LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 99.8% | ||||||||
COMMUNICATION SERVICES - 3.1% | ||||||||
Entertainment - 0.4% | ||||||||
Sciplay Corp., Class A Shares | 3,505 | $ | 36,978 | * | ||||
|
| |||||||
Interactive Media & Services - 1.3% | ||||||||
Eventbrite Inc., Class A Shares | 2,834 | 25,846 | * | |||||
Travelzoo | 2,050 | 11,419 | * | |||||
TripAdvisor Inc. | 3,435 | 68,597 | ||||||
TrueCar Inc. | 12,756 | 32,655 | * | |||||
|
| |||||||
Total Interactive Media & Services | 138,517 | |||||||
|
| |||||||
Media - 1.4% | ||||||||
AMC Networks Inc., Class A Shares | 2,019 | 48,153 | * | |||||
MSG Networks Inc., Class A Shares | 3,074 | 36,519 | * | |||||
National CineMedia Inc. | 9,462 | 31,225 | ||||||
Tribune Publishing Co. | 3,862 | 33,097 | ||||||
|
| |||||||
Total Media | 148,994 | |||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 324,489 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 11.3% | ||||||||
Auto Components - 0.3% | ||||||||
Superior Industries International Inc. | 24,760 | 34,911 | ||||||
|
| |||||||
Diversified Consumer Services - 1.3% | ||||||||
American Public Education Inc. | 1,473 | 37,959 | * | |||||
Collectors Universe Inc. | 1,316 | 28,912 | ||||||
Houghton Mifflin Harcourt Co. | 9,743 | 15,589 | * | |||||
K12 Inc. | 2,236 | 50,780 | * | |||||
|
| |||||||
Total Diversified Consumer Services | 133,240 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.0% | ||||||||
Cheesecake Factory Inc. | 1,865 | 41,571 | ||||||
Hilton Grand Vacations Inc. | 2,025 | 41,715 | * | |||||
Ruth’s Hospitality Group Inc. | 2,420 | 27,237 | ||||||
|
| |||||||
Total Hotels, Restaurants & Leisure | 110,523 | |||||||
|
| |||||||
Household Durables - 2.3% | ||||||||
Ethan Allen Interiors Inc. | 3,641 | 41,180 | ||||||
iRobot Corp. | 1,008 | 61,448 | * | |||||
La-Z-Boy Inc. | 1,953 | 45,798 | ||||||
Meritage Homes Corp. | 952 | 50,037 | * | |||||
Sonos Inc. | 3,783 | 38,662 | * | |||||
|
| |||||||
Total Household Durables | 237,125 | |||||||
|
| |||||||
Internet & Direct Marketing Retail - 1.2% | ||||||||
PetMed Express Inc. | 1,362 | 53,894 |
See Notes to Schedule of Investments.
