WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 85.8%
COMMUNICATION SERVICES - 7.5%
Diversified Telecommunication Services - 2.0%
AT&T Inc., Senior Notes		4.250	%		3/1/27	$	30,000	$	29,191
AT&T Inc., Senior Notes		1.650	%		2/1/28		20,000		16,891
NTT Finance Corp., Senior Notes		1.162	%		4/3/26		200,000		176,871	(a)
NTT Finance Corp., Senior Notes		4.372	%		7/27/27		200,000		195,343	(a)
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		60,000		49,342
Total Diversified Telecommunication Services									467,638
Entertainment - 0.5%
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		120,000		108,063	(a)
Warnermedia Holdings Inc., Senior Notes		5.050	%		3/15/42		10,000		7,651	(a)
Total Entertainment									115,714
Interactive Media & Services - 0.4%
Alphabet Inc., Senior Notes		1.100	%		8/15/30		80,000		62,606
Meta Platforms Inc., Senior Notes		3.850	%		8/15/32		30,000		26,398
Total Interactive Media & Services									89,004
Media - 3.9%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		30,000		29,403
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		190,000		178,759
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.400	%		4/1/33		30,000		25,670
Comcast Corp., Senior Notes		3.400	%		4/1/30		100,000		91,184
Fox Corp., Senior Notes		4.030	%		1/25/24		40,000		39,536
Time Warner Cable Enterprises LLC, Senior Secured Notes		8.375	%		3/15/23		540,000		543,372
Total Media									907,924
Wireless Telecommunication Services - 0.7%
Sprint LLC, Senior Notes		7.125	%		6/15/24		50,000		50,977
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		20,000		19,234
T-Mobile USA Inc., Senior Notes		2.050	%		2/15/28		80,000		68,707
T-Mobile USA Inc., Senior Notes		2.250	%		11/15/31		50,000		39,330
Total Wireless Telecommunication Services									178,248
TOTAL COMMUNICATION SERVICES									1,758,528
CONSUMER DISCRETIONARY - 10.2%
Auto Components - 0.8%
ZF North America Capital Inc., Senior Notes		4.750	%		4/29/25		200,000		188,908	(a)
Automobiles - 3.9%
Ford Motor Credit Co. LLC, Senior Notes		3.664	%		9/8/24		200,000		190,552
Ford Motor Credit Co. LLC, Senior Notes		2.700	%		8/10/26		200,000		173,680
General Motors Co., Senior Notes		6.125	%		10/1/25		250,000		254,427
General Motors Co., Senior Notes		5.600	%		10/15/32		20,000		18,580
Hyundai Capital America, Senior Notes		0.800	%		1/8/24		70,000		66,592	(a)
Nissan Motor Co. Ltd., Senior Notes		3.043	%		9/15/23		200,000		195,954	(a)
Total Automobiles									899,785

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         1

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Hotels, Restaurants & Leisure - 3.8%
Genting New York LLC/GENNY Capital Inc., Senior Notes		3.300	%		2/15/26	$	200,000	$	174,897	(a)
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		140,000		132,327
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		300,000		275,692
Marriott International Inc., Senior Notes		3.600	%		4/15/24		130,000		127,396
Sands China Ltd., Senior Notes		5.900	%		8/8/28		200,000		187,261
Total Hotels, Restaurants & Leisure									897,573
Household Durables - 0.5%
DR Horton Inc., Senior Notes		2.500	%		10/15/24		110,000		104,744
MDC Holdings Inc., Senior Notes		2.500	%		1/15/31		10,000		7,212
Total Household Durables									111,956
Internet & Direct Marketing Retail - 0.5%
Amazon.com Inc., Senior Notes		1.200	%		6/3/27		140,000		121,238
Multiline Retail - 0.3%
Dollar Tree Inc., Senior Notes		4.000	%		5/15/25		50,000		48,813
Nordstrom Inc., Senior Notes		2.300	%		4/8/24		20,000		18,704
Total Multiline Retail									67,517
Specialty Retail - 0.4%
Lowe’s Cos. Inc., Senior Notes		1.300	%		4/15/28		120,000		99,721
TOTAL CONSUMER DISCRETIONARY									2,386,698
CONSUMER STAPLES - 2.8%
Beverages - 0.5%
Anheuser-Busch InBev Worldwide Inc., Senior Notes (3 mo. USD LIBOR + 0.740%)		4.659	%		1/12/24		100,000		100,097	(b)
PepsiCo Inc., Senior Notes		3.900	%		7/18/32		20,000		18,858
Total Beverages									118,955
Food & Staples Retailing - 0.0%††
Costco Wholesale Corp., Senior Notes		1.375	%		6/20/27		10,000		8,758
Food Products - 0.1%
Hershey Co., Senior Notes		1.700	%		6/1/30		10,000		8,007
Mondelez International Inc., Senior Notes		1.500	%		2/4/31		20,000		15,378
Total Food Products									23,385
Household Products - 0.1%
Clorox Co., Senior Notes		1.800	%		5/15/30		10,000		7,962
Kimberly-Clark Corp., Senior Notes		1.050	%		9/15/27		10,000		8,527
Total Household Products									16,489
Tobacco - 2.1%
Altria Group Inc., Senior Notes		2.625	%		9/16/26		100,000		91,691
Altria Group Inc., Senior Notes		4.800	%		2/14/29		80,000		76,762
BAT International Finance PLC, Senior Notes		1.668	%		3/25/26		140,000		124,048
Cargill Inc., Senior Notes		0.750	%		2/2/26		150,000		132,788	(a)
Philip Morris International Inc.		5.125	%		11/17/27		60,000		60,438
Total Tobacco									485,727
TOTAL CONSUMER STAPLES									653,314

See Notes to Schedules of Investments.

    2     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
ENERGY - 12.4%
Oil, Gas & Consumable Fuels - 12.4%
Cimarex Energy Co., Senior Notes		4.375	%		3/15/29	$	20,000	$	15,578
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		140,000		139,661
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		40,000		38,897
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		100,000		86,646	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		110,000		102,709
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		80,000		75,579
DCP Midstream Operating LP, Senior Notes		3.250	%		2/15/32		40,000		33,085
Devon Energy Corp., Senior Notes		5.850	%		12/15/25		60,000		61,083
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		86,000		85,100
Devon Energy Corp., Senior Notes		5.875	%		6/15/28		12,000		12,136
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		200,000		186,199
Devon OEI Operating LLC, Senior Notes		7.500	%		9/15/27		20,000		21,675
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		140,000		130,214
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		180,000		178,837
Ecopetrol SA, Senior Notes		4.625	%		11/2/31		40,000		30,554
El Paso Natural Gas Co. LLC, Senior Notes		7.500	%		11/15/26		60,000		63,682
Energy Transfer LP, Senior Notes		4.200	%		9/15/23		20,000		19,874
Energy Transfer LP, Senior Notes		4.050	%		3/15/25		410,000		397,124
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		80,000		75,340
Enterprise Products Operating LLC, Senior Notes		3.950	%		2/15/27		30,000		28,773
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		60,000		50,971
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. USD LIBOR + 2.570%)		5.375	%		2/15/78		120,000		91,507	(b)
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		30,000		29,000
EQT Corp., Senior Notes		5.678	%		10/1/25		20,000		19,903
EQT Corp., Senior Notes		3.125	%		5/15/26		110,000		101,094	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		10,000		9,232
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		40,000		37,304
Florida Gas Transmission Co. LLC, Senior Notes		2.300	%		10/1/31		70,000		53,435	(a)
Kinder Morgan Energy Partners LP, Senior Notes		7.300	%		8/15/33		10,000		10,792
MEG Energy Corp., Senior Notes		7.125	%		2/1/27		70,000		71,392	(a)
MPLX LP, Senior Notes		1.750	%		3/1/26		200,000		178,274
Northwest Pipeline LLC, Senior Notes		7.125	%		12/1/25		20,000		20,659
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		6,000		6,114
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		10,000		9,183	(a)
Pioneer Natural Resources Co., Senior Notes		0.550	%		5/15/23		100,000		98,353
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		10,000		8,546
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		40,000		39,205
Targa Resources Corp., Senior Notes		4.200	%		2/1/33		50,000		43,018
Tennessee Gas Pipeline Co. LLC, Senior Notes		7.000	%		10/15/28		50,000		53,407
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		40,000		33,504	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		3.250	%		5/15/30		30,000		26,034
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		80,000		75,698
Western Midstream Operating LP, Senior Notes		3.950	%		6/1/25		40,000		37,862
TOTAL ENERGY									2,887,233

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         3

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
FINANCIALS - 28.3%
Banks - 15.8%
Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury Constant Maturity Rate + 2.000%)		4.175	%		3/24/28	$	200,000	$	185,503	(b)
Bank of America Corp., Senior Notes (1.530% to 12/6/24 then SOFR + 0.650%)		1.530	%		12/6/25		20,000		18,446	(b)
Bank of America Corp., Senior Notes (1.734% to 7/22/26 then SOFR + 0.960%)		1.734	%		7/22/27		370,000		324,163	(b)
Bank of America Corp., Senior Notes (2.299% to 7/21/31 then SOFR + 1.220%)		2.299	%		7/21/32		30,000		23,103	(b)
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		100,000		78,320	(b)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		130,000		105,877	(b)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		200,000		161,124	(b)
BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year Treasury Constant Maturity Rate + 4.899%)		7.750	%		8/16/29		200,000		197,500	(a)(b)(c)
BNP Paribas SA, Senior Notes (1.675% to 6/30/26 then SOFR + 0.912%)		1.675	%		6/30/27		200,000		174,051	(a)(b)
BPCE SA, Subordinated Notes		5.700	%		10/22/23		200,000		198,493	(a)
Citigroup Inc., Senior Notes (0.981% to 5/1/24 then SOFR + 0.669%)		0.981	%		5/1/25		20,000		18,729	(b)
Citigroup Inc., Senior Notes (1.281% to 11/3/24 then SOFR + 0.528%)		1.281	%		11/3/25		80,000		73,715	(b)
Citigroup Inc., Senior Notes (1.462% to 6/9/26 then SOFR + 0.770%)		1.462	%		6/9/27		320,000		277,570	(b)
Citigroup Inc., Senior Notes (3.057% to 1/25/32 then SOFR + 1.351%)		3.057	%		1/25/33		130,000		104,912	(b)
Danske Bank A/S, Senior Notes (0.976% to 9/10/24 then 1 year Treasury Constant Maturity Rate + 0.550%)		0.976	%		9/10/25		200,000		182,599	(a)(b)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		200,000		187,177	(a)(b)
HSBC Holdings PLC, Senior Notes (0.976% to 5/24/24 then SOFR + 0.708%)		0.976	%		5/24/25		200,000		185,176	(b)
HSBC Holdings PLC, Subordinated Notes		7.625	%		5/17/32		10,000		10,245
HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR + 2.530%)		4.762	%		3/29/33		200,000		173,332	(b)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		210,000		209,896	(a)
JPMorgan Chase & Co., Senior Notes (1.578% to 4/22/26 then SOFR + 0.885%)		1.578	%		4/22/27		270,000		237,239	(b)
JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + 1.180%)		2.545	%		11/8/32		170,000		134,373	(b)
JPMorgan Chase & Co., Senior Notes (2.963% to 1/25/32 then SOFR + 1.260%)		2.963	%		1/25/33		50,000		40,695	(b)
JPMorgan Chase & Co., Senior Notes (5.546% to 12/15/24 then SOFR + 1.070%)		5.546	%		12/15/25		80,000		80,001	(b)
JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then SOFR + 2.515%)		2.956	%		5/13/31		120,000		98,875	(b)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		170,000		157,117
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		70,000		58,968	(b)
Total Banks									3,697,199
Capital Markets - 8.8%
Bank of New York Mellon Corp., Senior Notes (5.834% to 10/25/32 then SOFR + 2.074%)		5.834	%		10/25/33		10,000		10,366	(b)
Charles Schwab Corp., Senior Notes		1.150	%		5/13/26		190,000		168,825
Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate + 6.383%)		9.750	%		6/23/27		200,000		174,213	(a)(b)(c)
Credit Suisse Group AG, Senior Notes		3.800	%		6/9/23		250,000		243,437
Credit Suisse Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		280,000		239,146	(a)(b)
Goldman Sachs Group Inc., Senior Notes (0.855% to 2/12/25 then SOFR + 0.609%)		0.855	%		2/12/26		40,000		36,169	(b)
Goldman Sachs Group Inc., Senior Notes (1.093% to 12/9/25 then SOFR + 0.789%)		1.093	%		12/9/26		220,000		193,936	(b)
Goldman Sachs Group Inc., Senior Notes (1.948% to 10/21/26 then SOFR + 0.913%)		1.948	%		10/21/27		100,000		87,439	(b)
Goldman Sachs Group Inc., Senior Notes (3.102% to 2/24/32 then SOFR + 1.410%)		3.102	%		2/24/33		180,000		146,157	(b)
Intercontinental Exchange Inc., Senior Notes		4.600	%		3/15/33		30,000		28,696

