Legg Mason Etf Investment Trust
11/26/2024 | Press release | Distributed by Public on 11/26/2024 07:29
Semi Annual Report by Investment Company Form N CSRS
2024-10-10832212_RoyceQuantSmall-CapQualityValueETF_SingleClass_TSRSemiAnnual
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23096
Legg Mason ETF Investment Trust
(Exact name of registrant as specified in charter)
620 Eighth Avenue, 47th Floor, New York, NY 10018
(Address of principal executive offices) (Zip code)
Harris Goldblat
Franklin Templeton
100 First Stamford Place
Stamford, CT 06902
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-877-721-1926
Date of fiscal year end: March 31
Date of reporting period: September 30, 2024
| ITEM 1. | REPORT TO STOCKHOLDERS. |
The Semi-Annual Report to Stockholders is filed herewith.
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Royce Quant Small-Cap Quality Value ETF
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SQLV| The Nasdaq Stock Market LLC
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Semi-Annual Shareholder Report | September 30, 2024
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This semi-annual shareholder reportcontains important information about Royce Quant Small-Cap Quality Value ETF for the period April 1, 2024, to September 30, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 1-877-721-1926 or 1-203-703-6002.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at 1-877-721-1926 or 1-203-703-6002.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment†
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Royce Quant Small-Cap Quality Value ETF
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$30
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0.60%
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| † | Annualized. |
KEY FUND STATISTICS (as of September 30, 2024)
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Total Net Assets
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$29,423,950
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Total Number of Portfolio Holdings*
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271
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Portfolio Turnover Rate
|
19%
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| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
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WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
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Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
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• prospectus • proxy voting information • financial information • holdings • tax information
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| Royce Quant Small-Cap Quality Value ETF | PAGE 1 | SQLV-STSR-1124 |
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Royce
Quant Small-Cap Quality Value ETF
Quant Small-Cap Quality Value ETF
Financial Statements and Other Important Information
Semi-Annual | September 30, 2024
Table of Contents
|
Schedule of Investments
|
1
|
|
Statement of Assets and Liabilities
|
12
|
|
Statement of Operations
|
13
|
|
Statements of Changes in Net Assets
|
14
|
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Financial Highlights
|
15
|
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Notes to Financial Statements
|
16
|
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Changes in and Disagreements with Accountants
|
23
|
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Results of Meeting(s) of Shareholders
|
23
|
|
Remuneration Paid to Directors, Officers and Others
|
23
|
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Board Approval of Management and Subadvisory Agreements
|
24
|
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments(unaudited) September 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
Common Stocks - 99.9%
|
|||||
|
Communication Services - 4.3%
|
|||||
|
Diversified Telecommunication Services - 0.5%
|
|||||
|
Iridium Communications Inc.
|
4,875
|
$148,444
|
|||
|
Entertainment - 0.3%
|
|||||
|
Playstudios Inc.
|
36,139
|
54,570
*
|
|||
|
Vivid Seats Inc., Class A Shares
|
10,643
|
39,379
*
|
|||
|
Total Entertainment
|
93,949
|
||||
|
Interactive Media & Services - 1.4%
|
|||||
|
Shutterstock Inc.
|
1,962
|
69,396
|
|||
|
Travelzoo
|
3,906
|
47,067
*
|
|||
|
Yelp Inc.
|
3,339
|
117,132
*
|
|||
|
Ziff Davis Inc.
|
2,222
|
108,123
*
|
|||
|
ZipRecruiter Inc., Class A Shares
|
8,141
|
77,339
*
|
|||
|
Total Interactive Media & Services
|
419,057
|
||||
|
Media - 1.7%
|
|||||
|
AMC Networks Inc., Class A Shares
|
15,837
|
137,624
*
|
|||
|
Entravision Communications Corp., Class A Shares
|
27,148
|
56,196
|
|||
|
Magnite Inc.
|
3,115
|
43,143
*
|
|||
|
TEGNA Inc.
|
12,830
|
202,457
|
|||
|
Thryv Holdings Inc.
|
2,514
|
43,316
*
|
|||
|
Total Media
|
482,736
|
||||
|
Wireless Telecommunication Services - 0.4%
|
|||||
|
Spok Holdings Inc.
|
5,297
|
79,773
|
|||
|
SurgePays Inc.
|
18,563
|
34,156
*
|
|||
|
Total Wireless Telecommunication Services
|
113,929
|
||||
|
|
|||||
|
Total Communication Services
|
1,258,115
|
||||
|
Consumer Discretionary - 11.9%
|
|||||
|
Automobile Components - 0.2%
|
|||||
|
Motorcar Parts of America Inc.
|
9,942
|
73,471
*
|
|||
|
Diversified Consumer Services - 1.8%
|
|||||
|
Chegg Inc.
|
51,666
|
91,449
*
|
|||
|
European Wax Center Inc., Class A Shares
|
15,828
|
107,630
*
|
|||
|
Perdoceo Education Corp.
|
6,935
|
154,235
|
|||
|
Stride Inc.
|
2,190
|
186,829
*
|
|||
|
Total Diversified Consumer Services
|
540,143
|
||||
|
Hotels, Restaurants & Leisure - 1.1%
|
|||||
|
Monarch Casino & Resort Inc.
|
1,771
|
140,387
|
|||
|
Target Hospitality Corp.
|
11,807
|
91,858
*
|
|||
|
United Parks & Resorts Inc.
|
1,586
|
80,252
*
|
|||
|
Total Hotels, Restaurants & Leisure
|
312,497
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
1
Schedule of Investments(unaudited) (cont'd) September 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Household Durables - 2.2%
|
|||||
|
Cricut Inc., Class A Shares
|
30,470
|
$211,157
|
|||
|
Hamilton Beach Brands Holding Co., Class A Shares
|
4,364
|
132,797
|
|||
|
Hooker Furnishings Corp.
|
4,118
|
74,454
|
|||
|
Lifetime Brands Inc.
|
11,547
|
75,517
|
|||
|
Smith Douglas Homes Corp.
|
1,153
|
43,560
*
|
|||
|
Worthington Enterprises Inc.
