# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001133228-26-008739
**Filing Date:** 2026-6
**Character Count:** 153485
**Document Hash:** ef74fc539ad3a20418223b793f8d5f6f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008739.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001133228-26-008739

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason ETF Investment Trust
- **CENTRAL INDEX KEY:** 0001645194

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 261059453

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF InvestmentTrust
- **DATE OF NAME CHANGE:** 20170221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF Equity Trust
- **DATE OF NAME CHANGE:** 20150615

## Series and Classes Contracts Data

### ClearBridge Large Cap Growth Select ETF (Series ID: S000057700)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000186075 | ClearBridge Large Cap Growth Select ETF | LRGE            |

### Franklin ClearBridge Enhanced Income ETF (Series ID: S000057702)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000186077 | Franklin ClearBridge Enhanced Income ETF | YLDE            |

?xml version='1.0' encoding='ASCII'? 2026-04-20207767_FranklinClearBridgeEnhancedIncomeETF_SingleClass_TSRAnnual

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)

**One Madison Avenue, 17<sup>th</sup> Floor, New York, NY 10010**

(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: **March 31, 2026** 

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin ClearBridge Enhanced Income ETF**  | ![image](img448_202405131411777.jpg) |
| YLDE \| The Nasdaq Stock Market LLC  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| March 31, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin ClearBridge Enhanced Income ETF for the period April 1, 2025, to March 31, 2026.

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 (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Franklin ClearBridge Enhanced Income ETF | $50 | 0.47% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2026, Franklin ClearBridge Enhanced Income ETF returned 11.64%. The Fund compares its performance to the S&P 500 Index and the CBOE S&P 500 BuyWrite Index, which returned 17.80% and 11.35%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | ExxonMobil, in the energy sector, is an oil and gas exploration and production company which outperformed amid a rotation into the energy sector in the first quarter and higher oil prices due to the war in the Middle East in March 2026. |
| ↑ | Oracle, in the information technology (IT) sector, is the world's third-largest supplier of enterprise software and cloud services. The company saw its share price lifted amid a combination of strong quarterly earnings, surging cloud and artificial intelligence (AI) momentum and news of a significant new cloud service contract to begin implementation in 2028. |
| ↑ | Williams Companies, in the energy sector, is a natural-gas-focused midstream energy company. Shares were higher as it continued to perform well in a strengthening market for natural gas. Shares also strengthened due to positive sentiment on the AI growth opportunity for natural gas pipeline companies; in 2026, the company announced several new projects including another behind-the-meter power project, serving data centers. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Nvidia, a semiconductor company in the IT sector, performed well on surging AI demand; the stock does not meet the Fund's requirements for dividend-paying companies and is not eligible for ownership in the Strategy. |
| ↓ | An underweight to Alphabet, in the communication services sector, was a relative headwind. Alphabet's success with its Google Gemini chatbot and TPU chips for AI workloads boosted its shares in 2025, while the Department of Justice antitrust case concluded with less onerous penalties than feared, lifting sentiment. |
| ↓ | Increasing competitive dynamics in the wireless industry weighed on T-Mobile, the largest U.S. wireless carrier, in the communication services sector. |

---

Franklin ClearBridge Enhanced Income ETF PAGE 1 YLDE-ATSR-0526

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin ClearBridge Enhanced Income ETF** 5/22/2017 — 3/31/2026

![image](ts7034img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/22/2017)** |
| **Franklin ClearBridge Enhanced Income ETF (NAV)**  | 11.64 | 10.40 | 11.55 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.28 |
| **S&P 500 Index**  | 17.80 | 12.06 | 13.85 |
| **CBOE S&P 500 BuyWrite Index**  | 11.35 | 7.92 | 6.60 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective February 28, 2025, the Fund changed its name and adopted the Fund's current investment strategies.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $143118733 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 55 |
| **Total Management Fee Paid (based on a unitary fee)** | $526549 |
| **Portfolio Turnover Rate** | 40% |

---

Franklin ClearBridge Enhanced Income ETF PAGE 2 YLDE-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7034img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

On August 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's policy to pay monthly distributions at a relatively stable level throughout each calendar year and to reflect the Fund's decreased exposure to the financial services and information technology sectors.

Related disclosure regarding the risks of targeted distribution policies was added to the Fund's principal risks and risks related to investing in the financial services and information technology sectors were removed as principal risks of the Fund.

Effective December 31, 2025, the investment management services provided by the Fund's sub-adviser, Franklin Managed Options Strategies, LLC, ("Franklin MOST") and the personnel of Franklin MOST who provided such services for the Fund, were transferred to O'Shaughnessy Asset Management, LLC ("OSAM"). On that date OSAM assumed the duties and obligations of Franklin MOST under the sub-advisory agreement between the Fund's investment manager and Franklin MOST with respect to the Fund.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin ClearBridge Enhanced Income ETF PAGE 3 YLDE-ATSR-0526

100001085512054110421605018311175302120123578263231000011148121251101917908200441832423692254022999610000111271218311333177202049218908245582658531318100001045910803910412035138261287814409158211761816.513.712.211.99.98.58.47.43.93.82.90.9 ------

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img5250_202406031209949.jpg) |
| **ClearBridge Large Cap Growth Select ETF**  | **ClearBridge Large Cap Growth Select ETF**  |
| LRGE \| The Nasdaq Stock Market LLC  | Annual Shareholder Report \| March 31, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This annual shareholder report contains important information about ClearBridge Large Cap Growth Select ETF(previously known as ClearBridge Large Cap Growth ESG ETF) for the period April 1, 2025, to March 31, 2026.

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 (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| ClearBridge Large Cap Growth Select ETF | $49 | 0.47% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended March 31, 2026, ClearBridge Large Cap Growth Select ETF returned 8.14%. The Fund compares its performance to the Russell 1000 Growth Index, which returned 18.81% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | ASML, in the information technology sector (IT), is a designer of extreme ultraviolet lithography equipment for advanced semiconductor manufacturing. ASML's stock was up significantly in the reporting period due to the massive, ongoing demand for advanced artificial intelligence (AI) chips, and improved demand environment for DRAM (memory). |
| ↑ | Taiwan Semiconductor Manufacturing Co., Ltd., in the IT sector, is the world's largest contract manufacturer of semiconductors and holds a near monopoly in high-end chips. Shares were lifted as the company projected annual revenue growth of nearly 30%, surpassing analyst estimates and announced a large capital expenditure budget, signaling high confidence in sustained demand from the global AI boom. |
| ↑ | Eaton, in the industrials sector, is a critical player in supporting the increasing electrification of the global economy. Positive performance was driven by a rotation into industrials during the period, continued positive demand for AI and the company's improvements in getting capacity online. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | UnitedHealth Group, in the health care sector, offers health insurance through its UnitedHealthcare segment and health services through its Optum division. The company's stock was pressured by weak operating results due to a number of challenges in its Medicare and Optum health businesses, cost pressures and regulatory concerns. |
| ↓ | Oracle Corp., in the IT sector, is a database software provider that has transitioned into a provider of cloud services to support AI computing needs. The stock faced continued downward pressure driven by mounting investor concerns over the financing required for its aggressive AI infrastructure push and its high exposure to ChatGPT operator OpenAI. |
| ↓ | Meta Platforms, in the communication services sector, is a leading digital advertiser and developer of cloud services to support AI computing. Despite generally solid financial results, the stock was pressured by its plans to ramp up spending on AI infrastructure to stay competitive in the fast-growing AI market. |

---

ClearBridge Large Cap Growth Select ETF PAGE 1 LRGE-ATSR-0526

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **ClearBridge Large Cap Growth Select ETF** 5/22/2017 — 3/31/2026

![image](ts7031img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(5/22/2017)** |
| **ClearBridge Large Cap Growth Select ETF (NAV)**  | 8.14 | 9.18 | 14.04 |
| **Russell 3000 Index**  | 18.09 | 10.87 | 13.28 |
| **Russell 1000 Growth Index**  | 18.81 | 12.76 | 16.77 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective August 1, 2025, the Fund changed its name and adopted the Fund's current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $399998708 |
| **Total Number of Portfolio Holdings** | 28 |
| **Total Management Fee Paid (based on a unitary fee)** | $1982786 |
| **Portfolio Turnover Rate** | 38% |

---

ClearBridge Large Cap Growth Select ETF PAGE 2 LRGE-ATSR-0526

------

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7031img005.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective August 1, 2025, the Fund's name was changed to ClearBridge Large Cap Growth Select ETF.