See Notes to Schedules of Investments.

    4     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
Mercedes-Benz Finance North America LLC, Senior Notes		1.450	%		3/2/26	$	150,000	$	134,173	(a)
Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%)		0.985	%		12/10/26		40,000		35,049	(b)
Morgan Stanley, Senior Notes (1.512% to 7/20/26 then SOFR + 0.858%)		1.512	%		7/20/27		20,000		17,356	(b)
Morgan Stanley, Senior Notes (1.593% to 5/4/26 then SOFR + 0.879%)		1.593	%		5/4/27		200,000		175,447	(b)
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		130,000		120,804	(b)
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%)		2.511	%		10/20/32		100,000		78,256	(b)
UBS AG, Senior Notes		1.250	%		6/1/26		200,000		174,747	(a)
Total Capital Markets									2,064,216
Diversified Financial Services - 1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		150,000		131,166
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		200,000		156,352
Element Fleet Management Corp., Senior Notes		1.600	%		4/6/24		10,000		9,473	(a)
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		2,307		1,961	(a)(d)
Total Diversified Financial Services									298,952
Insurance - 1.9%
American International Group Inc., Senior Notes		2.500	%		6/30/25		80,000		75,312
AmFam Holdings Inc., Senior Notes		2.805	%		3/11/31		150,000		116,546	(a)
GA Global Funding Trust, Secured Notes		1.000	%		4/8/24		20,000		18,734	(a)
National General Holdings Corp., Senior Notes		6.750	%		5/15/24		40,000		40,178	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		60,000		54,328	(a)
Prudential Financial Inc., Senior Notes		1.500	%		3/10/26		10,000		9,004
Reliance Standard Life Global Funding II, Secured Notes		2.500	%		10/30/24		100,000		94,546	(a)
Reliance Standard Life Global Funding II, Secured Notes		2.750	%		1/21/27		50,000		45,070	(a)
Total Insurance									453,718
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
Blackstone Holdings Finance Co. LLC, Senior Notes		6.200	%		4/22/33		80,000		80,641	(a)
Thrifts & Mortgage Finance - 0.1%
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes		2.875	%		10/15/26		20,000		17,143	(a)
TOTAL FINANCIALS									6,611,869
HEALTH CARE - 4.7%
Biotechnology - 0.7%
AbbVie Inc., Senior Notes		2.600	%		11/21/24		30,000		28,700
AbbVie Inc., Senior Notes		2.950	%		11/21/26		150,000		139,498
Total Biotechnology									168,198
Health Care Equipment & Supplies - 0.1%
Becton Dickinson and Co., Senior Notes		3.363	%		6/6/24		32,000		31,270
Health Care Providers & Services - 3.5%
Bon Secours Mercy Health Inc., Secured Notes		3.464	%		6/1/30		10,000		8,938
Centene Corp., Senior Notes		4.625	%		12/15/29		30,000		27,415
Centene Corp., Senior Notes		3.375	%		2/15/30		80,000		67,630
Cigna Corp., Senior Notes		4.125	%		11/15/25		40,000		39,081
Cigna Corp., Senior Notes		2.400	%		3/15/30		130,000		108,904
CommonSpirit Health, Senior Secured Notes		2.782	%		10/1/30		10,000		8,248
CSL Finance PLC, Senior Notes		3.850	%		4/27/27		20,000		19,133	(a)
CSL Finance PLC, Senior Notes		4.050	%		4/27/29		30,000		28,276	(a)
CVS Health Corp., Senior Notes		2.625	%		8/15/24		20,000		19,212

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         5

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Health Care Providers & Services - (continued)
CVS Health Corp., Senior Notes		2.875	%		6/1/26	$	40,000	$	37,339
CVS Health Corp., Senior Notes		1.300	%		8/21/27		90,000		76,197
Elevance Health Inc., Senior Notes		4.100	%		5/15/32		20,000		18,603
Elevance Health Inc., Senior Notes		5.500	%		10/15/32		60,000		61,424
UnitedHealth Group Inc., Senior Notes		1.150	%		5/15/26		70,000		62,515
UnitedHealth Group Inc., Senior Notes		3.700	%		5/15/27		80,000		77,385
UnitedHealth Group Inc., Senior Notes		5.350	%		2/15/33		150,000		154,753
Total Health Care Providers & Services									815,053
Pharmaceuticals - 0.4%
Astrazeneca Finance LLC, Senior Notes		1.200	%		5/28/26		40,000		35,612
Merck & Co. Inc., Senior Notes		1.900	%		12/10/28		60,000		51,514
Total Pharmaceuticals									87,126
TOTAL HEALTH CARE									1,101,647
INDUSTRIALS - 8.7%
Aerospace & Defense - 1.5%
Boeing Co., Senior Notes		4.875	%		5/1/25		50,000		49,617
Boeing Co., Senior Notes		2.196	%		2/4/26		280,000		254,398
Howmet Aerospace Inc., Senior Notes		6.875	%		5/1/25		50,000		51,308
Total Aerospace & Defense									355,323
Airlines - 2.8%
Air Canada Pass-Through Trust		5.000	%		12/15/23		39,333		38,503	(a)
American Airlines Inc. Pass-Through Trust		4.950	%		2/15/25		30,930		29,084
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.500	%		4/20/26		60,000		57,699	(a)
Continental Airlines Pass-Through Trust		4.000	%		10/29/24		33,121		31,602
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		140,000		143,071	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		210,000		204,872	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		40,000		37,599	(a)
Discovery Communications LLC., Senior Notes		4.900	%		3/11/26		50,000		48,486
United Airlines Pass-Through Trust		4.875	%		1/15/26		60,960		57,996
US Airways Pass-Through Trust		3.950	%		11/15/25		8,877		8,063
Total Airlines									656,975
Commercial Services & Supplies - 0.3%
Waste Connections Inc., Senior Notes		4.200	%		1/15/33		80,000		74,299
Industrial Conglomerates - 0.4%
Honeywell International Inc., Senior Notes		1.950	%		6/1/30		50,000		41,259
Honeywell International Inc., Senior Notes		5.000	%		2/15/33		50,000		50,927
Total Industrial Conglomerates									92,186
Professional Services - 0.1%
Equifax Inc., Senior Notes		2.350	%		9/15/31		30,000		23,279
Road & Rail - 0.4%
Canadian Pacific Railway Co., Senior Notes		1.750	%		12/2/26		100,000		89,114
Trading Companies & Distributors - 3.2%
Air Lease Corp., Senior Notes		3.000	%		9/15/23		130,000		127,795
Air Lease Corp., Senior Notes		0.700	%		2/15/24		220,000		207,811

See Notes to Schedules of Investments.

    6     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Trading Companies & Distributors - (continued)
Air Lease Corp., Senior Notes		5.850	%		12/15/27	$	60,000	$	59,932
Aviation Capital Group LLC, Senior Notes		4.125	%		8/1/25		370,000		345,164	(a)
Total Trading Companies & Distributors									740,702
TOTAL INDUSTRIALS									2,031,878
INFORMATION TECHNOLOGY - 4.6%
Electronic Equipment, Instruments & Components - 0.6%
TD SYNNEX Corp., Senior Notes		1.250	%		8/9/24		100,000		92,874
Vontier Corp., Senior Notes		1.800	%		4/1/26		60,000		50,703
Total Electronic Equipment, Instruments & Components									143,577
IT Services - 0.7%
Mastercard Inc., Senior Notes		3.300	%		3/26/27		120,000		114,285
PayPal Holdings Inc., Senior Notes		2.300	%		6/1/30		60,000		49,290
S&P Global Inc., Senior Notes		1.250	%		8/15/30		10,000		7,691
Total IT Services									171,266
Semiconductors & Semiconductor Equipment - 0.8%
Broadcom Inc., Senior Notes		3.150	%		11/15/25		10,000		9,472
KLA Corp., Senior Notes		4.650	%		7/15/32		20,000		19,590
Lam Research corp., Senior Notes		1.900	%		6/15/30		60,000		48,888
QUALCOMM Inc., Senior Notes		4.250	%		5/20/32		20,000		19,241
Texas Instruments Inc., Senior Notes		4.600	%		2/15/28		50,000		49,932
Texas Instruments Inc., Senior Notes		3.650	%		8/16/32		30,000		27,797
Total Semiconductors & Semiconductor Equipment									174,920
Software - 2.0%
Adobe Inc., Senior Notes		2.300	%		2/1/30		60,000		51,160
Fortinet Inc., Senior Notes		1.000	%		3/15/26		120,000		105,033
Oracle Corp., Senior Notes		6.150	%		11/9/29		150,000		155,695
Salesforce Inc., Senior Notes		1.500	%		7/15/28		130,000		110,869
Workday Inc., Senior Notes		3.800	%		4/1/32		50,000		44,137
Total Software									466,894
Technology Hardware, Storage & Peripherals - 0.5%
Apple Inc., Senior Notes		1.400	%		8/5/28		140,000		118,594
TOTAL INFORMATION TECHNOLOGY									1,075,251
MATERIALS - 2.5%
Containers & Packaging - 0.0%††
Graphic Packaging International LLC, Senior Secured Notes		1.512	%		4/15/26		10,000		8,723	(a)
Metals & Mining - 2.4%
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		200,000		193,512	(a)
ArcelorMittal SA, Senior Notes		6.550	%		11/29/27		30,000		30,141
Freeport-McMoRan Inc., Senior Notes		4.375	%		8/1/28		130,000		121,338
Glencore Funding LLC, Senior Notes		1.625	%		9/1/25		160,000		144,815	(a)
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		70,000		65,525
Yamana Gold Inc., Senior Notes		2.630	%		8/15/31		10,000		7,467
Total Metals & Mining									562,798

