WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
CORPORATE BONDS & NOTES - 89.1%
COMMUNICATION SERVICES - 4.7%
Diversified Telecommunication Services - 1.4%
AT&T Inc., Senior Notes		4.250	%		3/1/27	$	20,000	$	19,443
AT&T Inc., Senior Notes		1.650	%		2/1/28		20,000		17,188
NTT Finance Corp., Senior Notes		1.162	%		4/3/26		200,000		178,994	(a)
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		60,000		50,096
Total Diversified Telecommunication Services									265,721
Entertainment - 0.5%
Warnermedia Holdings Inc., Senior Notes		3.428	%		3/15/24		50,000		49,091
Warnermedia Holdings Inc., Senior Notes		6.412	%		3/15/26		20,000		20,016
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		30,000		27,983
Total Entertainment									97,090
Interactive Media & Services - 0.2%
Meta Platforms Inc., Senior Notes		3.850	%		8/15/32		30,000		27,865
Media - 1.7%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		30,000		29,420
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		150,000		143,035
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.400	%		4/1/33		30,000		26,333
Comcast Corp., Senior Notes		3.400	%		4/1/30		80,000		73,504
Discovery Communications LLC., Senior Notes		4.900	%		3/11/26		40,000		39,197
Total Media									311,489
Wireless Telecommunication Services - 0.9%
Sprint LLC, Senior Notes		7.125	%		6/15/24		80,000		80,715
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/25		20,000		19,229
T-Mobile USA Inc., Senior Notes		2.050	%		2/15/28		30,000		26,013
T-Mobile USA Inc., Senior Notes		2.250	%		11/15/31		50,000		40,002
Total Wireless Telecommunication Services									165,959
TOTAL COMMUNICATION SERVICES									868,124
CONSUMER DISCRETIONARY - 10.7%
Automobile Components - 1.0%
ZF North America Capital Inc., Senior Notes		4.750	%		4/29/25		200,000		194,980	(a)
Automobiles - 5.4%
Ford Motor Credit Co. LLC, Senior Notes		3.664	%		9/8/24		200,000		193,265
Ford Motor Credit Co. LLC, Senior Notes		2.700	%		8/10/26		200,000		178,555
General Motors Co., Senior Notes		6.125	%		10/1/25		160,000		161,093
General Motors Co., Senior Notes		5.600	%		10/15/32		20,000		19,350
Hyundai Capital America, Senior Notes		0.800	%		1/8/24		60,000		58,426	(a)
Nissan Motor Acceptance Co. LLC, Senior Notes		1.050	%		3/8/24		10,000		9,604	(a)
Nissan Motor Co. Ltd., Senior Notes		3.043	%		9/15/23		200,000		198,585	(a)
Nissan Motor Co. Ltd., Senior Notes		3.522	%		9/17/25		200,000		186,063	(a)
Total Automobiles									1,004,941

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         1

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Broadline Retail - 0.5%
Amazon.com Inc., Senior Notes		1.200	%		6/3/27	$	70,000	$	61,418
Nordstrom Inc., Senior Notes		2.300	%		4/8/24		40,000		38,489
Total Broadline Retail									99,907
Hotels, Restaurants & Leisure - 2.8%
Genting New York LLC/GENNY Capital Inc., Senior Notes		3.300	%		2/15/26		200,000		178,134	(a)
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		90,000		87,171
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		250,000		234,906
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Senior Notes		5.500	%		3/1/25		20,000		19,677	(a)
Total Hotels, Restaurants & Leisure									519,888
Household Durables - 0.6%
DR Horton Inc., Senior Notes		2.500	%		10/15/24		70,000		66,932
MDC Holdings Inc., Senior Notes		2.500	%		1/15/31		10,000		7,856
Newell Brands Inc., Senior Notes		4.000	%		12/1/24		30,000		28,766
Total Household Durables									103,554
Specialty Retail - 0.4%
Lowe’s Cos. Inc., Senior Notes		1.300	%		4/15/28		80,000		67,563
TOTAL CONSUMER DISCRETIONARY									1,990,833
CONSUMER STAPLES - 2.5%
Beverages - 0.5%
Anheuser-Busch InBev Worldwide Inc., Senior Notes (3 mo. USD LIBOR + 0.740%)		5.938	%		1/12/24		90,000		90,179	(b)
Food Products - 0.1%
Hershey Co., Senior Notes		1.700	%		6/1/30		10,000		8,295
Mondelez International Inc., Senior Notes		1.500	%		2/4/31		20,000		15,708
Total Food Products									24,003
Personal Care Products - 0.7%
Kenvue Inc., Senior Notes		5.350	%		3/22/26		60,000		60,462	(a)
Kenvue Inc., Senior Notes		5.050	%		3/22/28		70,000		70,555	(a)
Total Personal Care Products									131,017
Tobacco - 1.2%
Altria Group Inc., Senior Notes		2.625	%		9/16/26		30,000		27,770
Altria Group Inc., Senior Notes		4.800	%		2/14/29		80,000		77,804
BAT International Finance PLC, Senior Notes		1.668	%		3/25/26		100,000		89,907
Philip Morris International Inc., Senior Notes		5.125	%		11/17/27		30,000		30,092
Total Tobacco									225,573
TOTAL CONSUMER STAPLES									470,772
ENERGY - 10.6%
Oil, Gas & Consumable Fuels - 10.6%
Apache Corp., Senior Notes		7.950	%		4/15/26		20,000		20,600
Chesapeake Energy Corp., Senior Notes		5.500	%		2/1/26		40,000		38,998	(a)
Cimarex Energy Co., Senior Notes		4.375	%		3/15/29		20,000		16,921
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		40,000		39,208
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		30,000		26,706	(a)
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		90,000		84,831
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		50,000		46,652
DCP Midstream Operating LP, Senior Notes		3.250	%		2/15/32		40,000		33,856

See Notes to Schedules of Investments.

    2     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Oil, Gas & Consumable Fuels - (continued)
Devon Energy Corp., Senior Notes		5.850	%		12/15/25	$	60,000	$	60,455
Devon Energy Corp., Senior Notes		5.250	%		10/15/27		46,000		45,306
Devon Energy Corp., Senior Notes		5.875	%		6/15/28		12,000		11,959
Devon Energy Corp., Senior Notes		4.500	%		1/15/30		140,000		131,785
Devon OEI Operating LLC, Senior Notes		7.500	%		9/15/27		20,000		21,011
Diamondback Energy Inc., Senior Notes		3.250	%		12/1/26		70,000		65,768
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		180,000		179,503
Ecopetrol SA, Senior Notes		4.625	%		11/2/31		40,000		30,877
El Paso Natural Gas Co. LLC, Senior Notes		7.500	%		11/15/26		60,000		63,350
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		60,000		56,849
Enterprise Products Operating LLC, Senior Notes		3.950	%		2/15/27		30,000		28,956
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		30,000		26,264
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. Term SOFR + 2.832%)		5.375	%		2/15/78		100,000		82,727	(b)
EOG Resources Inc., Senior Notes		4.375	%		4/15/30		20,000		19,557
EQM Midstream Partners LP, Senior Notes		7.500	%		6/1/27		20,000		20,191	(a)
EQT Corp., Senior Notes		3.125	%		5/15/26		90,000		82,747	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		10,000		9,245
Exxon Mobil Corp., Senior Notes		3.482	%		3/19/30		20,000		18,758
Florida Gas Transmission Co. LLC, Senior Notes		2.300	%		10/1/31		70,000		55,673	(a)
Kinder Morgan Energy Partners LP, Senior Notes		7.300	%		8/15/33		10,000		10,891
MEG Energy Corp., Senior Notes		7.125	%		2/1/27		70,000		71,126	(a)
MPLX LP, Senior Notes		1.750	%		3/1/26		120,000		108,927
MPLX LP, Senior Notes		5.000	%		3/1/33		60,000		57,473
Northwest Pipeline LLC, Senior Notes		7.125	%		12/1/25		20,000		20,397
Occidental Petroleum Corp., Senior Notes		6.950	%		7/1/24		6,000		6,052
Occidental Petroleum Corp., Senior Notes		3.400	%		4/15/26		20,000		18,506
Ovintiv Inc., Senior Notes		6.250	%		7/15/33		30,000		29,590
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		10,000		9,286	(a)
Pioneer Natural Resources Co., Senior Notes		5.100	%		3/29/26		20,000		19,880
Southwestern Energy Co., Senior Notes		8.375	%		9/15/28		30,000		31,231
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		10,000		8,813
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		30,000		29,453
Targa Resources Corp., Senior Notes		4.200	%		2/1/33		50,000		44,257
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		20,400
Tennessee Gas Pipeline Co. LLC, Senior Notes		7.000	%		10/15/28		50,000		52,781
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		3.250	%		5/15/30		10,000		8,888
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		30,000		28,676
Western Midstream Operating LP, Senior Notes		3.950	%		6/1/25		40,000		38,423
Western Midstream Operating LP, Senior Notes		4.300	%		2/1/30		20,000		17,957
Western Midstream Operating LP, Senior Notes		6.150	%		4/1/33		30,000		30,237
TOTAL ENERGY									1,981,997
FINANCIALS - 30.0%
Banks - 17.5%
Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury Constant Maturity Rate + 2.000%)		4.175	%		3/24/28		200,000		187,221	(b)

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         3

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Banks - (continued)
Bank of America Corp., Senior Notes (1.530% to 12/6/24 then SOFR + 0.650%)		1.530	%		12/6/25	$	20,000	$	18,696	(b)
Bank of America Corp., Senior Notes (1.734% to 7/22/26 then SOFR + 0.960%)		1.734	%		7/22/27		250,000		223,191	(b)
Bank of America Corp., Senior Notes (2.299% to 7/21/31 then SOFR + 1.220%)		2.299	%		7/21/32		30,000		23,993	(b)
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		100,000		81,450	(b)
Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%)		2.592	%		4/29/31		80,000		67,163	(b)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		130,000		108,371	(b)
BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year Treasury Constant Maturity Rate + 4.899%)		7.750	%		8/16/29		200,000		193,580	(a)(b)(c)
BNP Paribas SA, Senior Notes (1.675% to 6/30/26 then SOFR + 0.912%)		1.675	%		6/30/27		200,000		176,289	(a)(b)
Citigroup Inc., Senior Notes (0.981% to 5/1/24 then SOFR + 0.669%)		0.981	%		5/1/25		20,000		19,138	(b)
Citigroup Inc., Senior Notes (1.281% to 11/3/24 then SOFR + 0.528%)		1.281	%		11/3/25		60,000		56,206	(b)
Citigroup Inc., Senior Notes (1.462% to 6/9/26 then SOFR + 0.770%)		1.462	%		6/9/27		140,000		124,331	(b)
Citigroup Inc., Senior Notes (3.057% to 1/25/32 then SOFR + 1.351%)		3.057	%		1/25/33		110,000		91,836	(b)
Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%)		6.174	%		5/25/34		40,000		40,349	(b)
Credit Agricole SA, Senior Notes		5.589	%		7/5/26		250,000		249,635	(a)(d)
Danske Bank A/S, Senior Notes (0.976% to 9/10/24 then 1 year Treasury Constant Maturity Rate + 0.550%)		0.976	%		9/10/25		200,000		186,604	(a)(b)
Danske Bank A/S, Senior Notes (3.244% to 12/20/24 then 3 mo. USD LIBOR + 1.591%)		3.244	%		12/20/25		200,000		189,864	(a)(b)
Danske Bank A/S, Senior Notes (6.466% to 1/9/25 then 1 year Treasury Constant Maturity Rate + 2.100%)		6.466	%		1/9/26		210,000		209,499	(a)(b)
HSBC Holdings PLC, Senior Notes (0.976% to 5/24/24 then SOFR + 0.708%)		0.976	%		5/24/25		200,000		190,270	(b)
HSBC Holdings PLC, Senior Notes (6.161% to 3/9/28 then SOFR + 1.970%)		6.161	%		3/9/29		200,000		201,702	(b)
HSBC Holdings PLC, Subordinated Notes		7.625	%		5/17/32		10,000		10,635
JPMorgan Chase & Co., Senior Notes (1.578% to 4/22/26 then SOFR + 0.885%)		1.578	%		4/22/27		110,000		98,804	(b)
JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. Term SOFR + 2.515%)		2.956	%		5/13/31		120,000		102,894	(b)
PNC Financial Services Group Inc., Senior Notes (5.582% to 6/12/28 then SOFR + 1.841%)		5.582	%		6/12/29		30,000		29,859	(b)
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		10,000		9,939	(b)
Truist Bank, Senior Notes		4.050	%		11/3/25		70,000		66,764
Truist Financial Corp., Senior Notes (5.867% to 6/8/33 then SOFR + 2.361%)		5.867	%		6/8/34		20,000		20,008	(b)
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)		6.047	%		6/8/27		40,000		40,017	(b)
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)		5.775	%		6/12/29		30,000		29,991	(b)
US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%)		5.836	%		6/12/34		20,000		20,145	(b)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		100,000		92,826
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		50,000		42,793	(b)
Wells Fargo & Co., Senior Notes (5.389% to 4/24/33 then SOFR + 2.020%)		5.389	%		4/24/34		51,000		50,674	(b)
Total Banks									3,254,737
Capital Markets - 7.3%
Ameriprise Financial Inc., Senior Notes		5.150	%		5/15/33		50,000		49,644
Charles Schwab Corp., Senior Notes		1.150	%		5/13/26		160,000		141,592
Charles Schwab Corp., Senior Notes (5.643% to 5/19/28 then SOFR + 2.210%)		5.643	%		5/19/29		30,000		29,964	(b)
Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%)		5.853	%		5/19/34		10,000		10,149	(b)
Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate + 6.383%)		9.750	%		6/23/27		200,000		7,466	*(a)(c)(e)

See Notes to Schedules of Investments.

