# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001133228-25-012979
**Filing Date:** 2025-12
**Character Count:** 108722
**Document Hash:** e8b5143c12c2cb9367f4e44de08aa032
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012979.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-012979

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 251537571

**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

### Royce Quant Small-Cap Quality Value ETF (Series ID: S000058077)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000190092 | Royce Quant Small-Cap Quality Value ETF | SQLV            |

?xml version='1.0' encoding='ASCII'? 2025-10-22832212_RoyceQuantSmall-CapQualityValueETF_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-23096**

**Legg Mason ETF Investment Trust**

(Exact name of registrant as specified in charter)

**One Madison Avenue, 17th 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: **September 30, 2025**

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

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img142327_202410281304782.jpg) |
| **Royce Quant Small-Cap Quality Value ETF**  | **Royce Quant Small-Cap Quality Value ETF**  |
| SQLV \| The Nasdaq Stock Market LLC  | Semi-Annual Shareholder Report \| September 30, 2025  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Royce Quant Small-Cap Quality Value ETF for the period April 1, 2025, to September 30, 2025.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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**<sup>†</sup>  |
| Royce Quant Small-Cap Quality Value ETF | $32 | 0.60% |

---

† Annualized.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $27773431 |
| **Total Number of Portfolio Holdings** | 289 |
| **Portfolio Turnover Rate** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5395img004.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Royce Quant Small-Cap Quality Value ETF PAGE 1 SQLV-STSR-1125

21.218.814.613.610.66.65.83.93.11.00.60.2 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&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.

![](img94834f2d1.gif)

**Royce**

**Quant Small-Cap Quality Value ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| September 30, 2025

![](imgbee134a42.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_SOI-Header-SOI-3296_1) | **1** |
| [Statement of Assets and Liabilities](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_SAL-Header-SAL-3296_1) | **12** |
| [Statement of Operations](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_SOP-Header-SOP-3296_1) | **13** |
| [Statements of Changes in Net Assets](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_SOC-Header-SOC-3296_1) | **14** |
| [Financial Highlights](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_FH-Header-Financialhighlights-3296_1) | **15** |
| [Notes to Financial Statements](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_NTF-Header-Notestofinancialstatements-3296_1) | **16** |
| [Changes in and Disagreements with Accountants](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_TSR-TOCTSRDisclosures-3296_1) | **24** |
| [Results of Meeting(s) of Shareholders](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_TSR-TOCTSRDisclosures-3296_1) | **24** |
| [Remuneration Paid to Directors, Officers and Others](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_TSR-TOCTSRDisclosures-3296_1) | **24** |
| [Board Approval of Management and Subadvisory](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_BAMSA-TOC-Mgmtandsubadvisoryagreements-3296_1) [Agreements](#xx_a1b7a5a2-d7ba-4033-9bcb-83f459bd7f9b_BAMSA-TOC-Mgmtandsubadvisoryagreements-3296_1) | **25** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

