CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) December 31, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.2%
COMMUNICATION SERVICES - 9.4%
Diversified Telecommunication Services - 0.0%††
GCI Liberty Inc., Class A Shares (Escrow)		3,549	$	0	(a)(b)(c)
Entertainment - 3.1%
Liberty Media Corp.-Liberty Formula One, Class C Shares		6,050		381,937	*
Netflix Inc.		6,208		3,022,551	*
Total Entertainment				3,404,488
Interactive Media & Services - 4.8%
Match Group Inc.		9,792		357,408	*
Meta Platforms Inc., Class A Shares		11,911		4,216,017	*
Pinterest Inc., Class A Shares		21,448		794,434	*
Total Interactive Media & Services				5,367,859
Media - 1.5%
Comcast Corp., Class A Shares		36,954		1,620,433
TOTAL COMMUNICATION SERVICES				10,392,780
CONSUMER DISCRETIONARY - 11.6%
Automobile Components - 0.5%
Aptiv PLC		6,838		613,505	*
Automobiles - 0.5%
Tesla Inc.		2,150		534,232	*
Broadline Retail - 7.0%
Amazon.com Inc.		48,091		7,306,947	*
Etsy Inc.		5,843		473,575	*
Total Broadline Retail				7,780,522
Hotels, Restaurants & Leisure - 1.5%
Airbnb Inc., Class A Shares		6,212		845,702	*
Starbucks Corp.		8,010		769,040
Total Hotels, Restaurants & Leisure				1,614,742
Specialty Retail - 1.0%
TJX Cos. Inc.		11,422		1,071,498
Textiles, Apparel & Luxury Goods - 1.1%
NIKE Inc., Class B Shares		11,406		1,238,349
TOTAL CONSUMER DISCRETIONARY				12,852,848
CONSUMER STAPLES - 3.2%
Beverages - 1.0%
Monster Beverage Corp.		19,166		1,104,153	*
Consumer Staples Distribution & Retail - 0.8%
Target Corp.		6,414		913,482
Personal Care Products - 1.4%
Estee Lauder Cos. Inc., Class A Shares		10,162		1,486,193
TOTAL CONSUMER STAPLES				3,503,828
FINANCIALS - 6.0%
Capital Markets - 1.3%
S&P Global Inc.		3,145		1,385,435
Financial Services - 3.6%
PayPal Holdings Inc.		11,342		696,512	*
Visa Inc., Class A Shares		12,821		3,337,948
Total Financial Services				4,034,460

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report      1

CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Insurance - 1.1%
Marsh & McLennan Cos. Inc.		6,481	$	1,227,955
TOTAL FINANCIALS				6,647,850
HEALTH CARE - 19.0%
Biotechnology - 6.2%
AbbVie Inc.		7,543		1,168,939
Biogen Inc.		5,253		1,359,319	*
Ionis Pharmaceuticals Inc.		12,998		657,569	*
Vertex Pharmaceuticals Inc.		8,942		3,638,410	*
Total Biotechnology				6,824,237
Health Care Equipment & Supplies - 2.9%
Alcon Inc.		12,245		956,579
Insulet Corp.		2,138		463,903	*
Intuitive Surgical Inc.		3,050		1,028,948	*
Stryker Corp.		2,413		722,597
Total Health Care Equipment & Supplies				3,172,027
Health Care Providers & Services - 4.6%
Guardant Health Inc.		9,471		256,190	*
UnitedHealth Group Inc.		9,261		4,875,639
Total Health Care Providers & Services				5,131,829
Health Care Technology - 0.4%
Doximity Inc., Class A Shares		14,477		405,935	*
Life Sciences Tools & Services - 2.5%
Charles River Laboratories International Inc.		4,710		1,113,444	*
Thermo Fisher Scientific Inc.		3,248		1,724,006
Total Life Sciences Tools & Services				2,837,450
Pharmaceuticals - 2.4%
Eli Lilly & Co.		2,514		1,465,461
Zoetis Inc.		5,881		1,160,733
Total Pharmaceuticals				2,626,194
TOTAL HEALTH CARE				20,997,672
INDUSTRIALS - 7.9%
Air Freight & Logistics - 0.7%
United Parcel Service Inc., Class B Shares		4,929		774,987
Building Products - 1.0%
Johnson Controls International PLC		18,633		1,074,006
Commercial Services & Supplies - 0.9%
Cintas Corp.		1,665		1,003,429
Electrical Equipment - 1.5%
Eaton Corp. PLC		6,779		1,632,519
Ground Transportation - 2.4%
Uber Technologies Inc.		28,881		1,778,203	*
Union Pacific Corp.		3,877		952,269
Total Ground Transportation				2,730,472
Trading Companies & Distributors - 1.4%
W.W. Grainger Inc.		1,911		1,583,626
TOTAL INDUSTRIALS				8,799,039
INFORMATION TECHNOLOGY - 39.0%
Electronic Equipment, Instruments & Components - 1.7%
TE Connectivity Ltd.		13,337		1,873,848

See Notes to Schedules of Investments.