    4     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Capital Markets - (continued)
Goldman Sachs Group Inc., Senior Notes (0.855% to 2/12/25 then SOFR + 0.609%)		0.855	%		2/12/26	$	40,000	$	36,858	(b)
Goldman Sachs Group Inc., Senior Notes (1.093% to 12/9/25 then SOFR + 0.789%)		1.093	%		12/9/26		120,000		106,936	(b)
Goldman Sachs Group Inc., Senior Notes (1.948% to 10/21/26 then SOFR + 0.913%)		1.948	%		10/21/27		80,000		71,162	(b)
Goldman Sachs Group Inc., Senior Notes (3.102% to 2/24/32 then SOFR + 1.410%)		3.102	%		2/24/33		110,000		92,923	(b)
Intercontinental Exchange Inc., Senior Notes		4.600	%		3/15/33		30,000		29,064
Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%)		0.985	%		12/10/26		40,000		35,664	(b)
Morgan Stanley, Senior Notes (1.512% to 7/20/26 then SOFR + 0.858%)		1.512	%		7/20/27		20,000		17,720	(b)
Morgan Stanley, Senior Notes (1.593% to 5/4/26 then SOFR + 0.879%)		1.593	%		5/4/27		120,000		107,426	(b)
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		70,000		65,710	(b)
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%)		2.511	%		10/20/32		80,000		64,617	(b)
Morgan Stanley, Senior Notes (5.123% to 2/1/28 then SOFR + 1.730%)		5.123	%		2/1/29		60,000		59,174	(b)
S&P Global Inc., Senior Notes		1.250	%		8/15/30		10,000		7,875
UBS AG, Senior Notes		1.250	%		6/1/26		200,000		175,936	(a)
UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		280,000		256,751	(a)(b)
Total Capital Markets									1,366,631
Consumer Finance - 0.1%
Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR + 2.600%)		5.817	%		2/1/34		20,000		19,082	(b)
Financial Services - 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		150,000		133,972
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.300	%		1/30/32		200,000		163,620
Element Fleet Management Corp., Senior Notes		1.600	%		4/6/24		10,000		9,643	(a)
GA Global Funding Trust, Secured Notes		1.000	%		4/8/24		20,000		19,073	(a)
Mastercard Inc., Senior Notes		3.300	%		3/26/27		100,000		95,521
PayPal Holdings Inc., Senior Notes		2.300	%		6/1/30		30,000		25,433
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes		2.875	%		10/15/26		20,000		17,700	(a)
Total Financial Services									464,962
Insurance - 2.2%
AmFam Holdings Inc., Senior Notes		2.805	%		3/11/31		150,000		111,998	(a)
National General Holdings Corp., Senior Notes		6.750	%		5/15/24		40,000		39,964	(a)
New York Life Global Funding, Secured Notes		4.550	%		1/28/33		20,000		19,265	(a)
New York Life Global Funding, Senior Secured Notes		0.950	%		6/24/25		60,000		54,796	(a)
Prudential Financial Inc., Senior Notes		1.500	%		3/10/26		10,000		9,133
Reliance Standard Life Global Funding II, Secured Notes		2.500	%		10/30/24		100,000		94,710	(a)
Reliance Standard Life Global Funding II, Secured Notes		2.750	%		1/21/27		50,000		44,671	(a)
RenaissanceRe Holdings Ltd., Senior Notes		5.750	%		6/5/33		30,000		29,382
Total Insurance									403,919
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
Blackstone Holdings Finance Co. LLC, Senior Notes		6.200	%		4/22/33		80,000		81,711	(a)
TOTAL FINANCIALS									5,591,042
HEALTH CARE - 6.6%
Biotechnology - 0.8%
AbbVie Inc., Senior Notes		2.600	%		11/21/24		10,000		9,594
Amgen Inc., Senior Notes		5.507	%		3/2/26		50,000		49,900
Amgen Inc., Senior Notes		5.150	%		3/2/28		50,000		49,955

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         5

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Biotechnology - (continued)
Amgen Inc., Senior Notes		5.250	%		3/2/30	$	20,000	$	20,040
Amgen Inc., Senior Notes		5.250	%		3/2/33		10,000		10,013
Total Biotechnology									139,502
Health Care Providers & Services - 3.9%
Bon Secours Mercy Health Inc., Secured Notes		3.464	%		6/1/30		10,000		8,979
Centene Corp., Senior Notes		4.625	%		12/15/29		30,000		27,613
Centene Corp., Senior Notes		3.375	%		2/15/30		40,000		34,378
Cigna Group, Senior Notes		4.125	%		11/15/25		40,000		38,940
Cigna Group, Senior Notes		2.400	%		3/15/30		80,000		67,970
CommonSpirit Health, Senior Secured Notes		2.782	%		10/1/30		10,000		8,407
CSL Finance PLC, Senior Notes		3.850	%		4/27/27		10,000		9,544	(a)
CSL Finance PLC, Senior Notes		4.050	%		4/27/29		30,000		28,465	(a)
CVS Health Corp., Senior Notes		2.625	%		8/15/24		20,000		19,342
CVS Health Corp., Senior Notes		2.875	%		6/1/26		40,000		37,595
CVS Health Corp., Senior Notes		1.300	%		8/21/27		50,000		43,029
CVS Health Corp., Senior Notes		5.250	%		1/30/31		40,000		39,874
Elevance Health Inc., Senior Notes		4.100	%		5/15/32		10,000		9,318
Elevance Health Inc., Senior Notes		5.500	%		10/15/32		30,000		30,840
HCA Inc., Senior Notes		5.200	%		6/1/28		100,000		99,187
McKesson Corp., Senior Notes		4.900	%		7/15/28		60,000		59,605
McKesson Corp., Senior Notes		5.100	%		7/15/33		20,000		20,071
UnitedHealth Group Inc., Senior Notes		1.150	%		5/15/26		30,000		27,129
UnitedHealth Group Inc., Senior Notes		5.350	%		2/15/33		110,000		114,302
Total Health Care Providers & Services									724,588
Pharmaceuticals - 1.9%
Pfizer Investment Enterprises Pte Ltd., Senior Notes		4.450	%		5/19/28		20,000		19,658
Pfizer Investment Enterprises Pte Ltd., Senior Notes		4.650	%		5/19/30		50,000		49,403
Pfizer Investment Enterprises Pte Ltd., Senior Notes		4.750	%		5/19/33		80,000		79,699
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		8.125	%		9/15/31		200,000		209,616
Total Pharmaceuticals									358,376
TOTAL HEALTH CARE									1,222,466
INDUSTRIALS - 10.7%
Aerospace & Defense - 2.1%
Boeing Co., Senior Notes		4.875	%		5/1/25		50,000		49,290
Boeing Co., Senior Notes		2.196	%		2/4/26		170,000		156,027
Howmet Aerospace Inc., Senior Notes		6.875	%		5/1/25		40,000		40,636
Northrop Grumman Corp., Senior Notes		4.700	%		3/15/33		110,000		107,955
Raytheon Technologies Corp., Senior Notes		5.150	%		2/27/33		30,000		30,410
Total Aerospace & Defense									384,318
Commercial Services & Supplies - 0.3%
Waste Connections Inc., Senior Notes		4.200	%		1/15/33		60,000		56,391
Electrical Equipment - 0.7%
Regal Rexnord Corp., Senior Notes		6.050	%		2/15/26		120,000		120,152	(a)
Ground Transportation - 0.3%
Canadian Pacific Railway Co., Senior Notes		1.750	%		12/2/26		70,000		62,921

See Notes to Schedules of Investments.

    6     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Industrial Conglomerates - 0.3%
Honeywell International Inc., Senior Notes		1.950	%		6/1/30	$	20,000	$	16,807
Honeywell International Inc., Senior Notes		5.000	%		2/15/33		40,000		40,788
Total Industrial Conglomerates									57,595
Passenger Airlines - 4.0%
Air Canada Pass-Through Trust		5.000	%		12/15/23		34,667		34,475	(a)
Air Canada Pass-Through Trust		4.750	%		5/15/25		39,040		36,077	(a)
Alaska Airlines Inc. Pass-Through Trust		4.800	%		8/15/27		8,040		7,722	(a)
American Airlines Group Inc. Pass-Through Trust		4.950	%		2/15/25		51,728		49,399
American Airlines Inc., Senior Secured Notes		11.750	%		7/15/25		60,000		65,792	(a)
American Airlines Inc., Senior Secured Notes		7.250	%		2/15/28		80,000		79,523	(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.500	%		4/20/26		60,000		59,441	(a)
Continental Airlines Pass-Through Trust		4.000	%		10/29/24		31,625		30,617
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.500	%		10/20/25		80,000		78,255	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		40,000		38,828	(a)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		60,000		56,792	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		40,000		40,299	(a)
United Airlines Pass-Through Trust		4.875	%		1/15/26		54,800		52,304
United Airlines Pass-Through Trust		5.800	%		1/15/36		60,000		61,144
US Airways Pass-Through Trust		4.625	%		6/3/25		20,392		19,111
US Airways Pass-Through Trust		3.950	%		11/15/25		41,102		38,334
Total Passenger Airlines									748,113
Professional Services - 0.1%
Equifax Inc., Senior Notes		2.350	%		9/15/31		30,000		23,920
Trading Companies & Distributors - 2.9%
Air Lease Corp., Senior Notes		3.000	%		9/15/23		130,000		129,214
Air Lease Corp., Senior Notes		5.850	%		12/15/27		60,000		59,919
Air Lease Corp., Senior Notes		5.300	%		2/1/28		20,000		19,625
Aviation Capital Group LLC, Senior Notes		4.125	%		8/1/25		350,000		326,928	(a)
Total Trading Companies & Distributors									535,686
TOTAL INDUSTRIALS									1,989,096
INFORMATION TECHNOLOGY - 3.4%
Electronic Equipment, Instruments & Components - 0.8%
Jabil Inc., Senior Notes		5.450	%		2/1/29		20,000		19,846
TD SYNNEX Corp., Senior Notes		1.250	%		8/9/24		100,000		94,585
Vontier Corp., Senior Notes		1.800	%		4/1/26		40,000		35,514
Total Electronic Equipment, Instruments & Components									149,945
Semiconductors & Semiconductor Equipment - 0.9%
Broadcom Inc., Senior Notes		3.150	%		11/15/25		10,000		9,500
KLA Corp., Senior Notes		4.650	%		7/15/32		10,000		9,965
Lam Research corp., Senior Notes		1.900	%		6/15/30		40,000		33,328
Micron Technology Inc., Senior Notes		6.750	%		11/1/29		40,000		41,580
QUALCOMM Inc., Senior Notes		4.250	%		5/20/32		20,000		19,476
Texas Instruments Inc., Senior Notes		4.600	%		2/15/28		30,000		30,054
Texas Instruments Inc., Senior Notes		3.650	%		8/16/32		30,000		27,851
Total Semiconductors & Semiconductor Equipment									171,754