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         7

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Paper & Forest Products - 0.1%
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32	$	30,000	$	23,388
TOTAL MATERIALS									594,909
REAL ESTATE - 1.6%
Equity Real Estate Investment Trusts (REITs) - 1.6%
Alexandria Real Estate Equities Inc., Senior Notes		2.000	%		5/18/32		10,000		7,657
Diversified Healthcare Trust, Senior Notes		4.750	%		5/1/24		20,000		16,900
Extra Space Storage LP, Senior Notes		3.900	%		4/1/29		20,000		17,915
Kimco Realty Corp., Senior Notes		2.250	%		12/1/31		40,000		30,709
Simon Property Group LP, Senior Notes		3.500	%		9/1/25		20,000		19,155
VICI Properties LP, Senior Notes		4.750	%		2/15/28		90,000		85,380
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		3.750	%		9/17/24		200,000		189,023	(a)
Welltower Inc., Senior Notes		3.850	%		6/15/32		20,000		16,971
TOTAL REAL ESTATE									383,710
UTILITIES - 2.5%
Electric Utilities - 2.5%
DTE Electric Co., First Mortgage Bonds		2.625	%		3/1/31		30,000		25,505
Duke Energy Ohio Inc., First Mortgage Bonds		2.125	%		6/1/30		10,000		8,161
Edison International, Senior Notes		4.950	%		4/15/25		160,000		157,344
Enel Finance International NV, Senior Notes		6.800	%		10/14/25		200,000		205,366	(a)
NRG Energy Inc., Senior Secured Notes		2.450	%		12/2/27		140,000		115,998	(a)
Ohio Edison Co., Senior Notes		5.500	%		1/15/33		20,000		19,808	(a)
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		30,000		25,621
Pacific Gas and Electric Co., First Mortgage Bonds		3.000	%		6/15/28		10,000		8,645
Toledo Edison Co., First Mortgage Bonds		2.650	%		5/1/28		8,000		6,988	(a)
TOTAL UTILITIES									573,436
TOTAL CORPORATE BONDS & NOTES (Cost - $21,682,217)									20,058,473
ASSET-BACKED SECURITIES - 3.6%
ABPCI Direct Lending Fund LLC, 2020-9A A1R (3 mo. USD LIBOR + 1.400%)		5.758	%		11/18/31		270,000		262,170	(a)(b)
AGL CLO Ltd., 2020-6A AR (3 mo. USD LIBOR + 1.200%)		5.443	%		7/20/34		100,000		97,530	(a)(b)
Halcyon Loan Advisors Funding Ltd., 2017-2A A2 (3 mo. USD LIBOR + 1.700%)		5.779	%		1/17/30		250,000		244,190	(a)(b)
Navient Private Education Refi Loan Trust, 2020-DA A		1.690	%		5/15/69		32,616		29,315	(a)
Neuberger Berman Loan Advisers CLO Ltd., 2021-42A A (3 mo. USD LIBOR + 1.100%)		5.179	%		7/16/35		210,000		203,243	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $861,008)									836,448
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 1.6%
U.S. Government Obligations - 1.6%
U.S. Treasury Bonds		3.250	%		5/15/42		80,000		70,137
U.S. Treasury Bonds		3.375	%		8/15/42		20,000		17,875
U.S. Treasury Bonds		4.000	%		11/15/42		10,000		9,791
U.S. Treasury Bonds		2.250	%		2/15/52		10,000		6,954
U.S. Treasury Bonds		2.875	%		5/15/52		20,000		16,025
U.S. Treasury Notes		3.875	%		11/30/27		140,000		139,234
U.S. Treasury Notes		4.125	%		11/15/32		110,000		112,252
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $391,277)									372,268

See Notes to Schedules of Investments.

    8     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
SOVEREIGN BONDS - 0.2%
Argentina - 0.2%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29	$	4,718	$	1,252
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23 then 0.750%)		0.500	%		7/9/30		135,800		36,624
Total Sovereign Bonds (Cost - $85,384)									37,876
MUNICIPAL BONDS - 0.1%
California - 0.1%
Regents of the University of California, CA, Medical Center Pooled Revenue, Taxable Bonds, Series Q (Cost - $30,000)		4.132	%		5/15/32		30,000		27,947
SENIOR LOANS - 0.0%††
INDUSTRIALS - 0.0%††
Airlines - 0.0%††
Delta Air Lines Inc., Initial Term Loan (3 mo. USD LIBOR + 3.750%) (Cost - $9,927)		7.993	%		10/20/27		10,000		10,180	(b)(e)(f)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $23,059,813)									21,343,192
						SHARES
SHORT-TERM INVESTMENTS - 7.2%
BNY Mellon Cash Reserve Fund (Cost - $1,699,435)		2.000	%				1,699,435		1,699,435	(g)
TOTAL INVESTMENTS - 98.5% (Cost - $24,759,248)									23,042,627
Other Assets in Excess of Liabilities - 1.5%									340,018
TOTAL NET ASSETS - 100.0%								$	23,382,645

†† Represents less than 0.1%.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(b) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(c) Security has no maturity date. The date shown represents the next call date.

(d) Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.

(e) Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(f) Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(g) Rate shown is one-day yield as of the end of the reporting period.

Abbreviation(s) used in this schedule:

CLO	— Collateralized Loan Obligation
LIBOR	— London Interbank Offered Rate
PIK	— Payment-In-Kind
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         9

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)   December 31, 2022

At December 31, 2022, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Notes		20		3/23	$	4,110,949	$	4,101,563	$	(9,386	)
U.S. Treasury 5-Year Notes		127		3/23		13,730,172		13,707,070		(23,102	)
										(32,488	)
Contracts to Sell:
U.S. Treasury 10-Year Notes		78		3/23		8,802,507		8,759,156		43,351
U.S. Treasury Long-Term Bonds		8		3/23		1,016,808		1,002,750		14,058
U.S. Treasury Ultra 10-Year Notes		1		3/23		118,467		118,281		186
U.S. Treasury Ultra Long-Term Bonds		1		3/23		138,373		134,313		4,060
										61,655
Net unrealized appreciation on open futures contracts									$	29,167

At December 31, 2022, the Fund had the following open swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†		MARKET VALUE3			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
MARKIT CDX.NA.HY.38 Index	$	366,300		6/20/27		5.000% quarterly	$	(7,570	)	$	2,058		$	(9,628	)
MARKIT CDX.NA.IG.38 Index		1,010,000		6/20/27		1.000% quarterly		(10,596	)		(6,243	)		(4,353	)
MARKIT CDX.NA.IG.39 Index		480,000		12/20/27		1.000% quarterly		(3,826	)		217			(4,043	)
Total	$	1,856,300					$	(21,992	)	$	(3,968	)	$	(18,024	)

¹  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the underlying securities comprising the referenced index.

²  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

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.

    10     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 36.4%
COMMUNICATION SERVICES - 4.0%
Diversified Telecommunication Services - 1.4%
AT&T Inc., Senior Notes		2.550	%		12/1/33		20,000	$	15,370
AT&T Inc., Senior Notes		5.350	%		9/1/40		20,000		19,055
AT&T Inc., Senior Notes		5.550	%		8/15/41		10,000		9,575
AT&T Inc., Senior Notes		4.350	%		6/15/45		19,000		15,282
AT&T Inc., Senior Notes		3.500	%		9/15/53		30,000		20,248
AT&T Inc., Senior Notes		3.550	%		9/15/55		37,000		24,688
AT&T Inc., Senior Notes		3.650	%		9/15/59		20,000		13,387
Verizon Communications Inc., Senior Notes		3.150	%		3/22/30		40,000		35,274
Verizon Communications Inc., Senior Notes		1.750	%		1/20/31		60,000		46,550
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		60,000		49,341
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		94,000		74,514
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		80,000		74,855
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		30,000		29,624
Verizon Communications Inc., Senior Notes		3.400	%		3/22/41		10,000		7,519
Total Diversified Telecommunication Services									435,282
Entertainment - 0.4%
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		20,000		18,011	(a)
Warnermedia Holdings Inc., Senior Notes		4.054	%		3/15/29		10,000		8,651	(a)
Warnermedia Holdings Inc., Senior Notes		4.279	%		3/15/32		50,000		41,188	(a)
Warnermedia Holdings Inc., Senior Notes		5.050	%		3/15/42		10,000		7,651	(a)
Warnermedia Holdings Inc., Senior Notes		5.141	%		3/15/52		70,000		50,888	(a)
Total Entertainment									126,389
Media - 1.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		10,000		8,262	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		2/1/31		218,000		174,861	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		40,000		39,204
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		30,000		28,225
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		2.800	%		4/1/31		70,000		54,496
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		40,000		33,302
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		40,000		25,630
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		10,000		7,259
Comcast Corp., Senior Notes		4.250	%		10/15/30		30,000		28,700
Comcast Corp., Senior Notes		3.750	%		4/1/40		20,000		16,494
Comcast Corp., Senior Notes		4.000	%		8/15/47		10,000		7,986
Comcast Corp., Senior Notes		3.969	%		11/1/47		20,000		15,978
Comcast Corp., Senior Notes		3.450	%		2/1/50		10,000		7,252
Comcast Corp., Senior Notes		2.800	%		1/15/51		40,000		25,244

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         11

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		120,000	$	111,508
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		10,000		9,521
Total Media									593,922
Wireless Telecommunication Services - 0.3%
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		10,000		9,096
T-Mobile USA Inc., Senior Notes		3.750	%		4/15/27		10,000		9,419
T-Mobile USA Inc., Senior Notes		3.875	%		4/15/30		30,000		27,175
T-Mobile USA Inc., Senior Notes		2.550	%		2/15/31		40,000		32,677
Total Wireless Telecommunication Services									78,367
TOTAL COMMUNICATION SERVICES									1,233,960
CONSUMER DISCRETIONARY - 4.9%
Automobiles - 1.6%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		70,000		52,496
Ford Motor Co., Senior Notes		6.100	%		8/19/32		20,000		18,467
Ford Motor Credit Co. LLC, Senior Notes		4.000	%		11/13/30		200,000		164,168
General Motors Co., Senior Notes		6.125	%		10/1/25		30,000		30,531
General Motors Co., Senior Notes		5.950	%		4/1/49		10,000		8,715
General Motors Financial Co. Inc., Senior Notes		3.100	%		1/12/32		20,000		15,671
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		240,000		217,619	(a)
Total Automobiles									507,667
Hotels, Restaurants & Leisure - 2.0%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		40,000		37,808
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		80,000		73,518
McDonald’s Corp., Senior Notes		4.450	%		9/1/48		50,000		43,483
NCL Corp. Ltd., Senior Notes		5.875	%		3/15/26		130,000		102,111	(a)
Sands China Ltd., Senior Notes		5.625	%		8/8/25		200,000		191,206
Sands China Ltd., Senior Notes		2.800	%		3/8/27		200,000		171,286
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		20,000		17,202	(a)
Total Hotels, Restaurants & Leisure									636,614
Household Durables - 0.1%
Lennar Corp., Senior Notes		4.500	%		4/30/24		20,000		19,733
MDC Holdings Inc., Senior Notes		6.000	%		1/15/43		10,000		8,124
Total Household Durables									27,857
Internet & Direct Marketing Retail - 1.1%
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		40,000		35,437
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		50,000		42,872
Amazon.com Inc., Senior Notes		3.100	%		5/12/51		30,000		21,366
Prosus NV, Senior Notes		3.832	%		2/8/51		400,000		241,667	(a)
Total Internet & Direct Marketing Retail									341,342
Specialty Retail - 0.1%
Home Depot Inc., Senior Notes		3.350	%		4/15/50		20,000		14,681
TOTAL CONSUMER DISCRETIONARY									1,528,161

See Notes to Schedules of Investments.