    2  ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE ALL CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) December 31, 2023

SECURITY				SHARES		VALUE
IT Services - 2.1%
Accenture PLC, Class A Shares					3,461	$	1,214,499
Snowflake Inc., Class A Shares					5,481		1,090,719	*
Total IT Services							2,305,218
Semiconductors & Semiconductor Equipment - 8.9%
ASML Holding NV, Registered Shares					1,756		1,329,152
Broadcom Inc.					3,725		4,158,031
NVIDIA Corp.					7,655		3,790,909
Wolfspeed Inc.					11,667		507,631	*
Total Semiconductors & Semiconductor Equipment							9,785,723
Software - 22.4%
Adobe Inc.					3,121		1,861,989	*
Atlassian Corp., Class A Shares					4,347		1,033,977	*
Autodesk Inc.					8,892		2,165,024	*
CrowdStrike Holdings Inc., Class A Shares					10,546		2,692,605	*
DocuSign Inc.					7,950		472,627	*
Dolby Laboratories Inc., Class A Shares					8,961		772,259
HubSpot Inc.					2,987		1,734,073	*
Intuit Inc.					2,080		1,300,062
Microsoft Corp.					15,588		5,861,712
Palo Alto Networks Inc.					8,098		2,387,938	*
Salesforce Inc.					6,744		1,774,616	*
ServiceNow Inc.					1,469		1,037,834	*
Splunk Inc.					5,219		795,115	*
Workday Inc., Class A Shares					3,429		946,610	*
Total Software							24,836,441
Technology Hardware, Storage & Peripherals - 3.9%
Apple Inc.					18,766		3,613,018
Seagate Technology Holdings PLC					8,726		744,939
Total Technology Hardware, Storage & Peripherals							4,357,957
TOTAL INFORMATION TECHNOLOGY							43,159,187
MATERIALS - 1.9%
Chemicals - 1.0%
Sherwin-Williams Co.					3,595		1,121,280
Metals & Mining - 0.9%
Freeport-McMoRan Inc.					22,480		956,974
TOTAL MATERIALS							2,078,254
REAL ESTATE - 1.2%
Specialized REITs - 1.2%
Equinix Inc.					1,653		1,331,310
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $86,061,941)							109,762,768
	RATE
SHORT-TERM INVESTMENTS - 0.8%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $926,854)		5.197	%		926,854		926,854	(d)
TOTAL INVESTMENTS - 100.0% (Cost - $86,988,795)							110,689,622
Liabilities in Excess of Other Assets - (0.0)%††							(19,189	)
TOTAL NET ASSETS - 100.0%						$	110,670,433

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report      3

CLEARBRIDGE ALL CAP GROWTH ESG ETF

Schedules of investments (unaudited) (cont’d) December 31, 2023

†† Represents less than 0.1%.

* Non-income producing security.

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

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

(c) Value is less than $1.

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

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

See Notes to Schedules of Investments.