In addition, effective August 1, 2025, the Fund's principal investment strategies were revised to reflect: (i) that the Fund will no longer pursue a specific environmental, social and governance ("ESG") strategy where ESG criteria are determinative factors for security selection, although it will continue to consider ESG criteria in its research process generally; (ii) a change to the Fund's 80% investment policy to reflect that, under normal circumstances, the Fund seeks to meet its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities of U.S. large capitalization growth companies or other investments with similar economic characteristics; (iii) a change of the Fund's sub-classification to a "non-diversified company" as approved by shareholders; (iv) that the Fund anticipates maintaining a more focused portfolio consisting of about 30 issuers of large capitalization growth company securities; and (v) the ability of the Fund to operate in a "manager of managers" structure, as approved by shareholders, whereby the Fund's investment manager can appoint and replace both affiliated and unaffiliated subadvisers, and enter into, amend and terminate subadvisory agreements with such subadvisers, each subject to approval by the Fund's Board of Trustees but without obtaining prior shareholder approval.

The Fund's principal risks were also revised to add disclosure regarding the risks of non-diversification and to remove disclosure regarding the risks of pursing a specific ESG strategy.

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by August 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

ETFs-Product@franklintempleton.com.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

ClearBridge Large Cap Growth Select ETF PAGE 3 LRGE-ATSR-0526

10000118311350913236206382230420193285042961032019100001114812125110191790820044183242369225402299961000011554130271314521393245972191630462328273900343.817.511.97.87.15.23.01.91.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Deborah D. McWhinney, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Deborah D. McWhinney as the Audit Committee's financial expert. Deborah D. McWhinney is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending March 31, 2025 and March 31, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $145,352 in March 31, 2025 and $94,119 in March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in March 31, 2025 and $0 in March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $72,000 in March 31, 2025 and $50,000 in March 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in March 31, 2025 and $0 in March 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by the Registrant's investment manager or one of their affiliates (each, an "Adviser") requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,315,528 in March 31, 2025 and $2,444,477 in March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](img04aecb9a1.gif)

**ClearBridge ETFs**

**Financial Statements and Other Important Information**

**Annual** \| March 31, 2026

![](imge2926e0e2.gif)

**Franklin ClearBridge Enhanced Income ETF**

**ClearBridge Large Cap Growth Select ETF**

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** <u>accessibility@franklintempleton.com</u>**.**

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_SOI-Header-SOI-3289_1) | **1** |
| [Statements of Assets and Liabilities](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_SAL-Header-SAL_1) | **7** |
| [Statements of Operations](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_SOP-Header-SOP_1) | **8** |
| [Statements of Changes in Net Assets](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_SOC-Header-SOC-3289_1) | **9** |
| [Financial Highlights](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_FH-Header-Financialhighlights-3289_1) | **11** |
| [Notes to Financial Statements](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_NTF-Header-Notestofinancialstatements-3289_1) | **13** |
| [Report of Independent Registered Public Accounting Firm](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_RIRPAF-Header-Auditletter-3289_1) | **21** |
| [Important Tax Information](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_ITI-Header-Importanttaxinfo-3287_1) | **22** |
| [Changes in and Disagreements with Accountants](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_TSR-TOCTSRDisclosures-3289_1) | **23** |
| [Results of Meeting(s) of Shareholders](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_TSR-TOCTSRDisclosures-3289_1) | **23** |
| [Remuneration Paid to Directors, Officers and Others](#xx_a0583e21-0a60-4805-ad72-15a1f8e90415_TSR-TOCTSRDisclosures-3289_1) | **23** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedules of Investments