| ||||
Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
1 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
Internet & Direct Marketing Retail - (continued) | ||||||||
Revolve Group Inc. | 2,336 | $ | 25,673 | * | ||||
Shutterstock Inc. | 1,293 | 49,134 | ||||||
|
| |||||||
Total Internet & Direct Marketing Retail | 128,701 | |||||||
|
| |||||||
Leisure Products - 0.3% | ||||||||
Malibu Boats Inc., Class A Shares | 1,044 | 35,893 | * | |||||
|
| |||||||
Multiline Retail - 0.4% | ||||||||
Dillard’s Inc., Class A Shares | 1,305 | 38,471 | ||||||
|
| |||||||
Specialty Retail - 3.9% | ||||||||
American Eagle Outfitters Inc. | 6,243 | 49,632 | ||||||
Buckle Inc. | 2,911 | 44,567 | ||||||
Michaels Cos. Inc. | 16,355 | 49,719 | * | |||||
Rent-A-Center Inc. | 2,644 | 52,629 | ||||||
Sally Beauty Holdings Inc. | 4,298 | 41,734 | * | |||||
Shoe Carnival Inc. | 1,409 | 33,281 | ||||||
Sleep Number Corp. | 947 | 28,315 | * | |||||
Urban Outfitters Inc. | 3,377 | 58,557 | * | |||||
Winmark Corp. | 115 | 17,250 | ||||||
Zumiez Inc. | 1,742 | 36,826 | * | |||||
|
| |||||||
Total Specialty Retail | 412,510 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 0.6% | ||||||||
Culp Inc. | 4,039 | 28,717 | ||||||
Kontoor Brands Inc. | 1,619 | 31,425 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 60,142 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 1,191,516 | |||||||
|
| |||||||
CONSUMER STAPLES - 3.0% | ||||||||
Beverages - 0.6% | ||||||||
National Beverage Corp. | 1,137 | 57,112 | * | |||||
|
| |||||||
Food Products - 0.4% | ||||||||
Seneca Foods Corp., Class A Shares | 1,176 | 42,313 | * | |||||
|
| |||||||
Household Products - 0.3% | ||||||||
Oil-Dri Corp. of America | 929 | 34,735 | ||||||
|
| |||||||
Personal Products - 1.1% | ||||||||
BellRing Brands Inc., Class A Shares | 2,124 | 37,234 | * | |||||
Lifevantage Corp. | 1,832 | 28,396 | * | |||||
USANA Health Sciences Inc. | 584 | 52,104 | * | |||||
|
| |||||||
Total Personal Products | 117,734 | |||||||
|
| |||||||
Tobacco - 0.6% | ||||||||
Vector Group Ltd. | 5,799 | 62,049 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 313,943 | |||||||
|
|
See Notes to Schedule of Investments.
| ||||
2 | Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
ENERGY - 8.2% | ||||||||
Energy Equipment & Services - 4.2% | ||||||||
Cactus Inc., Class A Shares | 2,744 | $ | 48,788 | |||||
Era Group Inc. | 4,380 | 22,426 | * | |||||
ION Geophysical Corp. | 12,181 | 24,606 | * | |||||
Liberty Oilfield Services Inc., Class A Shares | 13,375 | 63,130 | ||||||
Matrix Service Co. | 3,168 | 33,074 | * | |||||
NexTier Oilfield Solutions Inc. | 21,211 | 49,209 | * | |||||
Patterson-UTI Energy Inc. | 25,615 | 94,519 | ||||||
Select Energy Services Inc., Class A Shares | 11,349 | 54,475 | * | |||||
Smart Sand Inc. | 24,406 | 20,257 | * | |||||
Solaris Oilfield Infrastructure Inc., Class A Shares | 4,744 | 32,449 | ||||||
|
| |||||||
Total Energy Equipment & Services | 442,933 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels - 4.0% | ||||||||
Arch Coal Inc., Class A Shares | 1,481 | 43,231 | ||||||
Bonanza Creek Energy Inc. | 3,566 | 62,262 | * | |||||
CONSOL Energy Inc. | 9,541 | 72,416 | * | |||||
CVR Energy Inc. | 3,814 | 90,964 | ||||||
Falcon Minerals Corp. | 17,749 | 43,396 | ||||||
NACCO Industries Inc., Class A Shares | 966 | 33,955 | ||||||
Peabody Energy Corp. | 21,466 | 72,770 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 418,994 | |||||||
|
| |||||||
TOTAL ENERGY | 861,927 | |||||||
|
| |||||||
FINANCIALS - 19.9% | ||||||||
Banks - 9.1% | ||||||||
Associated Banc-Corp. | 5,007 | 70,799 | ||||||
Boston Private Financial Holdings Inc. | 5,814 | 44,187 | ||||||
Cathay General Bancorp | 2,481 | 69,270 | ||||||
Eagle Bancorp Inc. | 1,416 | 49,673 | ||||||
Financial Institutions Inc. | 1,760 | 34,056 | ||||||
First Internet Bancorp | 1,332 | 20,913 | ||||||
Hancock Whitney Corp. | 2,785 | 58,234 | ||||||
HBT Financial Inc. | 3,348 | 39,004 | ||||||
Home BancShares Inc. | 4,136 | 63,405 | ||||||
IBERIABANK Corp. | 1,524 | 63,185 | ||||||
Metrocity Bankshares Inc. | 2,554 | 27,034 | ||||||
MVB Financial Corp. | 1,606 | 22,050 | ||||||
Old Second Bancorp Inc. | 3,463 | 28,501 | ||||||
Parke Bancorp Inc. | 1,748 | 24,629 | ||||||
PCB Bancorp | 2,453 | 23,009 | ||||||
Preferred Bank | 915 | 34,907 |
See Notes to Schedule of Investments.
