Schedule of Investments (unaudited)
June 30, 2026
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 Franklin Short Duration U.S. Government ETF

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Government & Agency Obligations — 48.0%
U.S. Government Agencies — 0.3%
Export-Import Bank of the United States, Secured Notes
2.628%
11/12/26
 $144,208
 $143,537
 
United States International Development Finance Corp., Senior Notes
4.010%
5/15/30
777,500
765,275
 
Total U.S. Government Agencies
908,812
U.S. Government Obligations — 47.7%
U.S. Treasury Notes
4.125%
10/31/26
15,000,000
15,009,674
 
U.S. Treasury Notes
4.250%
11/30/26
5,000,000
5,007,115
 
U.S. Treasury Notes
4.250%
12/31/26
20,000,000
20,027,539
 
U.S. Treasury Notes
4.125%
1/31/27
10,000,000
10,006,808
 
U.S. Treasury Notes
4.125%
2/28/27
10,000,000
10,007,381
 
U.S. Treasury Notes
4.500%
4/15/27
13,000,000
13,048,105
 
U.S. Treasury Notes
3.875%
5/31/27
10,000,000
9,980,264
 
U.S. Treasury Notes
4.375%
7/15/27
10,000,000
10,025,997
 
U.S. Treasury Notes
4.125%
9/30/27
10,000,000
9,998,047
 
U.S. Treasury Notes
4.000%
12/15/27
10,000,000
9,977,734
 
U.S. Treasury Notes
3.875%
12/31/27
7,000,000
6,971,016
 
U.S. Treasury Notes
4.250%
1/15/28
10,000,000
10,011,719
 
U.S. Treasury Notes
4.125%
7/31/28
10,000,000
9,993,750
 
Total U.S. Government Obligations
140,065,149
 
Total U.S. Government & Agency Obligations (Cost — $141,415,065)
140,973,961
Mortgage-Backed Securities — 31.9%
FHLMC — 10.9%
Federal Home Loan Mortgage Corp. (FHLMC)
4.000%
3/1/49
615,886
 
585,074
 
Federal Home Loan Mortgage Corp. (FHLMC)
5.500%
12/1/54-
10/1/55
18,840,472
18,926,226
 
Federal Home Loan Mortgage Corp. (FHLMC)
6.000%
6/1/55-
10/1/55
9,259,326
9,478,426
 
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.347%)
5.536%
3/1/35
51,942
 
53,160
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.475%)
5.903%
8/1/34
37,780
 
38,639
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.520%)
5.749%
4/1/36
26,987
 
27,719
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.537%)
5.874%
2/1/36
13,990
 
14,198
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.609%)
6.314%
9/1/36
374
 
382
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.621%)
5.936%
6/1/37
21,758
 
22,277
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.625%)
6.040%
12/1/36
18,078
 
18,670
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.625%)
5.914%
1/1/37
2,874
 
2,963
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.654%)
6.118%
1/1/36
3,999
 
4,123
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.658%)
5.957%
12/1/35
46,035
 
46,884
 (a)
See Notes to Schedule of Investments.
1
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FHLMC — continued
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.660%)
5.963%
1/1/38
 $13,632
 
 $14,007
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.733%)
6.358%
10/1/36
2,673
 
2,739
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.738%)
5.899%
4/1/37
11,275
 
11,532
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.740%)
6.058%
1/1/37
1,238
 
1,267
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
5.944%
4/1/34
2,084
 
2,117
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
5.989%
3/1/35
42,445
 
43,262
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.751%)
6.216%
1/1/42
36,269
 
37,594
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.761%)
5.886%
5/1/35
432
 
442
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.773%)
6.146%
9/1/37
190,171
 
197,769
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.779%)
6.300%
5/1/35
68,613
 
71,117
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.779%)
6.207%
5/1/42
161,717
 
167,421
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.796%)
6.084%
3/1/35
14,066
 
