NPORT-EX 2 207731ClearBriAllCapGrthETF.htm HTML

CLEARBRIDGE ALL CAP GROWTH ETF

 

Schedule of investments (unaudited)    December 31, 2019

 

SECURITY

   SHARES      VALUE  
COMMON STOCKS - 97.8%      
COMMUNICATION SERVICES - 15.3%      

Diversified Telecommunication Services - 0.2%

     

GCI Liberty Inc., Class A Shares

     3,315      $ 234,868
     

 

 

 

Entertainment - 1.7%

     

Liberty Media Corp.-Liberty Formula One, Class A Shares

     1,275        55,819

Liberty Media Corp.-Liberty Formula One, Class C Shares

     1,955        89,862

Lions Gate Entertainment Corp., Class B Shares

     8,415        83,561

Walt Disney Co.

     15,712        2,272,426  
     

 

 

 

Total Entertainment

        2,501,668  
     

 

 

 

Interactive Media & Services - 8.2%

     

Alphabet Inc., Class A Shares

     1,445        1,935,419

Alphabet Inc., Class C Shares

     2,210        2,954,814

Facebook Inc., Class A Shares

     20,504        4,208,446

Twitter Inc.

     92,864        2,976,291
     

 

 

 

Total Interactive Media & Services

        12,074,970  
     

 

 

 

Media - 5.2%

     

AMC Networks Inc., Class A Shares

     6,885        271,958

Comcast Corp., Class A Shares

     122,655        5,515,795  

Discovery Inc., Class A Shares

     21,420        701,291

Liberty Broadband Corp., Class A Shares

     765        95,288

Liberty Broadband Corp., Class C Shares

     1,445        181,709

Liberty Media Corp.-Liberty SiriusXM, Class A Shares

     5,440        262,970

Liberty Media Corp.-Liberty SiriusXM, Class C Shares

     10,880        523,763
     

 

 

 

Total Media

        7,552,774  
     

 

 

 

TOTAL COMMUNICATION SERVICES

        22,364,280  
     

 

 

 
CONSUMER DISCRETIONARY - 7.8%      

Internet & Direct Marketing Retail - 5.5%

     

Alibaba Group Holding Ltd., ADR

     7,762        1,646,320

Amazon.com Inc.

     3,275        6,051,676

Qurate Retail Inc., Class A Shares

     41,565        350,393
     

 

 

 

Total Internet & Direct Marketing Retail

        8,048,389  
     

 

 

 

Specialty Retail - 2.3%

     

Advance Auto Parts Inc.

     8,764        1,403,642  

Home Depot Inc.

     9,249        2,019,797  
     

 

 

 

Total Specialty Retail

        3,423,439  
     

 

 

 

TOTAL CONSUMER DISCRETIONARY

        11,471,828  
     

 

 

 
CONSUMER STAPLES - 2.5%      

Beverages - 0.9%

     

Anheuser-Busch InBev SA/NV, ADR

     16,501        1,353,742  
     

 

 

 

 

See Notes to Schedule of Investments.

 

    

 

   ClearBridge All Cap Growth ETF 2019 Quarterly Report  

 

1


CLEARBRIDGE ALL CAP GROWTH ETF

 

Schedule of investments (unaudited) (cont’d)    December 31, 2019

 

SECURITY

   SHARES      VALUE  

Food & Staples Retailing - 1.0%

     

Costco Wholesale Corp.

     4,715      $ 1,385,833  
     

 

 

 

Food Products - 0.6%

     

McCormick & Co. Inc., Non Voting Shares

     5,504        934,194  
     

 

 

 

TOTAL CONSUMER STAPLES

        3,673,769  
     

 

 

 
ENERGY - 1.4%      

Energy Equipment & Services - 0.3%

     

National Oilwell Varco Inc.

     20,570        515,278  
     

 

 

 

Oil, Gas & Consumable Fuels - 1.1%

     

Occidental Petroleum Corp.

     9,449        389,393  

Pioneer Natural Resources Co.

     8,093        1,225,038  
     

 

 

 

Total Oil, Gas & Consumable Fuels

        1,614,431  
     

 

 

 

TOTAL ENERGY

        2,129,709  
     

 

 

 
FINANCIALS - 3.4%      

Capital Markets - 2.2%

     

BlackRock Inc.

     2,972        1,494,024  

Charles Schwab Corp.

     37,385        1,778,031  
     

 

 

 

Total Capital Markets

        3,272,055  
     

 

 

 

Consumer Finance - 1.2%

     

American Express Co.