September 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 5.8%** | **Communication Services — 5.8%** | **Communication Services — 5.8%** |
| Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% |
| IDT Corp., Class B Shares | &nbsp;&nbsp; 895 | &nbsp;&nbsp; $46818<br>|
| Iridium Communications Inc. | &nbsp;&nbsp; 4527 | &nbsp;&nbsp; 79041<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 125859 |
| Interactive Media & Services — 2.3% | Interactive Media & Services — 2.3% | Interactive Media & Services — 2.3% |
| Angi Inc. | &nbsp;&nbsp; 5301 | &nbsp;&nbsp; 86,194<br> \*<br>|
| EverQuote Inc., Class A Shares | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 47,341<br> \*<br>|
| MediaAlpha Inc., Class A Shares | &nbsp;&nbsp; 5369 | &nbsp;&nbsp; 61,099<br> \*<br>|
| Shutterstock Inc. | &nbsp;&nbsp; 2447 | &nbsp;&nbsp; 51020<br>|
| Taboola.com Ltd. | &nbsp;&nbsp; 29043 | &nbsp;&nbsp; 99,037<br> \*<br>|
| TripAdvisor Inc. | &nbsp;&nbsp; 5559 | &nbsp;&nbsp; 90,389<br> \*<br>|
| Yelp Inc. | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 96,720<br> \*<br>|
| Ziff Davis Inc. | &nbsp;&nbsp; 3008 | &nbsp;&nbsp; 114,605<br> \*<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 646405 |
| Media — 2.8% | Media — 2.8% | Media — 2.8% |
| AMC Networks Inc., Class A Shares | &nbsp;&nbsp; 14706 | &nbsp;&nbsp; 121,177<br> \*<br>|
| Cable One Inc. | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 183424<br>|
| Ibotta Inc., Class A Shares | &nbsp;&nbsp; 1768 | &nbsp;&nbsp; 49,239<br> \*<br>|
| Integral Ad Science Holding Corp. | &nbsp;&nbsp; 12226 | &nbsp;&nbsp; 124,338<br> \*<br>|
| Scholastic Corp. | &nbsp;&nbsp; 2629 | &nbsp;&nbsp; 71982<br>|
| TEGNA Inc. | &nbsp;&nbsp; 11914 | &nbsp;&nbsp; 242212<br>|
| Total Media | Total Media | &nbsp;&nbsp; 792372 |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| Spok Holdings Inc. | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 52561<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1617197** |
| **Consumer Discretionary — 13.6%** | **Consumer Discretionary — 13.6%** | **Consumer Discretionary — 13.6%** |
| Automobile Components — 1.3% | Automobile Components — 1.3% | Automobile Components — 1.3% |
| LCI Industries | &nbsp;&nbsp; 1747 | &nbsp;&nbsp; 162733<br>|
| Phinia Inc. | &nbsp;&nbsp; 2298 | &nbsp;&nbsp; 132089<br>|
| Strattec Security Corp. | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 74,458<br> \*<br>|
| Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 369280 |
| Distributors — 0.5% | Distributors — 0.5% | Distributors — 0.5% |
| GigaCloud Technology Inc., Class A Shares | &nbsp;&nbsp; 3317 | &nbsp;&nbsp; 94,203<br> \*<br>|
| Weyco Group Inc. | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 49738<br>|
| Total Distributors | Total Distributors | &nbsp;&nbsp; 143941 |
| Diversified Consumer Services — 2.1% | Diversified Consumer Services — 2.1% | Diversified Consumer Services — 2.1% |
| Coursera Inc. | &nbsp;&nbsp; 6529 | &nbsp;&nbsp; 76,454<br> \*<br>|
| European Wax Center Inc., Class A Shares | &nbsp;&nbsp; 23411 | &nbsp;&nbsp; 93,410<br> \*<br>|
| Frontdoor Inc. | &nbsp;&nbsp; 2138 | &nbsp;&nbsp; 143,866<br> \*<br>|

