Remuneration Paid to Directors, Officers and Others](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_TSR-TOCTSRDisclosures-5182_1) | **24** |
| [Board Approval of Management and Subadvisory](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_BAMSA-TOC-Mgmtandsubadvisoryagreements-5182_1) [Agreements](#xx_699cba65-b1e2-425e-b748-eef5ea9f4f60_BAMSA-TOC-Mgmtandsubadvisoryagreements-5182_1) | **25** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Templeton Emerging Markets Debt ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Sovereign Bonds — 89.3%** | **Sovereign Bonds — 89.3%** | **Sovereign Bonds — 89.3%** | **Sovereign Bonds — 89.3%** | **Sovereign Bonds — 89.3%** |
| Angola — 1.0% | Angola — 1.0% | Angola — 1.0% | Angola — 1.0% | Angola — 1.0% |
| Angolan Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; $476436<br> <sup>(a)</sup><br>|
| Argentina — 1.1% | Argentina — 1.1% | Argentina — 1.1% | Argentina — 1.1% | Argentina — 1.1% |
| Argentine Republic Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/9/38 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 527800<br>|
| Bahrain — 1.9% | Bahrain — 1.9% | Bahrain — 1.9% | Bahrain — 1.9% | Bahrain — 1.9% |
| CBB International Sukuk Programme Co. WLL, <br> Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/5/32 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 908982<br> <sup>(a)</sup><br>|
| Brazil — 5.7% | Brazil — 5.7% | Brazil — 5.7% | Brazil — 5.7% | Brazil — 5.7% |
| Brazil Notas do Tesouro Nacional Serie F, <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 17400000 <br> <sup>BRL</sup><br>| &nbsp;&nbsp; 2817189<br>|
| Colombia — 3.9% | Colombia — 3.9% | Colombia — 3.9% | Colombia — 3.9% | Colombia — 3.9% |
| Colombian TES, Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/9/36 | &nbsp;&nbsp; 10870000000 <br> <sup>COP</sup><br>| &nbsp;&nbsp; 1890324<br>|
| Costa Rica — 1.0% | Costa Rica — 1.0% | Costa Rica — 1.0% | Costa Rica — 1.0% | Costa Rica — 1.0% |
| Costa Rica Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/4/44 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 497124<br> <sup>(a)</sup><br>|
| Dominican Republic — 2.5% | Dominican Republic — 2.5% | Dominican Republic — 2.5% | Dominican Republic — 2.5% | Dominican Republic — 2.5% |
| Dominican Republic International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 1/27/45 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp; 1213278<br> <sup>(a)</sup><br>|
| Ecuador — 1.9% | Ecuador — 1.9% | Ecuador — 1.9% | Ecuador — 1.9% | Ecuador — 1.9% |
| Ecuador Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 7/31/35 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 927150<br> <sup>(a)</sup><br>|
| Egypt — 1.4% | Egypt — 1.4% | Egypt — 1.4% | Egypt — 1.4% | Egypt — 1.4% |
| Egypt Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 686673<br> <sup>(a)</sup><br>|
| Ghana — 1.3% | Ghana — 1.3% | Ghana — 1.3% | Ghana — 1.3% | Ghana — 1.3% |
| Ghana Government International Bond, Senior <br> Notes, Step bond (5.000% to 7/3/28 then <br> 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; 658679<br> <sup>(a)</sup><br>|
| Guatemala — 1.4% | Guatemala — 1.4% | Guatemala — 1.4% | Guatemala — 1.4% | Guatemala — 1.4% |
| Guatemala Government Bond, Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 6/13/36 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 663075<br> <sup>(a)</sup><br>|
| Hungary — 2.9% | Hungary — 2.9% | Hungary — 2.9% | Hungary — 2.9% | Hungary — 2.9% |
| Hungary Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/16/34 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp; 1405547<br> <sup>(a)</sup><br>|
| Indonesia — 2.4% | Indonesia — 2.4% | Indonesia — 2.4% | Indonesia — 2.4% | Indonesia — 2.4% |
| Indonesia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/16/36 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1196733<br>|

---

See Notes to Financial Statements.

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Templeton Emerging Markets Debt ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Ivory Coast — 1.6% | Ivory Coast — 1.6% | Ivory Coast — 1.6% | Ivory Coast — 1.6% | Ivory Coast — 1.6% |
| Ivory Coast Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; $774123<br> <sup>(a)</sup><br>|
| Kazakhstan — 1.0% | Kazakhstan — 1.0% | Kazakhstan — 1.0% | Kazakhstan — 1.0% | Kazakhstan — 1.0% |
| Kazakhstan Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.714% | &nbsp;&nbsp; 4/9/35 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 485982<br> <sup>(a)</sup><br>|
| Kenya — 1.7% | Kenya — 1.7% | Kenya — 1.7% | Kenya — 1.7% | Kenya — 1.7% |
| Republic of Kenya Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/23/34 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp; 824379<br> <sup>(a)</sup><br>|
| Malaysia — 2.6% | Malaysia — 2.6% | Malaysia — 2.6% | Malaysia — 2.6% | Malaysia — 2.6% |
| Malaysia Sovereign Sukuk Bhd, Senior Notes | &nbsp;&nbsp; 4.236% | &nbsp;&nbsp; 4/22/45 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp; 1278919<br> <sup>(a)</sup><br>|
| Mexico — 1.5% | Mexico — 1.5% | Mexico — 1.5% | Mexico — 1.5% | Mexico — 1.5% |
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/13/37 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp; 735000<br>|
| Mongolia — 0.5% | Mongolia — 0.5% | Mongolia — 0.5% | Mongolia — 0.5% | Mongolia — 0.5% |
| Mongolia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/25/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 253975<br> <sup>(a)</sup><br>|
| Nigeria — 3.1% | Nigeria — 3.1% | Nigeria — 3.1% | Nigeria — 3.1% | Nigeria — 3.1% |
| Nigeria Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp; 1502998<br> <sup>(a)</sup><br>|
| Oman — 1.9% | Oman — 1.9% | Oman — 1.9% | Oman — 1.9% | Oman — 1.9% |
| Oman Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp; 949634<br> <sup>(a)</sup><br>|
| Pakistan — 0.5% | Pakistan — 0.5% | Pakistan — 0.5% | Pakistan — 0.5% | Pakistan — 0.5% |
| Pakistan Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 4/8/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 222445<br> <sup>(a)</sup><br>|
| Panama — 5.3% | Panama — 5.3% | Panama — 5.3% | Panama — 5.3% | Panama — 5.3% |
| Panama Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 1/26/36 | &nbsp;&nbsp; 2470000<br>| &nbsp;&nbsp; 2611185<br>|
| Paraguay — 1.2% | Paraguay — 1.2% | Paraguay — 1.2% | Paraguay — 1.2% | Paraguay — 1.2% |
| Paraguay Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/11/44 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 589115<br> <sup>(a)</sup><br>|
| Peru — 3.6% | Peru — 3.6% | Peru — 3.6% | Peru — 3.6% | Peru — 3.6% |
| Peruvian Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/30/36 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp; 1756304<br>|
| Philippines — 6.0% | Philippines — 6.0% | Philippines — 6.0% | Philippines — 6.0% | Philippines — 6.0% |
| Philippine Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 2710000<br>| &nbsp;&nbsp; 2918078<br>|
| Poland — 3.0% | Poland — 3.0% | Poland — 3.0% | Poland — 3.0% | Poland — 3.0% |
| Republic of Poland Government International <br> Bond | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/12/35 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp; 1449126<br>|

---

See Notes to Financial Statements.

------

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

 **Templeton Emerging Markets Debt ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Romania — 2.8% | Romania — 2.8% | Romania — 2.8% | Romania — 2.8% | Romania — 2.8% |
| Romanian Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/30/34 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; $1395062<br> <sup>(a)</sup><br>|
| Saudi Arabia — 3.4% | Saudi Arabia — 3.4% | Saudi Arabia — 3.4% | Saudi Arabia — 3.4% | Saudi Arabia — 3.4% |
| Saudi Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/16/34 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp; 1683651<br> <sup>(a)</sup><br>|
| South Africa — 4.7% | South Africa — 4.7% | South Africa — 4.7% | South Africa — 4.7% | South Africa — 4.7% |
| Republic of South Africa Government Bond | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/31/40 | &nbsp;&nbsp; 41300000 <br> <sup>ZAR</sup><br>| &nbsp;&nbsp; 2294605<br>|
| Sri Lanka — 0.9% | Sri Lanka — 0.9% | Sri Lanka — 0.9% | Sri Lanka — 0.9% | Sri Lanka — 0.9% |
| Sri Lanka Government International Bond, <br> Senior Notes, Step bond (3.350% to 9/15/27 <br> then 3.600%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 460175<br> <sup>(a)</sup><br>|
| Supranational — 6.5% | Supranational — 6.5% | Supranational — 6.5% | Supranational — 6.5% | Supranational — 6.5% |
| European Bank for Reconstruction & <br> Development, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/30/31 | &nbsp;&nbsp; 309700000 <br> <sup>INR</sup><br>| &nbsp;&nbsp; 3197413<br>|
| United Arab Emirates — 4.0% | United Arab Emirates — 4.0% | United Arab Emirates — 4.0% | United Arab Emirates — 4.0% | United Arab Emirates — 4.0% |
| Abu Dhabi Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/2/35 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp; 1976697<br> <sup>(a)</sup><br>|
| Uruguay — 3.4% | Uruguay — 3.4% | Uruguay — 3.4% | Uruguay — 3.4% | Uruguay — 3.4% |
| Uruguay Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 5.442% | &nbsp;&nbsp; 2/14/37 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp; 1655883<br>|
| Uzbekistan — 1.7% | Uzbekistan — 1.7% | Uzbekistan — 1.7% | Uzbekistan — 1.7% | Uzbekistan — 1.7% |
| Republic of Uzbekistan International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 11/25/30 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 847411<br> <sup>(a)</sup><br>|
| **Total Sovereign Bonds (Cost — $44,877,054)** | **Total Sovereign Bonds (Cost — $44,877,054)** | **Total Sovereign Bonds (Cost — $44,877,054)** | **Total Sovereign Bonds (Cost — $44,877,054)** | &nbsp;&nbsp; **43731150** |
| **Non-U.S. Treasury Inflation Protected Securities — 1.2%** | **Non-U.S. Treasury Inflation Protected Securities — 1.2%** | **Non-U.S. Treasury Inflation Protected Securities — 1.2%** | **Non-U.S. Treasury Inflation Protected Securities — 1.2%** | **Non-U.S. Treasury Inflation Protected Securities — 1.2%** |
| Uruguay — 1.2% | Uruguay — 1.2% | Uruguay — 1.2% | Uruguay — 1.2% | Uruguay — 1.2% |
| Uruguay Government International Bond, <br> Senior Notes (Cost — $604,338) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/2/40 | &nbsp;&nbsp; 21401533 <br> <sup>UYU</sup><br>| &nbsp;&nbsp; **581426**<br>|
| **Total Investments before Short-Term Investments (Cost — $45,481,392)** | **Total Investments before Short-Term Investments (Cost — $45,481,392)** | **Total Investments before Short-Term Investments (Cost — $45,481,392)** | **Total Investments before Short-Term Investments (Cost — $45,481,392)** | &nbsp;&nbsp; **44312576** |
| **Short-Term Investments — 7.7%** | **Short-Term Investments — 7.7%** | **Short-Term Investments — 7.7%** | **Short-Term Investments — 7.7%** | **Short-Term Investments — 7.7%** |
| **Sovereign Bonds — 4.1%** | **Sovereign Bonds — 4.1%** | **Sovereign Bonds — 4.1%** | **Sovereign Bonds — 4.1%** | **Sovereign Bonds — 4.1%** |
| Egypt Treasury Bills (Cost — $2,323,278) | 24.509% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 131700000 <br> <sup>EGP</sup><br>| &nbsp;&nbsp; **2024274**<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Templeton Emerging Markets Debt ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** | **Money Market Funds — 3.6%** |
| Franklin Institutional U.S. Government Money <br> Market Fund, Class A Shares <br>(Cost — $1,762,485)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 1762485<br>| &nbsp;&nbsp; **$1762485**<br> <sup>(c)(d)</sup><br>|
| **Total Short-Term Investments (Cost — $4,085,763)** | **Total Short-Term Investments (Cost — $4,085,763)** | **Total Short-Term Investments (Cost — $4,085,763)** | &nbsp;&nbsp; **3786759** |
| **Total Investments — 98.2% (Cost — $49,567,155)** | **Total Investments — 98.2% (Cost — $49,567,155)** | **Total Investments — 98.2% (Cost — $49,567,155)** | &nbsp;&nbsp; **48099335** |
| Other Assets in Excess of Liabilities — 1.8% | Other Assets in Excess of Liabilities — 1.8% | Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp; 863893 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$48963228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated <br> Companies was $1,762,485 and the cost was $1,762,485 (Note 6).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| BRL |  | Brazilian Real |
| COP | —  | Colombian Peso |
| EGP | —  | Egyptian Pound |
| INR | —  | Indian Rupee |
| UYU | —  | Uruguayan Peso |
| ZAR | —  | South African Rand |

---

At March 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| GBP | 180000 | &nbsp;&nbsp; USD | 246477 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/22/26 | &nbsp;&nbsp; $(8236)<br>|
| USD | 1506381 | &nbsp;&nbsp; GBP | 1120000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/22/26 | &nbsp;&nbsp; 23991 |
| MXN | 44050000 | &nbsp;&nbsp; USD | 2462313 | JPMorgan Chase & Co. | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; (18179)<br>|
| EUR | 210000 | &nbsp;&nbsp; USD | 249729 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; (6147)<br>|
| MYR | 6090000 | &nbsp;&nbsp; USD | 1511541 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; (3996)<br>|
| USD | 1524704 | &nbsp;&nbsp; EUR | 1290000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; 28412 |
| USD | 984707 | &nbsp;&nbsp; COP | 3783000000 | Citibank N.A. | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; (22115)<br>|
| EGP | 35430000 | &nbsp;&nbsp; USD | 697853 | Citibank N.A. | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; (90961)<br>|
| SGD | 630000 | &nbsp;&nbsp; USD | 501683 | Citibank N.A. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (7896)<br>|
| USD | 3053185 | &nbsp;&nbsp; SGD | 3870000 | Citibank N.A. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; 19916 |

---

See Notes to Financial Statements.

