Schedule of Investments (unaudited)
June 30, 2024
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(a) — 44.7%
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF57 A (30 Day Average SOFR + 0.565%)
5.979%
12/25/28
 $1,249,955
 
 $1,254,707
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, K043 A2
3.062%
12/25/24
1,463,214
 
1,445,030
 
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, K053 A2
2.995%
12/25/25
1,500,000
 
1,454,865
 
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, K-F112 AS (30 Day Average SOFR + 0.230%)
5.554%
4/25/31
762,684
 
756,083
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF129 AS (30 Day Average SOFR + 0.250%)
5.574%
1/25/29
806,432
 
798,369
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF130 AS (30 Day Average SOFR + 0.290%)
5.614%
1/25/29
2,603,848
 
2,581,203
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF132 AS (30 Day Average SOFR + 0.390%)
5.714%
2/25/32
1,621,932
 
1,610,613
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF135 AS (30 Day Average SOFR + 0.370%)
5.694%
5/25/29
2,651,977
 
2,640,524
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF137 AS (30 Day Average SOFR + 0.450%)
5.774%
4/25/32
2,333,942
 
2,324,587
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF138 AS (30 Day Average SOFR + 0.480%)
5.804%
6/25/32
2,637,173
 
2,631,426
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF139 AS (30 Day Average SOFR + 0.540%)
5.864%
6/25/32
2,395,017
 
2,398,996
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF160 AS (30 Day Average SOFR + 0.700%)
6.024%
10/25/30
1,384,568
 
1,392,170
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF30 A (30 Day Average SOFR + 0.484%)
5.809%
3/25/27
16,417
 
16,383
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF34 A (30 Day Average SOFR + 0.474%)
5.799%
8/25/24
315,196
 
315,172
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF38 A (30 Day Average SOFR + 0.444%)
5.769%
9/25/24
15,857
 
15,852
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF40 A (30 Day Average SOFR + 0.454%)
5.779%
11/25/27
126,521
 
126,007
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF41 A (30 Day Average SOFR + 0.414%)
5.739%
11/25/24
11,601
 
11,591
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF42 A (30 Day Average SOFR + 0.364%)
5.689%
12/25/24
110,653
 
110,659
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF43 A (30 Day Average SOFR + 0.354%)
5.679%
1/25/28
385,538
 
382,019
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF44 A (30 Day Average SOFR + 0.304%)
5.629%
2/25/25
130,743
 
130,476
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF45 A (30 Day Average SOFR + 0.324%)
5.649%
3/25/25
220,921
 
220,473
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF46 A (30 Day Average SOFR + 0.334%)
5.659%
3/25/28
79,213
 
78,980
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF47 A (30 Day Average SOFR + 0.344%)
5.669%
5/25/25
89,111
 
88,902
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF48 A (30 Day Average SOFR + 0.404%)
5.729%
6/25/28
274,566
 
272,477
 (b)
See Notes to Schedule of Investments.
1
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(a) — continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF51 A (30 Day Average SOFR + 0.514%)
5.839%
8/25/25
 $115,095
 
 $115,041
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF56 A (30 Day Average SOFR + 0.674%)
5.999%
11/25/28
521,172
 
522,412
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF58 A (30 Day Average SOFR + 0.614%)
5.939%
1/25/26
517,537
 
517,620
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF59 A (30 Day Average SOFR + 0.654%)
5.979%
2/25/29
503,158
 
503,992
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF60 A (30 Day Average SOFR + 0.604%)
5.929%
2/25/26
1,340,564
 
1,342,526
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF61 A (30 Day Average SOFR + 0.644%)
5.969%
3/25/29
1,757,279
 
1,765,806
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF62 A (30 Day Average SOFR + 0.594%)
5.919%
4/25/26
848,056
 
848,902
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF63 A (30 Day Average SOFR + 0.554%)
5.879%
5/25/29
1,032,759
 
1,035,748
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF64 A (30 Day Average SOFR + 0.554%)
5.879%
6/25/26
499,396
 
498,616
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF65 A (30 Day Average SOFR + 0.634%)
5.959%
7/25/29
608,858
 
