# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001752724-25-202257
**Filing Date:** 2025-8
**Character Count:** 129945
**Document Hash:** 870bc9424f5afa89e0fdcb82a40c3812
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202257.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202257

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason ETF Investment Trust
- **CENTRAL INDEX KEY:** 0001645194

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 251250349

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF InvestmentTrust
- **DATE OF NAME CHANGE:** 20170221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF Equity Trust
- **DATE OF NAME CHANGE:** 20150615

## Series and Classes Contracts Data

### Franklin U.S. Low Volatility High Dividend Index ETF (Series ID: S000051686)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000162625 | Franklin U.S. Low Volatility High Dividend Index ETF | LVHD            |

## Nport-Ex

Schedules of Investments (unaudited)

June 30, 2025

 **Franklin International Low Volatility High Dividend Index 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 — 5.9%** | **Communication Services — 5.9%** | **Communication Services — 5.9%** |
| *Diversified Telecommunication Services — 4.3%* | *Diversified Telecommunication Services — 4.3%* | *Diversified Telecommunication Services — 4.3%* |
| &nbsp;&nbsp;&nbsp; BT Group PLC | &nbsp;&nbsp; 6628160 | &nbsp;&nbsp;&nbsp; $17598131<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | &nbsp;&nbsp; 2076550 | &nbsp;&nbsp;&nbsp; 10081748<br>|
| &nbsp;&nbsp;&nbsp; NTT Inc. | &nbsp;&nbsp; 38458958 | &nbsp;&nbsp;&nbsp; 41003008<br>|
| &nbsp;&nbsp;&nbsp; Orange SA | &nbsp;&nbsp; 1444033 | &nbsp;&nbsp;&nbsp; 21891950<br>|
| &nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | &nbsp;&nbsp; 5046900 | &nbsp;&nbsp;&nbsp; 15136935<br>|
| &nbsp;&nbsp;&nbsp; Swisscom AG, Registered Shares | &nbsp;&nbsp; 21241 | &nbsp;&nbsp;&nbsp; 15010129<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *120721901* |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; ITV PLC | &nbsp;&nbsp; 3621382 | &nbsp;&nbsp;&nbsp; *4091634*<br>|
| *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; Freenet AG | &nbsp;&nbsp; 90205 | &nbsp;&nbsp;&nbsp; 2926723<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Class B Shares | &nbsp;&nbsp; 548636 | &nbsp;&nbsp;&nbsp; 16239947<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Corp. | &nbsp;&nbsp; 13052330 | &nbsp;&nbsp;&nbsp; 20150712<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *39317382* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **164130917** |
| **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** |
| *Automobile Components — 1.3%* | *Automobile Components — 1.3%* | *Automobile Components — 1.3%* |
| &nbsp;&nbsp;&nbsp; Bridgestone Corp. | &nbsp;&nbsp; 454400 | &nbsp;&nbsp;&nbsp; 18560421<br>|
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 323490 | &nbsp;&nbsp;&nbsp; 11976653<br>|
| &nbsp;&nbsp;&nbsp; Toyo Tire Corp. | &nbsp;&nbsp; 273600 | &nbsp;&nbsp;&nbsp; 5784724<br>|
| *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *36321798* |
| *Automobiles — 4.1%* | *Automobiles — 4.1%* | *Automobiles — 4.1%* |
| &nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | &nbsp;&nbsp; 293025 | &nbsp;&nbsp;&nbsp; 25955798<br>|
| &nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | &nbsp;&nbsp; 494000 | &nbsp;&nbsp;&nbsp; 6260286<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 663545 | &nbsp;&nbsp;&nbsp; 38703682<br>|
| &nbsp;&nbsp;&nbsp; Renault SA | &nbsp;&nbsp; 204473 | &nbsp;&nbsp;&nbsp; 9392014<br>|
| &nbsp;&nbsp;&nbsp; Stellantis NV | &nbsp;&nbsp; 3287634 | &nbsp;&nbsp;&nbsp; 32837864<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *113149644* |
| *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; B&M European Value Retail SA | &nbsp;&nbsp; 1135066 | &nbsp;&nbsp;&nbsp; *4221461*<br>|
| *Distributors — 0.1%* | *Distributors — 0.1%* | *Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Inchcape PLC | &nbsp;&nbsp; 262319 | &nbsp;&nbsp;&nbsp; *2609746*<br>|
| *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* |
| &nbsp;&nbsp;&nbsp; Evolution AB | &nbsp;&nbsp; 201787 | &nbsp;&nbsp;&nbsp; 15913614<br>|
| &nbsp;&nbsp;&nbsp; Genting Singapore Ltd. | &nbsp;&nbsp; 5439400 | &nbsp;&nbsp;&nbsp; 3053564<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *18967178* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Haseko Corp.  | &nbsp;&nbsp; 177471 | &nbsp;&nbsp;&nbsp; 2658164<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House Ltd. | &nbsp;&nbsp; 399100 | &nbsp;&nbsp;&nbsp; 8794595<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *11452759* |
| *Specialty Retail — 0.6%* | *Specialty Retail — 0.6%* | *Specialty Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B Shares | &nbsp;&nbsp; 667043 | &nbsp;&nbsp;&nbsp; 9301815<br>|
| &nbsp;&nbsp;&nbsp; Kingfisher PLC | &nbsp;&nbsp; 1726720 | &nbsp;&nbsp;&nbsp; 6880946<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *16182761* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **202905347** |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 8.8%** | **Consumer Staples — 8.8%** | **Consumer Staples — 8.8%** |
| *Beverages — 1.6%* | *Beverages — 1.6%* | *Beverages — 1.6%* |
| &nbsp;&nbsp;&nbsp; Diageo PLC | &nbsp;&nbsp; 1405283 | &nbsp;&nbsp;&nbsp; $35202365<br>|
| &nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 650857 | &nbsp;&nbsp;&nbsp; 9099697<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *44302062* |
| *Consumer Staples Distribution & Retail — 1.9%* | *Consumer Staples Distribution & Retail — 1.9%* | *Consumer Staples Distribution & Retail — 1.9%* |
| &nbsp;&nbsp;&nbsp; Carrefour SA | &nbsp;&nbsp; 606809 | &nbsp;&nbsp;&nbsp; 8526270<br>|
| &nbsp;&nbsp;&nbsp; J Sainsbury PLC | &nbsp;&nbsp; 2078330 | &nbsp;&nbsp;&nbsp; 8253625<br>|
| &nbsp;&nbsp;&nbsp; Metcash Ltd. | &nbsp;&nbsp; 732136 | &nbsp;&nbsp;&nbsp; 1876039<br>|
| &nbsp;&nbsp;&nbsp; Tesco PLC | &nbsp;&nbsp; 6133855 | &nbsp;&nbsp;&nbsp; 33731411<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *52387345* |
| *Food Products — 3.0%* | *Food Products — 3.0%* | *Food Products — 3.0%* |
| &nbsp;&nbsp;&nbsp; MEIJI Holdings Co., Ltd | &nbsp;&nbsp; 407100 | &nbsp;&nbsp;&nbsp; 8982157<br>|
| &nbsp;&nbsp;&nbsp; Mowi ASA | &nbsp;&nbsp; 200248 | &nbsp;&nbsp;&nbsp; 3850733<br>|
| &nbsp;&nbsp;&nbsp; Nestle SA, Registered Shares | &nbsp;&nbsp; 617022 | &nbsp;&nbsp;&nbsp; 61105332<br>|
| &nbsp;&nbsp;&nbsp; Orkla ASA | &nbsp;&nbsp; 230990 | &nbsp;&nbsp;&nbsp; 2501705<br>|
| &nbsp;&nbsp;&nbsp; WH Group Ltd. | &nbsp;&nbsp; 6401107 | &nbsp;&nbsp;&nbsp; 6156479<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *82596406* |
| *Household Products — 1.2%* | *Household Products — 1.2%* | *Household Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | &nbsp;&nbsp; 484289 | &nbsp;&nbsp;&nbsp; *32883657*<br>|
| *Tobacco — 1.1%* | *Tobacco — 1.1%* | *Tobacco — 1.1%* |
| &nbsp;&nbsp;&nbsp; Imperial Brands PLC | &nbsp;&nbsp; 795711 | &nbsp;&nbsp;&nbsp; *31370907*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **243540377** |
| **Energy — 15.8%** | **Energy — 15.8%** | **Energy — 15.8%** |
| *Oil, Gas & Consumable Fuels — 15.8%* | *Oil, Gas & Consumable Fuels — 15.8%* | *Oil, Gas & Consumable Fuels — 15.8%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA | &nbsp;&nbsp; 267851 | &nbsp;&nbsp;&nbsp; 6823521<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | &nbsp;&nbsp; 2234552 | &nbsp;&nbsp;&nbsp; 70090748<br>|
| &nbsp;&nbsp;&nbsp; Equinor ASA | &nbsp;&nbsp; 700634 | &nbsp;&nbsp;&nbsp; 17661762<br>|
| &nbsp;&nbsp;&nbsp; Inpex Corp. | &nbsp;&nbsp; 1716600 | &nbsp;&nbsp;&nbsp; 24065319<br>|
| &nbsp;&nbsp;&nbsp; New Hope Corp. Ltd. | &nbsp;&nbsp; 750481 | &nbsp;&nbsp;&nbsp; 1819763<br>|
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | &nbsp;&nbsp; 829505 | &nbsp;&nbsp;&nbsp; 31082881<br>|