    12     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER STAPLES - 1.1%
Beverages - 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		20,000	$	19,248
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		10,000		9,871
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		8,000		6,952
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.439	%		10/6/48		20,000		17,081
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		10,000		9,886
Constellation Brands Inc., Senior Notes		4.350	%		5/9/27		30,000		29,213
Total Beverages									92,251
Food Products - 0.2%
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		30,000		24,378
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		30,000		26,041
Mars Inc., Senior Notes		3.200	%		4/1/30		30,000		26,796	(a)
Mars Inc., Senior Notes		3.200	%		4/1/30		10,000		8,932	(b)
Total Food Products									86,147
Tobacco - 0.6%
Altria Group Inc., Senior Notes		5.375	%		1/31/44		10,000		8,814
Altria Group Inc., Senior Notes		3.875	%		9/16/46		30,000		20,059
Altria Group Inc., Senior Notes		5.950	%		2/14/49		80,000		71,138
Altria Group Inc., Senior Notes		6.200	%		2/14/59		4,000		3,740
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		30,000		27,407
BAT Capital Corp., Senior Notes		3.734	%		9/25/40		30,000		20,371
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		40,000		28,263
Total Tobacco									179,792
TOTAL CONSUMER STAPLES									358,190
ENERGY - 5.1%
Oil, Gas & Consumable Fuels - 5.1%
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		30,000		27,532
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		30,000		25,306	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		60,000		48,307	(a)
Cheniere Energy Inc., Senior Notes		4.625	%		10/15/28		30,000		27,116
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		10,000		7,947
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		20,000		19,952
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		20,000		17,329	(a)
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		20,000		18,617	(a)
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		30,000		22,241
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		70,000		65,361
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		70,000		66,132
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		70,000		60,439
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		20,000		17,546
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		70,000		48,724
Energy Transfer LP, Junior Subordinated Notes (6.250% to 2/15/23 then 3 mo. USD LIBOR + 4.028%)		6.250	%		2/15/23		10,000		8,500	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)		6.500	%		11/15/26		20,000		17,200	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		10,000		8,650	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year Treasury Constant Maturity Rate + 5.306%)		7.125	%		5/15/30		30,000		25,050	(c)(d)

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         13

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		50,000	$	47,087
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		10,000		9,670
Energy Transfer LP, Senior Notes		5.250	%		4/15/29		10,000		9,670
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		20,000		17,634
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		40,000		37,195
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		30,000		28,407
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		30,000		25,486
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		60,000		43,254
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. USD LIBOR + 2.570%)		5.375	%		2/15/78		10,000		7,626	(d)
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		20,000		17,841
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		10,000		9,514
EQM Midstream Partners LP, Senior Notes		6.000	%		7/1/25		70,000		67,550	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		45,000		41,542
EQT Corp., Senior Notes		5.000	%		1/15/29		20,000		18,775
EQT Corp., Senior Notes		3.625	%		5/15/31		40,000		33,897	(a)
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		10,000		9,579
Kinder Morgan Inc., Senior Notes		5.050	%		2/15/46		20,000		16,962
Kinder Morgan Inc., Senior Notes		5.200	%		3/1/48		40,000		34,514
MPLX LP, Senior Notes		4.875	%		6/1/25		20,000		19,693
MPLX LP, Senior Notes		4.800	%		2/15/29		30,000		28,708
MPLX LP, Senior Notes		4.500	%		4/15/38		20,000		16,847
MPLX LP, Senior Notes		5.500	%		2/15/49		10,000		8,789
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		30,000		30,870
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		10,000		9,184	(a)
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		70,000		67,988
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		20,000		15,808
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		20,000		17,476
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		10,000		9,120
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		10,000		8,546
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		10,000		9,801
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		10,000		9,540
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		20,159
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.875	%		2/1/31		40,000		36,118
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		10,000		8,376	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		40,000		42,691
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		10,000		9,462
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		10,000		9,175
Western Midstream Operating LP, Senior Notes		4.300	%		2/1/30		20,000		17,458
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		60,000		49,798
Western Midstream Operating LP, Senior Notes (3 mo. USD LIBOR + 1.100%)		5.041	%		1/13/23		10,000		9,985	(d)

See Notes to Schedules of Investments.

    14     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		70,000	$	77,188
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		40,000		47,103
TOTAL ENERGY									1,588,035
FINANCIALS - 12.5%
Banks - 8.9%
Bank of America Corp., Senior Notes		5.000	%		1/21/44		50,000		45,969
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		50,000		39,160	(d)
Bank of America Corp., Senior Notes (2.687% to 4/22/31 then SOFR + 1.320%)		2.687	%		4/22/32		200,000		160,077	(d)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		40,000		32,225	(d)
Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%)		4.376	%		4/27/28		40,000		38,253	(d)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		70,000		68,917
Bank of Montreal, Senior Notes		1.850	%		5/1/25		30,000		28,023
Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury Constant Maturity Rate + 2.050%)		4.588	%		5/4/37		40,000		34,134	(d)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		200,000		190,063	(a)(d)
Canadian Imperial Bank of Commerce, Senior Notes		0.950	%		6/23/23		20,000		19,627
Citigroup Inc., Senior Notes		8.125	%		7/15/39		80,000		98,318
Citigroup Inc., Senior Notes (1.678% to 5/15/23 then SOFR + 1.667%)		1.678	%		5/15/24		50,000		49,292	(d)
Citigroup Inc., Senior Notes (2.520% to 11/3/31 then SOFR + 1.177%)		2.520	%		11/3/32		70,000		54,437	(d)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		20,000		17,106	(d)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. USD LIBOR + 1.338%)		3.980	%		3/20/30		60,000		54,113	(d)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		10,000		9,183	(d)
Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%)		4.658	%		5/24/28		30,000		29,033	(d)
Citigroup Inc., Senior Notes (4.910% to 5/24/32 then SOFR + 2.086%)		4.910	%		5/24/33		20,000		18,729	(d)
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		60,000		60,367
Cooperatieve Rabobank UA, Senior Notes (1.339% to 6/24/25 then 1 year Treasury Constant Maturity Rate + 1.000%)		1.339	%		6/24/26		250,000		224,782	(a)(d)
Danske Bank A/S, Senior Notes (3.773% to 3/28/24 then 1 year Treasury Constant Maturity Rate + 1.450%)		3.773	%		3/28/25		250,000		242,237	(a)(d)
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		200,000		181,999	(d)
Intesa Sanpaolo SpA, Senior Notes		3.375	%		1/12/23		200,000		199,901	(a)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		30,000		27,849	(d)
JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + 1.180%)		2.545	%		11/8/32		20,000		15,809	(d)
JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then SOFR + 1.250%)		2.580	%		4/22/32		40,000		32,042	(d)
JPMorgan Chase & Co., Senior Notes (2.739% to 10/15/29 then SOFR + 1.510%)		2.739	%		10/15/30		40,000		33,545	(d)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. USD LIBOR + 1.000%)		4.023	%		12/5/24		10,000		9,851	(d)

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         15

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. USD LIBOR + 1.330%)		4.452	%		12/5/29		60,000	$	56,361	(d)
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		30,000		26,803
Lloyds Banking Group PLC, Senior Notes		4.375	%		3/22/28		200,000		189,819
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		20,000		18,307
Toronto-Dominion Bank, Senior Notes		0.750	%		6/12/23		20,000		19,640
Toronto-Dominion Bank, Senior Notes		1.150	%		6/12/25		20,000		18,245
US Bancorp, Senior Notes		1.450	%		5/12/25		40,000		37,088
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		50,000		46,211
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		50,000		46,996
Wells Fargo & Co., Senior Notes (1.654% to 6/2/23 then SOFR + 1.600%)		1.654	%		6/2/24		20,000		19,677	(d)
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		30,000		27,920	(d)
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		30,000		25,272	(d)
Wells Fargo & Co., Senior Notes (3.584% to 5/22/27 then 3 mo. USD LIBOR + 1.310%)		3.584	%		5/22/28		50,000		46,425	(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then SOFR + 4.502%)		5.013	%		4/4/51		170,000		149,749	(d)
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		50,000		41,872
Total Banks									2,785,426
Capital Markets - 2.6%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		10,000		9,292
Credit Suisse Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		250,000		213,523	(a)(d)
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		70,000		68,497
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		40,000		38,466
Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + 1.264%)		2.650	%		10/21/32		110,000		86,853	(d)
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		20,000		18,629	(d)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. USD LIBOR + 1.301%)		4.223	%		5/1/29		10,000		9,316	(d)
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		40,000		35,929
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		40,000		37,170	(d)
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%)		2.511	%		10/20/32		50,000		39,128	(d)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		30,000		27,921	(d)
Morgan Stanley, Subordinated Notes (2.484% to 9/16/31 then SOFR + 1.360%)		2.484	%		9/16/36		30,000		21,754	(d)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		200,000		196,765	(a)(c)(d)
Total Capital Markets									803,243
Consumer Finance - 0.1%
American Express Co., Senior Notes		4.050	%		5/3/29		30,000		28,567
Diversified Financial Services - 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		200,000		174,889
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		70,000		69,087	(a)
Total Diversified Financial Services									243,976

See Notes to Schedules of Investments.

