CLEARBRIDGE FOCUS VALUE ESG ETF

Schedule of investments (unaudited) December 31, 2023

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.6%
COMMUNICATION SERVICES - 8.1%
Interactive Media & Services - 2.5%
Alphabet Inc., Class A Shares		234	$	32,688	*
Meta Platforms Inc., Class A Shares		149		52,740	*
Total Interactive Media & Services				85,428
Media - 5.6%
Charter Communications Inc., Class A Shares		176		68,408	*
Comcast Corp., Class A Shares		2,744		120,324
Total Media				188,732
TOTAL COMMUNICATION SERVICES				274,160
CONSUMER DISCRETIONARY - 1.9%
Specialty Retail - 1.9%
Home Depot Inc.		186		64,458
CONSUMER STAPLES - 1.3%
Personal Care Products - 1.3%
Haleon PLC, ADR		5,451		44,862
ENERGY - 2.0%
Oil, Gas & Consumable Fuels - 2.0%
TC Energy Corp.		1,725		67,430
FINANCIALS - 21.4%
Banks - 10.3%
Bank of America Corp.		5,553		186,969
JPMorgan Chase & Co.		951		161,765
Total Banks				348,734
Capital Markets - 3.9%
Charles Schwab Corp.		1,916		131,821
Consumer Finance - 3.1%
American Express Co.		551		103,224
Financial Services - 1.3%
Visa Inc., Class A Shares		162		42,177
Insurance - 2.8%
Marsh & McLennan Cos. Inc.		318		60,251
Progressive Corp.		216		34,405
Total Insurance				94,656
TOTAL FINANCIALS				720,612
HEALTH CARE - 20.4%
Health Care Equipment & Supplies - 3.1%
Becton Dickinson & Co.		427		104,115

See Notes to Schedule of Investments.

ClearBridge Focus Value ESG ETF 2023 Quarterly Report      1

CLEARBRIDGE FOCUS VALUE ESG ETF

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

(Percentages shown based on Fund net assets)

SECURITY	SHARES		VALUE
Health Care Providers & Services - 10.1%
CVS Health Corp.		1,719	$	135,733
McKesson Corp.		292		135,190
UnitedHealth Group Inc.		128		67,388
Total Health Care Providers & Services				338,311
Life Sciences Tools & Services - 3.2%
Thermo Fisher Scientific Inc.		204		108,281
Pharmaceuticals - 4.0%
Johnson & Johnson		865		135,580
TOTAL HEALTH CARE				686,287
INDUSTRIALS - 10.9%
Air Freight & Logistics - 3.5%
United Parcel Service Inc., Class B Shares		753		118,394
Commercial Services & Supplies - 1.6%
Veralto Corp.		633		52,071
Machinery - 5.8%
Deere & Co.		83		33,189
Illinois Tool Works Inc.		303		79,368
Otis Worldwide Corp.		943		84,370
Total Machinery				196,927
TOTAL INDUSTRIALS				367,392
INFORMATION TECHNOLOGY - 14.7%
Communications Equipment - 2.0%
Motorola Solutions Inc.		217		67,941
Electronic Equipment, Instruments & Components - 1.6%
TE Connectivity Ltd.		381		53,530
Semiconductors & Semiconductor Equipment - 10.0%
Intel Corp.		5,288		265,722
Lam Research Corp.		90		70,493
Total Semiconductors & Semiconductor Equipment				336,215
Software - 1.1%
Microsoft Corp.		97		36,476
TOTAL INFORMATION TECHNOLOGY				494,162
MATERIALS - 9.1%
Chemicals - 6.9%
Air Products & Chemicals Inc.		419		114,722
Sherwin-Williams Co.		372		116,027
Total Chemicals				230,749

See Notes to Schedule of Investments.

    2   ClearBridge Focus Value ESG ETF 2023 Quarterly Report

CLEARBRIDGE FOCUS VALUE ESG ETF

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

(Percentages shown based on Fund net assets)

SECURITY				SHARES		VALUE
Construction Materials - 2.2%
Martin Marietta Materials Inc.					151	$	75,336
TOTAL MATERIALS							306,085
REAL ESTATE - 1.6%
Specialized REITs - 1.6%
American Tower Corp.					256		55,265
UTILITIES - 8.2%
Electric Utilities - 2.5%
Edison International					1,157		82,714
Multi-Utilities - 5.7%
Sempra					1,938		144,827
WEC Energy Group Inc.					584		49,155
Total Multi-Utilities							193,982
TOTAL UTILITIES							276,696
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $2,750,367)							3,357,409
	RATE
SHORT-TERM INVESTMENTS - 0.3%
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $10,319)		5.197	%		10,319		10,319	(a)
TOTAL INVESTMENTS - 99.9% (Cost - $2,760,686)							3,367,728
Other Assets in Excess of Liabilities - 0.1%							4,477
TOTAL NET ASSETS - 100.0%						$	3,372,205

* Non-income producing security.

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

Abbreviation(s) used in this schedule:

ADR — American Depositary Receipts

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

See Notes to Schedule of Investments.

ClearBridge Focus Value ESG ETF 2023 Quarterly Report      3

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

ClearBridge Focus Value ESG ETF (the “Fund”) is a separate diversified investment series of Legg Mason ETF Investment Trust II (formerly ActiveShares^®ETF 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 Fund is an actively managed exchange-traded fund (“ETF”). 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 Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on the Cboe BZX Exchange, Inc. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems 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 Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash).

The Fund seeks long-term capital appreciation.

The Fund 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 Fund 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 Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally

    4  ClearBridge Focus Value ESG ETF 2023 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

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 Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s 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 Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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

  ClearBridge Focus Value ESG ETF 2023 Quarterly Report      5

Notes to Schedule of Investments (unaudited) (continued)

The Fund uses 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 Fund’s 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 Fund’s assets carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Common Stocks†	$	3,357,409		—		—	$	3,357,409
Short-Term Investments†		10,319		—		—		10,319
Total Investments	$	3,367,728		—		—	$	3,367,728

† See Schedule of Investments for additional detailed categorizations.

    6  ClearBridge Focus Value ESG ETF 2023 Quarterly Report