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Diversified Consumer Services — continued | Diversified Consumer Services — continued | Diversified Consumer Services — continued |
| Perdoceo Education Corp. | &nbsp;&nbsp; 5041 | &nbsp;&nbsp; $189844<br>|
| Strategic Education Inc. | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 74829<br>|
| Total Diversified Consumer Services | Total Diversified Consumer Services | &nbsp;&nbsp; 578403 |
| Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% | Hotels, Restaurants & Leisure — 0.9% |
| Monarch Casino & Resort Inc. | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 174107<br>|
| United Parks & Resorts Inc. | &nbsp;&nbsp; 1473 | &nbsp;&nbsp; 76,154<br> \*<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 250261 |
| Household Durables — 1.4% | Household Durables — 1.4% | Household Durables — 1.4% |
| Cricut Inc., Class A Shares | &nbsp;&nbsp; 28294 | &nbsp;&nbsp; 177969<br>|
| Flexsteel Industries Inc. | &nbsp;&nbsp; 1538 | &nbsp;&nbsp; 71286<br>|
| Hamilton Beach Brands Holding Co., Class A Shares | &nbsp;&nbsp; 2921 | &nbsp;&nbsp; 41975<br>|
| Hooker Furnishings Corp. | &nbsp;&nbsp; 5099 | &nbsp;&nbsp; 51755<br>|
| Lifetime Brands Inc. | &nbsp;&nbsp; 10723 | &nbsp;&nbsp; 41498<br>|
| Total Household Durables | Total Household Durables | &nbsp;&nbsp; 384483 |
| Leisure Products — 1.1% | Leisure Products — 1.1% | Leisure Products — 1.1% |
| JAKKS Pacific Inc. | &nbsp;&nbsp; 3613 | &nbsp;&nbsp; 67672<br>|
| Marine Products Corp. | &nbsp;&nbsp; 8630 | &nbsp;&nbsp; 76548<br>|
| Polaris Inc. | &nbsp;&nbsp; 2763 | &nbsp;&nbsp; 160613<br>|
| Total Leisure Products | Total Leisure Products | &nbsp;&nbsp; 304833 |
| Specialty Retail — 4.3% | Specialty Retail — 4.3% | Specialty Retail — 4.3% |
| Abercrombie & Fitch Co., Class A Shares | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; 139,874<br> \*<br>|
| Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 3134 | &nbsp;&nbsp; 156763<br>|
| Buckle Inc. | &nbsp;&nbsp; 3759 | &nbsp;&nbsp; 220503<br>|
| Monro Inc. | &nbsp;&nbsp; 3633 | &nbsp;&nbsp; 65285<br>|
| ODP Corp. | &nbsp;&nbsp; 7273 | &nbsp;&nbsp; 202,553<br> \*<br>|
| Sally Beauty Holdings Inc. | &nbsp;&nbsp; 13217 | &nbsp;&nbsp; 215,173<br> \*<br>|
| Tile Shop Holdings Inc. | &nbsp;&nbsp; 8731 | &nbsp;&nbsp; 52,822<br> \*<br>|
| Torrid Holdings Inc. | &nbsp;&nbsp; 41868 | &nbsp;&nbsp; 73,269<br> \*<br>|
| Winmark Corp. | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 56248<br>|
| Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 1182490 |
| Textiles, Apparel & Luxury Goods — 2.0% | Textiles, Apparel & Luxury Goods — 2.0% | Textiles, Apparel & Luxury Goods — 2.0% |
| Carter's Inc. | &nbsp;&nbsp; 5131 | &nbsp;&nbsp; 144797<br>|
| Columbia Sportswear Co. | &nbsp;&nbsp; 2321 | &nbsp;&nbsp; 121388<br>|
| G-III Apparel Group Ltd. | &nbsp;&nbsp; 4530 | &nbsp;&nbsp; 120,543<br> \*<br>|
| Rocky Brands Inc. | &nbsp;&nbsp; 3683 | &nbsp;&nbsp; 109717<br>|
| Superior Group of Cos. Inc. | &nbsp;&nbsp; 6087 | &nbsp;&nbsp; 65253<br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 561698 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3775389** |