March 31, 2026

 **Franklin ClearBridge Enhanced Income ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Communication Services — 9.9%** | **Communication Services — 9.9%** | **Communication Services — 9.9%** |
| Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% | Diversified Telecommunication Services — 2.3% |
| Comcast Corp., Class A Shares | &nbsp;&nbsp; 116905 | &nbsp;&nbsp; $3356343<br>|
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| Walt Disney Co. | &nbsp;&nbsp; 10275 | &nbsp;&nbsp; 990304<br>|
| Interactive Media & Services — 4.7% | Interactive Media & Services — 4.7% | Interactive Media & Services — 4.7% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 14839 | &nbsp;&nbsp; 4267103<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 2432697<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 6699800 |
| Wireless Telecommunication Services — 2.2% | Wireless Telecommunication Services — 2.2% | Wireless Telecommunication Services — 2.2% |
| T-Mobile US Inc. | &nbsp;&nbsp; 14648 | &nbsp;&nbsp; 3076519<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **14122966** |
| **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |
| Specialty Retail — 2.9% | Specialty Retail — 2.9% | Specialty Retail — 2.9% |
| Home Depot Inc. | &nbsp;&nbsp; 5794 | &nbsp;&nbsp; 1905589<br>|
| Industria de Diseno Textil SA, ADR | &nbsp;&nbsp; 159921 | &nbsp;&nbsp; 2301263<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4206852** |
| **Consumer Staples — 8.5%** | **Consumer Staples — 8.5%** | **Consumer Staples — 8.5%** |
| Beverages — 2.5% | Beverages — 2.5% | Beverages — 2.5% |
| Coca-Cola Co. | &nbsp;&nbsp; 36315 | &nbsp;&nbsp; 2761756<br>|
| Diageo PLC, ADR | &nbsp;&nbsp; 10070 | &nbsp;&nbsp; 749711<br>|
| Total Beverages | Total Beverages | &nbsp;&nbsp; 3511467 |
| Food Products — 2.9% | Food Products — 2.9% | Food Products — 2.9% |
| Nestle SA, ADR | &nbsp;&nbsp; 42207 | &nbsp;&nbsp; 4182714<br>|
| Household Products — 1.1% | Household Products — 1.1% | Household Products — 1.1% |
| Procter & Gamble Co. | &nbsp;&nbsp; 11190 | &nbsp;&nbsp; 1616283<br>|
| Personal Care Products — 2.0% | Personal Care Products — 2.0% | Personal Care Products — 2.0% |
| Unilever PLC, ADR | &nbsp;&nbsp; 49176 | &nbsp;&nbsp; 2801557<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **12112021** |
| **Energy — 8.4%** | **Energy — 8.4%** | **Energy — 8.4%** |
| Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% |
| Exxon Mobil Corp. | &nbsp;&nbsp; 31960 | &nbsp;&nbsp; 5422334<br>|
| Williams Cos. Inc. | &nbsp;&nbsp; 91790 | &nbsp;&nbsp; 6680477<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **12102811** |
| **Financials — 16.5%** | **Financials — 16.5%** | **Financials — 16.5%** |
| Banks — 3.8% | Banks — 3.8% | Banks — 3.8% |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 11292 | &nbsp;&nbsp; 3321655<br>|
| PNC Financial Services Group Inc. | &nbsp;&nbsp; 9962 | &nbsp;&nbsp; 2072992<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 5394647 |
| Capital Markets — 1.5% | Capital Markets — 1.5% | Capital Markets — 1.5% |
| Blackstone Inc. | &nbsp;&nbsp; 19268 | &nbsp;&nbsp; 2215627<br>|
| Consumer Finance — 1.3% | Consumer Finance — 1.3% | Consumer Finance — 1.3% |
| Capital One Financial Corp. | &nbsp;&nbsp; 9858 | &nbsp;&nbsp; 1798395<br>|
| Financial Services — 4.3% | Financial Services — 4.3% | Financial Services — 4.3% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 34576 | &nbsp;&nbsp; 3852458<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 7832 | &nbsp;&nbsp; 2367144<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 6219602 |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin ClearBridge Enhanced Income ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Insurance — 5.6% | Insurance — 5.6% | Insurance — 5.6% |
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 17781 | &nbsp;&nbsp; $3084114<br>|
| MetLife Inc. | &nbsp;&nbsp; 34125 | &nbsp;&nbsp; 2413320<br>|
| Travelers Cos. Inc. | &nbsp;&nbsp; 8620 | &nbsp;&nbsp; 2514282<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 8011716 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **23639987** |
| **Health Care — 12.2%** | **Health Care — 12.2%** | **Health Care — 12.2%** |
| Health Care Equipment & Supplies — 2.2% | Health Care Equipment & Supplies — 2.2% | Health Care Equipment & Supplies — 2.2% |
| Becton Dickinson & Co. | &nbsp;&nbsp; 20184 | &nbsp;&nbsp; 3173530<br>|
| Health Care Providers & Services — 2.3% | Health Care Providers & Services — 2.3% | Health Care Providers & Services — 2.3% |
| CVS Health Corp. | &nbsp;&nbsp; 33123 | &nbsp;&nbsp; 2378894<br>|
| UnitedHealth Group Inc. | &nbsp;&nbsp; 3294 | &nbsp;&nbsp; 891323<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 3270217 |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| Waters Corp. | &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 814,781<br> \*<br>|
| Pharmaceuticals — 7.1% | Pharmaceuticals — 7.1% | Pharmaceuticals — 7.1% |
| AstraZeneca PLC | &nbsp;&nbsp; 10512 | &nbsp;&nbsp; 2073177<br>|
| Haleon PLC, ADR | &nbsp;&nbsp; 285125 | &nbsp;&nbsp; 2854101<br>|
| Johnson & Johnson | &nbsp;&nbsp; 11512 | &nbsp;&nbsp; 2813993<br>|
| Roche Holding AG, ADR | &nbsp;&nbsp; 48760 | &nbsp;&nbsp; 2423860<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 10165131 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **17423659** |
| **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** |
| Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 5824 | &nbsp;&nbsp; 2010154<br>|
| RTX Corp. | &nbsp;&nbsp; 7741 | &nbsp;&nbsp; 1493239<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 3503393 |
| Commercial Services & Supplies — 1.7% | Commercial Services & Supplies — 1.7% | Commercial Services & Supplies — 1.7% |
| Waste Management Inc. | &nbsp;&nbsp; 10451 | &nbsp;&nbsp; 2401535<br>|
| Ground Transportation — 3.6% | Ground Transportation — 3.6% | Ground Transportation — 3.6% |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 9613 | &nbsp;&nbsp; 1878380<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 13250 | &nbsp;&nbsp; 3214715<br>|
| Total Ground Transportation | Total Ground Transportation | &nbsp;&nbsp; 5093095 |
| Industrial Conglomerates — 1.3% | Industrial Conglomerates — 1.3% | Industrial Conglomerates — 1.3% |
| Honeywell International Inc. | &nbsp;&nbsp; 8272 | &nbsp;&nbsp; 1869720<br>|
| Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% |
| Otis Worldwide Corp. | &nbsp;&nbsp; 17820 | &nbsp;&nbsp; 1373566<br>|
| Professional Services — 1.9% | Professional Services — 1.9% | Professional Services — 1.9% |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 13456 | &nbsp;&nbsp; 2733990<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **16975299** |
| **Information Technology — 13.7%** | **Information Technology — 13.7%** | **Information Technology — 13.7%** |
| Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% |
| TE Connectivity PLC | &nbsp;&nbsp; 9558 | &nbsp;&nbsp; 1997813<br>|
| Semiconductors & Semiconductor Equipment — 6.9% | Semiconductors & Semiconductor Equipment — 6.9% | Semiconductors & Semiconductor Equipment — 6.9% |
| Broadcom Inc. | &nbsp;&nbsp; 13347 | &nbsp;&nbsp; 4131030<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 1468055<br>|
| Texas Instruments Inc. | &nbsp;&nbsp; 21980 | &nbsp;&nbsp; 4267197<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 9866282 |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

 **Franklin ClearBridge Enhanced Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Software — 3.7% | Software — 3.7% | Software — 3.7% | Software — 3.7% |
| Microsoft Corp. | Microsoft Corp. | &nbsp;&nbsp; 14137 | &nbsp;&nbsp; $5233093<br>|
| Technology Hardware, Storage & Peripherals — 1.7% | Technology Hardware, Storage & Peripherals — 1.7% | Technology Hardware, Storage & Peripherals — 1.7% | Technology Hardware, Storage & Peripherals — 1.7% |
| Apple Inc. | Apple Inc. | &nbsp;&nbsp; 9684 | &nbsp;&nbsp; 2457703<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **19554891** |
| **Materials — 7.4%** | **Materials — 7.4%** | **Materials — 7.4%** | **Materials — 7.4%** |
| Chemicals — 4.9% | Chemicals — 4.9% | Chemicals — 4.9% | Chemicals — 4.9% |
| Air Products & Chemicals Inc. | Air Products & Chemicals Inc. | &nbsp;&nbsp; 14221 | &nbsp;&nbsp; 4131058<br>|
| Linde PLC | Linde PLC | &nbsp;&nbsp; 5840 | &nbsp;&nbsp; 2895239<br>|
| Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 7026297 |
| Construction Materials — 1.6% | Construction Materials — 1.6% | Construction Materials — 1.6% | Construction Materials — 1.6% |
| Vulcan Materials Co. | Vulcan Materials Co. | &nbsp;&nbsp; 8578 | &nbsp;&nbsp; 2335789<br>|
| Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% | Metals & Mining — 0.9% |
| Freeport-McMoRan Inc. | Freeport-McMoRan Inc. | &nbsp;&nbsp; 22051 | &nbsp;&nbsp; 1296158<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **10658244** |
| **Real Estate — 3.8%** | **Real Estate — 3.8%** | **Real Estate — 3.8%** | **Real Estate — 3.8%** |
| Specialized REITs — 3.8% | Specialized REITs — 3.8% | Specialized REITs — 3.8% | Specialized REITs — 3.8% |
| American Tower Corp. | American Tower Corp. | &nbsp;&nbsp; 13058 | &nbsp;&nbsp; 2253549<br>|
| Public Storage | Public Storage | &nbsp;&nbsp; 11968 | &nbsp;&nbsp; 3241892<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5495441** |
| **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| PG&E Corp. | PG&E Corp. | &nbsp;&nbsp; 85929 | &nbsp;&nbsp; 1509773<br>|
| Multi-Utilities — 2.8% | Multi-Utilities — 2.8% | Multi-Utilities — 2.8% | Multi-Utilities — 2.8% |
| DTE Energy Co. | DTE Energy Co. | &nbsp;&nbsp; 7694 | &nbsp;&nbsp; 1125017<br>|
| Sempra | Sempra | &nbsp;&nbsp; 30315 | &nbsp;&nbsp; 2945708<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 4070725 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5580498** |
| **Total Investments before Short-Term Investments (Cost — $130,095,981)** | **Total Investments before Short-Term Investments (Cost — $130,095,981)** | **Total Investments before Short-Term Investments (Cost — $130,095,981)** | &nbsp;&nbsp; **141872669** |
|  | Rate |  |  |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class <br> (Cost — $1,315,210)  | &nbsp;&nbsp; 3.508% | &nbsp;&nbsp; 1315210<br>| &nbsp;&nbsp; **1315210**<br> <sup>(a)</sup><br>|
| **Total Investments — 100.0% (Cost — $131,411,191)** | **Total Investments — 100.0% (Cost — $131,411,191)** | **Total Investments — 100.0% (Cost — $131,411,191)** | &nbsp;&nbsp; **143187879** |
| Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp; (69146)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$143118733** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **Franklin ClearBridge Enhanced Income ETF**