| ||||
Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
3 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
Banks - (continued) | ||||||||
RBB Bancorp | 2,327 | $ | 30,065 | |||||
Sterling Bancorp | 4,795 | 59,122 | ||||||
Texas Capital Bancshares Inc. | 1,713 | 47,587 | * | |||||
Umpqua Holdings Corp. | 6,257 | 78,369 | ||||||
Wintrust Financial Corp. | 1,480 | 62,012 | ||||||
|
| |||||||
Total Banks | 950,011 | |||||||
|
| |||||||
Capital Markets - 4.8% | ||||||||
Artisan Partners Asset Management Inc., Class A Shares | 2,500 | 73,600 | ||||||
Brightsphere Investment Group Inc. | 6,728 | 49,854 | ||||||
Cohen & Steers Inc. | 1,060 | 61,204 | ||||||
Diamond Hill Investment Group Inc. | 348 | 38,127 | ||||||
Evercore Inc., Class A Shares | 1,155 | 59,598 | ||||||
Federated Hermes Inc. | 2,463 | 56,083 | ||||||
Moelis & Co., Class A Shares | 2,431 | 72,614 | ||||||
Safeguard Scientifics Inc. | 3,402 | 24,120 | ||||||
Waddell & Reed Financial Inc., Class A Shares | 4,581 | 66,654 | ||||||
|
| |||||||
Total Capital Markets | 501,854 | |||||||
|
| |||||||
Consumer Finance - 1.8% | ||||||||
Atlanticus Holdings Corp. | 2,194 | 35,323 | * | |||||
Curo Group Holdings Corp. | 7,444 | 69,378 | ||||||
Elevate Credit Inc. | 17,627 | 32,963 | * | |||||
Enova International Inc. | 3,229 | 51,793 | * | |||||
|
| |||||||
Total Consumer Finance | 189,457 | |||||||
|
| |||||||
Insurance - 1.9% | ||||||||
American National Insurance Co. | 856 | 68,908 | ||||||
Employers Holdings Inc. | 1,324 | 40,210 | ||||||
Hallmark Financial Services Inc. | 3,713 | 16,040 | * | |||||
Investors Title Co. | 238 | 31,868 | ||||||
National Western Life Group Inc., Class A Shares | 238 | 45,870 | ||||||
|
| |||||||
Total Insurance | 202,896 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 2.3% | ||||||||
Axos Financial Inc. | 2,281 | 52,577 | * | |||||
Flagstar Bancorp Inc. | 1,519 | 39,357 | ||||||
Merchants Bancorp | 2,068 | 31,847 | ||||||
Mr. Cooper Group Inc. | 7,171 | 68,698 | * | |||||
NMI Holdings Inc., Class A Shares | 1,822 | 24,634 | * | |||||
Sterling Bancorp Inc. | 7,068 | 25,516 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 242,629 | |||||||
|
| |||||||
TOTAL FINANCIALS | 2,086,847 | |||||||
|
|
See Notes to Schedule of Investments.