|
2,822
|
116,972
|
|||
|
Total Household Durables
|
654,457
|
||||
|
Leisure Products - 1.1%
|
|||||
|
AMMO Inc.
|
32,408
|
46,344
*
|
|||
|
JAKKS Pacific Inc.
|
1,797
|
45,859
*
|
|||
|
Marine Products Corp.
|
9,293
|
90,049
|
|||
|
MasterCraft Boat Holdings Inc.
|
4,449
|
81,016
*
|
|||
|
Solo Brands Inc., Class A Shares
|
36,972
|
52,131
*
|
|||
|
Total Leisure Products
|
315,399
|
||||
|
Specialty Retail - 3.7%
|
|||||
|
1-800-Flowers.com Inc., Class A Shares
|
10,846
|
86,009
*
|
|||
|
Academy Sports & Outdoors Inc.
|
3,374
|
196,906
|
|||
|
Buckle Inc.
|
4,933
|
216,904
|
|||
|
Build-A-Bear Workshop Inc.
|
1,348
|
46,331
|
|||
|
Destination XL Group Inc.
|
16,086
|
47,293
*
|
|||
|
J Jill Inc.
|
2,614
|
64,487
|
|||
|
Lands' End Inc.
|
11,299
|
195,134
*
|
|||
|
ODP Corp.
|
3,308
|
98,413
*
|
|||
|
PetMed Express Inc.
|
12,997
|
47,829
|
|||
|
Winmark Corp.
|
197
|
75,437
|
|||
|
Total Specialty Retail
|
1,074,743
|
||||
|
Textiles, Apparel & Luxury Goods - 1.8%
|
|||||
|
Carter's Inc.
|
2,000
|
129,960
|
|||
|
G-III Apparel Group Ltd.
|
4,878
|
148,876
*
|
|||
|
Rocky Brands Inc.
|
2,444
|
77,866
|
|||
|
Superior Group of Cos. Inc.
|
6,555
|
101,537
|
|||
|
Vera Bradley Inc.
|
11,837
|
64,630
*
|
|||
|
Total Textiles, Apparel & Luxury Goods
|
522,869
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
3,493,579
|
||||
|
Consumer Staples - 4.7%
|
|||||
|
Consumer Staples Distribution & Retail - 0.6%
|
|||||
|
Andersons Inc.
|
3,694
|
185,217
|
|||
|
Food Products - 1.9%
|
|||||
|
Cal-Maine Foods Inc.
|
3,021
|
226,092
|
|||
|
Fresh Del Monte Produce Inc.
|
6,790
|
200,577
|
See Notes to Financial Statements.
2
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Food Products - continued
|
|||||
|
John B Sanfilippo & Son Inc.
|
1,234
|
$116,378
|
|||
|
Total Food Products
|
543,047
|
||||
|
Personal Care Products - 1.5%
|
|||||
|
Lifevantage Corp.
|
4,323
|
52,222
|
|||
|
Medifast Inc.
|
3,889
|
74,435
*
|
|||
|
Nature's Sunshine Products Inc.
|
4,985
|
67,896
*
|
|||
|
Olaplex Holdings Inc.
|
67,782
|
159,287
*
|
|||
|
USANA Health Sciences Inc.
|
2,251
|
85,358
*
|
|||
|
Total Personal Care Products
|
439,198
|
||||
|
Tobacco - 0.7%
|
|||||
|
Vector Group Ltd.
|
14,466
|
215,833
|
|||
|
|
|||||
|
Total Consumer Staples
|
1,383,295
|
||||
|
Energy - 7.5%
|
|||||
|
Energy Equipment & Services - 2.2%
|
|||||
|
Cactus Inc., Class A Shares
|
2,921
|
174,296
|
|||
|
ProFrac Holding Corp., Class A Shares
|
6,887
|
46,763
*
|
|||
|
ProPetro Holding Corp.
|
10,472
|
80,215
*
|
|||
|
Ranger Energy Services Inc.
|
7,648
|
91,088
|
|||
|
RPC Inc.
|
17,130
|
108,947
|
|||
|
Select Water Solutions Inc., Class A Shares
|
13,530
|
150,589
|
|||
|
Total Energy Equipment & Services
|
651,898
|
||||
|
Oil, Gas & Consumable Fuels - 5.3%
|
|||||
|
CONSOL Energy Inc.
|
2,067
|
216,311
|
|||
|
CVR Energy Inc.
|
7,295
|
168,004
|
|||
|
Delek U.S. Holdings Inc.
|
7,908
|
148,275
|
|||
|
Excelerate Energy Inc., Class A Shares
|
3,105
|
68,341
|
|||
|
International Seaways Inc.
|
3,346
|
172,520
|
|||
|
Par Pacific Holdings Inc.
|
4,583
|
80,661
*
|
|||
|
PBF Energy Inc., Class A Shares
|
6,859
|
212,286
|
|||
|
Peabody Energy Corp.
|
8,287
|
219,937
|
|||
|
REX American Resources Corp.
|
2,368
|
109,615
*
|
|||
|
SandRidge Energy Inc.
|
3,578
|
43,759
|
|||
|
World Kinect Corp.
|
4,153
|
128,369
|
|||
|
Total Oil, Gas & Consumable Fuels
|
1,568,078
|
||||
|
|
|||||
|
Total Energy
|
2,219,976
|
||||
|
Financials - 18.6%
|
|||||
|
Banks - 10.0%
|
|||||
|
Axos Financial Inc.
|
2,821
|
177,385
*
|
|||
|
Cathay General Bancorp
|
4,615
|
198,214
|
|||
|
Civista Bancshares Inc.
|
6,323
|
112,676
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
3
Schedule of Investments(unaudited) (cont'd) September 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Banks - continued
|
|||||
|
Eastern Bankshares Inc.
|
12,943
|
$212,136
|
|||
|
Evans Bancorp Inc.
|
2,783
|
108,453
|
|||
|
Financial Institutions Inc.
|
5,374
|
136,876
|
|||
|
First Financial Corp.
|
2,840
|
124,534
|
|||
|
Hanmi Financial Corp.
|
8,090
|
150,474
|
|||
|
Home Bancorp Inc.
|
1,203
|
53,630
|
|||
|
International Bancshares Corp.