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** |
| Beverages — 0.3% | Beverages — 0.3% | Beverages — 0.3% |
| National Beverage Corp. | &nbsp;&nbsp; 2187 | &nbsp;&nbsp; $80,744<br> \*<br>|
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Village Super Market Inc., Class A Shares | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 84807<br>|
| Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% |
| Calavo Growers Inc. | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 62574<br>|
| Cal-Maine Foods Inc. | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 51190<br>|
| Fresh Del Monte Produce Inc.  | &nbsp;&nbsp; 6306 | &nbsp;&nbsp; 218944<br>|
| Seneca Foods Corp., Class A Shares | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 75,882<br> \*<br>|
| Total Food Products | Total Food Products | &nbsp;&nbsp; 408590 |
| Household Products — 0.3% | Household Products — 0.3% | Household Products — 0.3% |
| Central Garden & Pet Co. | &nbsp;&nbsp; 3087 | &nbsp;&nbsp; 100,791<br> \*<br>|
| Personal Care Products — 0.7% | Personal Care Products — 0.7% | Personal Care Products — 0.7% |
| Lifevantage Corp. | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 39066<br>|
| Nature's Sunshine Products Inc. | &nbsp;&nbsp; 4629 | &nbsp;&nbsp; 71,842<br> \*<br>|
| USANA Health Sciences Inc. | &nbsp;&nbsp; 2922 | &nbsp;&nbsp; 80,501<br> \*<br>|
| Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 191409 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **866341** |
| **Energy — 6.6%** | **Energy — 6.6%** | **Energy — 6.6%** |
| Energy Equipment & Services — 2.2% | Energy Equipment & Services — 2.2% | Energy Equipment & Services — 2.2% |
| Aris Water Solutions Inc., Class A Shares | &nbsp;&nbsp; 3394 | &nbsp;&nbsp; 83696<br>|
| Cactus Inc., Class A Shares | &nbsp;&nbsp; 2713 | &nbsp;&nbsp; 107082<br>|
| Helix Energy Solutions Group Inc. | &nbsp;&nbsp; 19097 | &nbsp;&nbsp; 125,276<br> \*<br>|
| Mammoth Energy Services Inc. | &nbsp;&nbsp; 17954 | &nbsp;&nbsp; 41,115<br> \*<br>|
| Ranger Energy Services Inc., Class A Shares | &nbsp;&nbsp; 7102 | &nbsp;&nbsp; 99712<br>|
| RPC Inc. | &nbsp;&nbsp; 11282 | &nbsp;&nbsp; 53702<br>|
| Tidewater Inc. | &nbsp;&nbsp; 2099 | &nbsp;&nbsp; 111,940<br> \*<br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 622523 |
| Oil, Gas & Consumable Fuels — 4.4% | Oil, Gas & Consumable Fuels — 4.4% | Oil, Gas & Consumable Fuels — 4.4% |
| Berry Corp. | &nbsp;&nbsp; 48854 | &nbsp;&nbsp; 184668<br>|
| Civitas Resources Inc. | &nbsp;&nbsp; 5960 | &nbsp;&nbsp; 193700<br>|
| Crescent Energy Co., Class A Shares | &nbsp;&nbsp; 18526 | &nbsp;&nbsp; 165252<br>|
| Excelerate Energy Inc., Class A Shares | &nbsp;&nbsp; 2884 | &nbsp;&nbsp; 72648<br>|
| International Seaways Inc. | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 51472<br>|
| Murphy Oil Corp. | &nbsp;&nbsp; 6810 | &nbsp;&nbsp; 193472<br>|
| REX American Resources Corp. | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 42,439<br> \*<br>|
| SandRidge Energy Inc. | &nbsp;&nbsp; 4615 | &nbsp;&nbsp; 52057<br>|
| Talos Energy Inc. | &nbsp;&nbsp; 15740 | &nbsp;&nbsp; 150,947<br> \*<br>|

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued | Oil, Gas & Consumable Fuels — continued |
| World Kinect Corp. | &nbsp;&nbsp; 3857 | &nbsp;&nbsp; $100089<br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 1206744 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1829267** |
| **Financials — 21.2%** | **Financials — 21.2%** | **Financials — 21.2%** |
| Banks — 8.2% | Banks — 8.2% | Banks — 8.2% |
| Axos Financial Inc. | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 43,595<br> \*<br>|
| Cathay General Bancorp | &nbsp;&nbsp; 3142 | &nbsp;&nbsp; 150847<br>|
| Civista Bancshares Inc. | &nbsp;&nbsp; 5872 | &nbsp;&nbsp; 119260<br>|
| Financial Institutions Inc. | &nbsp;&nbsp; 3628 | &nbsp;&nbsp; 98682<br>|
| First Financial Corp. | &nbsp;&nbsp; 2345 | &nbsp;&nbsp; 132352<br>|
| Hanmi Financial Corp. | &nbsp;&nbsp; 2950 | &nbsp;&nbsp; 72836<br>|
| Home Bancorp Inc. | &nbsp;&nbsp; 1118 | &nbsp;&nbsp; 60735<br>|
| International Bancshares Corp. | &nbsp;&nbsp; 3017 | &nbsp;&nbsp; 207419<br>|
| MainStreet Bancshares Inc. | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 81404<br>|
| Mercantile Bank Corp. | &nbsp;&nbsp; 2814 | &nbsp;&nbsp; 126630<br>|
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 43994<br>|
| Midland States Bancorp Inc. | &nbsp;&nbsp; 4707 | &nbsp;&nbsp; 80678<br>|
| NBT Bancorp Inc. | &nbsp;&nbsp; 2352 | &nbsp;&nbsp; 98220<br>|
| Northeast Bank | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 52584<br>|
| Northeast Community Bancorp Inc. | &nbsp;&nbsp; 5045 | &nbsp;&nbsp; 103776<br>|
| Old Second Bancorp Inc. | &nbsp;&nbsp; 7246 | &nbsp;&nbsp; 125247<br>|
| Parke Bancorp Inc. | &nbsp;&nbsp; 4959 | &nbsp;&nbsp; 106867<br>|
| Peoples Bancorp Inc. | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 52842<br>|
| Plumas Bancorp | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 53062<br>|
| Preferred Bank | &nbsp;&nbsp; 1613 | &nbsp;&nbsp; 145799<br>|
| S&T Bancorp Inc. | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 43116<br>|
| Unity Bancorp Inc. | &nbsp;&nbsp; 2920 | &nbsp;&nbsp; 142700<br>|
| WesBanco Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 51088<br>|
| Wintrust Financial Corp. | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 93635<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 2287368 |
| Capital Markets — 4.1% | Capital Markets — 4.1% | Capital Markets — 4.1% |
| Acadian Asset Management Inc. | &nbsp;&nbsp; 2132 | &nbsp;&nbsp; 102677<br>|
| Artisan Partners Asset Management Inc., Class A Shares | &nbsp;&nbsp; 4120 | &nbsp;&nbsp; 178808<br>|
| Cohen & Steers Inc. | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 41334<br>|
| Diamond Hill Investment Group Inc. | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 97027<br>|
| DigitalBridge Group Inc. | &nbsp;&nbsp; 4672 | &nbsp;&nbsp; 54662<br>|
| Donnelley Financial Solutions Inc. | &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 79,511<br> \*<br>|
| Federated Hermes Inc. | &nbsp;&nbsp; 4395 | &nbsp;&nbsp; 228232<br>|
| Victory Capital Holdings Inc., Class A Shares | &nbsp;&nbsp; 3698 | &nbsp;&nbsp; 239483<br>|

