CLEARBRIDGE ALL CAP GROWTH ETF

Schedule of investments (unaudited) June 30, 2020

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.6%
COMMUNICATION SERVICES - 13.9%
Diversified Telecommunication Services - 0.2%
GCI Liberty Inc., Class A Shares		3,705	$	263,499	*
Entertainment - 1.3%
Liberty Media Corp.-Liberty Formula One, Class A Shares		1,425		41,582	*
Liberty Media Corp.-Liberty Formula One, Class C Shares		2,185		69,286	*
Lions Gate Entertainment Corp., Class B Shares		9,405		64,236	*
Walt Disney Co.		17,562		1,958,339
Total Entertainment				2,133,443
Interactive Media & Services - 7.6%
Alphabet Inc., Class C Shares		2,470		3,491,617	*
Facebook Inc., Class A Shares		26,948		6,119,082	*
Twitter Inc.		113,191		3,371,960	*
Total Interactive Media & Services				12,982,659
Media - 4.8%
AMC Networks Inc., Class A Shares		7,695		179,986	*
Comcast Corp., Class A Shares		146,872		5,725,071
Discovery Inc., Class A Shares		64,320		1,357,152	*
Liberty Broadband Corp., Class A Shares		855		104,472	*
Liberty Broadband Corp., Class C Shares		1,615		200,195	*
Liberty Media Corp.-Liberty SiriusXM, Class A Shares		6,080		209,882	*
Liberty Media Corp.-Liberty SiriusXM, Class C Shares		12,160		418,912	*
Total Media				8,195,670
TOTAL COMMUNICATION SERVICES				23,575,271
CONSUMER DISCRETIONARY - 10.3%
Auto Components - 0.6%
Aptiv PLC		12,590		981,013
Internet & Direct Marketing Retail - 7.3%
Alibaba Group Holding Ltd., ADR		8,672		1,870,550	*
Amazon.com Inc.		3,665		10,111,075	*
Qurate Retail Inc., Class A Shares		46,455		441,323	*
Total Internet & Direct Marketing Retail				12,422,948
Specialty Retail - 2.4%
Advance Auto Parts Inc.		9,794		1,395,155
Home Depot Inc.		7,417		1,858,033
Ulta Beauty Inc.		4,641		944,072	*
Total Specialty Retail				4,197,260
TOTAL CONSUMER DISCRETIONARY				17,601,221

See Notes to Schedule of Investments.

ClearBridge All Cap Growth ETF 2020 Quarterly Report        1

CLEARBRIDGE ALL CAP GROWTH ETF

Schedule of investments (unaudited) (cont’d) June 30, 2020

SECURITY	SHARES		VALUE
CONSUMER STAPLES - 2.5%
Beverages - 1.5%
Anheuser-Busch InBev SA/NV, ADR		18,441	$	909,141
Monster Beverage Corp.		24,611		1,706,035	*
Total Beverages				2,615,176
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		5,265		1,596,400
TOTAL CONSUMER STAPLES				4,211,576
ENERGY - 0.2%
Energy Equipment & Services - 0.2%
National Oilwell Varco Inc.		22,990		281,627
FINANCIALS - 1.2%
Capital Markets - 0.3%
Charles Schwab Corp.		16,090		542,877
Consumer Finance - 0.9%
American Express Co.		15,105		1,437,996
TOTAL FINANCIALS				1,980,873
HEALTH CARE - 20.6%
Biotechnology - 10.2%
AbbVie Inc.		15,539		1,525,619
Alexion Pharmaceuticals Inc.		15,032		1,687,192	*
Amgen Inc.		9,802		2,311,900
Biogen Inc.		14,725		3,939,674	*
BioMarin Pharmaceutical Inc.		12,439		1,534,226	*
ImmunoGen Inc.		19,671		90,486	*
Ionis Pharmaceuticals Inc.		26,970		1,590,151	*
Vertex Pharmaceuticals Inc.		15,732		4,567,157	*
Total Biotechnology				17,246,405
Health Care Equipment & Supplies - 0.9%
Alcon Inc.		13,569		777,775	*
Medtronic PLC		8,550		784,035	*
Total Health Care Equipment & Supplies				1,561,810
Health Care Providers & Services - 6.3%
Guardant Health Inc.		17,621		1,429,592	*
UnitedHealth Group Inc.		31,158		9,190,052
Total Health Care Providers & Services				10,619,644
Life Sciences Tools & Services - 1.6%
Thermo Fisher Scientific Inc.		7,627		2,763,567

See Notes to Schedule of Investments.