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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 **Templeton Emerging Markets Debt ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| AUD | 710000 | &nbsp;&nbsp; USD | 496888 | JPMorgan Chase & Co. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; $(7915)<br>|
| USD | 2010708 | &nbsp;&nbsp; AUD | 2990000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (48488)<br>|
| KRW | 723900000 | &nbsp;&nbsp; USD | 502354 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (19514)<br>|
| NOK | 2410000 | &nbsp;&nbsp; USD | 249808 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (1194)<br>|
| NZD | 830000 | &nbsp;&nbsp; USD | 504680 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (25925)<br>|
| SEK | 2230000 | &nbsp;&nbsp; USD | 252499 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (15652)<br>|
| USD | 2024973 | &nbsp;&nbsp; CAD | 2780000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; 17091 |
| USD | 3009804 | &nbsp;&nbsp; KRW | 4420800000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; 61144 |
| USD | 1513203 | &nbsp;&nbsp; NOK | 15130000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; (47594)<br>|
| USD | 2043494 | &nbsp;&nbsp; NZD | 3480000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; 36184 |
| USD | 1529574 | &nbsp;&nbsp; SEK | 13840000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; 59639 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(77435)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| CAD | —  | Canadian Dollar |
| COP | —  | Colombian Peso |
| EGP | —  | Egyptian Pound |
| EUR | —  | Euro |
| GBP | —  | British Pound |
| KRW | —  | South Korean Won |
| MXN | —  | Mexican Peso |
| MYR | —  | Malaysian Ringgit |
| NOK | —  | Norwegian Krone |
| NZD | —  | New Zealand Dollar |
| SEK | —  | Swedish Krona |
| SGD | —  | Singapore Dollar |
| USD | —  | United States Dollar |

---

See Notes to Financial Statements.

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $47,804,670) | &nbsp;&nbsp; $46336850 |
| Investments in affiliated securities, at value (Cost — $1,762,485) | &nbsp;&nbsp; 1762485 |
| Foreign currency, at value (Cost — $47) | &nbsp;&nbsp; 46 |
| Cash | &nbsp;&nbsp; 1309987 |
| Interest receivable | &nbsp;&nbsp; 953230 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 246377 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 5137 |
| **Total Assets** | &nbsp;&nbsp; **50614112** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 1297465 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; 323812 |
| Investment management fee payable | &nbsp;&nbsp; 18725 |
| Accrued foreign capital gains tax | &nbsp;&nbsp; 10882 |
| **Total Liabilities** | &nbsp;&nbsp; **1650884** |
| **Total Net Assets** | &nbsp;&nbsp; **$48963228** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $50175000 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (1211772)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$48963228** |
| **Shares Outstanding** | &nbsp;&nbsp; 2000000 |
| **Net Asset Value** | &nbsp;&nbsp; $24.48 |

---

See Notes to Financial Statements.

------

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Statement of Operations

For the Period Ended March 31, 2026<sup>†</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $700940 |
| Dividends from affiliated investments | &nbsp;&nbsp; 13449 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (6827)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **707562** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 42737 |
| **Total Expenses** | &nbsp;&nbsp; **42737** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (630)<br>|
| **Net Expenses** | &nbsp;&nbsp; **42107** |
| **Net Investment Income** | &nbsp;&nbsp; **665455** |
| **Realized and Unrealized Gain (Loss) on Investments, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (1,455)†<br>|
| Foreign currency transactions | &nbsp;&nbsp; 3492 |
| **Net Realized Gain**  | &nbsp;&nbsp; **2037** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; (1,478,702)‡<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (77435)<br>|
| Foreign currencies | &nbsp;&nbsp; (4447)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **(1560584)**<br>|
| **Net Loss on Investments, Forward Foreign Currency Contracts and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **(1558547)**<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **$(893092)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period January 20, 2026 (inception date) to March 31, 2026.

† Net
 of foreign capital gains tax of $1,455.

‡ Net
 of change in accrued foreign capital gains tax of $10,882.

See Notes to Financial Statements.

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| For the Period Ended March 31, 2026<sup>†</sup>  | 2026 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $665455 |
| Net realized gain  | &nbsp;&nbsp; 2037 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (1560584)<br>|
| **Decrease in Net Assets From Operations** | &nbsp;&nbsp; **(893092)**<br>|
| **Distributions to Shareholders From (Note 1):** |  |
| Total distributable earnings | &nbsp;&nbsp; (318680)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(318680)**<br>|
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (2,000,000 shares issued)  | &nbsp;&nbsp; 50175000 |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **50175000** |
| **Increase in Net Assets** | &nbsp;&nbsp; **48963228** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$48963228** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period January 20, 2026 (inception date) to March 31, 2026.

See Notes to Financial Statements.

------

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>12</sup>  |
| **Net asset value, beginning of period** | $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |
| Net investment income | 0.33 |
| Net realized and unrealized loss | (0.69)<br>|
| **Total loss from operations** | **(0.36)** |
| **Less distributions from:** |  |
| Net investment income | (0.16)<br>|
| **Total distributions** | **(0.16)**<br>|
| **Net asset value, end of period** | $24.48 |
| **Total return, based on NAV**<sup>3</sup>  | **(1.46)%**<br>|
| **Net assets, end of period (000s)** | $48963 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses<sup>4</sup>  | 0.45<br> %<br>|
| Net expenses<sup>4,5,6</sup>  | 0.44 |
| Net investment income<sup>4</sup>  | 7.01 |
| **Portfolio turnover rate** | **0%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period January 20, 2026 (inception date) to March 31, 2026.

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Templeton Emerging Markets Debt ETF (the "Fund") is a separate non-diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit

------

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $43731150 | &nbsp;&nbsp; — | &nbsp;&nbsp; $43731150 |
| Non-U.S. Treasury Inflation <br> Protected Securities<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 581426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 581426 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 44312576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44312576 |
| Short-Term Investments†: |  |  |  |  |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2024274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2024274 |
| Money Market Funds | &nbsp;&nbsp; $1762485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762485 |
| Total Short-Term Investments | &nbsp;&nbsp; 1762485 | &nbsp;&nbsp; 2024274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3786759 |
| **Total Investments** | &nbsp;&nbsp; **$1762485** | &nbsp;&nbsp; **$46336850** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$48099335** |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $246377 | &nbsp;&nbsp; — | &nbsp;&nbsp; $246377 |
| **Total** | &nbsp;&nbsp; **$1762485** | &nbsp;&nbsp; **$46583227** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$48345712** |

---

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $323812 | &nbsp;&nbsp; — | &nbsp;&nbsp; $323812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Forward foreign currency contracts.** The Fund enters into a forward foreign currency contract to hedge exposure of bond positions or in an attempt to increase the Fund's return. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund 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 Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

**(c) Inflation-indexed bonds.** Inflation-indexed bonds are fixed income securities whose principal value or interest rate is periodically adjusted according to the rate of inflation. As the index measuring inflation changes, the principal value or interest rate of inflation-indexed bonds will be adjusted accordingly. Inflation adjustments to the principal amount of inflation-indexed bonds are reflected as an increase or decrease to investment income on the Statement of Operations. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**(d) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated

Templeton Emerging Markets Debt ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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.

**(e) Foreign investment risks.** 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.

**(f) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of March 31, 2026, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $323,812. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

Templeton Emerging Markets Debt ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(g) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(h) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid monthly. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(i) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. As of March 31, 2026, there were $10,882 of capital gains tax liabilities accrued on unrealized gains. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(j) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

**(k) Guarantees and indemnifications.** Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is the Fund's investment manager. Templeton Asset Management Ltd. ("Asset Management") is the Fund's subadviser. Advisers and Asset Management are wholly-owned subsidiaries, respectively, of Franklin Resources, Inc. ("Franklin Resources").

The Fund pays its investment manager an annual all-inclusive unified management fee of 0.45% based on the Fund's average daily net assets computed daily and paid monthly. The management fee covers investment management services and all of the Fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton Services"), provides administrative services to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services and is not an additional expense of the Fund.

During the period ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $630, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

As of March 31, 2026, Franklin Resources and its affiliates owned 37% of the Fund.

**3. Investments**

During the period ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $45451967 |
| Sales | &nbsp;&nbsp; — |

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $49567155 | &nbsp;&nbsp; $102329 | &nbsp;&nbsp; $(1570149) | &nbsp;&nbsp; $(1467820) |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 246377 | &nbsp;&nbsp; (323812) | &nbsp;&nbsp; (77435) |

---

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $246377 |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $323812 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.

The following table provides information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the period ended March 31, 2026. The table provides additional information about the change in net unrealized appreciation/depreciation resulting from the Fund's derivative and hedging activities during the period.

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $(77435)<br>|

---

During the period ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; $6672617 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 19415044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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The following table presents the Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| Collateral <br>Pledged <br>(Received)<br>| Net <br>Amount<sup>2,3</sup> <br>|
| Citibank N.A. | &nbsp;&nbsp; $19916 | &nbsp;&nbsp; $(120972) | &nbsp;&nbsp; $(101056) | &nbsp;&nbsp; — | &nbsp;&nbsp; $(101056) |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 23991 | &nbsp;&nbsp; (82818) | &nbsp;&nbsp; (58827) | &nbsp;&nbsp; — | &nbsp;&nbsp; (58827) |
| Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 202470 | &nbsp;&nbsp; (120022) | &nbsp;&nbsp; 82448 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82448 |
| **Total** | &nbsp;&nbsp; **$246377** | &nbsp;&nbsp; **$(323812)** | &nbsp;&nbsp; **$(77435)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(77435)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. 

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

Templeton Emerging Markets Debt ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>January 20, <br> 2026 <br>(inception date) | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>January 20, <br> 2026 <br>(inception date) | Cost | Shares | Proceeds | Shares |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<br>|  | $9345837 | 9345837 | $7583352 | 7583352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<br>|  | $13449 |  | $1762485 |

---

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal period ended March 31, was as follows:

---

| | |
|:---|:---|
|  | 2026 |
| **Distributions paid from:** |  |
| Ordinary income | &nbsp;&nbsp; $318680 |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $388449 |
| Other book/tax temporary differences<sup>(a)</sup>  | &nbsp;&nbsp; (39637) |
| Unrealized appreciation (depreciation) | &nbsp;&nbsp; (1560584) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$(1211772)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on foreign currency contracts.

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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Templeton Emerging Markets Debt ETF 2026 Annual Report

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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 Schedule of Investments provides 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.

Templeton Emerging Markets Debt ETF 2026 Annual Report

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Templeton Emerging Markets Debt ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Templeton Emerging Markets Debt ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2026, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period January 20, 2026 (inception date) to March 31, 2026 (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, 2026, and the results of its operations, changes in its net assets and the financial highlights for the period January 20, 2026 (inception date) to March 31, 2026 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 audit. 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 audit 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 audit 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 audit 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, 2026 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 audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

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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Templeton Emerging Markets Debt ETF 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $16201 |
| Section 163(j) Interest Earned | §163(j) | $325507 |

---

Under Section 853 of the Internal Revenue Code, the Fund intends to elect to pass through to its 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, 2026:

---

| | |
|:---|:---|
| Foreign Taxes Paid | $6827 |
| Foreign Source Income Earned | $648880 |

---

Templeton Emerging Markets Debt ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Templeton Emerging Markets Debt ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

At a meeting held on September 4, 2025 (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 Advisers, Inc. (FAV) and the Trust and (ii) an investment sub-advisory agreement between FAV and Franklin Templeton Asset Management Ltd. (TAML), on behalf of the Fund (each a Management Agreement), for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the approval of each Management Agreement. FAV and TAML 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 discussed at the Meeting. The Board noted that FAV would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby FAV 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;

Templeton Emerging Markets Debt ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

each Manager's experience as the manager of other funds and accounts, including other series of the Trust and/or 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. 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 the Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund, five emerging markets hard currency debt funds and one emerging markets local currency debt fund. 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 FAV would reimburse the Fund for all of its acquired fund fees and expenses (if

------

Templeton Emerging Markets Debt ETF

------

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 TAML would be paid by FAV out of the Unified Fee FAV receives from the Fund and that the allocation of the fee between FAV and TAML reflects the services to be provided by TAML 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 TAML 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 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.

Templeton Emerging Markets Debt ETF

------

(This page intentionally left blank.)

------

Templeton

Emerging Markets Debt ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadviser**

Templeton Asset Management Ltd.