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Capital Markets — continued | Capital Markets — continued | Capital Markets — continued |
| Webull Corp. | &nbsp;&nbsp; 7151 | &nbsp;&nbsp; $105,763<br> \*<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1127497 |
| Consumer Finance — 1.0% | Consumer Finance — 1.0% | Consumer Finance — 1.0% |
| Bread Financial Holdings Inc. | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 50639<br>|
| PROG Holdings Inc. | &nbsp;&nbsp; 3970 | &nbsp;&nbsp; 128469<br>|
| World Acceptance Corp. | &nbsp;&nbsp; 639 | &nbsp;&nbsp; 108,081<br> \*<br>|
| Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 287189 |
| Financial Services — 4.1% | Financial Services — 4.1% | Financial Services — 4.1% |
| Cass Information Systems Inc. | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; 73862<br>|
| Euronet Worldwide Inc. | &nbsp;&nbsp; 1441 | &nbsp;&nbsp; 126,534<br> \*<br>|
| International Money Express Inc. | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 57,207<br> \*<br>|
| Merchants Bancorp | &nbsp;&nbsp; 3651 | &nbsp;&nbsp; 116102<br>|
| NCR Atleos Corp. | &nbsp;&nbsp; 4329 | &nbsp;&nbsp; 170,173<br> \*<br>|
| NMI Holdings Inc. | &nbsp;&nbsp; 4517 | &nbsp;&nbsp; 173,182<br> \*<br>|
| Payoneer Global Inc. | &nbsp;&nbsp; 18583 | &nbsp;&nbsp; 112,427<br> \*<br>|
| Radian Group Inc. | &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 95150<br>|
| Repay Holdings Corp. | &nbsp;&nbsp; 15263 | &nbsp;&nbsp; 79,825<br> \*<br>|
| Western Union Co. | &nbsp;&nbsp; 18433 | &nbsp;&nbsp; 147280<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1151742 |
| Insurance — 3.8% | Insurance — 3.8% | Insurance — 3.8% |
| American Coastal Insurance Corp. | &nbsp;&nbsp; 7205 | &nbsp;&nbsp; 82065<br>|
| American Integrity Insurance Group Inc. | &nbsp;&nbsp; 4410 | &nbsp;&nbsp; 98,387<br> \*<br>|
| Brighthouse Financial Inc. | &nbsp;&nbsp; 3069 | &nbsp;&nbsp; 162,902<br> \*<br>|
| Heritage Insurance Holdings Inc. | &nbsp;&nbsp; 4171 | &nbsp;&nbsp; 105,026<br> \*<br>|
| Kingstone Cos. Inc. | &nbsp;&nbsp; 4321 | &nbsp;&nbsp; 63519<br>|
| Mercury General Corp. | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; 173290<br>|
| Oscar Health Inc., Class A Shares | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 41,646<br> \*<br>|
| Slide Insurance Holdings Inc. | &nbsp;&nbsp; 8376 | &nbsp;&nbsp; 132,215<br> \*<br>|
| Universal Insurance Holdings Inc. | &nbsp;&nbsp; 1666 | &nbsp;&nbsp; 43816<br>|
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 140408<br>|
| Total Insurance | Total Insurance | &nbsp;&nbsp; 1043274 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **5897070** |
| **Health Care — 18.8%** | **Health Care — 18.8%** | **Health Care — 18.8%** |
| Biotechnology — 3.2% | Biotechnology — 3.2% | Biotechnology — 3.2% |
| ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp; 4790 | &nbsp;&nbsp; 102,219<br> \*<br>|
| Anika Therapeutics Inc. | &nbsp;&nbsp; 6084 | &nbsp;&nbsp; 57,190<br> \*<br>|
| Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 5083 | &nbsp;&nbsp; 100,135<br> \*<br>|
| Dynavax Technologies Corp. | &nbsp;&nbsp; 8419 | &nbsp;&nbsp; 83,601<br> \*<br>|
| Emergent BioSolutions Inc. | &nbsp;&nbsp; 9890 | &nbsp;&nbsp; 87,230<br> \*<br>|
| Kura Oncology Inc. | &nbsp;&nbsp; 7230 | &nbsp;&nbsp; 63,985<br> \*<br>|

