CLEARBRIDGE ALL CAP GROWTH ESG ETF
Schedules of investments (unaudited)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 105.8% | ||||||||
COMMUNICATION SERVICES - 9.6% | ||||||||
Entertainment - 3.4% | ||||||||
Liberty Media Corp.-Liberty Formula One, Class A Shares | 1,168 | $ | 62,406 | * | ||||
Liberty Media Corp.-Liberty Formula One, Class C Shares | 1,800 | 107,604 | * | |||||
Netflix Inc. | 10,572 | 3,117,472 | * | |||||
Sea Ltd., ADR | 9,976 | 519,051 | * | |||||
Warner Bros. Discovery Inc. | 36,742 | 348,314 | * | |||||
|
| |||||||
Total Entertainment | 4,154,847 | |||||||
|
| |||||||
Interactive Media & Services - 2.6% | ||||||||
Match Group Inc. | 17,855 | 740,804 | * | |||||
Meta Platforms Inc., Class A Shares | 20,242 | 2,435,922 | * | |||||
|
| |||||||
Total Interactive Media & Services | 3,176,726 | |||||||
|
| |||||||
Media - 3.6% | ||||||||
AMC Networks Inc., Class A Shares | 6,326 | 99,128 | * | |||||
Comcast Corp., Class A Shares | 97,472 | 3,408,596 | ||||||
Liberty Broadband Corp., Class C Shares | 3,091 | 235,751 | * | |||||
Liberty Media Corp.-Liberty SiriusXM, Class A Shares | 4,994 | 196,314 | * | |||||
Liberty Media Corp.-Liberty SiriusXM, Class C Shares | 9,993 | 391,026 | * | |||||
|
| |||||||
Total Media | 4,330,815 | |||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 11,662,388 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 11.0% | ||||||||
Auto Components - 0.9% | ||||||||
Aptiv PLC | 11,580 | 1,078,445 | * | |||||
|
| |||||||
Hotels, Restaurants & Leisure - 0.6% | ||||||||
Airbnb Inc., Class A Shares | 8,896 | 760,608 | * | |||||
|
| |||||||
Internet & Direct Marketing Retail - 6.5% | ||||||||
Amazon.com Inc. | 81,712 | 6,863,808 | * | |||||
Etsy Inc. | 9,403 | 1,126,291 | * | |||||
|
| |||||||
Total Internet & Direct Marketing Retail | 7,990,099 | |||||||
|
| |||||||
Specialty Retail - 1.1% | ||||||||
Advance Auto Parts Inc. | 9,426 | 1,385,905 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 1.9% | ||||||||
NIKE Inc., Class B Shares | 19,367 | 2,266,133 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 13,481,190 | |||||||
|
| |||||||
CONSUMER STAPLES - 3.1% | ||||||||
Beverages - 1.7% | ||||||||
Monster Beverage Corp. | 20,485 | 2,079,842 | * | |||||
|
| |||||||
Personal Products - 1.4% | ||||||||
Estee Lauder Cos. Inc., Class A Shares | 6,854 | 1,700,546 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 3,780,388 | |||||||
|
| |||||||
FINANCIALS - 2.7% | ||||||||
Capital Markets - 1.6% | ||||||||
S&P Global Inc. | 6,038 | 2,022,368 | ||||||
|
| |||||||
Insurance - 1.1% | ||||||||
Marsh & McLennan Cos. Inc. | 8,021 | 1,327,315 | ||||||
|
| |||||||
TOTAL FINANCIALS | 3,349,683 | |||||||
|
|
See Notes to Schedules of Investments.
