CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) June 30, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.6%
COMMUNICATION SERVICES - 10.1%
Diversified Telecommunication Services - 0.0%††
GCI Liberty Inc., Class A Shares (Escrow)		3,549	$	0	(a)(b)(c)
Entertainment - 3.7%
Liberty Media Corp.-Liberty Formula One, Class A Shares		756		51,121	*
Liberty Media Corp.-Liberty Formula One, Class C Shares		4,407		331,759	*
Netflix Inc.		6,868		3,025,285	*
Sea Ltd., ADR		6,526		378,769	*
Warner Bros. Discovery Inc.		23,788		298,302	*
Total Entertainment				4,085,236
Interactive Media & Services - 4.3%
Match Group Inc.		11,570		484,204	*
Meta Platforms Inc., Class A Shares		13,176		3,781,248	*
Pinterest Inc., Class A Shares		17,128		468,280	*
Total Interactive Media & Services				4,733,732
Media - 2.1%
Comcast Corp., Class A Shares		53,884		2,238,880
TOTAL COMMUNICATION SERVICES				11,057,848
CONSUMER DISCRETIONARY - 10.7%
Automobile Components - 0.7%
Aptiv PLC		7,568		772,617	*
Automobiles - 0.6%
Tesla Inc.		2,380		623,013	*
Broadline Retail - 6.8%
Amazon.com Inc.		53,206		6,935,934	*
Etsy Inc.		6,463		546,835	*
Total Broadline Retail				7,482,769
Hotels, Restaurants & Leisure - 0.8%
Airbnb Inc., Class A Shares		6,872		880,715	*
Specialty Retail - 0.5%
TJX Cos. Inc.		6,719		569,704
Textiles, Apparel & Luxury Goods - 1.3%
NIKE Inc., Class B Shares		12,621		1,392,980
TOTAL CONSUMER DISCRETIONARY				11,721,798
CONSUMER STAPLES - 2.4%
Beverages - 1.4%
Monster Beverage Corp.		26,666		1,531,695	*
Personal Care Products - 1.0%
Estee Lauder Cos. Inc., Class A Shares		5,502		1,080,483
TOTAL CONSUMER STAPLES				2,612,178
FINANCIALS - 6.5%
Capital Markets - 1.5%
S&P Global Inc.		3,966		1,589,930
Financial Services - 3.8%
PayPal Holdings Inc.		12,547		837,261	*
Visa Inc., Class A Shares		14,186		3,368,891
Total Financial Services				4,206,152
Insurance - 1.2%
Marsh & McLennan Cos. Inc.		7,171		1,348,722
TOTAL FINANCIALS				7,144,804

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report         1

CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY	SHARES		VALUE
HEALTH CARE - 20.4%
Biotechnology - 6.7%
AbbVie Inc.		8,344	$	1,124,187
Biogen Inc.		5,813		1,655,833	*
Ionis Pharmaceuticals Inc.		14,383		590,135	*
Vertex Pharmaceuticals Inc.		11,284		3,970,952	*
Total Biotechnology				7,341,107
Health Care Equipment & Supplies - 3.5%
Alcon Inc.		15,422		1,266,300
Insulet Corp.		2,368		682,789	*
Intuitive Surgical Inc.		3,375		1,154,048	*
Stryker Corp.		2,668		813,980
Total Health Care Equipment & Supplies				3,917,117
Health Care Providers & Services - 5.0%
Guardant Health Inc.		10,481		375,220	*
UnitedHealth Group Inc.		10,570		5,080,365
Total Health Care Providers & Services				5,455,585
Health Care Technology - 0.5%
Doximity Inc., Class A Shares		16,017		544,898	*
Life Sciences Tools & Services - 2.2%
Charles River Laboratories International Inc.		5,210		1,095,403	*
Thermo Fisher Scientific Inc.		2,543		1,326,810
Total Life Sciences Tools & Services				2,422,213
Pharmaceuticals - 2.5%
Eli Lilly & Co.		2,783		1,305,172
Zoetis Inc.		8,306		1,430,376
Total Pharmaceuticals				2,735,548
TOTAL HEALTH CARE				22,416,468
INDUSTRIALS - 6.6%
Air Freight & Logistics - 1.0%
United Parcel Service Inc., Class B Shares		6,270		1,123,898
Building Products - 1.3%
Johnson Controls International PLC		20,609		1,404,297
Electrical Equipment - 1.4%
Eaton Corp. PLC		7,499		1,508,049
Ground Transportation - 1.2%
Uber Technologies Inc.		31,954		1,379,454	*
Trading Companies & Distributors - 1.7%
W.W. Grainger Inc.		2,416		1,905,233
TOTAL INDUSTRIALS				7,320,931
INFORMATION TECHNOLOGY - 38.7%
Electronic Equipment, Instruments & Components - 1.9%
TE Connectivity Ltd.		14,757		2,068,341
IT Services - 1.6%
Accenture PLC, Class A Shares		2,110		651,104
Snowflake Inc., Class A Shares		6,066		1,067,494	*
Total IT Services				1,718,598