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology — continued | Biotechnology — continued | Biotechnology — continued |
| Monte Rosa Therapeutics Inc. | &nbsp;&nbsp; 11024 | &nbsp;&nbsp; $81,688<br> \*<br>|
| PTC Therapeutics Inc. | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 94,141<br> \*<br>|
| Puma Biotechnology Inc. | &nbsp;&nbsp; 18725 | &nbsp;&nbsp; 99,430<br> \*<br>|
| Veracyte Inc. | &nbsp;&nbsp; 2904 | &nbsp;&nbsp; 99,694<br> \*<br>|
| Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 869313 |
| Health Care Equipment & Supplies — 5.9% | Health Care Equipment & Supplies — 5.9% | Health Care Equipment & Supplies — 5.9% |
| Avanos Medical Inc. | &nbsp;&nbsp; 8409 | &nbsp;&nbsp; 97,208<br> \*<br>|
| CONMED Corp. | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 65042<br>|
| DENTSPLY SIRONA Inc. | &nbsp;&nbsp; 11595 | &nbsp;&nbsp; 147141<br>|
| Embecta Corp. | &nbsp;&nbsp; 6589 | &nbsp;&nbsp; 92971<br>|
| Envista Holdings Corp. | &nbsp;&nbsp; 7406 | &nbsp;&nbsp; 150,860<br> \*<br>|
| Haemonetics Corp. | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 70,917<br> \*<br>|
| ICU Medical Inc. | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 46,424<br> \*<br>|
| Integer Holdings Corp. | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 109,426<br> \*<br>|
| Integra LifeSciences Holdings Corp. | &nbsp;&nbsp; 3279 | &nbsp;&nbsp; 46,988<br> \*<br>|
| iRadimed Corp. | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 110298<br>|
| Kewaunee Scientific Corp. | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 46,488<br> \*<br>|
| Lantheus Holdings Inc. | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 121,455<br> \*<br>|
| LeMaitre Vascular Inc. | &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 113413<br>|
| OmniAb Inc., $12.50 EARNOUT | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| OmniAb Inc., $15.00 EARNOUT | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| Omnicell Inc. | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; 102,921<br> \*<br>|
| STAAR Surgical Co. | &nbsp;&nbsp; 3082 | &nbsp;&nbsp; 82,813<br> \*<br>|
| Tactile Systems Technology Inc. | &nbsp;&nbsp; 4259 | &nbsp;&nbsp; 58,945<br> \*<br>|
| Utah Medical Products Inc. | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 63726<br>|
| Varex Imaging Corp. | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 117,800<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1644836 |
| Health Care Providers & Services — 3.7% | Health Care Providers & Services — 3.7% | Health Care Providers & Services — 3.7% |
| Addus HomeCare Corp. | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 124,952<br> \*<br>|
| Astrana Health Inc. | &nbsp;&nbsp; 4163 | &nbsp;&nbsp; 118,021<br> \*<br>|
| Castle Biosciences Inc. | &nbsp;&nbsp; 3178 | &nbsp;&nbsp; 72,363<br> \*<br>|
| Concentra Group Holdings Parent Inc. | &nbsp;&nbsp; 2784 | &nbsp;&nbsp; 58269<br>|
| CorVel Corp. | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 51,097<br> \*<br>|
| Cross Country Healthcare Inc. | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 47,939<br> \*<br>|
| DocGo Inc. | &nbsp;&nbsp; 47195 | &nbsp;&nbsp; 64,185<br> \*<br>|
| National Research Corp. | &nbsp;&nbsp; 4434 | &nbsp;&nbsp; 56667<br>|
| Owens & Minor Inc. | &nbsp;&nbsp; 27635 | &nbsp;&nbsp; 132,648<br> \*<br>|
| Pediatrix Medical Group Inc. | &nbsp;&nbsp; 8879 | &nbsp;&nbsp; 148,723<br> \*<br>|
| Premier Inc., Class A Shares | &nbsp;&nbsp; 5322 | &nbsp;&nbsp; 147952<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 1022816 |

