FRANKLIN INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND INDEX ETF

Schedules of investments (unaudited) June 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 94.8%
COMMUNICATION SERVICES - 11.4%
Diversified Telecommunication Services - 6.7%
Koninklijke KPN NV		1,754,966	$	6,259,051
NOS SGPS SA		79,915		283,882
Orange SA		1,037,917		12,118,600
Proximus SADP		234,209		1,743,683
Singapore Telecommunications Ltd.		3,437,000		6,349,060
Telefonica SA		1,550,171		6,284,637
Total Diversified Telecommunication Services				33,038,913
Media - 0.1%
Telenet Group Holding NV		17,588		395,667
Television Francaise 1		36,009		247,304
Total Media				642,971
Wireless Telecommunication Services - 4.6%
SoftBank Corp.		1,106,900		11,793,863
Vodafone Group PLC		11,545,967		10,858,037
Total Wireless Telecommunication Services				22,651,900
TOTAL COMMUNICATION SERVICES				56,333,784
CONSUMER DISCRETIONARY - 12.6%
Automobiles - 8.0%
Bayerische Motoren Werke AG		115,364		14,162,010
Mercedes-Benz Group AG		157,745		12,678,596
Stellantis NV		734,253		12,889,221
Total Automobiles				39,729,827
Broadline Retail - 0.8%
Harvey Norman Holdings Ltd.		1,619,835		3,752,287
Household Durables - 2.6%
Barratt Developments PLC		805,503		4,234,558
Haseko Corp.		247,000		3,029,931
Taylor Wimpey PLC		2,866,061		3,743,972
Vistry Group PLC		196,221		1,647,721
Total Household Durables				12,656,182
Specialty Retail - 1.2%
JB Hi-Fi Ltd.		182,479		5,314,190
Mobilezone Holding AG, Registered Shares		22,301		341,999
T-Gaia Corp.		26,700		319,953
Total Specialty Retail				5,976,142
TOTAL CONSUMER DISCRETIONARY				62,114,438
CONSUMER STAPLES - 8.1%
Consumer Staples Distribution & Retail - 0.1%
Olam Group Ltd.		414,600		425,828
Food Products - 0.8%
Mitsui DM Sugar Holdings Co. Ltd.		21,300		406,002
Orkla ASA		189,879		1,366,463
Wilmar International Ltd.		716,600		2,012,103
Total Food Products				3,784,568

See Notes to Schedules of Investments.

Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report         1

FRANKLIN INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Tobacco - 7.2%
British American Tobacco PLC		354,495	$	11,753,930
Imperial Brands PLC		491,642		10,866,484
Japan Tobacco Inc.		590,100		12,872,905
Scandinavian Tobacco Group A/S		17,822		296,387
Total Tobacco				35,789,706
TOTAL CONSUMER STAPLES				40,000,102
ENERGY - 5.7%
Oil, Gas & Consumable Fuels - 5.7%
Eni SpA		529,259		7,611,574
Gibson Energy Inc.		324,042		5,100,922
Hafnia Ltd.		273,341		1,338,187
Itochu Enex Co. Ltd.		32,600		285,773
Pembina Pipeline Corp.		389,699		12,265,984
Viva Energy Group Ltd.		853,395		1,709,868
TOTAL ENERGY				28,312,308
FINANCIALS - 19.8%
Banks - 10.2%
Bank of Nova Scotia		176,783		8,854,848
BOC Hong Kong Holdings Ltd.		1,654,097		5,055,205
Canadian Imperial Bank of Commerce		201,917		8,630,588
DBS Group Holdings Ltd.		515,700		12,007,025
Oversea-Chinese Banking Corp. Ltd.		768,400		6,972,292
United Overseas Bank Ltd.		431,600		8,929,545
Total Banks				50,449,503
Financial Services - 0.1%
Timbercreek Financial Corp.		51,043		287,376
Insurance - 9.5%
Assicurazioni Generali SpA		313,422		6,366,988
Great-West Lifeco Inc.		334,436		9,722,844
Japan Post Holdings Co. Ltd.		1,382,600		9,915,003
Legal & General Group PLC		515,598		1,489,965
Mapfre SA		528,393		1,048,611
Poste Italiane SpA		272,192		2,944,671
Power Corp. of Canada		119,291		3,214,749
Zurich Insurance Group AG		25,435		12,079,955
Total Insurance				46,782,786
TOTAL FINANCIALS				97,519,665
INDUSTRIALS - 8.3%
Construction & Engineering - 3.2%
ACS Actividades de Construccion y Servicios SA		83,881		2,944,012
Bouygues SA		158,946		5,334,096
Kumagai Gumi Co. Ltd.		47,300		1,007,950
NCC AB, Class B Shares		35,626		310,865
Nishimatsu Construction Co. Ltd.		111,100		2,690,352
NRW Holdings Ltd.		721,205		1,214,578
Okumura Corp.		48,500		1,365,724