See Notes to Schedules of Investments.

    2     ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY				SHARES		VALUE
Semiconductors & Semiconductor Equipment - 10.4%
ASML Holding NV, Registered Shares					1,941	$	1,406,740
Broadcom Inc.					4,556		3,952,011
NVIDIA Corp.					12,712		5,377,430
Wolfspeed Inc.					12,907		717,500	*
Total Semiconductors & Semiconductor Equipment							11,453,681
Software - 20.1%
Adobe Inc.					3,451		1,687,504	*
Atlassian Corp., Class A Shares					4,810		807,166	*
Autodesk Inc.					9,837		2,012,748	*
CrowdStrike Holdings Inc., Class A Shares					13,618		2,000,076	*
DocuSign Inc.					8,795		449,336	*
Dolby Laboratories Inc., Class A Shares					9,916		829,771
HubSpot Inc.					3,307		1,759,622	*
Intuit Inc.					1,400		641,466
Microsoft Corp.					17,248		5,873,634
Palo Alto Networks Inc.					8,958		2,288,859	*
Salesforce Inc.					7,463		1,576,633	*
Splunk Inc.					10,974		1,164,232	*
Unity Software Inc.					4,414		191,656	*
Workday Inc., Class A Shares					3,794		857,027	*
Total Software							22,139,730
Technology Hardware, Storage & Peripherals - 4.7%
Apple Inc.					20,761		4,027,011
Seagate Technology Holdings PLC					13,282		821,758
Western Digital Corp.					8,243		312,657	*
Total Technology Hardware, Storage & Peripherals							5,161,426
TOTAL INFORMATION TECHNOLOGY							42,541,776
MATERIALS - 1.9%
Chemicals - 1.0%
Sherwin-Williams Co.					3,978		1,056,239
Metals & Mining - 0.9%
Freeport-McMoRan Inc.					24,870		994,800
TOTAL MATERIALS							2,051,039
REAL ESTATE - 1.3%
Specialized REITs - 1.3%
Equinix Inc.					1,828		1,433,042
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $93,303,872)							108,299,884
	RATE
SHORT-TERM INVESTMENTS - 1.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $1,536,664)		5.028	%		1,536,664		1,536,664	(d)
TOTAL INVESTMENTS - 100.0% (Cost - $94,840,536)							109,836,548
Liabilities in Excess of Other Assets - (0.0)%††							(11,491	)
TOTAL NET ASSETS - 100.0%						$	109,825,057

†† Represents less than 0.1%.

* Non-income producing security.

(a) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

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

(c) Value is less than $1.