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Templeton Emerging Markets Debt ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Templeton Emerging Markets Debt ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Templeton Emerging Markets Debt ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img31be92b23.jpg)

**48762-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

![](img298c48881.gif)

**Templeton**

**International Insights ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img3a5908a12.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_SOI-Header-SOI-5154_1) | **1** |
| [Statement of Assets and Liabilities](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_SAL-Header-SAL-5154_1) | **5** |
| [Statement of Operations](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_SOP-Header-SOP-5154_1) | **6** |
| [Statement of Changes in Net Assets](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_SOC-Header-SOC-5154_1) | **7** |
| [Financial Highlights](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_FH-Header-Financialhighlights-5154_1) | **8** |
| [Notes to Financial Statements](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_NTF-Header-Notestofinancialstatements-5154_1) | **9** |
| [Report of Independent Registered Public Accounting](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_RIRPAF-Header-Auditletter-5154_1) [Firm](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_RIRPAF-Header-Auditletter-5154_1) | **17** |
| [Important Tax Information](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_ITI-Header-Importanttaxinformation-5154_1) | **18** |
| [Changes in and Disagreements with Accountants](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_TSR-TOCTSRDisclosures-5154_1) | **19** |
| [Results of Meeting(s) of Shareholders](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_TSR-TOCTSRDisclosures-5154_1) | **19** |
| [Remuneration Paid to Directors, Officers and Others](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_TSR-TOCTSRDisclosures-5154_1) | **19** |
| [Board Approval of Management and Subadvisory](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_BAMSA-TOC-Mgmtandsubadvisoryagreements-5154_1) [Agreements](#xx_d17e56ec-ef87-4951-aa1b-8a8d73cb9233_BAMSA-TOC-Mgmtandsubadvisoryagreements-5154_1) | **20** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Templeton International Insights ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.8%** | **Common Stocks — 96.8%** | **Common Stocks — 96.8%** |
| **Communication Services — 3.0%** | **Communication Services — 3.0%** | **Communication Services — 3.0%** |
| Diversified Telecommunication Services — 1.7% | Diversified Telecommunication Services — 1.7% | Diversified Telecommunication Services — 1.7% |
| Deutsche Telekom AG, Registered Shares | &nbsp;&nbsp; 2439 | &nbsp;&nbsp; $89786<br>|
| Interactive Media & Services — 1.3% | Interactive Media & Services — 1.3% | Interactive Media & Services — 1.3% |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 67907<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **157693** |
| **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** |
| Automobiles — 4.0% | Automobiles — 4.0% | Automobiles — 4.0% |
| BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 91763<br>|
| Toyota Motor Corp. | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 117266<br>|
| Total Automobiles | Total Automobiles | &nbsp;&nbsp; 209029 |
| Broadline Retail — 3.3% | Broadline Retail — 3.3% | Broadline Retail — 3.3% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 75891<br>|
| JD.com Inc., ADR | &nbsp;&nbsp; 3284 | &nbsp;&nbsp; 97108<br>|
| Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 172999 |
| Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% |
| JD Sports Fashion PLC | &nbsp;&nbsp; 65734 | &nbsp;&nbsp; 61250<br>|
| Textiles, Apparel & Luxury Goods — 3.0% | Textiles, Apparel & Luxury Goods — 3.0% | Textiles, Apparel & Luxury Goods — 3.0% |
| adidas AG | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 92265<br>|
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 63496<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 155761 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **599039** |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |
| Beverages — 3.3% | Beverages — 3.3% | Beverages — 3.3% |
| Diageo PLC, ADR | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 59560<br>|
| Heineken NV | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; 111454<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 171014 |
| Personal Care Products — 2.2% | Personal Care Products — 2.2% | Personal Care Products — 2.2% |
| Unilever PLC | &nbsp;&nbsp; 2089 | &nbsp;&nbsp; 115673<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **286687** |
| **Energy — 8.5%** | **Energy — 8.5%** | **Energy — 8.5%** |
| Oil, Gas & Consumable Fuels — 8.5% | Oil, Gas & Consumable Fuels — 8.5% | Oil, Gas & Consumable Fuels — 8.5% |
| BP PLC | &nbsp;&nbsp; 28686 | &nbsp;&nbsp; 229352<br>|
| Galp Energia SGPS SA | &nbsp;&nbsp; 2371 | &nbsp;&nbsp; 57397<br>|
| Shell PLC | &nbsp;&nbsp; 3356 | &nbsp;&nbsp; 158568<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **445317** |
| **Financials — 23.5%** | **Financials — 23.5%** | **Financials — 23.5%** |
| Banks — 12.2% | Banks — 12.2% | Banks — 12.2% |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 4959 | &nbsp;&nbsp; 123380<br>|

---

See Notes to Financial Statements.

Templeton International Insights ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Templeton International Insights ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Banks — continued | Banks — continued | Banks — continued |
| ING Groep NV | &nbsp;&nbsp; 5487 | &nbsp;&nbsp; $139751<br>|
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 77539<br>|
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 49740<br>|
| Royal Bank of Canada | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 141159<br>|
| Standard Chartered PLC | &nbsp;&nbsp; 5264 | &nbsp;&nbsp; 107942<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 639511 |
| Capital Markets — 6.6% | Capital Markets — 6.6% | Capital Markets — 6.6% |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 77089<br>|
| Euronext NV | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 145856<br> <sup>(a)</sup><br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 121273<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 344218 |
| Insurance — 4.7% | Insurance — 4.7% | Insurance — 4.7% |
| AIA Group Ltd. | &nbsp;&nbsp; 11800 | &nbsp;&nbsp; 127704<br>|
| Manulife Financial Corp. | &nbsp;&nbsp; 3384 | &nbsp;&nbsp; 116199<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 243903 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1227632** |
| **Health Care — 8.4%** | **Health Care — 8.4%** | **Health Care — 8.4%** |
| Pharmaceuticals — 8.4% | Pharmaceuticals — 8.4% | Pharmaceuticals — 8.4% |
| AstraZeneca PLC | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 246795<br>|
| Novo Nordisk A/S, Class B Shares | &nbsp;&nbsp; 1477 | &nbsp;&nbsp; 52586<br>|
| Sanofi SA | &nbsp;&nbsp; 1468 | &nbsp;&nbsp; 139915<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **439296** |
| **Industrials — 14.5%** | **Industrials — 14.5%** | **Industrials — 14.5%** |
| Building Products — 1.7% | Building Products — 1.7% | Building Products — 1.7% |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 89037<br>|
| Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% |
| Securitas AB, Class B Shares | &nbsp;&nbsp; 4919 | &nbsp;&nbsp; 81482<br>|
| Construction & Engineering — 2.3% | Construction & Engineering — 2.3% | Construction & Engineering — 2.3% |
| Vinci SA | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 118456<br>|
| Electrical Equipment — 3.5% | Electrical Equipment — 3.5% | Electrical Equipment — 3.5% |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 122278<br>|
| Siemens Energy AG | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 61135<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 183413 |
| Machinery — 5.4% | Machinery — 5.4% | Machinery — 5.4% |
| CNH Industrial NV | &nbsp;&nbsp; 7855 | &nbsp;&nbsp; 86405<br>|
| Daimler Truck Holding AG | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 82185<br>|
| Ebara Corp. | &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 114980<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 283570 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **755958** |

---

See Notes to Financial Statements.

------

Templeton International Insights ETF 2026 Annual Report

------

 **Templeton International Insights ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Information Technology — 10.5%** | **Information Technology — 10.5%** | **Information Technology — 10.5%** | **Information Technology — 10.5%** |
| Semiconductors & Semiconductor Equipment — 6.2% | Semiconductors & Semiconductor Equipment — 6.2% | Semiconductors & Semiconductor Equipment — 6.2% | Semiconductors & Semiconductor Equipment — 6.2% |
| Infineon Technologies AG | Infineon Technologies AG | &nbsp;&nbsp; 2047 | &nbsp;&nbsp; $89625<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 235213<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 324838 |
| Technology Hardware, Storage & Peripherals — 4.3% | Technology Hardware, Storage & Peripherals — 4.3% | Technology Hardware, Storage & Peripherals — 4.3% | Technology Hardware, Storage & Peripherals — 4.3% |
| Samsung Electronics Co. Ltd., GDR | Samsung Electronics Co. Ltd., GDR | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 226880<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **551718** |
| **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** |
| Chemicals — 1.7% | Chemicals — 1.7% | Chemicals — 1.7% | Chemicals — 1.7% |
| Akzo Nobel NV | Akzo Nobel NV | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 86790<br>|
| Containers & Packaging — 1.9% | Containers & Packaging — 1.9% | Containers & Packaging — 1.9% | Containers & Packaging — 1.9% |
| Smurfit Westrock PLC | Smurfit Westrock PLC | &nbsp;&nbsp; 2559 | &nbsp;&nbsp; 100190<br>|
| Metals & Mining — 2.0% | Metals & Mining — 2.0% | Metals & Mining — 2.0% | Metals & Mining — 2.0% |
| Norsk Hydro ASA | Norsk Hydro ASA | &nbsp;&nbsp; 10177 | &nbsp;&nbsp; 107088<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **294068** |
| **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** |
| Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% | Electric Utilities — 3.7% |
| SSE PLC | SSE PLC | &nbsp;&nbsp; 5591 | &nbsp;&nbsp; 191326<br>|
| Multi-Utilities — 2.1% | Multi-Utilities — 2.1% | Multi-Utilities — 2.1% | Multi-Utilities — 2.1% |
| Veolia Environnement SA | Veolia Environnement SA | &nbsp;&nbsp; 2949 | &nbsp;&nbsp; 110973<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **302299** |
| **Total Investments before Short-Term Investments (Cost — $4,784,284)** | **Total Investments before Short-Term Investments (Cost — $4,784,284)** | **Total Investments before Short-Term Investments (Cost — $4,784,284)** | &nbsp;&nbsp; **5059707** |
|  | Rate |  |  |
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |
| Franklin Institutional U.S. Government Money Market Fund, <br> Class A Shares <br>(Cost — $192,956)  | &nbsp;&nbsp; 3.536% | &nbsp;&nbsp; 192956<br>| &nbsp;&nbsp; **192956**<br> <sup>(b)(c)</sup><br>|
| **Total Investments — 100.5% (Cost — $4,977,240)** | **Total Investments — 100.5% (Cost — $4,977,240)** | **Total Investments — 100.5% (Cost — $4,977,240)** | &nbsp;&nbsp; **5252663** |
| Liabilities in Excess of Other Assets — (0.5)% | Liabilities in Excess of Other Assets — (0.5)% | Liabilities in Excess of Other Assets — (0.5)% | &nbsp;&nbsp; (23609)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$5229054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(c)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of investments in Affiliated Companies was $192,956 and the cost was $192,956 (Note 6). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

Templeton International Insights ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Templeton International Insights ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| GDR | —  | Global Depositary Receipts |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Summary of Investments by Country**<sup>#</sup> (unaudited)  | **Summary of Investments by Country**<sup>#</sup> (unaudited)  |
| United Kingdom | 14.9<br> %<br>|
| United States | 13.6 |
| Japan | 10.6 |
| Netherlands | 9.2 |
| Germany | 7.9 |
| France | 7.3 |
| China | 6.3 |
| Canada | 4.9 |
| Taiwan | 4.5 |
| South Korea | 4.3 |
| Hong Kong | 2.4 |
| India | 2.4 |
| Switzerland | 2.3 |
| Norway | 2.0 |
| Sweden | 1.6 |
| Portugal | 1.1 |
| Denmark | 1.0 |
| Short-Term Investments | 3.7 |
|  | **100.0%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# As a percentage of total investments. Please note that the Fund holdings are as of March 31, 2026, and are subject to change. 

See Notes to Financial Statements.

------

Templeton International Insights ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $4,784,284) | &nbsp;&nbsp; $5059707 |
| Investments in affiliated securities, at value (Cost — $192,956) | &nbsp;&nbsp; 192956 |
| Foreign currency, at value (Cost — $1,337) | &nbsp;&nbsp; 1337 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 10504 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 700 |
| Receivable for securities sold  | &nbsp;&nbsp; 100 |
| **Total Assets** | &nbsp;&nbsp; **5265304** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 33789 |
| Investment management fee payable | &nbsp;&nbsp; 2461 |
| **Total Liabilities** | &nbsp;&nbsp; **36250** |
| **Total Net Assets** | &nbsp;&nbsp; **$5229054** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $5000000 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 229054 |
| **Total Net Assets** | &nbsp;&nbsp; **$5229054** |
| **Shares Outstanding** | &nbsp;&nbsp; 200000 |
| **Net Asset Value** | &nbsp;&nbsp; $26.15 |

---

See Notes to Financial Statements.

Templeton International Insights ETF 2026 Annual Report

------

Statement of Operations

For the Period Ended March 31, 2026<sup>†</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $39428 |
| Dividends from affiliated investments | &nbsp;&nbsp; 3819 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (3812)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **39435** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 12695 |
| **Total Expenses** | &nbsp;&nbsp; **12695** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (141)<br>|
| **Net Expenses** | &nbsp;&nbsp; **12554** |
| **Net Investment Income** | &nbsp;&nbsp; **26881** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1** <br> **and 3):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 1** <br> **and 3):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; (61412)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 314 |
| **Net Realized Loss**  | &nbsp;&nbsp; **(61098)**<br>|
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 275423 |
| Foreign currencies | &nbsp;&nbsp; (52)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **275371** |
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **214273** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$241154** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period October 21, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

------

Templeton International Insights ETF 2026 Annual Report

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| For the Period Ended March 31, 2026<sup>†</sup>  | 2026 |
| **Operations:** |  |
| Net investment income  | &nbsp;&nbsp; $26881 |
| Net realized loss  | &nbsp;&nbsp; (61098)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 275371 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **241154** |
| **Distributions to Shareholders From (Note 1) :** |  |
| Total distributable earnings | &nbsp;&nbsp; (12100)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(12100)**<br>|
| **Fund Share Transactions (Note 5):** |  |
| Net proceeds from sale of shares (200,000 shares issued)  | &nbsp;&nbsp; 5000000 |
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **5000000** |
| **Increase in Net Assets** | &nbsp;&nbsp; **5229054** |
| **Net Assets:** |  |
| Beginning of period | &nbsp;&nbsp; — |
| **End of period** | &nbsp;&nbsp; **$5229054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† For
 the period October 21, 2025 (inception date) to March 31, 2026.