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         7

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Software - 1.4%
Adobe Inc., Senior Notes		2.300	%		2/1/30	$	30,000	$	26,316
Fortinet Inc., Senior Notes		1.000	%		3/15/26		70,000		62,437
Oracle Corp., Senior Notes		6.150	%		11/9/29		100,000		104,157
Salesforce Inc., Senior Notes		1.500	%		7/15/28		90,000		77,534
Total Software									270,444
Technology Hardware, Storage & Peripherals - 0.3%
Apple Inc., Senior Notes		1.400	%		8/5/28		60,000		51,789
TOTAL INFORMATION TECHNOLOGY									643,932
MATERIALS - 3.8%
Containers & Packaging - 0.1%
Graphic Packaging International LLC, Senior Secured Notes		1.512	%		4/15/26		10,000		8,911	(a)
Metals & Mining - 3.6%
Alcoa Nederland Holding BV, Senior Notes		5.500	%		12/15/27		200,000		193,424	(a)
Anglo American Capital PLC, Senior Notes		3.625	%		9/11/24		200,000		194,374	(a)
ArcelorMittal SA, Senior Notes		6.550	%		11/29/27		20,000		20,513
Freeport-McMoRan Inc., Senior Notes		4.375	%		8/1/28		90,000		84,912
Glencore Funding LLC, Senior Notes		1.625	%		9/1/25		80,000		73,435	(a)
Glencore Funding LLC, Senior Notes		5.400	%		5/8/28		30,000		29,705	(a)
Yamana Gold Inc., Senior Notes		4.625	%		12/15/27		70,000		66,030
Yamana Gold Inc., Senior Notes		2.630	%		8/15/31		10,000		7,789
Total Metals & Mining									670,182
Paper & Forest Products - 0.1%
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32		30,000		24,012
TOTAL MATERIALS									703,105
REAL ESTATE - 1.8%
Diversified REITs - 0.4%
VICI Properties LP, Senior Notes		4.750	%		2/15/28		70,000		66,278
Health Care REITs - 0.1%
Diversified Healthcare Trust, Senior Notes		4.750	%		5/1/24		20,000		18,624
Welltower OP LLC, Senior Notes		3.850	%		6/15/32		10,000		8,809
Total Health Care REITs									27,433
Office REITs - 0.0%††
Alexandria Real Estate Equities Inc., Senior Notes		2.000	%		5/18/32		10,000		7,550
Retail REITs - 1.2%
Kimco Realty OP LLC, Senior Notes		2.250	%		12/1/31		20,000		15,564
Simon Property Group LP, Senior Notes		3.500	%		9/1/25		10,000		9,581
WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes		3.750	%		9/17/24		200,000		188,863	(a)
Total Retail REITs									214,008
Specialized REITs - 0.1%
Extra Space Storage LP, Senior Notes		3.900	%		4/1/29		20,000		18,218
TOTAL REAL ESTATE									333,487
UTILITIES - 4.3%
Electric Utilities - 4.3%
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds		4.950	%		4/1/33		20,000		19,964
DTE Electric Co., First Mortgage Bonds		2.625	%		3/1/31		20,000		17,096

See Notes to Schedules of Investments.

    8     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
Electric Utilities - (continued)
Duke Energy Carolinas LLC, First Mortgage Bonds		4.950	%		1/15/33	$	30,000	$	29,778
Duke Energy Ohio Inc., First Mortgage Bonds		2.125	%		6/1/30		10,000		8,284
Edison International, Senior Notes		4.950	%		4/15/25		70,000		68,515
Electricite de France SA, Senior Notes		5.700	%		5/23/28		200,000		199,698	(a)
Enel Finance International NV, Senior Notes		6.800	%		10/14/25		200,000		203,725	(a)
Entergy Mississippi LLC, First Mortgage Bonds		5.000	%		9/1/33		20,000		19,614
Metropolitan Edison Co., Senior Notes		5.200	%		4/1/28		30,000		29,694	(a)
NextEra Energy Capital Holdings Inc., Senior Notes		6.051	%		3/1/25		30,000		30,113
NRG Energy Inc., Senior Secured Notes		2.450	%		12/2/27		110,000		92,698	(a)
Ohio Edison Co., Senior Notes		5.500	%		1/15/33		10,000		10,014	(a)
Pacific Gas and Electric Co., First Mortgage Bonds		2.100	%		8/1/27		20,000		17,084
Pacific Gas and Electric Co., First Mortgage Bonds		3.000	%		6/15/28		10,000		8,619
Pennsylvania Electric Co., Senior Notes		5.150	%		3/30/26		10,000		9,848	(a)
SCE Recovery Funding LLC, Senior Secured Notes		4.697	%		6/15/40		40,000		38,921
Toledo Edison Co., First Mortgage Bonds		2.650	%		5/1/28		8,000		7,066	(a)
TOTAL UTILITIES									810,731
TOTAL CORPORATE BONDS & NOTES (Cost - $17,700,552)									16,605,585
ASSET-BACKED SECURITIES - 4.5%
ABPCI Direct Lending Fund LLC, 2020-9A A1R (3 mo. USD LIBOR + 1.400%)		6.692	%		11/18/31		270,000		266,091	(a)(b)
AGL CLO Ltd., 2020-6A AR (3 mo. USD LIBOR + 1.200%)		6.450	%		7/20/34		100,000		98,470	(a)(b)
Halcyon Loan Advisors Funding Ltd., 2017-2A A2 (3 mo. USD LIBOR + 1.700%)		6.960	%		1/17/30		250,000		245,940	(a)(b)
Navient Private Education Refi Loan Trust, 2020-DA A		1.690	%		5/15/69		29,079		26,104	(a)
Neuberger Berman Loan Advisers CLO Ltd., 2021-42A A (3 mo. USD LIBOR + 1.100%)		6.360	%		7/16/35		210,000		206,352	(a)(b)
TOTAL ASSET-BACKED SECURITIES (Cost - $857,547)									842,957
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 0.5%
U.S. Government Obligations - 0.5%
U.S. Treasury Bonds		3.375	%		8/15/42		20,000		18,154
U.S. Treasury Notes		4.250	%		5/31/25		10,000		9,874
U.S. Treasury Notes		4.125	%		6/15/26		20,000		19,798
U.S. Treasury Notes		3.375	%		5/15/33		40,000		38,575
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $88,183)									86,401
SOVEREIGN BONDS - 0.3%
Argentina - 0.3%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		4,718		1,527
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23, 0.750% to 7/9/27 then 1.750%)		0.500	%		7/9/30		103,800		34,469
Provincia de Buenos Aires/Government Bonds, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		18,600		7,068	(a)
Provincia de Buenos Aires/Government Bonds, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		10,000		3,800	(f)
TOTAL SOVEREIGN BONDS (Cost - $79,024)									46,864

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         9

WESTERN ASSET SHORT DURATION INCOME ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT		VALUE
MUNICIPAL BONDS - 0.2%
California - 0.2%
Regents of the University of California, CA, Medical Center Pooled Revenue, Taxable Bonds, Series Q (Cost - $30,000)		4.132	%		5/15/32	$	30,000	$	28,508
TOTAL MUNICIPAL BONDS (Cost - $30,000)									28,508
SENIOR LOANS - 0.0%††
INDUSTRIALS - 0.0%††
Passenger Airlines - 0.0%††
Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%) (Cost - $8,941)		8.798	%		10/20/27		9,000		9,340	(b)(g)(h)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $18,764,247)									17,619,655
						SHARES
SHORT-TERM INVESTMENTS - 4.9%
BNY Mellon Cash Reserve Fund (Cost - $912,798)		2.250	%				912,798		912,798	(i)
TOTAL INVESTMENTS - 99.5% (Cost - $19,677,045)									18,532,453
Other Assets in Excess of Liabilities - 0.5%									96,555
TOTAL NET ASSETS - 100.0%								$	18,629,008

†† Represents less than 0.1%.

* Non-income producing security.

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

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

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

(d) Securities traded on a when-issued or delayed delivery basis.

(e) The coupon payment on this security is currently in default as of June 30, 2023.

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

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

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

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

Abbreviation(s) used in this schedule:

CLO	— Collateralized Loan Obligation
LIBOR	— London Interbank Offered Rate
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

See Notes to Schedules of Investments.

    10     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET SHORT DURATION INCOME ETF

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

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

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Notes		25		9/23	$	5,142,508	$	5,083,594	$	(58,914	)
U.S. Treasury 5-Year Notes		123		9/23	$	13,503,447	$	13,172,531	$	(330,916	)
										(389,830	)
Contracts to Sell:
U.S. Treasury 10-Year Notes		81		9/23		9,283,885		9,093,516		190,369
U.S. Treasury Long-Term Bonds		6		9/23		762,685		761,437		1,248
U.S. Treasury Ultra Long-Term Bonds		1		9/23		134,967		136,219		(1,252	)
										190,365
Net unrealized depreciation on open futures contracts									$	(199,465	)

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

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE3			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
MARKIT CDX.NA.HY.40 Index	$	180,000		6/20/28	5.000% quarterly	$	(5,027	)	$	627		$	(5,654	)
MARKIT CDX.NA.IG.40 Index		658,000		6/20/28	1.000% quarterly		(9,844	)		(4,199	)		(5,645	)
Total	$	838,000				$	(14,871	)	$	(3,572	)	$	(11,299	)

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

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

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

† Percentage shown is an annual percentage rate.

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

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         11

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 33.8%
COMMUNICATION SERVICES - 3.5%
Diversified Telecommunication Services - 1.3%
AT&T Inc., Senior Notes		2.550	%		12/1/33		30,000	$	23,564
AT&T Inc., Senior Notes		5.350	%		9/1/40		10,000		9,666
AT&T Inc., Senior Notes		5.550	%		8/15/41		10,000		9,869
AT&T Inc., Senior Notes		4.350	%		6/15/45		19,000		15,922
AT&T Inc., Senior Notes		3.500	%		9/15/53		70,000		49,554
AT&T Inc., Senior Notes		3.550	%		9/15/55		7,000		4,901
AT&T Inc., Senior Notes		3.650	%		9/15/59		20,000		13,924
Verizon Communications Inc., Senior Notes		3.150	%		3/22/30		20,000		17,772
Verizon Communications Inc., Senior Notes		1.750	%		1/20/31		60,000		47,336
Verizon Communications Inc., Senior Notes		2.550	%		3/21/31		40,000		33,397
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		194,000		156,031
Verizon Communications Inc., Senior Notes		4.500	%		8/10/33		60,000		56,619
Verizon Communications Inc., Senior Notes		5.250	%		3/16/37		30,000		29,707
Verizon Communications Inc., Senior Notes		3.400	%		3/22/41		30,000		23,154
Total Diversified Telecommunication Services									491,416
Entertainment - 0.4%
Warnermedia Holdings Inc., Senior Notes		6.412	%		3/15/26		10,000		10,008
Warnermedia Holdings Inc., Senior Notes		3.755	%		3/15/27		60,000		55,966
Warnermedia Holdings Inc., Senior Notes		4.054	%		3/15/29		10,000		9,141
Warnermedia Holdings Inc., Senior Notes		4.279	%		3/15/32		10,000		8,869
Warnermedia Holdings Inc., Senior Notes		5.050	%		3/15/42		10,000		8,429
Warnermedia Holdings Inc., Senior Notes		5.141	%		3/15/52		80,000		65,140
Total Entertainment									157,553
Media - 1.5%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.500	%		8/15/30		40,000		33,308	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		2/1/31		28,000		22,651	(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.908	%		7/23/25		120,000		117,677
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.050	%		3/30/29		50,000		47,678
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		2.800	%		4/1/31		50,000		40,233
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		5.375	%		4/1/38		20,000		17,038
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		3.500	%		3/1/42		40,000		26,756
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.800	%		3/1/50		40,000		30,180
Comcast Corp., Senior Notes		3.750	%		4/1/40		50,000		42,127
Comcast Corp., Senior Notes		4.000	%		8/15/47		10,000		8,333
Comcast Corp., Senior Notes		3.969	%		11/1/47		20,000		16,564
Comcast Corp., Senior Notes		3.450	%		2/1/50		10,000		7,611
Comcast Corp., Senior Notes		2.800	%		1/15/51		20,000		13,239
Comcast Corp., Senior Notes		2.887	%		11/1/51		20,000		13,409

See Notes to Schedules of Investments.