ClearBridge All Cap Growth ESG ETF 2022 Quarterly Report |
1 |
CLEARBRIDGE ALL CAP GROWTH ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
HEALTH CARE - 27.0% | ||||||||
Biotechnology - 9.7% | ||||||||
AbbVie Inc. | 12,764 | $ | 2,062,790 | |||||
Biogen Inc. | 8,877 | 2,458,219 | * | |||||
Ionis Pharmaceuticals Inc. | 22,162 | 837,058 | * | |||||
Vertex Pharmaceuticals Inc. | 22,578 | 6,520,075 | * | |||||
|
| |||||||
Total Biotechnology | 11,878,142 | |||||||
|
| |||||||
Health Care Equipment & Supplies - 3.7% | ||||||||
Alcon Inc. | 18,424 | 1,262,965 | ||||||
Insulet Corp. | 3,662 | 1,078,056 | * | |||||
Intuitive Surgical Inc. | 5,205 | 1,381,147 | * | |||||
Stryker Corp. | 3,272 | 799,971 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 4,522,139 | |||||||
|
| |||||||
Health Care Providers & Services - 8.4% | ||||||||
Guardant Health Inc. | 16,225 | 441,320 | * | |||||
UnitedHealth Group Inc. | 18,565 | 9,842,792 | ||||||
|
| |||||||
Total Health Care Providers & Services | 10,284,112 | |||||||
|
| |||||||
Health Care Technology - 0.4% | ||||||||
Doximity Inc., Class A Shares | 12,308 | 413,057 | * | |||||
|
| |||||||
Life Sciences Tools & Services - 2.7% | ||||||||
10X Genomics Inc., Class A Shares | 3,468 | 126,374 | * | |||||
Charles River Laboratories International Inc. | 4,564 | 994,496 | * | |||||
Thermo Fisher Scientific Inc. | 3,921 | 2,159,255 | ||||||
|
| |||||||
Total Life Sciences Tools & Services | 3,280,125 | |||||||
|
| |||||||
Pharmaceuticals - 2.1% | ||||||||
Zoetis Inc. | 17,485 | 2,562,427 | ||||||
|
| |||||||
TOTAL HEALTH CARE | 32,940,002 | |||||||
|
| |||||||
INDUSTRIALS - 8.9% | ||||||||
Air Freight & Logistics - 1.9% | ||||||||
United Parcel Service Inc., Class B Shares | 13,060 | 2,270,350 | ||||||
|
| |||||||
Building Products - 1.6% | ||||||||
Johnson Controls International PLC | 31,621 | 2,023,744 | ||||||
|
| |||||||
Electrical Equipment - 1.7% | ||||||||
Eaton Corp. PLC | 13,147 | 2,063,422 | ||||||
|
| |||||||
Road & Rail - 1.2% | ||||||||
Lyft Inc., Class A Shares | 26,036 | 286,917 | * | |||||
Uber Technologies Inc. | 49,181 | 1,216,246 | * | |||||
|
| |||||||
Total Road & Rail | 1,503,163 | |||||||
|
| |||||||
Trading Companies & Distributors - 2.5% | ||||||||
W.W. Grainger Inc. | 5,446 | 3,029,338 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | 10,890,017 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 39.9% | ||||||||
Electronic Equipment, Instruments & Components - 2.1% | ||||||||
TE Connectivity Ltd. | 22,605 | 2,595,054 | ||||||
|
| |||||||
IT Services - 5.7% | ||||||||
PayPal Holdings Inc. | 19,249 | 1,370,914 | * | |||||
Snowflake Inc., Class A Shares | 7,108 | 1,020,282 | * | |||||
Visa Inc., Class A Shares | 21,792 | 4,527,506 | ||||||
|
| |||||||
Total IT Services | 6,918,702 | |||||||
|
|
See Notes to Schedules of Investments.