|
3,249
|
194,258
|
|||
|
MainStreet Bancshares Inc.
|
4,208
|
77,638
|
|||
|
Mercantile Bank Corp.
|
3,031
|
132,515
|
|||
|
Metropolitan Bank Holding Corp.
|
2,544
|
133,763
*
|
|||
|
Midland States Bancorp Inc.
|
5,069
|
113,444
|
|||
|
Northeast Bank
|
1,604
|
123,716
|
|||
|
Northeast Community Bancorp Inc.
|
5,433
|
143,703
|
|||
|
Old Second Bancorp Inc.
|
7,803
|
121,649
|
|||
|
Parke Bancorp Inc.
|
5,341
|
111,627
|
|||
|
Preferred Bank
|
1,736
|
139,314
|
|||
|
Premier Financial Corp.
|
2,710
|
63,631
|
|||
|
S&T Bancorp Inc.
|
1,235
|
51,833
|
|||
|
Unity Bancorp Inc.
|
3,144
|
107,085
|
|||
|
Wintrust Financial Corp.
|
1,291
|
140,112
|
|||
|
Total Banks
|
2,928,666
|
||||
|
Capital Markets - 3.3%
|
|||||
|
Artisan Partners Asset Management Inc., Class A Shares
|
4,436
|
192,168
|
|||
|
Brightsphere Investment Group Inc.
|
3,593
|
91,262
|
|||
|
Cohen & Steers Inc.
|
679
|
65,150
|
|||
|
Diamond Hill Investment Group Inc.
|
746
|
120,561
|
|||
|
Donnelley Financial Solutions Inc.
|
1,664
|
109,541
*
|
|||
|
Federated Hermes Inc.
|
4,732
|
173,996
|
|||
|
Victory Capital Holdings Inc., Class A Shares
|
3,983
|
220,658
|
|||
|
Total Capital Markets
|
973,336
|
||||
|
Consumer Finance - 2.2%
|
|||||
|
Bread Financial Holdings Inc.
|
6,059
|
288,287
|
|||
|
Moneylion Inc.
|
2,066
|
85,842
*
|
|||
|
PROG Holdings Inc.
|
4,275
|
207,295
|
|||
|
World Acceptance Corp.
|
688
|
81,170
*
|
|||
|
Total Consumer Finance
|
662,594
|
||||
|
Financial Services - 2.4%
|
|||||
|
Cass Information Systems Inc.
|
2,023
|
83,914
|
|||
|
International Money Express Inc.
|
4,409
|
81,523
*
|
|||
|
NMI Holdings Inc.
|
4,864
|
200,348
*
|
See Notes to Financial Statements.
4
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Financial Services - continued
|
|||||
|
Payoneer Global Inc.
|
24,085
|
$181,360
*
|
|||
|
Paysign Inc.
|
9,711
|
35,639
*
|
|||
|
Western Union Co.
|
10,871
|
129,691
|
|||
|
Total Financial Services
|
712,475
|
||||
|
Insurance - 0.7%
|
|||||
|
American Coastal Insurance Corp.
|
7,759
|
87,444
*
|
|||
|
HCI Group Inc.
|
434
|
46,464
|
|||
|
Universal Insurance Holdings Inc.
|
2,729
|
60,475
|
|||
|
Total Insurance
|
194,383
|
||||
|
|
|||||
|
Total Financials
|
5,471,454
|
||||
|
Health Care - 18.6%
|
|||||
|
Biotechnology - 2.1%
|
|||||
|
Anika Therapeutics Inc.
|
2,752
|
67,974
*
|
|||
|
Catalyst Pharmaceuticals Inc.
|
5,473
|
108,803
*
|
|||
|
Dynavax Technologies Corp.
|
9,066
|
100,995
*
|
|||
|
Eagle Pharmaceuticals Inc.
|
13,821
|
51,552
*
|
|||
|
Ironwood Pharmaceuticals Inc.
|
12,692
|
52,291
*
|
|||
|
MiMedx Group Inc.
|
8,370
|
49,467
*
|
|||
|
Puma Biotechnology Inc.
|
20,165
|
51,421
*
|
|||
|
TG Therapeutics Inc.
|
1,878
|
43,927
*
|
|||
|
Veracyte Inc.
|
3,127
|
106,443
*
|
|||
|
Total Biotechnology
|
632,873
|
||||
|
Health Care Equipment & Supplies - 5.8%
|
|||||
|
AngioDynamics Inc.
|
6,413
|
49,893
*
|
|||
|
Avanos Medical Inc.
|
5,968
|
143,411
*
|
|||
|
CONMED Corp.
|
569
|
40,922
|
|||
|
Embecta Corp.
|
6,528
|
92,045
|
|||
|
Envista Holdings Corp.
|
7,975
|
157,586
*
|
|||
|
Haemonetics Corp.
|
1,566
|
125,875
*
|
|||
|
ICU Medical Inc.
|
416
|
75,804
*
|
|||
|
Integer Holdings Corp.
|
1,140
|
148,200
*
|
|||
|
Integra LifeSciences Holdings Corp.
|
3,911
|
71,063
*
|
|||
|
iRadimed Corp.
|
1,669
|
83,934
|
|||
|
LeMaitre Vascular Inc.
|
1,395
|
129,582
|
|||
|
OmniAb Inc., $12.50 EARNOUT
|
298
|
0
*(a)(b)(c)(d)
|
|||
|
OmniAb Inc., $15.00 EARNOUT
|
298
|
0
*(a)(b)(c)(d)
|
|||
|
Omnicell Inc.
|
3,639
|
158,660
*
|
|||
|
OraSure Technologies Inc.
|
11,848
|
50,591
*
|
|||
|
Semler Scientific Inc.
|
1,841
|
43,356
*
|
|||
|
STAAR Surgical Co.
|
2,226
|
82,696
*
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
5
Schedule of Investments(unaudited) (cont'd) September 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Health Care Equipment & Supplies - continued
|
|||||
|
Tactile Systems Technology Inc.
|
4,586
|
$67,001
*
|
|||
|
Utah Medical Products Inc.
|
1,089
|
72,865
|
|||
|
Varex Imaging Corp.