    12     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		120,000	$	104,954
Time Warner Cable LLC, Senior Secured Notes		6.550	%		5/1/37		10,000		9,587
Total Media									551,345
Wireless Telecommunication Services - 0.3%
T-Mobile USA Inc., Senior Notes		2.250	%		2/15/26		10,000		9,189
T-Mobile USA Inc., Senior Notes		3.750	%		4/15/27		50,000		47,330
T-Mobile USA Inc., Senior Notes		3.875	%		4/15/30		50,000		46,064
T-Mobile USA Inc., Senior Notes		2.550	%		2/15/31		40,000		33,248
Total Wireless Telecommunication Services									135,831
TOTAL COMMUNICATION SERVICES									1,336,145
CONSUMER DISCRETIONARY - 3.9%
Automobiles - 1.3%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		70,000		55,068
Ford Motor Credit Co. LLC, Senior Notes		4.000	%		11/13/30		200,000		170,917
General Motors Co., Senior Notes		6.125	%		10/1/25		10,000		10,068
General Motors Co., Senior Notes		5.600	%		10/15/32		20,000		19,350
General Motors Co., Senior Notes		5.950	%		4/1/49		10,000		9,344
Nissan Motor Co. Ltd., Senior Notes		4.345	%		9/17/27		240,000		218,281	(a)
Total Automobiles									483,028
Broadline Retail - 0.7%
Amazon.com Inc., Senior Notes		3.600	%		4/13/32		20,000		18,647
Amazon.com Inc., Senior Notes		3.875	%		8/22/37		50,000		45,657
Amazon.com Inc., Senior Notes		4.050	%		8/22/47		30,000		26,909
Amazon.com Inc., Senior Notes		3.100	%		5/12/51		80,000		59,669
Prosus NV, Senior Notes		3.832	%		2/8/51		200,000		122,876	(a)
Total Broadline Retail									273,758
Hotels, Restaurants & Leisure - 1.7%
Las Vegas Sands Corp., Senior Notes		3.200	%		8/8/24		20,000		19,371
Las Vegas Sands Corp., Senior Notes		2.900	%		6/25/25		60,000		56,377
McDonald’s Corp., Senior Notes		4.450	%		9/1/48		20,000		17,961
McDonald’s Corp., Senior Notes		4.200	%		4/1/50		50,000		43,248
NCL Corp. Ltd., Senior Notes		5.875	%		3/15/26		130,000		121,623	(a)
Sands China Ltd., Senior Notes		5.625	%		8/8/25		200,000		195,124
Sands China Ltd., Senior Notes		2.800	%		3/8/27		200,000		173,595
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		20,000		18,350	(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.125	%		2/15/31		10,000		9,939	(a)
Total Hotels, Restaurants & Leisure									655,588
Household Durables - 0.1%
Lennar Corp., Senior Notes		4.500	%		4/30/24		10,000		9,915
MDC Holdings Inc., Senior Notes		6.000	%		1/15/43		10,000		9,019
Total Household Durables									18,934
Specialty Retail - 0.1%
Home Depot Inc., Senior Notes		3.350	%		4/15/50		40,000		30,525
TOTAL CONSUMER DISCRETIONARY									1,461,833

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         13

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER STAPLES - 1.1%
Beverages - 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		3.650	%		2/1/26		10,000	$	9,686
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.750	%		1/23/29		10,000		9,956
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.600	%		4/15/48		8,000		7,426
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.439	%		10/6/48		40,000		35,995
Anheuser-Busch InBev Worldwide Inc., Senior Notes		5.550	%		1/23/49		30,000		31,620
Constellation Brands Inc., Senior Notes		4.350	%		5/9/27		10,000		9,751
Total Beverages									104,434
Food Products - 0.2%
Kraft Heinz Foods Co., Senior Notes		4.375	%		6/1/46		40,000		33,994
Kraft Heinz Foods Co., Senior Notes		4.875	%		10/1/49		30,000		27,374
Mars Inc., Senior Notes		3.200	%		4/1/30		20,000		18,142	(a)
Mars Inc., Senior Notes		3.200	%		4/1/30		10,000		9,071	(b)
Total Food Products									88,581
Personal Care Products - 0.1%
Kenvue Inc., Senior Notes		4.900	%		3/22/33		20,000		20,237	(a)
Tobacco - 0.5%
Altria Group Inc., Senior Notes		2.450	%		2/4/32		10,000		7,799
Altria Group Inc., Senior Notes		5.375	%		1/31/44		10,000		9,402
Altria Group Inc., Senior Notes		3.875	%		9/16/46		30,000		21,027
Altria Group Inc., Senior Notes		5.950	%		2/14/49		70,000		66,454
Altria Group Inc., Senior Notes		6.200	%		2/14/59		4,000		3,861
BAT Capital Corp., Senior Notes		3.557	%		8/15/27		60,000		55,174
BAT Capital Corp., Senior Notes		3.734	%		9/25/40		30,000		21,344
BAT Capital Corp., Senior Notes		4.540	%		8/15/47		20,000		14,717
Total Tobacco									199,778
TOTAL CONSUMER STAPLES									413,030
ENERGY - 5.2%
Oil, Gas & Consumable Fuels - 5.2%
BP Capital Markets America Inc., Senior Notes		3.633	%		4/6/30		30,000		27,880
Cameron LNG LLC, Senior Secured Notes		2.902	%		7/15/31		30,000		25,834	(a)
Cameron LNG LLC, Senior Secured Notes		3.302	%		1/15/35		30,000		25,008	(a)
Cheniere Energy Inc., Senior Secured Notes		4.625	%		10/15/28		20,000		18,676
Cheniere Energy Partners LP, Senior Notes		3.250	%		1/31/32		10,000		8,227
Continental Resources Inc., Senior Notes		2.268	%		11/15/26		20,000		17,804	(a)
Continental Resources Inc., Senior Notes		5.750	%		1/15/31		20,000		19,013	(a)
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		30,000		23,313
Coterra Energy Inc., Senior Notes		3.900	%		5/15/27		60,000		56,554
Coterra Energy Inc., Senior Notes		4.375	%		3/15/29		40,000		37,322
Devon Energy Corp., Senior Notes		5.000	%		6/15/45		80,000		69,362
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		50,000		45,006
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		170,000		116,473
Energy Transfer LP, Junior Subordinated Notes (3 mo. USD LIBOR + 4.028%)		9.349	%		7/17/23		10,000		8,975	(c)(d)
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)		6.500	%		11/15/26		20,000		18,166	(c)(d)

See Notes to Schedules of Investments.

    14     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Energy Transfer LP, Junior Subordinated Notes (6.750% to 5/15/25 then 5 year Treasury Constant Maturity Rate + 5.134%)		6.750	%		5/15/25		110,000	$	97,902	(c)(d)
Energy Transfer LP, Senior Notes		2.900	%		5/15/25		20,000		18,950
Energy Transfer LP, Senior Notes		4.950	%		6/15/28		10,000		9,700
Energy Transfer LP, Senior Notes		5.250	%		4/15/29		70,000		68,337
Energy Transfer LP, Senior Notes		3.750	%		5/15/30		30,000		27,069
Energy Transfer LP, Senior Notes		6.250	%		4/15/49		30,000		29,300
Enterprise Products Operating LLC, Senior Notes		4.150	%		10/16/28		50,000		47,801
Enterprise Products Operating LLC, Senior Notes		2.800	%		1/31/30		50,000		43,774
Enterprise Products Operating LLC, Senior Notes		3.700	%		1/31/51		30,000		22,951
Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. Term SOFR + 2.832%)		5.375	%		2/15/78		10,000		8,273	(d)
EOG Resources Inc., Senior Notes		3.900	%		4/1/35		10,000		8,969
EOG Resources Inc., Senior Notes		4.950	%		4/15/50		20,000		19,737
EQM Midstream Partners LP, Senior Notes		6.000	%		7/1/25		70,000		69,227	(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		75,000		69,339
EQT Corp., Senior Notes		5.000	%		1/15/29		20,000		18,830
EQT Corp., Senior Notes		3.625	%		5/15/31		40,000		34,404	(a)
Kinder Morgan Inc., Senior Notes		4.300	%		3/1/28		10,000		9,557
Kinder Morgan Inc., Senior Notes		5.050	%		2/15/46		20,000		17,087
Kinder Morgan Inc., Senior Notes		5.200	%		3/1/48		20,000		17,512
MPLX LP, Senior Notes		4.875	%		6/1/25		20,000		19,624
MPLX LP, Senior Notes		4.800	%		2/15/29		30,000		28,931
MPLX LP, Senior Notes		4.500	%		4/15/38		20,000		17,215
MPLX LP, Senior Notes		5.500	%		2/15/49		20,000		18,124
Occidental Petroleum Corp., Senior Notes		6.600	%		3/15/46		30,000		30,886
Parsley Energy LLC/Parsley Finance Corp., Senior Notes		4.125	%		2/15/28		10,000		9,286	(a)
Pioneer Natural Resources Co., Senior Notes		2.150	%		1/15/31		30,000		24,558
Shell International Finance BV, Senior Notes		4.375	%		5/11/45		10,000		9,013
Southwestern Energy Co., Senior Notes		5.375	%		3/15/30		50,000		46,660
Southwestern Energy Co., Senior Notes		4.750	%		2/1/32		80,000		70,507
Targa Resources Corp., Senior Notes		5.200	%		7/1/27		50,000		49,089
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		10,000		9,543
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		20,400
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		4.875	%		2/1/31		100,000		92,414
Tennessee Gas Pipeline Co. LLC, Senior Notes		2.900	%		3/1/30		40,000		34,159	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		40,000		41,881
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		3.250	%		5/15/30		20,000		17,775
Western Midstream Operating LP, Senior Notes		3.350	%		2/1/25		30,000		28,676
Western Midstream Operating LP, Senior Notes		4.500	%		3/1/28		10,000		9,430
Western Midstream Operating LP, Senior Notes		4.300	%		2/1/30		90,000		80,806
Western Midstream Operating LP, Senior Notes		5.500	%		8/15/48		60,000		50,176

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         15

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Williams Cos. Inc., Senior Notes		7.750	%		6/15/31		30,000	$	33,188
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		40,000		47,486
TOTAL ENERGY									1,946,159
FINANCIALS - 11.8%
Banks - 7.7%
Bank of America Corp., Senior Notes		5.000	%		1/21/44		50,000		47,917
Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%)		2.572	%		10/20/32		50,000		40,725	(d)
Bank of America Corp., Senior Notes (2.687% to 4/22/31 then SOFR + 1.320%)		2.687	%		4/22/32		50,000		41,437	(d)
Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%)		2.972	%		2/4/33		280,000		233,415	(d)
Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%)		4.376	%		4/27/28		170,000		163,197	(d)
Bank of America Corp., Subordinated Notes		4.200	%		8/26/24		70,000		68,687
Bank of Montreal, Senior Notes		1.850	%		5/1/25		20,000		18,683
Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury Constant Maturity Rate + 2.050%)		4.588	%		5/4/37		20,000		17,234	(d)
BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. USD LIBOR + 2.567%)		5.198	%		1/10/30		200,000		193,285	(a)(d)
Citigroup Inc., Senior Notes		8.125	%		7/15/39		50,000		63,974
Citigroup Inc., Senior Notes (2.520% to 11/3/31 then SOFR + 1.177%)		2.520	%		11/3/32		50,000		40,286	(d)
Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%)		3.785	%		3/17/33		20,000		17,670	(d)
Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. Term SOFR + 1.600%)		3.980	%		3/20/30		90,000		83,217	(d)
Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%)		4.412	%		3/31/31		10,000		9,403	(d)
Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%)		4.658	%		5/24/28		30,000		29,252	(d)
Citigroup Inc., Senior Notes (4.910% to 5/24/32 then SOFR + 2.086%)		4.910	%		5/24/33		160,000		154,825	(d)
Citigroup Inc., Subordinated Notes		5.500	%		9/13/25		40,000		39,769
Cooperatieve Rabobank UA, Senior Notes (1.339% to 6/24/25 then 1 year Treasury Constant Maturity Rate + 1.000%)		1.339	%		6/24/26		250,000		228,612	(a)(d)
Danske Bank A/S, Senior Notes (3.773% to 3/28/24 then 1 year Treasury Constant Maturity Rate + 1.450%)		3.773	%		3/28/25		250,000		244,350	(a)(d)
HSBC Holdings PLC, Senior Notes (2.099% to 6/4/25 then SOFR + 1.929%)		2.099	%		6/4/26		200,000		185,071	(d)
JPMorgan Chase & Co., Senior Notes (2.083% to 4/22/25 then SOFR + 1.850%)		2.083	%		4/22/26		30,000		28,095	(d)
JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + 1.180%)		2.545	%		11/8/32		10,000		8,193	(d)
JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then 3 mo. Term SOFR + 1.250%)		2.580	%		4/22/32		40,000		33,225	(d)
JPMorgan Chase & Co., Senior Notes (2.739% to 10/15/29 then 3 mo. Term SOFR + 1.510%)		2.739	%		10/15/30		40,000		34,457	(d)
JPMorgan Chase & Co., Senior Notes (4.023% to 12/5/23 then 3 mo. Term SOFR + 1.262%)		4.023	%		12/5/24		40,000		39,654	(d)
JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. Term SOFR + 1.592%)		4.452	%		12/5/29		170,000		162,909	(d)
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		30,000		28,003

See Notes to Schedules of Investments.