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

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report         3

CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

    4     ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE DIVIDEND STRATEGY ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 94.9%
COMMUNICATION SERVICES - 4.7%
Diversified Telecommunication Services - 1.2%
Verizon Communications Inc.		9,129	$	339,508
Entertainment - 0.7%
Walt Disney Co.		2,336		208,558	*
Media - 2.8%
Comcast Corp., Class A Shares		20,155		837,440
TOTAL COMMUNICATION SERVICES				1,385,506
CONSUMER DISCRETIONARY - 4.4%
Automobiles - 0.9%
General Motors Co.		7,223		278,519
Hotels, Restaurants & Leisure - 1.4%
Starbucks Corp.		4,211		417,142
Specialty Retail - 2.1%
Home Depot Inc.		1,960		608,854
TOTAL CONSUMER DISCRETIONARY				1,304,515
CONSUMER STAPLES - 9.3%
Beverages - 2.0%
Coca-Cola Co.		9,701		584,194
Food Products - 4.1%
Mondelez International Inc., Class A Shares		8,861		646,321
Nestle SA, ADR		4,744		570,941
Total Food Products				1,217,262
Household Products - 3.2%
Colgate-Palmolive Co.		4,114		316,943
Procter & Gamble Co.		4,141		628,355
Total Household Products				945,298
TOTAL CONSUMER STAPLES				2,746,754
ENERGY - 7.3%
Oil, Gas & Consumable Fuels - 7.3%
Chesapeake Energy Corp.		7,401		619,315
Kinder Morgan Inc.		32,741		563,800
Williams Cos. Inc.		30,406		992,148
TOTAL ENERGY				2,175,263
FINANCIALS - 16.7%
Banks - 3.5%
JPMorgan Chase & Co.		5,094		740,871
PNC Financial Services Group Inc.		2,324		292,708
Total Banks				1,033,579
Consumer Finance - 1.3%
Capital One Financial Corp.		3,421		374,155
Financial Services - 7.8%
Apollo Global Management Inc.		12,962		995,611
Mastercard Inc., Class A Shares		1,368		538,035
Visa Inc., Class A Shares		3,288		780,834
Total Financial Services				2,314,480

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report         5

CLEARBRIDGE DIVIDEND STRATEGY ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY	SHARES		VALUE
Insurance - 4.1%
American International Group Inc.		4,832	$	278,033
MetLife Inc.		6,560		370,837
Travelers Cos. Inc.		3,263		566,652
Total Insurance				1,215,522
TOTAL FINANCIALS				4,937,736
HEALTH CARE - 10.8%
Health Care Equipment & Supplies - 2.7%
Becton Dickinson & Co.		3,056		806,815
Health Care Providers & Services - 2.0%
UnitedHealth Group Inc.		1,248		599,839
Pharmaceuticals - 6.1%
Johnson & Johnson		4,345		719,184
Merck & Co. Inc.		5,895		680,224
Pfizer Inc.		10,950		401,646
Total Pharmaceuticals				1,801,054
TOTAL HEALTH CARE				3,207,708
INDUSTRIALS - 6.3%
Air Freight & Logistics - 1.3%
United Parcel Service Inc., Class B Shares		2,145		384,491
Commercial Services & Supplies - 1.5%
Waste Management Inc.		2,594		449,852
Ground Transportation - 1.7%
Union Pacific Corp.		2,491		509,708
Industrial Conglomerates - 1.8%
Honeywell International Inc.		2,463		511,073
TOTAL INDUSTRIALS				1,855,124
INFORMATION TECHNOLOGY - 17.2%
Communications Equipment - 1.3%
Cisco Systems Inc.		7,323		378,892
Semiconductors & Semiconductor Equipment - 3.5%
Broadcom Inc.		636		551,686
Intel Corp.		8,136		272,068
Texas Instruments Inc.		1,205		216,924
Total Semiconductors & Semiconductor Equipment				1,040,678
Software - 8.7%
Microsoft Corp.		4,403		1,499,398
Oracle Corp.		4,626		550,910
SAP SE, ADR		3,945		539,715
Total Software				2,590,023
Technology Hardware, Storage & Peripherals - 3.7%
Apple Inc.		5,640		1,093,991
TOTAL INFORMATION TECHNOLOGY				5,103,584

See Notes to Schedules of Investments.