610,678
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF67 A (30 Day Average SOFR + 0.634%)
5.959%
8/25/29
1,150,512
 
1,154,020
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF68 A (30 Day Average SOFR + 0.604%)
5.929%
7/25/26
897,120
 
898,212
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF70 A (30 Day Average SOFR + 0.634%)
5.959%
9/25/29
527,168
 
529,031
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF72 A (30 Day Average SOFR + 0.614%)
5.939%
10/25/26
1,543,217
 
1,542,317
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF75 AL (30 Day Average SOFR + 0.624%)
5.949%
12/25/29
1,328,891
 
1,322,331
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF77 AL (30 Day Average SOFR + 0.814%)
6.139%
2/25/27
592,750
 
594,966
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF78 AL (30 Day Average SOFR + 0.914%)
6.239%
3/25/30
1,092,212
 
1,100,644
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF79 AL (30 Day Average SOFR + 0.584%)
5.909%
5/25/30
1,153,551
 
1,155,493
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF80 AL (30 Day Average SOFR + 0.554%)
5.879%
6/25/30
1,742,632
 
1,745,048
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF81 AL (30 Day Average SOFR + 0.474%)
5.799%
6/25/27
285,930
 
285,404
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF82 AL (30 Day Average SOFR + 0.484%)
5.809%
6/25/30
838,834
 
839,627
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF83 AL (30 Day Average SOFR + 0.474%)
5.799%
6/25/30
465,291
 
465,735
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF84 AL (30 Day Average SOFR + 0.414%)
5.739%
7/25/30
1,245,173
 
1,230,549
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF85 AL (30 Day Average SOFR + 0.414%)
5.739%
8/25/30
278,999
 
277,818
 (b)
See Notes to Schedule of Investments.
2
Franklin Short Duration U.S. Government ETF 2024 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(a) — continued
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF86 AL (30 Day Average SOFR + 0.404%)
5.729%
8/25/27
 $649,399
 
 $645,356
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF87 AL (30 Day Average SOFR + 0.464%)
5.789%
8/25/30
948,495
 
943,664
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF88 AL (30 Day Average SOFR + 0.444%)
5.769%
9/25/30
773,805
 
774,170
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF89 AL (30 Day Average SOFR + 0.434%)
5.759%
9/25/30
1,234,078
 
1,227,091
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF94 AL (30 Day Average SOFR + 0.414%)
5.739%
11/25/30
547,391
 
545,792
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF96 AL (30 Day Average SOFR + 0.374%)
5.699%
12/25/30
1,099,805
 
1,090,803
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF98 AL (30 Day Average SOFR + 0.284%)
5.609%
12/25/30
611,134
 
601,064
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through
Certificates, KF99 AS (30 Day Average SOFR + 0.200%)
5.524%
12/25/30
989,063
 
973,910
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3736 FN (30 Day Average
SOFR + 0.564%)
5.898%
10/15/40
1,016,254
 
1,001,537
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4952 PD, PAC
2.000%
2/25/50
850,257
 
689,262
 
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5009 BH
0.750%
5/25/44
1,520,578
 
1,175,622
 
Federal National Mortgage Association (FNMA) ACES, 2020-M42 A1
0.785%
7/25/30
2,304,538
 
2,123,587
 
Federal National Mortgage Association (FNMA) REMIC, 2011-96 FA (30 Day
Average SOFR + 0.564%)
5.900%
10/25/41
1,282,142
 
1,276,115
 (b)
Federal National Mortgage Association (FNMA) REMIC, 2013-3 BQ, PAC
1.750%
1/25/43
904,975
 
767,356
 
Federal National Mortgage Association (FNMA) REMIC, 2016-62 FH (30 Day
Average SOFR + 0.514%)
5.850%
9/25/46
711,225
 
702,007
 (b)
Federal National Mortgage Association (FNMA) REMIC, 2016-75 FC (30 Day
Average SOFR + 0.514%)
5.850%
10/25/46
620,043
 
612,227
 (b)
Federal National Mortgage Association (FNMA) REMIC, 2017-20 JA, PAC
3.000%
10/25/45
834,062
 