    16     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
PNC Financial Services Group Inc., Senior Notes (5.582% to 6/12/28 then SOFR + 1.841%)		5.582	%		6/12/29		40,000	$	39,812	(d)
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		10,000		9,939	(d)
Royal Bank of Canada, Senior Notes		1.150	%		6/10/25		60,000		55,386
Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%)		6.047	%		6/8/27		20,000		20,008	(d)
US Bancorp, Senior Notes		1.450	%		5/12/25		30,000		27,976
US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%)		5.775	%		6/12/29		30,000		29,991	(d)
US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%)		5.836	%		6/12/34		10,000		10,072	(d)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		160,000		148,522
Wells Fargo & Co., Senior Notes		4.150	%		1/24/29		50,000		47,386
Wells Fargo & Co., Senior Notes (2.188% to 4/30/25 then SOFR + 2.000%)		2.188	%		4/30/26		30,000		28,108	(d)
Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%)		3.350	%		3/2/33		30,000		25,676	(d)
Wells Fargo & Co., Senior Notes (3.584% to 5/22/27 then 3 mo. Term SOFR + 1.572%)		3.584	%		5/22/28		50,000		46,567	(d)
Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%)		5.013	%		4/4/51		140,000		130,397	(d)
Wells Fargo & Co., Subordinated Notes		4.750	%		12/7/46		50,000		42,559
Total Banks									2,917,944
Capital Markets - 3.2%
Bank of New York Mellon Corp., Senior Notes		1.600	%		4/24/25		10,000		9,370
Goldman Sachs Group Inc., Senior Notes		3.850	%		7/8/24		70,000		68,645
Goldman Sachs Group Inc., Senior Notes		3.500	%		4/1/25		140,000		134,483
Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + 1.264%)		2.650	%		10/21/32		190,000		154,874	(d)
Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%)		3.615	%		3/15/28		20,000		18,765	(d)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term SOFR + 1.563%)		4.223	%		5/1/29		80,000		75,559	(d)
Goldman Sachs Group Inc., Subordinated Notes		5.150	%		5/22/45		40,000		37,346
Morgan Stanley, Senior Notes (2.188% to 4/28/25 then SOFR + 1.990%)		2.188	%		4/28/26		150,000		140,806	(d)
Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%)		2.511	%		10/20/32		120,000		96,926	(d)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. Term SOFR + 1.890%)		4.431	%		1/23/30		30,000		28,543	(d)
Morgan Stanley, Subordinated Notes (2.484% to 9/16/31 then SOFR + 1.360%)		2.484	%		9/16/36		30,000		22,762	(d)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		200,000		193,130	(a)(c)(d)
UBS Group AG, Senior Notes (2.193% to 6/5/25 then SOFR + 2.044%)		2.193	%		6/5/26		250,000		229,242	(a)(d)
Total Capital Markets									1,210,451
Consumer Finance - 0.1%
American Express Co., Senior Notes		4.050	%		5/3/29		20,000		19,040
Financial Services - 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		2.450	%		10/29/26		200,000		178,630
Berkshire Hathaway Finance Corp., Senior Notes		4.250	%		1/15/49		40,000		36,426

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         17

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Financial Services - (continued)
Park Aerospace Holdings Ltd., Senior Notes		5.500	%		2/15/24		50,000	$	49,431	(a)
PayPal Holdings Inc., Senior Notes		2.300	%		6/1/30		30,000		25,433
Total Financial Services									289,920
Insurance - 0.0%††
Guardian Life Global Funding, Secured Notes		1.100	%		6/23/25		20,000		18,190	(a)
TOTAL FINANCIALS									4,455,545
HEALTH CARE - 2.0%
Biotechnology - 0.4%
AbbVie Inc., Senior Notes		3.750	%		11/14/23		10,000		9,929
AbbVie Inc., Senior Notes		3.200	%		11/21/29		50,000		45,214
AbbVie Inc., Senior Notes		4.750	%		3/15/45		30,000		27,430
AbbVie Inc., Senior Notes		4.875	%		11/14/48		10,000		9,450
AbbVie Inc., Senior Notes		4.250	%		11/21/49		80,000		69,050
Total Biotechnology									161,073
Health Care Providers & Services - 0.9%
Cigna Group, Senior Notes		3.750	%		7/15/23		4,000		3,996
Cigna Group, Senior Notes		4.375	%		10/15/28		30,000		29,009
Cigna Group, Senior Notes		4.900	%		12/15/48		20,000		18,613
CVS Health Corp., Senior Notes		1.875	%		2/28/31		10,000		7,943
CVS Health Corp., Senior Notes		2.125	%		9/15/31		20,000		16,060
CVS Health Corp., Senior Notes		2.700	%		8/21/40		30,000		20,941
CVS Health Corp., Senior Notes		5.050	%		3/25/48		70,000		64,522
Elevance Health Inc., Senior Notes		4.550	%		5/15/52		10,000		8,932
HCA Inc., Senior Notes		5.625	%		9/1/28		40,000		40,031
HCA Inc., Senior Notes		3.500	%		9/1/30		40,000		35,062
Humana Inc., Senior Notes		3.125	%		8/15/29		20,000		17,654
Humana Inc., Senior Notes		2.150	%		2/3/32		10,000		7,878
UnitedHealth Group Inc., Senior Notes		4.200	%		5/15/32		30,000		28,640
UnitedHealth Group Inc., Senior Notes		5.700	%		10/15/40		10,000		10,546
UnitedHealth Group Inc., Senior Notes		2.900	%		5/15/50		20,000		13,940
UnitedHealth Group Inc., Senior Notes		3.250	%		5/15/51		30,000		22,377
Total Health Care Providers & Services									346,144
Pharmaceuticals - 0.7%
Bristol-Myers Squibb Co., Senior Notes		4.250	%		10/26/49		20,000		17,729
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		250,000		224,012
Total Pharmaceuticals									241,741
TOTAL HEALTH CARE									748,958
INDUSTRIALS - 3.4%
Aerospace & Defense - 1.3%
Boeing Co., Senior Notes		1.433	%		2/4/24		10,000		9,734
Boeing Co., Senior Notes		4.875	%		5/1/25		30,000		29,574
Boeing Co., Senior Notes		2.196	%		2/4/26		100,000		91,781
Boeing Co., Senior Notes		3.200	%		3/1/29		20,000		17,882
Boeing Co., Senior Notes		5.150	%		5/1/30		30,000		29,711
Boeing Co., Senior Notes		3.250	%		2/1/35		50,000		40,542

See Notes to Schedules of Investments.

    18     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Aerospace & Defense - (continued)
Boeing Co., Senior Notes		3.550	%		3/1/38		10,000	$	7,779
Boeing Co., Senior Notes		5.705	%		5/1/40		10,000		9,975
Boeing Co., Senior Notes		5.805	%		5/1/50		60,000		59,781
Boeing Co., Senior Notes		5.930	%		5/1/60		10,000		9,904
L3Harris Technologies Inc., Senior Notes		4.854	%		4/27/35		10,000		9,603
Lockheed Martin Corp., Senior Notes		4.150	%		6/15/53		40,000		35,214
Northrop Grumman Corp., Senior Notes		3.250	%		1/15/28		30,000		27,977
Northrop Grumman Corp., Senior Notes		5.250	%		5/1/50		50,000		50,814
Raytheon Technologies Corp., Senior Notes		2.250	%		7/1/30		50,000		42,174
Total Aerospace & Defense									472,445
Building Products - 0.0%††
Carrier Global Corp., Senior Notes		2.722	%		2/15/30		10,000		8,607
Ground Transportation - 0.1%
Canadian Pacific Railway Co., Senior Notes		3.100	%		12/2/51		10,000		7,088
Union Pacific Corp., Senior Notes		2.891	%		4/6/36		20,000		15,946
Union Pacific Corp., Senior Notes		3.839	%		3/20/60		10,000		7,954
Union Pacific Corp., Senior Notes		3.750	%		2/5/70		20,000		15,127
Total Ground Transportation									46,115
Industrial Conglomerates - 0.1%
3M Co., Senior Notes		3.050	%		4/15/30		20,000		18,020
3M Co., Senior Notes		3.700	%		4/15/50		30,000		23,741
Total Industrial Conglomerates									41,761
Machinery - 0.0%††
Vertiv Group Corp., Senior Secured Notes		4.125	%		11/15/28		10,000		9,010	(a)
Passenger Airlines - 1.1%
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		80,000		77,655	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		24,000		24,060	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		82,000		82,619	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		240,000		218,680	(a)
Total Passenger Airlines									403,014
Trading Companies & Distributors - 0.8%
Air Lease Corp., Senior Notes		3.375	%		7/1/25		40,000		37,911
Air Lease Corp., Senior Notes		5.300	%		2/1/28		20,000		19,625
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		120,000		103,894	(a)
United Rentals North America Inc., Senior Notes		3.875	%		2/15/31		160,000		138,528
Total Trading Companies & Distributors									299,958
TOTAL INDUSTRIALS									1,280,910
INFORMATION TECHNOLOGY - 0.7%
Semiconductors & Semiconductor Equipment - 0.4%
Broadcom Inc., Senior Notes		3.137	%		11/15/35		60,000		46,023	(a)
Intel Corp., Senior Notes		4.750	%		3/25/50		30,000		27,116
Intel Corp., Senior Notes		3.050	%		8/12/51		10,000		6,701
Micron Technology Inc., Senior Notes		5.875	%		2/9/33		50,000		49,750

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         19

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Semiconductors & Semiconductor Equipment - (continued)
NVIDIA Corp., Senior Notes		3.500	%		4/1/40		20,000	$	17,122
NXP BV/NXP Funding LLC/NXP USA Inc., Senior Notes		2.700	%		5/1/25		20,000		18,955
Total Semiconductors & Semiconductor Equipment									165,667
Software - 0.3%
Microsoft Corp., Senior Notes		2.921	%		3/17/52		10,000		7,440
Oracle Corp., Senior Notes		1.650	%		3/25/26		50,000		45,377
Oracle Corp., Senior Notes		4.650	%		5/6/30		10,000		9,662
Oracle Corp., Senior Notes		2.875	%		3/25/31		60,000		51,223
Total Software									113,702
TOTAL INFORMATION TECHNOLOGY									279,369
MATERIALS - 1.9%
Metals & Mining - 1.2%
Anglo American Capital PLC, Senior Notes		4.000	%		9/11/27		200,000		188,000	(a)
Barrick North America Finance LLC, Senior Notes		5.750	%		5/1/43		10,000		10,272
BHP Billiton Finance USA Ltd., Senior Notes		5.000	%		9/30/43		10,000		10,003
Freeport-McMoRan Inc., Senior Notes		4.625	%		8/1/30		40,000		37,690
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		75,000		69,933
Glencore Funding LLC, Senior Notes		4.125	%		3/12/24		10,000		9,879	(a)
Glencore Funding LLC, Senior Notes		4.000	%		3/27/27		100,000		95,310	(a)
Glencore Funding LLC, Senior Notes		3.875	%		10/27/27		30,000		28,000	(a)
Total Metals & Mining									449,087
Paper & Forest Products - 0.7%
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32		330,000		264,126
TOTAL MATERIALS									713,213
UTILITIES - 0.3%
Electric Utilities - 0.3%
American Transmission Systems Inc., Senior Notes		2.650	%		1/15/32		130,000		107,501	(a)
Duke Energy Ohio Inc., First Mortgage Bonds		3.650	%		2/1/29		20,000		18,576
TOTAL UTILITIES									126,077
TOTAL CORPORATE BONDS & NOTES (Cost - $13,758,772)									12,761,239
MORTGAGE-BACKED SECURITIES - 31.2%
FHLMC - 6.0%
Federal Home Loan Mortgage Corp. (FHLMC)		3.500	%		1/1/38-4/1/52		290,043		268,483
Federal Home Loan Mortgage Corp. (FHLMC)		1.500	%		5/1/41-10/1/41		204,923		166,379
Federal Home Loan Mortgage Corp. (FHLMC)		4.500	%		5/1/47-7/1/49		71,744		70,297
Federal Home Loan Mortgage Corp. (FHLMC)		2.872	%		11/1/47		57,242		54,155	(d)
Federal Home Loan Mortgage Corp. (FHLMC)		3.005	%		11/1/48		128,955		120,781	(d)
Federal Home Loan Mortgage Corp. (FHLMC)		5.000	%		11/1/49		88,288		87,543
Federal Home Loan Mortgage Corp. (FHLMC)		3.098	%		2/1/50		69,060		65,434	(d)
Federal Home Loan Mortgage Corp. (FHLMC)		2.500	%		7/1/50-4/1/52		1,477,992		1,261,902

See Notes to Schedules of Investments.