|
6,036
|
71,949
*
|
|||
|
Zynex Inc.
|
6,725
|
54,876
*
|
|||
|
Total Health Care Equipment & Supplies
|
1,720,309
|
||||
|
Health Care Providers & Services - 3.2%
|
|||||
|
Addus HomeCare Corp.
|
1,140
|
151,654
*
|
|||
|
Astrana Health Inc.
|
3,028
|
175,442
*
|
|||
|
CorVel Corp.
|
236
|
77,146
*
|
|||
|
Cross Country Healthcare Inc.
|
6,571
|
88,314
*
|
|||
|
National Research Corp.
|
2,360
|
53,950
|
|||
|
Owens & Minor Inc.
|
7,085
|
111,164
*
|
|||
|
Pediatrix Medical Group Inc.
|
13,544
|
156,975
*
|
|||
|
PetIQ Inc.
|
4,148
|
127,634
*
|
|||
|
Total Health Care Providers & Services
|
942,279
|
||||
|
Health Care Technology - 0.9%
|
|||||
|
HealthStream Inc.
|
3,271
|
94,336
|
|||
|
Teladoc Health Inc.
|
18,189
|
166,975
*
|
|||
|
Total Health Care Technology
|
261,311
|
||||
|
Life Sciences Tools & Services - 0.7%
|
|||||
|
Cytek Biosciences Inc.
|
11,350
|
62,879
*
|
|||
|
Maravai LifeSciences Holdings Inc., Class A Shares
|
16,437
|
136,591
*
|
|||
|
Total Life Sciences Tools & Services
|
199,470
|
||||
|
Pharmaceuticals - 5.9%
|
|||||
|
Amphastar Pharmaceuticals Inc.
|
2,446
|
118,704
*
|
|||
|
ANI Pharmaceuticals Inc.
|
1,311
|
78,214
*
|
|||
|
Assertio Holdings Inc.
|
75,809
|
89,455
*
|
|||
|
Biote Corp., Class A Shares
|
14,290
|
79,738
*
|
|||
|
Collegium Pharmaceutical Inc.
|
2,829
|
109,313
*
|
|||
|
Contineum Therapeutics Inc., Class A Shares
|
2,525
|
48,329
*
|
|||
|
Corcept Therapeutics Inc.
|
4,472
|
206,964
*
|
|||
|
Harmony Biosciences Holdings Inc.
|
3,633
|
145,320
*
|
|||
|
Innoviva Inc.
|
8,281
|
159,906
*
|
|||
|
Ligand Pharmaceuticals Inc.
|
1,431
|
143,229
*
|
|||
|
Pacira BioSciences Inc.
|
3,795
|
57,115
*
|
|||
|
Phibro Animal Health Corp., Class A Shares
|
6,893
|
155,230
|
|||
|
Prestige Consumer Healthcare Inc.
|
1,900
|
136,990
*
|
|||
|
SIGA Technologies Inc.
|
12,385
|
83,599
|
See Notes to Financial Statements.
6
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Pharmaceuticals - continued
|
|||||
|
Supernus Pharmaceuticals Inc.
|
3,568
|
$111,250
*
|
|||
|
Total Pharmaceuticals
|
1,723,356
|
||||
|
|
|||||
|
Total Health Care
|
5,479,598
|
||||
|
Industrials - 15.0%
|
|||||
|
Aerospace & Defense - 0.6%
|
|||||
|
National Presto Industries Inc.
|
1,509
|
113,386
|
|||
|
Park Aerospace Corp.
|
5,356
|
69,789
|
|||
|
Total Aerospace & Defense
|
183,175
|
||||
|
Air Freight & Logistics - 0.9%
|
|||||
|
Hub Group Inc. , Class A Shares
|
3,550
|
161,347
|
|||
|
Radiant Logistics Inc.
|
17,871
|
114,911
*
|
|||
|
Total Air Freight & Logistics
|
276,258
|
||||
|
Building Products - 2.2%
|
|||||
|
Gibraltar Industries Inc.
|
1,611
|
112,657
*
|
|||
|
Insteel Industries Inc.
|
2,237
|
69,548
|
|||
|
JELD-WEN Holding Inc.
|
8,165
|
129,089
*
|
|||
|
Masterbrand Inc.
|
13,368
|
247,843
*
|
|||
|
Quanex Building Products Corp.
|
3,354
|
93,073
|
|||
|
Total Building Products
|
652,210
|
||||
|
Commercial Services & Supplies - 2.2%
|
|||||
|
ACCO Brands Corp.
|
14,596
|
79,840
|
|||
|
Civeo Corp.
|
3,931
|
107,710
|
|||
|
Ennis Inc.
|
5,599
|
136,168
|
|||
|
Liquidity Services Inc.
|
4,643
|
105,860
*
|
|||
|
Steelcase Inc., Class A Shares
|
11,895
|
160,464
|
|||
|
Virco Mfg. Corp.
|
3,519
|
48,597
|
|||
|
Total Commercial Services & Supplies
|
638,639
|
||||
|
Construction & Engineering - 1.6%
|
|||||
|
Argan Inc.
|
1,469
|
149,001
|
|||
|
Sterling Infrastructure Inc.
|
1,177
|
170,688
*
|
|||
|
Tutor Perini Corp.
|
5,236
|
142,210
*
|
|||
|
Total Construction & Engineering
|
461,899
|
||||
|
Electrical Equipment - 1.8%
|
|||||
|
Array Technologies Inc.
|
17,145
|
113,157
*
|
|||
|
Atkore Inc.
|
1,262
|
106,942
|
|||
|
NEXTracker Inc., Class A Shares
|
1,783
|
66,827
*
|
|||
|
Powell Industries Inc.
|
685
|
152,063
|
|||
|
Preformed Line Products Co.
|
747
|
95,676
|
|||
|
Total Electrical Equipment
|
534,665
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
7
Schedule of Investments(unaudited) (cont'd) September 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Ground Transportation - 0.9%
|
|||||
|
Avis Budget Group Inc.
|
2,481
|
$217,311
|
|||
|
Hertz Global Holdings Inc.