2 | ClearBridge All Cap Growth ESG ETF 2022 Quarterly Report |
CLEARBRIDGE ALL CAP GROWTH ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Semiconductors & Semiconductor Equipment - 8.7% | ||||||||
ASML Holding NV, Registered Shares | 2,955 | $ | 1,614,612 | |||||
Broadcom Inc. | 6,992 | 3,909,437 | ||||||
Intel Corp. | 32,872 | 868,807 | ||||||
NVIDIA Corp. | 19,480 | 2,846,807 | ||||||
Wolfspeed Inc. | 19,763 | 1,364,438 | * | |||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 10,604,101 | |||||||
|
| |||||||
Software - 19.7% | ||||||||
Adobe Inc. | 5,303 | 1,784,619 | * | |||||
Atlassian Corp. Ltd., Class A Shares | 7,353 | 946,184 | * | |||||
Autodesk Inc. | 12,882 | 2,407,259 | * | |||||
CrowdStrike Holdings Inc., Class A Shares | 20,882 | 2,198,666 | * | |||||
DocuSign Inc. | 13,513 | 748,890 | * | |||||
Dolby Laboratories Inc., Class A Shares | 15,218 | 1,073,478 | ||||||
HubSpot Inc. | 5,115 | 1,478,900 | * | |||||
Microsoft Corp. | 26,452 | 6,343,719 | ||||||
Palo Alto Networks Inc. | 16,825 | 2,347,760 | * | |||||
Salesforce Inc. | 16,136 | 2,139,472 | * | |||||
Splunk Inc. | 16,816 | 1,447,689 | * | |||||
Unity Software Inc. | 6,884 | 196,814 | * | |||||
Workday Inc., Class A Shares | 5,800 | 970,514 | * | |||||
|
| |||||||
Total Software | 24,083,964 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 3.7% | ||||||||
Apple Inc. | 21,588 | 2,804,929 | ||||||
Seagate Technology Holdings PLC | 23,796 | 1,251,907 | ||||||
Western Digital Corp. | 15,229 | 480,475 | * | |||||
|
| |||||||
Total Technology Hardware, Storage & Peripherals | 4,537,311 | |||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 48,739,132 | |||||||
|
| |||||||
MATERIALS - 2.1% | ||||||||
Chemicals - 1.2% | ||||||||
Sherwin-Williams Co. | 6,051 | 1,436,084 | ||||||
|
| |||||||
Metals & Mining - 0.9% | ||||||||
Freeport-McMoRan Inc. | 30,080 | 1,143,040 | ||||||
|
| |||||||
TOTAL MATERIALS | 2,579,124 | |||||||
|
| |||||||
REAL ESTATE - 1.5% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.5% | ||||||||
Equinix Inc. | 2,798 | 1,832,774 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 105.8% (Cost - $136,590,216) | 129,254,698 | |||||||
Liabilities in Excess of Other Assets - (5.8)% | (7,060,703 | ) | ||||||
|
| |||||||
TOTAL NET ASSETS - 100.0% | $ | 122,193,995 | ||||||
|
|
* | Non-income producing security. |
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 All Cap Growth ESG ETF 2022 Quarterly Report |
3 |
CLEARBRIDGE DIVIDEND STRATEGY ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 96.3% | ||||||||
COMMUNICATION SERVICES - 4.8% | ||||||||
Diversified Telecommunication Services - 1.4% | ||||||||
Verizon Communications Inc. | 10,471 | $ | 412,557 | |||||
|
| |||||||
Entertainment - 1.1% | ||||||||
Walt Disney Co. | 3,793 | 329,536 | * | |||||
|
| |||||||
Media - 2.3% | ||||||||
Comcast Corp., Class A Shares | 19,035 | 665,654 | ||||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 1,407,747 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 4.6% | ||||||||
Automobiles - 0.8% | ||||||||
General Motors Co. | 7,039 | 236,792 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure - 1.5% | ||||||||
Starbucks Corp. | 4,512 | 447,590 | ||||||
|
| |||||||
Specialty Retail - 2.3% | ||||||||
Home Depot Inc. | 2,100 | 663,306 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 1,347,688 | |||||||
|
| |||||||
CONSUMER STAPLES - 10.3% | ||||||||
Beverages - 2.3% | ||||||||
Coca-Cola Co. | 10,394 | 661,162 | ||||||
|
| |||||||
Food Products - 4.3% | ||||||||
Mondelez International Inc., Class A Shares | 10,144 | 676,098 | ||||||
Nestle SA, ADR | 5,083 | 586,273 | ||||||
|
| |||||||
Total Food Products | 1,262,371 | |||||||
|
| |||||||
Household Products - 3.7% | ||||||||
Colgate-Palmolive Co. | 4,408 | 347,306 | ||||||
Procter & Gamble Co. | 4,917 | 745,221 | ||||||
|
| |||||||
Total Household Products | 1,092,527 | |||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 3,016,060 | |||||||
|
| |||||||
ENERGY - 5.7% | ||||||||
Oil, Gas & Consumable Fuels - 5.7% | ||||||||
Chesapeake Energy Corp. | 7,930 | 748,354 | ||||||
Williams Cos. Inc. | 27,768 | 913,567 | ||||||
|
| |||||||
TOTAL ENERGY | 1,661,921 | |||||||
|
| |||||||
FINANCIALS - 16.4% | ||||||||
Banks - 6.1% | ||||||||
Bank of America Corp. | 23,643 | 783,056 | ||||||
JPMorgan Chase & Co. | 4,618 | 619,274 | ||||||
PNC Financial Services Group Inc. | 2,490 | 393,271 | ||||||
|
| |||||||
Total Banks | 1,795,601 | |||||||
|
| |||||||
Capital Markets - 1.5% | ||||||||
BlackRock Inc. | 616 | 436,516 | ||||||
|
| |||||||
Diversified Financial Services - 3.0% | ||||||||
Apollo Global Management Inc. | 13,888 | 885,916 | ||||||
|
|
See Notes to Schedules of Investments.