    20     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
FHLMC - (continued)
Federal Home Loan Mortgage Corp. (FHLMC)		2.000	%		11/1/51		91,773	$	74,964
Federal Home Loan Mortgage Corp. (FHLMC)		6.000	%		3/1/53		97,390		98,243
Total FHLMC									2,268,181
FNMA - 16.9%
Federal National Mortgage Association (FNMA)		3.160	%		5/1/29		9,450		8,748
Federal National Mortgage Association (FNMA)		2.930	%		6/1/30		18,843		17,345
Federal National Mortgage Association (FNMA)		2.149	%		2/1/32		19,905		16,576	(d)
Federal National Mortgage Association (FNMA)		3.500	%		12/1/34-6/1/49		415,490		385,164
Federal National Mortgage Association (FNMA)		2.789	%		1/1/35		49,024		41,865	(d)
Federal National Mortgage Association (FNMA)		3.000	%		7/1/35-2/1/52		565,473		508,034
Federal National Mortgage Association (FNMA)		2.500	%		9/1/36-7/1/61		851,625		727,081
Federal National Mortgage Association (FNMA)		2.000	%		3/1/41-4/1/51		1,871,102		1,537,977
Federal National Mortgage Association (FNMA)		4.500	%		2/1/48-1/1/59		62,573		60,741
Federal National Mortgage Association (FNMA)		4.000	%		9/1/48-1/1/49		386,807		368,109
Federal National Mortgage Association (FNMA)		3.000	%		7/1/51		900,000		792,035	(e)
Federal National Mortgage Association (FNMA)		3.500	%		7/1/51		300,000		273,363	(e)
Federal National Mortgage Association (FNMA)		4.000	%		7/1/51		300,000		281,520	(e)
Federal National Mortgage Association (FNMA)		4.500	%		7/1/51		500,000		480,703	(e)
Federal National Mortgage Association (FNMA)		5.000	%		7/1/51		300,000		293,953	(e)
Federal National Mortgage Association (FNMA)		5.500	%		7/1/51		200,000		199,031	(e)
Federal National Mortgage Association (FNMA)		6.000	%		7/1/51		100,000		100,883	(e)
Federal National Mortgage Association (FNMA)		6.500	%		7/1/51		200,000		204,203	(e)
Federal National Mortgage Association (FNMA)		1.500	%		7/15/53		100,000		77,262	(e)
Total FNMA									6,374,593
GNMA - 8.3%
Government National Mortgage Association (GNMA)		3.000	%		10/15/42		44,012		40,081
Government National Mortgage Association (GNMA) II		3.500	%		2/20/46-4/20/52		381,916		356,660
Government National Mortgage Association (GNMA) II		4.500	%		4/20/48-4/20/50		166,499		162,711
Government National Mortgage Association (GNMA) II		5.000	%		11/20/48		24,102		24,049
Government National Mortgage Association (GNMA) II		3.000	%		1/20/50-2/20/50		468,844		419,327
Government National Mortgage Association (GNMA) II		4.000	%		4/20/50		32,611		31,111
Government National Mortgage Association (GNMA) II		2.500	%		3/20/51-12/20/51		671,335		583,030
Government National Mortgage Association (GNMA) II		2.000	%		7/1/51		300,000		252,129	(e)
Government National Mortgage Association (GNMA) II		2.500	%		7/1/51		100,000		86,586	(e)
Government National Mortgage Association (GNMA) II		3.500	%		7/1/51		100,000		92,293	(e)
Government National Mortgage Association (GNMA) II		4.000	%		7/1/51		300,000		283,863	(e)
Government National Mortgage Association (GNMA) II		4.500	%		7/1/51		200,000		193,031	(e)

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         21

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
GNMA - (continued)
Government National Mortgage Association (GNMA) II		5.000	%		7/1/51		300,000		$	294,797	(e)
Government National Mortgage Association (GNMA) II		5.500	%		7/1/51		200,000			199,062	(e)
Government National Mortgage Association (GNMA) II		6.000	%		7/1/51		100,000			100,664	(e)
Total GNMA										3,119,394
TOTAL MORTGAGE-BACKED SECURITIES (Cost - $12,210,485)										11,762,168
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 9.6%
U.S. Government Obligations - 9.6%
U.S. Treasury Bonds		3.875	%		2/15/43		10,000			9,750
U.S. Treasury Bonds		3.625	%		8/15/43		30,000			28,159
U.S. Treasury Bonds		3.000	%		8/15/52		270,000			229,563
U.S. Treasury Bonds		3.625	%		2/15/53		1,600,000			1,535,500
U.S. Treasury Notes		3.625	%		3/31/28		20,000			19,534
U.S. Treasury Notes		3.625	%		4/30/28		890,000			864,830
U.S. Treasury Notes		3.625	%		5/31/28		90,000			88,031
U.S. Treasury Notes		3.750	%		5/31/30		160,000			157,775
U.S. Treasury Notes		3.500	%		2/15/33		700,000			681,844
U.S. Treasury Notes		3.375	%		5/15/33		10,000			9,644
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $3,682,621)										3,624,630
SOVEREIGN BONDS - 9.1%
Argentina - 0.1%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		4,443			1,438
Argentine Republic Government International Bond, Senior Notes, Step bond (0.500% to 7/9/23, 0.750% to 7/9/27 then 1.750%)		0.500	%		7/9/30		113,500			37,690
Provincia de Buenos Aires/Government Bonds, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		18,600			7,068	(a)
Provincia de Buenos Aires/Government Bonds, Senior Notes, Step bond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		10,000			3,800	(b)
Total Argentina										49,996
Brazil - 2.1%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/27		1,684,000	BRL		346,992
Brazilian Government International Bond, Senior Notes		5.000	%		1/27/45		550,000			428,137
Total Brazil										775,129
Colombia - 0.6%
Colombia Government International Bond, Senior Notes		5.000	%		6/15/45		330,000			229,117
Indonesia - 1.7%
Indonesia Treasury Bond		6.500	%		2/15/31		8,109,000,000	IDR		544,950
Indonesia Treasury Bond		6.375	%		4/15/32		959,000,000	IDR		64,146
Indonesia Treasury Bond		7.500	%		6/15/35		330,000,000	IDR		23,835
Total Indonesia										632,931
Mexico - 3.7%
Mexican Bonos, Senior Notes		7.750	%		11/13/42		16,730,000	MXN		874,870
Mexico Government International Bond, Senior Notes		4.750	%		3/8/44		610,000			520,974
Total Mexico										1,395,844

See Notes to Schedules of Investments.

    22     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Russia - 0.3%
Russian Federal Bond - OFZ		6.000	%		10/6/27		1,190,000	RUB	$	665	*(f)(g)
Russian Federal Bond - OFZ		7.650	%		4/10/30		34,430,000	RUB		128,872	*(f)(g)
Russian Federal Bond - OFZ		7.250	%		5/10/34		240,000	RUB		898	*(f)(g)
Total Russia										130,435
South Africa - 0.6%
Republic of South Africa Government Bond, Senior Notes		6.250	%		3/31/36		6,310,000	ZAR		213,003
TOTAL SOVEREIGN BONDS (Cost - $4,144,085)										3,426,455
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - 9.0%
Alternative Loan Trust, 2005-81 A1 (1 mo. USD LIBOR + 0.560%)		5.710	%		2/25/37		131,399			108,170	(d)
BANK, 2023-BNK45 A5		5.203	%		2/15/56		100,000			99,370
BLP Commercial Mortgage Trust, 2023-IND A (1 mo. Term SOFR + 1.692%)		6.839	%		3/15/40		100,000			98,509	(a)(d)
BRAVO Residential Funding Trust, 2023-NQM4 A1		6.435	%		5/25/63		100,000			99,704	(a)
BWAY Mortgage Trust, 2015-1740 E		4.806	%		1/10/35		500,000			150,355	(a)(d)(i)
BX Commercial Mortgage Trust, 2023-VLT2 A (1 mo. Term SOFR + 2.281%)		7.428	%		6/15/40		100,000			99,624	(a)(d)
BX Trust, 2021-RISE A (1 mo. USD LIBOR + 0.748%)		5.941	%		11/15/36		100,000			97,303	(a)(d)
BX Trust, 2022-PSB A (1 mo. Term SOFR + 2.451%)		7.598	%		8/15/39		98,188			97,915	(a)(d)
BX Trust, 2023-DELC A (1 mo. Term SOFR + 2.690%)		7.690	%		5/15/38		100,000			99,749	(a)(d)
CSMC Trust, 2021-NQM6 A3		1.585	%		7/25/66		187,994			146,141	(a)(d)
Deephaven Residential Mortgage Trust, 2022-1 A2		2.961	%		1/25/67		240,000			182,128	(a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through Certificates, K153 X1, IO		0.600	%		12/25/32		3,000,000			108,958	(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO		2.500	%		9/25/50		66,716			9,696
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO		2.500	%		9/25/50		80,303			12,495
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO		2.000	%		10/25/50		84,399			11,112
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO		2.500	%		5/25/49		88,890			12,292
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2022-DNA3 M1A (30 Day Average SOFR + 2.000%)		7.067	%		4/25/42		82,269			82,500	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2014-C01 M2 (1 mo. USD LIBOR + 4.400%)		9.550	%		1/25/24		38,056			38,723	(d)
Federal National Mortgage Association (FNMA) - CAS, 2014-C02 1M2 (1 mo. USD LIBOR + 2.600%)		7.750	%		5/25/24		81,380			81,787	(d)
Federal National Mortgage Association (FNMA) - CAS, 2015-C03 1M2 (1 mo. USD LIBOR + 5.000%)		10.150	%		7/25/25		15,733			16,513	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2019-R07 1M2 (1 mo. USD LIBOR + 2.100%)		7.250	%		10/25/39		15,080			15,104	(a)(d)
Federal National Mortgage Association (FNMA) - CAS, 2022-R07 1M1 (30 Day Average SOFR + 2.950%)		8.017	%		6/25/42		88,927			91,030	(a)(d)
Federal National Mortgage Association (FNMA) ACES, 2018-M9 APT2		3.209	%		4/25/28		82,491			77,208	(d)
Federal National Mortgage Association (FNMA) REMIC, 2020-74 EI, IO		2.500	%		10/25/50		76,087			12,046
Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO		2.500	%		12/25/50		227,829			33,400
Federal National Mortgage Association (FNMA) REMIC, 2021-1 IG, IO		2.500	%		2/25/51		171,245			27,979
Government National Mortgage Association (GNMA), 2013-50 IO, IO		0.062	%		10/16/48		4,546,140			6,135	(d)
Government National Mortgage Association (GNMA), 2014-17 AM		3.537	%		6/16/48		46,841			44,058	(d)
Government National Mortgage Association (GNMA), 2016-14 H		2.850	%		3/16/57		252,529			216,346
Government National Mortgage Association (GNMA), 2020-103 AD		1.450	%		1/16/63		58,737			44,993
Government National Mortgage Association (GNMA), 2020-123 NI, IO		2.500	%		8/20/50		77,884			10,732
Government National Mortgage Association (GNMA), 2020-160 YI, IO		2.500	%		10/20/50		159,560			21,088

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         23

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS(h) - (continued)
Government National Mortgage Association (GNMA), 2020-181 WI, IO		2.000	%		12/20/50		379,382	$	40,177
Government National Mortgage Association (GNMA), 2020-H13 FM (1 mo. USD LIBOR + 0.400%)		5.494	%		8/20/70		140,194		138,835	(d)
Government National Mortgage Association (GNMA), 2022-3 IO, IO		0.640	%		2/16/61		97,399		4,802	(d)
Government National Mortgage Association (GNMA), 2022-63 LM		3.500	%		10/20/50		100,000		84,190
GS Mortgage Securities Corp. Trust, 2018-SRP5 C (1 mo. USD LIBOR + 4.250%)		9.443	%		9/15/31		360,040		133,327	(a)(d)
Impac CMB Trust, 2005-7 A1 (1 mo. USD LIBOR + 0.520%)		5.670	%		11/25/35		117,642		100,935	(d)
IndyMac INDX Mortgage Loan Trust, 2005-AR10 A1 (1 mo. USD LIBOR + 0.520%)		5.670	%		6/25/35		165,224		131,630	(d)
Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C30 A4		2.600	%		9/15/49		98,216		89,929
NADG NNN Operating LP, 2019-1 A		3.368	%		12/28/49		146,047		136,094	(a)
New Residential Mortgage Loan Trust, 2019-RPL3 A1		2.750	%		7/25/59		116,696		107,568	(a)(d)
WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. USD LIBOR + 0.580%)		5.730	%		7/25/45		44,445		41,187	(d)
Wells Fargo Commercial Mortgage Trust, 2017-C38 A4		3.190	%		7/15/50		103,436		94,423
Wells Fargo Commercial Mortgage Trust, 2017-C41 B		4.188	%		11/15/50		70,000		57,812	(d)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $4,360,055)									3,414,072
ASSET-BACKED SECURITIES - 5.1%
Allegany Park CLO Ltd., 2019-1A CR (3 mo. Term SOFR + 2.050%)		7.098	%		1/20/35		250,000		232,133	(a)(d)
ECMC Group Student Loan Trust, 2020-2A A (1 mo. USD LIBOR + 1.150%)		6.300	%		11/25/69		125,896		124,099	(a)(d)
Grippen Park CLO Ltd., 2017-1A E (3 mo. USD LIBOR + 5.700%)		10.950	%		1/20/30		250,000		218,331	(a)(d)
Halsey Point CLO Ltd., 2019-1A E (3 mo. USD LIBOR + 7.700%)		12.950	%		1/20/33		300,000		276,925	(a)(d)
Hildene Community Funding CDO Ltd., 2015-1A ARR		2.600	%		11/1/35		127,057		102,181	(a)
Loanpal Solar Loan Ltd., 2021-2GS A		2.220	%		3/20/48		226,467		164,097	(a)
MF1 LLC, 2022-FL10 A (1 mo. Term SOFR + 2.635%)		7.711	%		9/17/37		100,000		100,062	(a)(d)
Morgan Stanley ABS Capital Inc. Trust, 2004-NC7 M1 (1 mo. USD LIBOR + 0.855%)		6.005	%		7/25/34		59,964		55,990	(d)
Morgan Stanley ABS Capital Inc. Trust, 2004-NC8 M1 (1 mo. USD LIBOR + 0.915%)		6.065	%		9/25/34		144,798		138,774	(d)
Nelnet Student Loan Trust, 2013-1A A (1 mo. USD LIBOR + 0.600%)		5.750	%		6/25/41		37,694		36,863	(a)(d)
Sierra Timeshare Receivables Funding LLC, 2021-2A A		1.350	%		9/20/38		86,164		79,373	(a)
SMB Private Education Loan Trust, 2018-C A2A		3.630	%		11/15/35		50,543		48,119	(a)
SMB Private Education Loan Trust, 2018-C A2B (1 mo. USD LIBOR + 0.750%)		5.943	%		11/15/35		106,182		104,866	(a)(d)
SMB Private Education Loan Trust, 2019-B A2B (1 mo. USD LIBOR + 1.000%)		6.193	%		6/15/37		50,844		50,218	(a)(d)
Structured Asset Investment Loan Trust, 2005-HE1 M2 (1 mo. USD LIBOR + 0.720%)		5.870	%		7/25/35		199,619		185,832	(d)
United States Small Business Administration, 2019-20D 1		2.980	%		4/1/39		20,506		18,651
TOTAL ASSET-BACKED SECURITIES (Cost - $2,120,924)									1,936,514
SENIOR LOANS - 2.1%
COMMUNICATION SERVICES - 0.3%
Entertainment - 0.1%
UFC Holdings LLC, Term Loan B3 (3 mo. USD LIBOR + 2.750%)		8.050	%		4/29/26		49,840		49,750	(d)(j)(k)