791,919
 
Federal National Mortgage Association (FNMA) REMIC, 2018-70 HF (30 Day
Average SOFR + 0.464%)
5.800%
10/25/58
1,218,443
 
1,187,768
 (b)
Federal National Mortgage Association (FNMA) REMIC, 2019-47 FB (30 Day
Average SOFR + 0.514%)
5.850%
5/25/40
358,609
 
353,203
 (b)
Federal National Mortgage Association (FNMA) REMIC, 2019-38 CF (30 Day
Average SOFR + 0.565%)
5.900%
7/25/49
1,494,952
 
1,464,993
 (b)
Government National Mortgage Association (GNMA), 2007-20 FM (1 mo. Term
SOFR + 0.414%)
5.753%
4/20/37
1,143,842
 
1,140,656
 (b)
Government National Mortgage Association (GNMA), 2010-12 FD (1 mo. Term SOFR
+ 0.714%)
6.043%
1/16/40
882,235
 
882,542
 (b)
Government National Mortgage Association (GNMA), 2011-80 FC (1 mo. Term SOFR
+ 0.444%)
5.783%
6/20/41
1,560,186
 
1,543,038
 (b)
 
Total Collateralized Mortgage Obligations (Cost — $67,962,265)
66,473,782
Mortgage-Backed Securities — 27.6%
FHLMC — 3.9%
Federal Home Loan Mortgage Corp. (FHLMC)
3.500%
6/1/26
62,774
 
61,571
 
Federal Home Loan Mortgage Corp. (FHLMC)
4.000%
3/1/49
753,791
 
701,512
 
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.347%)
5.787%
3/1/35
67,224
 
68,274
 (b)
See Notes to Schedule of Investments.
3
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 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 + 1.475%)
6.552%
8/1/34
 $61,305
 
 $62,306
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.520%)
5.978%
4/1/36
34,081
 
34,698
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.558%)
6.396%
2/1/36
17,934
 
17,946
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.621%)
5.871%
9/1/36
498
 
502
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.625%)
5.874%
12/1/36
22,567
 
23,159
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.638%)
7.197%
5/1/36
7,818
 
7,826
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.645%)
6.001%
6/1/37
30,674
 
31,133
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.647%)
5.936%
1/1/37
5,366
 
5,505
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.652%)
6.270%
1/1/36
5,038
 
5,143
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.660%)
5.946%
1/1/38
15,089
 
15,207
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.663%)
6.406%
12/1/35
62,215
 
62,643
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.733%)
6.068%
10/1/36
5,246
 
5,315
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.740%)
6.054%
1/1/37
1,564
 
1,578
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.746%)
6.460%
1/1/42
43,456
 
44,749
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
6.782%
4/1/34
2,624
 
2,620
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
6.477%
3/1/35
69,574
 
70,035
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.761%)
7.379%
5/1/35
1,434
 
1,440
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.769%)
6.213%
9/1/37
288,340
 
296,304
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.774%)
6.291%
5/1/42
275,630
 
282,920
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.780%)
6.230%
5/1/35
108,495
 
111,430
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.801%)
6.418%
3/1/35
20,334
 
20,844
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.817%)
6.273%
7/1/43
750,916
 
773,930
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.826%)
6.075%
9/1/36
2,910
 
2,934
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.841%)
6.382%
11/1/42
240,193
 
247,013
 (b)
See Notes to Schedule of Investments.
4
Franklin Short Duration U.S. Government ETF 2024 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 + 1.848%)
6.572%
9/1/35
 $58,118
 
 $58,672
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.850%)
6.155%
9/1/36
24,090
 
24,839
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.861%)
6.116%
1/1/36
9,928
 
10,010
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.861%)
6.111%
8/1/36
1,089
 
1,104
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.863%)
6.641%
7/1/35
2,561
 
2,593
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.872%)
6.132%
1/1/36
3,868
 
3,906
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.875%)
6.371%
3/1/36
133,148
 
136,888
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.882%)
7.214%
4/1/37
20,865
 
20,957
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.958%)
7.175%
9/1/36
8,934
 
9,020
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.980%)
7.487%
6/1/37
551
 
554
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 2.027%)
6.387%
3/1/36
1,785
 
