# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0000940400-26-008692
**Filing Date:** 2026-2
**Character Count:** 64664
**Document Hash:** b770d0d4c84cca5b450c96252ba5b8ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008692.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008692

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23124
- **FILM NUMBER:** 26687497

**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

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

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

## Nport-Ex

Schedules of Investments (unaudited)

December 31, 2025

 **BrandywineGLOBAL — Dynamic US Large Cap Value 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 — 13.4%** | **Communication Services — 13.4%** | **Communication Services — 13.4%** |
| *Diversified Telecommunication Services — 4.5%* | *Diversified Telecommunication Services — 4.5%* | *Diversified Telecommunication Services — 4.5%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc. | &nbsp;&nbsp; 102408 | &nbsp;&nbsp;&nbsp; $2543815<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 66372 | &nbsp;&nbsp;&nbsp; 2703332<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *5247147* |
| *Interactive Media & Services — 1.3%* | *Interactive Media & Services — 1.3%* | *Interactive Media & Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 4843 | &nbsp;&nbsp;&nbsp; *1515859*<br>|
| *Media — 3.7%* | *Media — 3.7%* | *Media — 3.7%* |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A Shares | &nbsp;&nbsp; 136729 | &nbsp;&nbsp;&nbsp; 4086830<br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Group Inc. | &nbsp;&nbsp; 1367 | &nbsp;&nbsp;&nbsp; 277569<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *4364399* |
| *Wireless Telecommunication Services — 3.9%* | *Wireless Telecommunication Services — 3.9%* | *Wireless Telecommunication Services — 3.9%* |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA | &nbsp;&nbsp; 5256 | &nbsp;&nbsp;&nbsp; 291393<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile US Inc. | &nbsp;&nbsp; 21089 | &nbsp;&nbsp;&nbsp; 4281910<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *4573303* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **15700708** |
| **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** |
| *Broadline Retail — 2.9%* | *Broadline Retail — 2.9%* | *Broadline Retail — 2.9%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 897,428<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dillard's Inc., Class A Shares | &nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 208581<br>|
| &nbsp;&nbsp;&nbsp; eBay Inc. | &nbsp;&nbsp; 26307 | &nbsp;&nbsp;&nbsp; 2291340<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3397349* |
| *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; ADT Inc. | &nbsp;&nbsp; 36267 | &nbsp;&nbsp;&nbsp; 292675<br>|
| &nbsp;&nbsp;&nbsp; Service Corp. International | &nbsp;&nbsp; 5332 | &nbsp;&nbsp;&nbsp; 415736<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *708411* |
| *Hotels, Restaurants & Leisure — 2.7%* | *Hotels, Restaurants & Leisure — 2.7%* | *Hotels, Restaurants & Leisure — 2.7%* |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | &nbsp;&nbsp; 4539 | &nbsp;&nbsp;&nbsp; 386904<br>|
| &nbsp;&nbsp;&nbsp; Darden Restaurants Inc. | &nbsp;&nbsp; 3844 | &nbsp;&nbsp;&nbsp; 707373<br>|
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A Shares | &nbsp;&nbsp; 2174 | &nbsp;&nbsp;&nbsp; 348536<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | &nbsp;&nbsp; 19463 | &nbsp;&nbsp;&nbsp; 1266846<br>|
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp; 5832 | &nbsp;&nbsp;&nbsp; 440666<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *3150325* |
| *Household Durables — 2.0%* | *Household Durables — 2.0%* | *Household Durables — 2.0%* |
| &nbsp;&nbsp;&nbsp; DR Horton Inc. | &nbsp;&nbsp; 8969 | &nbsp;&nbsp;&nbsp; 1291805<br>|
| &nbsp;&nbsp;&nbsp; NVR Inc. | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 1,079,330<br> \*<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *2371135* |
| *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Mattel Inc. | &nbsp;&nbsp; 14310 | &nbsp;&nbsp;&nbsp; *283,910*<br> \*<br>|
| *Specialty Retail — 0.6%* | *Specialty Retail — 0.6%* | *Specialty Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; AutoNation Inc. | &nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp; 125,127<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gap Inc. | &nbsp;&nbsp; 5279 | &nbsp;&nbsp;&nbsp; 135143<br>|
| &nbsp;&nbsp;&nbsp; Murphy USA Inc. | &nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; 399081<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *659351* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10570481** |

---

See Notes to Schedules of Investments.