14,548
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.817%)
6.232%
9/1/35
21,660
 
22,065
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.819%)
6.362%
7/1/43
461,107
 
479,532
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.843%)
6.213%
11/1/42
166,276
 
173,090
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.847%)
6.596%
9/1/36
2,437
 
2,501
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.861%)
6.544%
8/1/36
711
 
730
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.863%)
6.324%
7/1/35
1,660
 
1,699
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.867%)
6.537%
1/1/36
6,746
 
6,899
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.870%)
6.600%
9/1/36
15,430
 
15,928
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.881%)
6.435%
3/1/36
94,488
 
97,622
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.895%)
6.434%
1/1/36
1,906
 
1,958
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.958%)
6.267%
9/1/36
7,971
 
8,170
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.980%)
6.193%
6/1/37
499
 
511
 (a)
See Notes to Schedule of Investments.
2
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FHLMC — continued
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 2.070%)
6.320%
3/1/36
 $1,375
 
 $1,416
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 1.695%)
5.234%
7/1/29
7,294
 
7,289
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 1.975%)
5.922%
7/1/33
9,650
 
9,815
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 1.975%)
5.975%
8/1/33
2,941
 
2,982
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.219%)
6.280%
10/1/33
38,635
 
39,664
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.225%)
6.298%
10/1/33
5,271
 
5,393
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.225%)
6.118%
11/1/33
42,586
 
43,652
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.225%)
6.143%
1/1/35
2,687
 
2,754
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.233%)
5.946%
7/1/37
12,270
 
12,527
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.236%)
5.933%
1/1/38
212,091
 
219,449
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.245%)
6.281%
10/1/35
27,569
 
28,754
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.245%)
5.935%
1/1/36
4,413
 
4,598
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.248%)
5.887%
6/1/37
30,256
 
31,007
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.249%)
5.916%
11/1/36
4,545
 
4,677
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.375%
9/1/33
1,392
 
1,423
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
5.997%
11/1/33
5,538
 
5,665
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.125%
11/1/33
5,748
 
5,873
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.250%
7/1/34-
7/1/36
54,435
56,154
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
5.875%
11/1/34-
2/1/35
19,113
19,724
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
5.892%
11/1/34
10,233
 
10,534
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
5.913%
10/1/38
16,828
 
17,186
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.251%)
6.068%
7/1/35
98,343
 
101,842
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.251%)
5.876%
2/1/36
14,668
 
15,279
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.265%)
6.050%
9/1/36
444,441
 
461,168
 (a)
See Notes to Schedule of Investments.
3
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FHLMC — continued
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.276%)
5.895%
6/1/34
 $7,858
 
 $8,004
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.315%)
6.078%
3/1/35
3,364
 
3,494
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.315%)
6.109%
5/1/36
397,419
 
414,334
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.324%)
6.013%
9/1/29
14,432
 
14,496
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.350%)
6.146%
1/1/37
6,617
 
6,770
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.357%)
6.354%
1/1/28
72
 
72
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.409%)
6.284%
11/1/33
11,643
 
11,933
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.500%)
6.333%
12/1/35
63,236
 
65,885
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.786%)
6.273%
1/1/29
112
 
112
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.871%)
6.583%
10/1/29
791
 
795
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 2.290%)
6.540%
9/1/30
55
 
56
 (a)
Total FHLMC
32,228,037
FNMA — 14.3%
Federal National Mortgage Association (FNMA)
3.500%
8/1/26-
5/1/31
17,737
17,620
 
Federal National Mortgage Association (FNMA)
5.500%
3/1/53-
11/1/54
6,244,195
6,306,849
 
Federal National Mortgage Association (FNMA)
6.000%
7/1/53-
8/1/55
12,154,754
12,454,140
 