1,809
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 1.695%)
6.582%
7/1/29
11,926
 
11,862
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 1.975%)
5.838%
7/1/33
18,615
 
19,017
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 1.975%)
5.975%
8/1/33
5,319
 
5,346
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.219%)
6.344%
10/1/33
50,633
 
51,879
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.225%)
6.341%
10/1/33
7,656
 
7,826
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.225%)
6.350%
11/1/33
68,650
 
70,331
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.225%)
6.432%
1/1/35
4,401
 
4,511
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.237%)
6.519%
7/1/37
20,320
 
20,656
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.238%)
6.534%
1/1/38
313,941
 
321,812
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.245%)
6.318%
10/1/35
41,832
 
43,054
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.245%)
6.370%
1/1/36
6,077
 
6,247
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.248%)
6.524%
6/1/37
49,132
 
48,929
 (b)
See Notes to Schedule of Investments.
5
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 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 + 2.250%)
6.308%
9/1/33
 $1,663
 
 $1,696
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.375%
11/1/33-
11/1/34
48,325
49,410
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.168%
7/1/34
66,283
 
68,196
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.250%
7/1/34
4,249
 
4,316
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.482%
2/1/35
13,495
 
13,844
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.033%
7/1/36
17,348
 
17,917
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.250%)
6.364%
10/1/38
30,953
 
31,300
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.251%)
6.477%
2/1/36
17,898
 
18,393
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.252%)
6.561%
7/1/35
149,897
 
153,927
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.252%)
6.437%
11/1/36
6,850
 
6,965
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.265%)
6.523%
9/1/36
709,344
 
729,742
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.266%)
6.972%
6/1/34
13,091
 
13,306
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.315%)
7.065%
8/1/24
2
 
2
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.315%)
6.494%
5/1/36
582,816
 
600,401
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.339%)
6.655%
3/1/35
5,753
 
5,926
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.353%)
6.547%
9/1/29
39,641
 
39,616
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.353%)
6.510%
1/1/37
12,124
 
12,303
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.357%)
6.614%
1/1/28
258
 
257
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.375%)
6.500%
9/1/27
3
 
3
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.409%)
6.534%
11/1/33
22,775
 
23,126
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.500%)
6.706%
12/1/35
107,952
 
111,709
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.764%)
7.098%
1/1/29
979
 
972
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity
Rate + 2.833%)
7.030%
10/1/29
2,037
 
2,042
 (b)
Federal Home Loan Mortgage Corp. (FHLMC) (6 mo. FTSE USD IBOR Consumer Cash
Fallbacks + 2.336%)
6.980%
9/1/30
181
 
180
 (b)
Total FHLMC
5,745,908
See Notes to Schedule of Investments.
6
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FNMA — 21.4%
Federal National Mortgage Association (FNMA)
3.500%
9/1/25-
5/1/31
 $369,613
 $363,050
 
Federal National Mortgage Association (FNMA)
5.500%
3/1/53
6,775,865
 
6,691,928
 
Federal National Mortgage Association (FNMA)
6.000%
7/1/53-
9/1/53
11,593,148
11,634,580
 
Federal National Mortgage Association (FNMA)
5.500%
7/1/54
6,017,000
 
5,934,971
 (c)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.784%)
6.117%
3/1/36
8,893
 
9,010
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.336%)
5.617%
10/1/34
13,357
 
13,347
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.344%)
5.889%
6/1/35
29,301
 
29,442
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.359%)
5.828%
2/1/35
23,103
 
23,090
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.365%)
5.615%
10/1/35
2,858
 
2,860
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.434%)
5.749%
12/1/33
754
 
755
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.445%)
5.695%
1/1/35
27,650
 
27,623
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.450%)
5.797%
2/1/36
13,836
 
14,156
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.515%)
5.896%
7/1/35
3,983
 
4,081
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.538%)
5.913%
1/1/35
14,414
 
14,749
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.543%)
6.542%
3/1/34
50,575
 
51,331
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.553%)
5.928%
1/1/35
12,170
 
12,462
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.565%)
6.190%
4/1/33
4,525
 
4,536
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.595%)
5.970%
1/1/33
10,085
 