4 | ClearBridge Dividend Strategy ESG ETF 2022 Quarterly Report |
CLEARBRIDGE DIVIDEND STRATEGY ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
Insurance - 5.8% | ||||||||
American International Group Inc. | 7,917 | $ | 500,671 | |||||
MetLife Inc. | 7,257 | 525,189 | ||||||
Travelers Cos. Inc. | 3,496 | 655,465 | ||||||
|
| |||||||
Total Insurance | 1,681,325 | |||||||
|
| |||||||
TOTAL FINANCIALS | 4,799,358 | |||||||
|
| |||||||
HEALTH CARE - 12.6% | ||||||||
Health Care Equipment & Supplies - 2.9% | ||||||||
Becton Dickinson and Co. | 3,274 | 832,578 | ||||||
|
| |||||||
Health Care Providers & Services - 2.1% | ||||||||
UnitedHealth Group Inc. | 1,157 | 613,419 | ||||||
|
| |||||||
Pharmaceuticals - 7.6% | ||||||||
Johnson & Johnson | 4,655 | 822,306 | ||||||
Merck & Co. Inc. | 7,346 | 815,039 | ||||||
Pfizer Inc. | 11,732 | 601,147 | ||||||
|
| |||||||
Total Pharmaceuticals | 2,238,492 | |||||||
|
| |||||||
TOTAL HEALTH CARE | 3,684,489 | |||||||
|
| |||||||
INDUSTRIALS - 7.5% | ||||||||
Air Freight & Logistics - 2.2% | ||||||||
United Parcel Service Inc., Class B Shares | 3,748 | 651,552 | ||||||
|
| |||||||
Commercial Services & Supplies - 1.5% | ||||||||
Waste Management Inc. | 2,779 | 435,969 | ||||||
|
| |||||||
Industrial Conglomerates - 1.9% | ||||||||
Honeywell International Inc. | 2,639 | 565,538 | ||||||
|
| |||||||
Road & Rail - 1.9% | ||||||||
Union Pacific Corp. | 2,669 | 552,670 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | 2,205,729 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 20.8% | ||||||||
Communications Equipment - 1.5% | ||||||||
Cisco Systems Inc. | 8,956 | 426,664 | ||||||
|
| |||||||
IT Services - 4.7% | ||||||||
Mastercard Inc., Class A Shares | 1,816 | 631,478 | ||||||
Visa Inc., Class A Shares | 3,523 | 731,938 | ||||||
|
| |||||||
Total IT Services | 1,363,416 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 3.1% | ||||||||
Broadcom Inc. | 761 | 425,498 | ||||||
Intel Corp. | 10,737 | 283,779 | ||||||
Texas Instruments Inc. | 1,291 | 213,299 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 922,576 | |||||||
|
| |||||||
Software - 7.8% | ||||||||
Microsoft Corp. | 5,367 | 1,287,114 | ||||||
Oracle Corp. | 6,366 | 520,357 | ||||||
SAP SE, ADR | 4,727 | 487,779 | ||||||
|
| |||||||
Total Software | 2,295,250 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 3.7% | ||||||||
Apple Inc. | 8,293 | 1,077,509 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 6,085,415 | |||||||
|
|
See Notes to Schedules of Investments.