Federal National Mortgage Association (FNMA)
5.000%
12/1/54
4,383,330
 
4,320,237
 
Federal National Mortgage Association (FNMA)
5.500%
8/1/56
14,000,000
 
14,026,140
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.314%)
6.065%
10/1/34
9,172
 
9,286
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.345%)
5.920%
6/1/35
25,317
 
25,713
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.365%)
6.095%
10/1/35
2,493
 
2,539
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.445%)
5.780%
1/1/35
23,245
 
23,634
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.476%)
6.113%
2/1/36
9,884
 
10,185
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.501%)
6.244%
12/1/33
276
 
280
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.515%)
6.148%
7/1/35
3,333
 
3,400
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.536%)
5.802%
1/1/35
10,687
 
10,992
 (a)
See Notes to Schedule of Investments.
4
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.552%)
5.802%
3/1/34
 $33,474
 
 $34,202
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.552%)
5.852%
1/1/35
5,260
 
5,405
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.565%)
5.690%
4/1/33
3,707
 
3,758
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.595%)
5.970%
1/1/33
8,211
 
8,334
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.604%)
6.034%
1/1/38
25,541
 
26,322
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.607%)
5.925%
12/1/34
3,635
 
3,711
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.617%)
5.907%
12/1/34
1,477
 
1,519
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.620%)
5.870%
2/1/35
3,373
 
3,476
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.625%)
5.875%
2/1/35-
3/1/35
4,420
4,492
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.625%)
6.056%
11/1/35
54,680
 
56,200
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.627%)
5.934%
7/1/36
14,882
 
15,192
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.629%)
5.927%
1/1/35
3,581
 
3,658
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.632%)
5.822%
5/1/35
7,414
 
7,642
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.639%)
6.252%
12/1/34
38,746
 
39,448
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.640%)
5.962%
4/1/40
83,246
 
85,131
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.641%)
6.092%
8/1/38
70,228
 
71,844
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.643%)
6.018%
12/1/32
628
 
640
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.650%)
6.183%
11/1/34
2,742
 
2,822
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.659%)
6.007%
9/1/37
48,662
 
50,240
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.663%)
6.124%
7/1/35
13,538
 
13,823
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.666%)
6.177%
3/1/42
91,185
 
93,549
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.667%)
6.099%
11/1/36
8,313
 
8,497
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.679%)
6.002%
1/1/35
19,276
 
19,808
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.688%)
6.238%
8/1/37
24,786
 
25,351
 (a)
See Notes to Schedule of Investments.
5
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.690%)
5.975%
12/1/39
 $11,049
 
 $11,496
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.699%)
5.970%
3/1/35
707
 
723
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.710%)
6.220%
11/1/36
38,047
 
38,857
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.712%)
6.212%
7/1/35
1,778
 
1,821
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.720%)
6.001%
1/1/37
15,894
 
16,333
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.726%)
6.290%
9/1/37
182,026
 
188,009
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.726%)
6.158%
7/1/42
542,207
 
562,546
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.729%)
6.224%
5/1/38
369,434
 
383,279
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.730%)
6.278%
6/1/35
4,501
 
4,612
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.744%)
5.961%
10/1/34
1,803
 
1,836
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.750%)
6.250%
10/1/33
13,664
 
13,920
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.750%)
5.909%
3/1/35
8,792
 
8,986
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.750%)
6.280%
9/1/35
36,050
 
36,879
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.765%)
6.015%
5/1/35
33,395
 
34,182
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.770%)
6.238%
8/1/44
710,621
 
744,555
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.777%)
6.163%
3/1/36
4,784
 
4,909
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.791%)
6.402%
5/1/37
34,498
 
35,412
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.798%)
6.317%
9/1/42
307,721
 
319,749
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.810%)
6.419%
10/1/40
163,116
 
169,482
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.811%)
6.225%
1/1/41
73,382
 
76,498
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.812%)
6.474%
9/1/40
24,736
 
25,754
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.820%)
6.070%
12/1/35
9,604
 