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Technology — 0.3% | Health Care Technology — 0.3% | Health Care Technology — 0.3% |
| HealthStream Inc. | &nbsp;&nbsp; 3038 | &nbsp;&nbsp; $85793<br>|
| Life Sciences Tools & Services — 0.2% | Life Sciences Tools & Services — 0.2% | Life Sciences Tools & Services — 0.2% |
| Cytek Biosciences Inc. | &nbsp;&nbsp; 16868 | &nbsp;&nbsp; 58,532<br> \*<br>|
| Pharmaceuticals — 5.5% | Pharmaceuticals — 5.5% | Pharmaceuticals — 5.5% |
| Amneal Pharmaceuticals Inc. | &nbsp;&nbsp; 8263 | &nbsp;&nbsp; 82,712<br> \*<br>|
| Amphastar Pharmaceuticals Inc. | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; 95,647<br> \*<br>|
| ANI Pharmaceuticals Inc. | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 66,410<br> \*<br>|
| Biote Corp., Class A Shares | &nbsp;&nbsp; 13270 | &nbsp;&nbsp; 39,810<br> \*<br>|
| Collegium Pharmaceutical Inc. | &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 91,919<br> \*<br>|
| Harmony Biosciences Holdings Inc. | &nbsp;&nbsp; 3373 | &nbsp;&nbsp; 92,960<br> \*<br>|
| Innoviva Inc. | &nbsp;&nbsp; 6955 | &nbsp;&nbsp; 126,929<br> \*<br>|
| Ligand Pharmaceuticals Inc. | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 118,684<br> \*<br>|
| Organon & Co. | &nbsp;&nbsp; 20218 | &nbsp;&nbsp; 215928<br>|
| Pacira BioSciences Inc. | &nbsp;&nbsp; 5766 | &nbsp;&nbsp; 148,590<br> \*<br>|
| Phibro Animal Health Corp., Class A Shares | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 41997<br>|
| Prestige Consumer Healthcare Inc. | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 110,136<br> \*<br>|
| SIGA Technologies Inc. | &nbsp;&nbsp; 15791 | &nbsp;&nbsp; 144488<br>|
| Supernus Pharmaceuticals Inc. | &nbsp;&nbsp; 3314 | &nbsp;&nbsp; 158,376<br> \*<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 1534586 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5215876** |
| **Industrials — 14.6%** | **Industrials — 14.6%** | **Industrials — 14.6%** |
| Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% |
| National Presto Industries Inc. | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 62131<br>|
| Park Aerospace Corp. | &nbsp;&nbsp; 4974 | &nbsp;&nbsp; 101171<br>|
| Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 163302 |
| Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% | Air Freight & Logistics — 0.6% |
| Hub Group Inc., Class A Shares | &nbsp;&nbsp; 3297 | &nbsp;&nbsp; 113549<br>|
| Radiant Logistics Inc. | &nbsp;&nbsp; 10664 | &nbsp;&nbsp; 62,917<br> \*<br>|
| Total Air Freight & Logistics | Total Air Freight & Logistics | &nbsp;&nbsp; 176466 |
| Building Products — 2.2% | Building Products — 2.2% | Building Products — 2.2% |
| Gibraltar Industries Inc. | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 123,842<br> \*<br>|
| Insteel Industries Inc. | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 79671<br>|
| Janus International Group Inc. | &nbsp;&nbsp; 11006 | &nbsp;&nbsp; 108,629<br> \*<br>|
| Masterbrand Inc. | &nbsp;&nbsp; 18194 | &nbsp;&nbsp; 239,615<br> \*<br>|
| Quanex Building Products Corp. | &nbsp;&nbsp; 3115 | &nbsp;&nbsp; 44295<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 596052 |
| Commercial Services & Supplies — 1.4% | Commercial Services & Supplies — 1.4% | Commercial Services & Supplies — 1.4% |
| ACCO Brands Corp. | &nbsp;&nbsp; 33415 | &nbsp;&nbsp; 133326<br>|
| Civeo Corp. | &nbsp;&nbsp; 1842 | &nbsp;&nbsp; 42366<br>|
| Ennis Inc. | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 95056<br>|