10,100
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.605%)
6.314%
7/1/36
23,748
 
23,890
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.617%)
5.867%
12/1/34
3,121
 
3,192
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.620%)
5.969%
2/1/35
6,575
 
6,744
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.623%)
5.873%
7/1/34
45
 
45
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.623%)
6.185%
1/1/38
41,164
 
42,283
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.625%)
6.222%
3/1/35
703
 
702
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.625%)
6.305%
11/1/35
85,837
 
87,822
 (b)
See Notes to Schedule of Investments.
7
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 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 + 1.631%)
5.893%
1/1/35
 $4,508
 
 $4,522
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.637%)
6.246%
4/1/40
138,459
 
139,708
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.643%)
6.018%
12/1/32
1,068
 
1,074
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.643%)
5.996%
8/1/38
145,392
 
149,048
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.644%)
6.274%
11/1/36
13,577
 
13,981
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.650%)
5.900%
11/1/34
3,396
 
3,460
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.650%)
6.574%
5/1/35
13,361
 
13,701
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.657%)
6.054%
3/1/42
143,539
 
147,156
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.665%)
6.155%
7/1/35
22,642
 
22,676
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.665%)
6.229%
9/1/37
75,848
 
77,882
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.669%)
5.919%
12/1/34
8,132
 
8,192
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.676%)
5.978%
1/1/35
24,452
 
24,872
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.690%)
5.940%
12/1/39
12,677
 
13,112
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.691%)
5.941%
12/1/34
75,275
 
75,811
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.701%)
6.305%
3/1/35
2,546
 
2,565
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.703%)
5.953%
7/1/35
3,814
 
3,851
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.706%)
7.396%
6/1/36
13,134
 
13,498
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.709%)
6.347%
11/1/36
60,835
 
61,579
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.715%)
6.235%
7/1/42
861,822
 
888,623
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.718%)
6.278%
9/1/37
238,437
 
245,691
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.720%)
6.273%
8/1/37
39,831
 
39,847
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.723%)
6.024%
1/1/37
18,380
 
18,470
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.729%)
6.336%
5/1/38
557,738
 
573,703
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.730%)
6.385%
6/1/35
5,273
 
5,351
 (b)
See Notes to Schedule of Investments.
8
Franklin Short Duration U.S. Government ETF 2024 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 + 1.739%)
6.807%
10/1/34
 $2,403
 
 $2,399
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
6.000%
10/1/33
16,316
 
16,393
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
6.229%
3/1/35
17,952
 
18,078
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.750%)
6.158%
9/1/35
59,492
 
60,170
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.765%)
7.140%
5/1/35
49,098
 
50,542
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.771%)
6.132%
8/1/44
970,784
 
1,001,668
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.797%)
6.297%
9/1/42
426,187
 
440,201
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.810%)
6.310%
10/1/40
201,010
 
207,932
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.811%)
6.062%
1/1/41
100,911
 
104,584
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.820%)
6.195%
12/1/35
13,700
 
14,134
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.832%)
6.394%
9/1/40
33,145
 
34,416
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.838%)
6.408%
5/1/35
39,562
 
40,671
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.844%)
6.094%
9/1/37
261
 
264
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.856%)
6.515%
5/1/37
77,290
 
78,265
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.870%)
6.120%
8/1/36
34,826
 
35,145
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 1.978%)
6.598%
8/1/37
23,662
 
24,458
 (b)
Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer
Cash Fallbacks + 2.377%)
6.822%
3/1/36
10,029
 
10,479
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 1.869%)
5.870%
8/1/29
108
 
107
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 1.999%)
6.124%
12/1/34
3,170
 
3,207
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.002%)
6.127%
9/1/34
3,654
 
3,692
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.046%)
6.171%
12/1/33
41,373
 
41,739
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.075%)
7.203%
3/1/33
17,922
 
18,148
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.076%)
6.148%
2/1/37
13,821
 
13,740
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.091%)
6.234%
4/1/40
20,778
 
21,238
 (b)
See Notes to Schedule of Investments.
9
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 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 + 2.135%)
6.726%
5/1/36
 $14,854
 
 $15,098
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.142%)
6.222%
8/1/28
12
 