See Notes to Financial Statements.

Templeton International Insights ETF 2026 Annual Report

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Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>12</sup>  |
| **Net asset value, beginning of period** | $25.00 |
| **Income from operations:** | **Income from operations:** |
| Net investment income | 0.13 |
| Net realized and unrealized gain | 1.08 |
| **Total income from operations** | **1.21** |
| **Less distributions from:** |  |
| Net investment income | (0.06)<br>|
| **Total distributions** | **(0.06)**<br>|
| **Net asset value, end of period** | $26.15 |
| **Total return, based on NAV**<sup>3</sup>  | **4.81%**<br>|
| **Net assets, end of period (000s)** | $5229 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |
| Gross expenses<sup>4</sup>  | 0.55<br> %<br>|
| Net expenses<sup>4,5,6</sup>  | 0.54 |
| Net investment income<sup>4</sup>  | 1.16 |
| **Portfolio turnover rate** | **20%** <br> <sup>7</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period October 21, 2025 (inception date) to March 31, 2026.

<sup>2</sup> Per share amounts have been calculated using the average shares method.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Templeton International Insights ETF 2026 Annual Report

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Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Templeton International Insights ETF (the "Fund") is a separate non-diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund commenced operations on October 21, 2025.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation

Templeton International Insights ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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Templeton International Insights ETF 2026 Annual Report

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For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $5059707 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5059707 |
| Short-Term Investments† | &nbsp;&nbsp; 192956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 192956 |
| **Total Investments** | &nbsp;&nbsp; **$5252663** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5252663** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

Templeton International Insights ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

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.

**(c) Foreign investment risks.** 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.

**(d) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

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Templeton International Insights ETF 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(e) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid annually. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(f) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates. In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(g) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

**(h) Guarantees and indemnifications.** Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**2. Investment management agreement and other transactions with affiliates**

Templeton Investment Counsel, LLC ("Investment Counsel") is the Fund's investment manager. Investment Counsel is a wholly-owned subsidiary of Franklin Resources, Inc. ("Franklin Resources").

The Fund pays its investment manager an annual all-inclusive unified management fee of 0.55% based on the Fund's average daily net assets computed daily and paid monthly. The management fee covers investment management services and all of the Fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

Templeton International Insights ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

Under an agreement with Investment Counsel, Franklin Templeton Services, LLC ("Franklin Templeton Services"), provides administrative services to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services and is not an additional expense of the Fund.

During the period ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $141, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

As of March 31, 2026, Franklin Resources and its affiliates owned 89% of the Fund.

**3. Investments**

During the period ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $1724873 |
| Sales | &nbsp;&nbsp; 1019608 |

---

During the period ended March 31, 2026, in-kind transactions (Note 5)) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $4140453 |
| Redemptions | &nbsp;&nbsp; — |

---

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statement of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statement of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $5007321 | &nbsp;&nbsp; $550062 | &nbsp;&nbsp; $(304720) | &nbsp;&nbsp; $245342 |

---

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Templeton International Insights ETF 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Derivative instruments and hedging activities**

During the period ended March 31, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>October 21, <br> 2025 <br>(inception date) | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>October 21, <br> 2025 <br>(inception date) | Cost | Shares | Proceeds | Shares |
| Franklin <br> Institutional U.S. <br> Government <br> Money Market <br> Fund, Class A <br> Shares<br>|  | $868717 | 868717 | $675761 | 675761 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Franklin Institutional <br> U.S. Government <br> Money Market Fund, <br> Class A Shares<br>|  | $3819 |  | $192956 |

---

Templeton International Insights ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal period ended March 31, was as follows:

---

| | |
|:---|:---|
|  | 2026 |
| **Distributions paid from:** |  |
| Ordinary income | &nbsp;&nbsp; $12100 |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $56387 |
| Deferred capital losses\* | &nbsp;&nbsp; (72623) |
| Unrealized appreciation (depreciation)<sup>(a)</sup>  | &nbsp;&nbsp; 245290 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$229054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The chief investment officer assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Schedule of Investments provides 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.

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Templeton International Insights ETF 2026 Annual Report

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Franklin Templeton ETF Trust and Shareholders of Templeton International Insights ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Templeton International Insights ETF (one of the funds constituting Franklin Templeton ETF Trust, referred to hereafter as the "Fund") as of March 31, 2026, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 21, 2025 (inception date) to March 31, 2026 (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, 2026, and the results of its operations, changes in its net assets and the financial highlights for the period October 21, 2025 (inception date) to March 31, 2026 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 audit. 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 audit 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 audit 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 audit 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, 2026 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 audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

Templeton International Insights ETF 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $15379 |

---

Under Section 853 of the Internal Revenue Code, the Fund intends to elect to pass through to its 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, 2026:

---

| | |
|:---|:---|
| Foreign Taxes Paid | $3279 |
| Foreign Source Income Earned | $32164 |

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Templeton International Insights ETF

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

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Templeton International Insights ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (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 an investment management agreement between Templeton Investment Counsel, LLC (Manager) and the Trust, on behalf of the Fund (Management Agreement), for an initial two-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the approval of the Management Agreement.

In considering the approval of the Management Agreement, the Board reviewed and considered information provided by the 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 the Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services to be provided by the Manager; (ii) the costs of the services to be provided by the 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 Management Agreement and the terms of the Management Agreement which were discussed at the Meeting. The Board noted that the Manager would provide general investment management and administrative services and that the Fund would operate under a unified management fee structure whereby the Manager 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 the 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 Agreement are fair and reasonable and that such Management Agreement is 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 Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the Fund's proposed investment strategies and the ability of the Manager 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; the Manager's experience as the manager of other funds and accounts, including other funds in the FT family of funds; the Manager's strength and reputation within the industry; the

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Templeton International Insights ETF

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personnel, operations, financial condition, and investment management capabilities, methodologies and resources of the Manager; and the Manager's compliance 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 to be provided by the 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 the 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 the Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund (classified as an international large-cap value fund), four international large-cap core funds, three international multi-cap value funds, three international multi-cap core funds and four international large-cap growth 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 the Manager 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

Templeton International Insights ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

(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. After consideration of the above, the Board concluded that the Management Rate to be charged to the Fund is reasonable.

**Profitability**

The Board noted that the Manager (and its 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 the Manager's (or its affiliates') profitability with respect to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which the 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 profit for the Manager and/or its 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 the Management Agreement for the Fund for an initial two-year period.

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Templeton International Insights ETF

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Templeton

International Insights ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Templeton Investment Counsel, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Templeton International Insights ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Templeton International Insights ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Templeton International Insights ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](img891026373.jpg)

**TINS-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

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![](imgb24b12e01.gif)

**Western Asset**

**Bond ETF**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](img4cc9e66e2.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_SOI-Header-SOI-5042_1) | **1** |
| [Statement of Assets and Liabilities](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_SAL-Header-SAL-5042_1) | **24** |
| [Statement of Operations](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_SOP-Header-SOP-5042_1) | **25** |
| [Statements of Changes in Net Assets](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_SOC-Header-SOC-5042_1) | **26** |
| [Financial Highlights](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_FH-Header-Financialhighlights-5042_1) | **27** |
| [Notes to Financial Statements](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_NTF-Header-Notestofinancialstatements-5042_1) | **28** |
| [Report of Independent Registered Public Accounting](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_RIRPAF-Header-Auditletter-5042_1) [Firm](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_RIRPAF-Header-Auditletter-5042_1) | **44** |
| [Important Tax Information](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_ITI-Header-Importanttaxinformation-5042_1) | **45** |
| [Changes in and Disagreements with Accountants](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_TSR-TOCTSRDisclosures-5042_1) | **46** |
| [Results of Meeting(s) of Shareholders](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_TSR-TOCTSRDisclosures-5042_1) | **46** |
| [Remuneration Paid to Directors, Officers and Others](#xx_bcaf0575-e7a0-4467-9de6-efeae4fe4d04_TSR-TOCTSRDisclosures-5042_1) | **46** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 35.9%** | **Corporate Bonds & Notes — 35.9%** | **Corporate Bonds & Notes — 35.9%** | **Corporate Bonds & Notes — 35.9%** | **Corporate Bonds & Notes — 35.9%** |
| **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** | **Communication Services — 4.4%** |
| Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9938<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16933<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30400<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9687<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6562<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.355% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 34929<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 48412<br>|
| Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.862% | &nbsp;&nbsp; 8/21/46 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17442<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 174303 |
| Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† | Entertainment — 0.0%†† |
| Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp; 3953<br>|
| Interactive Media & Services — 1.0% | Interactive Media & Services — 1.0% | Interactive Media & Services — 1.0% | Interactive Media & Services — 1.0% | Interactive Media & Services — 1.0% |
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 1.100% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8796<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9933<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29883<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13359<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9450<br>|
| Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19950<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39621<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9814<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9470<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9381<br>|
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/65 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9295<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 168952 |
| Media — 1.6% | Media — 1.6% | Media — 1.6% | Media — 1.6% | Media — 1.6% |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 78420<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9967<br> <sup>(a)</sup><br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10388<br>|
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8055<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19922<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19792<br>|
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20309<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Media — continued | Media — continued | Media — continued | Media — continued | Media — continued |
| Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp; $17702<br>|
| DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29034<br> <sup>(a)</sup><br>|
| Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9678<br>|
| Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40359<br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 263626 |
| Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% | Wireless Telecommunication Services — 0.7% |
| Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9960<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19387<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 68190<br>|
| T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20158<br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 117695 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **728529** |
| **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| Cyprium Corp./Cyprium Holdings Luxembourg <br> SARL, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9732<br> <sup>(a)</sup><br>|
| Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% |
| Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8689<br>|
| PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28451<br> <sup>(a)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 37140 |
| Broadline Retail — 1.8% | Broadline Retail — 1.8% | Broadline Retail — 1.8% | Broadline Retail — 1.8% | Broadline Retail — 1.8% |
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9887<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9928<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/13/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 28599<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/13/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9907<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 3/13/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9913<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 12/5/44 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18705<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/13/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9971<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/12/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6542<br>|
| Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/13/56 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9999<br>|
| Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 179285<br> <sup>(b)</sup><br>|
| Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | Total Broadline Retail | &nbsp;&nbsp; 292736 |
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20211<br> <sup>(a)</sup><br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10132<br>|
| Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10281<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9943<br>|
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9720<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $7888<br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10417<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30303<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9658<br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/27/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9517<br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9880<br> <sup>(a)</sup><br>|
| VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9964<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 147914 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Lennar Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/29/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10019<br>|
| Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% | Specialty Retail — 0.5% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9845<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9411<br>|
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15480<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10014<br>|
| Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19491<br> <sup>(a)</sup><br>|
| Petco Health & Wellness Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19986<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 84227 |
| Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% | Textiles, Apparel & Luxury Goods — 0.1% |
| NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9875<br>|
| NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/27/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9448<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 19323 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **601091** |
| **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** |
| Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br> InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp; 31561<br>|
| Anheuser-Busch InBev Worldwide Inc., Senior <br> Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9666<br>|
| Constellation Brands Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9992<br>|
| Total Beverages | Total Beverages | Total Beverages | Total Beverages | &nbsp;&nbsp; 51219 |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Costco Wholesale Corp., Senior Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 6/20/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19408<br>|
| Costco Wholesale Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 4/20/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9052<br>|
| Walmart Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18879<br>|
| Walmart Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8863<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 56202 |

