LEGG MASON GLOBAL INFRASTRUCTURE ETF
Schedule of investments (unaudited) | January 31, 2020 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 99.3% | ||||||||
COMMUNICATION SERVICES - 0.2% | ||||||||
Media - 0.2% | ||||||||
SES SA, FDR | 4,224 | $ | 51,983 | |||||
|
| |||||||
ENERGY - 18.7% | ||||||||
Oil, Gas & Consumable Fuels - 18.7% | ||||||||
Enbridge Inc. | 28,720 | 1,168,518 | ||||||
Inter Pipeline Ltd. | 5,337 | 88,980 | ||||||
Kinder Morgan Inc. | 32,109 | 670,115 | ||||||
Koninklijke Vopak NV | 1,455 | 78,009 | ||||||
ONEOK Inc. | 4,017 | 300,753 | ||||||
Pembina Pipeline Corp. | 12,757 | 488,847 | ||||||
TC Energy Corp. | 21,440 | 1,176,440 | ||||||
Williams Cos. Inc. | 14,785 | 305,902 | ||||||
|
| |||||||
TOTAL ENERGY | 4,277,564 | |||||||
|
| |||||||
INDUSTRIALS - 24.6% | ||||||||
Road & Rail - 11.2% | ||||||||
Aurizon Holdings Ltd. | 62,466 | 226,235 | ||||||
Central Japan Railway Co. | 2,705 | 538,704 | ||||||
CSX Corp. | 4,751 | 362,691 | ||||||
East Japan Railway Co. | 8,663 | 775,302 | ||||||
Kansas City Southern | 1,206 | 203,440 | ||||||
Keikyu Corp. | 2,406 | 44,974 | ||||||
West Japan Railway Co. | 4,673 | 399,847 | ||||||
|
| |||||||
Total Road & Rail | 2,551,193 | |||||||
|
| |||||||
Transportation Infrastructure - 13.4% | ||||||||
Aena SME SA | 2,429 | 449,937 | ||||||
Aeroports de Paris | 1,038 | 196,703 | ||||||
Atlantia SpA | 5,038 | 123,778 | ||||||
Atlas Arteria Ltd. | 19,355 | 105,342 | ||||||
CCR SA | 11,084 | 47,078 | ||||||
China Merchants Port Holdings Co. Ltd. | 25,845 | 40,074 | ||||||
Enav SpA | 8,325 | 53,740 | ||||||
Flughafen Zurich AG | 624 | 108,502 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,222 | 91,193 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 5,180 | 39,374 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | 7,137 | 88,268 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | 3,892 | 74,760 | ||||||
Sydney Airport | 73,656 | 413,703 |
See Notes to Schedule of Investments.
| ||||
Legg Mason Global Infrastructure ETF 2020 Quarterly Report |
1 |
LEGG MASON GLOBAL INFRASTRUCTURE ETF
Schedule of investments (unaudited) (cont’d) | January 31, 2020 |
SECURITY | SHARES | VALUE | ||||||
Transportation Infrastructure - (continued) | ||||||||
Taiwan High Speed Rail Corp. | 68,805 | $ | 82,336 | |||||
Transurban Group | 109,100 | 1,146,681 | ||||||
|
| |||||||
Total Transportation Infrastructure | 3,061,469 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | 5,612,662 | |||||||
|
| |||||||
REAL ESTATE - 5.0% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 5.0% | ||||||||
Crown Castle International Corp. | 7,599 | 1,138,634 | ||||||
|
| |||||||
UTILITIES - 50.8% | ||||||||
Electric Utilities - 33.9% | ||||||||
ALLETE Inc. | 456 | 38,067 | ||||||
American Electric Power Co. Inc. | 3,942 | 410,835 | ||||||
CEZ AS | 2,036 | 44,619 | ||||||
Chubu Electric Power Co. Inc. | 7,202 | 98,875 | ||||||
CK Infrastructure Holdings Ltd. | 9,695 | 68,047 | ||||||
CLP Holdings Ltd. | 29,165 | 304,800 | ||||||
Contact Energy Ltd. | 7,724 | 37,189 | ||||||
Duke Energy Corp. | 6,494 | 634,009 | ||||||
Edison International | 795 | 60,857 | ||||||