| &nbsp;&nbsp;&nbsp; Peyto Exploration & Development Corp. | &nbsp;&nbsp; 274005 | &nbsp;&nbsp;&nbsp; 3905751<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | &nbsp;&nbsp; 843187 | &nbsp;&nbsp;&nbsp; 12307862<br>|
| &nbsp;&nbsp;&nbsp; Santos Ltd. | &nbsp;&nbsp; 2241630 | &nbsp;&nbsp;&nbsp; 11252941<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC | &nbsp;&nbsp; 2059753 | &nbsp;&nbsp;&nbsp; 72074702<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy Inc. | &nbsp;&nbsp; 1947410 | &nbsp;&nbsp;&nbsp; 72801307<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | &nbsp;&nbsp; 765361 | &nbsp;&nbsp;&nbsp; 37289263<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp; 972833 | &nbsp;&nbsp;&nbsp; 59496159<br>|
| &nbsp;&nbsp;&nbsp; Whitecap Resources Inc. | &nbsp;&nbsp; 2479439 | &nbsp;&nbsp;&nbsp; 16626505<br>|
| &nbsp;&nbsp;&nbsp; Yancoal Australia Ltd. | &nbsp;&nbsp; 698624 | &nbsp;&nbsp;&nbsp; 2641756<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **439940240** |
| **Financials — 24.6%** | **Financials — 24.6%** | **Financials — 24.6%** |
| *Banks — 16.5%* | *Banks — 16.5%* | *Banks — 16.5%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA | &nbsp;&nbsp; 622315 | &nbsp;&nbsp;&nbsp; 16976936<br>|
| &nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | &nbsp;&nbsp; 1309225 | &nbsp;&nbsp;&nbsp; 25019301<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | &nbsp;&nbsp; 893544 | &nbsp;&nbsp;&nbsp; 49310270<br>|
| &nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise, Registered Shares | &nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp; 1850369<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 601202 | &nbsp;&nbsp;&nbsp; 53860662<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 2774270 | &nbsp;&nbsp;&nbsp; $12051288<br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 770675 | &nbsp;&nbsp;&nbsp; 54593951<br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA | &nbsp;&nbsp; 997694 | &nbsp;&nbsp;&nbsp; 18814427<br>|
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | &nbsp;&nbsp; 921070 | &nbsp;&nbsp;&nbsp; 32477724<br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA | &nbsp;&nbsp; 280595 | &nbsp;&nbsp;&nbsp; 7724910<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 13363781 | &nbsp;&nbsp;&nbsp; 76733378<br>|
| &nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 681901 | &nbsp;&nbsp;&nbsp; 15796882<br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp | &nbsp;&nbsp; 1129198 | &nbsp;&nbsp;&nbsp; 16714681<br>|
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 1065252 | &nbsp;&nbsp;&nbsp; 13641314<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A Shares | &nbsp;&nbsp; 1095842 | &nbsp;&nbsp;&nbsp; 14539707<br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Class A Shares | &nbsp;&nbsp; 478319 | &nbsp;&nbsp;&nbsp; 12572285<br>|
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | &nbsp;&nbsp; 586215 | &nbsp;&nbsp;&nbsp; 16569497<br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp. | &nbsp;&nbsp; 983794 | &nbsp;&nbsp;&nbsp; 21830540<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *461078122* |
| *Insurance — 8.1%* | *Insurance — 8.1%* | *Insurance — 8.1%* |
| &nbsp;&nbsp;&nbsp; Allianz SE, Registered Shares | &nbsp;&nbsp; 174707 | &nbsp;&nbsp;&nbsp; 70568013<br>|
| &nbsp;&nbsp;&nbsp; ASR Nederland NV | &nbsp;&nbsp; 84892 | &nbsp;&nbsp;&nbsp; 5618298<br>|
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 895355 | &nbsp;&nbsp;&nbsp; 43795720<br>|
| &nbsp;&nbsp;&nbsp; Generali | &nbsp;&nbsp; 740037 | &nbsp;&nbsp;&nbsp; 26243217<br>|
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 185309 | &nbsp;&nbsp;&nbsp; 12272767<br>|
| &nbsp;&nbsp;&nbsp; Poste Italiane SpA | &nbsp;&nbsp; 382432 | &nbsp;&nbsp;&nbsp; 8188267<br>|
| &nbsp;&nbsp;&nbsp; Power Corp. of Canada | &nbsp;&nbsp; 264785 | &nbsp;&nbsp;&nbsp; 10321667<br>|
| &nbsp;&nbsp;&nbsp; Swiss Life Holding AG, Registered Shares | &nbsp;&nbsp; 15084 | &nbsp;&nbsp;&nbsp; 15209068<br>|
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | &nbsp;&nbsp; 46774 | &nbsp;&nbsp;&nbsp; 32589021<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *224806038* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **685884160** |
| **Health Care — 8.3%** | **Health Care — 8.3%** | **Health Care — 8.3%** |
| *Pharmaceuticals — 8.3%* | *Pharmaceuticals — 8.3%* | *Pharmaceuticals — 8.3%* |
| &nbsp;&nbsp;&nbsp; GSK PLC | &nbsp;&nbsp; 2509873 | &nbsp;&nbsp;&nbsp; 47807760<br>|
| &nbsp;&nbsp;&nbsp; Novartis AG, Registered Shares | &nbsp;&nbsp; 591586 | &nbsp;&nbsp;&nbsp; 71473399<br>|
| &nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 616200 | &nbsp;&nbsp;&nbsp; 6650668<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG | &nbsp;&nbsp; 193898 | &nbsp;&nbsp;&nbsp; 62943773<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA | &nbsp;&nbsp; 427224 | &nbsp;&nbsp;&nbsp; 41228089<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **230103689** |
| **Industrials — 10.8%** | **Industrials — 10.8%** | **Industrials — 10.8%** |
| *Air Freight & Logistics — 0.9%* | *Air Freight & Logistics — 0.9%* | *Air Freight & Logistics — 0.9%* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG, Registered Shares | &nbsp;&nbsp; 571306 | &nbsp;&nbsp;&nbsp; *26295325*<br>|
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 1644629 | &nbsp;&nbsp;&nbsp; *1579682*<br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Securitas AB, Class B Shares | &nbsp;&nbsp; 230106 | &nbsp;&nbsp;&nbsp; *3416436*<br>|
| *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* |
| &nbsp;&nbsp;&nbsp; Bouygues SA | &nbsp;&nbsp; 171742 | &nbsp;&nbsp;&nbsp; 7741420<br>|
| &nbsp;&nbsp;&nbsp; INFRONEER Holdings Inc. | &nbsp;&nbsp; 238600 | &nbsp;&nbsp;&nbsp; 1999552<br>|
| &nbsp;&nbsp;&nbsp; Vinci SA | &nbsp;&nbsp; 210698 | &nbsp;&nbsp;&nbsp; 30940736<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *40681708* |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Signify NV | &nbsp;&nbsp; 98765 | &nbsp;&nbsp;&nbsp; $*2664195*<br>|
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aurizon Holdings Ltd. | &nbsp;&nbsp; 1907842 | &nbsp;&nbsp;&nbsp; 3788422<br>|
| &nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | &nbsp;&nbsp; 1107093 | &nbsp;&nbsp;&nbsp; 3977073<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *7765495* |
| *Industrial Conglomerates — 0.5%* | *Industrial Conglomerates — 0.5%* | *Industrial Conglomerates — 0.5%* |
| &nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 1232722 | &nbsp;&nbsp;&nbsp; 7584774<br>|
| &nbsp;&nbsp;&nbsp; Keppel Ltd. | &nbsp;&nbsp; 673620 | &nbsp;&nbsp;&nbsp; 3924359<br>|
| &nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A Shares | &nbsp;&nbsp; 282330 | &nbsp;&nbsp;&nbsp; 2418687<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *13927820* |
| *Machinery — 1.5%* | *Machinery — 1.5%* | *Machinery — 1.5%* |
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | &nbsp;&nbsp; 302493 | &nbsp;&nbsp;&nbsp; 14263630<br>|
| &nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 179600 | &nbsp;&nbsp;&nbsp; 5346533<br>|
| &nbsp;&nbsp;&nbsp; SKF AB, Class B Shares | &nbsp;&nbsp; 274498 | &nbsp;&nbsp;&nbsp; 6252992<br>|
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B Shares | &nbsp;&nbsp; 607532 | &nbsp;&nbsp;&nbsp; 16918387<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *42781542* |
| *Marine Transportation — 0.4%* | *Marine Transportation — 0.4%* | *Marine Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG, Registered Shares | &nbsp;&nbsp; 48097 | &nbsp;&nbsp;&nbsp; *10371671*<br>|
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | &nbsp;&nbsp; 1081313 | &nbsp;&nbsp;&nbsp; *5917443*<br>|
| *Trading Companies & Distributors — 5.2%* | *Trading Companies & Distributors — 5.2%* | *Trading Companies & Distributors — 5.2%* |