9,942
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.838%)
6.054%
5/1/35
24,243
 
25,005
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.844%)
6.594%
9/1/37
233
 
241
 (a)
See Notes to Schedule of Investments.
6
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.848%)
6.223%
6/1/36
 $4,586
 
 $4,713
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.856%)
6.453%
8/1/36
22,992
 
23,633
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 1.970%)
6.381%
8/1/37
11,727
 
12,133
 (a)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR
Consumer Cash Fallbacks + 2.377%)
6.678%
3/1/36
7,352
 
7,675
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 1.999%)
5.624%
12/1/34
2,552
 
2,607
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.002%)
6.127%
9/1/34
3,073
 
3,134
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.026%)
5.819%
2/1/37
8,239
 
8,365
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.046%)
5.671%
12/1/33
27,616
 
28,162
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.075%)
5.700%
3/1/33
14,580
 
14,827
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.099%)
5.908%
4/1/40
12,427
 
12,689
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.135%)
5.875%
5/1/36
12,578
 
12,894
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.155%)
5.780%
1/1/33
5,615
 
5,725
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.158%)
5.920%
12/1/37
9,715
 
10,126
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.164%)
6.264%
9/1/35
32,568
 
33,531
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.166%)
6.023%
9/1/33
775
 
783
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.174%)
6.172%
10/1/34
24,486
 
25,175
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.185%)
5.749%
5/1/36
5,748
 
5,894
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.191%)
6.046%
9/1/39
16,963
 
17,419
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.193%)
5.818%
2/1/35
11,494
 
11,796
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.203%)
5.984%
12/1/40
15,530
 
15,882
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.210%)
5.835%
12/1/34
22,389
 
23,294
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.214%)
5.770%
9/1/39
88
 
89
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.215%)
6.340%
8/1/29
20
 
20
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.223%)
5.848%
6/1/35
10,550
 
10,830
 (a)
See Notes to Schedule of Investments.
7
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.223%)
6.024%
12/1/40
 $244,075
 
 $250,820
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.230%)
6.230%
7/1/35
12,267
 
12,548
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.240%)
5.930%
7/1/38
61,598
 
63,062
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.242%)
6.079%
12/1/40
76,908
 
79,823
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.250%)
6.157%
3/1/38
1,885
 
1,924
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.256%)
6.043%
8/1/39
1,129
 
1,152
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.260%)
6.122%
4/1/34
16,841
 
17,214
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.268%)
6.393%
11/1/34
1,163
 
1,192
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.275%)
6.377%
10/1/33
617
 
641
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.284%)
6.284%
9/1/35
15,608
 
16,007
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.290%)
5.915%
5/1/33
12,539
 
12,869
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.297%)
6.076%
8/1/36
34,581
 
35,940
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.303%)
6.428%
10/1/34
5,178
 
5,342
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.319%)
6.233%
7/1/33
25
 
25
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.320%)
6.445%
7/1/28
41
 
41
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.442%)
6.131%
5/1/35
4,981
 
5,147
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 2.464%)
6.275%
1/1/32
176
 
179
 (a)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant
Maturity Rate + 3.258%)
7.258%
12/1/30
23
 
24
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.400%)
5.167%
6/1/40-
11/1/40
10,877
11,017
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.612%)
5.378%
11/1/35
4,513
 
4,580
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.665%)
5.390%
11/1/35
12,458
 
12,632
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.794%)
5.649%
11/1/35
6,320
 
6,425
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.826%)
5.608%
11/1/35
8,018
 
8,167
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.838%)
5.626%
11/1/35
4,463
 
4,523
 (a)
See Notes to Schedule of Investments.
8
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.851%)
5.649%
11/1/35
 $41,684
 
 $42,003
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.908%)
5.697%
11/1/35
17,040
 
17,298
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.922%)
5.722%
10/1/35
34,406
 
34,744
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 1.991%)
5.772%
11/1/35
10,457
 