At March 31, 2026, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount<br>| Value |
| S&P 500 Index, Call | &nbsp;&nbsp;&nbsp; 4/2/26 | &nbsp;&nbsp;&nbsp; $7140.000 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; $18279856 | &nbsp;&nbsp;&nbsp; $(0)<sup>(a)</sup> <br>|
| S&P 500 Index, Call | &nbsp;&nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp;&nbsp; 7030.000 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 23502672 | &nbsp;&nbsp;&nbsp; (1512) |
| S&P 500 Index, Call | &nbsp;&nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp;&nbsp; 7005.000 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 23502672 | &nbsp;&nbsp;&nbsp; (4140) |
| S&P 500 Index, Call | &nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp; 6890.000 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 24155524 | &nbsp;&nbsp;&nbsp; (41699) |
| S&P 500 Index, Call | &nbsp;&nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp;&nbsp; 6810.000 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 24155524 | &nbsp;&nbsp;&nbsp; (142561) |
| **Total Exchange-Traded Written Options (Premiums received — $513,003)** | **Total Exchange-Traded Written Options (Premiums received — $513,003)** | **Total Exchange-Traded Written Options (Premiums received — $513,003)** | **Total Exchange-Traded Written Options (Premiums received — $513,003)** | **Total Exchange-Traded Written Options (Premiums received — $513,003)** | &nbsp;&nbsp;&nbsp; **$(189912)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Value is less than $1.

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

 **ClearBridge Large Cap Growth Select ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.2%** | **Common Stocks — 98.2%** | **Common Stocks — 98.2%** |
| **Communication Services — 11.9%** | **Communication Services — 11.9%** | **Communication Services — 11.9%** |
| Entertainment — 4.5% | Entertainment — 4.5% | Entertainment — 4.5% |
| Netflix Inc. | &nbsp;&nbsp; 186853 | &nbsp;&nbsp; $17,965,916<br> \*<br>|
| Interactive Media & Services — 7.4% | Interactive Media & Services — 7.4% | Interactive Media & Services — 7.4% |
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 51961 | &nbsp;&nbsp; 29728447<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **47694363** |
| **Consumer Discretionary — 17.5%** | **Consumer Discretionary — 17.5%** | **Consumer Discretionary — 17.5%** |
| Automobiles — 4.8% | Automobiles — 4.8% | Automobiles — 4.8% |
| Tesla Inc. | &nbsp;&nbsp; 51112 | &nbsp;&nbsp; 19,000,886<br> \*<br>|
| Broadline Retail — 8.0% | Broadline Retail — 8.0% | Broadline Retail — 8.0% |
| Amazon.com Inc. | &nbsp;&nbsp; 153439 | &nbsp;&nbsp; 31,956,741<br> \*<br>|
| Hotels, Restaurants & Leisure — 4.7% | Hotels, Restaurants & Leisure — 4.7% | Hotels, Restaurants & Leisure — 4.7% |
| Airbnb Inc., Class A Shares | &nbsp;&nbsp; 94678 | &nbsp;&nbsp; 11,955,938<br> \*<br>|
| Chipotle Mexican Grill Inc. | &nbsp;&nbsp; 217042 | &nbsp;&nbsp; 6,947,514<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 18903452 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **69861079** |
| **Consumer Staples — 1.9%** | **Consumer Staples — 1.9%** | **Consumer Staples — 1.9%** |
| Beverages — 1.9% | Beverages — 1.9% | Beverages — 1.9% |
| Monster Beverage Corp. | &nbsp;&nbsp; 105089 | &nbsp;&nbsp; **7,614,749**<br> \*<br>|
| **Financials — 7.8%** | **Financials — 7.8%** | **Financials — 7.8%** |
| Capital Markets — 1.2% | Capital Markets — 1.2% | Capital Markets — 1.2% |
| Blackstone Inc. | &nbsp;&nbsp; 43244 | &nbsp;&nbsp; 4972628<br>|
| Financial Services — 4.4% | Financial Services — 4.4% | Financial Services — 4.4% |
| Visa Inc., Class A Shares | &nbsp;&nbsp; 58171 | &nbsp;&nbsp; 17581603<br>|
| Insurance — 2.2% | Insurance — 2.2% | Insurance — 2.2% |
| Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 50876 | &nbsp;&nbsp; 8824442<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **31378673** |
| **Health Care — 7.1%** | **Health Care — 7.1%** | **Health Care — 7.1%** |
| Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% |
| Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 16000 | &nbsp;&nbsp; 7,144,640<br> \*<br>|
| Health Care Equipment & Supplies — 2.8% | Health Care Equipment & Supplies — 2.8% | Health Care Equipment & Supplies — 2.8% |
| Intuitive Surgical Inc. | &nbsp;&nbsp; 24646 | &nbsp;&nbsp; 11,361,559<br> \*<br>|
| Life Sciences Tools & Services — 2.5% | Life Sciences Tools & Services — 2.5% | Life Sciences Tools & Services — 2.5% |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 19960 | &nbsp;&nbsp; 9810939<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28317138** |
| **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** |
| Electrical Equipment — 3.4% | Electrical Equipment — 3.4% | Electrical Equipment — 3.4% |
| Eaton Corp. PLC | &nbsp;&nbsp; 37450 | &nbsp;&nbsp; 13394742<br>|
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 8067 | &nbsp;&nbsp; 7221901<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **20616643** |
| **Information Technology — 43.8%** | **Information Technology — 43.8%** | **Information Technology — 43.8%** |
| Semiconductors & Semiconductor Equipment — 22.5% | Semiconductors & Semiconductor Equipment — 22.5% | Semiconductors & Semiconductor Equipment — 22.5% |
| ASML Holding NV, Registered Shares | &nbsp;&nbsp; 9237 | &nbsp;&nbsp; 12200507<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 374697 | &nbsp;&nbsp; 65347158<br>|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 36596 | &nbsp;&nbsp; 12367618<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 89915283 |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Schedules of Investments (cont'd)