    16     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Insurance - 0.1%
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		30,000	$	26,706
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		20,000		18,115	(a)
Total Insurance									44,821
TOTAL FINANCIALS									3,906,033
HEALTH CARE - 2.1%
BIOTECHNOLOGY - 0.5%
AbbVie Inc., Senior Notes		3.750	%		11/14/23		10,000		9,900
AbbVie Inc., Senior Notes		3.200	%		11/21/29		70,000		63,103
AbbVie Inc., Senior Notes		4.750	%		3/15/45		60,000		53,883
AbbVie Inc., Senior Notes		4.875	%		11/14/48		10,000		9,108
AbbVie Inc., Senior Notes		4.250	%		11/21/49		20,000		16,598
Total Biotechnology									152,592
Health Care Providers & Services - 0.9%
Cigna Corp., Senior Notes		3.750	%		7/15/23		4,000		3,974
Cigna Corp., Senior Notes		4.375	%		10/15/28		10,000		9,644
Cigna Corp., Senior Notes		4.900	%		12/15/48		20,000		18,020
CVS Health Corp., Senior Notes		1.875	%		2/28/31		10,000		7,844
CVS Health Corp., Senior Notes		2.125	%		9/15/31		20,000		15,857
CVS Health Corp., Senior Notes		2.700	%		8/21/40		40,000		27,635
CVS Health Corp., Senior Notes		5.050	%		3/25/48		20,000		17,951
Elevance Health Inc., Senior Notes		4.550	%		5/15/52		10,000		8,687
HCA Inc., Senior Notes		5.625	%		9/1/28		40,000		39,773
HCA Inc., Senior Notes		3.500	%		9/1/30		50,000		43,124
Humana Inc., Senior Notes		3.125	%		8/15/29		30,000		26,296
Humana Inc., Senior Notes		2.150	%		2/3/32		10,000		7,803
UnitedHealth Group Inc., Senior Notes		4.200	%		5/15/32		20,000		18,985
UnitedHealth Group Inc., Senior Notes		5.700	%		10/15/40		10,000		10,384
UnitedHealth Group Inc., Senior Notes		2.900	%		5/15/50		20,000		13,531
UnitedHealth Group Inc., Senior Notes		3.250	%		5/15/51		20,000		14,311
Total Health Care Providers & Services									283,819
Pharmaceuticals - 0.7%
Bristol-Myers Squibb Co., Senior Notes		4.250	%		10/26/49		20,000		17,187
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		240,000		209,880
Total Pharmaceuticals									227,067
TOTAL HEALTH CARE									663,478
INDUSTRIALS - 3.2%
Aerospace & Defense - 1.4%
Boeing Co., Senior Notes		1.433	%		2/4/24		10,000		9,583
Boeing Co., Senior Notes		4.875	%		5/1/25		50,000		49,617
Boeing Co., Senior Notes		2.196	%		2/4/26		50,000		45,428
Boeing Co., Senior Notes		3.200	%		3/1/29		50,000		43,844
Boeing Co., Senior Notes		5.150	%		5/1/30		20,000		19,513
Boeing Co., Senior Notes		3.250	%		2/1/35		60,000		45,630
Boeing Co., Senior Notes		3.550	%		3/1/38		10,000		7,368
Boeing Co., Senior Notes		5.705	%		5/1/40		10,000		9,536

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         17

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Aerospace & Defense - (continued)
Boeing Co., Senior Notes		5.805	%		5/1/50		20,000	$	18,543
Boeing Co., Senior Notes		5.930	%		5/1/60		30,000		27,328
L3Harris Technologies Inc., Senior Notes		4.854	%		4/27/35		20,000		18,636
Lockheed Martin Corp., Senior Notes		4.150	%		6/15/53		30,000		25,444
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		40,000		36,890
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		30,000		29,541
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		50,000		41,607
Total Aerospace & Defense									428,508
Airlines - 1.3%
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		130,000		132,852	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		60,000		56,398	(a)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		10,000		9,050	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		36,002		35,794	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		22,000		22,071	(a)
United Airlines Inc., Senior Secured Notes		4.375	%		4/15/26		30,000		27,808	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		120,000		104,483	(a)
Total Airlines									388,456
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		2.722	%		2/15/30		10,000		8,419
Electrical Equipment - 0.0%††
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		10,000		8,500	(a)
Industrial Conglomerates - 0.2%
3M Co., Senior Notes		3.050	%		4/15/30		20,000		17,558
3M Co., Senior Notes		3.700	%		4/15/50		40,000		30,619
Total Industrial Conglomerates									48,177
Road & Rail - 0.2%
Canadian Pacific Railway Co., Senior Notes		3.000	%		12/2/41		20,000		15,078
Canadian Pacific Railway Co., Senior Notes		3.100	%		12/2/51		10,000		6,723
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		20,000		15,895
Union Pacific Corp., Senior Notes		3.839	%		3/20/60		20,000		15,450
Union Pacific Corp., Senior Notes		3.750	%		2/5/70		20,000		14,579
Total Road & Rail									67,725
Trading Companies & Distributors - 0.1%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		30,000		28,375
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		10,000		8,518	(a)
Total Trading Companies & Distributors									36,893
TOTAL INDUSTRIALS									986,678
INFORMATION TECHNOLOGY - 1.0%
IT Services - 0.1%
PayPal Holdings Inc., Senior Notes		2.300	%		6/1/30		40,000		32,860
Semiconductors & Semiconductor Equipment - 0.5%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		90,000		66,174	(a)
Intel Corp., Senior Notes		4.750	%		3/25/50		10,000		8,679
Intel Corp., Senior Notes		3.050	%		8/12/51		10,000		6,475

See Notes to Schedules of Investments.

    18     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Semiconductors & Semiconductor Equipment - (continued)
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		50,000	$	40,490
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		30,000		28,237
Total Semiconductors & Semiconductor Equipment									150,055
Software - 0.4%
Oracle Corp., Senior Notes		1.650	%		3/25/26		50,000		44,761
Oracle Corp., Senior Notes		2.875	%		3/25/31		50,000		41,456
Workday Inc., Senior Notes		3.700	%		4/1/29		20,000		18,349
Workday Inc., Senior Notes		3.800	%		4/1/32		20,000		17,655
Total Software									122,221
TOTAL INFORMATION TECHNOLOGY									305,136
MATERIALS - 2.0%
Chemicals - 0.5%
Orbia Advance Corp. SAB de CV, Senior Notes		2.875	%		5/11/31		200,000		156,250	(a)
Metals & Mining - 1.1%
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		200,000		188,423	(a)
Barrick North America Finance LLC, Senior Notes		5.750	%		5/1/43		10,000		10,098
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		10,000		9,688
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		20,000		18,628
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		65,000		58,632
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		10,000		9,840	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		30,000		28,312	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		30,000		28,003	(a)
Total Metals & Mining									351,624
Paper & Forest Products - 0.4%
Suzano Austria GmbH, Senior Notes		3.750	%		1/15/31		10,000		8,389
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32		130,000		101,349
Total Paper & Forest Products									109,738
TOTAL MATERIALS									617,612
UTILITIES - 0.5%
Electric Utilities - 0.5%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		180,000		147,719	(a)
Duke Energy Ohio Inc., Secured Bonds		3.650	%		2/1/29		20,000		18,519
TOTAL UTILITIES									166,238
TOTAL CORPORATE BONDS & NOTES (COST - $13,101,689)									11,353,521
MORTGAGE-BACKED SECURITIES - 24.7%
FHLMC - 2.4%
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		1/1/38-1/1/48		206,139		192,810
Federal Home Loan Mortgage Corp. (FHLMC)		1.500	%		10/1/41		36,488		29,522
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		5/1/47-7/1/49		76,095		74,652
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		11/1/49		101,039		100,978
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		11/1/51		94,151		76,721
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.619%)		2.878	%		11/1/47		60,623		58,398	(d)

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         19

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FHLMC - (continued)
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.621%)		3.091	%		2/1/50		74,249	$	71,230	(d)
Federal Home Loan Mortgage Corp. (FHLMC) (12 mo. USD LIBOR + 1.628%)		3.009	%		11/1/48		137,079		129,838	(d)
Total FHLMC									734,149
FNMA - 15.8%
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		9,523		8,813
Federal National Mortgage Association (FNMA)		2.930	%		6/1/30		19,046		17,254
Federal National Mortgage Association (FNMA)		2.149	%		2/1/32		19,927		16,576	(d)
Federal National Mortgage Association (FNMA)		3.500	%		12/1/34- 6/1/49		430,417		400,229
Federal National Mortgage Association (FNMA)		2.790	%		1/1/35		49,303		41,987	(d)
Federal National Mortgage Association (FNMA)		3.000	%		7/1/35- 5/1/51		398,964		362,171
Federal National Mortgage Association (FNMA)		2.500	%		9/1/36- 7/1/61		340,579		291,373
Federal National Mortgage Association (FNMA)		2.000	%		3/1/41		171,373		145,945
Federal National Mortgage Association (FNMA)		6.000	%		7/1/41		31,669		33,071
Federal National Mortgage Association (FNMA)		4.500	%		2/1/48- 1/1/59		66,048		64,497
Federal National Mortgage Association (FNMA)		4.000	%		9/1/48- 1/1/49		402,833		384,054
Federal National Mortgage Association (FNMA)		2.000	%		1/1/52- 2/1/52		1,200,000		976,238	(e)
Federal National Mortgage Association (FNMA)		2.500	%		1/1/52- 2/1/52		1,400,000		1,185,195	(e)
Federal National Mortgage Association (FNMA)		3.000	%		1/1/52- 2/1/52		400,000		351,010	(e)
Federal National Mortgage Association (FNMA)		3.500	%		1/1/52		200,000		181,661	(e)
Federal National Mortgage Association (FNMA)		4.000	%		1/1/52		200,000		187,532	(e)
Federal National Mortgage Association (FNMA)		4.500	%		2/1/52		200,000		192,443	(e)
Federal National Mortgage Association (FNMA)		5.000	%		2/1/52		100,000		98,491	(e)
Total FNMA									4,938,540
GNMA - 6.5%
Government National Mortgage Association (GNMA)		3.000	%		10/15/42		46,776		42,819
Government National Mortgage Association (GNMA) II		3.500	%		2/20/46- 1/20/50		329,240		305,690
Government National Mortgage Association (GNMA) II		4.500	%		4/20/48- 4/20/50		177,158		173,589
Government National Mortgage Association (GNMA) II		5.000	%		11/20/48		25,837		25,831
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50- 2/20/50		488,009		434,637
Government National Mortgage Association (GNMA) II		4.000	%		4/20/50		36,184		35,257
Government National Mortgage Association (GNMA) II		2.500	%		3/20/51- 12/20/51		165,169		143,496
Government National Mortgage Association (GNMA) II		2.500	%		1/1/52		300,000		259,907	(e)
Government National Mortgage Association (GNMA) II		4.000	%		2/1/52		200,000		189,282	(e)
Government National Mortgage Association (GNMA) II		5.000	%		2/1/52		100,000		99,042	(e)

See Notes to Schedules of Investments.

