LEGG MASON INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND ETF

Schedule of investments (unaudited) January 31, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.6%
COMMUNICATION SERVICES - 18.8%
Diversified Telecommunication Services - 15.5%
BCE Inc.		32,266	$	1,521,385
BT Group PLC		642,909		1,363,769
CITIC Telecom International Holdings Ltd.		107,423		37,353
HKT Trust & HKT Ltd.		170,865		256,136
Orange SA		96,657		1,371,612
Proximus SADP		12,620		359,707
Swisscom AG, Registered Shares		3,003		1,649,011
Telefonica SA		216,830		1,467,938
Telstra Corp. Ltd.		380,152		977,252
TELUS Corp.		21,609		866,778
Total Diversified Telecommunication Services				9,870,941
Media - 0.7%
Atresmedia Corp. de Medios de Comunicacion SA		11,449		38,799
Eutelsat Communications SA		15,428		231,583
Mediaset Espana Comunicacion SA		19,603		107,556
Metropole Television SA		2,088		34,755
Total Media				412,693
Wireless Telecommunication Services - 2.6%
NTT DOCOMO Inc.		57,600		1,651,180
Softbank Corp.		2,500		34,507
Total Wireless Telecommunication Services				1,685,687
TOTAL COMMUNICATION SERVICES				11,969,321
CONSUMER DISCRETIONARY - 12.8%
Auto Components - 0.4%
Bridgestone Corp.		7,400		266,341
Automobiles - 8.0%
Bayerische Motoren Werke AG		18,614		1,327,208
Daimler AG, Registered Shares		26,083		1,208,381
Nissan Motor Co. Ltd.		179,100		990,640
Toyota Motor Corp.		22,100		1,560,264
Total Automobiles				5,086,493
Hotels, Restaurants & Leisure - 0.0%
Marston’s PLC		26,489		36,559

See Notes to Schedule of Investments.

Legg Mason International Low Volatility High Dividend ETF 2020 Quarterly Report       1

LEGG MASON INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND ETF

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY	SHARES		VALUE
Household Durables - 4.1%
Barratt Developments PLC		94,148	$	996,323
Crest Nicholson Holdings PLC		20,386		134,364
Persimmon PLC		31,408		1,264,004
Redrow PLC		19,753		207,005
Total Household Durables				2,601,696
Multiline Retail - 0.3%
Harvey Norman Holdings Ltd.		58,638		166,050
Textiles, Apparel & Luxury Goods - 0.0%
Li & Fung Ltd.		401,030		35,636
TOTAL CONSUMER DISCRETIONARY				8,192,775
CONSUMER STAPLES - 4.1%
Tobacco - 4.1%
British American Tobacco PLC		24,736		1,094,780
Japan Tobacco Inc.		68,300		1,459,453
Scandinavian Tobacco Group A/S		3,589		47,022
TOTAL CONSUMER STAPLES				2,601,255
ENERGY - 10.2%
Oil, Gas & Consumable Fuels - 10.2%
Eni SpA		101,227		1,419,972
Paz Oil Co. Ltd.		247		30,069
Pembina Pipeline Corp.		25,839		990,148
Repsol SA		88,786		1,226,464
Royal Dutch Shell PLC, Class A Shares		53,021		1,393,932
Total SA		28,933		1,415,446
TOTAL ENERGY				6,476,031
FINANCIALS - 19.7%
Banks - 12.3%
Canadian Imperial Bank of Commerce		17,676		1,442,361
Commonwealth Bank of Australia		29,837		1,703,015
National Australia Bank Ltd.		77,167		1,335,913
Nordea Bank Abp		170,157		1,343,793
Svenska Handelsbanken AB, Class A Shares		41,947		412,043
Swedbank AB, Class A Shares		62,193		956,577
Valiant Holding AG, Registered Shares		434		44,640
Westpac Banking Corp.		35,399		595,290
Total Banks				7,833,632
Capital Markets - 0.4%
IGM Financial Inc.		4,604		133,224
Jupiter Fund Management PLC		27,362		139,080
Total Capital Markets				272,304

See Notes to Schedule of Investments.