------

BrandywineGLOBAL — ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 11.2%** | **Consumer Staples — 11.2%** | **Consumer Staples — 11.2%** |
| *Beverages — 2.6%* | *Beverages — 2.6%* | *Beverages — 2.6%* |
| &nbsp;&nbsp;&nbsp; PepsiCo Inc. | &nbsp;&nbsp; 21193 | &nbsp;&nbsp;&nbsp; $*3041619*<br>|
| *Consumer Staples Distribution & Retail — 4.4%* | *Consumer Staples Distribution & Retail — 4.4%* | *Consumer Staples Distribution & Retail — 4.4%* |
| &nbsp;&nbsp;&nbsp; Albertsons Cos. Inc., Class A Shares | &nbsp;&nbsp; 18415 | &nbsp;&nbsp;&nbsp; 316186<br>|
| &nbsp;&nbsp;&nbsp; Dollar Tree Inc. | &nbsp;&nbsp; 3764 | &nbsp;&nbsp;&nbsp; 463,010<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kroger Co. | &nbsp;&nbsp; 25538 | &nbsp;&nbsp;&nbsp; 1595614<br>|
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp; 22931 | &nbsp;&nbsp;&nbsp; 1689785<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 9255 | &nbsp;&nbsp;&nbsp; 1031100<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *5095695* |
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Ingredion Inc. | &nbsp;&nbsp; 3204 | &nbsp;&nbsp;&nbsp; 353273<br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | &nbsp;&nbsp; 8771 | &nbsp;&nbsp;&nbsp; 341981<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *695254* |
| *Household Products — 3.6%* | *Household Products — 3.6%* | *Household Products — 3.6%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp; 9387 | &nbsp;&nbsp;&nbsp; 947055<br>|
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 23140 | &nbsp;&nbsp;&nbsp; 3316193<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *4263248* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **13095816** |
| **Energy — 4.3%** | **Energy — 4.3%** | **Energy — 4.3%** |
| *Oil, Gas & Consumable Fuels — 4.3%* | *Oil, Gas & Consumable Fuels — 4.3%* | *Oil, Gas & Consumable Fuels — 4.3%* |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | &nbsp;&nbsp; 24891 | &nbsp;&nbsp;&nbsp; 442811<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc. | &nbsp;&nbsp; 24763 | &nbsp;&nbsp;&nbsp; 2600362<br>|
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; 261509<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc. | &nbsp;&nbsp; 28309 | &nbsp;&nbsp;&nbsp; 1701654<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5006336** |
| **Financials — 27.0%** | **Financials — 27.0%** | **Financials — 27.0%** |
| *Banks — 9.1%* | *Banks — 9.1%* | *Banks — 9.1%* |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | &nbsp;&nbsp; 18208 | &nbsp;&nbsp;&nbsp; 435171<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 13554 | &nbsp;&nbsp;&nbsp; 4367370<br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp; 3271 | &nbsp;&nbsp;&nbsp; 659041<br>|
| &nbsp;&nbsp;&nbsp; Popular Inc. | &nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; 42710<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 56164 | &nbsp;&nbsp;&nbsp; 5234485<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *10738777* |
| *Capital Markets — 5.3%* | *Capital Markets — 5.3%* | *Capital Markets — 5.3%* |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group Inc. | &nbsp;&nbsp; 2438 | &nbsp;&nbsp;&nbsp; 702827<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc. | &nbsp;&nbsp; 4233 | &nbsp;&nbsp;&nbsp; 3720807<br>|
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp; 6275 | &nbsp;&nbsp;&nbsp; 857102<br>|
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | &nbsp;&nbsp; 5099 | &nbsp;&nbsp;&nbsp; 418220<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 4571 | &nbsp;&nbsp;&nbsp; 467979<br>|
| &nbsp;&nbsp;&nbsp; XP Inc., Class A Shares | &nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp; 86826<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6253761* |
| *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* |
| &nbsp;&nbsp;&nbsp; OneMain Holdings Inc. | &nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 17158<br>|
| &nbsp;&nbsp;&nbsp; SLM Corp. | &nbsp;&nbsp; 9917 | &nbsp;&nbsp;&nbsp; 268354<br>|
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp; 14274 | &nbsp;&nbsp;&nbsp; 1190880<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *1476392* |