    20     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		5.500	%		2/1/52		200,000	$	200,931	(e)
Government National Mortgage Association (GNMA) II		6.000	%		2/1/52		100,000		101,370	(e)
Total GNMA									2,011,851
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $7,988,614)									7,684,540
COLLATERALIZED MORTGAGE OBLIGATIONS(f) - 12.2%
Alternative Loan Trust, 2005-81 A1 (1 mo. USD LIBOR + 0.560%)		4.949	%		2/25/37		135,044		109,034	(d)
BWAY Mortgage Trust, 2015-1740 E		4.450	%		1/10/35		500,000		399,698	(a)(d)
BX Commercial Mortgage Trust, 2019-IMC F (1 mo. USD LIBOR + 2.900%)		7.218	%		4/15/34		300,000		279,713	(a)(d)
CSMC Trust, 2021-NQM6 A3		1.585	%		7/25/66		197,511		150,013	(a)(d)
Deephaven Residential Mortgage Trust, 2022-1 A2		2.961	%		1/25/67		240,000		181,529	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		69,586		10,338
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		82,338		12,639
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		86,887		11,776
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO		2.500	%		5/25/49		91,694		12,359
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 M1A (30 Day Average SOFR + 2.000%)		5.928	%		4/25/42		91,942		91,482	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2014-C01 M2 (1 mo. USD LIBOR + 4.400%)		8.789	%		1/25/24		40,426		41,498	(d)
Federal National Mortgage Association (FNMA) - CAS, 2014-C02 1M2 (1 mo. USD LIBOR + 2.600%)		6.989	%		5/25/24		86,509		87,570	(d)
Federal National Mortgage Association (FNMA) - CAS, 2015-C03 1M2 (1 mo. USD LIBOR + 5.000%)		9.389	%		7/25/25		17,333		17,592	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C01 1B1 (1 mo. USD LIBOR + 3.550%)		7.939	%		7/25/30		230,000		234,021	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2018-C03 1B1 (1 mo. USD LIBOR + 3.750%)		8.139	%		10/25/30		320,000		323,186	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2019-R07 1M2 (1 mo. USD LIBOR + 2.100%)		6.489	%		10/25/39		27,782		27,712	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2022-R07 1M1 (30 Day Average SOFR + 2.950%)		6.894	%		6/25/42		97,230		98,088	(a)(d)
Federal National Mortgage Association (FNMA) ACES, 2018-M9 APT2		3.103	%		4/25/28		82,968		77,439	(d)
Federal National Mortgage Association (FNMA) REMIC, 2020-74 EI, IO		2.500	%		10/25/50		78,631		13,178
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO		2.500	%		12/25/50		234,608		34,660
Federal National Mortgage Association (FNMA) REMIC, 2021-1 IG, IO		2.500	%		2/25/51		173,384		29,033
Government National Mortgage Association (GNMA), 2013-50 IO, IO		0.068	%		10/16/48		5,365,886		9,158	(d)
Government National Mortgage Association (GNMA), 2014-17 AM		3.537	%		6/16/48		49,383		46,887	(d)
Government National Mortgage Association (GNMA), 2016-14 H		2.850	%		3/16/57		265,169		230,571
Government National Mortgage Association (GNMA), 2020-103 AD		1.450	%		1/16/63		59,569		47,446
Government National Mortgage Association (GNMA), 2020-123 NI, IO		2.500	%		8/20/50		80,983		11,135
Government National Mortgage Association (GNMA), 2020-160 YI, IO		2.500	%		10/20/50		167,265		22,700
Government National Mortgage Association (GNMA), 2020-181 WI, IO		2.000	%		12/20/50		396,508		43,676
Government National Mortgage Association (GNMA), 2020-H13 FM (1 mo. USD LIBOR + 0.400%)		4.242	%		8/20/70		168,579		166,703	(d)
Government National Mortgage Association (GNMA), 2022-3 IO, IO		0.640	%		2/16/61		98,328		4,993	(d)
Government National Mortgage Association (GNMA), 2022-63 LM		3.500	%		10/20/50		100,000		83,929
GS Mortgage Securities Corp. II, 2018-SRP5 C (1 mo. USD LIBOR + 4.250%)		8.568	%		9/15/31		364,019		148,333	(a)(d)
Impac CMB Trust, 2005-7 A1 (1 mo. USD LIBOR + 0.520%)		4.909	%		11/25/35		129,748		109,034	(d)

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         21

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Collateralized Mortgage Obligations(f) - (continued)
IndyMac INDX Mortgage Loan Trust, 2005-AR10 A1 (1 mo. USD LIBOR + 0.520%)		4.909	%		6/25/35		170,552		$	132,029	(d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2019-BKWD D (1 mo. USD LIBOR + 2.100%)		6.418	%		9/15/29		400,000			365,201	(a)(d)
LAQ Mortgage Trust, 2022-LAQ A (1 mo. Term SOFR + 1.724%)		6.050	%		3/15/39		30,548			29,879	(a)(d)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. USD LIBOR + 0.580%)		4.969	%		7/25/45		46,758			42,572	(d)
Wells Fargo Commercial Mortgage Trust, 2017-C41 B		4.188	%		11/15/50		70,000			60,316	(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $4,504,231)										3,797,120
SOVEREIGN BONDS - 10.7%
Argentina - 0.1%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		4,443			1,179
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23 then 0.750%)		0.500	%		7/9/30		145,500			39,240
Total Argentina										40,419
Brazil - 1.8%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		1,684,000	BRL		293,080
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		350,000			259,228
Total Brazil										552,308
Colombia - 0.7%
Colombia Government International Bond, Senior Notes		5.000	%		6/15/45		330,000			224,501
Indonesia - 2.5%
Indonesia Treasury Bond		6.500	%		2/15/31		11,316,000,000	IDR		705,455
Indonesia Treasury Bond		6.375	%		4/15/32		959,000,000	IDR		59,245
Indonesia Treasury Bond		7.500	%		6/15/35		330,000,000	IDR		21,834
Total Indonesia										786,534
Kenya - 0.5%
Republic of Kenya Government International Bond, Senior Notes		6.300	%		1/23/34		200,000			153,600	(a)
Mexico - 3.7%
Mexican Bonos, Senior Notes		7.750	%		11/13/42		21,700,000	MXN		971,627
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		210,000			169,381
Total Mexico										1,141,008
Peru - 0.2%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		90,000			74,451
Russia - 0.4%
Russian Federal Bond - OFZ		6.000	%		10/6/27		1,190,000	RUB		4,401	*(g)
Russian Federal Bond - OFZ		7.650	%		4/10/30		34,430,000	RUB		127,344	*(g)
Russian Federal Bond - OFZ		7.250	%		5/10/34		240,000	RUB		888	*(g)
Total Russia										132,633
South Africa - 0.8%
Republic of South Africa Government Bond, Senior Notes		6.250	%		3/31/36		6,310,000	ZAR		243,759
TOTAL SOVEREIGN BONDS (Cost - $4,425,507)										3,349,213
ASSET-BACKED SECURITIES - 7.0%
Allegany Park CLO Ltd., 2019-1A CR (3 mo. Term SOFR + 2.050%)		6.013	%		1/20/35		250,000			226,605	(a)(d)
ECMC Group Student Loan Trust, 2020-2A A (1 mo. USD LIBOR + 1.150%)		5.539	%		11/25/69		137,410			133,085	(a)(d)
Grippen Park CLO Ltd., 2017-1A E (3 mo. USD LIBOR + 5.700%)		9.943	%		1/20/30		250,000			217,412	(a)(d)

See Notes to Schedules of Investments.

    22     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Halsey Point CLO Ltd., 2019-1A E (3 mo. USD LIBOR + 7.700%)		11.943	%		1/20/33		300,000	$	273,926	(a)(d)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		130,000		113,360	(a)
Loanpal Solar Loan Ltd., 2021-2GS A		2.220	%		3/20/48		236,651		173,057	(a)
MF1 LLC, 2022-FL10 A (1 mo. Term SOFR + 2.635%)		6.956	%		9/17/37		100,000		99,501	(a)(d)
Morgan Stanley ABS Capital Inc. Trust, 2004-NC7 M1 (1 mo. USD LIBOR + 0.855%)		5.244	%		7/25/34		61,936		56,854	(d)
Morgan Stanley ABS Capital Inc. Trust, 2004-NC8 M1 (1 mo. USD LIBOR + 0.915%)		5.304	%		9/25/34		151,955		142,196	(d)
NADG NNN Operating LP, 2019-1 A		3.368	%		12/28/49		147,750		136,981	(a)
Nelnet Student Loan Trust, 2013-1A A (1 mo. USD LIBOR + 0.600%)		4.989	%		6/25/41		42,899		41,794	(a)(d)
Sierra Timeshare Receivables Funding LLC, 2021-2A A		1.350	%		9/20/38		113,330		103,735	(a)
SMB Private Education Loan Trust, 2018-C A2A		3.630	%		11/15/35		58,809		55,278	(a)
SMB Private Education Loan Trust, 2018-C A2B (1 mo. USD LIBOR + 0.750%)		5.068	%		11/15/35		123,549		120,108	(a)(d)
SMB Private Education Loan Trust, 2019-B A2B (1 mo. USD LIBOR + 1.000%)		5.318	%		6/15/37		58,710		57,308	(a)(d)
Structured Asset Investment Loan Trust, 2005-HE1 M2 (1 mo. USD LIBOR + 0.720%)		5.109	%		7/25/35		214,309		202,514	(d)
United States Small Business Administration, 2019-20D 1		2.980	%		4/1/39		21,292		19,633
TOTAL ASSET-BACKED SECURITIES (Cost - $2,381,961)									2,173,347
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 5.4%
U.S. Government Obligations - 5.4%
U.S. Treasury Bonds		4.000	%		11/15/42		70,000		68,534
U.S. Treasury Bonds		3.625	%		8/15/43		30,000		27,579
U.S. Treasury Bonds		2.875	%		5/15/52		20,000		16,025
U.S. Treasury Bonds		3.000	%		8/15/52		340,000		280,128
U.S. Treasury Notes		4.125	%		10/31/27		380,000		381,395
U.S. Treasury Notes		3.875	%		11/30/27		920,000		914,969
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $1,737,103)									1,688,630
SENIOR LOANS - 3.3%
COMMUNICATION SERVICES - 0.5%
Media - 0.5%
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		6.140	%		2/1/27		38,797		37,834	(d)(h)(i)
Nexstar Broadcasting Inc., Term Loan B4 (1 mo. USD LIBOR + 2.500%)		6.884	%		9/18/26		50,325		49,859	(d)(h)(i)
Virgin Media Bristol LLC, Term Loan Facility N (1 mo. USD LIBOR + 2.500%)		6.818	%		1/31/28		50,000		49,089	(d)(h)(i)
Virgin Media Bristol LLC, Term Loan Facility Q (1 mo. USD LIBOR + 3.250%)		7.568	%		1/31/29		20,000		19,785	(d)(h)(i)
TOTAL COMMUNICATION SERVICES									156,567
CONSUMER DISCRETIONARY - 0.4%
Hotels, Restaurants & Leisure - 0.2%
Caesars Resort Collection LLC, Term Loan B1 (1 mo. USD LIBOR + 3.500%)		7.884	%		7/21/25		50,313		50,141	(d)(h)(i)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		6.173	%		6/22/26		30,000		29,881	(d)(h)(i)
Total Hotels, Restaurants & Leisure									80,022
Specialty Retail - 0.2%
Harbor Freight Tools USA Inc., 2021 Refinancing Term Loan (1 mo. USD LIBOR + 2.750%)		7.134	%		10/19/27		55,787		53,036	(d)(h)(i)
TOTAL CONSUMER DISCRETIONARY									133,058