| &nbsp;&nbsp;&nbsp; Marubeni Corp. | &nbsp;&nbsp; 1091600 | &nbsp;&nbsp;&nbsp; 22014129<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi Corp. | &nbsp;&nbsp; 3131600 | &nbsp;&nbsp;&nbsp; 62612488<br>|
| &nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | &nbsp;&nbsp; 1722000 | &nbsp;&nbsp;&nbsp; 35132639<br>|
| &nbsp;&nbsp;&nbsp; Sojitz Corp. | &nbsp;&nbsp; 300500 | &nbsp;&nbsp;&nbsp; 7374935<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Corp. | &nbsp;&nbsp; 733900 | &nbsp;&nbsp;&nbsp; 18946402<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *146080593* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **301481910** |
| **Materials — 7.2%** | **Materials — 7.2%** | **Materials — 7.2%** |
| *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | &nbsp;&nbsp; 977900 | &nbsp;&nbsp;&nbsp; 6952842<br>|
| &nbsp;&nbsp;&nbsp; Daicel Corp. | &nbsp;&nbsp; 192300 | &nbsp;&nbsp;&nbsp; 1610211<br>|
| &nbsp;&nbsp;&nbsp; Johnson Matthey PLC | &nbsp;&nbsp; 199424 | &nbsp;&nbsp;&nbsp; 4744156<br>|
| &nbsp;&nbsp;&nbsp; Mitsui Chemicals Inc. | &nbsp;&nbsp; 275700 | &nbsp;&nbsp;&nbsp; 6365464<br>|
| &nbsp;&nbsp;&nbsp; Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp; 1673080<br>|
| &nbsp;&nbsp;&nbsp; Tosoh Corp. | &nbsp;&nbsp; 224837 | &nbsp;&nbsp;&nbsp; 3284337<br>|
| &nbsp;&nbsp;&nbsp; Zeon Corp. | &nbsp;&nbsp; 150200 | &nbsp;&nbsp;&nbsp; 1522849<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *26152939* |
| *Construction Materials — 0.9%* | *Construction Materials — 0.9%* | *Construction Materials — 0.9%* |
| &nbsp;&nbsp;&nbsp; Amrize Ltd. | &nbsp;&nbsp; 200687 | &nbsp;&nbsp;&nbsp; 9,978,883<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Holcim AG | &nbsp;&nbsp; 201428 | &nbsp;&nbsp;&nbsp; 14904660<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *24883543* |
| *Metals & Mining — 5.4%* | *Metals & Mining — 5.4%* | *Metals & Mining — 5.4%* |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd. | &nbsp;&nbsp; 1874344 | &nbsp;&nbsp;&nbsp; 45141918<br>|
| &nbsp;&nbsp;&nbsp; Fortescue Ltd. | &nbsp;&nbsp; 1618148 | &nbsp;&nbsp;&nbsp; 16203728<br>|
| &nbsp;&nbsp;&nbsp; JFE Holdings Inc. | &nbsp;&nbsp; 955900 | &nbsp;&nbsp;&nbsp; 11097956<br>|
| &nbsp;&nbsp;&nbsp; Kobe Steel Ltd. | &nbsp;&nbsp; 659300 | &nbsp;&nbsp;&nbsp; 7184314<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Nippon Steel Corp. | &nbsp;&nbsp; 975900 | &nbsp;&nbsp;&nbsp; $18464708<br>|
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | &nbsp;&nbsp; 905796 | &nbsp;&nbsp;&nbsp; 5150301<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | &nbsp;&nbsp; 767440 | &nbsp;&nbsp;&nbsp; 44643062<br>|
| &nbsp;&nbsp;&nbsp; Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 2547710<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *150433697* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **201470179** |
| **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
| *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp; 2151033<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | &nbsp;&nbsp; 2175300 | &nbsp;&nbsp;&nbsp; 2151987<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *4303020* |
| *Industrial REITs — 0.5%* | *Industrial REITs — 0.5%* | *Industrial REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | &nbsp;&nbsp; 2084566 | &nbsp;&nbsp;&nbsp; 4386320<br>|
| &nbsp;&nbsp;&nbsp; Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 3706000 | &nbsp;&nbsp;&nbsp; 2487834<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Industrial Trust | &nbsp;&nbsp; 1885756 | &nbsp;&nbsp;&nbsp; 3020408<br>|
| &nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | &nbsp;&nbsp; 4152400 | &nbsp;&nbsp;&nbsp; 3847079<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *13741641* |
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 45600 | &nbsp;&nbsp;&nbsp; 4948458<br>|
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 771020 | &nbsp;&nbsp;&nbsp; 8844630<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *13793088* |
| *Retail REITs — 0.6%* | *Retail REITs — 0.6%* | *Retail REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 5044000 | &nbsp;&nbsp;&nbsp; 8593790<br>|
| &nbsp;&nbsp;&nbsp; Klepierre SA | &nbsp;&nbsp; 132156 | &nbsp;&nbsp;&nbsp; 5187595<br>|
| &nbsp;&nbsp;&nbsp; SmartCentres Real Estate Investment Trust | &nbsp;&nbsp; 120303 | &nbsp;&nbsp;&nbsp; 2256177<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *16037562* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **47875311** |
| **Utilities — 8.7%** | **Utilities — 8.7%** | **Utilities — 8.7%** |
| *Electric Utilities — 5.6%* | *Electric Utilities — 5.6%* | *Electric Utilities — 5.6%* |
| &nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 316592 | &nbsp;&nbsp;&nbsp; 2095153<br>|
| &nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | &nbsp;&nbsp; 687956 | &nbsp;&nbsp;&nbsp; 5792853<br>|
| &nbsp;&nbsp;&nbsp; EDP SA | &nbsp;&nbsp; 2305814 | &nbsp;&nbsp;&nbsp; 9966002<br>|
| &nbsp;&nbsp;&nbsp; Emera Inc. | &nbsp;&nbsp; 339320 | &nbsp;&nbsp;&nbsp; 15512482<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 5259009 | &nbsp;&nbsp;&nbsp; 49732041<br>|
| &nbsp;&nbsp;&nbsp; Fortis Inc. | &nbsp;&nbsp; 523855 | &nbsp;&nbsp;&nbsp; 24962295<br>|
| &nbsp;&nbsp;&nbsp; Origin Energy Ltd. | &nbsp;&nbsp; 1000207 | &nbsp;&nbsp;&nbsp; 7072691<br>|
| &nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | &nbsp;&nbsp; 663502 | &nbsp;&nbsp;&nbsp; 4264163<br>|
| &nbsp;&nbsp;&nbsp; SSE PLC | &nbsp;&nbsp; 1055207 | &nbsp;&nbsp;&nbsp; 26476334<br>|
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale SpA | &nbsp;&nbsp; 894419 | &nbsp;&nbsp;&nbsp; 9161554<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *155035568* |
| *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* | *Gas Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Italgas SpA | &nbsp;&nbsp; 831517 | &nbsp;&nbsp;&nbsp; 7027754<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA | &nbsp;&nbsp; 1502794 | &nbsp;&nbsp;&nbsp; 9070776<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *16098530* |
| *Multi-Utilities — 2.5%* | *Multi-Utilities — 2.5%* | *Multi-Utilities — 2.5%* |
| &nbsp;&nbsp;&nbsp; E.ON SE | &nbsp;&nbsp; 1390745 | &nbsp;&nbsp;&nbsp; 25508237<br>|
| &nbsp;&nbsp;&nbsp; Engie SA | &nbsp;&nbsp; 1218522 | &nbsp;&nbsp;&nbsp; 28499984<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp;&nbsp; Veolia Environnement SA | &nbsp;&nbsp; 454228 | &nbsp;&nbsp;&nbsp; $16129176<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *70137397* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **241271495** |
| **Total Common Stocks (Cost — $2,484,844,770)** | **Total Common Stocks (Cost — $2,484,844,770)** | **Total Common Stocks (Cost — $2,484,844,770)** | &nbsp;&nbsp;&nbsp; **2758603625**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** |
| **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** | **Consumer Discretionary — 1.0%** |
| *Automobiles — 1.0%* | *Automobiles — 1.0%* | *Automobiles — 1.0%* | *Automobiles — 1.0%* |
| &nbsp;&nbsp;&nbsp; Volkswagen AG (Cost — $29,586,716) | &nbsp;&nbsp; 7.097% | &nbsp;&nbsp; 279836 | &nbsp;&nbsp;&nbsp;&nbsp; **29438890**<br> <sup>(a)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $2,514,431,486)** | **Total Investments before Short-Term Investments (Cost — $2,514,431,486)** | **Total Investments before Short-Term Investments (Cost — $2,514,431,486)** | &nbsp;&nbsp; **2788042515** |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional Class (Cost — $13,968,749)  | &nbsp;&nbsp; 4.226% | &nbsp;&nbsp; 13968749<br>| &nbsp;&nbsp;&nbsp;&nbsp; **13968749**<br> <sup>(b)</sup><br>|
| **Total Investments — 100.6% (Cost — $2,528,400,235)** | **Total Investments — 100.6% (Cost — $2,528,400,235)** | **Total Investments — 100.6% (Cost — $2,528,400,235)** | &nbsp;&nbsp; **2802011264** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.6)% | &nbsp;&nbsp;&nbsp; (17262677)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2784748587** |