See Notes to Schedules of Investments.

    24     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - 0.2%
Nexstar Media Inc., Term Loan B4 (1 mo. Term SOFR + 2.500%)		7.717	%		9/18/26		50,324	$	50,234	(d)(j)(k)
Virgin Media Bristol LLC, Term Loan Facility Q (1 mo. USD LIBOR + 3.250%)		8.443	%		1/31/29		20,000		19,893	(d)(j)(k)
Total Media									70,127
TOTAL COMMUNICATION SERVICES									119,877
CONSUMER DISCRETIONARY - 0.2%
Automobile Components - 0.0%††
Clarios Global LP, 2023 Term Loan (1 mo. Term SOFR + 3.750%)		8.852	%		5/6/30		10,000		9,965	(d)(j)(k)
Hotels, Restaurants & Leisure - 0.0%††
Caesars Entertainment, Inc., Term Loan B (1 mo. Term SOFR + 3.350%)		8.452	%		2/6/30		9,975		9,966	(d)(j)(k)
Specialty Retail - 0.2%
Harbor Freight Tools USA Inc., 2021 Refinancing Term Loan (1 mo. Term SOFR + 2.750%)		7.967	%		10/19/27		55,503		54,678	(d)(j)(k)
TOTAL CONSUMER DISCRETIONARY									74,609
CONSUMER STAPLES - 0.1%
Household Products - 0.1%
Energizer Holdings Inc., Term Loan (1 mo. Term SOFR + 2.364%)		7.442	%		12/22/27		15,512		15,405	(d)(j)(k)
FINANCIALS - 0.3%
Financial Services - 0.1%
Castlelake Aviation One Designated Activity Co., Initial Term Loan (3 mo. USD LIBOR + 2.750%)		8.302	%		10/22/26		18,782		18,673	(d)(j)(k)
Citadel Securities LP, 2021 Term Loan (1 mo. Term SOFR + 2.614%)		7.717	%		2/2/28		31,419		31,355	(d)(j)(k)
Total Financial Services									50,028
Insurance - 0.0%††
AmWINS Group Inc., 2023 Incremental Term Loan (1 mo. Term SOFR + 2.850%)		7.952	%		2/19/28		9,950		9,915	(d)(j)(k)
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
Apollo Commercial Real Estate Finance Inc., Initial Term Loan (1 mo. Term SOFR + 2.864%)		7.967	%		5/15/26		55,698		52,217	(d)(g)(j)(k)
TOTAL FINANCIALS									112,160
HEALTH CARE - 0.4%
Health Care Equipment & Supplies - 0.1%
Medline Borrower LP, Initial Dollar Term Loan (1 mo. Term SOFR + 3.250%)		8.352	%		10/23/28		39,899		39,413	(d)(j)(k)
Health Care Providers & Services - 0.3%
Global Medical Response Inc., 2020 Term Loan (1 mo. USD LIBOR + 4.250%)		9.439	%		10/2/25		87,750		48,877	(d)(j)(k)
Sotera Health Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.750%)		8.023	%		12/11/26		50,000		49,156	(d)(j)(k)
Total Health Care Providers & Services									98,033
TOTAL HEALTH CARE									137,446
INDUSTRIALS - 0.6%
Building Products - 0.1%
Quikrete Holdings Inc., Fourth Amendment Term Loan B1 (1 mo. Term SOFR + 3.000%)		8.217	%		3/19/29		19,899		19,905	(d)(j)(k)

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         25

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY			RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Commercial Services & Supplies - 0.2%
Ali Group North America Corp., Initial Term Loan B (1 mo. Term SOFR + 2.114%)				7.217	%		7/30/29		42,111	$	42,080	(d)(j)(k)
Mister Car Wash Holdings Inc., First Lien Initial Term Loan (3 mo. Term SOFR + 3.000%)				8.325	%		5/14/26		51,586		51,481	(d)(j)(k)
Total Commercial Services & Supplies											93,561
Construction & Engineering - 0.1%
KKR Apple Bidco LLC, Initial Term Loan (1 mo. Term SOFR + 2.750%)				7.967	%		9/22/28		39,798		39,414	(d)(j)(k)
Passenger Airlines - 0.2%
Air Canada, Term Loan (3 mo. USD LIBOR + 3.500%)				8.839	%		8/11/28		39,600		39,543	(d)(j)(k)
Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%)				8.798	%		10/20/27		45,000		46,698	(d)(j)(k)
Total Passenger Airlines											86,241
TOTAL INDUSTRIALS											239,121
INFORMATION TECHNOLOGY - 0.2%
Electronic Equipment, Instruments & Components - 0.1%
II-VI Inc., Term Loan B (1 mo. Term SOFR + 2.864%)				7.967	%		7/2/29		45,833		45,661	(d)(j)(k)
Software - 0.1%
Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)				8.952	%		10/8/28		35,510		34,578	(d)(j)(k)
TOTAL INFORMATION TECHNOLOGY											80,239
TOTAL SENIOR LOANS (Cost - $819,024)											778,857
U.S. TREASURY INFLATION PROTECTED SECURITIES - 1.0%
U.S. Treasury Notes, Inflation Indexed (Cost - $384,372)				1.125	%		1/15/33		380,000		370,630
			EXPIRATION DATE			CONTRACTS		NOTIONAL AMOUNT†
PURCHASED OPTIONS - 0.2%
EXCHANGE-TRADED PURCHASED OPTIONS - 0.2%
SOFR 1-Year Mid-Curve Futures, Call @ $96.750				9/15/23			36		90,000		5,400
SOFR 1-Year Mid-Curve Futures, Put @ $95.250				7/14/23			70		175,000		6,125
SOFR 1-Year Mid-Curve Futures, Put @ $95.375				7/14/23			16		40,000		2,400
SOFR 1-Year Mid-Curve Futures, Put @ $97.000				10/13/23			7		17,500		19,338
SOFR 1-Year Mid-Curve Futures, Put @ $95.875				12/15/23			6		15,000		6,263
SOFR 1-Year Mid-Curve Futures, Put @ $96.000				12/15/23			14		35,000		16,800
U.S. Treasury 5-Year Notes Futures, Put @ $107.250				7/7/23			16		16,000		6,375
U.S. Treasury 10-Year Notes Futures, Call @ $115.000				7/21/23			30		30,000		2,344
U.S. Treasury 10-Year Notes Futures, Put @ $111.500				7/21/23			30		30,000		11,719
TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost - $58,591)											76,764
	COUNTERPARTY
OTC PURCHASED OPTIONS - 0.0%††
Credit default swaption to sell protection on Markit CDX.NA.HY.38 Index, Call @ 102.000bps		BNP Paribas SA		9/21/23			1,610,000		1,610,000		14,449
U.S. Dollar/Euro, Put @ $1.160		Goldman Sachs Group Inc.		9/1/23			620,000		620,000		111
TOTAL OTC PURCHASED OPTIONS (Cost - $12,744)											14,560
TOTAL PURCHASED OPTIONS (Cost - $71,335)											91,324
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $41,551,673)											38,165,889

See Notes to Schedules of Investments.

    26     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

Schedules of investments (unaudited) (cont’d)	June 30, 2023
(Percentages shown based on Fund net assets)

SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
SHORT-TERM INVESTMENTS - 11.6%
COMMERCIAL PAPER - 6.7%
Federal Home Loan Bank (FHLB), Discount Notes		4.740	%		8/16/23		2,250,000	$	2,236,622	(l)
Federal Home Loan Bank (FHLB), Discount Notes		4.959	%		9/29/23		110,000		108,681	(l)
Federal Home Loan Bank (FHLB), Discount Notes		5.012	%		10/10/23		190,000		187,421	(l)
TOTAL COMMERCIAL PAPER (Cost - $2,531,351)									2,532,724
U.S. TREASURY BILLS - 3.0%
U.S. Treasury Bills		5.110	%		8/24/23		100,000		99,252	(l)
U.S. Treasury Bills		5.240	%		10/3/23		560,000		552,605	(l)
U.S. Treasury Bills		5.279	%		10/12/23		200,000		197,090	(l)
U.S. Treasury Bills		5.325	%		10/24/23		290,000		285,257	(l)
TOTAL U.S. TREASURY BILLS (Cost - $1,133,589)									1,134,204
						SHARES
OVERNIGHT DEPOSITS - 1.9%
BNY Mellon Cash Reserve Fund (Cost - $694,695)		2.250	%				694,695		694,695	(m)
TOTAL SHORT-TERM INVESTMENTS (Cost - $4,359,635)									4,361,623
TOTAL INVESTMENTS - 112.7% (Cost - $45,911,308)									42,527,512
Liabilities in Excess of Other Assets - (12.7)%									(4,789,687	)
TOTAL NET ASSETS - 100.0%								$	37,737,825

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

†† Represents less than 0.1%.

* Non-income producing security.

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

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

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

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

(e) This security is traded on a to-be-announced (“TBA”) basis. At June 30, 2023, the Fund held TBA securities with a total cost of $4,234,313.

(f) The coupon payment on this security is currently in default as of June 30, 2023.

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

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

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

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

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

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

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

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         27

WESTERN ASSET TOTAL RETURN ETF

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

Abbreviation(s) used in this schedule:

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

At June 30, 2023, the Fund had the following written options contracts:

EXCHANGE-TRADED WRITTEN OPTIONS
SECURITY			EXPIRATION DATE		STRIKE PRICE			CONTRACTS		NOTIONAL AMOUNT			VALUE
3-Month SOFR Futures, Call				9/15/23	$	98.250			71	$	177,500		$	(888	)
3-Month SOFR Futures, Call				9/15/23		98.750			215		537,500			(1,344	)
3-Month SOFR Futures, Call				6/14/24		96.250			47		117,500			(37,012	)
3-Month SOFR Futures, Call				6/14/24		97.500			95		237,500			(31,469	)
3-Month SOFR Futures, Call				6/14/24		98.000			14		35,000			(3,150	)
3-Month SOFR Futures, Call				9/13/24		97.000			12		30,000			(8,475	)
3-Month SOFR Futures, Put				12/15/23		94.250			73		182,500			(13,687	)
3-Month SOFR Futures, Put				6/14/24		94.500			46		115,000			(28,462	)
SOFR 1-Year Mid-Curve Futures, Put				10/13/23		96.250			7		17,500			(9,450	)
SOFR 1-Year Mid-Curve Futures, Put				10/13/23		96.500			7		17,500			(12,425	)
SOFR 1-Year Mid-Curve Futures, Put				12/15/23		95.250			12		30,000			(5,400	)
SOFR 1-Year Mid-Curve Futures, Put				12/15/23		95.375			28		70,000			(15,225	)
U.S. Treasury 5-Year Notes Futures, Call				7/21/23		109.000			7		7,000			(438	)
U.S. Treasury 5-Year Notes Futures, Put				7/21/23		108.000			7		7,000			(7,766	)
U.S. Treasury 10-Year Notes Futures, Call				7/21/23		114.000			7		7,000			(1,203	)
U.S. Treasury 10-Year Notes Futures, Call				8/25/23		116.000			30		30,000			(6,562	)
U.S. Treasury 10-Year Notes Futures, Put				7/21/23		112.500			7		7,000			(5,797	)
U.S. Treasury 10-Year Notes Futures, Put				8/25/23		110.500			30		30,000			(16,875	)
TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premiums received - $341,284)														(205,628	)
OTC WRITTEN OPTIONS
	COUNTERPARTY
Credit default swaption to sell protection on Markit CDX.NA.HY.38 Index, Call		BNP Paribas SA		9/21/23		70.000	bps		8,050,000	$	8,050,000	‡	$	(17,808	)
Interest rate swaption, Put		Morgan Stanley & Co. Inc.		8/29/23		410.000	bps		615,000		615,000			(1,035	)
TOTAL OTC WRITTEN OPTIONS (Premiums received - $17,190)														(18,843	)
TOTAL WRITTEN OPTIONS (Premiums received - $358,474)													$	(224,471	)

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

Abbreviation(s) used in this schedule:

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

See Notes to Schedules of Investments.