|
15,437
|
50,942
*
|
|||
|
Total Ground Transportation
|
268,253
|
||||
|
Machinery - 1.5%
|
|||||
|
Blue Bird Corp.
|
994
|
47,672
*
|
|||
|
Commercial Vehicle Group Inc.
|
14,648
|
47,606
*
|
|||
|
Omega Flex Inc.
|
1,193
|
59,554
|
|||
|
Terex Corp.
|
2,914
|
154,180
|
|||
|
Titan International Inc.
|
5,691
|
46,268
*
|
|||
|
Wabash National Corp.
|
4,703
|
90,251
|
|||
|
Total Machinery
|
445,531
|
||||
|
Passenger Airlines - 0.6%
|
|||||
|
SkyWest Inc.
|
1,894
|
161,028
*
|
|||
|
Professional Services - 1.6%
|
|||||
|
Heidrick & Struggles International Inc.
|
1,156
|
44,922
|
|||
|
Kforce Inc.
|
1,718
|
105,571
|
|||
|
Korn Ferry
|
2,540
|
191,110
|
|||
|
RCM Technologies Inc.
|
2,257
|
45,772
*
|
|||
|
Resources Connection Inc.
|
8,345
|
80,946
|
|||
|
Total Professional Services
|
468,321
|
||||
|
Trading Companies & Distributors - 1.1%
|
|||||
|
BlueLinx Holdings Inc.
|
1,241
|
130,826
*
|
|||
|
Global Industrial Co.
|
2,802
|
95,184
|
|||
|
iPower Inc.
|
14,405
|
26,073
*
|
|||
|
Karat Packaging Inc.
|
2,963
|
76,712
|
|||
|
Total Trading Companies & Distributors
|
328,795
|
||||
|
|
|||||
|
Total Industrials
|
4,418,774
|
||||
|
Information Technology - 12.7%
|
|||||
|
Communications Equipment - 1.2%
|
|||||
|
Extreme Networks Inc.
|
2,862
|
43,016
*
|
|||
|
Lantronix Inc.
|
14,207
|
58,533
*
|
|||
|
NETGEAR Inc.
|
6,720
|
134,803
*
|
|||
|
NetScout Systems Inc.
|
5,769
|
125,476
*
|
|||
|
Total Communications Equipment
|
361,828
|
||||
|
Electronic Equipment, Instruments & Components - 4.6%
|
|||||
|
Bel Fuse Inc., Class B Shares
|
1,725
|
135,430
|
|||
|
Climb Global Solutions Inc.
|
1,113
|
110,788
|
|||
|
CTS Corp.
|
2,422
|
117,176
|
|||
|
Daktronics Inc.
|
8,965
|
115,738
*
|
|||
|
ePlus Inc.
|
1,517
|
149,182
*
|
See Notes to Financial Statements.
8
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Electronic Equipment, Instruments & Components - continued
|
|||||
|
IPG Photonics Corp.
|
1,655
|
$123,000
*
|
|||
|
PC Connection Inc.
|
2,129
|
160,590
|
|||
|
Sanmina Corp.
|
2,682
|
183,583
*
|
|||
|
ScanSource Inc.
|
927
|
44,524
*
|
|||
|
Vishay Intertechnology Inc.
|
7,265
|
137,381
|
|||
|
Vishay Precision Group Inc.
|
2,400
|
62,160
*
|
|||
|
Total Electronic Equipment, Instruments & Components
|
1,339,552
|
||||
|
IT Services - 1.2%
|
|||||
|
CSP Inc.
|
3,507
|
45,556
|
|||
|
DXC Technology Co.
|
10,642
|
220,821
*
|
|||
|
Hackett Group Inc.
|
3,674
|
96,516
|
|||
|
Total IT Services
|
362,893
|
||||
|
Semiconductors & Semiconductor Equipment - 1.5%
|
|||||
|
Cohu Inc.
|
3,668
|
94,268
*
|
|||
|
inTEST Corp.
|
7,364
|
53,757
*
|
|||
|
NVE Corp.
|
1,015
|
81,068
|
|||
|
Photronics Inc.
|
4,117
|
101,937
*
|
|||
|
SMART Global Holdings Inc.
|
5,013
|
105,022
*
|
|||
|
Total Semiconductors & Semiconductor Equipment
|
436,052
|
||||
|
Software - 4.0%
|
|||||
|
A10 Networks Inc.
|
6,423
|
92,748
|
|||
|
Adeia Inc.
|
13,283
|
158,200
|
|||
|
American Software Inc., Class A Shares
|
7,768
|
86,924
|
|||
|
Box Inc., Class A Shares
|
1,282
|
41,960
*
|
|||
|
Clear Secure Inc., Class A Shares
|
1,430
|
47,390
|
|||
|
Consensus Cloud Solutions Inc.
|
8,421
|
198,314
*
|
|||
|
CoreCard Corp.
|
2,773
|
40,264
*
|
|||
|
InterDigital Inc.
|
1,301
|
184,261
|
|||
|
Mitek Systems Inc.
|
6,492
|
56,286
*
|
|||
|
Progress Software Corp.
|
2,418
|
162,901
|
|||
|
Teradata Corp.
|
3,635
|
110,286
*
|
|||
|
Total Software
|
1,179,534
|
||||
|
Technology Hardware, Storage & Peripherals - 0.2%
|
|||||
|
Immersion Corp.
|
4,714
|
42,049
|
|||
|
|
|||||
|
Total Information Technology
|
3,721,908
|
||||
|
Materials - 4.5%
|
|||||
|
Chemicals - 1.0%
|
|||||
|
Core Molding Technologies Inc.
|
3,749
|
64,520
*
|
|||
|
Hawkins Inc.
|
361
|
46,017
|
|||
|
Innospec Inc.
|
1,162
|
131,411
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
9
Schedule of Investments(unaudited) (cont'd) September 30, 2024
Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Chemicals - continued
|
|||||
|
LSB Industries Inc.
|
5,886
|
$47,323
*
|
|||
|
Total Chemicals
|
289,271
|
||||
|
Metals & Mining - 2.4%
|
|||||
|
Alpha Metallurgical Resources Inc.
|
819
|
193,432
|
|||
|
Arch Resources Inc.
|
433
|
59,823
|
|||
|
Metallus Inc.