ClearBridge Dividend Strategy ESG ETF 2022 Quarterly Report |
5 |
CLEARBRIDGE DIVIDEND STRATEGY ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||||||
MATERIALS - 8.7% | ||||||||||||
Chemicals - 4.6% | ||||||||||||
Linde PLC | 2,579 | $ | 841,218 | |||||||||
PPG Industries Inc. | 3,995 | 502,332 | ||||||||||
|
| |||||||||||
Total Chemicals | 1,343,550 | |||||||||||
|
| |||||||||||
Construction Materials - 2.2% | ||||||||||||
Vulcan Materials Co. | 3,674 | 643,354 | ||||||||||
|
| |||||||||||
Metals & Mining - 1.9% | ||||||||||||
Freeport-McMoRan Inc. | 7,106 | 270,028 | ||||||||||
Nucor Corp. | 2,236 | 294,727 | ||||||||||
|
| |||||||||||
Total Metals & Mining | 564,755 | |||||||||||
|
| |||||||||||
TOTAL MATERIALS | 2,551,659 | |||||||||||
|
| |||||||||||
REAL ESTATE - 1.4% | ||||||||||||
Equity Real Estate Investment Trusts (REITs) - 1.4% | ||||||||||||
American Tower Corp. | 2,009 | 425,627 | ||||||||||
|
| |||||||||||
UTILITIES - 3.5% | ||||||||||||
Electric Utilities - 1.5% | ||||||||||||
Edison International | 6,738 | 428,672 | ||||||||||
|
| |||||||||||
Multi-Utilities - 2.0% | ||||||||||||
Sempra Energy | 3,821 | 590,497 | ||||||||||
|
| |||||||||||
TOTAL UTILITIES | 1,019,169 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCKS (Cost - $29,056,883) | 28,204,862 | |||||||||||
|
| |||||||||||
SHARES/UNITS | ||||||||||||
MASTER LIMITED PARTNERSHIPS - 1.9% | ||||||||||||
Global Infrastructure - 1.9% | ||||||||||||
Brookfield Renewable Partners LP (Cost - $600,409) | 22,264 | 564,170 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $29,657,292) | 28,769,032 | |||||||||||
|
| |||||||||||
RATE | SHARES | |||||||||||
SHORT-TERM INVESTMENTS - 1.8% | ||||||||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost -$510,015) | 3.845 | % | 510,015 | 510,015 | (a) | |||||||
|
| |||||||||||
TOTAL INVESTMENTS - 100.0% (Cost - $30,167,307) | 29,279,047 | |||||||||||
Other Assets in Excess of Liabilities - 0.0%†† | 11,283 | |||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 29,290,330 | ||||||||||
|
|
†† | Represents less than 0.1%. |
* | 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 Schedules of Investments.