10,622
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 2.006%)
5.807%
11/1/35
5,742
 
5,807
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 2.025%)
5.799%
11/1/35
52,386
 
53,735
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 2.105%)
5.894%
10/1/35
95,837
 
98,370
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 2.222%)
5.974%
10/1/36
16,520
 
17,012
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 2.246%)
6.046%
5/1/36
22,635
 
23,343
 (a)
Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury
Average + 2.259%)
6.052%
9/1/36
12,172
 
12,604
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 0.845%)
4.845%
11/1/33
123
 
122
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.174%)
5.280%
3/1/28
147
 
147
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.301%)
5.343%
9/1/27
129
 
129
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.355%)
5.480%
5/1/32
308
 
311
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.355%)
5.355%
9/1/33
35
 
35
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.413%)
5.485%
8/1/33
1,217
 
1,239
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.430%)
5.477%
2/1/36
64,252
 
65,277
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.494%)
5.520%
3/1/35
20,645
 
21,023
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.494%)
5.494%
4/1/36
1,212
 
1,232
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.497%)
5.550%
5/1/36
5,286
 
5,413
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.498%)
5.571%
11/1/35
1,858
 
1,893
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.510%)
5.593%
2/1/33
22,721
 
22,996
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.520%)
5.620%
1/1/35
933
 
969
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.550%)
5.675%
5/1/33-
5/1/35
2,434
2,470
 (a)
See Notes to Schedule of Investments.
9
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — continued
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.550%)
5.570%
3/1/34
 $1,382
 
 $1,415
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.550%)
5.550%
3/1/36
1,037
 
1,075
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.550%)
5.564%
4/1/36
2,361
 
2,412
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.565%)
5.721%
6/1/35
4,525
 
4,657
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.565%)
5.763%
7/1/35
2,247
 
2,290
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.570%)
5.570%
11/1/35
168,979
175,029
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.600%)
5.763%
6/1/34
35,446
 
36,158
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.694%)
5.661%
4/1/36
1,139
 
1,181
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.745%)
5.858%
2/1/35
7,349
 
7,580
 (a)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR
Consumer Cash Fallbacks + 1.770%)
5.770%
11/1/34
8,640
 
8,694
 (a)
Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI
Replacement Index + 1.254%)
3.980%
10/1/27
15
 
15
 (a)
Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI
Replacement Index + 1.254%)
4.365%
8/1/28
3,419
 
3,393
 (a)
Total FNMA
42,036,488
GNMA — 6.7%
Government National Mortgage Association (GNMA) II
5.000%
11/20/54-
4/20/55
8,160,841
8,059,773
 
Government National Mortgage Association (GNMA) II
6.500%
6/20/55
3,226,216
 
3,345,571
 
Government National Mortgage Association (GNMA) II
6.000%
7/20/55-
8/20/55
8,009,551
8,186,918
 
Total GNMA
19,592,262
 
Total Mortgage-Backed Securities (Cost — $93,654,455)
93,856,787
Collateralized Mortgage Obligations(c) — 17.0%
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF30 A (30 Day Average SOFR + 0.484%)
4.076%
3/25/27
14,901
 
14,900
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF40 A (30 Day Average SOFR + 0.454%)
4.046%
11/25/27
71,806
 
71,692
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF43 A (30 Day Average SOFR + 0.354%)
3.946%
1/25/28
313,853
 
312,589
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF48 A (30 Day Average SOFR + 0.404%)
3.996%
6/25/28
211,962
 
211,161
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF56 A (30 Day Average SOFR + 0.674%)
4.266%
11/25/28
424,244
 
424,320
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF57 A (30 Day Average SOFR + 0.654%)
4.246%
12/25/28
539,917
 
539,525
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF59 A (30 Day Average SOFR + 0.654%)
4.246%
2/25/29
495,324
 