|
4,386
|
65,044
*
|
|||
|
Olympic Steel Inc.
|
1,859
|
72,501
|
|||
|
Ramaco Resources Inc., Class A Shares
|
9,883
|
115,631
|
|||
|
Ryerson Holding Corp.
|
3,787
|
75,399
|
|||
|
Worthington Steel Inc.
|
3,711
|
126,211
|
|||
|
Total Metals & Mining
|
708,041
|
||||
|
Paper & Forest Products - 1.1%
|
|||||
|
Clearwater Paper Corp.
|
3,062
|
87,390
*
|
|||
|
Sylvamo Corp.
|
2,677
|
229,820
|
|||
|
Total Paper & Forest Products
|
317,210
|
||||
|
|
|||||
|
Total Materials
|
1,314,522
|
||||
|
Real Estate - 1.1%
|
|||||
|
Capital Markets - 0.2%
|
|||||
|
DigitalBridge Group Inc.
|
5,031
|
71,088
|
|||
|
Real Estate Management & Development - 0.9%
|
|||||
|
Forestar Group Inc.
|
3,451
|
111,709
*
|
|||
|
RMR Group Inc., Class A Shares
|
5,794
|
147,052
|
|||
|
Total Real Estate Management & Development
|
258,761
|
||||
|
|
|||||
|
Total Real Estate
|
329,849
|
||||
|
Utilities - 1.0%
|
|||||
|
Electric Utilities - 1.0%
|
|||||
|
ALLETE Inc.
|
3,141
|
201,621
|
|||
|
Genie Energy Ltd., Class B Shares
|
6,016
|
97,760
|
|||
|
|
|||||
|
Total Utilities
|
299,381
|
||||
|
Total Investments before Short-Term Investments (Cost - $27,770,846)
|
29,390,451
|
||||
|
|
|
Rate
|
|
|
|
|
Short-Term Investments - 0.1%
|
|||||
|
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Class (Cost - $36,829)
|
4.825%
|
36,829
|
36,829
(e)
|
||
|
Total Investments - 100.0% (Cost - $27,807,675)
|
29,427,280
|
||||
|
Liabilities in Excess of Other Assets - (0.0)%††
|
(3,330
)
|
||||
|
Total Net Assets - 100.0%
|
$29,423,950
|
See Notes to Financial Statements.
10
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Royce Quant Small-Cap Quality Value ETF
|
††
|
Represents less than 0.1%.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
|
|
(b)
|
Security is valued using significant unobservable inputs (Note 1).
|
|
(c)
|
Value is less than $1.
|
|
(d)
|
Restricted security (Note 6).
|
|
(e)
|
Rate shown is one-day yield as of the end of the reporting period.
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
11
Statement of Assets and Liabilities(unaudited) September 30, 2024
|
Assets:
|
|
|
Investments, at value (Cost - $27,807,675)
|
$29,427,280
|
|
Dividends receivable
|
10,855
|
|
Total Assets
|
29,438,135
|
|
Liabilities:
|
|
|
Investment management fee payable
|
14,185
|
|
Total Liabilities
|
14,185
|
|
Total Net Assets
|
$29,423,950
|
|
Net Assets:
|
|
|
Par value (Note 5)
|
$7
|
|
Paid-in capital in excess of par value
|
33,764,589
|
|
Total distributable earnings (loss)
|
(4,340,646
)
|
|
Total Net Assets
|
$29,423,950
|
|
Shares Outstanding
|
700,000
|
|
Net Asset Value
|
$42.03
|
See Notes to Financial Statements.
12
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Statement of Operations (unaudited) For the Six Months Ended September 30, 2024
|
Investment Income:
|
|
|
Dividends
|
$244,276
|
|
Less: Foreign taxes withheld
|
(295
)
|
|
Total Investment Income
|
243,981
|
|
Expenses:
|
|
|
Investment management fee (Note 2)
|
84,403
|
|
Total Expenses
|
84,403
|
|
Net Investment Income
|
159,578
|
|
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
|
|
|
Net Realized Loss From Investment Transactions
|
(128,153
)
|
|
Change in Net Unrealized Appreciation (Depreciation) From Investments
|
496,985
|
|
Net Gain on Investments
|
368,832
|
|
Increase in Net Assets From Operations
|
$528,410
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
13
Statements of Changes in Net Assets
|
For the Six Months Ended September 30, 2024 (unaudited)
and the Year Ended March 31, 2024
|
September 30
|
March 31
|
|
Operations:
|
||
|
Net investment income
|
$159,578
|
$340,381
|
|
Net realized gain (loss)
|
(128,153
)
|
2,987,154
|
|
Change in net unrealized appreciation (depreciation)
|
496,985
|
1,237,689
|
|
Increase in Net Assets From Operations
|
528,410
|
4,565,224
|
|
Distributions to Shareholders From (Note 1):
|
||
|
Total distributable earnings
|
(168,314
)
|
(321,630
)
|
|
Decrease in Net Assets From Distributions to Shareholders
|
(168,314
)
|
(321,630
)
|
|
Fund Share Transactions (Note 5):
|
||
|
Net proceeds from sale of shares (0 and 200,000 shares issued,
respectively)
|
-
|
7,722,056
|
|
Cost of shares repurchased (0 and 200,000 shares repurchased, respectively)
|
-
|
(7,750,716
)
|
|
Decrease in Net Assets From Fund Share Transactions
|
-
|
(28,660
)
|
|
Increase in Net Assets
|
360,096
|
4,214,934
|
|
Net Assets:
|
||
|
Beginning of period
|
29,063,854
|
24,848,920
|
|
End of period
|
$29,423,950
|
$29,063,854
|
See Notes to Financial Statements.