---

See Notes to Schedules of Investments.

------

BrandywineGLOBAL — ETFs 2025 Quarterly Report

------

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Financial Services — 4.0%* | *Financial Services — 4.0%* | *Financial Services — 4.0%* |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Inc., Class B Shares | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; $588,100<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Enact Holdings Inc. | &nbsp;&nbsp; 4449 | &nbsp;&nbsp;&nbsp; 176358<br>|
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | &nbsp;&nbsp; 1990 | &nbsp;&nbsp;&nbsp; 129370<br>|
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp; 20798 | &nbsp;&nbsp;&nbsp; 607718<br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings Inc. | &nbsp;&nbsp; 53768 | &nbsp;&nbsp;&nbsp; 3138976<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *4640522* |
| *Insurance — 7.3%* | *Insurance — 7.3%* | *Insurance — 7.3%* |
| &nbsp;&nbsp;&nbsp; American Financial Group Inc. | &nbsp;&nbsp; 2973 | &nbsp;&nbsp;&nbsp; 406350<br>|
| &nbsp;&nbsp;&nbsp; American International Group Inc. | &nbsp;&nbsp; 15786 | &nbsp;&nbsp;&nbsp; 1350492<br>|
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | &nbsp;&nbsp; 2611 | &nbsp;&nbsp;&nbsp; 279612<br>|
| &nbsp;&nbsp;&nbsp; Globe Life Inc. | &nbsp;&nbsp; 3357 | &nbsp;&nbsp;&nbsp; 469510<br>|
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group Inc. | &nbsp;&nbsp; 8802 | &nbsp;&nbsp;&nbsp; 1212916<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc. | &nbsp;&nbsp; 30804 | &nbsp;&nbsp;&nbsp; 2431668<br>|
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | &nbsp;&nbsp; 19759 | &nbsp;&nbsp;&nbsp; 901801<br>|
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp; 427363<br>|
| &nbsp;&nbsp;&nbsp; Unum Group | &nbsp;&nbsp; 5488 | &nbsp;&nbsp;&nbsp; 425320<br>|
| &nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | &nbsp;&nbsp; 1922 | &nbsp;&nbsp;&nbsp; 631569<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *8536601* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **31646053** |
| **Health Care — 7.4%** | **Health Care — 7.4%** | **Health Care — 7.4%** |
| *Biotechnology — 1.0%* | *Biotechnology — 1.0%* | *Biotechnology — 1.0%* |
| &nbsp;&nbsp;&nbsp; Amgen Inc. | &nbsp;&nbsp; 2578 | &nbsp;&nbsp;&nbsp; 843805<br>|
| &nbsp;&nbsp;&nbsp; Exelixis Inc. | &nbsp;&nbsp; 8935 | &nbsp;&nbsp;&nbsp; 391,621<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *1235426* |
| *Health Care Providers & Services — 1.8%* | *Health Care Providers & Services — 1.8%* | *Health Care Providers & Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; Cigna Group | &nbsp;&nbsp; 5423 | &nbsp;&nbsp;&nbsp; 1492572<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | &nbsp;&nbsp; 2902 | &nbsp;&nbsp;&nbsp; 576,686<br> \*<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *2069258* |
| *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 25493 | &nbsp;&nbsp;&nbsp; 1375092<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 12914 | &nbsp;&nbsp;&nbsp; 2672552<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc. | &nbsp;&nbsp; 4126 | &nbsp;&nbsp;&nbsp; 434303<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 16367 | &nbsp;&nbsp;&nbsp; 632421<br>|
| &nbsp;&nbsp;&nbsp; Zoetis Inc. | &nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp; 297313<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *5411681* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **8716365** |
| **Industrials — 16.1%** | **Industrials — 16.1%** | **Industrials — 16.1%** |
| *Aerospace & Defense — 4.5%* | *Aerospace & Defense — 4.5%* | *Aerospace & Defense — 4.5%* |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 10815 | &nbsp;&nbsp;&nbsp; *5230891*<br>|
| *Air Freight & Logistics — 1.2%* | *Air Freight & Logistics — 1.2%* | *Air Freight & Logistics — 1.2%* |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp; 4785 | &nbsp;&nbsp;&nbsp; *1382195*<br>|
| *Building Products — 1.0%* | *Building Products — 1.0%* | *Building Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; AO Smith Corp. | &nbsp;&nbsp; 4979 | &nbsp;&nbsp;&nbsp; 332995<br>|
| &nbsp;&nbsp;&nbsp; Carlisle Cos. Inc. | &nbsp;&nbsp; 2751 | &nbsp;&nbsp;&nbsp; 879935<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *1212930* |
| *Ground Transportation — 3.8%* | *Ground Transportation — 3.8%* | *Ground Transportation — 3.8%* |
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 190624<br>|