  2     Legg Mason International Low Volatility High Dividend ETF 2020 Quarterly Report

LEGG MASON INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND ETF

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY	SHARES		VALUE
Insurance - 6.7%
Assicurazioni Generali SpA		37,048	$	722,391
Legal & General Group PLC		263,508		1,061,174
Poste Italiane SpA		52,000		596,433
Power Financial Corp.		10,503		272,790
Zurich Insurance Group AG		3,859		1,603,298
Total Insurance				4,256,086
Thrifts & Mortgage Finance - 0.3%
Aareal Bank AG		5,147		168,950
TOTAL FINANCIALS				12,530,972
INDUSTRIALS - 8.5%
Aerospace & Defense - 0.3%
Singapore Technologies Engineering Ltd.		60,100		180,974
Air Freight & Logistics - 0.1%
Oesterreichische Post AG		1,772		67,356
Construction & Engineering - 1.0%
Peab AB, Class B Shares		10,158		102,016
Skanska AB, Class B Shares		22,759		526,552
Total Construction & Engineering				628,568
Industrial Conglomerates - 1.3%
CK Hutchison Holdings Ltd.		96,426		860,581
Marine - 1.1%
Kuehne + Nagel International AG, Registered Shares		4,406		712,671
Professional Services - 1.8%
Adecco Group AG, Registered Shares		19,191		1,128,239
Road & Rail - 0.3%
ComfortDelGro Corp. Ltd.		135,600		215,585
Trading Companies & Distributors - 1.3%
Marubeni Corp.		111,500		818,054
Transportation Infrastructure - 1.3%
Aena SME SA		4,425		819,668
TOTAL INDUSTRIALS				5,431,696
INFORMATION TECHNOLOGY - 2.3%
Communications Equipment - 0.1%
VTech Holdings Ltd.		9,038		82,233
IT Services - 0.1%
TietoEVRY oyj		1,751		57,205
Technology Hardware, Storage & Peripherals - 2.1%
Canon Inc.		51,000		1,358,228
TOTAL INFORMATION TECHNOLOGY				1,497,666

See Notes to Schedule of Investments.

Legg Mason International Low Volatility High Dividend ETF 2020 Quarterly Report       3

LEGG MASON INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND ETF

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY	SHARES		VALUE
MATERIALS - 1.4%
Paper & Forest Products - 1.4%
Navigator Co. SA		28,591	$	102,658
UPM-Kymmene oyj		25,189		796,399
TOTAL MATERIALS				899,057
REAL ESTATE - 6.4%
Equity Real Estate Investment Trusts (REITs) - 5.8%
Artis Real Estate Investment Trust		5,088		45,358
Ascendas Real Estate Investment Trust		261,300		603,044
CapitaLand Mall Trust		187,700		346,549
Charter Hall Retail REIT		19,547		61,634
Cromwell Property Group		69,712		57,169
Daiwa House REIT Investment Corp.		45		120,197
Frontier Real Estate Investment Corp.		34		142,261
H&R Real Estate Investment Trust		11,682		188,937
Hankyu Hanshin Reit Inc.		49		78,845
Industrial & Infrastructure Fund Investment Corp.		80		123,117
Invesco Office J-Reit Inc.		383		81,628
Japan Rental Housing Investments Inc.		62		61,608
Kenedix Retail REIT Corp.		43		106,523
Keppel DC REIT		48,212		79,829
Mapletree Commercial Trust		123,200		212,118
Mapletree Industrial Trust		83,700		170,478
Mapletree Logistics Trust		181,400		244,542
Mapletree North Asia Commercial Trust		80,700		70,359
Mirai Corp.		133		75,099
Mori Hills REIT Investment Corp., Class C Shares		72		120,703
NIPPON REIT Investment Corp.		15		70,305
RioCan Real Estate Investment Trust		13,938		286,232
Samty Residential Investment Corp.		41		43,313
SmartCentres Real Estate Investment Trust		5,692		135,183
Star Asia Investment Corp.		42		44,447
Suntec Real Estate Investment Trust		100,100		134,943
Total Equity Real Estate Investment Trusts (REITs)				3,704,421
Real Estate Management & Development - 0.6%
Swiss Prime Site AG, Registered Shares		3,281		400,749	*
TOTAL REAL ESTATE				4,105,170

See Notes to Schedule of Investments.