EDP - Energias de Portugal SA | 26,940 | 135,064 | ||||||
Emera Inc. | 2,135 | 95,179 | ||||||
Endesa SA | 3,412 | 93,660 | ||||||
Enel Americas SA | 514,245 | 101,278 | ||||||
Enel SpA | 92,033 | 801,139 | ||||||
Entergy Corp. | 1,757 | 231,081 | ||||||
Equatorial Energia SA | 8,076 | 45,414 | ||||||
Evergy Inc. | 2,016 | 145,475 | ||||||
Exelon Corp. | 8,599 | 409,226 | ||||||
FirstEnergy Corp. | 3,584 | 182,031 | ||||||
Fortis Inc. | 4,035 | 176,099 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 36,118 | 36,095 | ||||||
Hydro One Ltd. | 4,761 | 96,836 | ||||||
Iberdrola SA | 101,397 | 1,109,074 | ||||||
Iberdrola SA | 1,877 | 20,531 | *(a) | |||||
IDACORP Inc. | 445 | 49,925 | ||||||
Korea Electric Power Corp. | 2,506 | 53,301 | * | |||||
OGE Energy Corp. | 1,772 | 81,246 | ||||||
Pinnacle West Capital Corp. | 994 | 97,104 | ||||||
Portland General Electric Co. | 789 | 48,524 | ||||||
Power Assets Holdings Ltd. | 21,824 | 158,237 | ||||||
PPL Corp. | 4,808 | 174,002 |
See Notes to Schedule of Investments.
| ||||
2 | Legg Mason Global Infrastructure ETF 2020 Quarterly Report |
LEGG MASON GLOBAL INFRASTRUCTURE ETF
Schedule of investments (unaudited) (cont’d) | January 31, 2020 |
SECURITY | SHARES | VALUE | ||||||
Electric Utilities - (continued) | ||||||||
Red Electrica Corp. SA | 6,892 | $ | 137,746 | |||||
Southern Co. | 9,289 | 653,946 | ||||||
SSE PLC | 12,181 | 242,220 | ||||||
Tenaga Nasional Bhd | 49,219 | 149,651 | ||||||
Terna Rete Elettrica Nazionale SpA | 16,886 | 117,817 | ||||||
Tohoku Electric Power Co. Inc. | 3,993 | 37,872 | ||||||
Tokyo Electric Power Co. Holdings Inc. | 11,165 | 44,810 | * | |||||
Xcel Energy Inc. | 4,641 | 321,111 | ||||||
|
| |||||||
Total Electric Utilities | 7,742,992 | |||||||
|
| |||||||
Gas Utilities - 2.2% | ||||||||
APA Group | 9,373 | 71,093 | ||||||
Enagas SA | 2,772 | 74,709 | ||||||
Naturgy Energy Group SA | 3,506 | 92,471 | ||||||
ONE Gas Inc. | 460 | 43,470 | ||||||
Snam SpA | 21,520 | 115,355 | ||||||
Spire Inc. | 439 | 37,017 | ||||||
Tokyo Gas Co. Ltd. | 3,310 | 73,539 | ||||||
|
| |||||||
Total Gas Utilities | 507,654 | |||||||
|
| |||||||
Independent Power and Renewable Electricity Producers - 0.4% | ||||||||
AES Corp. | 2,934 | 58,269 | ||||||
Vistra Energy Corp. | 2,032 | 45,761 | ||||||
|
| |||||||
Total Independent Power and Renewable Electricity Producers | 104,030 | |||||||
|
| |||||||
Multi-Utilities - 13.4% | ||||||||
Algonquin Power & Utilities Corp. | 4,624 | 70,834 | ||||||
Ameren Corp. | 2,170 | 178,048 | ||||||
Black Hills Corp. | 487 | 40,436 | ||||||
CenterPoint Energy Inc. | 3,995 | 105,788 | ||||||
Dominion Energy Inc. | 7,275 | 623,831 | ||||||
DTE Energy Co. | 1,524 | 202,098 | ||||||
E.ON SE | 18,536 | 210,346 | ||||||
Engie SA | 20,819 | 358,994 | ||||||
National Grid PLC | 40,957 | 543,027 | ||||||
Public Service Enterprise Group Inc. | 4,479 | 265,157 | ||||||
RWE AG | 2,230 | 77,450 | ||||||
Veolia Environnement SA | 4,488 | 132,696 | ||||||
WEC Energy Group Inc. | 2,513 | 251,023 | ||||||
|
| |||||||
Total Multi-Utilities | 3,059,728 | |||||||
|
|
See Notes to Schedule of Investments.