6 | ClearBridge Dividend Strategy ESG ETF 2022 Quarterly Report |
CLEARBRIDGE LARGE CAP GROWTH ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
COMMON STOCKS - 99.8% | ||||||||
COMMUNICATION SERVICES - 6.1% | ||||||||
Entertainment - 3.7% | ||||||||
Netflix Inc. | 15,027 | $ | 4,431,162 | * | ||||
Sea Ltd., ADR | 20,402 | 1,061,516 | * | |||||
|
| |||||||
Total Entertainment | 5,492,678 | |||||||
|
| |||||||
Interactive Media & Services - 2.4% | ||||||||
Meta Platforms Inc., Class A Shares | 30,585 | 3,680,599 | * | |||||
|
| |||||||
TOTAL COMMUNICATION SERVICES | 9,173,277 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY - 12.2% | ||||||||
Auto Components - 1.2% | ||||||||
Aptiv PLC | 19,803 | 1,844,253 | * | |||||
|
| |||||||
Internet & Direct Marketing Retail - 6.0% | ||||||||
Amazon.com Inc. | 106,543 | 8,949,612 | * | |||||
|
| |||||||
Specialty Retail - 2.3% | ||||||||
Advance Auto Parts Inc. | 14,533 | 2,136,787 | ||||||
Tractor Supply Co. | 5,360 | 1,205,839 | ||||||
|
| |||||||
Total Specialty Retail | 3,342,626 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods - 2.7% | ||||||||
NIKE Inc., Class B Shares | 34,302 | 4,013,677 | ||||||
|
| |||||||
TOTAL CONSUMER DISCRETIONARY | 18,150,168 | |||||||
|
| |||||||
CONSUMER STAPLES - 4.7% | ||||||||
Beverages - 2.9% | ||||||||
Monster Beverage Corp. | 42,595 | 4,324,670 | * | |||||
|
| |||||||
Personal Products - 1.8% | ||||||||
Estee Lauder Cos. Inc., Class A Shares | 10,768 | 2,671,649 | ||||||
|
| |||||||
TOTAL CONSUMER STAPLES | 6,996,319 | |||||||
|
| |||||||
FINANCIALS - 4.9% | ||||||||
Capital Markets - 2.8% | ||||||||
S&P Global Inc. | 12,522 | 4,194,118 | ||||||
|
| |||||||
Insurance - 2.1% | ||||||||
Marsh & McLennan Cos. Inc. | 18,516 | 3,064,028 | ||||||
|
| |||||||
TOTAL FINANCIALS | 7,258,146 | |||||||
|
| |||||||
HEALTH CARE - 20.0% | ||||||||
Health Care Equipment & Supplies - 8.2% | ||||||||
Alcon Inc. | 45,866 | 3,144,115 | ||||||
Dexcom Inc. | 27,622 | 3,127,915 | * | |||||
Intuitive Surgical Inc. | 10,986 | 2,915,135 | * | |||||
Stryker Corp. | 12,474 | 3,049,768 | ||||||
|
| |||||||
Total Health Care Equipment & Supplies | 12,236,933 | |||||||
|
| |||||||
Health Care Providers & Services - 5.5% | ||||||||
UnitedHealth Group Inc. | 15,462 | 8,197,643 | ||||||
|
| |||||||
Life Sciences Tools & Services - 3.4% | ||||||||
Thermo Fisher Scientific Inc. | 9,168 | 5,048,726 | ||||||
|
| |||||||
Pharmaceuticals - 2.9% | ||||||||
Zoetis Inc. | 29,747 | 4,359,423 | ||||||
|
| |||||||
TOTAL HEALTH CARE | 29,842,725 | |||||||
|
|
See Notes to Schedules of Investments.
ClearBridge Large Cap Growth ESG ETF 2022 Quarterly Report |
7 |
CLEARBRIDGE LARGE CAP GROWTH ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | SHARES | VALUE | ||||||
INDUSTRIALS - 11.4% | ||||||||
Air Freight & Logistics - 2.2% | ||||||||
United Parcel Service Inc., Class B Shares | 19,140 | $ | 3,327,298 | |||||
|
| |||||||
Electrical Equipment - 2.5% | ||||||||
Eaton Corp. PLC | 24,213 | 3,800,230 | ||||||
|
| |||||||
Industrial Conglomerates - 2.7% | ||||||||
Honeywell International Inc. | 18,669 | 4,000,767 | ||||||
|
| |||||||
Road & Rail - 1.3% | ||||||||
Uber Technologies Inc. | 79,593 | 1,968,335 | * | |||||
|
| |||||||
Trading Companies & Distributors - 2.7% | ||||||||
W.W. Grainger Inc. | 7,189 | 3,998,881 | ||||||
|
| |||||||
TOTAL INDUSTRIALS | 17,095,511 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY - 35.7% | ||||||||
IT Services - 7.3% | ||||||||
PayPal Holdings Inc. | 35,282 | 2,512,784 | * | |||||
Visa Inc., Class A Shares | 40,426 | 8,398,906 | ||||||
|
| |||||||