See Notes to Schedules of Investments.

    2     Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report

FRANKLIN INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Construction & Engineering - (continued)
Peab AB, Class B Shares		110,536	$	438,407
Sanki Engineering Co. Ltd.		31,800		332,884
Total Construction & Engineering				15,638,868
Electrical Equipment - 0.1%
Nippon Carbon Co. Ltd.		17,500		526,084
Ground Transportation - 0.2%
ComfortDelGro Corp. Ltd.		1,103,200		945,588
Industrial Conglomerates - 0.9%
CK Hutchison Holdings Ltd.		691,450		4,221,969
Marine Transportation - 0.1%
Stolt-Nielsen Ltd.		11,162		284,427
Professional Services - 0.8%
Adecco Group AG, Registered Shares		93,731		3,062,379
SmartGroup Corp. Ltd.		213,696		1,126,594
Total Professional Services				4,188,973
Trading Companies & Distributors - 3.0%
Kanematsu Corp.		60,600		841,486
Mitsubishi Corp.		296,700		14,225,835
Total Trading Companies & Distributors				15,067,321
TOTAL INDUSTRIALS				40,873,230
INFORMATION TECHNOLOGY - 0.8%
Communications Equipment - 0.1%
VTech Holdings Ltd.		59,437		389,845
Electronic Equipment, Instruments & Components - 0.7%
Nippon Electric Glass Co. Ltd.		211,300		3,699,413
TOTAL INFORMATION TECHNOLOGY				4,089,258
MATERIALS - 11.7%
Chemicals - 2.0%
Incitec Pivot Ltd.		3,316,541		6,048,978
Toyo Ink SC Holdings Co. Ltd.		37,700		567,319
Yara International ASA		96,246		3,404,776
Total Chemicals				10,021,073
Construction Materials - 3.1%
CSR Ltd.		566,068		1,955,609
Holcim AG		199,884		13,449,972
Total Construction Materials				15,405,581
Containers & Packaging - 0.2%
Transcontinental Inc., Class A Shares		80,082		887,211
Metals & Mining - 5.1%
BHP Group Ltd.		415,816		12,452,693
Labrador Iron Ore Royalty Corp.		19,702		462,753
Rio Tinto PLC		186,279		11,806,957
Vulcan Steel Ltd.		60,187		329,322
Total Metals & Mining				25,051,725

See Notes to Schedules of Investments.

Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report         3

FRANKLIN INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Paper & Forest Products - 1.3%
Navigator Co. SA		188,468	$	638,240
UPM-Kymmene oyj		200,368		5,961,265
Total Paper & Forest Products				6,599,505
TOTAL MATERIALS				57,965,095
REAL ESTATE - 5.8%
Diversified REITs - 0.3%
Charter Hall Long Wale REIT		242,701		647,831
Takara Leben Real Estate Investment Corp.		1,044		697,758
Total Diversified REITs				1,345,589
Health Care REITs - 0.1%
Cofinimmo SA		5,687		426,871
Industrial REITs - 0.8%
CapitaLand Ascendas REIT		1,430,000		2,874,053
Mapletree Industrial Trust		696,900		1,138,027
Total Industrial REITs				4,012,080
Office REITs - 0.3%
Cromwell Property Group		964,534		343,493
Ichigo Office REIT Investment Corp.		1,487		919,762
Mirai Corp.		1,526		487,779
Total Office REITs				1,751,034
Real Estate Management & Development - 2.9%
Cibus Nordic Real Estate AB		24,826		240,990
Daiwa House Industry Co. Ltd.		250,200		6,564,212
Henderson Land Development Co. Ltd.		319,418		949,703
Kerry Properties Ltd.		130,181		269,778
Sun Hung Kai Properties Ltd.		493,499		6,215,495
Total Real Estate Management & Development				14,240,178
Retail REITs - 1.4%
AEON REIT Investment Corp.		1,380		1,483,738
CT Real Estate Investment Trust		56,423		643,433
Frasers Centrepoint Trust		366,100		592,425
Frontier Real Estate Investment Corp.		283		916,346
SmartCentres Real Estate Investment Trust		124,221		2,280,240
Waypoint REIT Ltd.		613,820		1,058,247
Total Retail REITs				6,974,429
TOTAL REAL ESTATE				28,750,181
UTILITIES - 10.6%
Electric Utilities - 7.2%
CK Infrastructure Holdings Ltd.		226,493		1,197,986
Emera Inc.		294,677		12,150,068
Iberdrola SA		1,048,896		13,674,933
Power Assets Holdings Ltd.		390,613		2,046,125
Redeia Corp. SA		152,724		2,563,478
Terna-Rete Elettrica Nazionale SpA		448,057		3,815,810
Total Electric Utilities				35,448,400

See Notes to Schedules of Investments.

    4     Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report

FRANKLIN INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY				SHARES		VALUE
Gas Utilities - 0.3%
Italgas SpA					150,520	$	890,879
Rubis SCA					24,185		586,821
Total Gas Utilities							1,477,700
Multi-Utilities - 3.1%
A2A SpA					1,367,496		2,496,013
Iren SpA					273,038		506,702
National Grid PLC					942,722		12,470,708
Total Multi-Utilities							15,473,423
TOTAL UTILITIES							52,399,523
TOTAL COMMON STOCKS (Cost - $455,465,094)							468,357,584
	RATE
PREFERRED STOCKS - 2.5%
CONSUMER DISCRETIONARY - 2.5%
Automobiles - 2.5%
Volkswagen AG (Cost - $12,538,986)		7.125	%		92,345		12,386,012	(a)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $468,004,080)							480,743,596
SHORT-TERM INVESTMENTS - 1.9%
Invesco Treasury Portfolio, Institutional Class (Cost - $9,090,809)		5.035	%		9,090,809		9,090,809	(b)
TOTAL INVESTMENTS - 99.2% (Cost - $477,094,889)							489,834,405
Other Assets in Excess of Liabilities - 0.8%							4,068,774
TOTAL NET ASSETS - 100.0%						$	493,903,179

(a) The rate shown represents the yield as of June 30, 2023.