  2     ClearBridge All Cap Growth ETF 2020 Quarterly Report

CLEARBRIDGE ALL CAP GROWTH ETF

Schedule of investments (unaudited) (cont’d) June 30, 2020

SECURITY	SHARES		VALUE
Pharmaceuticals - 1.6%
Zoetis Inc.		20,139	$	2,759,849
TOTAL HEALTH CARE				34,951,275
INDUSTRIALS - 8.4%
Aerospace & Defense - 2.1%
L3Harris Technologies Inc.		14,331		2,431,541
Raytheon Technologies Corp.		19,850		1,223,157
Total Aerospace & Defense				3,654,698
Air Freight & Logistics - 1.6%
CH Robinson Worldwide Inc.		11,746		928,639
United Parcel Service Inc., Class B Shares		15,895		1,767,206
Total Air Freight & Logistics				2,695,845
Building Products - 0.8%
Johnson Controls International PLC		38,475		1,313,536
Machinery - 0.5%
Otis Worldwide Corp.		7,621		433,330
Pentair PLC		11,780		447,522
Total Machinery				880,852
Professional Services - 1.2%
IHS Markit Ltd.		26,515		2,001,882
Road & Rail - 0.9%
Uber Technologies Inc.		49,333		1,533,270	*
Trading Companies & Distributors - 1.3%
NOW Inc.		23,370		201,683	*
W.W. Grainger Inc.		6,634		2,084,138
Total Trading Companies & Distributors				2,285,821
TOTAL INDUSTRIALS				14,365,904
INFORMATION TECHNOLOGY - 37.0%
Electronic Equipment, Instruments & Components - 1.9%
Dolby Laboratories Inc., Class A Shares		18,525		1,220,242
TE Connectivity Ltd.		25,175		2,053,021
Total Electronic Equipment, Instruments & Components				3,273,263
IT Services - 4.9%
Akamai Technologies Inc.		20,407		2,185,385	*
Fidelity National Information Services Inc.		11,752		1,575,826
Visa Inc., Class A Shares		23,370		4,514,383
Total IT Services				8,275,594

See Notes to Schedule of Investments.

ClearBridge All Cap Growth ETF 2020 Quarterly Report        3

CLEARBRIDGE ALL CAP GROWTH ETF

Schedule of investments (unaudited) (cont’d) June 30, 2020

SECURITY	SHARES		VALUE
Semiconductors & Semiconductor Equipment - 7.0%
Broadcom Inc.		14,462	$	4,564,352
Cree Inc.		25,584		1,514,317	*
NVIDIA Corp.		7,104		2,698,881
QUALCOMM Inc.		21,721		1,981,172
Texas Instruments Inc.		9,199		1,167,997
Total Semiconductors & Semiconductor Equipment				11,926,719
Software - 18.5%
Adobe Inc.		9,799		4,265,603	*
Autodesk Inc.		15,675		3,749,303	*
Cerence Inc.		3,379		137,998	*
Citrix Systems Inc.		24,795		3,667,429
FireEye Inc.		92,864		1,130,619	*
Microsoft Corp.		38,489		7,832,897
Nuance Communications Inc.		26,980		682,729	*
Nutanix Inc., Class A Shares		31,164		738,743	*
Palo Alto Networks Inc.		8,096		1,859,408	*
salesforce.com Inc.		12,809		2,399,510	*
Splunk Inc.		15,590		3,097,733	*
VMware Inc., Class A Shares		12,199		1,889,137	*
Total Software				31,451,109
Technology Hardware, Storage & Peripherals - 4.7%
Apple Inc.		9,728		3,548,774
Seagate Technology PLC		56,070		2,714,349
Western Digital Corp.		40,061		1,768,693
Total Technology Hardware, Storage & Peripherals				8,031,816
TOTAL INFORMATION TECHNOLOGY				62,958,501
MATERIALS - 2.1%
Chemicals - 1.1%
Ecolab Inc.		9,014		1,793,335
Metals & Mining - 1.0%
Freeport-McMoRan Inc.		86,260		998,028
Nucor Corp.		18,525		767,121
Total Metals & Mining				1,765,149
TOTAL MATERIALS				3,558,484
REAL ESTATE - 1.4%
Equity Real Estate Investment Trusts (REITs) - 1.4%
Equinix Inc.		3,408		2,393,438
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $141,565,644)				165,878,170

See Notes to Schedule of Investments.

  4     ClearBridge All Cap Growth ETF 2020 Quarterly Report

CLEARBRIDGE ALL CAP GROWTH ETF

Schedule of investments (unaudited) (cont’d) June 30, 2020

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 2.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $4,132,844)		0.042	%		4,132,844	$	4,132,844
TOTAL INVESTMENTS - 100.0% (Cost - $145,698,488)							170,011,014
Liabilities in Excess of Other Assets - (0.0)%							(83,789	)
TOTAL NET ASSETS - 100.0%						$	169,927,225

* Non-income producing security.

Abbreviation(s) 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 2020 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/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.

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Notes to Schedule of Investments (unaudited) (continued)

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.

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†	$	165,878,170		—		—	$	165,878,170
Short-Term Investments†		4,132,844		—		—		4,132,844
Total Investments	$	170,011,014		—		—	$	170,011,014

† See Schedule of Investments for additional detailed categorizations.

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