March 31, 2026

 **ClearBridge Large Cap Growth Select ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Software — 12.1% | Software — 12.1% | Software — 12.1% | Software — 12.1% |
| Datadog Inc., Class A Shares | Datadog Inc., Class A Shares | &nbsp;&nbsp; 32395 | &nbsp;&nbsp; $3,824,229<br> \*<br>|
| Intuit Inc. | Intuit Inc. | &nbsp;&nbsp; 17600 | &nbsp;&nbsp; 7609888<br>|
| Oracle Corp. | Oracle Corp. | &nbsp;&nbsp; 71989 | &nbsp;&nbsp; 10590302<br>|
| Palo Alto Networks Inc. | Palo Alto Networks Inc. | &nbsp;&nbsp; 80222 | &nbsp;&nbsp; 12,861,191<br> \*<br>|
| ServiceNow Inc. | ServiceNow Inc. | &nbsp;&nbsp; 52282 | &nbsp;&nbsp; 5,466,083<br> \*<br>|
| Synopsys Inc. | Synopsys Inc. | &nbsp;&nbsp; 20531 | &nbsp;&nbsp; 8,140,131<br> \*<br>|
| Total Software | Total Software | Total Software | &nbsp;&nbsp; 48491824 |
| Technology Hardware, Storage & Peripherals — 9.2% | Technology Hardware, Storage & Peripherals — 9.2% | Technology Hardware, Storage & Peripherals — 9.2% | Technology Hardware, Storage & Peripherals — 9.2% |
| Apple Inc. | Apple Inc. | &nbsp;&nbsp; 145375 | &nbsp;&nbsp; 36894721<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **175301828** |
| **Materials — 3.0%** | **Materials — 3.0%** | **Materials — 3.0%** | **Materials — 3.0%** |
| Chemicals — 3.0% | Chemicals — 3.0% | Chemicals — 3.0% | Chemicals — 3.0% |
| Linde PLC | Linde PLC | &nbsp;&nbsp; 8076 | &nbsp;&nbsp; 4003758<br>|
| Sherwin-Williams Co. | Sherwin-Williams Co. | &nbsp;&nbsp; 25283 | &nbsp;&nbsp; 8104465<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **12108223** |
| **Total Investments before Short-Term Investments (Cost — $318,448,886)** | **Total Investments before Short-Term Investments (Cost — $318,448,886)** | **Total Investments before Short-Term Investments (Cost — $318,448,886)** | &nbsp;&nbsp; **392892696** |
|  | Rate |  |  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund, Institutional Class <br> (Cost — $7,375,639)  | &nbsp;&nbsp; 3.508% | &nbsp;&nbsp; 7375639<br>| &nbsp;&nbsp; **7375639**<br> <sup>(a)</sup><br>|
| **Total Investments — 100.1% (Cost — $325,824,525)** | **Total Investments — 100.1% (Cost — $325,824,525)** | **Total Investments — 100.1% (Cost — $325,824,525)** | &nbsp;&nbsp; **400268335** |
| Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp; (269627)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$399998708** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> <sup>(a)</sup> Rate shown is one-day yield as of the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Statements of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Franklin ClearBridge <br>Enhanced Income ETF<br>| ClearBridge <br>Large Cap Growth Select ETF<br>|
| **Assets:** |  |  |
| Investments, at value (Cost — $131,411,191 and $325,824,525, respectively) | &nbsp;&nbsp; $143187879 | &nbsp;&nbsp; $400268335 |
| Dividends receivable | &nbsp;&nbsp; 175932 | &nbsp;&nbsp; 75522 |
| Receivable for securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9297167 |
| **Total Assets** | &nbsp;&nbsp; **143363811** | &nbsp;&nbsp; **409641024** |
| **Liabilities:** |  |  |
| Written options, at value (premiums received — $513,003 and 0, respectively) | &nbsp;&nbsp; 189912 | &nbsp;&nbsp; — |
| Investment management fee payable | &nbsp;&nbsp; 55166 | &nbsp;&nbsp; 161673 |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 9480643 |
| **Total Liabilities** | &nbsp;&nbsp; **245078** | &nbsp;&nbsp; **9642316** |
| **Total Net Assets** | &nbsp;&nbsp; **$143118733** | &nbsp;&nbsp; **$399998708** |
| **Net Assets:** |  |  |
| Par value (Note 5) | &nbsp;&nbsp; $27 | &nbsp;&nbsp; $53 |
| Paid-in capital | &nbsp;&nbsp; 131764119 | &nbsp;&nbsp; 350015232 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 11354587 | &nbsp;&nbsp; 49983423 |
| **Total Net Assets** | &nbsp;&nbsp; **$143118733** | &nbsp;&nbsp; **$399998708** |
| **Shares Outstanding** | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp; 5313748 |
| **Net Asset Value** | $54.01 | $75.28 |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Statements of Operations

For the Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Franklin ClearBridge <br>Enhanced Income ETF<br>| ClearBridge <br>Large Cap Growth Select ETF<br>|
| **Investment Income:** |  |  |
| Dividends | &nbsp;&nbsp; $2558253 | &nbsp;&nbsp; $1976179 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (58893) | &nbsp;&nbsp; (43660) |
| **Total Investment Income** | &nbsp;&nbsp; **2499360** | &nbsp;&nbsp; **1932519** |
| **Expenses:** |  |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 526549 | &nbsp;&nbsp; 1982786 |
| **Total Expenses** | &nbsp;&nbsp; **526549** | &nbsp;&nbsp; **1982786** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp; **1972811** | &nbsp;&nbsp; **(50267)** |
| **Realized and Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency Transactions** <br>**(Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |  |
| Investment transactions | &nbsp;&nbsp; 6430437 | &nbsp;&nbsp; 45068500 |
| Written options | &nbsp;&nbsp; (158671) | &nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 896 | &nbsp;&nbsp; — |
| **Net Realized Gain**  | &nbsp;&nbsp; **6272662** | &nbsp;&nbsp; **45068500** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |  |
| Investments | &nbsp;&nbsp; 2310971 | &nbsp;&nbsp; (12118659)<br>|
| Written options | &nbsp;&nbsp; 114802 | &nbsp;&nbsp; — |
| Foreign currencies | (76) | &nbsp;&nbsp; — |
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **2425697** | &nbsp;&nbsp; **(12118659)** |
| **Net Gain on Investments, Written Options and Foreign Currency** <br> **Transactions** <br>| &nbsp;&nbsp; **8698359** | &nbsp;&nbsp; **32949841** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$10671170** | &nbsp;&nbsp; **$32899574** |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Statements of Changes in Net Assets

Franklin ClearBridge Enhanced Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1972811 | $915288 |
| Net realized gain  | &nbsp;&nbsp; 6272662 | 2129448 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 2425697 | 3526478 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **10671170** | **6571214** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (7330888) | (762989) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(7330888)** | **(762989)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (800,000 and 1,200,000 shares issued, respectively)  | &nbsp;&nbsp; 44427351 | 60515382 |
| Cost of shares repurchased (150,000 and 150,000 shares repurchased, respectively)  | &nbsp;&nbsp; (8035790)<br>| (7780136)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **36391561** | **52735246** |
| **Increase in Net Assets** | &nbsp;&nbsp; **39731843** | **58543471** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 103386890 | 44843419 |
| **End of year** | &nbsp;&nbsp; **$143118733** | **$103386890** |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Statements of Changes in Net Assets (cont'd)

ClearBridge Large Cap Growth Select ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Years Ended March 31, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income (loss)  | &nbsp;&nbsp; $(50267) | $1029471 |
| Net realized gain (loss)  | &nbsp;&nbsp; 45068500 | (3223923) |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (12118659) | 11383255 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **32899574** | **9188803** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (550009) | (700001) |
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(550009)** | **(700001)** |
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (2,050,000 and 500,000 shares issued, respectively)  | &nbsp;&nbsp; 161007196 | 36056914 |
| Cost of shares repurchased (2,200,000 and 200,133 shares repurchased, respectively)  | &nbsp;&nbsp; (174208143)<br>| (14367182)<br>|
| Net assets of shares issued in connection with merger (0 and 1,813,881 shares issued, respectively) (Note <br> 6) <br>| &nbsp;&nbsp; — | 125493889 |
| **Increase (Decrease) in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(13200947)** | **147183621** |
| **Increase in Net Assets** | &nbsp;&nbsp; **19148618** | **155672423** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 380850090 | 225177667 |
| **End of year** | &nbsp;&nbsp; **$399998708** | **$380850090** |

---

See Notes to Financial Statements.