     13,515        1,682,482  
     

 

 

 

TOTAL FINANCIALS

        4,954,537  
     

 

 

 
HEALTH CARE - 19.8%      

Biotechnology - 7.2%

     

Alexion Pharmaceuticals Inc.

     13,452        1,454,834

Biogen Inc.

     13,175        3,909,418

BioMarin Pharmaceutical Inc.

     11,129        940,957

ImmunoGen Inc.

     17,601        89,853

Ionis Pharmaceuticals Inc.

     24,130        1,457,693

Vertex Pharmaceuticals Inc.

     11,900        2,605,505
     

 

 

 

Total Biotechnology

        10,458,260  
     

 

 

 

Health Care Equipment & Supplies - 0.6%

     

Medtronic PLC

     7,650        867,893  
     

 

 

 

Health Care Providers & Services - 5.6%

     

UnitedHealth Group Inc.

     27,878        8,195,574  
     

 

 

 

Life Sciences Tools & Services - 1.5%

     

Thermo Fisher Scientific Inc.

     6,827        2,217,887  
     

 

 

 

 

See Notes to Schedule of Investments.

 

 

   

 

2

       ClearBridge All Cap Growth ETF 2019 Quarterly Report  


CLEARBRIDGE ALL CAP GROWTH ETF

 

Schedule of investments (unaudited) (cont’d)    December 31, 2019

 

SECURITY

   SHARES      VALUE  

Pharmaceuticals - 4.9%

     

Allergan PLC

     16,055      $ 3,069,234  

Johnson & Johnson

     12,967        1,891,496  

Zoetis Inc.

     17,107        2,264,112  
     

 

 

 

Total Pharmaceuticals

        7,224,842  
     

 

 

 

TOTAL HEALTH CARE

        28,964,456  
     

 

 

 
INDUSTRIALS - 9.3%      

Aerospace & Defense - 1.7%

     

L3Harris Technologies Inc.

     12,821        2,536,891  
     

 

 

 

Air Freight & Logistics - 1.5%

     

CH Robinson Worldwide Inc.

     6,550        512,210  

United Parcel Service Inc., Class B Shares

     14,225        1,665,179  
     

 

 

 

Total Air Freight & Logistics

        2,177,389  
     

 

 

 

Building Products - 1.0%

     

Johnson Controls International PLC

     34,425        1,401,442  
     

 

 

 

Construction & Engineering - 0.3%

     

Fluor Corp.

     21,930        414,038  
     

 

 

 

Industrial Conglomerates - 1.2%

     

Honeywell International Inc.

     10,101        1,787,877  
     

 

 

 

Machinery - 0.3%

     

Pentair PLC

     10,540        483,470  
     

 

 

 

Professional Services - 1.2%

     

IHS Markit Ltd.

     23,725        1,787,679  
     

 

 

 

Road & Rail - 0.6%

     

Uber Technologies Inc.

     27,222        809,582
     

 

 

 

Trading Companies & Distributors - 1.5%

     

NOW Inc.

     20,910        235,028

W.W. Grainger Inc.

     5,934        2,008,778  
     

 

 

 

Total Trading Companies & Distributors

        2,243,806  
     

 

 

 

TOTAL INDUSTRIALS

        13,642,174  
     

 

 

 
INFORMATION TECHNOLOGY - 33.8%      

Electronic Equipment, Instruments & Components - 2.2%

     

Dolby Laboratories Inc., Class A Shares

     16,575        1,140,360  

TE Connectivity Ltd.

     22,525        2,158,796  
     

 

 

 

Total Electronic Equipment, Instruments & Components

        3,299,156  
     

 

 

 

IT Services - 4.8%

     

Akamai Technologies Inc.

     18,257        1,577,040

Fidelity National Information Services Inc.

     10,512        1,462,114  

Visa Inc., Class A Shares

     20,910        3,928,989  
     

 

 

 

Total IT Services

        6,968,143  
     

 

 

 

 

See Notes to Schedule of Investments.

 

    

 

   ClearBridge All Cap Growth ETF 2019 Quarterly Report  

 

3


CLEARBRIDGE ALL CAP GROWTH ETF

 

Schedule of investments (unaudited) (cont’d)    December 31, 2019

 

SECURITY

   SHARES      VALUE  

Semiconductors & Semiconductor Equipment - 5.6%

     

Broadcom Inc.

     9,350      $ 2,954,787  

Cree Inc.

     22,894        1,056,558

NVIDIA Corp.

     6,354        1,495,096  

QUALCOMM Inc.