Total IT Services | 10,911,690 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment - 6.1% | ||||||||
ASML Holding NV, Registered Shares | 5,611 | 3,065,850 | ||||||
Intel Corp. | 38,653 | 1,021,599 | ||||||
NVIDIA Corp. | 34,785 | 5,083,480 | ||||||
|
| |||||||
Total Semiconductors & Semiconductor Equipment | 9,170,929 | |||||||
|
| |||||||
Software - 17.9% | ||||||||
Adobe Inc. | 7,424 | 2,498,399 | * | |||||
Atlassian Corp. Ltd., Class A Shares | 11,907 | 1,532,193 | * | |||||
Microsoft Corp. | 50,790 | 12,180,458 | ||||||
Palo Alto Networks Inc. | 25,157 | 3,510,408 | * | |||||
Salesforce Inc. | 21,501 | 2,850,817 | * | |||||
Splunk Inc. | 23,031 | 1,982,739 | * | |||||
Unity Software Inc. | 11,205 | 320,351 | * | |||||
Workday Inc., Class A Shares | 10,983 | 1,837,785 | * | |||||
|
| |||||||
Total Software | 26,713,150 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals - 4.4% | ||||||||
Apple Inc. | 50,526 | 6,564,843 | ||||||
|
| |||||||
TOTAL INFORMATION TECHNOLOGY | 53,360,612 | |||||||
|
| |||||||
MATERIALS - 1.7% | ||||||||
Chemicals - 1.7% | ||||||||
Sherwin-Williams Co. | 10,741 | 2,549,161 | ||||||
|
| |||||||
REAL ESTATE - 1.8% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.8% | ||||||||
Equinix Inc. | 4,039 | 2,645,666 | ||||||
|
| |||||||
UTILITIES - 1.3% | ||||||||
Electric Utilities - 1.3% | ||||||||
NextEra Energy Inc. | 23,391 | 1,955,488 | ||||||
|
| |||||||
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $187,101,487) | 149,027,073 | |||||||
|
|
See Notes to Schedules of Investments.
8 | ClearBridge Large Cap Growth ESG ETF 2022 Quarterly Report |
CLEARBRIDGE LARGE CAP GROWTH ESG ETF
Schedules of investments (unaudited) (cont’d)
(Percentages shown based on Fund net assets) | December 31, 2022 |
SECURITY | RATE | SHARES | VALUE | |||||||||
SHORT-TERM INVESTMENTS - 0.2% | ||||||||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class (Cost - $249,062) | 3.845 | % | 249,062 | $ | 249,062 | (a) | ||||||
|
| |||||||||||
TOTAL INVESTMENTS - 100.0% (Cost - $187,350,549) | 149,276,135 | |||||||||||
Liabilities in Excess of Other Assets - (0.0)%†† | (33,201 | ) | ||||||||||
|
| |||||||||||
TOTAL NET ASSETS - 100.0% | $ | 149,242,934 | ||||||||||
|
|
†† | Represents less than 0.1%. |
* | 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 Schedules of Investments.
ClearBridge Large Cap Growth ESG ETF 2022 Quarterly Report |
9 |
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
10 |
Notes to Schedules of Investments (unaudited) (cont’d)
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 — other 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 | ||||||||||||
Common Stocks† | $ | 129,254,698 | — | — | $ | 129,254,698 | ||||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
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 | $ | 28,204,862 | — | — | $ | 28,204,862 | ||||||||||
Master Limited Partnerships | 564,170 | — | — | 564,170 | ||||||||||||
Total Long-Term Investments | 28,769,032 | — | — | 28,769,032 | ||||||||||||
Short-Term Investments† | 510,015 | — | — | 510,015 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 29,279,047 | — | — | $ | 29,279,047 | ||||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
11 |
Notes to Schedules of Investments (unaudited) (cont’d)
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† | $ | 149,027,073 | — | — | $ | 149,027,073 | ||||||||||
Short-Term Investments† | 249,062 | — | — | 249,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 149,276,135 | — | — | $ | 149,276,135 | ||||||||||
|
|
|
|
|
|
|
|
† | See Schedule of Investments for additional detailed categorizations. |
12 |