495,479
 (a)
See Notes to Schedule of Investments.
10
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF61 A (30 Day Average SOFR + 0.644%)
4.236%
3/25/29
 $1,068,245
 
 $1,067,274
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF63 A (30 Day Average SOFR + 0.554%)
4.146%
5/25/29
848,130
 
847,312
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF65 A (30 Day Average SOFR + 0.634%)
4.226%
7/25/29
456,933
 
456,774
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF67 A (30 Day Average SOFR + 0.634%)
4.226%
8/25/29
586,909
 
588,163
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF70 A (30 Day Average SOFR + 0.634%)
4.226%
9/25/29
218,472
 
218,286
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF75 AL (30 Day Average SOFR + 0.624%)
4.216%
12/25/29
831,033
 
832,006
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF77 AL (30 Day Average SOFR + 0.814%)
4.406%
2/25/27
582,611
 
582,954
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF78 AL (30 Day Average SOFR + 0.914%)
4.506%
3/25/30
893,983
 
897,181
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF79 AL (30 Day Average SOFR + 0.584%)
4.176%
5/25/30
539,510
 
539,074
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF80 AL (30 Day Average SOFR + 0.554%)
4.146%
6/25/30
856,571
 
855,286
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF81 AL (30 Day Average SOFR + 0.474%)
4.066%
6/25/27
205,629
 
205,602
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF82 AL (30 Day Average SOFR + 0.484%)
4.076%
6/25/30
785,465
 
783,665
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF83 AL (30 Day Average SOFR + 0.474%)
4.066%
6/25/30
405,491
 
404,838
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF84 AL (30 Day Average SOFR + 0.414%)
4.006%
7/25/30
716,658
 
714,040
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF85 AL (30 Day Average SOFR + 0.414%)
4.006%
8/25/30
53,215
 
53,017
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF86 AL (30 Day Average SOFR + 0.404%)
3.996%
8/25/27
620,428
 
619,793
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF88 AL (30 Day Average SOFR + 0.444%)
4.036%
9/25/30
460,956
 
460,162
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF89 AL (30 Day Average SOFR + 0.434%)
4.026%
9/25/30
1,043,537
 
1,039,037
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF94 AL (30 Day Average SOFR + 0.414%)
4.006%
11/25/30
415,718
 
413,343
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF96 AL (30 Day Average SOFR + 0.374%)
3.966%
12/25/30
600,116
 
596,433
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF98 AL (30 Day Average SOFR + 0.284%)
3.876%
12/25/30
481,295
 
480,208
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF99 AS (30 Day Average SOFR + 0.200%)
3.792%
12/25/30
941,085
 
930,104
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF129 AS (30 Day Average SOFR + 0.250%)
3.842%
1/25/29
311,741
 
309,829
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF130 AS (30 Day Average SOFR + 0.290%)
3.882%
1/25/29
1,969,103
 
1,959,260
 (a)
See Notes to Schedule of Investments.
11
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(c) — continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF132 AS (30 Day Average SOFR + 0.390%)
3.982%
2/25/32
 $1,194,159
 
 $1,187,216
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF135 AS (30 Day Average SOFR + 0.370%)
3.962%
5/25/29
1,624,145
 
1,620,355
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF137 AS (30 Day Average SOFR + 0.450%)
4.042%
4/25/32
1,365,049
 
1,359,604
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF138 AS (30 Day Average SOFR + 0.480%)
4.072%
6/25/32
1,878,446
 
1,870,851
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF139 AS (30 Day Average SOFR + 0.540%)
4.132%
6/25/32
1,900,346
 
1,899,457
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF160 AS (30 Day Average SOFR + 0.700%)
4.292%
10/25/30
684,883
 
686,279
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF163 AS (30 Day Average SOFR + 0.580%)
4.172%
4/25/34
969,615
 
975,340
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, KF164 AS (30 Day Average SOFR + 0.570%)
4.162%
10/25/34
1,718,119
 