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

Abbreviation(s) used in this schedule:

REIT — Real Estate Investment Trust

At June 30, 2023, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
MSCI EAFE Index		49		9/23	$	5,248,716	$	5,280,975	$	32,259

At June 30, 2023, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	27,256,709		CHF	24,479,850	State Street Bank and Trust Co.		7/11/23	$	(139,536	)
USD	129,717,171		EUR	120,241,202	State Street Bank and Trust Co.		7/11/23		(1,543,814	)
USD	67,524,793		GBP	53,840,352	State Street Bank and Trust Co.		7/11/23		(931,147	)
USD	6,428,640		NOK	69,927,081	State Street Bank and Trust Co.		7/11/23		(101,213	)
USD	1,003,944		SEK	10,841,524	State Street Bank and Trust Co.		7/11/23		(325	)
USD	34,417,959		AUD	51,268,469	UBS Securities LLC		7/11/23		278,948
USD	63,182,552		CAD	84,371,073	UBS Securities LLC		7/11/23		(589,396	)
USD	284,013		DKK	1,961,045	UBS Securities LLC		7/11/23		(3,531	)
USD	20,144,777		HKD	157,725,002	UBS Securities LLC		7/11/23		13,321

See Notes to Schedules of Investments.

Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report         5

FRANKLIN INTERNATIONAL LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	72,712,112		JPY	10,060,331,464	UBS Securities LLC		7/11/23	$	2,979,950
USD	40,820,358		SGD	54,793,820	UBS Securities LLC		7/11/23		315,461
Net unrealized appreciation on open forward foreign currency contracts								$	278,718

Abbreviation(s) used in this table:

AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
DKK	— Danish Krone
EUR	— Euro
GBP	— British Pound
HKD	— Hong Kong Dollar
JPY	— Japanese Yen
NOK	— Norwegian Krone
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar

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.

    6     Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report

FRANKLIN U.S. LOW VOLATILITY HIGH DIVIDEND INDEX ETF

Schedules of investments (unaudited) June 30, 2023

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 98.2%
COMMUNICATION SERVICES - 5.5%
Diversified Telecommunication Services - 2.4%
Verizon Communications Inc.		697,255	$	25,930,913
Media - 3.1%
Interpublic Group of Cos. Inc.		387,840		14,962,867
Omnicom Group Inc.		182,704		17,384,286
Total Media				32,347,153
TOTAL COMMUNICATION SERVICES				58,278,066
CONSUMER DISCRETIONARY - 1.0%
Household Durables - 1.0%
Garmin Ltd.		102,241		10,662,714
CONSUMER STAPLES - 17.0%
Beverages - 5.0%
Coca-Cola Co.		422,710		25,455,596
PepsiCo Inc.		145,114		26,878,015
Total Beverages				52,333,611
Food Products - 7.1%
Conagra Brands Inc.		474,202		15,990,091
Flowers Foods Inc.		121,515		3,023,293
Kellogg Co.		227,425		15,328,445
Kraft Heinz Co.		658,752		23,385,696
Tyson Foods Inc., Class A Shares		338,690		17,286,738
Total Food Products				75,014,263
Household Products - 2.4%
Kimberly-Clark Corp.		173,078		23,895,149
Reynolds Consumer Products Inc.		38,580		1,089,885
Total Household Products				24,985,034
Tobacco - 2.5%
Philip Morris International Inc.		265,215		25,890,289
Universal Corp.		13,115		654,963
Total Tobacco				26,545,252
TOTAL CONSUMER STAPLES				178,878,160
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
DT Midstream Inc.		78,433		3,887,924
FINANCIALS - 11.7%
Banks - 9.0%
Associated Banc-Corp.		240,855		3,909,077
Atlantic Union Bankshares Corp.		95,385		2,475,241
Bank of Hawaii Corp.		23,406		965,029
Brookline Bancorp Inc.		84,133		735,322
Community Bank System Inc.		37,322		1,749,655
CVB Financial Corp.		162,766		2,161,533
Eagle Bancorp Inc.		35,178		744,366
First Commonwealth Financial Corp.		110,233		1,394,447
First Financial Bancorp		46,168		943,674

See Notes to Schedules of Investments.

Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report         7

FRANKLIN U.S. LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Banks - (continued)
First Hawaiian Inc.		107,525	$	1,936,525
First Interstate BancSystem Inc., Class A Shares		98,598		2,350,576
First Merchants Corp.		28,126		793,997
FNB Corp.		328,813		3,761,621
Fulton Financial Corp.		161,161		1,921,039
Heritage Financial Corp.		31,154		503,760
Hope Bancorp Inc.		135,857		1,143,916
Independent Bank Group Inc.		33,624		1,161,037
Lakeland Bancorp Inc.		37,550		502,795
NBT Bancorp Inc.		26,075		830,489
New York Community Bancorp Inc.		1,382,866		15,543,414
Northwest Bancshares Inc.		100,758		1,068,035
Old National Bancorp		273,069		3,806,582
Park National Corp.		7,014		717,672
Preferred Bank		12,872		707,831
Prosperity Bancshares Inc.		88,793		5,015,029
Provident Financial Services Inc.		70,502		1,152,003
S&T Bancorp Inc.		22,818		620,421
Sandy Spring Bancorp Inc.		48,182		1,092,768
Simmons First National Corp., Class A Shares		79,464		1,370,754
Towne Bank		26,630		618,881
United Bankshares Inc.		85,015		2,522,395
US Bancorp		710,584		23,477,695
Valley National Bancorp		588,015		4,557,116
Washington Trust Bancorp Inc.		16,343		438,156
WesBanco Inc.		24,459		626,395
Westamerica BanCorp		29,472		1,128,778
Total Banks				94,448,024
Capital Markets - 0.0%††
Cohen & Steers Inc.		10,415		603,966
Insurance - 1.6%
CNA Financial Corp.		22,795		880,343
Fidelity National Financial Inc.		186,496		6,713,856
First American Financial Corp.		79,201		4,516,041
Old Republic International Corp.		178,269		4,487,031
Total Insurance				16,597,271
Mortgage Real Estate Investment Trusts (REITs) - 1.1%
Ladder Capital Corp.		104,694		1,135,930
Starwood Property Trust Inc.		523,456		10,155,046
Total Mortgage Real Estate Investment Trusts (REITs)				11,290,976
TOTAL FINANCIALS				122,940,237
HEALTH CARE - 11.8%
Biotechnology - 2.1%
AbbVie Inc.		166,711		22,460,973
Health Care Providers & Services - 2.4%
CVS Health Corp.		362,080		25,030,590

See Notes to Schedules of Investments.

    8     Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report

FRANKLIN U.S. LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Pharmaceuticals - 7.3%
Bristol-Myers Squibb Co.		384,626	$	24,596,833
Johnson & Johnson		165,587		27,407,960
Pfizer Inc.		668,644		24,525,862
Total Pharmaceuticals				76,530,655
TOTAL HEALTH CARE				124,022,218
INDUSTRIALS - 10.9%
Air Freight & Logistics - 2.3%
United Parcel Service Inc., Class B Shares		137,054		24,566,929
Industrial Conglomerates - 2.4%
3M Co.		253,681		25,390,931
Machinery - 2.6%
Cummins Inc.		111,949		27,445,417
Professional Services - 1.4%
Paychex Inc.		129,544		14,492,087
Trading Companies & Distributors - 2.2%
Fastenal Co.		334,273		19,718,764
MSC Industrial Direct Co. Inc., Class A Shares		37,130		3,537,747
Total Trading Companies & Distributors				23,256,511
TOTAL INDUSTRIALS				115,151,875
INFORMATION TECHNOLOGY - 2.7%
Communications Equipment - 2.7%
Cisco Systems Inc.		556,059		28,770,493
MATERIALS - 1.8%
Containers & Packaging - 1.8%
International Paper Co.		334,511		10,640,795
Packaging Corp. of America		61,688		8,152,686
TOTAL MATERIALS				18,793,481
REAL ESTATE - 13.6%
Diversified REITs - 1.0%
American Assets Trust Inc.		75,404		1,447,757
Broadstone Net Lease Inc.		101,902		1,573,367
WP Carey Inc.		115,966		7,834,663
Total Diversified REITs				10,855,787
Health Care REITs - 2.9%
CareTrust REIT Inc.		66,535		1,321,385
Healthcare Realty Trust Inc.		263,575		4,971,024
LTC Properties Inc.		33,940		1,120,699
Medical Properties Trust Inc.		2,214,649		20,507,650
Physicians Realty Trust		210,377		2,943,174
Total Health Care REITs				30,863,932
Industrial REITs - 0.6%
LXP Industrial Trust		152,819		1,489,985
STAG Industrial Inc.		124,386		4,462,970
Total Industrial REITs				5,952,955
Office REITs - 1.1%
Brandywine Realty Trust		377,345		1,754,654