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% | Food Products — 0.3% |
| JBS NV/JBS USA Foods Group Holdings Inc./<br> JBS USA Food Co. Holdings, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/10/37 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10038<br> <sup>(a)(c)</sup><br>|
| JBS NV/JBS USA Foods Group Holdings Inc./<br> JBS USA Food Co. Holdings, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10133<br>|
| Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17499<br>|
| Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20243<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 57913 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Procter & Gamble Co., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9574<br>|
| Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% | Tobacco — 0.6% |
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 33237<br>|
| Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/14/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10044<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9894<br>|
| BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.540% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 24379<br>|
| Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18207<br>|
| Total Tobacco | Total Tobacco | Total Tobacco | Total Tobacco | &nbsp;&nbsp; 95761 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **270669** |
| **Energy — 7.5%** | **Energy — 7.5%** | **Energy — 7.5%** | **Energy — 7.5%** | **Energy — 7.5%** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9730<br>|
| Oil, Gas & Consumable Fuels — 7.4% | Oil, Gas & Consumable Fuels — 7.4% | Oil, Gas & Consumable Fuels — 7.4% | Oil, Gas & Consumable Fuels — 7.4% | Oil, Gas & Consumable Fuels — 7.4% |
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20789<br> <sup>(a)</sup><br>|
| BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.588% | &nbsp;&nbsp; 4/14/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9940<br>|
| BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 1.749% | &nbsp;&nbsp; 8/10/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8949<br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9162<br> <sup>(a)</sup><br>|
| Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 3.302% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8702<br> <sup>(a)</sup><br>|
| Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19953<br>|
| Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18234<br>|
| Chevron Corp., Senior Notes | &nbsp;&nbsp; 1.995% | &nbsp;&nbsp; 5/11/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9791<br>|
| Chevron Corp., Senior Notes | &nbsp;&nbsp; 3.078% | &nbsp;&nbsp; 5/11/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6741<br>|
| Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10139<br> <sup>(a)</sup><br>|
| Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9841<br> <sup>(a)</sup><br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19862<br>|
| Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19930<br>|
| Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/13/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 136941<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19340<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20372<br>|
| Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19630<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9982<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18859<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9985<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11094<br>|
| Enterprise Products Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/31/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7239<br>|
| Enterprise Products Operating LLC, Senior <br> Notes (5.375% to 2/15/28 then 3 mo. Term <br> SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9936<br> <sup>(d)</sup><br>|
| EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9974<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp; 5929<br>|
| EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10067<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20175<br>|
| Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19495<br>|
| Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.482% | &nbsp;&nbsp; 3/19/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9731<br>|
| Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10265<br> <sup>(a)</sup><br>|
| Gulfstream Natural Gas System LLC, Senior <br> Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20282<br> <sup>(a)</sup><br>|
| KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/14/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 179605<br> <sup>(b)</sup><br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20170<br>|
| MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8991<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19907<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp; 23668<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11135<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10691<br>|
| Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7524<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20822<br>|
| Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/3/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 123027<br>|
| Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9014<br>|
| Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19513<br> <sup>(a)</sup><br>|
| Schlumberger Holdings Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9925<br> <sup>(a)</sup><br>|
| Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9417<br>|
| Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 11432<br>|
| Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8382<br>|
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9998<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9988<br>|
| Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18746<br> <sup>(a)</sup><br>|
| Venture Global Calcasieu Pass LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44333<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10416<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10598<br> <sup>(a)</sup><br>|
| Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 38856<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19015<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10017<br>|
| Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/24/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9729<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1216248 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1225978** |
| **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** | **Financials — 8.7%** |
| Banks — 5.9% | Banks — 5.9% | Banks — 5.9% | Banks — 5.9% | Banks — 5.9% |
| Bank of America Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/21/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9311<br>|
| Bank of America Corp., Senior Notes (3.970% to <br> 3/5/28 then 3 mo. Term SOFR + 1.332%) | &nbsp;&nbsp; 3.970% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 69388<br> <sup>(d)</sup><br>|
| Bank of America Corp., Senior Notes (4.083% to <br> 3/20/50 then 3 mo. Term SOFR + 3.412%) | &nbsp;&nbsp; 4.083% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 30962<br> <sup>(d)</sup><br>|
| Bank of America Corp., Senior Notes (4.571% to <br> 4/27/32 then SOFR + 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 78636<br> <sup>(d)</sup><br>|
| Citigroup Inc., Junior Subordinated Notes <br> (6.625% to 2/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20029<br> <sup>(d)(e)</sup><br>|
| Citigroup Inc., Senior Notes (3.980% to 3/20/29 <br> then 3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 3.980% | &nbsp;&nbsp; 3/20/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29523<br> <sup>(d)</sup><br>|
| Citigroup Inc., Senior Notes (4.412% to 3/31/30 <br> then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 79104<br> <sup>(d)</sup><br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 11/20/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30009<br>|
| Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30008<br>|
| HSBC Holdings PLC, Subordinated Notes <br> (4.762% to 3/29/32 then SOFR + 2.530%) | &nbsp;&nbsp; 4.762% | &nbsp;&nbsp; 3/29/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 195078<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (2.545% <br> to 11/8/31 then SOFR + 1.180%) | &nbsp;&nbsp; 2.545% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 44465<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.109% <br> to 4/22/40 then 3 mo. Term SOFR + 2.460%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/41 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 15263<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| JPMorgan Chase & Co., Senior Notes (3.109% <br> to 4/22/50 then SOFR + 2.440%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/51 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $6533<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (3.509% <br> to 1/23/28 then 3 mo. Term SOFR + 1.207%) | &nbsp;&nbsp; 3.509% | &nbsp;&nbsp; 1/23/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49210<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (5.294% <br> to 7/22/34 then SOFR + 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10127<br> <sup>(d)</sup><br>|
| JPMorgan Chase & Co., Subordinated Notes <br> (5.576% to 7/23/35 then SOFR + 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20261<br> <sup>(d)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes <br> (5.582% to 6/12/28 then SOFR + 1.841%) | &nbsp;&nbsp; 5.582% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10249<br> <sup>(d)</sup><br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9605<br>|
| Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10228<br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9837<br>|
| Truist Financial Corp., Senior Notes (6.047% to <br> 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20051<br> <sup>(d)</sup><br>|
| US Bancorp, Senior Notes (5.775% to 6/12/28 <br> then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10287<br> <sup>(d)</sup><br>|
| US Bancorp, Senior Notes (5.836% to 6/10/33 <br> then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10441<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (2.393% to <br> 6/2/27 then SOFR + 2.100%) | &nbsp;&nbsp; 2.393% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29287<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.350% to <br> 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9185<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (3.584% to <br> 5/22/27 then 3 mo. Term SOFR + 1.572%) | &nbsp;&nbsp; 3.584% | &nbsp;&nbsp; 5/22/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49536<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (4.478% to <br> 4/4/30 then 3 mo. Term SOFR + 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19833<br> <sup>(d)</sup><br>|
| Wells Fargo & Co., Senior Notes (5.013% to <br> 4/4/50 then 3 mo. Term SOFR + 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 61725<br> <sup>(d)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 968171 |
| Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% | Capital Markets — 1.4% |
| Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20118<br>|
| Charles Schwab Corp., Senior Notes (6.136% to <br> 8/24/33 then SOFR + 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10649<br> <sup>(d)</sup><br>|
| CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20999<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18609<br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/21/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17339<br>|
| Goldman Sachs Group Inc., Senior Notes <br> (2.615% to 4/22/31 then SOFR + 1.281%) | &nbsp;&nbsp; 2.615% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17971<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Goldman Sachs Group Inc., Senior Notes <br> (3.691% to 6/5/27 then 3 mo. Term SOFR + <br> 1.772%) | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp; $19827<br> <sup>(d)</sup><br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9918<br>|
| Morgan Stanley, Senior Notes (2.511% to <br> 10/20/31 then SOFR + 1.200%) | &nbsp;&nbsp; 2.511% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 26499<br> <sup>(d)</sup><br>|
| Morgan Stanley, Senior Notes (4.493% to <br> 1/16/31 then SOFR + 0.950%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/16/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19669<br> <sup>(d)</sup><br>|
| Morgan Stanley, Senior Notes (5.320% to <br> 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40152<br> <sup>(d)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 221750 |
| Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% | Consumer Finance — 0.4% |
| American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9964<br>|
| American Express Co., Senior Notes (4.731% to <br> 4/25/28 then SOFR + 1.260%) | &nbsp;&nbsp; 4.731% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20131<br> <sup>(d)</sup><br>|
| American Express Co., Senior Notes (5.016% to <br> 4/25/30 then SOFR + 1.440%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 4/25/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40675<br> <sup>(d)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 70770 |
| Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% | Financial Services — 0.8% |
| Berkshire Hathaway Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8213<br>|
| Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9845<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 82285<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9898<br> <sup>(a)</sup><br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18391<br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 128632 |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10216<br>|
| Asurion LLC/Asurion Co-Issuer Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10383<br> <sup>(a)</sup><br>|
| MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10214<br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 30813 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1420136** |
| **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** |
| Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10162<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19285<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10217<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $10153<br>|
| AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8123<br>|
| Amgen Inc., Senior Notes | &nbsp;&nbsp; 4.663% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8395<br>|
| Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8868<br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 75203 |
| Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% | Health Care Equipment & Supplies — 1.0% |
| Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19688<br>|
| Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 24474<br>|
| Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/30/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9831<br>|
| Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9701<br>|
| Medline Borrower LP/Medline Co-Issuer Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 71416<br> <sup>(a)</sup><br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp; 4093<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10262<br>|
| Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19555<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 169020 |
| Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% |
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9994<br>|
| Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9407<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9967<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17349<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17171<br>|
| Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9889<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10293<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9499<br>|
| HCA Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9173<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9899<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19503<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10012<br>|
| UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13967<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 156123 |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10282<br>|
| Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10256<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9987<br>|
| Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/9/64 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9003<br>|
| Johnson & Johnson, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/3/37 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17977<br>|
| Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17819<br>|
| Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17986<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued | Pharmaceuticals — continued |
| Pfizer Inc., Senior Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $11696<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 105006 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **505352** |
| **Industrials — 3.0%** | **Industrials — 3.0%** | **Industrials — 3.0%** | **Industrials — 3.0%** | **Industrials — 3.0%** |
| Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% |
| Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19725<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10171<br>|
| Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8577<br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10340<br> <sup>(a)</sup><br>|
| General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8986<br>|
| Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.732% | &nbsp;&nbsp; 3/16/56 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19783<br> <sup>(a)</sup><br>|
| Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9874<br>|
| L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9815<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9720<br>|
| Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 23703<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19650<br>|
| Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9281<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18295<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10633<br>|
| RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17759<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 206312 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20295<br> <sup>(a)</sup><br>|
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| GFL Environmental Holdings US Inc., Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9821<br> <sup>(a)</sup><br>|
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9728<br> <sup>(a)</sup><br>|
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 31082<br> <sup>(a)</sup><br>|
| Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10070<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 60701 |
| Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% | Electrical Equipment — 0.1% |
| GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9891<br>|
| Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% |
| Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6169<br>|
| Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/2/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 13101<br>|
| Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9882<br> <sup>(a)</sup><br>|
| Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9757<br> <sup>(a)</sup><br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 16793<br>|
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14167<br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued | Ground Transportation — continued |
| Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/5/70 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp; $13356<br>|
| Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 83225 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9806<br>|
| United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29453<br> <sup>(a)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 39259 |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10116<br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20512<br> <sup>(a)</sup><br>|
| QXO Building Products Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10209<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9407<br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20277<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 70521 |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **490204** |
| **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10335<br> <sup>(a)</sup><br>|
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7612<br>|
| Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8494<br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 16106 |
| Semiconductors & Semiconductor Equipment — 0.8% | Semiconductors & Semiconductor Equipment — 0.8% | Semiconductors & Semiconductor Equipment — 0.8% | Semiconductors & Semiconductor Equipment — 0.8% | Semiconductors & Semiconductor Equipment — 0.8% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9852<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9753<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 29117<br> <sup>(a)</sup><br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18744<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10131<br>|
| Intel Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8096<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10471<br>|
| Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10795<br>|
| QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9989<br>|
| Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 5/4/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9033<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 125981 |
| Software — 0.7% | Software — 0.7% | Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6436<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 17768<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9527<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/4/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9738<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/26/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9385<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9619<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6042<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8419<br>|
| Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/4/66 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9202<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10076<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10090<br>|
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9568<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 115870 |
| Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† | Technology Hardware, Storage & Peripherals — 0.0%†† |
| Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10190<br> <sup>(a)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **278482** |
| **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** |
| Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% | Construction Materials — 0.1% |
| Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/7/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10114<br>|
| Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% | Metals & Mining — 0.5% |
| ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10883<br>|
| Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 18938<br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9908<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 20440<br> <sup>(a)</sup><br>|
| Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10067<br> <sup>(a)</sup><br>|
| Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9981<br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 80217 |
| Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10108<br> <sup>(a)</sup><br>|
| Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 55809<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 65917 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **156248** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% | Specialized REITs — 0.1% |
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10003<br> <sup>(a)</sup><br>|
| SV RNO Property Owner 1 LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9891<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **19894** |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** | **Utilities — 1.1%** |
| Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% |
| Constellation Energy Generation LLC, Senior <br> Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; $10000<br>| &nbsp;&nbsp; $9924<br>|
| Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10243<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9921<br>|
| FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8549<br>|
| Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9967<br>|
| Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10162<br>|
| NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19830<br> <sup>(a)</sup><br>|
| NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9815<br> <sup>(a)</sup><br>|
| Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9753<br>|
| Oncor Electric Delivery Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10224<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9696<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 8965<br>|
| Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 6617<br>|
| Progress Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10393<br>|
| Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 10075<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 1/31/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9789<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 163923 |
| Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% | Multi-Utilities — 0.1% |
| Consolidated Edison Co. of New York Inc., <br> Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9596<br>|
| Consolidated Edison Co. of New York Inc., <br> Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 7679<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 17275 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **181198** |
| **Total Corporate Bonds & Notes (Cost — $5,725,581)** | **Total Corporate Bonds & Notes (Cost — $5,725,581)** | **Total Corporate Bonds & Notes (Cost — $5,725,581)** | **Total Corporate Bonds & Notes (Cost — $5,725,581)** | &nbsp;&nbsp; **5877781** |
| **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** |
| FHLMC — 5.8% | FHLMC — 5.8% | FHLMC — 5.8% | FHLMC — 5.8% | FHLMC — 5.8% |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 72000<br>| &nbsp;&nbsp; 71732<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 83507<br>| &nbsp;&nbsp; 77692<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | 3/1/41- <br>3/1/52<br>| &nbsp;&nbsp; 493524 | &nbsp;&nbsp; 427436<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 154912<br>| &nbsp;&nbsp; 150234<br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| FHLMC — continued | FHLMC — continued | FHLMC — continued | FHLMC — continued | FHLMC — continued |
| Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53 | &nbsp;&nbsp; $219634<br>| &nbsp;&nbsp; $225120<br>|
| Total FHLMC | Total FHLMC | Total FHLMC | Total FHLMC | &nbsp;&nbsp; 952214 |
| FNMA — 14.2% | FNMA — 14.2% | FNMA — 14.2% | FNMA — 14.2% | FNMA — 14.2% |
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | 11/1/41- <br>2/1/42<br>| &nbsp;&nbsp; 155993 | &nbsp;&nbsp; 132378<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | 11/1/41- <br>2/1/52<br>| &nbsp;&nbsp; 629437 | &nbsp;&nbsp; 542546<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 156657<br>| &nbsp;&nbsp; 146172<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/1/52 | &nbsp;&nbsp; 166337<br>| &nbsp;&nbsp; 137006<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 77036<br>| &nbsp;&nbsp; 73454<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 231485<br>| &nbsp;&nbsp; 234359<br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 98067<br>| &nbsp;&nbsp; 100043<br> <sup>(c)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 263548<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98636<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100476<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 203897<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 103466<br> <sup>(f)</sup><br>|
| Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/61 | &nbsp;&nbsp; 216525<br>| &nbsp;&nbsp; 186877<br>|
| Total FNMA | Total FNMA | Total FNMA | Total FNMA | &nbsp;&nbsp; 2322858 |
| GNMA — 7.9% | GNMA — 7.9% | GNMA — 7.9% | GNMA — 7.9% | GNMA — 7.9% |
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 61137<br>| &nbsp;&nbsp; 54031<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/20/53 | &nbsp;&nbsp; 67447<br>| &nbsp;&nbsp; 68289<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 74772<br>| &nbsp;&nbsp; 74558<br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 165266<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 258141<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 89291<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 91737<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 93689<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 96621<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99054<br> <sup>(f)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| GNMA — continued | GNMA — continued | GNMA — continued | GNMA — continued | GNMA — continued |
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp; $100652<br> <sup>(f)</sup><br>|
| Government National Mortgage Association <br> (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101696<br> <sup>(f)</sup><br>|
| Total GNMA | Total GNMA | Total GNMA | Total GNMA | &nbsp;&nbsp; 1293025 |
| **Total Mortgage-Backed Securities (Cost — $4,480,677)** | **Total Mortgage-Backed Securities (Cost — $4,480,677)** | **Total Mortgage-Backed Securities (Cost — $4,480,677)** | **Total Mortgage-Backed Securities (Cost — $4,480,677)** | &nbsp;&nbsp; **4568097** |
| **U.S. Government & Agency Obligations — 19.2%** | **U.S. Government & Agency Obligations — 19.2%** | **U.S. Government & Agency Obligations — 19.2%** | **U.S. Government & Agency Obligations — 19.2%** | **U.S. Government & Agency Obligations — 19.2%** |
| U.S. Government Obligations — 19.2% | U.S. Government Obligations — 19.2% | U.S. Government Obligations — 19.2% | U.S. Government Obligations — 19.2% | U.S. Government Obligations — 19.2% |
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 241406<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 117592<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 76322<br>|
| U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 77922<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10007<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10228<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp; 2406818<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp; 167706<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9878<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9975<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9964<br>|
| **Total U.S. Government & Agency Obligations (Cost — $3,168,829)** | **Total U.S. Government & Agency Obligations (Cost — $3,168,829)** | **Total U.S. Government & Agency Obligations (Cost — $3,168,829)** | **Total U.S. Government & Agency Obligations (Cost — $3,168,829)** | &nbsp;&nbsp; **3137818** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 11.0%** |
| Angel Oak Mortgage Trust, 2022-3 A3 | &nbsp;&nbsp; 4.124% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 84526<br>| &nbsp;&nbsp; 79128<br> <sup>(a)(d)</sup><br>|
| Angel Oak Mortgage Trust, 2025-6 A3 | &nbsp;&nbsp; 5.920% | &nbsp;&nbsp; 4/25/70 | &nbsp;&nbsp; 75558<br>| &nbsp;&nbsp; 75904<br> <sup>(a)</sup><br>|
| BANK, 2017-BNK7 A5 | &nbsp;&nbsp; 3.435% | &nbsp;&nbsp; 9/15/60 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 98484<br>|
| Benchmark Mortgage Trust, 2023-B39 A5 | &nbsp;&nbsp; 5.754% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 156698<br>|
| BX Commercial Mortgage Trust, 2026-VLT9 A (1 <br> mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99710<br> <sup>(a)(d)</sup><br>|
| BX Trust, 2019-OC11 A | &nbsp;&nbsp; 3.202% | &nbsp;&nbsp; 12/9/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 122844<br> <sup>(a)</sup><br>|
| BX Trust, 2021-BXMF A (1 mo. Term SOFR + <br> 0.750%) | &nbsp;&nbsp; 4.423% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 78785<br>| &nbsp;&nbsp; 78697<br> <sup>(a)(d)</sup><br>|
| Deephaven Residential Mortgage Trust, 2024-1 <br> A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 79679<br>| &nbsp;&nbsp; 80346<br> <sup>(a)</sup><br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5154 QI, IO, PAC | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 895040<br>| &nbsp;&nbsp; 94190<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, 5274 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 567377<br>| &nbsp;&nbsp; 94871<br>|
| Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA5 B1 (30 Day Average SOFR + <br> 3.050%) | &nbsp;&nbsp; 6.712% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 85283<br> <sup>(a)(d)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** |
| FS Commercial Mortgage Trust, 2023-4SZN B | &nbsp;&nbsp; 7.544% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp; $101156<br> <sup>(a)(d)</sup><br>|
| GCAT Trust, 2024-INV1 1A2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 74553<br>| &nbsp;&nbsp; 74328<br> <sup>(a)(d)</sup><br>|
| Government National Mortgage Association <br> (GNMA), 2025-169 SA, IO (-1.000 x 30 Day <br> Average SOFR + 6.600%) | &nbsp;&nbsp; 2.927% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 491534<br>| &nbsp;&nbsp; 49178<br> <sup>(d)</sup><br>|
| GS Mortgage Securities Trust, 2018-GS10 A5 | &nbsp;&nbsp; 4.155% | &nbsp;&nbsp; 7/10/51 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 108997<br> <sup>(d)</sup><br>|
| MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.437% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 106549<br> <sup>(a)(d)</sup><br>|
| MLTI Trust, 2026-SF75 A (1 mo. Term SOFR + <br> 1.400%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99664<br> <sup>(a)(d)</sup><br>|
| PFP Ltd., 2024-11 A (1 mo. Term SOFR + <br> 1.832%) | &nbsp;&nbsp; 5.501% | &nbsp;&nbsp; 9/17/39 | &nbsp;&nbsp; 43557<br>| &nbsp;&nbsp; 43642<br> <sup>(a)(d)</sup><br>|
| Verus Securitization Trust, 2023-4 A1 | &nbsp;&nbsp; 5.811% | &nbsp;&nbsp; 5/25/68 | &nbsp;&nbsp; 44646<br>| &nbsp;&nbsp; 44573<br> <sup>(a)</sup><br>|
| Verus Securitization Trust, 2024-3 A3 | &nbsp;&nbsp; 6.845% | &nbsp;&nbsp; 4/25/69 | &nbsp;&nbsp; 48031<br>| &nbsp;&nbsp; 48494<br> <sup>(a)</sup><br>|
| Verus Securitization Trust, 2024-4 A3 | &nbsp;&nbsp; 6.674% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 58222<br>| &nbsp;&nbsp; 58759<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $1,745,725)** | **Total Collateralized Mortgage Obligations (Cost — $1,745,725)** | **Total Collateralized Mortgage Obligations (Cost — $1,745,725)** | **Total Collateralized Mortgage Obligations (Cost — $1,745,725)** | &nbsp;&nbsp; **1801495** |
| **Asset-Backed Securities — 10.8%** | **Asset-Backed Securities — 10.8%** | **Asset-Backed Securities — 10.8%** | **Asset-Backed Securities — 10.8%** | **Asset-Backed Securities — 10.8%** |
| Accredited Mortgage Loan Trust, 2004-4 A2D (1 <br> mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 84739<br>| &nbsp;&nbsp; 84059<br> <sup>(d)</sup><br>|
| Antares CLO Ltd., 2018-1A A1R (3 mo. Term <br> SOFR + 1.370%) | &nbsp;&nbsp; 5.038% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 250302<br> <sup>(a)(d)</sup><br>|
| Bayview Opportunity Master Fund LLC, 2024-<br> EDU1 A (30 Day Average SOFR + 1.450%) | &nbsp;&nbsp; 5.112% | &nbsp;&nbsp; 6/25/47 | &nbsp;&nbsp; 43811<br>| &nbsp;&nbsp; 44115<br> <sup>(a)(d)</sup><br>|
| Black Diamond CLO Ltd., 2024-1A A1 (3 mo. <br> Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110345<br> <sup>(a)(d)</sup><br>|
| Capital One Prime Auto Receivables Trust, <br> 2022-2 A3 | &nbsp;&nbsp; 3.660% | &nbsp;&nbsp; 5/17/27 | &nbsp;&nbsp; 3040<br>| &nbsp;&nbsp; 3040<br>|
| College Ave Student Loans LLC, 2023-A C | &nbsp;&nbsp; 6.060% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 83584<br>| &nbsp;&nbsp; 84976<br> <sup>(a)</sup><br>|
| Elmwood CLO Ltd., 2019-1A A1R3 (3 mo. Term <br> SOFR + 1.120%) | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99550<br> <sup>(a)(d)</sup><br>|
| Ent Auto Receivables Trust, 2023-1A A4 | &nbsp;&nbsp; 6.260% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 101670<br> <sup>(a)</sup><br>|
| Enterprise Fleet Financing LLC, 2025-2 A2 | &nbsp;&nbsp; 4.510% | &nbsp;&nbsp; 2/22/28 | &nbsp;&nbsp; 90499<br>| &nbsp;&nbsp; 90723<br> <sup>(a)</sup><br>|
| Fifth Third Auto Trust, 2023-1 A3 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 36415<br>| &nbsp;&nbsp; 36664<br>|
| Ford Credit Floorplan Master Owner Trust, <br> 2023-1 A1 | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 80100<br> <sup>(a)</sup><br>|
| Gilead Aviation LLC, 2025-1A A | &nbsp;&nbsp; 5.789% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 94991<br>| &nbsp;&nbsp; 95894<br> <sup>(a)</sup><br>|
| Nelnet Student Loan Trust, 2021-CA AFL (1 mo. <br> Term SOFR + 0.854%) | &nbsp;&nbsp; 4.530% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 71604<br>| &nbsp;&nbsp; 71290<br> <sup>(a)(d)</sup><br>|
| Neuberger Berman Loan Advisers CLO Ltd., <br> 2022-51A AR2 (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.668% | &nbsp;&nbsp; 10/23/36 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150019<br> <sup>(a)(d)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| New Century Home Equity Loan Trust, 2004-2 <br> M2 (1 mo. Term SOFR + 1.044%) | &nbsp;&nbsp; 4.723% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; $179<br>| &nbsp;&nbsp; $447<br> <sup>(d)</sup><br>|
| Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. <br> Term SOFR + 1.150%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 99728<br> <sup>(a)(d)</sup><br>|
| PFS Financing Corp., 2023-B B | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100159<br> <sup>(a)</sup><br>|
| Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. <br> Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100027<br> <sup>(a)(d)</sup><br>|
| Trestles CLO Ltd., 2024-7A A1 (3 mo. Term SOFR <br> + 1.380%) | &nbsp;&nbsp; 5.048% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 120092<br> <sup>(a)(d)</sup><br>|
| Voya CLO Ltd., 2018-2A A1 (3 mo. Term SOFR + <br> 1.262%) | &nbsp;&nbsp; 4.934% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 36768<br>| &nbsp;&nbsp; 36806<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,751,881)** | **Total Asset-Backed Securities (Cost — $1,751,881)** | **Total Asset-Backed Securities (Cost — $1,751,881)** | **Total Asset-Backed Securities (Cost — $1,751,881)** | &nbsp;&nbsp; **1760006** |
| **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** | **Sovereign Bonds — 1.5%** |
| Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% | Argentina — 0.2% |
| Argentine Republic Government International <br> Bond, Senior Notes, Step bond (0.750% to <br> 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 7200<br>| &nbsp;&nbsp; 6037<br>|
| Argentine Republic Government International <br> Bond, Senior Notes, Step bond (4.125% to <br> 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 14450<br>|
| Provincia de Buenos Aires/Government Bonds, <br> Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 17788<br>| &nbsp;&nbsp; 13452<br> <sup>(a)</sup><br>|
| Total Argentina | Total Argentina | Total Argentina | Total Argentina | &nbsp;&nbsp; 33939 |
| Mexico — 1.1% | Mexico — 1.1% | Mexico — 1.1% | Mexico — 1.1% | Mexico — 1.1% |
| Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 189750<br>|
| Poland — 0.2% | Poland — 0.2% | Poland — 0.2% | Poland — 0.2% | Poland — 0.2% |
| Republic of Poland Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30190<br>|
| **Total Sovereign Bonds (Cost — $253,439)** | **Total Sovereign Bonds (Cost — $253,439)** | **Total Sovereign Bonds (Cost — $253,439)** | **Total Sovereign Bonds (Cost — $253,439)** | &nbsp;&nbsp; **253879** |
| **Senior Loans — 1.5%** | **Senior Loans — 1.5%** | **Senior Loans — 1.5%** | **Senior Loans — 1.5%** | **Senior Loans — 1.5%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% |
| Petco Health and Wellness Co. Inc, 2026 Term <br> Loan (3 mo. Term SOFR + 4.250%)  | 7.950% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; **19593**<br> <sup>(d)(h)(i)</sup><br>|
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| Banks — 0.1% | Banks — 0.1% | Banks — 0.1% | Banks — 0.1% | Banks — 0.1% |
| Ascensus Group Holdings Inc., 2024 Term Loan <br> B (1 mo. Term SOFR + 3.000%)  | 6.668% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9856<br> <sup>(d)(h)(i)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† | Capital Markets — 0.0%†† |
| Focus Financial Partners LLC, Incremental Term <br> Loan B (1 mo. Term SOFR + 2.500%)  | 6.168% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; $9975<br>| &nbsp;&nbsp; $9675<br> <sup>(d)(h)(i)</sup><br>|
| Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% | Financial Services — 0.1% |
| Jane Street Group LLC, Extended Term Loan (3 <br> mo. Term SOFR + 2.000%)  | 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 19791<br>| &nbsp;&nbsp; 19454<br> <sup>(d)(h)(i)</sup><br>|
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |
| AmWINS Group Inc., 2026 Refinancing Term <br> Loan (1 mo. Term SOFR + 2.000%) | 5.668% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 19874<br>| &nbsp;&nbsp; 19765<br> <sup>(d)(h)(i)</sup><br>|
| Asurion LLC, New Term Loan B14 (1 mo. Term <br> SOFR + 3.750%) | 7.418% | &nbsp;&nbsp; 3/11/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9681<br> <sup>(d)(h)(i)</sup><br>|
| HUB International Ltd., 2025 Incremental Term <br> Loan (3 mo. Term SOFR + 2.250%) | 5.920% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 19941<br>| &nbsp;&nbsp; 19919<br> <sup>(d)(h)(i)(j)</sup><br>|
| Sedgwick Claims Management Services Inc., <br> 2024 Term Loan (1 mo. Term SOFR + 2.500%) | 6.168% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 9975<br>| &nbsp;&nbsp; 9808<br> <sup>(d)(h)(i)</sup><br>|
| Truist Insurance Holdings LLC, 2024 Term Loan <br> B (3 mo. Term SOFR + 2.750%) | 6.450% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp; 19769<br> <sup>(d)(h)(i)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 78942 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **117927** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Medline Borrower LP, 2028 Refinancing Term <br> Loan (1 mo. Term SOFR + 1.750%)  | 5.418% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 12391<br>| &nbsp;&nbsp; 12423<br> <sup>(d)(h)(i)</sup><br>|
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| Sotera Health Holdings LLC, 2025 Term Loan (1 <br> mo. Term SOFR + 2.500%)  | 6.168% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 13107<br>| &nbsp;&nbsp; 13136<br> <sup>(d)(h)(i)(j)</sup><br>|
| Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† | Health Care Technology — 0.0%†† |
| AthenaHealth Group Inc., Initial Term Loan (1 <br> mo. Term SOFR + 2.750%)  | 6.418% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 9975<br>| &nbsp;&nbsp; 9807<br> <sup>(d)(h)(i)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **35366** |
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| Spirit Airlines LLC, Contingent DIP Facility | —  | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 7151<br>| &nbsp;&nbsp; 894<br> \*<sup>(k)(l)</sup><br>|
| Spirit Airlines LLC, New Money Term Loan (1 <br> mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 3022<br>| &nbsp;&nbsp; 2991<br> <sup>(d)(h)(i)</sup><br>|
| Spirit Airlines LLC, Roll Up Term Loan | —  | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 18768<br>| &nbsp;&nbsp; 13138<br> <sup>(j)(l)</sup><br>|
| Spirit Airlines LLC, Second New Money Term <br> Loan (1 mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 749<br>| &nbsp;&nbsp; 742<br> <sup>(d)(h)(i)</sup><br>|
| Spirit Airlines LLC, Third DIP New Money Term <br> Loan (1 mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 1480<br>| &nbsp;&nbsp; 1465<br> <sup>(d)(h)(i)</sup><br>|
| Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 19230 |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% | Professional Services — 0.1% |
| CoreLogic Inc., First Lien Initial Term Loan (1 <br> mo. Term SOFR + 3.614%)  | 7.282% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; $19948<br>| &nbsp;&nbsp; $19125<br> <sup>(d)(h)(i)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **38355** |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Harbor Freight Tools USA Inc., Initial Term Loan  | —  | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp; 9911<br> <sup>(j)</sup><br>|
| Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Cloud Software Group Inc., Tenth Amendment <br> Term Loan B2 (3 mo. Term SOFR + 3.250%) | 6.950% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 9975<br>| &nbsp;&nbsp; 9167<br> <sup>(d)(h)(i)</sup><br>|
| UKG Inc., Term Loan B | —  | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 9975<br>| &nbsp;&nbsp; 9545<br> <sup>(j)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 18712 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **28623** |
| **Total Senior Loans (Cost — $242,577)** | **Total Senior Loans (Cost — $242,577)** | **Total Senior Loans (Cost — $242,577)** | **Total Senior Loans (Cost — $242,577)** | &nbsp;&nbsp; **239864** |
|  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; $40000 | &nbsp;&nbsp; 1100<br>|
| U.S. Treasury 2-Year Notes Futures, Call @ <br> $103.750 | 5/22/26 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 1219<br>|
| **Total Purchased Options (Cost — $15,100)** | **Total Purchased Options (Cost — $15,100)** | **Total Purchased Options (Cost — $15,100)** | **Total Purchased Options (Cost — $15,100)** | &nbsp;&nbsp; **2319** |
|  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† | Passenger Airlines — 0.0%†† |
| Spirit Aviation Holdings Inc. (Cost — $5,792) | Spirit Aviation Holdings Inc. (Cost — $5,792) |  | &nbsp;&nbsp; 351 | &nbsp;&nbsp; **88**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $17,389,601)** | **Total Investments before Short-Term Investments (Cost — $17,389,601)** | **Total Investments before Short-Term Investments (Cost — $17,389,601)** | **Total Investments before Short-Term Investments (Cost — $17,389,601)** | &nbsp;&nbsp; **17641347** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| U.S. Treasury Bills (Cost — $245,749) | &nbsp;&nbsp; 3.715% | &nbsp;&nbsp; 9/17/26 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp; **245789**<br> <sup>(m)</sup><br>|
| **Total Investments — 109.3% (Cost — $17,635,350)** | **Total Investments — 109.3% (Cost — $17,635,350)** | **Total Investments — 109.3% (Cost — $17,635,350)** | **Total Investments — 109.3% (Cost — $17,635,350)** | &nbsp;&nbsp; **17887136** |
| Liabilities in Excess of Other Assets — (9.3)% | Liabilities in Excess of Other Assets — (9.3)% | Liabilities in Excess of Other Assets — (9.3)% | Liabilities in Excess of Other Assets — (9.3)% | &nbsp;&nbsp; (1528093)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$16359043** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to <br> securities offerings that are made outside of the United States and do not involve direct selling efforts in the <br> United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | This security is traded on a to-be-announced ("TBA") basis. At March 31, 2026, the Fund held TBA securities with a <br> total cost of $1,870,690.<br>|
| <sup>(g)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through <br> certificates that are structured to direct payments on underlying collateral to different series or classes of the <br> obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial <br> indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to <br> multiple contracts under the same loan.<br>|
| <sup>(i)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval <br> from the agent bank and/or borrower prior to the disposition of a senior loan. <br>|
| <sup>(j)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement <br> date. Interest rates shown, if any, are for the settled portion of the loan.<br>|
| <sup>(k)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(l)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(m)</sup> | Rate shown represents yield-to-maturity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| DIP | —  | Debtor-in-possession |
| IO | —  | Interest Only |
| JSC | —  | Joint Stock Company |
| PAC | —  | Planned Amortization Class |
| REMIC | —  | Real Estate Mortgage Investment Conduit |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