---

See Notes to Schedules of Investments.

------

BrandywineGLOBAL — ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Ground Transportation — continued* | *Ground Transportation — continued* | *Ground Transportation — continued* |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 18346 | &nbsp;&nbsp;&nbsp; $4243797<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *4434421* |
| *Industrial Conglomerates — 3.6%* | *Industrial Conglomerates — 3.6%* | *Industrial Conglomerates — 3.6%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc. | &nbsp;&nbsp; 21773 | &nbsp;&nbsp;&nbsp; *4247695*<br>|
| *Machinery — 1.3%* | *Machinery — 1.3%* | *Machinery — 1.3%* |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works Inc. | &nbsp;&nbsp; 5891 | &nbsp;&nbsp;&nbsp; 1450954<br>|
| &nbsp;&nbsp;&nbsp; Toro Co. | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 40147<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1491101* |
| *Professional Services — 0.7%* | *Professional Services — 0.7%* | *Professional Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | &nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp; 85935<br>|
| &nbsp;&nbsp;&nbsp; Leidos Holdings Inc. | &nbsp;&nbsp; 4218 | &nbsp;&nbsp;&nbsp; 760927<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *846862* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18846095** |
| **Information Technology — 7.2%** | **Information Technology — 7.2%** | **Information Technology — 7.2%** |
| *Electronic Equipment, Instruments & Components — 2.5%* | *Electronic Equipment, Instruments & Components — 2.5%* | *Electronic Equipment, Instruments & Components — 2.5%* |
| &nbsp;&nbsp;&nbsp; Flex Ltd. | &nbsp;&nbsp; 18730 | &nbsp;&nbsp;&nbsp; 1,131,667<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Jabil Inc. | &nbsp;&nbsp; 7817 | &nbsp;&nbsp;&nbsp; 1782432<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *2914099* |
| *IT Services — 4.7%* | *IT Services — 4.7%* | *IT Services — 4.7%* |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | &nbsp;&nbsp; 3636 | &nbsp;&nbsp;&nbsp; 292735<br>|
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp; 17544 | &nbsp;&nbsp;&nbsp; 5196708<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *5489443* |
| *Semiconductors & Semiconductor Equipment — 0.0%††* | *Semiconductors & Semiconductor Equipment — 0.0%††* | *Semiconductors & Semiconductor Equipment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Cirrus Logic Inc. | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; *31,402*<br> \*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8434944** |
| **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
| *Chemicals — 2.2%* | *Chemicals — 2.2%* | *Chemicals — 2.2%* |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. | &nbsp;&nbsp; 3022 | &nbsp;&nbsp;&nbsp; 746494<br>|
| &nbsp;&nbsp;&nbsp; CF Industries Holdings Inc. | &nbsp;&nbsp; 11375 | &nbsp;&nbsp;&nbsp; 879743<br>|
| &nbsp;&nbsp;&nbsp; PPG Industries Inc. | &nbsp;&nbsp; 9331 | &nbsp;&nbsp;&nbsp; 956054<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2582291* |
| *Construction Materials — 0.7%* | *Construction Materials — 0.7%* | *Construction Materials — 0.7%* |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials Inc. | &nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp; *800118*<br>|
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 203706<br>|
| &nbsp;&nbsp;&nbsp; Crown Holdings Inc. | &nbsp;&nbsp; 598 | &nbsp;&nbsp;&nbsp; 61576<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *265282* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **3647691** |
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; **159240**<br>|
| **Total Investments before Short-Term Investments (Cost — $106,125,373)** | **Total Investments before Short-Term Investments (Cost — $106,125,373)** | &nbsp;&nbsp; **115823729** |