See Notes to Schedules of Investments.

Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report         9

FRANKLIN U.S. LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Office REITs - (continued)
Corporate Office Properties Trust		87,969	$	2,089,264
Easterly Government Properties Inc.		125,681		1,822,374
Highwoods Properties Inc.		134,061		3,205,399
Office Properties Income Trust		161,427		1,242,988
Piedmont Office Realty Trust Inc., Class A Shares		197,910		1,438,806
Total Office REITs				11,553,485
Residential REITs - 1.3%
Essex Property Trust Inc.		58,638		13,738,883
Retail REITs - 5.0%
Agree Realty Corp.		122,521		8,011,648
Getty Realty Corp.		39,687		1,342,214
Kimco Realty Corp.		448,390		8,842,251
NETSTREIT Corp.		77,282		1,381,030
NNN REIT Inc.		109,575		4,688,714
Realty Income Corp.		411,694		24,615,184
Spirit Realty Capital Inc.		101,776		4,007,939
Total Retail REITs				52,888,980
Specialized REITs - 1.7%
CubeSmart		178,568		7,974,847
Four Corners Property Trust Inc.		47,532		1,207,313
Gaming and Leisure Properties Inc.		115,880		5,615,545
Uniti Group Inc.		515,639		2,382,252
Total Specialized REITs				17,179,957
TOTAL REAL ESTATE				143,033,979
UTILITIES - 21.8%
Electric Utilities - 15.3%
ALLETE Inc.		35,721		2,070,746
Alliant Energy Corp.		167,111		8,769,985
American Electric Power Co. Inc.		287,753		24,228,802
Avangrid Inc.		65,676		2,474,672
Entergy Corp.		135,344		13,178,445
Evergy Inc.		147,381		8,609,998
Eversource Energy		198,278		14,061,876
Exelon Corp.		625,355		25,476,963
Hawaiian Electric Industries Inc.		49,211		1,781,438
OGE Energy Corp.		129,873		4,663,739
Pinnacle West Capital Corp.		100,071		8,151,784
Portland General Electric Co.		81,494		3,816,364
Southern Co.		369,096		25,928,994
Xcel Energy Inc.		301,804		18,763,155
Total Electric Utilities				161,976,961
Gas Utilities - 0.3%
Northwest Natural Holding Co.		20,081		864,487
Spire Inc.		31,529		2,000,200
Total Gas Utilities				2,864,687

See Notes to Schedules of Investments.

    10     Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report

FRANKLIN U.S. LOW VOLATILITY HIGH DIVIDEND INDEX ETF

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

(Percentages shown based on Fund net assets)

SECURITY				SHARES		VALUE
Multi-Utilities - 6.2%
Avista Corp.					90,946	$	3,571,450
Black Hills Corp.					55,506		3,344,792
Consolidated Edison Inc.					191,971		17,354,178
DTE Energy Co.					138,058		15,189,141
NiSource Inc.					401,341		10,976,676
NorthWestern Corp.					41,677		2,365,587
WEC Energy Group Inc.					141,685		12,502,284
Total Multi-Utilities							65,304,108
TOTAL UTILITIES							230,145,756
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,072,742,555)							1,034,564,903
	RATE
SHORT-TERM INVESTMENTS - 1.4%
Invesco Treasury Portfolio, Institutional Class (Cost - $15,340,526)		5.035	%		15,340,526		15,340,526	(a)
TOTAL INVESTMENTS - 99.6% (Cost - $1,088,083,081)							1,049,905,429
Other Assets in Excess of Liabilities - 0.4%							3,919,185
TOTAL NET ASSETS - 100.0%						$	1,053,824,614

†† Represents less than 0.1%.