At March 31, 2026, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | Expiration <br>Date<br>| Strike <br>Price<br>| Contracts | Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; $97.500 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $5000 | &nbsp;&nbsp; $(363)<br>|
| 3-Month SOFR Futures, Put | &nbsp;&nbsp; 12/11/26 | 96.500 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; (2850)<br>|
| U.S. Treasury 2-Year Notes Futures, Put | &nbsp;&nbsp; 5/22/26 | 103.000 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; (406)<br>|
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp; 4/24/26 | 109.000 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (539)<br>|
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp; 4/24/26 | 107.000 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; (422)<br>|
| **Total Exchange-Traded Written Options (Premiums received — $3,905)** | **Total Exchange-Traded Written Options (Premiums received — $3,905)** | **Total Exchange-Traded Written Options (Premiums received — $3,905)** | **Total Exchange-Traded Written Options (Premiums received — $3,905)** | **Total Exchange-Traded Written Options (Premiums received — $3,905)** | &nbsp;&nbsp; **$(4580)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| SOFR |  | Secured Overnight Financing Rate |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of <br>Contracts<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; $723831 | &nbsp;&nbsp; $722437 | &nbsp;&nbsp; $(1394)<br>|
| 3-Month SOFR | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3/27 | &nbsp;&nbsp; 725031 | &nbsp;&nbsp; 722737 | &nbsp;&nbsp; (2294)<br>|
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 1659735 | &nbsp;&nbsp; 1659563 | &nbsp;&nbsp; (172)<br>|
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 6140011 | &nbsp;&nbsp; 6058063 | &nbsp;&nbsp; (81948)<br>|
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 1641932 | &nbsp;&nbsp; 1594250 | &nbsp;&nbsp; (47682)<br>|
| U.S. Treasury Ultra Long-Term <br> Bonds<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 119934 | &nbsp;&nbsp; 116562 | &nbsp;&nbsp; (3372)<br>|
|  |  |  |  |  | &nbsp;&nbsp; (136862)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 1580226 | &nbsp;&nbsp; 1554656 | &nbsp;&nbsp; 25570 |
| U.S. Treasury Ultra 10-Year <br> Notes<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6/26 | &nbsp;&nbsp; 575959 | &nbsp;&nbsp; 567578 | &nbsp;&nbsp; 8381 |
|  |  |  |  |  | &nbsp;&nbsp; 33951 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp; **$(102911)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