| ||||
Legg Mason Global Infrastructure ETF 2020 Quarterly Report |
3 |
LEGG MASON GLOBAL INFRASTRUCTURE ETF
Schedule of investments (unaudited) (cont’d) | January 31, 2020 |
SECURITY | SHARES | VALUE | ||||||||||
Water Utilities - 0.9% | ||||||||||||
Pennon Group PLC | 2,683 | $ | 39,205 | |||||||||
Severn Trent PLC | 2,700 | 91,790 | ||||||||||
United Utilities Group PLC | 5,358 | 71,583 | ||||||||||
|
| |||||||||||
Total Water Utilities | 202,578 | |||||||||||
|
| |||||||||||
TOTAL UTILITIES | 11,616,982 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS | 22,697,825 | |||||||||||
|
| |||||||||||
RATE | ||||||||||||
PREFERRED STOCKS - 0.3% | ||||||||||||
ENERGY - 0.3% | ||||||||||||
Oil, Gas & Consumable Fuels - 0.3% | ||||||||||||
Transneft PJSC | — | 30 | 77,428 | |||||||||
|
| |||||||||||
TOTAL INVESTMENTS - 99.6% | 22,775,253 | |||||||||||
Other Assets in Excess of Liabilities - 0.4% | 95,015 | |||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 22,870,268 | ||||||||||
|
|
* | Non-income producing security. |
(a) | Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1). |
Abbreviations used in this schedule:
FDR | — Fiduciary Depositary Receipts | |
PJSC | — Private Joint Stock Company |
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.
| ||||
4 | Legg Mason Global Infrastructure ETF 2020 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Legg Mason Global Infrastructure ETF (the “Fund”) is a 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 anopen-end management investment company.
The Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. The Fund is designed to track an index. Similar to shares of an index mutual fund, each share of the Fund represents an ownership interest in an underlying portfolio of securities intended to track an index. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the 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 NASDAQ. 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 issued and redeemed generallyin-kind for a basket of securities and/or cash. Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.
The Fund seeks to track the investment results of the RARE Global Infrastructure Index (the “Underlying Index”). The Underlying Index is constructed from global infrastructure-related equity securities and utilizes a proprietary methodology created and sponsored by RARE Infrastructure (North America) Pty Limited (“RARE”), the Fund’s subadviser.
The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).
(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 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
| ||||
5 |
Notes to Schedule of Investments (unaudited) (continued)
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 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.
The Board of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to 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.
| ||||
6 |
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 – 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 | ||||||||||||
Long-Term Investments†: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Utilities | $ | 11,596,451 | $ | 20,531 | — | $ | 11,616,982 | |||||||||
Other Common Stocks | 11,080,843 | — | — | 11,080,843 | ||||||||||||
Preferred Stocks | 77,428 | — | — | 77,428 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 22,754,722 | $ | 20,531 | — | $ | 22,775,253 | |||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
| ||||
7 |