---

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

\* Non-income producing security. <br> <sup>(a)</sup> The rate shown represents the yield as of June 30, 2025. <br> <sup>(b)</sup> Rate shown is one-day yield as of the end of the reporting period.

&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 June 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; $14018951 | &nbsp;&nbsp;&nbsp;&nbsp; $14078925 | &nbsp;&nbsp;&nbsp; **$59974** |

---

At June 30, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 211596 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172917 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp; $(5877) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 847240 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693903 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25464) |
| USD | &nbsp;&nbsp;&nbsp; 1052996 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847506 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12890) |
| USD | &nbsp;&nbsp;&nbsp; 1060294 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861415 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23085) |
| USD | &nbsp;&nbsp;&nbsp; 1280266 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036830 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23728) |
| USD | &nbsp;&nbsp;&nbsp; 1899949 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1517803 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8952) |
| USD | &nbsp;&nbsp;&nbsp; 2566641 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041542 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (953) |
| USD | &nbsp;&nbsp;&nbsp; 2742785 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2232117 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64490) |
| USD | &nbsp;&nbsp; 286300837 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 233954451 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp; (7937575) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 643733 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559697 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13650) |
| USD | &nbsp;&nbsp;&nbsp; 2566977 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246054 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71089) |
| USD | &nbsp;&nbsp;&nbsp; 3190088 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2743168 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31856) |
| USD | &nbsp;&nbsp;&nbsp; 3217688 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2788202 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57149) |
| USD | &nbsp;&nbsp;&nbsp; 3879382 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355983 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62333) |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin International Low Volatility High Dividend Index ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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;&nbsp; 5759407 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4912828 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp; $(10876) |
| USD | &nbsp;&nbsp;&nbsp; 7759973 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608248 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1637) |
| USD | &nbsp;&nbsp;&nbsp; 8337171 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7224253 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; (147958) |
| USD | &nbsp;&nbsp; 865278387 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 753852241 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp; (20146510) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 263258 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194431 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3191) |
| USD | &nbsp;&nbsp;&nbsp; 1057015 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780253 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12247) |
| USD | &nbsp;&nbsp;&nbsp; 1298515 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953134 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7663) |
| USD | &nbsp;&nbsp;&nbsp; 1306311 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968420 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20816) |
| USD | &nbsp;&nbsp;&nbsp; 1583005 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165878 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14719) |
| USD | &nbsp;&nbsp;&nbsp; 2341972 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1707518 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982 |
| USD | &nbsp;&nbsp;&nbsp; 3147468 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296815 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97) |
| USD | &nbsp;&nbsp;&nbsp; 3391743 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2509913 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47852) |
| USD | &nbsp;&nbsp; 357104388 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 262690331 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp; (2887538) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30394 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306302 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 122146 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229185 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 147960 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501442 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (416) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 151068 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525807 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 184935 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1836312 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3466 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 266770 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2690297 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 357574 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3618480 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 399083 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3952402 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8498 |
| USD | &nbsp;&nbsp; 41061433 | &nbsp;&nbsp; NOK | &nbsp;&nbsp;&nbsp;&nbsp; 412712734 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276278 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54895 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523759 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 219195 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101782 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1465) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 270163 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567484 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 270524 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2608541 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3340) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 330924 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3140551 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 485050 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4599756 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 649443 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6187160 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 712105 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6760501 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2339 |
| USD | &nbsp;&nbsp; 73909363 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp; 705027842 | State Street Global Markets, LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; (109515) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96219 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147540 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (487) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 386162 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592080 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1923) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 469660 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723262 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4409) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 472614 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734788 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9010) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 575153 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884693 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4728) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 845979 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295843 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3394) |
| USD | &nbsp;&nbsp;&nbsp; 1142301 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742947 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131) |
| USD | &nbsp;&nbsp;&nbsp; 1240033 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1904547 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8322) |
| USD | &nbsp;&nbsp; 129620358 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 198638799 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; (579506) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 283786 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387380 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241) |
| USD | &nbsp;&nbsp;&nbsp; 1137695 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1554546 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2099) |
| USD | &nbsp;&nbsp;&nbsp; 1383495 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898926 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8798) |
| USD | &nbsp;&nbsp;&nbsp; 1405512 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929656 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9313) |
| USD | &nbsp;&nbsp;&nbsp; 1710475 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2322827 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7377 |
| USD | &nbsp;&nbsp;&nbsp; 2492076 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3402461 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2610) |
| USD | &nbsp;&nbsp;&nbsp; 3354831 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4576341 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (545) |
| USD | &nbsp;&nbsp;&nbsp; 3682422 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000435 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16101 |
| USD | &nbsp;&nbsp; 383938738 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 523452093 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143389 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 267115 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 38573200 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192) |
| USD | &nbsp;&nbsp;&nbsp; 1073687 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 154797597 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959 |

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Franklin International Low Volatility High Dividend Index ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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;&nbsp; 1298993 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 189049285 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp; $(11096) |
| USD | &nbsp;&nbsp;&nbsp; 1311896 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 192022077 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18794) |
| USD | &nbsp;&nbsp;&nbsp; 1608552 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 231316387 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5557 |
| USD | &nbsp;&nbsp;&nbsp; 2340347 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 338822063 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7649) |
| USD | &nbsp;&nbsp;&nbsp; 3157033 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 455718344 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1040) |
| USD | &nbsp;&nbsp;&nbsp; 3436562 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 497943005 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14123) |
| USD | &nbsp;&nbsp; 364868616 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 52180444523 | UBS Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3264449 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38460 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301094 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 154402 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208284 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 188252 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475996 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 191342 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499936 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 230532 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1805454 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 337125 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2644588 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 453372 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556987 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 496133 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3886772 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 |
| USD | &nbsp;&nbsp; 52118797 | &nbsp;&nbsp; HKD | &nbsp;&nbsp;&nbsp;&nbsp; 407664838 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139625 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80284 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102983 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (625) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 321933 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413269 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2754) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 394532 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504829 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2089) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 398733 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513012 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4317) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 482476 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617517 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2678) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 709080 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904456 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1509) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 955537 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216509 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (218) |
| USD | &nbsp;&nbsp;&nbsp; 1037240 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329374 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7188) |
| USD | &nbsp;&nbsp; 108415917 | &nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp;&nbsp; 139009913 | Wells Fargo Securities LLC | &nbsp;&nbsp; 7/8/25 | &nbsp;&nbsp;&nbsp;&nbsp; (797743) |
| **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; **$(29385528)** |

---

&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 |
| CHF |  | Swiss Franc |
| EUR |  | Euro |
| GBP |  | British Pound |
| HKD |  | Hong Kong Dollar |
| JPY |  | Japanese Yen |
| NOK |  | Norwegian Krone |
| SEK |  | Swedish Krona |
| SGD |  | Singapore Dollar |
| USD |  | United States Dollar |

---

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

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited)

