ClearBridge Dividend Strategy ESG ETF

Schedule of investments (unaudited) February 29, 2020

Security	Shares		Value
Common Stocks - 94.2%
Communication Services - 7.4%
Diversified Telecommunication Services - 1.9%
Verizon Communications Inc.		2,595	$	140,545
Entertainment - 2.4%
Walt Disney Co.		1,535		180,593
Media - 3.1%
Comcast Corp., Class A Shares		5,636		227,863
Total Communication Services				549,001
Consumer Discretionary - 5.3%
Hotels, Restaurants & Leisure - 1.6%
Starbucks Corp.		1,520		119,214
Specialty Retail - 2.5%
Home Depot Inc.		860		187,342
Textiles, Apparel & Luxury Goods - 1.2%
VF Corp.		1,220		87,840
Total Consumer Discretionary				394,396
Consumer Staples - 11.3%
Beverages - 0.5%
PepsiCo Inc.		310		40,929
Food & Staples Retailing - 1.1%
Sysco Corp.		1,220		81,313
Food Products - 4.3%
Mondelez International Inc., Class A Shares		2,800		147,840
Nestle SA, ADR		1,711		176,079
Total Food Products				323,919
Household Products - 3.9%
Colgate-Palmolive Co.		1,480		100,003
Procter & Gamble Co.		1,655		187,396
Total Household Products				287,399
Personal Products - 1.5%
Unilever PLC, ADR		2,019		108,885
Total Consumer Staples				842,445
Energy - 3.9%
Oil, Gas & Consumable Fuels - 3.9%
Kinder Morgan Inc.		7,466		143,123
Williams Cos. Inc.		7,946		151,372
Total Energy				294,495
Financials - 11.8%
Banks - 5.8%
Bank of America Corp.		7,071		201,523

See Notes to Schedule of Investments.

ClearBridge Dividend Strategy ESG ETF 2020 Quarterly Report       1

ClearBridge Dividend Strategy ESG ETF

Schedule of investments (unaudited) (cont’d) February 29, 2020

Security	Shares		Value
Banks - continued
PNC Financial Services Group Inc.		954	$	120,586
US Bancorp		2,391		111,038
Total Banks				433,147
Capital Markets - 2.0%
BlackRock Inc.		321		148,626
Insurance - 4.0%
American International Group Inc.		2,766		116,615
MetLife Inc.		2,561		109,406
Travelers Cos. Inc.		620		74,282
Total Insurance				300,303
Total Financials				882,076
Health Care - 8.0%
Health Care Providers & Services - 1.6%
UnitedHealth Group Inc.		466		118,811
Pharmaceuticals - 6.4%
Johnson & Johnson		1,150		154,652
Merck & Co. Inc.		2,470		189,103
Pfizer Inc.		3,944		131,809
Total Pharmaceuticals				475,564
Total Health Care				594,375
Industrials - 10.4%
Air Freight & Logistics - 2.0%
United Parcel Service Inc., Class B Shares		1,649		149,218
Commercial Services & Supplies - 2.7%
Covanta Holding Corp.		3,610		48,230
Waste Management Inc.		1,385		153,472
Total Commercial Services & Supplies				201,702
Electrical Equipment - 1.1%
Emerson Electric Co.		1,285		82,381
Industrial Conglomerates - 2.9%
3M Co.		495		73,874
Honeywell International Inc.		885		143,520
Total Industrial Conglomerates				217,394
Road & Rail - 1.7%
Union Pacific Corp.		759		121,296
Total Industrials				771,991
Information Technology - 15.7%
Communications Equipment - 0.6%
Cisco Systems Inc.		1,100		43,923

See Notes to Schedule of Investments.

  2     ClearBridge Dividend Strategy ESG ETF 2020 Quarterly Report

ClearBridge Dividend Strategy ESG ETF

Schedule of investments (unaudited) (cont’d) February 29, 2020

Security	Shares		Value
IT Services - 5.2%
Mastercard Inc., Class A Shares		606	$	175,891
Visa Inc., Class A Shares		1,179		214,295
Total IT Services				390,186
Semiconductors & Semiconductor Equipment - 2.1%
Intel Corp.		749		41,585
Texas Instruments Inc.		995		113,569
Total Semiconductors & Semiconductor Equipment				155,154
Software - 4.7%
Microsoft Corp.		2,145		347,511
Technology Hardware, Storage & Peripherals - 3.1%
Apple Inc.		849		232,083
Total Information Technology				1,168,857
Materials - 10.3%
Chemicals - 6.5%
Ecolab Inc.		984		177,563
Linde PLC		765		146,123
PPG Industries Inc.		1,516		158,346
Total Chemicals				482,032
Construction Materials - 1.5%
Vulcan Materials Co.		970		116,652
Containers & Packaging - 1.5%
International Paper Co.		2,960		109,402
Metals & Mining - 0.8%
Nucor Corp.		1,384		57,228
Total Materials				765,314
Real Estate - 2.3%
Equity Real Estate Investment Trusts (REITs) - 2.3%
American Tower Corp.		741		168,059
Utilities - 7.8%
Electric Utilities - 3.7%
Edison International		1,460		98,097
NextEra Energy Inc.		715		180,724
Total Electric Utilities				278,821
Independent Power and Renewable Electricity Producers - 2.5%
Brookfield Renewable Partners LP		3,800		189,468	*
Multi-Utilities - 1.6%
Sempra Energy		830		116,017
Total Utilities				584,306
Total Investments before Short-Term Investments (Cost - $6,645,455)				7,015,315

See Notes to Schedule of Investments.

ClearBridge Dividend Strategy ESG ETF 2020 Quarterly Report       3

ClearBridge Dividend Strategy ESG ETF

Schedule of investments (unaudited) (cont’d) February 29, 2020

Security	Rate			Shares		Value
Short-Term Investments - 6.2%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $457,955)		1.412	%		457,955	$	457,955
Total Investments - 100.4% (Cost - $7,103,410)							7,473,270
Liabilities in Excess of Other Assets - (0.4)%							(26,608	)
Total Net Assets - 100.0%						$	7,446,662

* 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.

  4     ClearBridge Dividend Strategy ESG ETF 2020 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Dividend Strategy ESG 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 Fund seeks dividend income, growth of dividend income and long-term capital appreciation.

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

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Notes to Schedule of Investments (unaudited) (cont’d)

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.

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.

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Notes to Schedule of Investments (unaudited) (cont’d)

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 carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks†	$	7,015,315		—		—	$	7,015,315
Short-Term Investments†		457,955		—		—		457,955
Total Investments	$	7,473,270		—		—	$	7,473,270

† See Schedule of Investments for additional detailed categorizations.

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