    4  ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE DIVIDEND STRATEGY ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) December 31, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 96.7%
COMMUNICATION SERVICES - 5.6%
Entertainment - 0.7%
Walt Disney Co.		2,837	$	256,153
Media - 3.1%
Comcast Corp., Class A Shares		26,812		1,175,706
Wireless Telecommunication Services - 1.8%
T-Mobile US Inc.		4,177		669,698
TOTAL COMMUNICATION SERVICES				2,101,557
CONSUMER DISCRETIONARY - 4.2%
Automobiles - 0.9%
General Motors Co.		9,759		350,543
Hotels, Restaurants & Leisure - 1.3%
Starbucks Corp.		5,114		490,995
Specialty Retail - 2.0%
Home Depot Inc.		2,164		749,934
TOTAL CONSUMER DISCRETIONARY				1,591,472
CONSUMER STAPLES - 8.5%
Beverages - 1.8%
Coca-Cola Co.		11,780		694,195
Food Products - 4.0%
Mondelez International Inc., Class A Shares		10,760		779,347
Nestle SA, ADR		6,395		739,454
Total Food Products				1,518,801
Household Products - 2.7%
Colgate-Palmolive Co.		4,996		398,231
Procter & Gamble Co.		4,166		610,486
Total Household Products				1,008,717
TOTAL CONSUMER STAPLES				3,221,713
ENERGY - 6.6%
Oil, Gas & Consumable Fuels - 6.6%
Chesapeake Energy Corp.		6,293		484,184
Kinder Morgan Inc.		39,758		701,331
Williams Cos. Inc.		36,922		1,285,993
TOTAL ENERGY				2,471,508
FINANCIALS - 17.7%
Banks - 4.0%
JPMorgan Chase & Co.		6,186		1,052,238
PNC Financial Services Group Inc.		2,822		436,987
Total Banks				1,489,225
Consumer Finance - 1.4%
Capital One Financial Corp.		4,153		544,542
Financial Services - 7.6%
Apollo Global Management Inc.		15,740		1,466,811
Mastercard Inc., Class A Shares		861		367,225
Visa Inc., Class A Shares		3,993		1,039,577
Total Financial Services				2,873,613

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report      5

CLEARBRIDGE DIVIDEND STRATEGY ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Insurance - 4.7%
American International Group Inc.		5,164	$	349,861
MetLife Inc.		7,967		526,858
Travelers Cos. Inc.		4,727		900,446
Total Insurance				1,777,165
TOTAL FINANCIALS				6,684,545
HEALTH CARE - 12.0%
Biotechnology - 1.2%
Gilead Sciences Inc.		5,451		441,586
Health Care Equipment & Supplies - 2.7%
Becton Dickinson & Co.		4,169		1,016,527
Health Care Providers & Services - 2.1%
UnitedHealth Group Inc.		1,515		797,602
Pharmaceuticals - 6.0%
AstraZeneca PLC, ADR		6,419		432,320
Johnson & Johnson		4,500		705,330
Merck & Co. Inc.		7,158		780,365
Pfizer Inc.		12,374		356,247
Total Pharmaceuticals				2,274,262
TOTAL HEALTH CARE				4,529,977
INDUSTRIALS - 6.3%
Air Freight & Logistics - 1.1%
United Parcel Service Inc., Class B Shares		2,604		409,427
Commercial Services & Supplies - 1.5%
Waste Management Inc.		3,149		563,986
Ground Transportation - 2.0%
Union Pacific Corp.		3,105		762,650
Industrial Conglomerates - 1.7%
Honeywell International Inc.		3,076		645,068
TOTAL INDUSTRIALS				2,381,131
INFORMATION TECHNOLOGY - 16.4%
Communications Equipment - 1.2%
Cisco Systems Inc.		8,892		449,224
Semiconductors & Semiconductor Equipment - 4.3%
Broadcom Inc.		699		780,259
Intel Corp.		11,615		583,654
Texas Instruments Inc.		1,463		249,383
Total Semiconductors & Semiconductor Equipment				1,613,296
Software - 8.6%
Microsoft Corp.		5,348		2,011,062
Oracle Corp.		5,616		592,095
SAP SE, ADR		4,196		648,659
Total Software				3,251,816
Technology Hardware, Storage & Peripherals - 2.3%
Apple Inc.		4,464		859,454
TOTAL INFORMATION TECHNOLOGY				6,173,790

See Notes to Schedules of Investments.

    6  ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE DIVIDEND STRATEGY ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) December 31, 2023