1,717,737
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-
Through Certificates, K-F112 AS (30 Day Average SOFR + 0.230%)
3.822%
4/25/31
496,046
 
491,590
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3736 FN (30 Day Average
SOFR + 0.564%)
4.157%
10/15/40
736,928
 
732,478
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4952 PD, PAC
2.000%
2/25/50
726,258
 
605,194
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5009 BH
0.750%
5/25/44
1,179,280
 
937,329
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5438 FC (30 Day Average
SOFR + 1.100%)
4.728%
8/25/54
247,089
 
249,284
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5517 FH (30 Day Average
SOFR + 1.150%)
4.778%
3/25/55
750,041
 
756,975
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5537 FC (30 Day Average
SOFR + 1.150%)
4.778%
5/25/55
1,035,042
 
1,047,496
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5568 FG (30 Day Average
SOFR + 1.100%)
4.728%
8/25/55
1,019,792
 
1,029,660
 (a)
Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 413 F23 (30 Day Average
SOFR + 1.050%)
4.678%
5/25/54
446,285
 
449,636
 (a)
Federal National Mortgage Association (FNMA) ACES, 2020-M42 A1
0.785%
7/25/30
221,180
 
219,725
 
Federal National Mortgage Association (FNMA) REMIC, 2011-96 FA (30 Day
Average SOFR + 0.564%)
4.192%
10/25/41
770,372
 
768,615
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2013-3 BQ, PAC
1.750%
1/25/43
720,025
 
630,744
 
Federal National Mortgage Association (FNMA) REMIC, 2016-62 FH (30 Day
Average SOFR + 0.514%)
4.142%
9/25/46
484,942
 
481,844
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2016-75 FC (30 Day
Average SOFR + 0.514%)
4.142%
10/25/46
418,883
 
416,633
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2017-20 JA, PAC
3.000%
10/25/45
497,650
 
485,330
 
Federal National Mortgage Association (FNMA) REMIC, 2018-70 HF (30 Day
Average SOFR + 0.464%)
4.092%
10/25/58
1,001,023
 
981,667
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-38 CF (30 Day
Average SOFR + 0.564%)
4.192%
7/25/49
1,223,887
 
1,205,633
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2019-47 FB (30 Day
Average SOFR + 0.514%)
4.142%
5/25/40
282,064
 
279,729
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2024-8 FA (30 Day
Average SOFR + 1.050%)
4.678%
3/25/54
482,213
 
487,569
 (a)
See Notes to Schedule of Investments.
12
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(c) — continued
Federal National Mortgage Association (FNMA) REMIC, 2024-33 KF, PAC (30 Day
Average SOFR + 0.950%)
4.578%
1/25/54
 $376,085
 
 $378,794
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2024-54 FC (30 Day
Average SOFR + 0.970%)
4.598%
8/25/54
642,867
 
647,320
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2024-98 FA (30 Day
Average SOFR + 1.150%)
4.778%
12/25/53
265,481
 
268,285
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2024-103 FB (30 Day
Average SOFR + 0.950%)
4.578%
1/25/55
798,903
 
805,450
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2024-105 AF (30 Day
Average SOFR + 1.050%)
4.678%
1/25/55
538,960
 
543,682
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2024-105 FC (30 Day
Average SOFR + 1.000%)
4.628%
1/25/55
941,694
 
951,064
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2025-55 FG (30 Day
Average SOFR + 1.100%)
4.728%
7/25/55
1,033,420
 
1,043,258
 (a)
Federal National Mortgage Association (FNMA) REMIC, 2025-59 FD (30 Day
Average SOFR + 1.100%)
4.728%
8/25/55
1,113,648
 
1,125,021
 (a)
Government National Mortgage Association (GNMA), 2007-20 FM (1 mo. Term
SOFR + 0.414%)
4.054%
4/20/37
832,845
 