June 30, 2025

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 3.3%** | **Communication Services — 3.3%** | **Communication Services — 3.3%** |
| *Diversified Telecommunication Services — 2.5%* | *Diversified Telecommunication Services — 2.5%* | *Diversified Telecommunication Services — 2.5%* |
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 326297 | &nbsp;&nbsp;&nbsp; $*14118871*<br>|
| *Media — 0.8%* | *Media — 0.8%* | *Media — 0.8%* |
| &nbsp;&nbsp;&nbsp; Omnicom Group Inc. | &nbsp;&nbsp; 63015 | &nbsp;&nbsp;&nbsp; *4533299*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **18652170** |
| **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** |
| *Hotels, Restaurants & Leisure — 1.8%* | *Hotels, Restaurants & Leisure — 1.8%* | *Hotels, Restaurants & Leisure — 1.8%* |
| &nbsp;&nbsp;&nbsp; Darden Restaurants Inc. | &nbsp;&nbsp; 46878 | &nbsp;&nbsp;&nbsp; *10217998*<br>|
| *Specialty Retail — 2.2%* | *Specialty Retail — 2.2%* | *Specialty Retail — 2.2%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 33355 | &nbsp;&nbsp;&nbsp; *12229277*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **22447275** |
| **Consumer Staples — 24.0%** | **Consumer Staples — 24.0%** | **Consumer Staples — 24.0%** |
| *Beverages — 7.0%* | *Beverages — 7.0%* | *Beverages — 7.0%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 189974 | &nbsp;&nbsp;&nbsp; 13440661<br>|
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper Inc. | &nbsp;&nbsp; 386897 | &nbsp;&nbsp;&nbsp; 12790815<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo Inc. | &nbsp;&nbsp; 97933 | &nbsp;&nbsp;&nbsp; 12931073<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *39162549* |
| *Consumer Staples Distribution & Retail — 1.9%* | *Consumer Staples Distribution & Retail — 1.9%* | *Consumer Staples Distribution & Retail — 1.9%* |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp; 138167 | &nbsp;&nbsp;&nbsp; *10464768*<br>|
| *Food Products — 10.5%* | *Food Products — 10.5%* | *Food Products — 10.5%* |
| &nbsp;&nbsp;&nbsp; Campbell's Co. | &nbsp;&nbsp; 19693 | &nbsp;&nbsp;&nbsp; 603590<br>|
| &nbsp;&nbsp;&nbsp; Flowers Foods Inc. | &nbsp;&nbsp; 76795 | &nbsp;&nbsp;&nbsp; 1227184<br>|
| &nbsp;&nbsp;&nbsp; General Mills Inc. | &nbsp;&nbsp; 212759 | &nbsp;&nbsp;&nbsp; 11023044<br>|
| &nbsp;&nbsp;&nbsp; Hershey Co. | &nbsp;&nbsp; 60600 | &nbsp;&nbsp;&nbsp; 10056570<br>|
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | &nbsp;&nbsp; 116795 | &nbsp;&nbsp;&nbsp; 3533049<br>|
| &nbsp;&nbsp;&nbsp; Kellanova | &nbsp;&nbsp; 99426 | &nbsp;&nbsp;&nbsp; 7907350<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | &nbsp;&nbsp; 414884 | &nbsp;&nbsp;&nbsp; 10712305<br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 206723 | &nbsp;&nbsp;&nbsp; 13941399<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *59004491* |
| *Household Products — 2.1%* | *Household Products — 2.1%* | *Household Products — 2.1%* |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp; 87714 | &nbsp;&nbsp;&nbsp; 11308089<br>|
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products Inc. | &nbsp;&nbsp; 28737 | &nbsp;&nbsp;&nbsp; 615546<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *11923635* |
| *Tobacco — 2.5%* | *Tobacco — 2.5%* | *Tobacco — 2.5%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc. | &nbsp;&nbsp; 237874 | &nbsp;&nbsp;&nbsp; 13946553<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 2368<br>|
| &nbsp;&nbsp;&nbsp; Universal Corp. | &nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp; 350022<br>|
| *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *14298943* |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **134854386** |
| **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** |
| *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 101941 | &nbsp;&nbsp;&nbsp; 14596932<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc. | &nbsp;&nbsp; 35515 | &nbsp;&nbsp;&nbsp; 4879761<br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc. | &nbsp;&nbsp; 24285 | &nbsp;&nbsp;&nbsp; 2669164<br>|
| &nbsp;&nbsp;&nbsp; International Seaways Inc. | &nbsp;&nbsp; 29937 | &nbsp;&nbsp;&nbsp; 1092102<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 115357 | &nbsp;&nbsp;&nbsp; $9416592<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **32654551** |
| **Financials — 8.6%** | **Financials — 8.6%** | **Financials — 8.6%** |
| *Banks — 5.5%* | *Banks — 5.5%* | *Banks — 5.5%* |
| &nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | &nbsp;&nbsp; 11540 | &nbsp;&nbsp;&nbsp; 779296<br>|
| &nbsp;&nbsp;&nbsp; Community Financial System Inc. | &nbsp;&nbsp; 9999 | &nbsp;&nbsp;&nbsp; 568643<br>|
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | &nbsp;&nbsp; 31707 | &nbsp;&nbsp;&nbsp; 627482<br>|
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | &nbsp;&nbsp; 19530 | &nbsp;&nbsp;&nbsp; 316972<br>|
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | &nbsp;&nbsp; 13632 | &nbsp;&nbsp;&nbsp; 330712<br>|
| &nbsp;&nbsp;&nbsp; First Hawaiian Inc. | &nbsp;&nbsp; 28224 | &nbsp;&nbsp;&nbsp; 704471<br>|
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem Inc., Class A Shares | &nbsp;&nbsp; 28153 | &nbsp;&nbsp;&nbsp; 811369<br>|
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | &nbsp;&nbsp; 9904 | &nbsp;&nbsp;&nbsp; 379323<br>|
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | &nbsp;&nbsp; 47068 | &nbsp;&nbsp;&nbsp; 849107<br>|
| &nbsp;&nbsp;&nbsp; NBT Bancorp Inc. | &nbsp;&nbsp; 7828 | &nbsp;&nbsp;&nbsp; 325253<br>|
| &nbsp;&nbsp;&nbsp; Northwest Bancshares Inc. | &nbsp;&nbsp; 30859 | &nbsp;&nbsp;&nbsp; 394378<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. | &nbsp;&nbsp; 55112 | &nbsp;&nbsp;&nbsp; 10273979<br>|
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp; 3377 | &nbsp;&nbsp;&nbsp; 292263<br>|
| &nbsp;&nbsp;&nbsp; Provident Financial Services Inc. | &nbsp;&nbsp; 25872 | &nbsp;&nbsp;&nbsp; 453536<br>|
| &nbsp;&nbsp;&nbsp; United Bankshares Inc. | &nbsp;&nbsp; 21750 | &nbsp;&nbsp;&nbsp; 792353<br>|
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 293122 | &nbsp;&nbsp;&nbsp; 13263771<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *31162908* |
| *Capital Markets — 1.8%* | *Capital Markets — 1.8%* | *Capital Markets — 1.8%* |
| &nbsp;&nbsp;&nbsp; Federated Hermes Inc. | &nbsp;&nbsp; 22219 | &nbsp;&nbsp;&nbsp; 984746<br>|
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 92077 | &nbsp;&nbsp;&nbsp; 8885430<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *9870176* |
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Western Union Co. | &nbsp;&nbsp; 249881 | &nbsp;&nbsp;&nbsp; *2103998*<br>|
| *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Financial Group Inc. | &nbsp;&nbsp; 12447 | &nbsp;&nbsp;&nbsp; 1570936<br>|
| &nbsp;&nbsp;&nbsp; CNA Financial Corp. | &nbsp;&nbsp; 14494 | &nbsp;&nbsp;&nbsp; 674406<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Financial Inc. | &nbsp;&nbsp; 47975 | &nbsp;&nbsp;&nbsp; 2689478<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4934820* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **48071902** |
| **Health Care — 5.0%** | **Health Care — 5.0%** | **Health Care — 5.0%** |
| *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* |
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 166287 | &nbsp;&nbsp;&nbsp; *14495238*<br>|
| *Pharmaceuticals — 2.4%* | *Pharmaceuticals — 2.4%* | *Pharmaceuticals — 2.4%* |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 89633 | &nbsp;&nbsp;&nbsp; *13691441*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28186679** |
| **Industrials — 6.1%** | **Industrials — 6.1%** | **Industrials — 6.1%** |
| *Aerospace & Defense — 2.5%* | *Aerospace & Defense — 2.5%* | *Aerospace & Defense — 2.5%* |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 30056 | &nbsp;&nbsp;&nbsp; *13920136*<br>|
| *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* |
| &nbsp;&nbsp;&nbsp; Snap-on Inc. | &nbsp;&nbsp; 18790 | &nbsp;&nbsp;&nbsp; *5847072*<br>|
| *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Global Ship Lease Inc., Class A Shares | &nbsp;&nbsp; 16283 | &nbsp;&nbsp;&nbsp; *428406*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Professional Services — 2.2%* | *Professional Services — 2.2%* | *Professional Services — 2.2%* |
| &nbsp;&nbsp;&nbsp; Paychex Inc. | &nbsp;&nbsp; 86059 | &nbsp;&nbsp;&nbsp; $*12518142*<br>|
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co. Inc., Class A Shares | &nbsp;&nbsp; 18294 | &nbsp;&nbsp;&nbsp; *1555356*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **34269112** |
| **Information Technology — 2.7%** | **Information Technology — 2.7%** | **Information Technology — 2.7%** |
| *Communications Equipment — 2.7%* | *Communications Equipment — 2.7%* | *Communications Equipment — 2.7%* |
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 221878 | &nbsp;&nbsp;&nbsp; *15393896*<br>|
| *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; *1179*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **15395075** |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Containers & Packaging — 0.9%* | *Containers & Packaging — 0.9%* | *Containers & Packaging — 0.9%* |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp; 25712 | &nbsp;&nbsp;&nbsp; **4845426**<br>|
| **Real Estate — 14.8%** | **Real Estate — 14.8%** | **Real Estate — 14.8%** |
| *Diversified REITs — 1.2%* | *Diversified REITs — 1.2%* | *Diversified REITs — 1.2%* |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin Inc. | &nbsp;&nbsp; 18536 | &nbsp;&nbsp;&nbsp; 330497<br>|
| &nbsp;&nbsp;&nbsp; American Assets Trust Inc. | &nbsp;&nbsp; 17333 | &nbsp;&nbsp;&nbsp; 342327<br>|
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease Inc. | &nbsp;&nbsp; 51083 | &nbsp;&nbsp;&nbsp; 819882<br>|
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 62782 | &nbsp;&nbsp;&nbsp; 2003373<br>|
| &nbsp;&nbsp;&nbsp; WP Carey Inc. | &nbsp;&nbsp; 48036 | &nbsp;&nbsp;&nbsp; 2996486<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *6492565* |
| *Health Care REITs — 1.2%* | *Health Care REITs — 1.2%* | *Health Care REITs — 1.2%* |
| &nbsp;&nbsp;&nbsp; CareTrust REIT Inc. | &nbsp;&nbsp; 67900 | &nbsp;&nbsp;&nbsp; 2077740<br>|
| &nbsp;&nbsp;&nbsp; Healthpeak Properties Inc. | &nbsp;&nbsp; 208222 | &nbsp;&nbsp;&nbsp; 3645967<br>|
| &nbsp;&nbsp;&nbsp; LTC Properties Inc. | &nbsp;&nbsp; 13222 | &nbsp;&nbsp;&nbsp; 457614<br>|
| &nbsp;&nbsp;&nbsp; National Health Investors Inc. | &nbsp;&nbsp; 8294 | &nbsp;&nbsp;&nbsp; 581575<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *6762896* |
| *Hotel & Resort REITs — 1.5%* | *Hotel & Resort REITs — 1.5%* | *Hotel & Resort REITs — 1.5%* |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT Inc. | &nbsp;&nbsp; 117364 | &nbsp;&nbsp;&nbsp; 1369638<br>|
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts Inc. | &nbsp;&nbsp; 322707 | &nbsp;&nbsp;&nbsp; 4956779<br>|
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts Inc. | &nbsp;&nbsp; 203370 | &nbsp;&nbsp;&nbsp; 2080475<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *8406892* |
| *Industrial REITs — 1.1%* | *Industrial REITs — 1.1%* | *Industrial REITs — 1.1%* |
| &nbsp;&nbsp;&nbsp; EastGroup Properties Inc. | &nbsp;&nbsp; 20087 | &nbsp;&nbsp;&nbsp; 3356939<br>|
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust | &nbsp;&nbsp; 75361 | &nbsp;&nbsp;&nbsp; 622482<br>|
| &nbsp;&nbsp;&nbsp; STAG Industrial Inc.  | &nbsp;&nbsp; 61599 | &nbsp;&nbsp;&nbsp; 2234812<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *6214233* |
| *Office REITs — 0.5%* | *Office REITs — 0.5%* | *Office REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties | &nbsp;&nbsp; 37853 | &nbsp;&nbsp;&nbsp; 1043986<br>|
| &nbsp;&nbsp;&nbsp; Easterly Government Properties Inc. | &nbsp;&nbsp; 32104 | &nbsp;&nbsp;&nbsp; 712709<br>|
| &nbsp;&nbsp;&nbsp; Highwoods Properties Inc. | &nbsp;&nbsp; 33003 | &nbsp;&nbsp;&nbsp; 1026063<br>|
| *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *2782758* |
| *Residential REITs — 2.5%* | *Residential REITs — 2.5%* | *Residential REITs — 2.5%* |
| &nbsp;&nbsp;&nbsp; Equity Residential | &nbsp;&nbsp; 70541 | &nbsp;&nbsp;&nbsp; 4760812<br>|
| &nbsp;&nbsp;&nbsp; Essex Property Trust Inc. | &nbsp;&nbsp; 15669 | &nbsp;&nbsp;&nbsp; 4440595<br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 33804 | &nbsp;&nbsp;&nbsp; 5003330<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *14204737* |

