NPORT-EX 2 207777LEGG063023.htm HTML

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

 

   

 

 

11

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.

 

   

 

 

13