March 31, 2026

 **Western Asset Bond ETF**

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | Notional <br>Amount<br>| Termination <br>Date<br>| Payments <br>Made by <br>the Fund<sup>†</sup> <br>| Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
|  | $2712000 | 12/15/27 | 3.320% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| $14889 | $(195) | $15084 |
|  | 1973000 | 4/28/28 | 3.300% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| (11899) | (425) | (11474) |
|  | 730000 | 11/21/30 | 2.452%\* | CPURNSA\* | 1964 | (411) | 2375 |
|  | 1488000 | 1/31/33 | 3.520% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| 15672 | 3165 | 12507 |
|  | 463000 | 4/28/36 | 3.850% <br>annually<br>| Daily SOFR <br>Compound <br>annually<br>| 213 |  | 213 |
| **Total** | **$7366000** |  |  |  | **$20839** | **$2134** | **$18705** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.46 Index | $2224000 | 6/20/31 | 1.000% quarterly | **$38388** | **$37804** | **$584** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a <br> buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and <br> credit indices serve as an indicator of the current status of the payment/performance risk and represent the <br> likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement <br> been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy <br> protection), when compared to the notional amount of the swap, represent a deterioration of the referenced <br> entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under <br> the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |
| \* | One time payment made at termination date. |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

 **Western Asset Bond ETF**

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| CPURNSA | 3.302% |
| Daily SOFR Compound | 3.680% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $17,635,350) | &nbsp;&nbsp; $17887136 |
| Cash | &nbsp;&nbsp; 133165 |
| Receivable for sales of TBA securities  | &nbsp;&nbsp; 476352 |
| Deposits with brokers for open futures contracts and exchange-traded options | &nbsp;&nbsp; 122297 |
| Interest receivable | &nbsp;&nbsp; 111571 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 103083 |
| Receivable from brokers — net variation margin on open futures contracts | &nbsp;&nbsp; 30752 |
| Receivable for securities sold  | &nbsp;&nbsp; 196 |
| **Total Assets** | &nbsp;&nbsp; **18864552** |
| **Liabilities:** |  |
| Payable for purchases of TBA securities  | &nbsp;&nbsp; 2350600 |
| Payable for securities purchased | &nbsp;&nbsp; 139880 |
| Payable to brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 5568 |
| Investment management fee payable | &nbsp;&nbsp; 4881 |
| Written options, at value (premiums received — $3,905) | &nbsp;&nbsp; 4580 |
| **Total Liabilities** | &nbsp;&nbsp; **2505509** |
| **Total Net Assets** | &nbsp;&nbsp; **$16359043** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $16015262 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 343781 |
| **Total Net Assets** | &nbsp;&nbsp; **$16359043** |
| **Shares Outstanding** | &nbsp;&nbsp; 650000 |
| **Net Asset Value** | &nbsp;&nbsp; $25.17 |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

Statement of Operations

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $912257 |
| Dividends | &nbsp;&nbsp; 2808 |
| **Total Investment Income** | &nbsp;&nbsp; **915065** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 57834 |
| **Total Expenses** | &nbsp;&nbsp; **57834** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (369)<br>|
| **Net Expenses** | &nbsp;&nbsp; **57465** |
| **Net Investment Income** | &nbsp;&nbsp; **857600** |
| **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Written Options and Swap** <br> **Contracts (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions | &nbsp;&nbsp; 109403 |
| Futures contracts | &nbsp;&nbsp; 40628 |
| Written options | &nbsp;&nbsp; 23350 |
| Swap contracts | &nbsp;&nbsp; (23303)<br>|
| **Net Realized Gain**  | &nbsp;&nbsp; **150078** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments | &nbsp;&nbsp; (204778)<br>|
| Futures contracts | &nbsp;&nbsp; (119913)<br>|
| Written options | &nbsp;&nbsp; (2600)<br>|
| Swap contracts | &nbsp;&nbsp; 34565 |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **(292726)**<br>|
| **Net Loss on Investments, Futures Contracts, Written Options and Swap Contracts**  | &nbsp;&nbsp; **(142648)**<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$714952** |

---

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $857600 | $1988302 |
| Net realized gain  | &nbsp;&nbsp; 150078 | 74516 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (292726)<br>| (404083)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **714952** | **1658735** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (845865)<br>| (2475214)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(845865)**<br>| **(2475214)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Cost of shares repurchased (100,000 and 850,000 shares repurchased, <br> respectively) <br>| &nbsp;&nbsp; (2471596)<br>| (21398916)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(2471596)**<br>| **(21398916)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(2602509)**<br>| **(22215395)**<br>|
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 18961552 | 41176947 |
| **End of year** | &nbsp;&nbsp; **$16359043** | **$18961552** |

---

See Notes to Financial Statements.