---

See Notes to Schedules of Investments.

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Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Retail REITs — 3.7%* | *Retail REITs — 3.7%* | *Retail REITs — 3.7%* |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | &nbsp;&nbsp; 44486 | &nbsp;&nbsp;&nbsp; $3250147<br>|
| &nbsp;&nbsp;&nbsp; Brixmor Property Group Inc. | &nbsp;&nbsp; 90212 | &nbsp;&nbsp;&nbsp; 2349121<br>|
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | &nbsp;&nbsp; 34544 | &nbsp;&nbsp;&nbsp; 3281335<br>|
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | &nbsp;&nbsp; 15463 | &nbsp;&nbsp;&nbsp; 427397<br>|
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp; 213959 | &nbsp;&nbsp;&nbsp; 4497418<br>|
| &nbsp;&nbsp;&nbsp; NETSTREIT Corp. | &nbsp;&nbsp; 32624 | &nbsp;&nbsp;&nbsp; 552324<br>|
| &nbsp;&nbsp;&nbsp; NNN REIT Inc. | &nbsp;&nbsp; 54579 | &nbsp;&nbsp;&nbsp; 2356721<br>|
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp; 42697 | &nbsp;&nbsp;&nbsp; 3041307<br>|
| &nbsp;&nbsp;&nbsp; Tanger Inc. | &nbsp;&nbsp; 35341 | &nbsp;&nbsp;&nbsp; 1080728<br>|
| *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *20836498* |
| *Specialized REITs — 3.1%* | *Specialized REITs — 3.1%* | *Specialized REITs — 3.1%* |
| &nbsp;&nbsp;&nbsp; CubeSmart | &nbsp;&nbsp; 70568 | &nbsp;&nbsp;&nbsp; 2999140<br>|
| &nbsp;&nbsp;&nbsp; EPR Properties | &nbsp;&nbsp; 29405 | &nbsp;&nbsp;&nbsp; 1713135<br>|
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust Inc. | &nbsp;&nbsp; 30332 | &nbsp;&nbsp;&nbsp; 816234<br>|
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 47509 | &nbsp;&nbsp;&nbsp; 2217720<br>|
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | &nbsp;&nbsp; 26118 | &nbsp;&nbsp;&nbsp; 835515<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties Inc. | &nbsp;&nbsp; 276069 | &nbsp;&nbsp;&nbsp; 8999850<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *17581594* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **83282173** |
| **Utilities — 23.9%** | **Utilities — 23.9%** | **Utilities — 23.9%** |
| *Electric Utilities — 16.4%* | *Electric Utilities — 16.4%* | *Electric Utilities — 16.4%* |
| &nbsp;&nbsp;&nbsp; ALLETE Inc. | &nbsp;&nbsp; 14265 | &nbsp;&nbsp;&nbsp; 913958<br>|
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | &nbsp;&nbsp; 68855 | &nbsp;&nbsp;&nbsp; 4163662<br>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc. | &nbsp;&nbsp; 124639 | &nbsp;&nbsp;&nbsp; 12932543<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 114723 | &nbsp;&nbsp;&nbsp; 13537314<br>|
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp; 127308 | &nbsp;&nbsp;&nbsp; 10581841<br>|
| &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp; 85743 | &nbsp;&nbsp;&nbsp; 5910265<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp; 295096 | &nbsp;&nbsp;&nbsp; 12813068<br>|
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | &nbsp;&nbsp; 45784 | &nbsp;&nbsp;&nbsp; 2031894<br>|
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | &nbsp;&nbsp; 43089 | &nbsp;&nbsp;&nbsp; 3855173<br>|
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp; 45194 | &nbsp;&nbsp;&nbsp; 1836232<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp; 152841 | &nbsp;&nbsp;&nbsp; 14035389<br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc. | &nbsp;&nbsp; 140498 | &nbsp;&nbsp;&nbsp; 9567914<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *92179253* |
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | &nbsp;&nbsp; 23276 | &nbsp;&nbsp;&nbsp; 1043231<br>|
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | &nbsp;&nbsp; 8706 | &nbsp;&nbsp;&nbsp; 345802<br>|
| &nbsp;&nbsp;&nbsp; ONE Gas Inc. | &nbsp;&nbsp; 16107 | &nbsp;&nbsp;&nbsp; 1157449<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *2546482* |
| *Multi-Utilities — 6.7%* | *Multi-Utilities — 6.7%* | *Multi-Utilities — 6.7%* |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp; 59966 | &nbsp;&nbsp;&nbsp; 5759135<br>|
| &nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp; 21711 | &nbsp;&nbsp;&nbsp; 823932<br>|
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | &nbsp;&nbsp; 18580 | &nbsp;&nbsp;&nbsp; 1042338<br>|
| &nbsp;&nbsp;&nbsp; Consolidated Edison Inc. | &nbsp;&nbsp; 76225 | &nbsp;&nbsp;&nbsp; 7649179<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp; 50777 | &nbsp;&nbsp;&nbsp; 6725921<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc. | &nbsp;&nbsp; 147573 | &nbsp;&nbsp;&nbsp; 5953095<br>|
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group Inc. | &nbsp;&nbsp; 17855 | &nbsp;&nbsp;&nbsp; 915962<br>|