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

Abbreviation(s) used in this schedule:

REIT — Real Estate Investment Trust

At June 30, 2023, the Fund had the following open futures contracts:

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
E-mini S&P 500 Index		41		9/23	$	8,918,097	$	9,200,913	$	282,816

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.

Franklin Low Volatility High Dividend Index ETFs 2023 Quarterly Report         11

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

Franklin International Low Volatility High Dividend Index ETF (“International Low Volatility High Dividend Index ETF”) and Franklin U.S. Low Volatility High Dividend Index ETF (“U.S. Low Volatility High Dividend Index 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 exchange-traded funds (“ETFs”). ETFs are funds that trade like other publicly-traded securities. The Funds are designed to track an index. Similar to shares of an index mutual fund, each share of the Funds represents an ownership interest in an underlying portfolio of securities intended to track an index. 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 the Cboe BZX Exchange, Inc. for International Low Volatility High Dividend Index ETF and NASDAQ for U.S. Low Volatility High Dividend Index ETF. 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 issued and redeemed generally in-kind for a basket of securities and/or 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.

International Low Volatility High Dividend Index ETF and U.S. Low Volatility High Dividend Index ETF seek to track the investment results of the QS International Low Volatility High Dividend Hedged Index and QS Low Volatility High Dividend Index, respectively (together, the “Indices”). The QS International Low Volatility High Dividend Hedged Index seeks to provide more stable income through investments in stocks of profitable companies in developed markets outside of the United States with relatively high dividend yields or anticipated dividend yields and lower price and earnings volatility while mitigating exposure to exchange-rate fluctuations between the U.S. dollar and other international currencies. The QS Low Volatility High Dividend Index seeks to provide more stable income through investments in stocks of profitable U.S. companies with relatively high dividend yields and lower price and earnings volatility. The Indices are based on a proprietary methodology created and sponsored by Franklin Advisers, Inc., the Funds’ subadviser.

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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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 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.

12

Notes to Schedules of Investments (unaudited) (continued)

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 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:

International Low Volatility High Dividend Index ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Common Stocks	$	468,357,584		—		—	$	468,357,584
Preferred Stocks		12,386,012		—		—		12,386,012
Total Long-Term Investments		480,743,596		—		—		480,743,596
Short-Term Investments†		9,090,809		—		—		9,090,809
Total Investments	$	489,834,405		—		—	$	489,834,405

13

Notes to Schedules of Investments (unaudited) (continued)

ASSETS (cont’d)
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts††	$	32,259		—		—	$	32,259
Forward Foreign Currency Contracts††		—	$	3,587,680		—		3,587,680
Total Other Financial Instruments	$	32,259	$	3,587,680		—	$	3,619,939
Total	$	489,866,664	$	3,587,680		—	$	493,454,344
LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Forward Foreign Currency Contracts††		—	$	3,308,962		—	$	3,308,962

† See Schedule of Investments for additional detailed categorizations.

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

U.S. Low Volatility High Dividend Index ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	1,034,564,903		—		—	$	1,034,564,903
Short-Term Investments†		15,340,526		—		—		15,340,526
Total Investments	$	1,049,905,429		—		—	$	1,049,905,429
Other Financial Instruments:
Futures Contracts††	$	282,816		—		—	$	282,816
Total	$	1,050,188,245		—		—	$	1,050,188,245

† See Schedule of Investments for additional detailed categorizations.

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

14