---

See Notes to Schedules of Investments.

------

BrandywineGLOBAL — ETFs 2025 Quarterly Report

------

 **BrandywineGLOBAL — Dynamic US Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares <br> (Cost — $1,426,486)  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 1426486<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$1426486**<br> <sup>(a)(b)</sup><br>|
| **Total Investments — 100.0% (Cost — $107,551,859)** | **Total Investments — 100.0% (Cost — $107,551,859)** | **Total Investments — 100.0% (Cost — $107,551,859)** | &nbsp;&nbsp; **117250215** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; 54093 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$117304308** |

---

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

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| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $1,426,486 and the cost was $1,426,486 (Note 2).<br>|

---

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

See Notes to Schedules of Investments.

------

BrandywineGLOBAL — ETFs 2025 Quarterly Report

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Schedules of Investments (unaudited)

December 31, 2025

 **BrandywineGLOBAL — U.S. Fixed Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 75.2%** | **U.S. Government & Agency Obligations — 75.2%** | **U.S. Government & Agency Obligations — 75.2%** | **U.S. Government & Agency Obligations — 75.2%** | **U.S. Government & Agency Obligations — 75.2%** |
| *U.S. Government Obligations — 75.2%* | *U.S. Government Obligations — 75.2%* | *U.S. Government Obligations — 75.2%* | *U.S. Government Obligations — 75.2%* | *U.S. Government Obligations — 75.2%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; $1480000 | &nbsp;&nbsp;&nbsp; $1454678<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.098%) | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 439895<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.159%) | &nbsp;&nbsp; 3.761% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp; 1891234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.190%) | &nbsp;&nbsp; 3.792% | &nbsp;&nbsp; 10/31/27 | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp; 1891489<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 3030000 | &nbsp;&nbsp;&nbsp; 3017691<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1496933<br>|
| **Total U.S. Government & Agency Obligations (Cost — $10,137,975)** | **Total U.S. Government & Agency Obligations (Cost — $10,137,975)** | **Total U.S. Government & Agency Obligations (Cost — $10,137,975)** | **Total U.S. Government & Agency Obligations (Cost — $10,137,975)** | &nbsp;&nbsp; **10191920** |
| **Mortgage-Backed Securities — 17.2%** | **Mortgage-Backed Securities — 17.2%** | **Mortgage-Backed Securities — 17.2%** | **Mortgage-Backed Securities — 17.2%** | **Mortgage-Backed Securities — 17.2%** |
| *GNMA — 17.2%* | *GNMA — 17.2%* | *GNMA — 17.2%* | *GNMA — 17.2%* | *GNMA — 17.2%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II <br>(Cost — $2,303,001) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/20/53- <br>12/20/54<br>| &nbsp;&nbsp; 2278218 | &nbsp;&nbsp;&nbsp; **2326275**<br>|
| **Corporate Bonds & Notes — 5.1%** | **Corporate Bonds & Notes — 5.1%** | **Corporate Bonds & Notes — 5.1%** | **Corporate Bonds & Notes — 5.1%** | **Corporate Bonds & Notes — 5.1%** |
| **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%* |
| &nbsp;&nbsp;&nbsp; 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;&nbsp; 19906<br>|
| &nbsp;&nbsp;&nbsp; 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;&nbsp; 52207<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **72113** |
| **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%* |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; **20510**<br>|
| **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** |
| *Banks — 1.5%* | *Banks — 1.5%* | *Banks — 1.5%* | *Banks — 1.5%* | *Banks — 1.5%* |
| &nbsp;&nbsp;&nbsp; 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;&nbsp; 60181<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Junior Subordinated Notes (3.900% to 3/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.453%) | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139650<br> <sup>(a)(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *199831* |
| *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10251<br>|
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38238<br>|
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/11/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37798<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; 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;&nbsp; 142214<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital BDC Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118209<br> <sup>(c)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *346710* |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp; *14840*<br> <sup>(a)(b)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **561381** |
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; **38794**<br>|
| **Total Corporate Bonds & Notes (Cost — $683,789)** | **Total Corporate Bonds & Notes (Cost — $683,789)** | **Total Corporate Bonds & Notes (Cost — $683,789)** | **Total Corporate Bonds & Notes (Cost — $683,789)** | &nbsp;&nbsp; **692798** |
| **Total Investments before Short-Term Investments (Cost — $13,124,765)** | **Total Investments before Short-Term Investments (Cost — $13,124,765)** | **Total Investments before Short-Term Investments (Cost — $13,124,765)** | **Total Investments before Short-Term Investments (Cost — $13,124,765)** | &nbsp;&nbsp; **13210993** |