------

ClearBridge ETFs 2026 Annual Report

------

Financial Highlights

Franklin ClearBridge Enhanced Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>12</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $51.69 | &nbsp;&nbsp;&nbsp; $47.20 | &nbsp;&nbsp;&nbsp; $39.71 | &nbsp;&nbsp;&nbsp; $42.27 | &nbsp;&nbsp;&nbsp; $41.01 | &nbsp;&nbsp;&nbsp; $34.97 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | 4.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 |
| **Total income (loss) from operations** | **5.88** | &nbsp;&nbsp;&nbsp;&nbsp;**5.26** | &nbsp;&nbsp;&nbsp;&nbsp;**8.23** | &nbsp;&nbsp;&nbsp; **(1.85)** | &nbsp;&nbsp;&nbsp;&nbsp;**1.54** | &nbsp;&nbsp;&nbsp;&nbsp;**6.50** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Total distributions**  | &nbsp;&nbsp; **(3.56)**<br>| &nbsp;&nbsp;&nbsp; **(0.77)**<br>| &nbsp;&nbsp;&nbsp; **(0.74)**<br>| &nbsp;&nbsp;&nbsp; **(0.71)**<br>| &nbsp;&nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp;&nbsp; **(0.46)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $54.01 | &nbsp;&nbsp;&nbsp; $51.69 | &nbsp;&nbsp;&nbsp; $47.20 | &nbsp;&nbsp;&nbsp; $39.71 | &nbsp;&nbsp;&nbsp; $42.27 | &nbsp;&nbsp;&nbsp; $41.01 |
| **Total return, based on NAV**<sup>4</sup> <br>| **11.64%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11.20%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20.95%**<br>| &nbsp;&nbsp;&nbsp; **(4.27)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.75%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18.69%**<br>|
| **Net assets, end of year (000s)** | &nbsp;&nbsp; $143119 | &nbsp;&nbsp;&nbsp; $103387 | &nbsp;&nbsp;&nbsp; $44843 | &nbsp;&nbsp;&nbsp; $29782 | &nbsp;&nbsp;&nbsp; $21133 | &nbsp;&nbsp;&nbsp; $20504 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| Net expenses | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58 <br><sup>5</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp; 1.75 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| **Portfolio turnover rate**<sup>7</sup> <br>| &nbsp;&nbsp; **40%**<br>| &nbsp;&nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **6%**<br>| &nbsp;&nbsp;&nbsp; **9%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period December 1, 2021 through March 31, 2022.

<sup>3</sup> For the year ended November 30.

<sup>4</sup> 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. 

<sup>5</sup> Effective March 1, 2024, the Fund's management fee was reduced to 0.47%. Prior to March 1, 2024, the Fund paid a fee equal to an annual rate of 0.59% of the value of the average daily net assets of the Fund. 

<sup>6</sup> Annualized.

<sup>7</sup> 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.

------

ClearBridge ETFs 2026 Annual Report

------

Financial Highlights (cont'd)

ClearBridge Large Cap Growth Select ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31, unless otherwise noted:** |
|  | 2026<sup>1</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>12</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $69.70 | &nbsp;&nbsp;&nbsp; $67.22 | &nbsp;&nbsp;&nbsp; $47.67 | &nbsp;&nbsp;&nbsp; $53.73 | &nbsp;&nbsp;&nbsp; $60.55 | &nbsp;&nbsp;&nbsp; $48.84 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>4</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 5.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp;&nbsp; (6.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.85 |
| **Total income (loss) from operations** | **5.68** | &nbsp;&nbsp;&nbsp;&nbsp;**2.61** | &nbsp;&nbsp;&nbsp;&nbsp;**19.61** | &nbsp;&nbsp;&nbsp; **(5.24)** | &nbsp;&nbsp;&nbsp; **(6.09)** | &nbsp;&nbsp;&nbsp;&nbsp;**11.89** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total distributions**  | &nbsp;&nbsp; **(0.10)**<br>| &nbsp;&nbsp;&nbsp; **(0.13)**<br>| &nbsp;&nbsp;&nbsp; **(0.06)**<br>| &nbsp;&nbsp;&nbsp; **(0.82)**<br>| &nbsp;&nbsp;&nbsp; **(0.73)**<br>| &nbsp;&nbsp;&nbsp; **(0.18)**<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $75.28 | &nbsp;&nbsp;&nbsp; $69.70 | &nbsp;&nbsp;&nbsp; $67.22 | &nbsp;&nbsp;&nbsp; $47.67 | &nbsp;&nbsp;&nbsp; $53.73 | &nbsp;&nbsp;&nbsp; $60.55 |
| **Total return, based on NAV**<sup>5</sup> <br>| **8.14%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3.87%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **41.17%**<br>| &nbsp;&nbsp;&nbsp; **(9.48)%**<br>| &nbsp;&nbsp;&nbsp; **(10.21)%**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **24.44%**<br>|
| **Net assets, end of year (millions)** | &nbsp;&nbsp; $400 | &nbsp;&nbsp;&nbsp; $381 | &nbsp;&nbsp;&nbsp; $225 | &nbsp;&nbsp;&nbsp; $131 | &nbsp;&nbsp;&nbsp; $223 | &nbsp;&nbsp;&nbsp; $182 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>6,7</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>8</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| Net expenses | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>6</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 <br><sup>67</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59 <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net investment income (loss) | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br><sup>8</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Portfolio turnover rate**<sup>9</sup> <br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>| &nbsp;&nbsp;&nbsp; **12%**<br>| &nbsp;&nbsp;&nbsp; **17%**<br>| &nbsp;&nbsp;&nbsp; **9%**<br>| &nbsp;&nbsp;&nbsp; **18%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the period December 1, 2021 through March 31, 2022.

<sup>3</sup> For the year ended November 30.

<sup>4</sup> Amount represents less than $0.005 or greater than $(0.005) per share.

<sup>5</sup> 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. 

<sup>6</sup> Expense ratios are including reorganization expenses that were incurred by the Fund during the period. Without these fees, the gross and net expense ratios would have been 0.47% and 0.47%, respectively, for the year ended March 31, 2025, and 0.57% and 0.57%, respectively, for the year ended March 31, 2024. 

<sup>7</sup> Effective March 1, 2024, the Fund's management fee was reduced to 0.47%. Prior to March 1, 2024, the Fund paid a fee equal to an annual rate of 0.59% of the value of the average daily net assets of the Fund. 

<sup>8</sup> Annualized.

<sup>9</sup> 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.

------

ClearBridge ETFs 2026 Annual Report

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies**

Franklin ClearBridge Enhanced Income ETF ("Enhanced Income ETF'') and ClearBridge Large Cap Growth Select ETF ("Large Cap Growth Select ETF") (formerly ClearBridge Large Cap Growth ESG ETF) (the "Funds") are separate investment series of Legg Mason ETF Investment Trust (the "Trust"). Enhanced Income ETF is a separate diversified investment series of the Trust. Large Cap Growth Select ETF is a separate non-diversified investment series of the Trust. The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Funds are actively managed exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Funds are listed and traded at market prices on NASDAQ. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. 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 inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before each Fund calculate its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds' Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Funds' manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds' manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies, and reporting to the Funds' manager and the Board. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not

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ClearBridge ETFs 2026 Annual Report

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Notes to Financial Statements (cont'd)

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, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Funds' assets carried at fair value:

**Enhanced Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $141872669 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $141872669 |
| Short-Term Investments† | &nbsp;&nbsp; 1315210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1315210 |
| **Total Investments** | &nbsp;&nbsp; **$143187879** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$143187879** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Written Options: | &nbsp;&nbsp; $189912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $189912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedules of Investments for additional detailed categorizations.