14
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Financial Highlights
|
For a share of beneficial interest outstanding throughout each year ended March 31,
unless otherwise noted:
|
|||||||
|
|
20241,2
|
20241
|
20231
|
20221,3
|
20211,4
|
20201,4
|
20191,4
|
|
Net asset value, beginning
of period
|
$41.52
|
$35.50
|
$38.64
|
$37.85
|
$22.80
|
$26.21
|
$30.06
|
|
Income (loss) from operations:
|
|||||||
|
Net investment income
|
0.23
|
0.47
|
0.47
|
0.36
|
0.35
|
0.35
|
0.35
|
|
Net realized and
unrealized gain (loss)
|
0.52
|
5.99
|
(3.15
)
|
0.82
|
15.03
|
(3.42
)
|
(3.77
)
|
|
Total income (loss)
from operations
|
0.75
|
6.46
|
(2.68)
|
1.18
|
15.38
|
(3.07)
|
(3.42)
|
|
Less distributions from:
|
|||||||
|
Net investment income
|
(0.24
)
|
(0.44
)
|
(0.44
)
|
(0.39
)
|
(0.33
)
|
(0.34
)
|
(0.43
)
|
|
Return of capital
|
-
|
-
|
(0.02
)
|
-
|
-
|
-
|
-
|
|
Total distributions
|
(0.24
)
|
(0.44
)
|
(0.46
)
|
(0.39
)
|
(0.33
)
|
(0.34
)
|
(0.43
)
|
|
Net asset value, end of
period
|
$42.03
|
$41.52
|
$35.50
|
$38.64
|
$37.85
|
$22.80
|
$26.21
|
|
Total return, based on
NAV5
|
1.84
%
|
18.33
%
|
(6.88
)%
|
3.15
%
|
67.77
%
|
(11.71
)%
|
(11.29
)%
|
|
Net assets, end of period
(000s)
|
$29,424
|
$29,064
|
$24,849
|
$19,320
|
$17,031
|
$11,402
|
$10,483
|
|
Ratios to average net assets:
|
|||||||
|
Gross expenses
|
0.60
%6
|
0.60
%
|
0.60
%
|
0.60
%6
|
0.60
%
|
0.60
%
|
0.60
%
|
|
Net expenses
|
0.60
6
|
0.60
|
0.60
|
0.60
6
|
0.60
|
0.60
|
0.60
|
|
Net investment income
|
1.13
6
|
1.25
|
1.33
|
1.39
6
|
1.13
|
1.46
|
1.30
|
|
Portfolio turnover rate
|
19
%
|
101
%7
|
51
%7
|
73
%7
|
99
%7
|
95
%7
|
87
%7
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended September 30, 2024 (unaudited).
|
|
3
|
For the period August 1, 2021 through March 31, 2022.
|
|
4
|
For the year ended July 31.
|
|
5
|
Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or
expense reimbursements, the total return would have been lower. The total return calculation assumes that
distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of
less than one year are not annualized.
|
|
6
|
Annualized.
|
|
7
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
15
Notes to Financial Statements(unaudited)
1. Organization and significant accounting policies
Royce Quant Small-Cap Quality Value ETF (the "Fund") is a separate diversified investment series of Legg Mason ETF Investment Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.
The Fund is an 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 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 Funds at NAV.
The Fund seeks to achieve long-term growth of capital.
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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use
16
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the 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.
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 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
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
17
Notes to Financial Statements(unaudited) (cont'd)
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 carried at fair value:
|
ASSETS
|
||||
|
Description
|
Quoted Prices
(Level 1)
|
Other Significant
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|
Long-Term Investments†:
|
||||
|
Common Stocks:
|
||||
|
Health Care
|
$5,479,598
|
-
|
$0
*
|
$5,479,598
|
|
Other Common Stocks
|
23,910,853
|
-
|
-
|
23,910,853
|
|
Total Long-Term Investments
|
29,390,451
|
-
|
0
*
|
29,390,451
|
|
Short-Term Investments†
|
36,829
|
-
|
-
|
36,829
|
|
Total Investments
|
$29,427,280
|
-
|
$0
*
|
$29,427,280
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
|
*
|
Amount represents less than $1.
|
(b) Foreign investment risks. The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar
18
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(c) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
(d) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared and paid on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(e) Federal and other taxes. It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.
Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2024, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
(f) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
19
Notes to Financial Statements(unaudited) (cont'd)
2. Investment management agreementand other transactions with affiliates
Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and Royce & Associates, LP ("Royce") is the Fund's subadviser. Western Asset Management Company, LLC ("Western Asset") manages the portion of the Fund's cash and short-term instruments allocated to it. FTFA, Western Asset, and Royce are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").
FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. The Fund is responsible for paying interest expenses, taxes, brokerage expenses, future 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to FTFA under the investment management agreement.
Under the investment management agreement and subject to the general supervision of the Fund's Board of Trustees, FTFA provides or causes to be furnished all investment management, supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement) and investment advisory services (provided pursuant to separate subadvisory agreements) under a unitary fee structure. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.60% of the Fund's average daily net assets.
As compensation for its subadvisory services, FTFA pays Royce monthly 90% of the management fee paid by Fund to FTFA, net of (i) all fees and expenses incurred by FTFA under the investment management agreement (including without limitation any subadvisory fee paid to another subadviser to the Fund) and (ii) expense waivers, if any, and reimbursements. FTFA pays Western Asset monthly a fee of 0.02% of the portion of the Fund's average daily net assets allocated to Western Asset for the management of cash and other short-term instruments, net of expense waivers, if any, and reimbursements.
Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealersubsidiary of Franklin Resources.
The Fund's Board of Trustees has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.
All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.
20
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
3. Investments
During the six months ended September 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:
|
Purchases
|
$5,369,053
|
|
Sales
|
5,373,208
|
During the six months ended September 30, 2024, there were no in-kind transactions (Note 5).
At September 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
|
|
Securities
|
$28,069,110
|
$4,386,553
|
$(3,028,383)
|
$1,358,170
|
4. Derivative instruments and hedging activities
During the six months ended September 30, 2024, the Fund did not invest in derivative instruments.