| ||||
4 | Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
HEALTH CARE - 17.0% | ||||||||
Biotechnology - 4.1% | ||||||||
Akcea Therapeutics Inc. | 2,142 | $ | 36,543 | * | ||||
Alector Inc. | 1,178 | 29,120 | * | |||||
Anika Therapeutics Inc. | 783 | 26,019 | * | |||||
Arena Pharmaceuticals Inc. | 981 | 48,040 | * | |||||
BioSpecifics Technologies Corp. | 406 | 23,105 | * | |||||
Catalyst Pharmaceuticals Inc. | 4,553 | 21,581 | * | |||||
Eagle Pharmaceuticals Inc. | 758 | 38,643 | * | |||||
Enanta Pharmaceuticals Inc. | 644 | 29,862 | * | |||||
Ironwood Pharmaceuticals Inc. | 1,865 | 18,650 | * | |||||
Lexicon Pharmaceuticals Inc. | 10,189 | 19,257 | * | |||||
Myriad Genetics Inc. | 2,870 | 44,370 | * | |||||
Puma Biotechnology Inc. | 1,848 | 18,572 | * | |||||
Scholar Rock Holding Corp. | 1,255 | 20,620 | * | |||||
Vanda Pharmaceuticals Inc. | 2,912 | 33,488 | * | |||||
Voyager Therapeutics Inc. | 1,738 | 18,788 | * | |||||
|
| |||||||
Total Biotechnology | 426,658 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 7.0% | ||||||||
AngioDynamics Inc. | 3,254 | 33,939 | * | |||||
Atrion Corp. | 47 | 29,696 | ||||||
CryoLife Inc. | 1,134 | 25,322 | * | |||||
Electromed Inc. | 1,489 | 20,831 | * | |||||
FONAR Corp. | 1,404 | 27,378 | * | |||||
Heska Corp. | 277 | 19,612 | * | |||||
Inogen Inc. | 741 | 37,050 | * | |||||
iRadimed Corp. | 800 | 17,408 | * | |||||
Lantheus Holdings Inc. | 2,150 | 28,058 | * | |||||
LeMaitre Vascular Inc. | 1,029 | 29,316 | ||||||
Meridian Bioscience Inc. | 5,120 | 61,440 | * | |||||
Merit Medical Systems Inc. | 1,121 | 45,759 | * | |||||
Mesa Laboratories Inc. | 122 | 29,036 | ||||||
Natus Medical Inc. | 1,289 | 32,212 | * | |||||
NuVasive Inc. | 823 | 50,104 | * | |||||
OraSure Technologies Inc. | 4,890 | 77,947 | * | |||||
Orthofix Medical Inc. | 1,021 | 36,194 | * | |||||
Surmodics Inc. | 753 | 28,689 | * | |||||
Tactile Systems Technology Inc. | 480 | 24,778 | * | |||||
Utah Medical Products Inc. | 295 | 24,485 | ||||||
Varex Imaging Corp. | 2,300 | 60,099 | * | |||||
|
| |||||||
Total Health Care Equipment & Supplies | 739,353 | |||||||
|
|
See Notes to Schedule of Investments.