**Large Cap Growth Select ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $392892696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $392892696 |
| Short-Term Investments† | &nbsp;&nbsp; 7375639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7375639 |
| **Total Investments** | &nbsp;&nbsp; **$400268335** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$400268335** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See
 Schedules of Investments for additional detailed categorizations.

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ClearBridge ETFs 2026 Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(b) Written options.** The Fund may write option contracts generally to gain or reduce exposure to certain types of investments or market factors or as a means of attempting to enhance returns. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the premium received is recorded as a realized gain. When a written call option is exercised, the difference between the premium received plus the option exercise price and the Fund's basis in the underlying security (in the case of a covered written call option), or the cost to purchase the underlying security (in the case of an uncovered written call option), including brokerage commission, is recognized as a realized gain or loss. When a written put option is exercised, the amount of the premium received is subtracted from the cost of the security purchased by the Fund from the exercise of the written put option to form the Fund's basis in the underlying security purchased. The writer or buyer of an option traded on an exchange can liquidate the position before the exercise of the option by entering into a closing transaction. The cost of a closing transaction is deducted from the original premium received resulting in a realized gain or loss to the Fund.

The risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. The risk in writing an uncovered call option is that the Fund is exposed to the risk of loss if the market price of the underlying security increases. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

**(c) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(d) Foreign investment risks.** The Funds' 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 can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds 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.

**(e) 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 Funds determine 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 Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(f) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Funds is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

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ClearBridge ETFs 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(g) Distributions to shareholders.** Large Cap Growth Select ETF distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. For Enhanced Income ETF, distributions from net investment income of the Fund, if any, are declared and paid on a monthly basis and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(h) Federal and other taxes.** It is the Funds' 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 Funds intend to distribute their 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 Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for the prior three fiscal years 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. In some cases, the Funds may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statements of Assets and Liabilities and dividend income in the Statements of Operations. In many cases, however, the Funds may not receive such amounts for an extended period of time, depending on the country of investment.

**(i) 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. During the current year, the following reclassifications have been made:

---

| | | |
|:---|:---|:---|
|  | Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| Enhanced Income ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; $(1259068)<br>| &nbsp;&nbsp; $1259068 |
| Large Cap Growth Select ETF<sup>(b)</sup> <br>| &nbsp;&nbsp; (45115872)<br>| &nbsp;&nbsp; 45115872 |

---

<sup>(a)</sup>

Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities, a taxable overdistribution, and book/tax differences in the treatment of various items.

<sup>(b)</sup>

Reclassifications are due to a book/tax differences in the treatment of an in-kind distribution of securities.

**2. Investment management agreement and other transactions with affiliates**

Franklin Templeton Fund Adviser, LLC ("FTFA") is each Fund's investment manager and ClearBridge Investments, LLC ("ClearBridge") is each Fund's subadviser. Western Asset Management Company, LLC ("Western Asset") manages the portion of each Fund's cash and short-term instruments allocated to it. FTFA, ClearBridge and Western Asset are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

Effective February 28, 2025, pursuant to a new sub-advisory agreement, Franklin Managed Options Strategies, LLC ("Franklin MOST") became a subadviser to Enhanced Income ETF, providing the day-to-day portfolio management of the options overlay portion of the portfolio. Franklin MOST is an indirect, wholly owned subsidiary of Franklin Resources.

On December 31, 2025, the investment management services provided by Franklin MOST, and the personnel of Franklin MOST who provided such services to Enhanced Income ETF, were transferred to O'Shaughnessy Asset Management, LLC ("OSAM"), also an indirect, wholly owned subsidiary of Franklin Resources. OSAM assumed the duties and obligations of Franklin MOST under the sub-advisory agreement between FTFA and Franklin MOST with respect to Enhanced Income ETF.

FTFA provides administrative and certain oversight services to the Funds. FTFA delegates to the subadviser the day-to-day portfolio management of the Funds. Each 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 Funds' Board, FTFA as to each Fund 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.

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ClearBridge ETFs 2026 Annual Report

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Each Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Annualized Fee Rate** |
| Enhanced Income ETF | &nbsp;&nbsp; 0.47% |
| Large Cap Growth Select ETF | &nbsp;&nbsp; 0.47% |

---

FTFA pays ClearBridge and OSAM each a fee monthly as compensation for their subadvisory services to Enhanced Income ETF. With respect to Large Cap Growth Select ETF, FTFA pays to ClearBridge a fee monthly as compensation for subadvisory services equal to 70% of the management fee paid to FTFA by Large Cap Growth Select ETF, 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 Large Cap Growth Select ETF) and (ii) expense waivers, if any, and reimbursements. In no event shall the subadvisory fee be less than zero. FTFA also pays Western Asset 0.02% of the portion of each Fund's respective average daily net assets that are allocated to Western Asset by FTFA, net of expense waivers, if any, and reimbursements.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Funds on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, each 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 Funds, 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.

**3. Investments**

During the year ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Enhanced Income ETF | &nbsp;&nbsp; $44624806 | &nbsp;&nbsp; $48678959 |
| Large Cap Growth Select ETF | &nbsp;&nbsp; 283032067 | &nbsp;&nbsp; 156596680 |

---

During the year ended March 31, 2026, in-kind transactions (Note 5) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Contributions | Redemptions | Realized Gain (Loss)\* |
| Enhanced Income ETF | &nbsp;&nbsp; $43033067 | &nbsp;&nbsp; $7780479 | &nbsp;&nbsp; $2130526 |
| Large Cap Growth Select ETF | &nbsp;&nbsp; 31779546 | &nbsp;&nbsp; 164371157 | &nbsp;&nbsp; 45995645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Funds' Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of each Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At March 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Enhanced Income ETF | Enhanced Income ETF | Enhanced Income ETF | Enhanced Income ETF |
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $131833216 | &nbsp;&nbsp; $15954233 | &nbsp;&nbsp; $(4599570)<br>| &nbsp;&nbsp; $11354663 |
| Written options | &nbsp;&nbsp; (513003)<br>| &nbsp;&nbsp; 330627 | &nbsp;&nbsp; (7536)<br>| &nbsp;&nbsp; 323091 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Large Cap Growth Select ETF | Large Cap Growth Select ETF | Large Cap Growth Select ETF | Large Cap Growth Select ETF |
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $327510030 | &nbsp;&nbsp; $94306012 | &nbsp;&nbsp; $(21547707)<br>| &nbsp;&nbsp; $72758305 |

---

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ClearBridge ETFs 2026 Annual Report

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Notes to Financial Statements (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Derivative instruments and hedging activities** 

**Enhanced Income ETF**

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statements of Assets and Liabilities at March 31, 2026.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Equity <br>Risk<br>|
| Written options | &nbsp;&nbsp; $189912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the year ended March 31, 2026. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Written options | &nbsp;&nbsp; $(158671)<br>|

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Equity <br>Risk<br>|
| Written options | &nbsp;&nbsp; $114802 |

---

During the year ended March 31, 2026, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Market <br>Value<sup>\*</sup> <br>|
| Written options | &nbsp;&nbsp; $251038 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

**Large Cap Growth Select ETF**

During the year ended March 31, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At March 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. Each Fund's shares are issued and redeemed by the Funds only in Creation Units or Creation Unit aggregations, where 50,000 shares of each 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 each Fund on the transaction date. Transactions in capital shares of the Funds are disclosed in detail in the Statements 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.