------

Western Asset Bond ETF 2026 Annual Report

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2026<sup>1</sup>  | 2025<sup>1</sup>  | 2024<sup>12</sup>  |
| **Net asset value, beginning of year** | $25.28 | &nbsp;&nbsp; $25.74 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |
| Net investment income | 1.31 | 1.31 | 0.70 |
| Net realized and unrealized gain (loss) | (0.14)<br>| &nbsp;&nbsp; (0.12)<br>| 0.61 |
| **Total income from operations** | **1.17** | **1.19** | **1.31** |
| **Less distributions from:** |  |  |  |
| Net investment income | (1.28)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.57)<br>|
| Net realized gains |  | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — |
| **Total distributions**  | **(1.28)**<br>| &nbsp;&nbsp; **(1.65)**<br>| &nbsp;&nbsp; **(0.57)**<br>|
| **Net asset value, end of year** | $25.17 | &nbsp;&nbsp; $25.28 | &nbsp;&nbsp; $25.74 |
| **Total return, based on NAV**<sup>3</sup>  | **4.75%**<br>| **4.77%**<br>| **5.29%**<br>|
| **Net assets, end of year (000s)** | $16359 | &nbsp;&nbsp; $18962 | &nbsp;&nbsp; $41177 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |
| Gross expenses | 0.35<br> %<br>| 0.35<br> %<br>| 0.35 <br> %<sup>4</sup><br>|
| Net expenses | 0.35 <br> <sup>5</sup><br>| 0.35 <br> <sup>5</sup><br>| 0.35 <br> <sup>4</sup><br>|
| Net investment income | 5.19 | 5.14 | 5.25 <br> <sup>4</sup><br>|
| **Portfolio turnover rate** | **336%** <br> <sup>6</sup><br>| &nbsp;&nbsp; **67%**<br>| &nbsp;&nbsp; **69%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period September 19, 2023 (inception date) to March 31, 2024.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Annualized.

<sup>5</sup> Reflects fee waivers and/or expense reimbursements.

<sup>6</sup> Including mortgage dollar roll transactions. If mortgage dollar roll transactions had been excluded, the portfolio turnover rate would have been 247%. 

See Notes to Financial Statements.

Western Asset Bond ETF 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset Bond ETF (the "Fund") is a separate diversified investment series of Franklin Templeton ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NASDAQ. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities, including ETFs, for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds

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Western Asset Bond ETF 2026 Annual Report

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securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Western Asset Bond ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $5877781 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5877781 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 4568097 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4568097 |
| U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3137818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3137818 |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1801495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1801495 |
| Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1760006 |
| Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 253879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253879 |
| Senior Loans: |  |  |  |  |
| Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 24323 | &nbsp;&nbsp; $14032 | &nbsp;&nbsp; 38355 |
| Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 201509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201509 |
| Purchased Options | &nbsp;&nbsp; $2319 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2319 |
| Common Stocks | &nbsp;&nbsp; 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88 |
| Total Long-Term Investments | &nbsp;&nbsp; 2407 | &nbsp;&nbsp; 17624908 | &nbsp;&nbsp; 14032 | &nbsp;&nbsp; 17641347 |
| Short-Term Investments† | &nbsp;&nbsp; 245789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 245789 |
| **Total Investments** | &nbsp;&nbsp; **$248196** | &nbsp;&nbsp; **$17624908** | &nbsp;&nbsp; **$14032** | &nbsp;&nbsp; **$17887136** |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts†† | &nbsp;&nbsp; $33951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $33951 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $30179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30179 |
| Centrally Cleared Credit Default <br> Swaps on Credit Indices — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 584 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **$33951** | &nbsp;&nbsp; **$30763** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$64714** |
| **Total** | &nbsp;&nbsp; **$282147** | &nbsp;&nbsp; **$17655671** | &nbsp;&nbsp; **$14032** | &nbsp;&nbsp; **$17951850** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Written Options | &nbsp;&nbsp; $4580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $4580 |
| Futures Contracts†† | &nbsp;&nbsp; 136862 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136862 |
| Centrally Cleared Interest Rate <br> Swaps††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $11474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11474 |
| **Total** | &nbsp;&nbsp; **$141442** | &nbsp;&nbsp; **$11474** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$152916** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Purchased options.** The Fund may purchase option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased. If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

**(c) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

Western Asset Bond ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(d) Futures contracts.** The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ''initial margin'' and subsequent payments (''variation margin'') are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized appreciation or depreciation in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(e) Swap agreements.** The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as

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realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of March 31, 2026, the total notional value of all credit default swaps to sell protection was $2,224,000. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the year ended March 31, 2026, see Note 4.

**<u>Credit default swaps</u>**

The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

Western Asset Bond ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**<u>Interest rate swaps</u>**

The Fund enters into interest rate swap contracts to manage its exposure to interest rate risk. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. Interest rate swaps are marked-to-market daily based upon quotations from market makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation in the Statement of Operations. When a swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the original cost and the settlement amount of the closing transaction.

The risks of interest rate swaps include changes in market conditions that will affect the value of the contract or changes in the present value of the future cash flow streams and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

**(f) Loan participations.** The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(g) Stripped securities.** The Fund may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of

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unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO's.

**(h) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(i) Securities traded on a to-be-announced basis.** The Fund may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(j) Mortgage dollar rolls.** The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month, realizing a gain or loss, and simultaneously entering into contracts to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specified future date.

The Fund executes its mortgage dollar rolls entirely in the TBA market, whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by a sale of the security with a simultaneous agreement to repurchase at a future date. The Fund accounts for mortgage dollar rolls as purchases and sales.

The risk of entering into mortgage dollar rolls is that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the mortgage dollar roll may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

Western Asset Bond ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(k) Credit and market risk.** The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund's investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(l) Foreign investment risks.** 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.

**(m) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

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The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of March 31, 2026, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

**(n) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(o) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid on a monthly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

Western Asset Bond ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(p) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(q) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the Fund had no reclassifications.

**(r) 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. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is the Fund's investment manager. Western Asset Management Company, LLC ("Western Asset"), Western Asset Management Company Pte. Ltd. ("Western Asset Singapore"), Western Asset Management Company Ltd ("Western Asset Japan") and Western Asset Management Company Limited ("Western Asset London") are the Fund's sub-subadvisers. Advisers, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton 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.

The Fund pays Advisers a unified management fee for managing the Fund's assets and Advisers pays Western Asset for its services as approved by the Board. Pursuant to the investment management agreement with the Trust on behalf of the Fund, Advisers reimburses the Fund for all acquired fund fees and expenses (such as those associated with the Fund's investment in a Franklin Templeton money fund) and pays all of the ordinary operating expenses of the Fund, except for (i) the Fund's management fee, (ii) payments

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Western Asset Bond ETF 2026 Annual Report

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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 Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.35% of the Fund's average daily net assets.

During the year ended March 31, 2026, fees waived and/or expenses reimbursed amounted to $369.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

As of March 31, 2026, Franklin Resources and its affiliates owned 56% of the Fund.

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

---

| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $3595581 | &nbsp;&nbsp; $57516850 |
| Sales | &nbsp;&nbsp; 6814263 | &nbsp;&nbsp; 57530854 |

---

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $17624832 | &nbsp;&nbsp; $375463 | &nbsp;&nbsp; $(113159) | &nbsp;&nbsp; $262304 |
| Written options | &nbsp;&nbsp; (3905) | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; (1956) | (675) |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 33951 | &nbsp;&nbsp; (136862) | &nbsp;&nbsp; (102911) |
| Swap contracts | &nbsp;&nbsp; 39938 | &nbsp;&nbsp; 30763 | &nbsp;&nbsp; (11474) | &nbsp;&nbsp; 19289 |

---

Western Asset Bond ETF 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>2</sup>  | &nbsp;&nbsp; $2319 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2319 |
| Futures contracts<sup>3</sup>  | &nbsp;&nbsp; 33951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33951 |
| Centrally cleared swap contracts<sup>4</sup>  | &nbsp;&nbsp; 30179 | &nbsp;&nbsp; $584 | &nbsp;&nbsp; 30763 |
| **Total** | &nbsp;&nbsp; **$66449** | &nbsp;&nbsp; **$584** | &nbsp;&nbsp; **$67033** |

---

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Interest <br>Rate Risk<br>|
| Written options | &nbsp;&nbsp; $4580 |
| Futures contracts<sup>3</sup>  | &nbsp;&nbsp; 136862 |
| Centrally cleared swap contracts<sup>4</sup>  | &nbsp;&nbsp; 11474 |
| **Total** | &nbsp;&nbsp; **$152916** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Market value of purchased options is reported in Investments at value in the Statement of Assets and Liabilities. 

<sup>3</sup> Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

<sup>4</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>1</sup>  | &nbsp;&nbsp; $(42184)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(42184)<br>|
| Futures contracts | &nbsp;&nbsp; 40628 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40628 |
| Written options | &nbsp;&nbsp; 23350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23350 |
| Swap contracts | &nbsp;&nbsp; (27046)<br>| &nbsp;&nbsp; $3743 | &nbsp;&nbsp; (23303)<br>|
| **Total** | &nbsp;&nbsp; **$(5252)**<br>| &nbsp;&nbsp; **$3743** | &nbsp;&nbsp; **$(1509)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net realized gain (loss) from purchased options is reported in Net Realized Gain (Loss) From Investment transactions in the Statement of Operations.

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Western Asset Bond ETF 2026 Annual Report

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---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Interest <br>Rate Risk<br>| Credit <br>Risk<br>| Total |
| Purchased options<sup>1</sup>  | &nbsp;&nbsp; $(13781)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(13781)<br>|
| Futures contracts | &nbsp;&nbsp; (119913)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (119913)<br>|
| Written options | &nbsp;&nbsp; (2600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2600)<br>|
| Swap contracts | &nbsp;&nbsp; 31824 | &nbsp;&nbsp; $2741 | &nbsp;&nbsp; 34565 |
| **Total** | &nbsp;&nbsp; **$(104470)**<br>| &nbsp;&nbsp; **$2741** | &nbsp;&nbsp; **$(101729)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> The change in net unrealized appreciation (depreciation) from purchased options is reported in the Change in Net Unrealized Appreciation (Depreciation) From Investments in the Statement of Operations.

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value\*<br>|
| Purchased options | &nbsp;&nbsp; $13397 |
| Written options | &nbsp;&nbsp; 3278 |
| Futures contracts (to buy) | &nbsp;&nbsp; 9294852 |
| Futures contracts (to sell) | &nbsp;&nbsp; 4180135 |
|  | Average Notional <br>Balance\*\*<br>|
| Interest rate swap contracts | &nbsp;&nbsp; $4740538 |
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; 1730923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for

Western Asset Bond ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Unless renewed, the Global Credit Facility will terminate on January 29, 2027.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in the Statement of Operations. The Fund did not utilize the Global Credit Facility during the year ended March 31, 2026.

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended March 31, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $845865 | &nbsp;&nbsp; $2425299 |
| Net long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 49915 |
| **Total distributions paid** | &nbsp;&nbsp; **$845865** | &nbsp;&nbsp; **$2475214** |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $140303 |
| Deferred capital losses\* | &nbsp;&nbsp; (89731) |
| Other book/tax temporary differences<sup>(a)</sup>  | &nbsp;&nbsp; 115202 |
| Unrealized appreciation (depreciation)<sup>(b)</sup>  | &nbsp;&nbsp; 178007 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$343781** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on futures, options contracts and swap contracts. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on straddles, the tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium on fixed income securities. 

**8. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Schedule of Investments provides

------

Western Asset Bond ETF 2026 Annual Report

------

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.

Western Asset Bond ETF 2026 Annual Report

------

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, 2026, the related statement of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2026 and the period September 19, 2023 (inception date) 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, 2026, 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, 2026 and the financial highlights for each of the two years in the period ended March 31, 2026 and the period September 19, 2023 (inception date) 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, 2026 by correspondence with the custodian, 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 opinion.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

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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Western Asset Bond ETF 2026 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $710827 |
| Section 163(j) Interest Earned | §163(j) | $809878 |

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Western Asset Bond ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Western Asset Bond ETF

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Western Asset

Bond ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Advisers, Inc.

**Subadvisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Ltd.

Western Asset Management Company Pte. Ltd.

**Administrative manager**

Franklin Templeton Services, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Western Asset Bond ETF**

The Fund is a separate investment series of Franklin Templeton ETF Trust, a Delaware statutory Trust.

Western Asset Bond ETF

Franklin Templeton Funds

One Franklin Parkway

San Mateo, CA 94403-1906

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (800) DIAL BEN/342-5236, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Western Asset Bond ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img894b45213.jpg)

**36353-AFSOI 5/26**© 2026 Franklin Templeton. All rights reserved.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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 EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&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.](ftetft-efp24612_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.](ftetft-efp24612_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.](ftetft-efp24612_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**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | June 03, 2026 |

---

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: | June 03, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | June 03, 2026 |

---

## 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: | June 03, 2026 | /s/ Christopher Kings |
|  |  | Christopher Kings |
|  |  | Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, 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

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: | June 03, 2026 | /s/ Jeffrey White |
|  |  | Jeffrey White |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** 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, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin Templeton ETF Trust | Franklin Templeton ETF Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: June 03, 2026 | Date: June 03, 2026 |

---

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.