| ||||
Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
5 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
Health Care Providers & Services - 2.5% | ||||||||
Magellan Health Inc. | 1,035 | $ | 62,856 | * | ||||
MEDNAX Inc. | 3,958 | 57,470 | * | |||||
National HealthCare Corp. | 650 | 44,440 | ||||||
National Research Corp. | 639 | 32,966 | ||||||
Premier Inc., Class A Shares | 1,856 | 61,545 | * | |||||
|
| |||||||
Total Health Care Providers & Services | 259,277 | |||||||
|
| |||||||
Health Care Technology - 0.3% | ||||||||
NextGen Healthcare Inc. | 3,231 | 34,087 | * | |||||
|
| |||||||
Pharmaceuticals - 3.1% | ||||||||
ANI Pharmaceuticals Inc. | 703 | 28,127 | * | |||||
Corcept Therapeutics Inc. | 3,240 | 41,018 | * | |||||
Innoviva Inc. | 3,330 | 47,220 | * | |||||
Lannett Co. Inc. | 4,984 | 47,547 | * | |||||
Osmotica Pharmaceuticals PLC | 6,184 | 24,736 | * | |||||
Pacira BioSciences Inc. | 874 | 36,088 | * | |||||
Phibro Animal Health Corp., Class A Shares | 1,565 | 41,801 | ||||||
Supernus Pharmaceuticals Inc. | 2,479 | 58,009 | * | |||||
|
| |||||||
Total Pharmaceuticals | 324,546 | |||||||
|
| |||||||
TOTAL HEALTH CARE | 1,783,921 | |||||||
|
| |||||||
INDUSTRIALS - 17.4% | ||||||||
Air Freight & Logistics - 1.3% | ||||||||
Echo Global Logistics Inc. | 2,550 | 44,702 | * | |||||
Hub Group Inc. , Class A Shares | 1,195 | 57,491 | * | |||||
Radiant Logistics Inc. | 7,926 | 33,923 | * | |||||
|
| |||||||
Total Air Freight & Logistics | 136,116 | |||||||
|
| |||||||
Building Products - 1.6% | ||||||||
Builders FirstSource Inc. | 2,937 | 53,894 | * | |||||
Insteel Industries Inc. | 2,067 | 36,317 | ||||||
Patrick Industries Inc. | 1,221 | 50,329 | ||||||
Quanex Building Products Corp. | 2,546 | 31,749 | ||||||
|
| |||||||
Total Building Products | 172,289 | |||||||
|
| |||||||
Commercial Services & Supplies - 3.5% | ||||||||
ACCO Brands Corp. | 6,987 | 51,704 | ||||||
Deluxe Corp. | 1,920 | 54,086 | ||||||
Ennis Inc. | 2,152 | 40,049 | ||||||
Healthcare Services Group Inc. | 2,173 | 55,390 | ||||||
Herman Miller Inc. | 1,999 | 45,057 | ||||||
HNI Corp. | 1,853 | 45,102 |
See Notes to Schedule of Investments.
| ||||
6 | Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
Commercial Services & Supplies - (continued) | ||||||||
Kimball International Inc., Class B Shares | 2,743 | $ | 33,657 | |||||
Steelcase Inc., Class A Shares | 4,252 | 46,559 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 371,604 | |||||||
|
| |||||||
Construction & Engineering - 1.6% | ||||||||
Arcosa Inc. | 1,345 | 50,128 | ||||||
Comfort Systems USA Inc. | 1,174 | 39,094 | ||||||
Great Lakes Dredge & Dock Corp. | 4,192 | 37,058 | * | |||||
HC2 Holdings Inc. | 15,596 | 41,953 | * | |||||
|
| |||||||
Total Construction & Engineering | 168,233 | |||||||
|
| |||||||
Electrical Equipment - 0.7% | ||||||||
Encore Wire Corp. | 923 | 42,255 | ||||||
Powell Industries Inc. | 1,299 | 32,956 | ||||||
|
| |||||||
Total Electrical Equipment | 75,211 | |||||||
|
| |||||||
Machinery - 1.9% | ||||||||
Commercial Vehicle Group Inc. | 9,391 | 22,726 | * | |||||
Lydall Inc. | 3,538 | 39,626 | * | |||||
Mueller Industries Inc. | 2,151 | 55,711 | ||||||
Omega Flex Inc. | 401 | 36,130 | ||||||
Wabash National Corp. | 4,988 | 40,901 | ||||||
|
| |||||||
Total Machinery | 195,094 | |||||||
|
| |||||||
Professional Services - 3.0% | ||||||||
Barrett Business Services Inc. | 745 | 36,445 | ||||||
Heidrick & Struggles International Inc. | 1,709 | 38,350 | ||||||
Kelly Services Inc., Class A Shares | 3,768 | 58,216 | ||||||
Kforce Inc. | 1,397 | 41,840 | ||||||
Korn Ferry | 1,700 | 49,011 | ||||||
Resources Connection Inc. | 3,393 | 36,916 | ||||||
TrueBlue Inc. | 3,363 | 52,227 | * | |||||
|
| |||||||
Total Professional Services | 313,005 | |||||||
|
| |||||||
Road & Rail - 0.9% | ||||||||
ArcBest Corp. | 2,549 | 51,923 | ||||||
Universal Logistics Holdings Inc. | 2,835 | 39,492 | ||||||
|
| |||||||
Total Road & Rail | 91,415 | |||||||
|
| |||||||
Trading Companies & Distributors - 2.9% | ||||||||
BMC Stock Holdings Inc. | 2,392 | 50,830 | * | |||||
GMS Inc. | 2,349 | 43,175 | * | |||||
H&E Equipment Services Inc. | 2,463 | 40,048 | ||||||
MRC Global Inc. | 10,845 | 58,129 | * | |||||
NOW Inc. | 6,879 | 42,444 | * |
See Notes to Schedule of Investments.
| ||||
Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
7 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
Trading Companies & Distributors - (continued) | ||||||||
WESCO International Inc. | 2,040 | $ | 52,775 | * | ||||
Willis Lease Finance Corp. | 716 | 14,327 | * | |||||
|
| |||||||
Total Trading Companies & Distributors | 301,728 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | 1,824,695 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 13.3% | ||||||||
Communications Equipment - 1.4% | ||||||||
Communications Systems Inc. | 3,734 | 21,247 | ||||||
Comtech Telecommunications Corp. | 1,824 | 33,762 | ||||||
NetScout Systems Inc. | 2,210 | 58,521 | * | |||||
PC-Tel Inc. | 4,494 | 30,694 | * | |||||
|
| |||||||
Total Communications Equipment | 144,224 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 4.1% | ||||||||
Insight Enterprises Inc. | 1,221 | 66,288 | * | |||||
PC Connection Inc. | 1,245 | 57,208 | ||||||
Plexus Corp. | 769 | 48,209 | * | |||||
Sanmina Corp. | 2,499 | 69,297 | * | |||||
ScanSource Inc. | 2,195 | 56,894 | * | |||||
TTM Technologies Inc. | 4,475 | 51,865 | * | |||||
Vishay Intertechnology Inc. | 3,505 | 58,148 | ||||||
Vishay Precision Group Inc. | 1,223 | 28,276 | * | |||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 436,185 | |||||||
|
| |||||||
IT Services - 2.1% | ||||||||
Cass Information Systems Inc. | 860 | 34,495 | ||||||
CSG Systems International Inc. | 1,073 | 52,126 | ||||||
Hackett Group Inc. | 2,198 | 32,596 | ||||||
NIC Inc. | 2,293 | 55,559 | ||||||
Sykes Enterprises | 1,471 | 42,115 | * | |||||
|
| |||||||
Total IT Services | 216,891 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 2.8% | ||||||||
Diodes Inc. | 1,098 | 55,877 | * | |||||
Ichor Holdings Ltd. | 1,260 | 31,374 | * | |||||
NVE Corp. | 566 | 32,132 | ||||||
Power Integrations Inc. | 506 | 51,789 | ||||||
SMART Global Holdings Inc. | 1,551 | 39,225 | * | |||||
Synaptics Inc. | 675 | 44,138 | * | |||||
Ultra Clean Holdings Inc. | 2,082 | 38,288 | * | |||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 292,823 | |||||||
|
| |||||||
Software - 1.9% | ||||||||
Cerence Inc. | 2,153 | 45,557 | * | |||||
CommVault Systems Inc. | 1,026 | 43,800 | * |
See Notes to Schedule of Investments.
| ||||
8 | Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | SHARES | VALUE | ||||||
Software - (continued) | ||||||||
GlobalSCAPE Inc. | 2,374 | $ | 22,126 | |||||
Intelligent Systems Corp. | 498 | 16,703 | * | |||||
Progress Software Corp. | 1,286 | 52,610 | ||||||
Telenav Inc. | 4,092 | 19,110 | * | |||||
|
| |||||||
Total Software | 199,906 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 1.0% | ||||||||
NCR Corp. | 2,975 | 61,047 | * | |||||
Super Micro Computer Inc. | 2,086 | 47,769 | * | |||||
|
| |||||||
Total Technology Hardware, Storage & Peripherals | 108,816 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 1,398,845 | |||||||
|
| |||||||
MATERIALS - 5.5% | ||||||||
Chemicals - 2.0% | ||||||||
Advanced Emissions Solutions Inc. | 4,170 | 30,983 | ||||||
FutureFuel Corp. | 4,656 | 48,329 | ||||||
PolyOne Corp. | 2,659 | 61,928 | ||||||
Trinseo SA | 3,492 | 71,412 | ||||||
|
| |||||||
Total Chemicals | 212,652 | |||||||
|
| |||||||
Containers & Packaging - 0.3% | ||||||||
Myers Industries Inc. | 2,820 | 34,855 | ||||||
|
| |||||||
Metals & Mining - 2.6% | ||||||||
Commercial Metals Co. | 3,931 | 62,660 | ||||||
Haynes International Inc. | 1,578 | 34,874 | ||||||
Materion Corp. | 1,008 | 52,154 | ||||||
Warrior Met Coal Inc. | 5,562 | 69,803 | ||||||
Worthington Industries Inc. | 2,062 | 54,519 | ||||||
|
| |||||||
Total Metals & Mining | 274,010 | |||||||
|
| |||||||
Paper & Forest Products - 0.6% | ||||||||
Boise Cascade Co. | 1,864 | 58,288 | ||||||
|
| |||||||
TOTAL MATERIALS | 579,805 | |||||||
|
| |||||||
REAL ESTATE - 0.4% | ||||||||
Real Estate Management & Development - 0.4% | ||||||||
Marcus & Millichap Inc. | 1,331 | 38,666 | * | |||||
|
| |||||||
UTILITIES - 0.7% | ||||||||
Electric Utilities - 0.7% | ||||||||
Genie Energy Ltd., Class B Shares | 4,911 | 38,699 | ||||||
Spark Energy Inc., Class A Shares | 4,178 | 30,165 | ||||||
|
| |||||||
TOTAL UTILITIES | 68,864 | |||||||
|
| |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS | 10,473,518 | |||||||
|
|
See Notes to Schedule of Investments.
| ||||
Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
9 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | April 30, 2020 |
SECURITY | RATE | SHARES | VALUE | |||||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||||||
Dreyfus Treasury Cash Management, Institutional Class | 0.159 | % | 22,382 | $ | 22,382 | |||||||
|
| |||||||||||
TOTAL INVESTMENTS - 100.0% | 10,495,900 | |||||||||||
Liabilities in Excess of Other Assets - (0.0)% | (1,747 | ) | ||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 10,494,153 | ||||||||||
|
|
* | Non-income producing security. |
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.
| ||||
10 | Legg Mason Small-Cap Quality Value ETF 2020 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Legg MasonSmall-Cap Quality Value 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 principallyin-kind (although under some circumstances its shares are created and redeemed partially for 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 RoyceSmall-Cap Quality Value Index (the “Underlying Index”). The Underlying Index utilizes a proprietary methodology created and sponsored by Royce & Associates, LP (“Royce”), 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
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11 |
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
| ||||
12 |
Notes to Schedule of Investments (unaudited) (continued)
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 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 | ||||||||||||
Common Stocks† | $ | 10,473,518 | — | — | $ | 10,473,518 | ||||||||||
Short-Term Investments† | 22,382 | — | — | 22,382 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 10,495,900 | — | — | $ | 10,495,900 | ||||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
| ||||
13 |