**6. Transfer of net assets**

On June 14, 2024, Large Cap Growth Select ETF acquired the assets and liabilities of ClearBridge All Cap Growth ESG ETF (the "Acquired Fund"), pursuant to a plan of reorganization approved by the Board of both the Acquired Fund and Large Cap Growth Select ETF. Total shares issued by Large Cap Growth Select ETF and the total net assets of the Acquired Fund and Large Cap Growth Select ETF on the date of the transfer were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Acquired Fund | Shares Issued <br>by the Fund<br>| Total Net Assets of the <br>Acquired Fund<br>| Total Net Assets <br>of the Fund<br>|
| ClearBridge All Cap Growth ESG ETF | &nbsp;&nbsp; 1813881 | &nbsp;&nbsp; $125493889 | &nbsp;&nbsp; $242148585 |

---

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ClearBridge ETFs 2026 Annual Report

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As part of the reorganization, for each common share they held, shareholders of the Acquired Fund received 0.771864 common shares of Large Cap Growth Select ETF. Large Cap Growth Select ETF did not issue any fractional shares to shareholders of the Acquired Fund. In lieu thereof, Large Cap Growth Select ETF purchased all fractional shares at the current net asset value of the shares and remitted the cash proceeds to former shareholders of the Acquired Fund in proportion to their fractional shares.

The total net assets of the Acquired Fund before the acquisition included unrealized appreciation of $33,607,978, accumulated net realized gain of $5,611,751 and overdistributed net investment income of $(62,976). Total net assets of Large Cap Growth Select ETF immediately after the transfer were $367,642,474. The transaction was structured to qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended.

Proforma results of operations of the combined entity for the entire year ended March 31, 2025, as though the acquisition had occurred as of the beginning of the period (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
|  | Unaudited |
| Net investment income | &nbsp;&nbsp; $1048904 |
| Net realized gain | &nbsp;&nbsp; 3605036 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 7856807 |
| **Increase in net assets from operations** | &nbsp;&nbsp; **$12510747** |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in Large Cap Growth Select ETF's accompanying Statement of Operations since the close of business on June 14, 2024.

**7. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal year ended March 31, 2026 was as follows:

---

| | | |
|:---|:---|:---|
|  | Enhanced Income ETF | Large Cap Growth Select ETF |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $6671582 | &nbsp;&nbsp; $550009 |
| Net long-term capital gains | &nbsp;&nbsp; 659306 | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **$7330888** | &nbsp;&nbsp; **$550009** |

---

The tax character of distributions paid during the fiscal period ended March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | Enhanced Income ETF | Large Cap Growth Select ETF |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $762989 | &nbsp;&nbsp; $700001 |

---

As of March 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Enhanced Income ETF | Large Cap Growth Select ETF |
| Deferred capital losses<sup>\*</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(22719089)<br>|
| Other book/tax temporary differences | &nbsp;&nbsp; $(323089 )<sup>(a)</sup><br>| &nbsp;&nbsp; (55793 )<sup>(b)</sup><br>|
| Unrealized appreciation (depreciation)<sup>(c)</sup> <br>| &nbsp;&nbsp; 11677676 | &nbsp;&nbsp; 72758305 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$11354587** | &nbsp;&nbsp; **$49983423** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains. 

<sup>(a)</sup> Other book/tax temporary differences are attributable to the realization for tax purposes of unrealized gains (losses) on options contracts.

<sup>(b)</sup> Other book/tax temporary differences are attributable to the deferral of certain late year losses for tax purposes.

<sup>(c)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales.

**8. Operating segments**

Each Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Funds within the Funds' investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Funds' operating results and allocating resources in accordance with the Funds' investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related Notes to Financial Statements. The Funds'

------

ClearBridge ETFs 2026 Annual Report

------

Notes to Financial Statements (cont'd)

Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

------

ClearBridge ETFs 2026 Annual Report

------

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Legg Mason ETF Investment Trust and Shareholders of Franklin ClearBridge Enhanced Income ETF and ClearBridge Large Cap Growth Select ETF**

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Franklin ClearBridge Enhanced Income ETF and ClearBridge Large Cap Growth Select ETF (two of the funds constituting Legg Mason ETF Investment Trust, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the four years in the period ended March 31, 2026, the period December 1, 2021 through March 31, 2022 and the year ended November 30, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each of the financial highlights for each of the four years in the period ended March 31, 2026, the period December 1, 2021 through March 31, 2022 and the year ended November 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

San Francisco, California

May 28, 2026

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

------

ClearBridge ETFs 2026 Annual Report

------

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Funds is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Funds hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Pursuant to:** | **Enhanced Income ETF** | **Large Cap Growth Select ETF** |
| Long-Term Capital Gain Dividends Distributed | §852(b)(3)(C) | $659306 |  |
| Income Eligible for Dividends Received Deduction (DRD) | §854(b)(1)(A) | $1691727 | $1153510 |
| Qualified Dividend Income Earned (QDI) | §854(b)(1)(B) | $2270728 | $1418326 |
| Qualified Net Interest Income (QII) | §871(k)(1)(C) | $5 | $31 |
| Qualified Business Income Dividends Earned | §199A | $165156 | $36043 |
| Section 163(j) Interest Earned | §163(j) | $5 | $47 |

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------

ClearBridge ETFs

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For 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 <br> Fund. | 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 <br> Fund. |

---

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ClearBridge ETFs

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ClearBridge ETFs

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadvisers**

ClearBridge Investments, LLC

O'Shaughnessy Asset Management, LLC<sup>†</sup>

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

†

Effective December 31, 2025, investment management services provided by Franklin Managed Options Strategies, LLC were transferred to O'Shaughnessy Asset Management, LLC.

**ClearBridge ETFs**

Franklin ClearBridge Enhanced Income ETF

ClearBridge Large Cap Growth Select ETF

The Funds are separate investment series of Legg Mason ETF Investment Trust, a Maryland statutory trust.

ClearBridge ETFs

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

The Funds file their 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 their reports on Form N-PORT. The Funds' 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 Funds at (800) DIAL BEN/342-5236.

Information on how the Funds 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 Funds use to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Funds at (800) DIAL BEN/342-5236, (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 Franklin ClearBridge Enhanced Income ETF and ClearBridge Large Cap Growth Select ETF. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by a current prospectus.

**Investors should consider each Fund's investment objectives, risks, charges and expenses carefully before investing. Each prospectus contains this and other important information about the Funds. Please read the prospectuses carefully before investing.**

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](imgc5cbe1eb3.jpg)

**CBETF-AFSOI 5/26**© 2026 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 EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and
 Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in
 the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the
 Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required
 designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](lmeit-efp24606_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](lmeit-efp24606_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](lmeit-efp24606_ex99906cert.htm)

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** | **Legg Mason ETF Investment Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | June 03, 2026 |

---

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: | June 03, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | June 03, 2026 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

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| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

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## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason ETF Investment Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 03, 2026 | /s/ Christopher Kings |
|  |  | Christopher Kings |
|  |  | Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Legg Mason ETF Investment Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 03, 2026 | /s/ Jeffrey White |
|  |  | Jeffrey White |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Legg Mason ETF Investment Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **March 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Legg Mason ETF Investment Trust | Legg Mason ETF Investment Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: June 03, 2026 | Date: June 03, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.