SECURITY				SHARES		VALUE
MATERIALS - 9.2%
Chemicals - 4.5%
Linde PLC					2,521	$	1,035,400
PPG Industries Inc.					4,527		677,013
Total Chemicals							1,712,413
Construction Materials - 2.5%
Vulcan Materials Co.					4,164		945,269
Metals & Mining - 2.2%
Freeport-McMoRan Inc.					8,620		366,954
Nucor Corp.					2,534		441,017
Total Metals & Mining							807,971
TOTAL MATERIALS							3,465,653
REAL ESTATE - 5.4%
Residential REITs - 1.9%
AvalonBay Communities Inc.					3,706		693,837
Specialized REITs - 3.5%
American Tower Corp.					3,708		800,483
Public Storage					1,734		528,870
Total Specialized REITs							1,329,353
TOTAL REAL ESTATE							2,023,190
UTILITIES - 4.8%
Electric Utilities - 1.7%
Edison International					8,990		642,695
Multi-Utilities - 3.1%
Sempra					15,515		1,159,436
TOTAL UTILITIES							1,802,131
TOTAL COMMON STOCKS (Cost - $33,109,875)							36,446,667
				SHARES/UNITS
MASTER LIMITED PARTNERSHIPS - 1.8%
Independent Power and Renewable Electricity Producers - 1.8%
Brookfield Renewable Partners LP (Cost - $676,141)					25,232		663,097
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $33,786,016)							37,109,764
	RATE			SHARES
SHORT-TERM INVESTMENTS - 1.4%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $549,955)		5.197	%		549,955		549,955	(a)
TOTAL INVESTMENTS - 99.9% (Cost - $34,335,971)							37,659,719
Other Assets in Excess of Liabilities - 0.1%							26,932
TOTAL NET ASSETS - 100.0%						$	37,686,651

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

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

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

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report      7

CLEARBRIDGE LARGE CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) December 31, 2023

SECURITY	SHARES		VALUE
COMMON STOCKS - 97.2%
COMMUNICATION SERVICES - 8.4%
Entertainment - 3.4%
Netflix Inc.		13,091	$	6,373,7446	*
Interactive Media & Services - 5.0%
Meta Platforms Inc., Class A Shares		25,880		9,160,485	*
TOTAL COMMUNICATION SERVICES				15,534,231
CONSUMER DISCRETIONARY - 10.6%
Automobile Components - 0.8%
Aptiv PLC		16,822		1,509,270	*
Automobiles - 0.7%
Tesla Inc.		5,326		1,323,404	*
Broadline Retail - 7.6%
Amazon.com Inc.		92,701		14,084,990	*
Textiles, Apparel & Luxury Goods - 1.5%
NIKE Inc., Class B Shares		25,036		2,718,159
TOTAL CONSUMER DISCRETIONARY				19,635,823
CONSUMER STAPLES - 4.8%
Beverages - 1.7%
Monster Beverage Corp.		54,413		3,134,733	*
Consumer Staples Distribution & Retail - 1.7%
Target Corp.		21,889		3,117,431
Personal Care Products - 1.4%
Estee Lauder Cos. Inc., Class A Shares		18,167		2,656,924
TOTAL CONSUMER STAPLES				8,909,088
FINANCIALS - 9.8%
Capital Markets - 2.7%
Intercontinental Exchange Inc.		7,357		944,859
S&P Global Inc.		9,073		3,996,838
Total Capital Markets				4,941,697
Financial Services - 5.6%
PayPal Holdings Inc.		29,969		1,840,396	*
Visa Inc., Class A Shares		32,670		8,505,635
Total Financial Services				10,346,031
Insurance - 1.5%
Marsh & McLennan Cos. Inc.		15,291		2,897,186
TOTAL FINANCIALS				18,184,914
HEALTH CARE - 13.7%
Health Care Equipment & Supplies - 4.9%
Alcon Inc.		36,592		2,858,567
Intuitive Surgical Inc.		9,327		3,146,557	*
Stryker Corp.		10,115		3,029,038
Total Health Care Equipment & Supplies				9,034,162
Health Care Providers & Services - 3.3%
UnitedHealth Group Inc.		11,581		6,097,049
Life Sciences Tools & Services - 2.6%
Thermo Fisher Scientific Inc.		9,155		4,859,382

See Notes to Schedules of Investments.

    8  ClearBridge ETFs 2023 Quarterly Report

CLEARBRIDGE LARGE CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) December 31, 2023