12
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.155%)
6.280%
1/1/33
6,900
 
6,973
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.162%)
6.178%
9/1/35
38,272
 
39,062
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.163%)
6.258%
12/1/37
14,233
 
14,693
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.167%)
6.439%
9/1/39
210
 
210
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.182%)
6.182%
8/1/32
3,356
 
3,385
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.185%)
6.981%
5/1/36
8,195
 
8,255
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.188%)
6.382%
9/1/33
1,502
 
1,504
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.193%)
6.375%
10/1/34
34,127
 
35,050
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.193%)
6.421%
2/1/35
16,740
 
16,960
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.193%)
6.363%
9/1/39
25,419
 
26,080
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.204%)
6.339%
12/1/40
26,139
 
26,761
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.207%)
6.349%
6/1/32
68
 
68
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.210%)
6.335%
12/1/34
28,659
 
29,490
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.219%)
6.460%
12/1/40
371,192
 
381,907
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.222%)
6.496%
7/1/38
85,443
 
86,851
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.223%)
7.223%
6/1/35
12,589
 
12,846
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.230%)
6.230%
7/1/35
14,783
 
15,030
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.236%)
6.537%
5/1/33
5,289
 
5,306
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.241%)
6.474%
12/1/40
122,011
 
125,773
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.243%)
6.230%
3/1/38
2,431
 
2,474
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.249%)
6.674%
8/1/39
1,887
 
1,920
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.262%)
6.334%
4/1/34
22,135
 
22,539
 (b)
See Notes to Schedule of Investments.
10
Franklin Short Duration U.S. Government ETF 2024 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 Treasury Constant Maturity
Rate + 2.273%)
6.273%
11/1/34
 $8,299
 
 $8,453
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.281%)
6.550%
8/1/36
54,818
 
56,497
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.282%)
6.402%
10/1/33
1,044
 
1,075
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.290%)
7.290%
5/1/33
17,999
 
18,567
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.290%)
6.363%
9/1/35
41,896
 
42,623
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.303%)
6.401%
10/1/34
7,382
 
7,624
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.320%)
6.447%
7/1/33
115
 
116
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.323%)
6.437%
1/1/32
1,868
 
1,878
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.478%)
6.550%
7/1/28
265
 
264
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.486%)
6.611%
5/1/35
7,619
 
7,819
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 2.515%)
6.565%
1/1/28
283
 
282
 (b)
Federal National Mortgage Association (FNMA) (1 year Treasury Constant Maturity
Rate + 3.014%)
6.594%
12/1/30
155
 
154
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 0.845%)
5.845%
11/1/33
214
 
213
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 0.926%)
5.426%
9/1/33
439
 
435
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.169%)
6.794%
3/1/28
459
 
457
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.355%)
5.868%
5/1/32
832
 
824
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.375%)
7.010%
9/1/27
699
 
696
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.375%)
6.704%
11/1/33
83
 
83
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.412%)
5.700%
8/1/33
1,987
 
2,023
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.430%)
7.083%
2/1/36
89,958
 
90,301
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.490%)
7.062%
3/1/35
36,110
 
36,733
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.494%)
5.845%
4/1/36
1,399
 
1,407
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.495%)
7.125%
5/1/36
7,523
 
7,662
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.498%)
6.388%
11/1/35
2,728
 
2,745
 (b)
See Notes to Schedule of Investments.
11
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 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 + 1.507%)
7.199%
1/1/35
 $1,321
 
 $1,339
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.510%)
7.094%
2/1/33
45,025
 
45,625
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.518%)
6.268%
11/1/33
2,798
 
2,780
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.550%)
7.175%
5/1/33-
5/1/35
5,042
5,050
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.550%)
7.169%
3/1/34
2,547
 
2,593
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.550%)
7.134%
3/1/36
1,454
 
1,490
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.550%)
5.955%
4/1/36
3,355
 
3,370
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.565%)
7.280%
6/1/35
5,384
 
5,474
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.565%)
7.392%
7/1/35
3,773
 
3,816
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.570%)
5.995%
11/1/35
205,418
 
209,401
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.570%)
6.320%
11/1/35
3,082
 