824,369
 (a)
Government National Mortgage Association (GNMA), 2010-12 FD (1 mo. Term
SOFR + 0.714%)
4.348%
1/16/40
673,486
 
674,625
 (a)
Government National Mortgage Association (GNMA), 2011-80 FC (1 mo. Term
SOFR + 0.444%)
4.084%
6/20/41
1,165,866
 
1,156,743
 (a)
 
Total Collateralized Mortgage Obligations (Cost — $50,526,504)
49,915,888
Total Investments before Short-Term Investments (Cost — $285,596,024)
284,746,636
 
 
 
 
Shares
 
Short-Term Investments — 7.2%
Franklin Institutional U.S. Government Money Market Fund, Class A Shares
(Cost — $21,108,902)  
3.545%
21,108,902
 
21,108,902
 (d)(e)
Total Investments — 104.1% (Cost — $306,704,926)
305,855,538
Liabilities in Excess of Other Assets — (4.1)%
(11,974,843
)
Total Net Assets — 100.0%
$293,880,695
 
(a)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(b)
This security is traded on a to-be-announced (“TBA”) basis. At June 30, 2026, the Fund held TBA securities with a total cost of $14,055,234.
(c)
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(d)
Rate shown is one-day yield as of the end of the reporting period.
(e)
In this instance, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), an “Affiliated Company” represents Fund ownership of at
least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At June 30, 2026, the
total market value of investments in Affiliated Companies was $21,108,902 and the cost was $21,108,902 (Note 2).
 
See Notes to Schedule of Investments.
13
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Franklin Short Duration U.S. Government ETF
Abbreviation(s) used in this schedule:
ACES
—
Alternative Credit Enhancement Securities
IBOR
—
Interbank Offered Rate
PAC
—
Planned Amortization Class
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
STRIPS
—
Separate Trading of Registered Interest and Principal Securities
USD
—
United States Dollar
At June 30, 2026, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Depreciation
Contracts to Buy:
U.S. Treasury 2-Year Notes
204
9/26
 $42,126,930
 $42,051,093
 $(75,837)
U.S. Treasury 5-Year Notes
38
9/26
4,070,185
4,067,781
(2,404)
 
(78,241)
Contracts to Sell:
U.S. Treasury Long-Term Bonds
28
9/26
3,137,027
3,178,000
(40,973)
U.S. Treasury Ultra 10-Year Notes
30
9/26
3,356,672
3,374,062
(17,390)
 
(58,363)
Net unrealized depreciation on open futures contracts
$(136,604)
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.
14
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Franklin Short Duration U.S. Government ETF (the “Fund”) is a separate diversified investment series of Franklin ETF Trust (the “Trust”). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.   
Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). 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 follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services –Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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”).  
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. 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
15
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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, 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 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 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities 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†:
U.S. Government & Agency Obligations
—
 $140,973,961
—
 $140,973,961
Mortgage-Backed Securities
—
93,856,787
—
93,856,787
Collateralized Mortgage Obligations
—
49,915,888
—
49,915,888
Total Long-Term Investments
—
284,746,636
—
284,746,636
Short-Term Investments†
 $21,108,902
—
—
21,108,902
Total Investments
$21,108,902
$284,746,636
—
$305,855,538
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $136,604
—
—
 $136,604
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
16
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended June 30, 2026. The following transactions were effected in such company for the period ended June 30, 2026.

 
 
Affiliate
Value at

March 31,
2026
Purchased
Sold
Cost
Shares
Proceeds
Shares
Franklin Institutional U.S.
Government Money
Market Fund, Class A
Shares
 $24,470,970
 $41,790,702
41,790,702
 $45,152,770
45,152,770

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
June 30,
2026
Franklin Institutional U.S.
Government Money Market
Fund, Class A Shares
—
 $152,467
—
 $21,108,902
17
Franklin Short Duration U.S. Government ETF 2026 Quarterly Report