  4     Legg Mason International Low Volatility High Dividend ETF 2020 Quarterly Report

LEGG MASON INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND ETF

Schedule of investments (unaudited) (cont’d) January 31, 2020

SECURITY				SHARES		VALUE
UTILITIES - 13.4%
Electric Utilities - 6.4%
Emera Inc.					13,990	$	623,682
Enel SpA					206,934		1,801,342
Power Assets Holdings Ltd.					62,862		455,786
Red Electrica Corp. SA					59,842		1,196,026
Total Electric Utilities							4,076,836
Gas Utilities - 3.0%
Enagas SA					34,671		934,433
Snam SpA					186,427		999,317
Total Gas Utilities							1,933,750
Multi-Utilities - 3.0%
National Grid PLC					138,200		1,832,319
REN - Redes Energeticas Nacionais SGPS SA					14,239		43,078
Total Multi-Utilities							1,875,397
Water Utilities - 1.0%
United Utilities Group PLC					47,437		633,756
TOTAL UTILITIES							8,519,739
TOTAL COMMON STOCKS (Cost - $63,857,498)							62,223,682
	RATE
PREFERRED STOCKS - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Bayerische Motoren Werke AG (Cost - $125,637)		—			1,637		91,432
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $63,983,135)							62,315,114
SHORT-TERM INVESTMENTS - 0.4%
Invesco Treasury Portfolio, Institutional Class (Cost - $276,789)		1.480	%		276,789		276,789
TOTAL INVESTMENTS - 98.2% (Cost - $64,259,924)							62,591,903
Other Assets in Excess of Liabilities - 1.8%							1,160,951
TOTAL NET ASSETS - 100.0%						$	63,752,854

* Non-income producing security.

Abbreviation used in this schedule:

REIT — Real Estate Investment Trust

At January 31, 2020, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
MSCI EAFE Index Futures		4		3/20	$	406,301	$	395,300	$	(11,001	)

See Notes to Schedule of Investments.

Legg Mason International Low Volatility High Dividend ETF 2020 Quarterly Report       5

LEGG MASON INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND ETF

Schedule of investments (unaudited) (cont’d) January 31, 2020

At January 31, 2020, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	287,144		CHF	278,226	Bank of New York		2/11/20	$	(1,551	)
USD	5,304,776		CHF	5,127,992	Bank of New York		2/11/20		(16,165	)
USD	1,004,133		EUR	905,649	Bank of New York		2/11/20		(162	)
USD	18,756,708		EUR	16,708,341	Bank of New York		2/11/20		228,446
USD	243,980		AUD	356,616	UBS Securities LLC		2/11/20		5,196
USD	4,621,365		AUD	6,593,990	UBS Securities LLC		2/11/20		206,148
USD	329,373		CAD	432,140	UBS Securities LLC		2/11/20		2,631
USD	6,145,544		CAD	7,976,314	UBS Securities LLC		2/11/20		114,633
USD	524,778		GBP	399,166	UBS Securities LLC		2/11/20		(1,554	)
USD	9,740,487		GBP	7,379,045	UBS Securities LLC		2/11/20		10,637
USD	93,632		HKD	727,922	UBS Securities LLC		2/11/20		(95	)
USD	1,720,027		HKD	13,402,193	UBS Securities LLC		2/11/20		(5,642	)
USD	171,698		SEK	1,633,758	UBS Securities LLC		2/11/20		2,112
USD	3,219,128		SEK	30,020,101	UBS Securities LLC		2/11/20		103,009
USD	114,644		SGD	154,700	UBS Securities LLC		2/11/20		1,301
USD	2,119,421		SGD	2,853,671	UBS Securities LLC		2/11/20		28,644
USD	479,209		JPY	52,619,832	Bank of New York		2/12/20		(6,578	)
USD	8,965,355		JPY	968,846,483	Bank of New York		2/12/20		20,952
Total								$	691,962

Abbreviations 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
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 Schedule of Investments.

  6     Legg Mason International Low Volatility High Dividend ETF 2020 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Legg Mason International Low Volatility High Dividend 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 exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. The Fund is designed to track an index. Similar to shares of an index mutual fund, each share of the Fund 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 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 the Cboe BZX Exchange, Inc. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are issued and redeemed generally in-kind for a basket of securities and/or cash. Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks to track the investment results of the QS International Low Volatility High Dividend Hedged Index (the “Underlying Index”). The Underlying 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 and is based on a proprietary methodology created and sponsored by QS Investors, LLC, the Fund’s subadviser.

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,

7

Notes to Schedule of Investments (unaudited) (continued)

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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

The Board 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.

8

Notes to Schedule of Investments (unaudited) (continued)

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.

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 and liabilities carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Common Stocks	$	62,223,682		—		—	$	62,223,682
Preferred Stocks		91,432		—		—		91,432
Total Long-Term Investments		62,315,114		—		—		62,315,114
Short-Term Investments†		276,789		—		—		276,789
Total Investments	$	62,591,903		—		—	$	62,591,903
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	723,709		—	$	723,709
Total	$	62,591,903	$	723,709		—	$	63,315,612
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts	$	11,001		—		—	$	11,001
Forward Foreign Currency Contracts		—	$	31,747		—		31,747
Total	$	11,001	$	31,747		—	$	42,748

† See Schedule of Investments for additional detailed categorizations.

9