---

See Notes to Schedules of Investments.

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Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

 **Franklin U.S. Low Volatility High Dividend Index ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* |
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp; 85360 | &nbsp;&nbsp;&nbsp; $8894512<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *37764074* |
| *Water Utilities — 0.3%* | *Water Utilities — 0.3%* | *Water Utilities — 0.3%* | *Water Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Essential Utilities Inc. | &nbsp;&nbsp;&nbsp; Essential Utilities Inc. | &nbsp;&nbsp; 49402 | &nbsp;&nbsp;&nbsp; *1834790*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **134324599** |
| **Total Investments before Short-Term Investments (Cost — $526,662,874)** | **Total Investments before Short-Term Investments (Cost — $526,662,874)** | **Total Investments before Short-Term Investments (Cost — $526,662,874)** | &nbsp;&nbsp; **556983348** |
|  | Rate |  |  |
| **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** | **Short-Term Investments — 0.6%** |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio, Institutional Class (Cost — $3,368,509)  | &nbsp;&nbsp; 4.226% | &nbsp;&nbsp; 3368509<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3368509**<br> <sup>(a)</sup><br>|
| **Total Investments — 99.7% (Cost — $530,031,383)** | **Total Investments — 99.7% (Cost — $530,031,383)** | **Total Investments — 99.7% (Cost — $530,031,383)** | &nbsp;&nbsp; **560351857** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.3% | &nbsp;&nbsp;&nbsp; 1803925 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$562155782** |

---

&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.  |

---

&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 June 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; $3048900 | &nbsp;&nbsp;&nbsp;&nbsp; $3126875 | &nbsp;&nbsp;&nbsp; **$77975** |

---

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

See Notes to Schedules of Investments.

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin International Low Volatility High Dividend Index ETF ("International Low Volatility High Dividend Index ETF") and Franklin U.S. Low Volatility High Dividend Index ETF ("U.S. Low Volatility High Dividend Index ETF") (the "Funds") are separate diversified investment series of Legg Mason ETF Investment 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 exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. The Funds are designed to track an index. Similar to shares of an index mutual fund, each share of the Funds represents an ownership interest in an underlying portfolio of securities intended to track an index. 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 the Cboe BZX Exchange, Inc. for International Low Volatility High Dividend Index ETF and NASDAQ for U.S. Low Volatility High Dividend Index ETF. 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 issued and redeemed generally in-kind for a basket of securities and/or 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.

International Low Volatility High Dividend Index ETF and U.S. Low Volatility High Dividend Index ETF seek to track the investment results of the Franklin International Low Volatility High Dividend Hedged Index and Franklin Low Volatility High Dividend Index, respectively (together, the "Indices"). The Franklin International Low Volatility High Dividend Hedged Index seeks to provide more stable income through investments in stocks of profitable companies in developed markets outside of the United States with relatively high dividend yields or anticipated dividend yields and lower price and earnings volatility while mitigating exposure to exchange-rate fluctuations between the U.S. dollar and other international currencies. The Franklin Low Volatility High Dividend Index seeks to provide more stable income through investments in stocks of profitable U.S. companies with relatively high dividend yields and lower price and earnings volatility. The Indices are based on a proprietary methodology created and sponsored by Franklin Advisers, Inc., the Funds' subadviser.

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

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

------

Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

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.

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

**International Low Volatility High Dividend Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $2758603625 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  | &nbsp;&nbsp; $2758603625 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 29438890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29438890 |
| Total Long-Term Investments | &nbsp;&nbsp; 2788042515 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2788042515 |
| Short-Term Investments† | &nbsp;&nbsp; 13968749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13968749 |
| **Total Investments** | &nbsp;&nbsp; **$2802011264** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—**<br>| &nbsp;&nbsp; **$2802011264** |

---

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Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $59974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $59974 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3877401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3877401 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$59974** | &nbsp;&nbsp; **$3877401** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3937375** |
| **Total** | &nbsp;&nbsp; **$2802071238** | &nbsp;&nbsp; **$3877401** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2805948639** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $33262929 | &nbsp;&nbsp; — | &nbsp;&nbsp; $33262929 |

---

&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.

**U.S. Low Volatility High Dividend Index ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $556983348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $556983348 |
| Short-Term Investments† | &nbsp;&nbsp; 3368509 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3368509 |
| **Total Investments** | &nbsp;&nbsp; **$560351857** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$560351857** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $77975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $77975 |
| **Total** | &nbsp;&nbsp; **$560429832** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$560429832** |

---

&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.

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Franklin Low Volatility High Dividend Index ETFs 2025 Quarterly Report