    6     ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE DIVIDEND STRATEGY ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY				SHARES		VALUE
MATERIALS - 9.7%
Chemicals - 5.0%
Linde PLC					2,407	$	917,259
PPG Industries Inc.					3,729		553,011
Total Chemicals							1,470,270
Construction Materials - 2.6%
Vulcan Materials Co.					3,429		773,034
Metals & Mining - 2.1%
Freeport-McMoRan Inc.					7,099		283,960
Nucor Corp.					2,087		342,226
Total Metals & Mining							626,186
TOTAL MATERIALS							2,869,490
REAL ESTATE - 4.0%
Residential REITs - 1.9%
AvalonBay Communities Inc.					2,884		545,855
Specialized REITs - 2.1%
American Tower Corp.					2,164		419,686
Public Storage					719		209,862
Total Specialized REITs							629,548
TOTAL REAL ESTATE							1,175,403
UTILITIES - 4.5%
Electric Utilities - 1.7%
Edison International					7,063		490,525
Multi-Utilities - 2.8%
Sempra Energy					5,778		841,219
TOTAL UTILITIES							1,331,744
TOTAL COMMON STOCKS (Cost - $26,655,287)							28,092,827
				SHARES/UNITS
MASTER LIMITED PARTNERSHIPS - 2.1%
Independent Power and Renewable Electricity Producers - 2.1%
Brookfield Renewable Partners LP (Cost - $566,369)					20,780		612,802
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $27,221,656)							28,705,629
	RATE			SHARES
SHORT-TERM INVESTMENTS - 3.1%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $925,371)		5.028	%		925,371		925,371	(a)
TOTAL INVESTMENTS - 100.1% (Cost - $28,147,027)							29,631,000
Liabilities in Excess of Other Assets - (0.1)%							(26,546	)
TOTAL NET ASSETS - 100.0%						$	29,604,454

* Non-income producing security.

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

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report         7

CLEARBRIDGE LARGE CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.5%
COMMUNICATION SERVICES - 8.0%
Entertainment - 3.9%
Netflix Inc.		11,319	$	4,985,906	*
Sea Ltd., ADR		15,372		892,191	*
Total Entertainment				5,878,097
Interactive Media & Services - 4.1%
Meta Platforms Inc., Class A Shares		21,043		6,038,920	*
TOTAL COMMUNICATION SERVICES				11,917,017
CONSUMER DISCRETIONARY - 10.7%
Automobile Components - 1.0%
Aptiv PLC		14,925		1,523,693	*
Automobiles - 0.8%
Tesla Inc.		4,724		1,236,601	*
Broadline Retail - 7.0%
Amazon.com Inc.		80,272		10,464,258	*
Textiles, Apparel & Luxury Goods - 1.9%
NIKE Inc., Class B Shares		25,842		2,852,182
TOTAL CONSUMER DISCRETIONARY				16,076,734
CONSUMER STAPLES - 3.7%
Beverages - 2.2%
Monster Beverage Corp.		58,784		3,376,553	*
Personal Care Products - 1.5%
Estee Lauder Cos. Inc., Class A Shares		11,360		2,230,877
TOTAL CONSUMER STAPLES				5,607,430
FINANCIALS - 10.2%
Capital Markets - 2.2%
S&P Global Inc.		8,333		3,340,617
Financial Services - 6.0%
PayPal Holdings Inc.		26,588		1,774,217	*
Visa Inc., Class A Shares		30,454		7,232,216
Total Financial Services				9,006,433
Insurance - 2.0%
Marsh & McLennan Cos. Inc.		15,492		2,913,735
TOTAL FINANCIALS				15,260,785
HEALTH CARE - 15.5%
Health Care Equipment & Supplies - 7.2%
Alcon Inc.		32,462		2,665,455
Dexcom Inc.		19,118		2,456,854	*
Intuitive Surgical Inc.		8,277		2,830,237	*
Stryker Corp.		9,396		2,866,626
Total Health Care Equipment & Supplies				10,819,172
Health Care Providers & Services - 3.3%
UnitedHealth Group Inc.		10,272		4,937,134
Life Sciences Tools & Services - 2.0%
Thermo Fisher Scientific Inc.		5,580		2,911,365

See Notes to Schedules of Investments.