SECURITY	SHARES		VALUE
Pharmaceuticals - 2.9%
Eli Lilly & Co.		3,528	$	2,056,542
Zoetis Inc.		16,930		3,341,474
Total Pharmaceuticals				5,398,016
TOTAL HEALTH CARE				25,388,609
INDUSTRIALS - 10.6%
Air Freight & Logistics - 1.1%
United Parcel Service Inc., Class B Shares		12,585		1,978,739
Electrical Equipment - 2.2%
Eaton Corp. PLC		17,013		4,097,071
Ground Transportation - 3.4%
Uber Technologies Inc.		59,303		3,651,286	*
Union Pacific Corp.		10,603		2,604,309
Total Ground Transportation				6,255,595
Industrial Conglomerates - 1.5%
Honeywell International Inc.		13,415		2,813,260
Trading Companies & Distributors - 2.4%
W.W. Grainger Inc.		5,321		4,409,459
TOTAL INDUSTRIALS				19,554,124
INFORMATION TECHNOLOGY - 34.8%
Semiconductors & Semiconductor Equipment - 8.6%
ASML Holding NV, Registered Shares		4,236		3,206,313
Intel Corp.		39,025		1,961,006
NVIDIA Corp.		21,671		10,731,913
Total Semiconductors & Semiconductor Equipment				15,899,232
Software - 21.6%
Adobe Inc.		7,428		4,431,545	*
Atlassian Corp., Class A Shares		10,114		2,405,716	*
Intuit Inc.		4,511		2,819,510
Microsoft Corp.		43,134		16,220,110
Palo Alto Networks Inc.		17,369		5,121,771	*
Salesforce Inc.		16,063		4,226,818	*
Splunk Inc.		10,101		1,538,887	*
Workday Inc., Class A Shares		11,435		3,156,746	*
Total Software				39,921,103
Technology Hardware, Storage & Peripherals - 4.6%
Apple Inc.		43,933		8,458,420
TOTAL INFORMATION TECHNOLOGY				64,278,755

See Notes to Schedules of Investments.

ClearBridge ETFs 2023 Quarterly Report      9

CLEARBRIDGE LARGE CAP GROWTH ESG ETF

(Percentages shown based on Fund net assets)

Schedules of investments (unaudited) (cont’d) December 31, 2023

SECURITY				SHARES		VALUE
MATERIALS - 2.0%
Chemicals - 2.0%
Sherwin-Williams Co.					11,651	$	3,633,947
REAL ESTATE - 1.5%
Specialized REITs - 1.5%
Equinix Inc.					3,434		2,765,709
UTILITIES - 1.0%
Electric Utilities - 1.0%
NextEra Energy Inc.					30,929		1,878,627
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $158,573,633)							179,763,827
	RATE
SHORT-TERM INVESTMENTS - 2.8%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $5,123,886)		5.197	%		5,123,886		5,123,886	(a)
TOTAL INVESTMENTS - 100.0% (Cost - $163,697,519)							184,887,713
Liabilities in Excess of Other Assets - (0.0)%††							(44,706	)
TOTAL NET ASSETS - 100.0%						$	184,843,007

†† Represents less than 0.1%.

* Non-income producing security.

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

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

See Notes to Schedules of Investments.

    10  ClearBridge ETFs 2023 Quarterly Report

Notes to Schedules of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge All Cap Growth ESG ETF (“All Cap Growth ESG ETF”), ClearBridge Dividend Strategy ESG ETF (“Dividend Strategy ESG ETF”) and ClearBridge Large Cap Growth ESG ETF (“Large Cap Growth ESG ETF”) (the “Funds”) are separate diversified investment series of Legg Mason ETF Investment Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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

Shares of the Funds are listed and traded at market prices on NASDAQ. The market price for a Fund’s shares may be different from a Fund’s NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

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

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

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

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Notes to Schedules of Investments (unaudited) (continued)

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 – significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

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

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

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

All Cap Growth ESG ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)			TOTAL
Long-Term Investments:
Common Stocks†:
Communication Services	$	10,392,780		—	$	0	*	$	10,392,780
Other Common Stocks		99,369,988		—		—			99,369,988
Total Long-Term Investments		109,762,768		—		0	*		109,762,768
Short-Term Investments†		926,854		—		—			926,854
Total Investments	$	110,689,622		—	$	0	*	$	110,689,622

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

Dividend Strategy ESG ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Common Stocks	$	36,446,667		—		—	$	36,446,667
Master Limited Partnerships		663,097		—		—		663,097
Total Long-Term Investments		37,109,764		—		—		37,109,764
Short-Term Investments†		549,955		—		—		549,955
Total Investments	$	37,659,719		—		—	$	37,659,719

† See Schedule of Investments for additional detailed categorizations.

    12  ClearBridge ETFs 2023 Quarterly Report

Notes to Schedules of Investments (unaudited) (continued)

Large Cap Growth ESG ETF

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	179,763,827		—		—	$	179,763,827
Short-Term Investments†		5,123,886		—		—		5,123,886
Total Investments	$	184,887,713		—		—	$	184,887,713

† See Schedule of Investments for additional detailed categorizations.

ClearBridge ETFs 2023 Quarterly Report      13