3,107
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.600%)
6.428%
6/1/34
49,405
 
49,889
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.680%)
7.302%
4/1/36
1,604
 
1,636
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.745%)
6.063%
2/1/35
8,489
 
8,422
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 1.770%)
6.520%
11/1/34
12,361
 
12,317
 (b)
Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer
Cash Fallbacks + 2.175%)
6.300%
12/1/24
12
 
12
 (b)
Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI
Replacement Index + 1.254%)
4.414%
10/1/27
35
 
34
 (b)
Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI
Replacement Index + 1.254%)
4.453%
8/1/28
9,530
 
9,395
 (b)
Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI
Replacement Index + 1.695%)
4.859%
8/1/29
2,911
 
2,883
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.400%)
6.514%
6/1/40-
11/1/40
23,060
23,144
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.664%)
6.764%
11/1/35
14,054
 
14,018
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.668%)
6.805%
11/1/35
8,958
 
8,970
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.831%)
6.962%
11/1/35
9,193
 
9,283
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.851%)
6.999%
11/1/35
8,045
 
8,131
 (b)
See Notes to Schedule of Investments.
12
Franklin Short Duration U.S. Government ETF 2024 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) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.879%)
7.019%
11/1/35
 $76,859
 
 $76,955
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.894%)
7.041%
11/1/35
14,300
 
14,587
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.903%)
7.110%
11/1/35
19,042
 
19,445
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.917%)
7.063%
10/1/35
53,711
 
54,827
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.940%)
7.084%
11/1/35
30,132
 
30,778
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 1.988%)
7.120%
11/1/35
14,960
 
15,304
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 2.003%)
7.089%
11/1/35
68,882
 
69,724
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 2.058%)
7.207%
10/1/35
138,958
 
142,434
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 2.177%)
7.315%
10/1/36
23,012
 
23,522
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 2.229%)
7.396%
9/1/36
14,755
 
15,110
 (b)
Federal National Mortgage Association (FNMA) (Federal Reserve U.S. 12 mo.
Cumulative Avg 1 Year CMT + 2.247%)
7.366%
5/1/36
28,765
 
29,674
 (b)
Total FNMA
31,888,509
GNMA — 2.3%
Government National Mortgage Association (GNMA) II
6.000%
7/20/54
3,420,000
 
3,434,738
 (c)
 
Total Mortgage-Backed Securities (Cost — $41,548,242)
41,069,155
U.S. Government & Agency Obligations — 23.1%
U.S. Government Agencies — 1.3%
Export-Import Bank of the United States, Secured Notes
2.628%
11/12/26
702,973
678,752
 
Export-Import Bank of the United States, Senior Secured Notes
1.900%
7/12/24
139,424
139,258
 
United States International Development Finance Corp.
4.010%
5/15/30
1,080,000
1,046,649
 
Total U.S. Government Agencies
1,864,659
U.S. Government Obligations — 21.8%
U.S. Treasury Notes
2.750%
5/15/25
2,500,000
2,448,395
 
U.S. Treasury Notes
3.125%
8/15/25
18,700,000
18,310,295
 
U.S. Treasury Notes
4.500%
11/15/25
9,000,000
8,946,562
 
U.S. Treasury Notes
4.875%
4/30/26
2,700,000
2,704,324
 
Total U.S. Government Obligations
32,409,576
 
Total U.S. Government & Agency Obligations (Cost — $34,578,047)
34,274,235
Corporate Bonds & Notes — 1.0%
Energy — 0.7%
Oil, Gas & Consumable Fuels — 0.7%
Petroleos Mexicanos, Senior Notes
2.378%
4/15/25
140,000
 
134,871
 
Reliance Industries Ltd., Senior Notes
2.060%
1/15/26
500,000
 
487,436
 
Reliance Industries Ltd., Senior Notes
2.512%
1/15/26
375,000
 
365,555
 
 
Total Energy
987,862
See Notes to Schedule of Investments.
13
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2024
 Franklin Short Duration U.S. Government ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Financials — 0.3%
Financial Services — 0.3%
KE Export Leasing 2013-A LLC, Senior Notes (3 mo. Term SOFR + 0.492%)
5.828%
2/28/25
 $134,543
 