5. Fund share transactions
At September 30, 2024, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statement of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Funds' Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
21
Notes to Financial Statements(unaudited) (cont'd)
6. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board of Trustees.
|
Security
|
Number of
Shares
|
Acquisition
Date
|
Cost
|
Fair Value
at 9/30/2024
|
Value Per
Share
|
Percent of
Net Assets
|
|
OmniAb Inc., $12.50
EARNOUT, Common
Shares
|
298
|
11/22
|
$0
(a)
|
$0
(a)
|
$0.00
(b)
|
0.00
(c)%
|
|
OmniAb Inc., $15.00
EARNOUT, Common
Shares
|
298
|
11/22
|
0
(a)
|
0
(a)
|
0.00
(b)
|
0.00
(c)
|
|
|
$0
(a)
|
$0
(a)
|
0.00
(c)%
|
|
(a)
|
Amount represents less than $1.
|
|
(b)
|
Amount represents less than $0.005 per share.
|
|
(c)
|
Amount represents less than 0.005%.
|
7. Deferred capital losses
As of March 31, 2024, the Fund had deferred capital losses of $5,588,441, which have no expiration date, that will be available to offset future taxable capital gains.
22
Royce Quant Small-Cap Quality Value ETF 2024 Semi-Annual Report
Changes in and Disagreements with AccountantsFor the period covered by this report
Not applicable.
Results of Meeting(s) of ShareholdersFor the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and OthersFor the period covered by this report
Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-
inclusive management fee and not paid directly by the fund.
Royce Quant Small-Cap Quality Value ETF
23
Board Approval of Management and Subadvisory Agreements (unaudited)
At an in-person meeting held on May 29, 2024 (Meeting), the Board of Trustees (Board) of the Legg Mason ETF Investment Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Templeton Fund Adviser, LLC (FTFA) and the Trust, on behalf of the Fund; (ii) the investment sub-advisory agreement between FTFA and Royce & Associates, LP (Royce), an affiliate of FTFA, on behalf of the Fund; and (iii) the investment sub-advisory agreement between FTFA and Western Asset Management Company, LLC (Western Asset LLC), an affiliate of FTFA, on behalf of the Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel in considering whether to approve the continuation of each Management Agreement. FTFA, Royce and Western Asset LLC are each referred to herein as a Manager.
In considering the continuation of each Management Agreement, the Board reviewed and considered information provided by the Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to the Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees reviewed and considered prior to and at the Meeting. The Board reviewed and considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Manager; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Manager and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.
In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.
24
Royce Quant Small-Cap Quality Value ETF
Nature, Extent and Quality of Services
The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of the Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for the Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by the Manager and its affiliates; and management fees charged by the Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of the Putnam family of funds into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address areas of heightened concern in the registered fund industry, including various regulatory initiatives and continuing geopolitical concerns.
The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Manager's parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as project initiatives and capital investments relating to the services provided to the Fund by the FT organization. The Board specifically noted FT's commitment to technological innovation and advancement, including its initiative to create a new enterprise-wide artificial intelligence platform.
Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by the Manager and its affiliates to the Fund and its shareholders.
Fund Performance
The Board reviewed and considered the performance results of the Fund for various time periods ended December 31, 2023. The Board considered the performance returns for the Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. The Board referenced earlier discussions with
Royce Quant Small-Cap Quality Value ETF
25
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of the Fund's performance results is below.
The Performance Universe for the Fund included the Fund and all retail and institutional small-cap core funds and exchange-traded funds. The Fund commenced operations on July 12, 2017, and thus has been in operation for less than 10 years. The Board noted that the Fund's annualized total return for the one-, three- and five-year periods was above the median of its Performance Universe. The Board concluded that the Fund's performance was satisfactory.
Comparative Fees and Expenses
The Board reviewed and considered information regarding the Fund's actual total expense ratio, noting that the Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-tradedfunds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.
The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and nine other small-cap core funds. The Board noted that the Management Rate and actual total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that the Fund has implemented a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement FTFA pays for all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee. The Board also noted that each of Royce and Western Asset LLC is paid by FTFA out of the Unified Fee FTFA receives from the Fund and that the
26
Royce Quant Small-Cap Quality Value ETF
allocation of the fee between FTFA and each of Royce and Western Asset LLC reflected the services provided by each to the Fund. After consideration of the above, the Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to each of Royce and Western Asset LLC are reasonable.
Profitability
The Board reviewed and considered information regarding the profits realized by the Manager and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis provided by the Manager that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2023 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-relatedchanges, the overall methodology has remained consistent with that used in the Fund's profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged by the Manager to periodically review and assess the allocation methodologies to be used solely by the Fund's Board with respect to the profitability analysis.
The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by the Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by the Manager but, over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Fund, as well as the need to implement systems and meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.
The Board also considered the extent to which the Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by the Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.
Royce Quant Small-Cap Quality Value ETF
27
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
Economies of Scale
The Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that the Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of FTFA's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that the Fund will generate significant, if any, profit for FTFA and/or its affiliates for some time. The Board considered the Manager's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments the Manager incurs across the FT family of funds as a whole. The Board also noted that as of December 31, 2023, the Fund did not have an asset size that would likely enable it to achieve economies of scale. The Board also noted management's representation that for the fiscal year ended September 30, 2023, the Fund did not experience a profit. The Board recognized that there would not likely be any economies of scale for the Fund until its assets grow.
Conclusion
Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuation of each Management Agreement for an additional one-year period.
28
Royce Quant Small-Cap Quality Value ETF
Royce
Quant Small-Cap Quality Value ETF
Trustees
Rohit Bhagat
Deborah D. McWhinney
Anantha K. Pradeep
Jennifer M. Johnson
Chair
Chair
Investment manager
Franklin Templeton Fund Adviser, LLC
Subadviser
Royce & Associates, LP
Custodian
The Bank of New York Mellon
Transfer agent
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
240 Greenwich Street
New York, NY 10286
Independent registered public accounting firm
PricewaterhouseCoopers LLP
San Francisco, CA
San Francisco, CA
Royce Quant Small-Cap Quality Value ETF
The Fund is a separate investment series of Legg Mason ETF Investment Trust, a Maryland statutory trust.
Royce Quant Small-Cap Quality Value ETF
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-877-721-1926.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-877-721-1926, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.
This report is submitted for the general information of the shareholders of Royce Quant Small-Cap Quality Value ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2024 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.
91662-SFSOI 11/24
© 2024 Franklin Templeton. All rights reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the registrant's internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
| Legg Mason ETF Investment Trust | ||
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | November 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | November 22, 2024 |
| By: | /s/ Vivek Pai | |
| Vivek Pai | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date: | November 22, 2024 |