    28     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

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

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

	Number of Contracts		Expiration Date		Notional Amount		Market Value		Unrealized Appreciation (Depreciation)
Contracts to Buy:
3-Month SOFR		13		9/23	$	3,083,458	$	3,080,350	$	(3,108	)
3-Month SOFR		13		12/23		3,128,802		3,074,500		(54,302	)
3-Month SOFR		4		3/24		947,309		946,400		(909	)
3-Month SOFR		8		3/25		1,926,943		1,919,500		(7,443	)
3-Month SOFR		3		3/26		722,894		724,013		1,119
Australian 10-Year Bonds		5		9/23		392,111		386,651		(5,460	)
EURO-Bobl		2		9/23		250,223		252,479		2,256
Euro-OAT		2		9/23		275,588		280,169		4,581
U.S. Treasury 2-Year Notes		62		9/23		12,773,076		12,607,312		(165,764	)
U.S. Treasury 5-Year Notes		158		9/23		17,091,840		16,920,812		(171,028	)
U.S. Treasury Long-Term Bonds		24		9/23		3,042,598		3,045,750		3,152
U.S. Treasury Ultra Long-Term Bonds		18		9/23		2,426,743		2,451,937		25,194
										(371,712	)
Contracts to Sell:
U.S. Treasury 10-Year Notes		65		9/23		7,377,333		7,297,266		80,067
U.S. Treasury Ultra 10-Year Notes		27		9/23		3,221,615		3,197,812		23,803
										103,870
Net unrealized depreciation on open futures contracts									$	(267,842	)

Abbreviation(s) used in this table:

Bobl	— Bundesobligation (Medium-term German Federal Government Bond)
OAT	— Obligations Assimilables du Trésor (French Treasury Bonds)
SOFR	— Secured Overnight Financing Rate

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	23,700		USD	26,091	Bank of America N.A.		7/18/23	$	(209	)
USD	363,342		EUR	331,240	Bank of America N.A.		7/18/23		1,608
CAD	70,144		USD	52,106	BNP Paribas SA		7/18/23		919
CAD	179,022		USD	133,122	BNP Paribas SA		7/18/23		2,208
JPY	5,466,710		USD	40,360	Goldman Sachs Group Inc.		7/18/23		(2,424	)
JPY	11,020,000		USD	82,338	Goldman Sachs Group Inc.		7/18/23		(5,865	)
JPY	14,660,000		USD	108,993	Goldman Sachs Group Inc.		7/18/23		(7,261	)
JPY	17,537,304		USD	135,749	Goldman Sachs Group Inc.		7/18/23		(14,050	)
JPY	15,781,722		USD	117,088	JPMorgan Chase & Co.		7/18/23		(7,572	)
NZD	154,348		USD	97,005	JPMorgan Chase & Co.		7/18/23		(2,451	)
USD	432,633		IDR	6,480,835,697	JPMorgan Chase & Co.		7/18/23		426
AUD	93,509		USD	62,776	Morgan Stanley & Co. Inc.		7/18/23		(496	)
AUD	187,496		USD	126,066	Morgan Stanley & Co. Inc.		7/18/23		(1,186	)
EUR	293,153		NOK	322,009	Morgan Stanley & Co. Inc.		7/18/23		(1,868	)
EUR	322,009		NOK	3,345,671	Morgan Stanley & Co. Inc.		7/18/23		9,499
INR	4,259,495		USD	51,655	Morgan Stanley & Co. Inc.		7/18/23		231
INR	13,309,786		USD	160,960	Morgan Stanley & Co. Inc.		7/18/23		1,173

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         29

WESTERN ASSET TOTAL RETURN ETF

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

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NOK	746,607		EUR	123,477	Morgan Stanley & Co. Inc.		7/18/23	$	(820	)
NOK	5,480,555		USD	533,608	Morgan Stanley & Co. Inc.		7/18/23		(21,686	)
USD	281,390		CNH	1,924,991	Morgan Stanley & Co. Inc.		7/18/23		16,376
USD	52,090		GBP	41,771	Morgan Stanley & Co. Inc.		7/18/23		(1,022	)
USD	634,061		MXN	11,712,377	Morgan Stanley & Co. Inc.		7/18/23		(46,238	)
Net unrealized depreciation on open forward foreign currency contracts								$	(80,708	)

Abbreviation(s) used in this table:

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

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

CENTRALLY CLEARED INTEREST RATE SWAPS
	NOTIONAL AMOUNT		TERMINATION DATE		PAYMENTS MADE BY THE FUND†		PAYMENTS RECEIVED BY THE FUND†		MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION (DEPRECIATION)
	$	9,371,000		3/10/26		4.100% annually		Daily SOFR annually	$	(9,390	)	$	65,048		$	(74,438	)
		932,000		4/30/29		3.270% annually		Daily SOFR annually		26,105			(2,687	)		28,792
		3,128,000		5/15/32		3.220% annually		Daily SOFR annually		88,734			(10,198	)		98,932
		2,095,000		3/10/34		3.400% annually		Daily SOFR annually		(2,904	)		(21,156	)		18,252
		862,000		2/15/48		2.600% annually		Daily SOFR annually		101,918			64,671			37,247
		183,000		2/15/48		3.050% annually		Daily SOFR annually		8,042			5,273			2,769
		836,000		4/21/52		2.500% annually		Daily SOFR annually		107,991			112,403			(4,412	)
Total	$	17,407,000							$	320,496		$	213,354		$	107,142

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION1
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2			TERMINATION DATE		IMPLIED CREDIT SPREAD AT JUNE 30, 20233	PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE		UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED DEPRECIATION
BNP Paribas SA (Volkswagen International Finance NV, 0.875%, due 11/16/24)		530,000	EUR		12/20/24	0.575%	1.000% quarterly	$	3,537	$	6,734	$	(3,197	)

See Notes to Schedules of Investments.

    30     Western Asset ETFs 2023 Quarterly Report

WESTERN ASSET TOTAL RETURN ETF

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

OTC CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION4
SWAP COUNTERPARTY (REFERENCE ENTITY)	NOTIONAL AMOUNT2			TERMINATION DATE		IMPLIED CREDIT SPREAD AT JUNE 30, 20233	PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED DEPRECIATION
BNP Paribas SA (Daimler AG, 1.400%, due 1/12/24)		530,000	EUR		12/20/24	0.299%	1.000% quarterly	$	(5,860	)	$	(3,814	)	$	(2,046	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION1
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS RECEIVED BY THE FUND†	MARKET VALUE5			UPFRONT PREMIUMS PAID (RECEIVED)			UNREALIZED APPRECIATION
MARKIT CDX.NA.IG.40 Index	$	5,370,000		6/20/28	1.000% quarterly	$	80,339		$	43,833		$	36,506
MARKIT CDX.NA.IG.40 Index		1,498,000		6/20/33	1.000% quarterly		(5,236	)		(21,850	)		16,614
Total	$	6,868,000				$	75,103		$	21,983		$	53,120

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION4
REFERENCE ENTITY	NOTIONAL AMOUNT2		TERMINATION DATE		PERIODIC PAYMENTS MADE BY THE FUND†	MARKET VALUE5	UPFRONT PREMIUMS PAID (RECEIVED)		UNREALIZED DEPRECIATION
MARKIT CDX.NA.HY.40 Index	$	872,000		6/20/28	5.000% quarterly	$(24,355)	$	2,618	$	(26,973	)

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

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

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

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

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

† Percentage shown is an annual percentage rate.

Abbreviation(s) used in this table:

EUR	— Euro
SOFR	— Secured Overnight Financing Rate

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

See Notes to Schedules of Investments.

Western Asset ETFs 2023 Quarterly Report         31

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

Western Asset Short Duration Income ETF (“Short Duration Income ETF”) and Western Asset Total Return ETF (“Total Return ETF” ) ( the “Funds”) are separate diversified investment series of Legg Mason ETF Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The Funds are actively managed exchange-traded funds (“ETFs”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds’ distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Funds are listed and traded at market prices on NASDAQ. The market price for a Fund’s shares may be different from a Fund’s NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units 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 follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will normally use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds’ Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Funds’ manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds’ manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies, and reporting to the Funds’ manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not

32

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

limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Funds’ assets and liabilities carried at fair value:

Short Duration Income ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	16,605,585		—	$	16,605,585
Asset-Backed Securities		—		842,957		—		842,957
U.S. Government & Agency Obligations		—		86,401		—		86,401
Sovereign Bonds		—		46,864		—		46,864
Municipal Bonds		—		28,508		—		28,508
Senior Loans		—		9,340		—		9,340
Total Long-Term Investments		—		17,619,655		—		17,619,655
Short-Term Investments†		—		912,798		—		912,798
Total Investments		—	$	18,532,453		—	$	18,532,453
Other Financial Instruments:
Futures Contracts††	$	191,617		—		—	$	191,617
Total	$	191,617	$	18,532,453		—	$	18,724,070

33

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

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Futures Contracts††	$	391,082		—		—	$	391,082
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—	$	11,299		—		11,299
Total	$	391,082	$	11,299		—	$	402,381

† See Schedule of Investments for additional detailed categorizations.

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

Total Return ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	12,761,239		—	$	12,761,239
Mortgage-Backed Securities		—		11,762,168		—		11,762,168
U.S. Government & Agency Obligations		—		3,624,630		—		3,624,630
Sovereign Bonds		—		3,296,020	$	130,435		3,426,455
Collateralized Mortgage Obligations		—		3,414,072		—		3,414,072
Asset-Backed Securities		—		1,936,514		—		1,936,514
Senior Loans:
Financials		—		59,943		52,217		112,160
Other Senior Loans		—		666,697		—		666,697
U.S. Treasury Inflation Protected Securities		—		370,630		—		370,630
Purchased Options:
Exchange-Traded Purchased Options	$	76,764		—		—		76,764
OTC Purchased Options		—		14,560		—		14,560
Total Long-Term Investments		76,764		37,906,473		182,652		38,165,889
Short-Term Investments†:
Commercial Paper		—		2,532,724		—		2,532,724
U.S. Treasury Bills		—		1,134,204		—		1,134,204
Overnight Deposits		—		694,695		—		694,695
Total Short-Term Investments		—		4,361,623		—		4,361,623
Total Investments	$	76,764	$	42,268,096	$	182,652	$	42,527,512
Other Financial Instruments:
Futures Contracts††	$	140,172		—		—	$	140,172
Forward Foreign Currency Contracts††		—	$	32,440		—		32,440
Centrally Cleared Interest Rate Swaps††		—		185,992		—		185,992
OTC Credit Default Swaps on Corporate Issues - Sell Protection‡		—		3,537		—		3,537
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection††		—		53,120		—		53,120
Total Other Financial Instruments	$	140,172	$	275,089		—	$	415,261
Total	$	216,936	$	42,543,185	$	182,652	$	42,942,773

34

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

LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Written Options:
Exchange-Traded Written Options	$	205,722		—		—	$	205,722
OTC Written Options		—	$	18,843		—		18,843
Futures Contracts††		408,014		—		—		408,014
Forward Foreign Currency Contracts††		—		113,148		—		113,148
Centrally Cleared Interest Rate Swaps††		—		78,850		—		78,850
OTC Credit Default Swaps on Corporate Issues - Buy Protection‡		—		5,860		—		5,860
Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection††		—		26,973		—		26,973
Total	$	613,736	$	243,674		—	$	857,410

† See Schedule of Investments for additional detailed categorizations.

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

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

35