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason ETF Investment Trust

- **b. Investment Company Act file number:** 811-23096

- **c. CIK number of Registrant:** 0001645194

- **d. LEI of Registrant:** 549300D7ZZ1A7JJ9G964

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

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-721-1926

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

- **a. Name of Series:** Franklin U.S. Low Volatility High Dividend Index ETF

- **b. EDGAR series identifier (if any):** S000051686

- **c. LEI of Series:** 549300PKK8HNPP2M1496

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $562280808.15

**Total Liabilities:** $125018.92

**Net Assets:** $562155789.23

**Cash Not Reported:** $83748.25

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000162625 | -2.95%               | 0.82%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5.30                   | $-16382727.05                              |
| Month 2  | $6398525.63              | $-3522363.57                               |
| Month 3  | $457254.64               | $-2545756.53                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Northwestern Energy Group Inc    | Northwestern Energy Group Inc         | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     17855 | NS      | $915961.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The               | Kraft Heinz Co/The                    | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    414884 | NS      | $10712304.88  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc             | Federated Hermes Inc                  | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     22219 | NS      | $984746.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr   | National Storage Affiliates Trust     | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |     26118 | NS      | $835514.82    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                 | Black Hills Corp                      | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     18580 | NS      | $1042338.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp        | New Jersey Resources Corp             | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |     23276 | NS      | $1043230.32   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co     | Portland General Electric Co          | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     45194 | NS      | $1836232.22   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust             | LXP Industrial Trust                  | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     75361 | NS      | $622481.86    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                    | DTE Energy Co                         | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     50777 | NS      | $6725921.42   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc             | WEC Energy Group Inc                  | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     85360 | NS      | $8894512.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co     | Northwest Natural Holding Co          | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      8706 | NS      | $345802.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLETE Inc                       | ALLETE Inc                            | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     14265 | NS      | $913958.55    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                     | Chevron Corp                          | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101941 | NS      | $14596931.79  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC. | S&P500 EMINI                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        10 | NC      | $77974.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc          | Alexander & Baldwin Inc               | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18536 | NS      | $330496.88    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc        | Healthpeak Properties Inc             | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    208222 | NS      | $3645967.22   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus   | Federal Realty Investment Trust       | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     34544 | NS      | $3281334.56   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp              | Alliant Energy Corp                   | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     68855 | NS      | $4163661.85   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                              | International Business Machines Corp  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |         4 | NS      | $1179.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp              | Bank of Hawaii Corp                   | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     11540 | NS      | $779296.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp             | Lockheed Martin Corp                  | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     30056 | NS      | $13920135.84  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                        | ONEOK Inc                             | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    115357 | NS      | $9416591.91   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                   | EPR Properties                        | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     29405 | NS      | $1713135.30   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                      | Avista Corp                           | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     21711 | NS      | $823932.45    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                | Agree Realty Corp                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44486 | NS      | $3250147.16   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                  | Southern Co/The                       | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    152841 | NS      | $14035389.03  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc   | American Electric Power Co Inc        | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |    124639 | NS      | $12932542.64  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                | General Mills Inc                     | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |    212759 | NS      | $11023043.79  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial C   | First Commonwealth Financial Corp     | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     19530 | NS      | $316971.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc         | Essex Property Trust Inc              | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     15669 | NS      | $4440594.60   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I   | PNC Financial Services Group Inc/The  | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     55112 | NS      | $10273979.04  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America        | Packaging Corp of America             | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     25712 | NS      | $4845426.40   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp              | Kimberly-Clark Corp                   | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     87714 | NS      | $11308088.88  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                  | OGE Energy Corp                       | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     45784 | NS      | $2031893.92   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                | Omnicom Group Inc                     | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     63015 | NS      | $4533299.10   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc       | Apple Hospitality REIT Inc            | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    117364 | NS      | $1369637.88   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc    | National Health Investors Inc         | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |      8294 | NS      | $581575.28    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In   | Four Corners Property Trust Inc       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     30332 | NS      | $816234.12    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                     | Entergy Corp                          | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    127308 | NS      | $10581840.96  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc           | T Rowe Price Group Inc                | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |     92077 | NS      | $8885430.50   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                | Kimco Realty Corp                     | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    213959 | NS      | $4497418.18   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                     | WP Carey Inc                          | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     48036 | NS      | $2996485.68   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc       | Brixmor Property Group Inc            | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     90212 | NS      | $2349120.48   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O   | American Financial Group Inc/OH       | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     12447 | NS      | $1570935.87   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In   | First Interstate BancSystem Inc       | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     28153 | NS      | $811369.46    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr   | Essential Properties Realty Trust Inc | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     62782 | NS      | $2003373.62   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                      | Ameren Corp                           | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     59966 | NS      | $5759134.64   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc       | Verizon Communications Inc            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    326297 | NS      | $14118871.19  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                     | NiSource Inc                          | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    147573 | NS      | $5953094.82   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                 | DT Midstream Inc                      | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24285 | NS      | $2669164.35   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In   | Philip Morris International Inc       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |        13 | NS      | $2367.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                      | Snap-on Inc                           | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     18790 | NS      | $5847072.20   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc               | CareTrust REIT Inc                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     67900 | NS      | $2077740.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit   | Mid-America Apartment Communities Inc | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     33804 | NS      | $5003330.04   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp             | Regency Centers Corp                  | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     42697 | NS      | $3041307.31   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc         | EastGroup Properties Inc              | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     20087 | NS      | $3356939.44   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp                | Hormel Foods Corp                     | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |    116795 | NS      | $3533048.75   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                | Flowers Foods Inc                     | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     76795 | NS      | $1227184.10   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc         | Highwoods Properties Inc              | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     33003 | NS      | $1026063.27   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc               | LTC Properties Inc                    | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |     13222 | NS      | $457613.42    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc          | Essential Utilities Inc               | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |     49402 | NS      | $1834790.28   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                     | NNN REIT Inc                          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     54579 | NS      | $2356721.22   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential               | Equity Residential                    | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     70541 | NS      | $4760812.09   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp               | CVB Financial Corp                    | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31707 | NS      | $627481.53    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio       | Invesco Treasury Portfolio            | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   3368509 | NS      | $3368509.18   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                   | Hershey Co/The                        | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     60600 | NS      | $10056570.00  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                      | Exelon Corp                           | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    295096 | NS      | $12813068.32  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                       | Tanger Inc                            | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     35341 | NS      | $1080727.78   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc            | Global Ship Lease Inc                 | CUSIP: 000000000<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               | CORP              | GB        |     16283 | NS      | $428405.73    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                 | Duke Energy Corp                      | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    114723 | NS      | $13537314.00  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                       | Evergy Inc                            | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     85743 | NS      | $5910264.99   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The               | Home Depot Inc/The                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     33355 | NS      | $12229277.20  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc        | American Assets Trust Inc             | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17333 | NS      | $342326.75    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Campbell's Company           | The Campbell's Company                | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     19693 | NS      | $603590.45    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc         | Northwest Bancshares Inc              | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30859 | NS      | $394378.02    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                       | US Bancorp                            | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    293122 | NS      | $13263770.50  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA    | Preferred Bank/Los Angeles CA         | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      3377 | NS      | $292262.47    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                | Getty Realty Corp                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     15463 | NS      | $427397.32    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc     | MSC Industrial Direct Co Inc          | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     18294 | NS      | $1555355.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                      | Paychex Inc                           | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     86059 | NS      | $12518142.14  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc        | Host Hotels & Resorts Inc             | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    322707 | NS      | $4956779.52   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp             | First Merchants Corp                  | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |      9904 | NS      | $379323.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc             | Keurig Dr Pepper Inc                  | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    386897 | NS      | $12790814.82  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties    | Gaming and Leisure Properties Inc     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     47509 | NS      | $2217720.12   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The             | Western Union Co/The                  | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    249881 | NS      | $2103998.02   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties   | Easterly Government Properties Inc    | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     32104 | NS      | $712708.80    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                | Cisco Systems Inc                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    221878 | NS      | $15393895.64  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                      | ONE Gas Inc                           | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     16107 | NS      | $1157449.02   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp          | First Financial Bancorp               | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     13632 | NS      | $330712.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                   | NETSTREIT Corp                        | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     32624 | NS      | $552324.32    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp               | CNA Financial Corp                    | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |     14494 | NS      | $674405.82    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                       | Sysco Corp                            | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    138167 | NS      | $10464768.58  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties          | COPT Defense Properties               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     37853 | NS      | $1043985.74   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc        | Park Hotels & Resorts Inc             | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    203370 | NS      | $2080475.10   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                 | Altria Group Inc                      | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    237874 | NS      | $13946552.62  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                 | Coca-Cola Co/The                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    189974 | NS      | $13440660.50  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc        | International Seaways Inc             | CUSIP: 000000000<br>LEI: 549300YUFDGFRNGBWF46 | Long             | EC               | CORP              | US        |     29937 | NS      | $1092101.76   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc   | Community Financial System Inc        | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      9999 | NS      | $568643.13    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                        | Kellanova                             | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     99426 | NS      | $7907349.78   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                  | NBT Bancorp Inc                       | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7828 | NS      | $325253.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA                | Universal Corp/VA                     | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      6010 | NS      | $350022.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc           | Darden Restaurants Inc                | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     46878 | NS      | $10217997.66  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc       | Mondelez International Inc            | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    206723 | NS      | $13941399.12  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                      | PepsiCo Inc                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     97933 | NS      | $12931073.32  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV         | United Bankshares Inc/WV              | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |     21750 | NS      | $792352.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc           | Diamondback Energy Inc                | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     35515 | NS      | $4879761.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I   | Provident Financial Services Inc      | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     25872 | NS      | $453536.16    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                  | Xcel Energy Inc                       | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |    140498 | NS      | $9567913.80   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc   | Reynolds Consumer Products Inc        | CUSIP: 76171L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28737 | NS      | $615546.54    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                        | CubeSmart                             | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70568 | NS      | $2999140.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp            | Fulton Financial Corp                 | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |     47068 | NS      | $849106.72    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc         | Broadstone Net Lease Inc              | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     51083 | NS      | $819882.15    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                    | Medtronic PLC                         | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    166287 | NS      | $14495237.79  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc          | Consolidated Edison Inc               | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     76225 | NS      | $7649178.75   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc               | First Hawaiian Inc                    | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     28224 | NS      | $704471.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In   | Fidelity National Financial Inc       | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |     47975 | NS      | $2689478.50   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                | Johnson & Johnson                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     89633 | NS      | $13691440.75  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc              | VICI Properties Inc                   | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    276069 | NS      | $8999849.40   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc              | STAG Industrial Inc                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     61599 | NS      | $2234811.72   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp       | Pinnacle West Capital Corp            | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     43089 | NS      | $3855172.83   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Legg Mason ETF Investment Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer