LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 98.7% | ||||||||
COMMUNICATION SERVICES - 4.9% | ||||||||
Diversified Telecommunication Services - 0.4% | ||||||||
IDT Corp., Class B Shares | 1,327 | $ | 64,187 | * | ||||
|
| |||||||
Entertainment - 0.3% | ||||||||
Sciplay Corp., Class A Shares | 3,165 | 63,965 | * | |||||
|
| |||||||
Interactive Media & Services - 1.2% | ||||||||
Eventbrite Inc., Class A Shares | 2,263 | 45,803 | * | |||||
Outbrain Inc. | 2,976 | 50,413 | * | |||||
TrueCar Inc. | 12,355 | 51,768 | * | |||||
Yelp Inc. | 2,113 | 81,625 | * | |||||
|
| |||||||
Total Interactive Media & Services | 229,609 | |||||||
|
| |||||||
Media - 3.0% | ||||||||
AMC Networks Inc., Class A Shares | 2,045 | 81,370 | * | |||||
Gray Television Inc. | 4,566 | 107,027 | ||||||
Hemisphere Media Group Inc. | 4,335 | 47,902 | * | |||||
Meredith Corp. | 2,545 | 148,221 | * | |||||
TEGNA Inc. | 6,618 | 130,110 | ||||||
Thryv Holdings Inc. | 2,384 | 75,501 | * | |||||
|
| |||||||
Total Media | 590,131 | |||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 947,892 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 15.8% | ||||||||
Auto Components - 1.5% | ||||||||
American Axle & Manufacturing Holdings Inc. | 11,652 | 105,800 | * | |||||
Modine Manufacturing Co. | 6,149 | 67,639 | * | |||||
Tenneco Inc., Class A Shares | 8,357 | 110,897 | * | |||||
|
| |||||||
Total Auto Components | 284,336 | |||||||
|
| |||||||
Diversified Consumer Services - 2.0% | ||||||||
Adtalem Global Education Inc. | 2,075 | 76,630 | * | |||||
American Public Education Inc. | 2,104 | 52,579 | * | |||||
H&R Block Inc. | 5,066 | 116,872 | ||||||
Houghton Mifflin Harcourt Co. | 5,199 | 73,774 | * | |||||
Stride Inc. | 2,154 | 76,467 | * | |||||
|
| |||||||
Total Diversified Consumer Services | 396,322 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.5% | ||||||||
Red Rock Resorts Inc., Class A Shares | 1,646 | 89,559 | * | |||||
|
| |||||||
Household Durables - 3.0% | ||||||||
Beazer Homes USA Inc. | 4,603 | 83,360 | * | |||||
Century Communities Inc. | 1,319 | 88,452 | ||||||
Ethan Allen Interiors Inc. | 3,310 | 76,825 | ||||||
La-Z-Boy Inc. | 2,616 | 86,956 |
See Notes to Schedule of Investments.
Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
1 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Household Durables - (continued) | ||||||||
Taylor Morrison Home Corp., Class A Shares | 4,375 | $ | 133,569 | * | ||||
Tri Pointe Homes Inc. | 4,652 | 112,532 | * | |||||
ZAGG Inc. CVR | 8,902 | 801 | (a)(b) | |||||
|
| |||||||
Total Household Durables | 582,495 | |||||||
|
| |||||||
Internet & Direct Marketing Retail - 1.0% | ||||||||
Liquidity Services Inc. | 1,800 | 39,744 | * | |||||
PetMed Express Inc. | 2,394 | 68,061 | ||||||
Shutterstock Inc. | 758 | 91,832 | ||||||
|
| |||||||
Total Internet & Direct Marketing Retail | 199,637 | |||||||
|
| |||||||
Media - 0.4% | ||||||||
Entravision Communications Corp., Class A Shares | 9,335 | 74,400 | ||||||
|
| |||||||
Multiline Retail - 0.6% | ||||||||
Dillard’s Inc., Class A Shares | 534 | 123,429 | ||||||
|
| |||||||
Specialty Retail - 4.4% | ||||||||
Aaron’s Co. Inc. | 3,029 | 70,848 | ||||||
Big 5 Sporting Goods Corp. | 2,978 | 72,008 | ||||||
Camping World Holdings Inc., Class A Shares | 3,233 | 120,429 | ||||||
Cato Corp., Class A Shares | 4,208 | 74,187 | ||||||
Conn’s Inc. | 3,486 | 77,633 | * | |||||
Haverty Furniture Cos. Inc. | 2,302 | 66,068 | ||||||
JOANN Inc. | 7,380 | 75,424 | ||||||
MarineMax Inc. | 1,629 | 84,366 | * | |||||
OneWater Marine Inc., Class A Shares | 1,704 | 75,555 | ||||||
Shoe Carnival Inc. | 2,050 | 69,434 | ||||||
Zumiez Inc. | 1,926 | 78,388 | * | |||||
|
| |||||||
Total Specialty Retail | 864,340 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 2.4% | ||||||||
Fossil Group Inc. | 6,046 | 71,464 | * | |||||
G-III Apparel Group Ltd | 3,113 | 89,219 | * | |||||
Kontoor Brands Inc. | 1,856 | 98,368 | ||||||
Movado Group Inc. | 2,131 | 70,962 | ||||||
Vera Bradley Inc. | 5,617 | 55,103 | * | |||||
Wolverine World Wide Inc. | 2,684 | 89,028 | ||||||
|
| |||||||
Total Textiles, Apparel & Luxury Goods | 474,144 | |||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 3,088,662 | |||||||
|
| |||||||
CONSUMER STAPLES - 1.6% | ||||||||
Personal Products - 1.0% | ||||||||
BellRing Brands Inc., Class A Shares | 1,972 | 52,889 | * |
See Notes to Schedule of Investments.
2 | Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Personal Products - (continued) | ||||||||
Nature’s Sunshine Products Inc. | 3,404 | $ | 53,749 | |||||
USANA Health Sciences Inc. | 778 | 75,513 | * | |||||
|
| |||||||
Total Personal Products | 182,151 | |||||||
|
| |||||||
Tobacco - 0.6% | ||||||||
Vector Group Ltd. | 9,326 | 123,663 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 305,814 | |||||||
|
| |||||||
ENERGY - 2.7% | ||||||||
Energy Equipment & Services - 0.4% | ||||||||
Helix Energy Solutions Group Inc. | 20,332 | 76,855 | * | |||||
|
| |||||||
Oil, Gas & Consumable Fuels - 2.3% | ||||||||
Berry Corp. | 12,540 | 120,509 | ||||||
CONSOL Energy Inc. | 2,655 | 73,039 | * | |||||
PDC Energy Inc. | 2,185 | 114,297 | ||||||
World Fuel Services Corp. | 4,507 | 137,599 | ||||||
|
| |||||||
Total Oil, Gas & Consumable Fuels | 445,444 | |||||||
|
| |||||||
TOTAL ENERGY | 522,299 | |||||||
|
| |||||||
FINANCIALS - 24.3% | ||||||||
Banks - 7.7% | ||||||||
Ameris Bancorp | 2,044 | 107,085 | ||||||
Blue Ridge Bankshares Inc. | 2,665 | 48,903 | ||||||
Civista Bancshares Inc. | 2,504 | 60,246 | ||||||
Customers Bancorp Inc. | 2,023 | 107,806 | * | |||||
Farmers National Banc Corp. | 3,905 | 69,587 | ||||||
Financial Institutions Inc. | 2,312 | 73,799 | ||||||
First Internet Bancorp | 1,711 | 58,242 | ||||||
Hanmi Financial Corp. | 4,038 | 89,603 | ||||||
HBT Financial Inc. | 5,814 | 104,826 | ||||||
Hilltop Holdings Inc. | 2,980 | 105,611 | ||||||
Horizon Bancorp Inc. | 4,509 | 85,987 | ||||||
Independent Bank Corp. | 3,120 | 70,294 | ||||||
Macatawa Bank Corp. | 7,206 | 60,530 | ||||||
Mercantile Bank Corp. | 2,310 | 79,395 | ||||||
Mid Penn Bancorp Inc. | 2,050 | 57,441 | ||||||
Northeast Bank | 1,358 | 44,950 | ||||||
South Plains Financial Inc. | 2,478 | 64,577 | ||||||
Umpqua Holdings Corp. | 6,366 | 130,185 | ||||||
Univest Financial Corp. | 2,789 | 80,044 | ||||||
|
| |||||||
Total Banks | 1,499,111 | |||||||
|
|
See Notes to Schedule of Investments.
Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
3 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Capital Markets - 5.5% | ||||||||
Artisan Partners Asset Management Inc., Class A Shares | 2,348 | $ | 116,320 | |||||
B Riley Financial Inc. | 1,767 | 126,623 | ||||||
Brightsphere Investment Group Inc. | 2,893 | 86,732 | ||||||
Cowen Inc., Class A Shares | 2,765 | 104,324 | ||||||
Diamond Hill Investment Group Inc. | 405 | 87,828 | ||||||
Donnelley Financial Solutions Inc. | 1,846 | 70,739 | * | |||||
Federated Hermes Inc., Class B Shares | 3,631 | 120,949 | ||||||
GAMCO Investors Inc., Class A Shares | 2,235 | 59,116 | ||||||
Oppenheimer Holdings Inc., Class A Shares | 1,662 | 86,507 | ||||||
Victory Capital Holdings Inc., Class A Shares | 2,396 | 90,808 | ||||||
Virtu Financial Inc., Class A Shares | 5,034 | 125,246 | ||||||
|
| |||||||
Total Capital Markets | 1,075,192 | |||||||
|
| |||||||
Consumer Finance - 0.3% | ||||||||
Green Dot Corp., Class A Shares | 1,570 | 66,505 | * | |||||
|
| |||||||
Diversified Financial Services - 0.5% | ||||||||
Cannae Holdings Inc. | 2,869 | 97,833 | * | |||||
|
| |||||||
Insurance - 5.1% | ||||||||
American Equity Investment Life Holding Co. | 4,858 | 154,824 | ||||||
CNO Financial Group Inc. | 3,375 | 81,473 | ||||||
Donegal Group Inc., Class A Shares | 5,055 | 72,034 | ||||||
Investors Title Co. | 365 | 70,737 | ||||||
Mercury General Corp. | 2,160 | 117,698 | ||||||
National Western Life Group Inc., Class A Shares | 453 | 97,400 | ||||||
Safety Insurance Group Inc. | 1,151 | 90,250 | ||||||
Stewart Information Services Corp. | 1,550 | 110,313 | ||||||
Tiptree Inc. | 7,129 | 111,284 | ||||||
White Mountains Insurance Group Ltd. | 86 | 90,729 | ||||||
|
| |||||||
Total Insurance | 996,742 | |||||||
|
| |||||||
Thrifts & Mortgage Finance - 5.2% | ||||||||
Flagstar Bancorp Inc. | 2,937 | 138,597 | ||||||
FS Bancorp Inc. | 1,505 | 51,862 | ||||||
HomeStreet Inc. | 1,710 | 80,644 | ||||||
Merchants Bancorp | 2,036 | 90,460 | ||||||
NMI Holdings Inc., Class A Shares | 3,704 | 89,933 | * | |||||
PennyMac Financial Services Inc. | 1,550 | 96,193 | ||||||
Premier Financial Corp. | 2,646 | 84,354 | ||||||
Radian Group Inc. | 5,419 | 129,352 | ||||||
Southern Missouri Bancorp Inc. | 1,243 | 67,619 |
See Notes to Schedule of Investments.
4 | Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Thrifts & Mortgage Finance - (continued) | ||||||||
Waterstone Financial Inc. | 3,466 | $ | 71,642 | |||||
WSFS Financial Corp. | 2,004 | 103,827 | ||||||
|
| |||||||
Total Thrifts & Mortgage Finance | 1,004,483 | |||||||
|
| |||||||
TOTAL FINANCIALS | 4,739,866 | |||||||
|
| |||||||
HEALTH CARE - 16.9% | ||||||||
Biotechnology - 3.8% | ||||||||
Anika Therapeutics Inc. | 1,128 | 46,981 | * | |||||
Arcus Biosciences Inc. | 1,536 | 51,364 | * | |||||
Catalyst Pharmaceuticals Inc. | 9,046 | 53,371 | * | |||||
Coherus Biosciences Inc. | 2,957 | 49,471 | * | |||||
CytomX Therapeutics Inc. | 6,881 | 40,804 | * | |||||
Eagle Pharmaceuticals Inc. | 934 | 48,914 | * | |||||
Emergent BioSolutions Inc. | 1,415 | 67,453 | * | |||||
Ideaya Biosciences Inc. | 1,524 | 32,675 | * | |||||
Inozyme Pharma Inc. | 2,810 | 26,245 | * | |||||
Ironwood Pharmaceuticals Inc. | 5,197 | 66,366 | * | |||||
Myriad Genetics Inc. | 2,150 | 66,155 | * | |||||
Puma Biotechnology Inc. | 5,640 | 28,764 | * | |||||
Sage Therapeutics Inc. | 1,679 | 67,764 | * | |||||
Surface Oncology Inc. | 5,854 | 43,437 | * | |||||
Vanda Pharmaceuticals Inc. | 3,449 | 59,047 | * | |||||
|
| |||||||
Total Biotechnology | 748,811 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 6.0% | ||||||||
Accuray Inc. | 11,394 | 56,856 | * | |||||
AngioDynamics Inc. | 1,882 | 53,825 | * | |||||
Atrion Corp. | 77 | 56,056 | ||||||
Bioventus Inc. | 4,257 | 64,281 | * | |||||
Co-Diagnostics Inc. | 3,680 | 30,213 | * | |||||
CONMED Corp. | 618 | 90,401 | ||||||
Heska Corp. | 192 | 42,918 | * | |||||
Inari Medical Inc. | 476 | 43,087 | * | |||||
Inogen Inc. | 1,065 | 42,227 | * | |||||
iRadimed Corp. | 906 | 33,812 | * | |||||
LeMaitre Vascular Inc. | 905 | 47,069 | ||||||
Meridian Bioscience Inc. | 2,894 | 54,436 | * | |||||
Merit Medical Systems Inc. | 1,000 | 67,260 | * | |||||
Mesa Laboratories Inc. | 177 | 54,109 | ||||||
Natus Medical Inc. | 2,319 | 58,091 | * | |||||
Neogen Corp. | 1,576 | 66,681 | * | |||||
NuVasive Inc. | 1,194 | 63,712 | * |
See Notes to Schedule of Investments.
Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
5 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Health Care Equipment & Supplies - (continued) | ||||||||
OraSure Technologies Inc. | 4,456 | $ | 47,545 | * | ||||
Orthofix Medical Inc. | 1,352 | 48,645 | * | |||||
Retractable Technologies Inc. | 2,819 | 26,668 | * | |||||
Surmodics Inc. | 675 | 37,570 | * | |||||
Tactile Systems Technology Inc. | 914 | 31,524 | * | |||||
Utah Medical Products Inc. | 488 | 47,253 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 1,164,239 | |||||||
|
| |||||||
Health Care Providers & Services - 2.3% | ||||||||
Apria Inc. | 2,853 | 106,788 | * | |||||
Fulgent Genetics Inc. | 811 | 67,248 | * | |||||
ModivCare Inc. | 435 | 70,805 | * | |||||
National HealthCare Corp. | 1,224 | 85,607 | ||||||
Tivity Health Inc. | 2,573 | 64,376 | * | |||||
US Physical Therapy Inc. | 576 | 62,127 | ||||||
|
| |||||||
Total Health Care Providers & Services | 456,951 | |||||||
|
| |||||||
Health Care Technology - 0.9% | ||||||||
Computer Programs & Systems Inc. | 1,485 | 53,608 | * | |||||
HealthStream Inc. | 1,836 | 48,856 | * | |||||
NextGen Healthcare Inc. | 4,112 | 67,684 | * | |||||
|
| |||||||
Total Health Care Technology | 170,148 | |||||||
|
| |||||||
Pharmaceuticals - 3.9% | ||||||||
Amphastar Pharmaceuticals Inc. | 2,971 | 55,498 | * | |||||
ANI Pharmaceuticals Inc. | 1,720 | 64,294 | * | |||||
Atea Pharmaceuticals Inc. | 2,170 | 25,259 | * | |||||
BioDelivery Sciences International Inc. | 9,047 | 36,912 | * | |||||
Collegium Pharmaceutical Inc. | 2,762 | 54,218 | * | |||||
Corcept Therapeutics Inc. | 3,209 | 57,762 | * | |||||
Harmony Biosciences Holdings Inc. | 967 | 40,102 | * | |||||
Innoviva Inc. | 4,852 | 84,667 | * | |||||
Pacira BioSciences Inc. | 1,125 | 58,815 | * | |||||
Phibro Animal Health Corp., Class A Shares | 3,037 | 66,632 | ||||||
Prestige Consumer Healthcare Inc. | 1,535 | 92,085 | * | |||||
SIGA Technologies Inc. | 7,144 | 51,508 | * | |||||
Supernus Pharmaceuticals Inc. | 2,584 | 77,132 | * | |||||
|
| |||||||
Total Pharmaceuticals | 764,884 | |||||||
|
| |||||||
TOTAL HEALTH CARE | 3,305,033 | |||||||
|
|
See Notes to Schedule of Investments.
6 | Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
INDUSTRIALS - 16.3% | ||||||||
Aerospace & Defense - 1.1% | ||||||||
Aerojet Rocketdyne Holdings Inc. | 2,693 | $ | 118,519 | |||||
Parsons Corp. | 2,769 | 95,918 | * | |||||
|
| |||||||
Total Aerospace & Defense | 214,437 | |||||||
|
| |||||||
Air Freight & Logistics - 0.5% | ||||||||
Atlas Air Worldwide Holdings Inc. | 1,307 | 106,024 | * | |||||
|
| |||||||
Building Products - 1.1% | ||||||||
Apogee Enterprises Inc. | 1,869 | 78,367 | ||||||
Insteel Industries Inc. | 1,772 | 72,068 | ||||||
Quanex Building Products Corp. | 3,210 | 66,511 | ||||||
|
| |||||||
Total Building Products | 216,946 | |||||||
|
| |||||||
Commercial Services & Supplies - 2.5% | ||||||||
ABM Industries Inc. | 2,442 | 107,472 | ||||||
Civeo Corp. | 2,612 | 58,953 | * | |||||
Ennis Inc. | 3,773 | 71,460 | ||||||
Healthcare Services Group Inc. | 3,453 | 66,263 | ||||||
Herman Miller Inc. | 2,340 | 91,073 | ||||||
HNI Corp. | 2,602 | 97,315 | ||||||
|
| |||||||
Total Commercial Services & Supplies | 492,536 | |||||||
|
| |||||||
Construction & Engineering - 3.0% | ||||||||
Comfort Systems USA Inc. | 1,262 | 115,435 | ||||||
Dycom Industries Inc. | 1,202 | 95,463 | * | |||||
Granite Construction Inc. | 2,298 | 85,302 | ||||||
Infrastructure and Energy Alternatives Inc. | 4,722 | 52,273 | * | |||||
MYR Group Inc. | 707 | 72,220 | * | |||||
Primoris Services Corp. | 3,410 | 91,899 | ||||||
Sterling Construction Co. Inc. | 2,846 | 68,418 | * | |||||
|
| |||||||
Total Construction & Engineering | 581,010 | |||||||
|
| |||||||
Electrical Equipment - 0.5% | ||||||||
Atkore Inc. | 941 | 88,953 | * | |||||
|
| |||||||
Machinery - 1.8% | ||||||||
Astec Industries Inc. | 1,289 | 68,807 | ||||||
Hillenbrand Inc. | 2,518 | 114,468 | ||||||
Miller Industries Inc. | 1,745 | 63,064 | ||||||
Terex Corp. | 2,180 | 97,664 | ||||||
|
| |||||||
Total Machinery | 344,003 | |||||||
|
| |||||||
Marine - 0.5% | ||||||||
Matson Inc. | 1,128 | 93,940 | ||||||
|
|
See Notes to Schedule of Investments.
Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
7 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Professional Services - 2.7% | ||||||||
Barrett Business Services Inc. | 838 | $ | 68,716 | |||||
Forrester Research Inc. | 1,208 | 64,326 | * | |||||
Heidrick & Struggles International Inc. | 1,581 | 74,117 | ||||||
Kelly Services Inc., Class A Shares | 4,734 | 85,354 | ||||||
Kforce Inc. | 1,233 | 79,849 | ||||||
Resources Connection Inc. | 4,536 | 78,972 | ||||||
TrueBlue Inc. | 2,698 | 75,139 | * | |||||
|
| |||||||
Total Professional Services | 526,473 | |||||||
|
| |||||||
Road & Rail - 0.6% | ||||||||
ArcBest Corp. | 1,280 | 115,008 | ||||||
|
| |||||||
Trading Companies & Distributors - 2.0% | ||||||||
Boise Cascade Co. | 2,025 | 114,655 | ||||||
NOW Inc. | 11,236 | 81,124 | * | |||||
Rush Enterprises Inc., Class A Shares | 2,483 | 129,315 | ||||||
Titan Machinery Inc. | 2,623 | 74,546 | * | |||||
|
| |||||||
Total Trading Companies & Distributors | 399,640 | |||||||
|
| |||||||
TOTAL INDUSTRIALS | 3,178,970 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 10.2% | ||||||||
Communications Equipment - 1.3% | ||||||||
Digi International Inc. | 2,553 | 55,017 | * | |||||
Extreme Networks Inc. | 6,111 | 60,071 | * | |||||
NETGEAR Inc. | 2,014 | 58,064 | * | |||||
NetScout Systems Inc. | 3,121 | 84,454 | * | |||||
|
| |||||||
Total Communications Equipment | 257,606 | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components - 3.4% | ||||||||
Benchmark Electronics Inc. | 3,111 | 72,517 | ||||||
CTS Corp. | 2,011 | 71,632 | ||||||
Kimball Electronics Inc. | 2,526 | 72,623 | * | |||||
Methode Electronics Inc. | 1,855 | 78,040 | ||||||
Plexus Corp. | 922 | 80,509 | * | |||||
Sanmina Corp. | 2,662 | 100,490 | * | |||||
TTM Technologies Inc. | 6,466 | 85,610 | * | |||||
Vishay Intertechnology Inc. | 4,799 | 92,237 | ||||||
|
| |||||||
Total Electronic Equipment, Instruments & Components | 653,658 | |||||||
|
| |||||||
IT Services - 1.7% | ||||||||
CSG Systems International Inc. | 1,707 | 85,435 | ||||||
ExlService Holdings Inc. | 588 | 72,106 | * | |||||
GreenSky Inc., Class A Shares | 8,957 | 109,634 | * | |||||
Hackett Group Inc. | 2,969 | 62,765 | ||||||
|
| |||||||
Total IT Services | 329,940 | |||||||
|
|
See Notes to Schedule of Investments.
8 | Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) | ||||||||
SECURITY | SHARES | VALUE | ||||||
Semiconductors & Semiconductor Equipment - 0.7% | ||||||||
Cirrus Logic Inc. | 978 | $ | 79,032 | * | ||||
NVE Corp. | 853 | 57,979 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 137,011 | |||||||
|
| |||||||
Software - 2.2% | ||||||||
A10 Networks Inc. | 2,999 | 56,051 | * | |||||
CommVault Systems Inc. | 828 | 50,922 | * | |||||
Progress Software Corp. | 1,737 | 89,299 | ||||||
Qualys Inc. | 540 | 67,219 | * | |||||
Verint Systems Inc. | 1,798 | 83,787 | * | |||||
Xperi Holding Corp. | 4,624 | 82,862 | ||||||
|
| |||||||
Total Software | 430,140 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 0.9% | ||||||||
Avid Technology Inc. | 1,678 | 48,058 | * | |||||
Xerox Holdings Corp. | 7,380 | 131,364 | ||||||
|
| |||||||
Total Technology Hardware, Storage & Peripherals | 179,422 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 1,987,777 | |||||||
|
| |||||||
MATERIALS - 5.0% | ||||||||
Chemicals - 2.5% | ||||||||
AdvanSix Inc. | 1,803 | 87,626 | * | |||||
American Vanguard Corp. | 3,724 | 58,020 | ||||||
Minerals Technologies Inc. | 1,185 | 84,064 | ||||||
Rayonier Advanced Materials Inc. | 11,228 | 80,617 | * | |||||
Tredegar Corp. | 7,277 | 87,761 | ||||||
Valhi Inc. | 3,584 | 83,005 | ||||||
|
| |||||||
Total Chemicals | 481,093 | |||||||
|
| |||||||
Metals & Mining - 1.1% | ||||||||
Haynes International Inc. | 1,614 | 64,770 | ||||||
SunCoke Energy Inc. | 11,227 | 81,059 | ||||||
TimkenSteel Corp. | 5,245 | 73,167 | * | |||||
|
| |||||||
Total Metals & Mining | 218,996 | |||||||
|
| |||||||
Paper & Forest Products - 1.4% | ||||||||
Clearwater Paper Corp. | 2,061 | 86,212 | * | |||||
Glatfelter Corp. | 5,096 | 83,727 | ||||||
Verso Corp., Class A Shares | 4,373 | 96,556 | ||||||
|
| |||||||
Total Paper & Forest Products | 266,495 | |||||||
|
| |||||||
TOTAL MATERIALS | 966,584 | |||||||
|
| |||||||
UTILITIES - 1.0% | ||||||||
Electric Utilities - 0.6% | ||||||||
Hawaiian Electric Industries Inc. | 2,822 | 114,460 | ||||||
|
|
See Notes to Schedule of Investments.
Legg Mason Small-Cap Quality Value ETF 2021 Quarterly Report |
9 |
LEGG MASON SMALL-CAP QUALITY VALUE ETF
Schedule of investments (unaudited) (cont’d) | October 31, 2021 |
(Percentages shown based on Fund net assets) |
SECURITY | SHARES | VALUE | ||||||||||
Gas Utilities - 0.4% | ||||||||||||
Chesapeake Utilities Corp. | 584 | $ | 76,545 | |||||||||
|
| |||||||||||
TOTAL UTILITIES | 191,005 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $17,805,179) |
| 19,233,902 | ||||||||||
|
| |||||||||||
RATE | ||||||||||||
SHORT-TERM INVESTMENTS - 0.4% | ||||||||||||
Dreyfus Treasury Cash Management, Institutional Class (Cost - $80,382) | 0.010 | % | 80,382 | 80,382 | ||||||||
|
| |||||||||||
TOTAL INVESTMENTS - 99.1% | 19,314,284 | |||||||||||
Other Assets in Excess of Liabilities - 0.9% | 179,172 | |||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 19,493,456 | ||||||||||
|
|
* | Non-income producing security. |
(a) | Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1). |
(b) | Security is valued using significant unobservable inputs (Note 1). |
Abbreviation(s) used in this schedule:
CVR | — Contingent Value Rights |
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 2021 Quarterly Report |
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Legg Mason Small-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 an open-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 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 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 Royce Small-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 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.
11 |
Notes to Schedule of Investments (unaudited) (continued)
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 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 Global Fund Valuation Committee (known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (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 | ||||||||||||
Long-Term Investments†: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | $ | 3,087,861 | — | $ | 801 | $ | 3,088,662 | |||||||||
Other Common Stocks | 16,145,240 | — | — | 16,145,240 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long-Term Investments | 19,233,101 | — | 801 | 19,233,902 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments† | 80,382 | — | — | 80,382 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 19,313,483 | — | $ | 801 | $ | 19,314,284 | |||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
13 |