---

See Notes to Schedules of Investments.

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BrandywineGLOBAL — ETFs 2025 Quarterly Report

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 **BrandywineGLOBAL — U.S. Fixed Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares <br> (Cost — $222,968)  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 222968<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$222968**<br> <sup>(d)(e)</sup><br>|
| **Total Investments — 99.1% (Cost — $13,347,733)** | **Total Investments — 99.1% (Cost — $13,347,733)** | **Total Investments — 99.1% (Cost — $13,347,733)** | &nbsp;&nbsp; **13433961** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; 118650 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$13552611** |

---

&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.

<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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $222,968 and the cost was $222,968 (Note 2). 

&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. |
| SOFR |  | Secured Overnight Financing Rate |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1860999 | &nbsp;&nbsp;&nbsp;&nbsp; $1858180 | &nbsp;&nbsp;&nbsp; **$(2819)** |

---

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

See Notes to Schedules of Investments.

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BrandywineGLOBAL — ETFs 2025 Quarterly Report

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Notes to Schedules of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

BrandywineGLOBAL — Dynamic U.S. Large Cap Value ETF ("Dynamic U.S. 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.

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

The Funds 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.

**(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 market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from

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BrandywineGLOBAL — ETFs 2025 Quarterly Report

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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.

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

**Dynamic US Large Cap Value ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $115823729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $115823729 |
| Short-Term Investments† | &nbsp;&nbsp; 1426486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1426486 |
| **Total Investments** | &nbsp;&nbsp; **$117250215** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$117250215** |

---

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

† See Schedules of Investments for additional detailed categorizations.

**U.S. Fixed Income ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $10191920 | &nbsp;&nbsp; — | &nbsp;&nbsp; $10191920 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2326275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2326275 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 692798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 692798 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 13210993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13210993 |
| Short-Term Investments† | &nbsp;&nbsp; $222968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 222968 |
| **Total Investments** | &nbsp;&nbsp; **$222968** | &nbsp;&nbsp; **$13210993** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$13433961** |

---

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BrandywineGLOBAL — ETFs 2025 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $2819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2819 |

---

&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.