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         23

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER STAPLES - 0.1%
Household Products - 0.1%
Energizer Holdings Inc., Term Loan (1 mo. USD LIBOR + 2.250%)		6.625	%		12/22/27		17,776	$	17,399	(d)(h)(i)
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Pilot Travel Centers LLC, Initial Term Loan B (1 mo. Term SOFR + 2.100%)		6.423	%		8/4/28		48,531		47,912	(d)(h)(i)
FINANCIALS - 0.9%
Diversified Financial Services - 0.7%
Castlelake Aviation One Designated Activity Co., Initial Term Loan (3 mo. USD LIBOR + 2.750%)		7.519	%		10/22/26		68,878		68,176	(d)(h)(i)
Citadel Securities LP, 2021 Term Loan (1 mo. Term SOFR + 2.614%)		6.938	%		2/2/28		56,724		55,547	(d)(h)(i)
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan (1 mo. Term SOFR + 3.750%)		8.073	%		4/9/27		57,505		53,606	(d)(h)(i)
UFC Holdings LLC, Term Loan B3 (3 mo. USD LIBOR + 2.750%)		7.110	%		4/29/26		50,121		49,397	(d)(h)(i)
Total Diversified Financial Services									226,726
Insurance - 0.0%††
Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%)		8.680	%		8/21/28		10,368		9,230	(d)(h)(i)
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Apollo Commercial Real Estate Finance Inc., Initial Term Loan (1 mo. USD LIBOR + 2.750%)		7.134	%		5/15/26		55,988		53,469	(d)(h)(i)(j)
TOTAL FINANCIALS									289,425
HEALTH CARE - 0.3%
Health Care Providers & Services - 0.3%
Global Medical Response Inc., 2020 Term Loan (1 mo. USD LIBOR + 4.250%)		8.422	%		10/2/25		88,200		61,465	(d)(h)(i)
Sotera Health Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.750%)		7.165	%		12/11/26		50,000		46,000	(d)(h)(i)
TOTAL HEALTH CARE									107,465
INDUSTRIALS - 0.6%
Airlines - 0.3%
Air Canada, Term Loan (3 mo. USD LIBOR + 3.500%)		8.130	%		8/11/28		39,800		39,253	(d)(h)(i)
Delta Air Lines Inc., Initial Term Loan (3 mo. USD LIBOR + 3.750%)		7.993	%		10/20/27		50,000		50,900	(d)(h)(i)
Total Airlines									90,153
Commercial Services & Supplies - 0.3%
Ali Group North America Co., Initial Term Loan B (1 mo. Term SOFR + 2.114%)		6.438	%		7/30/29		44,222		43,788	(d)(h)(i)
Mister Car Wash Holdings Inc., First Lien Initial Term Loan (1 mo. USD LIBOR + 3.000%)		7.423	%		5/14/26		51,587		50,812	(d)(h)(i)
Total Commercial Services & Supplies									94,600
TOTAL INDUSTRIALS									184,753
INFORMATION TECHNOLOGY - 0.3%
Electronic Equipment, Instruments & Components - 0.2%
II-VI Inc., Term Loan B (1 mo. USD LIBOR + 2.750%)		7.134	%		7/2/29		48,982		48,358	(d)(h)(i)
Software - 0.1%
Cloudera Inc., Term Loan (1 mo. USD LIBOR + 3.750%)		8.134	%		10/8/28		39,699		37,243	(d)(h)(i)
TOTAL INFORMATION TECHNOLOGY									85,601
TOTAL SENIOR LOANS (Cost - $1,066,690)									1,022,180

See Notes to Schedules of Investments.

    24     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   (Percentages shown based on Fund net assets) December 31, 2022

SECURITY			EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†		VALUE
PURCHASED OPTIONS - 0.1%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.1%
3-Month SOFR Futures, Call @ $95.25				6/16/23			40		100,000	$	15,000
3-Month SOFR Futures, Call @ $95.50				6/16/23			22		55,000		4,813
SOFR 1-Year Mid-Curve Futures, Put @ $95.63				1/13/23			12		30,000		1,575
SOFR 1-Year Mid-Curve Futures, Put @ $95.88				1/13/23			12		30,000		4,350
U.S. Treasury 10-Year Notes Futures, Call @ $114.00				1/27/23			32		32,000		10,000
U.S. Treasury 10-Year Notes Futures, Put @ $109.00				1/27/23			2		2,000		219
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $58,433)											35,957
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%††
Credit default swaption to sell protection on Markit CDX.NA.HY.39 Index, Call @ 101.00bps (Cost - $2,730)		JPMorgan Chase & Co.		1/18/23			300,000		300,000		1,580
TOTAL PURCHASED OPTIONS (Cost - $61,163)											37,537
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $35,266,958)											31,106,088
			RATE			MATURITY DATE		FACE AMOUNT†
SHORT-TERM INVESTMENTS - 8.3%
U.S. TREASURY BILLS - 5.9%
U.S. Treasury Bills				0.000	%		1/3/23		120,000		120,000	(k)
U.S. Treasury Bills				3.682	%		1/31/23		120,000		119,632	(k)
U.S. Treasury Bills				4.063	%		2/21/23		400,000		397,737	(k)
U.S. Treasury Bills				4.230	%		3/21/23		400,000		396,384	(k)
U.S. Treasury Bills				4.226	%		3/28/23		280,000		277,251	(k)
U.S. Treasury Bills				4.623	%		5/25/23		540,000		530,391	(k)
TOTAL U.S. TREASURY BILLS (Cost - $1,840,699)											1,841,395
COMMERCIAL PAPER - 0.3%
Federal Home Loan Bank (FHLB) (Cost - $99,888)				3.688	%		1/12/23		100,000		99,881	(k)
								SHARES
OVERNIGHT DEPOSITS - 2.1%
BNY Mellon Cash Reserve Fund (Cost - $631,706)				2.000	%				631,706		631,706	(l)
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,572,293)											2,572,982
TOTAL INVESTMENTS - 108.1% (Cost - $37,839,251)											33,679,070
Liabilities in Excess of Other Assets - (8.1)%											(2,515,322	)
TOTAL NET ASSETS - 100.0%										$	31,163,748

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         25

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   December 31, 2022

† Face amount/notional amount denominated in U.S. dollars, unless otherwise noted.

†† Represents less than 0.1%.

* Non-income producing security.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

(c) Security has no maturity date. The date shown represents the next call date.

(d) Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(e) This security is traded on a to-be-announced (“TBA”) basis. At December 31, 2022, the Fund held TBA securities with a total cost of $3,907,979.

(f) Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

(g) The coupon payment on this security is currently in default as of December 31, 2022.

(h) Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

(i) Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(j) Security is valued using significant unobservable inputs (Note 1).

(k) Rate shown represents yield-to-maturity.

(l) Rate shown is one-day yield as of the end of the reporting period.

Abbreviation(s) used in this schedule:

ACES	— Alternative Credit Enhancement Securities
bps	— basis point spread (100 basis points = 1.00%)
BRL	— Brazilian Real
CAS	— Connecticut Avenue Securities
CDO	— Collateralized Debt Obligation
CLO	— Collateralized Loan Obligation
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
OFZ	— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
REMIC	— Real Estate Mortgage Investment Conduit
RUB	— Russian Ruble
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar
ZAR	— South African Rand

At December 31, 2022, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY	EXPIRATION DATE		STRIKE PRICE		CONTRACTS		NOTIONAL AMOUNT		VALUE
3-Month SOFR Futures, Call		12/15/23	$	96.50		52	$	130,000	$	(25,350	)
3-Month SOFR Futures, Call		12/15/23		96.63		43		107,500		(18,544	)
3-Month SOFR Futures, Call		9/15/23		98.25		71		177,500		(3,106	)
3-Month SOFR Futures, Call		9/15/23		98.75		215		537,500		(6,719	)
3-Month SOFR Futures, Call		6/16/23		96.00		22		55,000		(2,200	)
SOFR 1-Year Mid-Curve Futures, Call		6/16/23		96.87		40		100,000		(18,750	)
U.S. Treasury 5-Year Notes Futures, Call		1/27/23		109.50		36		36,000		(4,781	)
U.S. Treasury 10-Year Notes Futures, Call		2/24/23		115.50		32		32,000		(10,000	)
U.S. Treasury 10-Year Notes Futures, Call		2/24/23		116.00		10		10,000		(2,500	)
U.S. Treasury 10-Year Notes Futures, Put		2/24/23		112.00		10		10,000		(12,032	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received — $276,636)									$	(103,982	)

See Notes to Schedules of Investments.

    26     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   December 31, 2022

OTC WRITTEN OPTIONS
SECURITY	COUNTERPARTY	EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT			VALUE
Credit default swaption to buy protection on Markit CDX.NA.HY.39 Index, Call	JPMorgan Chase & Co.		1/18/23		103.00	bps		450,000	$	450,000	‡	$	(331	)
Credit default swaption to sell protection on Markit CDX.NA.HY.39 Index, Put	JPMorgan Chase & Co.		1/18/23		95.00	bps		300,000		300,000	‡		(274	)
Total OTC Written Options (Premiums received - $2,850)												$	(605	)
Total Written Options (Premiums received - $279,486)												$	(104,587	)

‡ In the event an option is exercised and a credit event occurs as defined under the terms of the swap agreement, the notional amount is the maximum potential amount that could be required to be paid as a seller of credit protection or received as a buyer of credit protection.

Abbreviation(s) used in this schedule:

bps	— basis point spread (100 basis points = 1.00%)
SOFR	— Secured Overnight Financing Rate

At December 31, 2022, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR		2		9/23	$	482,804	$	475,200	$	(7,604	)
3-Month SOFR		18		12/23		4,332,188		4,283,325		(48,863	)
3-Month SOFR		15		3/25		3,618,144		3,624,750		6,606
3-Month SOFR		3		3/26		722,894		726,150		3,256
90-Day Eurodollar		5		3/23		1,188,405		1,186,562		(1,843	)
Australian 10-Year Bonds		5		3/23		414,454		392,247		(22,207	)
Euro-Bobl		2		3/23		256,095		247,069		(9,026	)
Euro-Bund		1		3/23		146,340		141,869		(4,471	)
Euro-OAT		2		3/23		287,165		266,361		(20,804	)
U.S. Treasury 5-Year Notes		140		3/23		15,186,910		15,110,156		(76,754	)
U.S. Treasury Long-Term Bonds		41		3/23		5,200,743		5,139,094		(61,649	)
U.S. Treasury Ultra Long-Term Bonds		19		3/23		2,571,290		2,551,938		(19,352	)
										(262,711	)
Contracts to Sell:
3-Month SOFR		16		3/24		3,829,791		3,818,800		10,991
U.S. Treasury 2-Year Notes		111		3/23		22,743,535		22,763,672		(20,137	)
U.S. Treasury 10-Year Notes		58		3/23		6,529,912		6,513,219		16,693
U.S. Treasury Ultra 10-Year Notes		4		3/23		473,994		473,125		869
										8,416
Net unrealized depreciation on open futures contracts									$	(254,295	)

Abbreviation(s) used in this table:

Bobl	— Bundesobligation
OAT	— Obligations Assimilables du Trésor (French Treasury Bonds)
SOFR	— Secured Overnight Financing Rate