     19,431        1,714,397  

Texas Instruments Inc.

     8,229        1,055,699  
     

 

 

 

Total Semiconductors & Semiconductor Equipment

        8,276,537  
     

 

 

 

Software - 16.3%

     

Adobe Inc.

     8,769        2,892,104

Autodesk Inc.

     14,025        2,573,026

Cerence Inc.

     3,019        68,320

Citrix Systems Inc.

     22,185        2,460,317  

FireEye Inc.

     51,492        851,163

LogMeIn Inc.

     2,210        189,485  

Microsoft Corp.

     34,439        5,431,030  

Nuance Communications Inc.

     24,140        430,416

Nutanix Inc., Class A Shares

     18,504        578,435

Oracle Corp.

     29,916        1,584,950  

Palo Alto Networks Inc.

     7,735        1,788,719

salesforce.com Inc.

     7,961        1,294,777

Splunk Inc.

     13,950        2,089,292

VMware Inc., Class A Shares

     10,919        1,657,395
     

 

 

 

Total Software

        23,889,429  
     

 

 

 

Technology Hardware, Storage & Peripherals - 4.9%

     

Apple Inc.

     7,858        2,307,502  

Seagate Technology PLC

     43,249        2,573,315  

Western Digital Corp.

     35,841        2,274,828  
     

 

 

 

Total Technology Hardware, Storage & Peripherals

        7,155,645  
     

 

 

 

TOTAL INFORMATION TECHNOLOGY

        49,588,910  
     

 

 

 
MATERIALS - 3.3%      

Chemicals - 2.0%

     

Ecolab Inc.

     6,916        1,334,719  

Linde PLC

     7,510        1,598,879  
     

 

 

 

Total Chemicals

        2,933,598  
     

 

 

 

Metals & Mining - 1.3%

     

Freeport-McMoRan Inc.

     77,180        1,012,601  

Nucor Corp.

     16,575        932,841  
     

 

 

 

Total Metals & Mining

        1,945,442  
     

 

 

 

TOTAL MATERIALS

        4,879,040  
     

 

 

 

 

See Notes to Schedule of Investments.

 

 

   

 

4

       ClearBridge All Cap Growth ETF 2019 Quarterly Report  


CLEARBRIDGE ALL CAP GROWTH ETF

 

Schedule of investments (unaudited) (cont’d)    December 31, 2019

 

SECURITY

    SHARES      VALUE  
REAL ESTATE - 1.2%        

Equity Real Estate Investment Trusts (REITs) - 1.2%

       

Equinix Inc.

       3,048      $ 1,779,118  
       

 

 

 

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
(Cost - $124,249,227)

 

     143,447,821  
       

 

 

 
     RATE               
SHORT-TERM INVESTMENTS - 2.2%        

JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class
(Cost - $3,140,091)

     1.403     3,140,091        3,140,091  
       

 

 

 

TOTAL INVESTMENTS - 100.0%
(Cost - $127,389,318)

          146,587,912  

Other Assets in Excess of Liabilities - 0.0%

          26,558  
       

 

 

 

TOTAL NET ASSETS - 100.0%

        $ 146,614,470  
       

 

 

 

 

*

Non-income producing security.

Abbreviation used in this schedule:

ADR   

— American Depositary Receipts

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 Schedule of Investments.

 

    

 

   ClearBridge All Cap Growth ETF 2019 Quarterly Report  

 

5


Notes to Schedule of Investments (unaudited)

 

1. Organization and significant accounting policies

ClearBridge All Cap Growth ETF (the “Fund”) is a 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 Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

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

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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 use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/

 

 

   

 

6

   


Notes to Schedule of Investments (unaudited) (continued)

 

dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, 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 of Trustees quarterly.

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

 

    

 

    

 

7


Notes to Schedule of Investments (unaudited) (continued)

 

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 – quoted prices in active markets for identical investments

 

   

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

 

   

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

 

ASSETS

 

DESCRIPTION

   QUOTED PRICES
(LEVEL 1)
     OTHER SIGNIFICANT
OBSERVABLE INPUTS

(LEVEL 2)
     SIGNIFICANT
UNOBSERVABLE

INPUTS
(LEVEL 3)
     TOTAL  

Common Stocks†

   $ 143,447,821        —          —        $ 143,447,821  
  

 

 

    

 

 

    

 

 

    

 

 

 

Short-Term Investments†

     3,140,091        —          —          3,140,091  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 146,587,912        —          —        $ 146,587,912  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

See Schedule of Investments for additional detailed categorizations.

 

 

   

 

8