**2. 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 period ended December 31, 2025. The following transactions were effected in such company for the period ended December 31, 2025. <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BrandywineGLOBAL — Dynamic US <br> Large Cap Value ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| BrandywineGLOBAL — Dynamic US <br> Large Cap Value ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Western Asset Premier Institutional <br> U.S. Treasury Reserves, Premium <br> Shares<br>| $— | $4658199 | 4658199 | $3231713 | 3231713 |  | $14008 |  | $1426486 |

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BrandywineGLOBAL — U.S. Fixed <br> Income ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| BrandywineGLOBAL — U.S. Fixed <br> Income ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Western Asset Premier Institutional <br> U.S. Treasury Reserves, Premium <br> Shares<br>| $— | $1887080 | 1887080 | $1664112 | 1664112 |  | $4346 |  | $222968 |

---

------

BrandywineGLOBAL — ETFs 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** BrandywineGLOBAL-U.S. Fixed Income ETF

- **b. EDGAR series identifier (if any):** S000080763

- **c. LEI of Series:** 254900I9X1KO3NEWGC71

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $13557112.16

**Total Liabilities:** $4501.48

**Net Assets:** $13552610.68

**Cash Not Reported:** $30188.18

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 8.24052000 | **1-Year:** 388.17565000 | **5-Year:** 493.46954000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243296 | 0.75%                | 0.67%                | -0.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $12723.76                | $24672.46                                  |
| Month 2  | $9129.46                 | $27904.33                                  |
| Month 3  | $4945.18                 | $-108061.21                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate

- **Index Identifier:** BM0838

### Schedule of Portfolio Investments

| Name                                        | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        17 | NC      | $-2819.14     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ARES CAPITAL CORP                           | Ares Capital Corp                                                               | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38238.20     | 0.28%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179YU77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    282955 | PA      | $288701.22    | 2.13%             | 2054-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                             | United States Treasury Floating Rate Note                                       | CUSIP: 91282CMJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    440000 | PA      | $439895.51    | 3.25%             | 2027-01-31      | Floating      | 3.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179YML5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    325221 | PA      | $332766.76    | 2.46%             | 2053-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1480000 | PA      | $1454678.12   | 10.73%            | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                         | Charles Schwab Corp/The                                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    143000 | PA      | $142214.09    | 1.05%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38794.16     | 0.29%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52206.82     | 0.39%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179YKT0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    233700 | PA      | $238663.24    | 1.76%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179YHT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    346715 | PA      | $354078.93    | 2.61%             | 2053-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                             | United States Treasury Floating Rate Note                                       | CUSIP: 91282CNQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1890000 | PA      | $1891233.98   | 13.95%            | 2027-07-31      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139649.87    | 1.03%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19905.77     | 0.15%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78330 | PA      | $79920.79     | 0.59%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                           | Ares Capital Corp                                                               | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10250.78     | 0.08%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                             | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14840.55     | 0.11%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179YW67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    274234 | PA      | $280056.00    | 2.07%             | 2054-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                                      | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60181.20     | 0.44%             | N/A             | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY FRN                             | United States Treasury Floating Rate Note                                       | CUSIP: 91282CPG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1890000 | PA      | $1891488.56   | 13.96%            | 2027-10-31      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| WESTERN ASSET PREM                          | WESTERN ASSET PREM                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    222968 | NS      | $222967.79    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL CAPITAL CORP                       | Blue Owl Capital Corp                                                           | CUSIP: 69121KAG9<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37797.87     | 0.28%             | 2028-06-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179Y2M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    336889 | PA      | $343731.10    | 2.54%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3030000 | PA      | $3017690.63   | 22.27%            | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20510.31     | 0.15%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC                           | Golub Capital BDC Inc                                                           | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118208.86    | 0.87%             | 2026-08-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1520000 | PA      | $1496932.81   | 11.05%            | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36180AAG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    340924 | PA      | $347848.25    | 2.57%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179YYX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     59251 | PA      | $60509.12     | 0.45%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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