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         27

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   December 31, 2022

At December 31, 2022, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	2,156,569		USD	107,204	Bank of America N.A.		1/18/23	$	3,057
USD	1,304,129		MXN	26,570,313	Bank of America N.A.		1/18/23		(54,357	)
GBP	130,000		USD	146,665	Goldman Sachs Group Inc.		1/18/23		9,795
USD	29,854		GBP	25,941	Goldman Sachs Group Inc.		1/18/23		(1,367	)
USD	3,961		JPY	522,000	Goldman Sachs Group Inc.		1/18/23		(6	)
USD	58,740		JPY	8,396,590	Goldman Sachs Group Inc.		1/18/23		(5,057	)
EUR	319,262		USD	312,592	JPMorgan Chase & Co.		1/18/23		28,587
EUR	776,528		USD	805,971	JPMorgan Chase & Co.		1/18/23		23,867
IDR	500,245,590		USD	31,735	JPMorgan Chase & Co.		1/18/23		392
IDR	749,200,960		USD	47,717	JPMorgan Chase & Co.		1/18/23		399
JPY	86,328,054		USD	602,923	JPMorgan Chase & Co.		1/18/23		52,997
MXN	6,213,250		USD	315,554	JPMorgan Chase & Co.		1/18/23		2,117
NZD	197,521		USD	112,180	JPMorgan Chase & Co.		1/18/23		12,778
USD	140,013		CNH	994,991	JPMorgan Chase & Co.		1/18/23		(4,009	)
USD	231,524		IDR	3,538,615,057	JPMorgan Chase & Co.		1/18/23		4,264
USD	391,455		IDR	5,971,650,000	JPMorgan Chase & Co.		1/18/23		7,938
USD	21,529		JPY	3,033,260	JPMorgan Chase & Co.		1/18/23		(1,517	)
USD	312,592		NOK	3,345,671	JPMorgan Chase & Co.		1/18/23		(27,301	)
AUD	471,711		USD	304,725	Morgan Stanley & Co. Inc.		1/18/23		15,420
CAD	737,797		USD	540,285	Morgan Stanley & Co. Inc.		1/18/23		4,283
COP	508,148,260		USD	111,421	Morgan Stanley & Co. Inc.		1/18/23		(6,986	)
EUR	27,500		USD	28,985	Morgan Stanley & Co. Inc.		1/18/23		403
EUR	255,542		USD	256,753	Morgan Stanley & Co. Inc.		1/18/23		16,332
INR	16,088,345		USD	195,052	Morgan Stanley & Co. Inc.		1/18/23		(791	)
MXN	1,610,232		USD	80,964	Morgan Stanley & Co. Inc.		1/18/23		1,364
NOK	5,480,555		USD	512,264	Morgan Stanley & Co. Inc.		1/18/23		44,516
USD	21,094		AUD	31,931	Morgan Stanley & Co. Inc.		1/18/23		(578	)
USD	33,592		AUD	52,578	Morgan Stanley & Co. Inc.		1/18/23		(2,092	)
USD	18,684		CAD	25,188	Morgan Stanley & Co. Inc.		1/18/23		93
USD	27,564		CAD	37,602	Morgan Stanley & Co. Inc.		1/18/23		(191	)
USD	50,796		CAD	69,620	Morgan Stanley & Co. Inc.		1/18/23		(590	)
USD	74,065		CAD	102,000	Morgan Stanley & Co. Inc.		1/18/23		(1,221	)
USD	122,930		CAD	168,760	Morgan Stanley & Co. Inc.		1/18/23		(1,632	)
USD	129,472		CNH	930,000	Morgan Stanley & Co. Inc.		1/18/23		(5,142	)
USD	68,687		EUR	69,075	Morgan Stanley & Co. Inc.		1/18/23		(5,130	)
USD	475,056		EUR	461,635	Morgan Stanley & Co. Inc.		1/18/23		(18,271	)
USD	175,572		GBP	145,830	Morgan Stanley & Co. Inc.		1/18/23		61
USD	40,148		JPY	5,913,688	Morgan Stanley & Co. Inc.		1/18/23		(4,784	)
USD	279,151		JPY	36,996,750	Morgan Stanley & Co. Inc.		1/18/23		(1,950	)
Total								$	85,691

Abbreviation(s) used in this table:

AUD	— Australian Dollar
CAD	— Canadian Dollar
CNH	— Chinese Offshore Yuan
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
USD	— United States Dollar

See Notes to Schedules of Investments.

    28     Western Asset ETFs 2022 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   December 31, 2022

At December 31, 2022, the Fund had the following open swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	$	16,958,000		7/11/24		Daily SOFR annually		1.323% annually	$	(610,665	)	$	(226,863)
		10,919,000		8/10/25		Daily SOFR annually		2.725% annually		(69,108	)		(180,017	)
		8,311,000		3/16/27		Daily SOFR annually		3.550% annually		(93,049	)		11,398
		2,991,000		4/30/29		3.270% annually		Daily SOFR annually		(3,805	)		62,339
		583,000		3/18/32		2.000% annually		Daily SOFR annually		4,351			65,073
		2,370,000		5/15/32		3.220% annually		Daily SOFR annually		(9,264	)		73,277
		1,530,000		7/11/32		1.800% annually		Daily SOFR annually		—			215,972
		2,424,000		8/10/33		2.480% annually		Daily SOFR annually		41,542			143,864
		653,000		2/15/48		2.600% annually		Daily SOFR annually		44,369			34,752
		139,000		2/15/48		3.050% annually		Daily SOFR annually		4,241			2,140
		780,000		7/11/52		1.780% annually		Daily SOFR annually		—			208,649
Total	$	47,658,000							$	(691,388	)	$	410,584

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2			TERMINATION DATE		IMPLIED CREDIT SPREAD AT DECEMBER 31, 20223	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED DEPRECIATION
BNP Paribas SA (Volkswagen International Finance NV, 0.875%, due 1/16/23)		530,000	EUR		12/20/24	0.929%	1.000% quarterly	$	763	$	6,734	$	(5,971	)

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION4
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2			TERMINATION DATE		IMPLIED CREDIT SPREAD AT DECEMBER 31, 20223	PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
BNP Paribas SA (Daimler AG, 1.400%, due 1/12/24)		530,000	EUR		12/20/24	0.489%	1.000% quarterly	$	(5,554	)	$	(5,082	)	$	(472	)

See Notes to Schedules of Investments.

Western Asset ETFs 2022 Quarterly Report         29

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)   December 31, 2022

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE5	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
MARKIT CDX.NA.IG.39 Index	$	6,140,000		12/20/27	1.000% quarterly	$48,936	$	(15,415	)	$	64,351
MARKIT CDX.NA.IG.39 Index		1,498,000		12/20/32	1.000% quarterly	(20,544)		(24,275	)		3,731
Total	$	7,638,000				$28,392	$	(39,690	)	$	68,082
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION4
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE5	UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
MARKIT CDX.NA.HY.39 Index	$	832,000		12/20/27	5.000% quarterly	$(4,845)	$	33,195		$	(38,040	)

¹  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

²  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

³  Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

⁴  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the underlying securities comprising the referenced index.

⁵  The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

† Percentage shown is an annual percentage rate.

Abbreviation(s) used in this table:

EUR	— Euro
SOFR	— Secured Overnight Financing Rate

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.

    30       Western Asset ETFs 2022 Quarterly Report

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Short Duration Income ETF (“Short Duration Income ETF”) and Western Asset Total Return ETF (“Total Return 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 actively managed exchange-traded funds (“ETFs”). 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 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 NASDAQ. 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 generally are issued and redeemed in cash. However, Creation Units may also be issued and redeemed partially in-kind for a basket of securities and partially in 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.

The Funds follows 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. 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. 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. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will normally 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.

Pursuant to policies adopted by the Board of Trustees, 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 of Trustees. 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

31

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

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 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:

Short Duration Income ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	20,058,473		—	$	20,058,473
Asset-Backed Securities		—		836,448		—		836,448
U.S. Government & Agency Obligations		—		372,268		—		372,268
Sovereign Bonds		—		37,876		—		37,876
Municipal Bonds		—		27,947		—		27,947
Senior Loans		—		10,180		—		10,180
Total Long-Term Investments		—		21,343,192		—		21,343,192
Short-Term Investments†		—		1,699,435		—		1,699,435
Total Investments		—	$	23,042,627		—	$	23,042,627
Other Financial Instruments:
Futures Contracts††	$	61,655		—		—	$	61,655
Total	$	61,655	$	23,042,627		—	$	23,104,282

32

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

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts††	$	32,488		—		—	$	32,488
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—	$	18,024		—		18,024
Total	$	32,488	$	18,024		—	$	50,512

† See Schedule of Investments for additional detailed categorizations.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

Total Return ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	11,353,521		—	$	11,353,521
Mortgage-Backed Securities		—		7,684,540		—		7,684,540
Collateralized Mortgage Obligations		—		3,797,120		—		3,797,120
Sovereign Bonds		—		3,349,213		—		3,349,213
Asset-Backed Securities		—		2,173,347		—		2,173,347
U.S. Government & Agency Obligations		—		1,688,630		—		1,688,630
Senior Loans:
Financials		—		235,956	$	53,469		289,425
Other Senior Loans		—		732,755		—		732,755
Purchased Options:
Exchange-Traded Purchased Options	$	35,957		—		—		35,957
OTC Purchased Options		—		1,580		—		1,580
Total Long-Term Investments		35,957		31,016,662		53,469		31,106,088
Short-Term Investments†:
U.S. Treasury Bills		—		1,841,395		—		1,841,395
Commercial Paper		—		99,881		—		99,881
Overnight Deposits		—		631,706		—		631,706
Total Short-Term Investments		—		2,572,982		—		2,572,982
Total Investments	$	35,957	$	33,589,644	$	53,469	$	33,679,070
Other Financial Instruments:
Futures Contracts††	$	38,415		—		—	$	38,415
Forward Foreign Currency Contracts††		—	$	228,663		—		228,663
Centrally Cleared Interest Rate Swaps††		—		817,464		—		817,464
OTC Credit Default Swaps on Corporate Issues - Sell Protection‡		—		763		—		763
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		68,082		—		68,082
Total Other Financial Instruments	$	38,415	$	1,114,972		—	$	1,153,387
Total	$	74,372	$	34,704,616	$	53,469	$	34,832,457

33

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

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	103,982		—		—	$	103,982
OTC Written Options		—	$	605		—		605
Futures Contracts††		292,710		—		—		292,710
Forward Foreign Currency Contracts††		—		142,972		—		142,972
Centrally Cleared Interest Rate Swaps††		—		406,880		—		406,880
OTC Credit Default Swaps on Corporate Issues - Buy Protection‡		—		5,554		—		5,554
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		38,040		—		38,040
Total	$	396,692	$	594,051		—	$	990,743

† See Schedule of Investments for additional detailed categorizations.

†† Reflects the unrealized appreciation (depreciation) of the instruments.

‡ Value includes any premium paid or received with respect to swap contracts.

34