    8     ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE LARGE CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY	SHARES		VALUE
Pharmaceuticals - 3.0%
Eli Lilly & Co.		3,129	$	1,467,439
Zoetis Inc.		17,319		2,982,505
Total Pharmaceuticals				4,449,944
TOTAL HEALTH CARE				23,117,615
INDUSTRIALS - 10.5%
Air Freight & Logistics - 1.6%
United Parcel Service Inc., Class B Shares		13,496		2,419,158
Electrical Equipment - 2.5%
Eaton Corp. PLC		18,237		3,667,461
Ground Transportation - 1.7%
Uber Technologies Inc.		59,973		2,589,034	*
Industrial Conglomerates - 1.8%
Honeywell International Inc.		13,061		2,710,158
Trading Companies & Distributors - 2.9%
W.W. Grainger Inc.		5,417		4,271,792
TOTAL INDUSTRIALS				15,657,603
INFORMATION TECHNOLOGY - 35.4%
Semiconductors & Semiconductor Equipment - 9.5%
ASML Holding NV, Registered Shares		3,760		2,725,060
Intel Corp.		29,122		973,840
NVIDIA Corp.		25,007		10,578,461
Total Semiconductors & Semiconductor Equipment				14,277,361
Software - 20.8%
Adobe Inc.		6,088		2,976,971	*
Atlassian Corp., Class A Shares		8,973		1,505,759	*
Intuit Inc.		4,000		1,832,760
Microsoft Corp.		38,262		13,029,742
Palo Alto Networks Inc.		16,995		4,342,392	*
Salesforce Inc.		16,198		3,421,989	*
Splunk Inc.		17,352		1,840,874	*
Unity Software Inc.		8,442		366,552	*
Workday Inc., Class A Shares		8,278		1,869,917	*
Total Software				31,186,956
Technology Hardware, Storage & Peripherals - 5.1%
Apple Inc.		38,970		7,559,011
TOTAL INFORMATION TECHNOLOGY				53,023,328
MATERIALS - 1.7%
Chemicals - 1.7%
Sherwin-Williams Co.		9,495		2,521,112
REAL ESTATE - 1.6%
Specialized REITs - 1.6%
Equinix Inc.		3,049		2,390,233
UTILITIES - 1.2%
Electric Utilities - 1.2%
NextEra Energy Inc.		23,428		1,738,358
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $145,771,945)				147,310,215

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report         9

CLEARBRIDGE LARGE CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) June 30, 2023

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 1.6%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $2,382,485)		5.028	%		2,382,485	$	2,382,485	(a)
TOTAL INVESTMENTS - 100.1% (Cost - $148,154,430)							149,692,700
Liabilities in Excess of Other Assets - (0.1)%							(131,068	)
TOTAL NET ASSETS - 100.0%						$	149,561,632

* Non-income producing security.

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

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

    10     ClearBridge ETFs 2023 Quarterly Report

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge All Cap Growth ESG ETF (“All Cap Growth ESG ETF”), ClearBridge Dividend Strategy ESG ETF (“Dividend Strategy ESG ETF”) and ClearBridge Large Cap Growth ESG ETF (“Large Cap Growth ESG 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 are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follow 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. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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.When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Funds calculate their 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 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

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

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 carried at fair value:

All Cap Growth ESG ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (Level 3)			TOTAL
Long-Term Investments†:
Common Stocks:
Communication Services	$	11,057,848		—	$	0	*	$	11,057,848
Other Common Stocks		97,242,036		—		—			97,242,036
Total Long-Term Investments		108,299,884		—		0	*		108,299,884
Short-Term Investments†		1,536,664		—		—			1,536,664
Total Investments	$	109,836,548		—	$	0	*	$	109,836,548

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

Dividend Strategy ESG ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (Level 3)		TOTAL
Long-Term Investments†:
Common Stocks	$	28,092,827		—		—	$	28,092,827
Master Limited Partnerships		612,802		—		—		612,802
Total Long-Term Investments		28,705,629		—		—		28,705,629
Short-Term Investments†		925,371		—		—		925,371
Total Investments	$	29,631,000		—		—	$	29,631,000

† See Schedule of Investments for additional detailed categorizations.

12

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

Large Cap Growth ESG ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (Level 3)		TOTAL
Common Stocks†	$	147,310,215		—		—	$	147,310,215
Short-Term Investments†		2,382,485		—		—		2,382,485
Total Investments	$	149,692,700		—		—	$	149,692,700

† See Schedule of Investments for additional detailed categorizations.

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