 $134,640
 (b)
MSN 41079 and 41084 Ltd., Senior Notes
1.631%
12/14/24
229,933
 
226,810
 
Ulani MSN 37894, Senior Notes
2.184%
12/20/24
173,914
 
171,734
 
 
Total Financials
533,184
Total Corporate Bonds & Notes (Cost — $1,555,894)
1,521,046
Total Investments before Short-Term Investments (Cost — $145,644,448)
143,338,218
 
 
 
 
Shares
 
Short-Term Investments — 3.4%
Institutional Fiduciary Trust, Money Market Portfolio (Cost — $5,130,056)  
4.970%
5,130,056
 
5,130,056
 (d)
Total Investments — 99.8% (Cost — $150,774,504)
148,468,274
Other Assets in Excess of Liabilities — 0.2%
244,342
Total Net Assets — 100.0%
$148,712,616
 
(a)
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.
(b)
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.
(c)
This security is traded on a to-be-announced (“TBA”) basis. At June 30, 2024, the Fund held TBA securities with a total cost of $9,354,805.
(d)
In this instance, as defined in the Investment Company Act of 1940, and “Affiliated Company” represents Fund ownership of at least 5% of the outstanding
voting securities of an issuer.  At June 30, 2024, the total market value of investments in Affiliated Companies was $5,130,056 and the cost was
$5,130,056 (Note 2).
 
Abbreviation(s) used in this schedule:
ACES
—
Alternative Credit Enhancement Securities
CMT
—
Constant Maturity Treasury
IBOR
—
Interbank Offered Rate
PAC
—
Planned Amortization Class
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
USD
—
United States Dollar
At June 30, 2024, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
(Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Notes
240
9/24
 $48,822,978
 $49,012,500
 $189,522
U.S. Treasury 5-Year Notes
14
9/24
1,475,219
1,492,094
16,875
 
206,397
Contracts to Sell:
U.S. Treasury 10-Year Notes
79
9/24
8,571,388
8,688,766
(117,378)
U.S. Treasury Long-Term Bonds
25
9/24
2,891,369
2,957,812
(66,443)
U.S. Treasury Ultra 10-Year Notes
6
9/24
670,339
681,188
(10,849)
 
(194,670)
Net unrealized appreciation on open futures contracts
$11,727
See Notes to Schedule of Investments.
14
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
 Franklin Short Duration U.S. Government ETF
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.
15
Franklin Short Duration U.S. Government ETF 2024 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 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 generally in-kind for a basket of securities and/or cash. Except when aggregated in Creation Units, shares of the Fund are not redeemable by the Fund. 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 normally use the currency exchange rates as of 4:00 p.m. (Eastern 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.  
Pursuant to policies adopted by the Board of Trustees, 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 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
16
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
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 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†:
Collateralized Mortgage Obligations
—
 $66,473,782
—
 $66,473,782
Mortgage-Backed Securities
—
41,069,155
—
41,069,155
U.S. Government & Agency Obligations
—
34,274,235
—
34,274,235
Corporate Bonds & Notes
—
1,521,046
—
1,521,046
Total Long-Term Investments
—
143,338,218
—
143,338,218
Short-Term Investments†
 $5,130,056
—
—
5,130,056
Total Investments
$5,130,056
$143,338,218
—
$148,468,274
Other Financial Instruments:
Futures Contracts††
 $206,397
—
—
 $206,397
Total
$5,336,453
$143,338,218
—
$148,674,671

 
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $194,670
—
—
 $194,670
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
17
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
2. Transactions with affiliated company
As defined in 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, 2024. The following transactions were effected in such company for the period ended June 30, 2024.

 
 
Affiliate
Value at

March 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Institutional Fiduciary
Trust, Money Market
Portfolio
 $2,360,028
 $9,226,432
9,226,432
 $6,456,404
6,456,404

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
June 30,
2024
Institutional Fiduciary Trust,
Money Market Portfolio
—
 $14,744
—
 $5,130,056
18
Franklin Short Duration U.S. Government ETF 2024 Quarterly Report
Franklin Short Duration ... (AMEX:FTSD)
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