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — continued | Commercial Services & Supplies — continued | Commercial Services & Supplies — continued |
| Liquidity Services Inc. | &nbsp;&nbsp; 2127 | &nbsp;&nbsp; $58,344<br> \*<br>|
| Virco Mfg. Corp. | &nbsp;&nbsp; 6574 | &nbsp;&nbsp; 50948<br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 380040 |
| Construction & Engineering — 1.6% | Construction & Engineering — 1.6% | Construction & Engineering — 1.6% |
| Argan Inc. | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 149067<br>|
| NWPX Infrastructure Inc. | &nbsp;&nbsp; 1977 | &nbsp;&nbsp; 104,643<br> \*<br>|
| Tutor Perini Corp. | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 184,308<br> \*<br>|
| Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 438018 |
| Electrical Equipment — 1.6% | Electrical Equipment — 1.6% | Electrical Equipment — 1.6% |
| Atkore Inc. | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 73531<br>|
| Powell Industries Inc. | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 153929<br>|
| Preformed Line Products Co. | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 43349<br>|
| Sensata Technologies Holding PLC | &nbsp;&nbsp; 4039 | &nbsp;&nbsp; 123392<br>|
| Ultralife Corp. | &nbsp;&nbsp; 8210 | &nbsp;&nbsp; 55,992<br> \*<br>|
| Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 450193 |
| Machinery — 1.7% | Machinery — 1.7% | Machinery — 1.7% |
| Blue Bird Corp. | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 73,664<br> \*<br>|
| FreightCar America Inc. | &nbsp;&nbsp; 5839 | &nbsp;&nbsp; 57,105<br> \*<br>|
| Mayville Engineering Co. Inc. | &nbsp;&nbsp; 5668 | &nbsp;&nbsp; 77,992<br> \*<br>|
| Omega Flex Inc. | &nbsp;&nbsp; 1514 | &nbsp;&nbsp; 47214<br>|
| Terex Corp. | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 70435<br>|
| Titan International Inc. | &nbsp;&nbsp; 6159 | &nbsp;&nbsp; 46,562<br> \*<br>|
| Wabash National Corp. | &nbsp;&nbsp; 4368 | &nbsp;&nbsp; 43112<br>|
| Worthington Enterprises Inc. | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 61150<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 477234 |
| Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% |
| SkyWest Inc. | &nbsp;&nbsp; 1759 | &nbsp;&nbsp; 176,991<br> \*<br>|
| Sun Country Airlines Holdings Inc. | &nbsp;&nbsp; 4361 | &nbsp;&nbsp; 51,503<br> \*<br>|
| Total Passenger Airlines | Total Passenger Airlines | &nbsp;&nbsp; 228494 |
| Professional Services — 3.1% | Professional Services — 3.1% | Professional Services — 3.1% |
| Forrester Research Inc. | &nbsp;&nbsp; 5586 | &nbsp;&nbsp; 59,212<br> \*<br>|
| Franklin Covey Co. | &nbsp;&nbsp; 4866 | &nbsp;&nbsp; 94,449<br> \*<br>|
| Heidrick & Struggles International Inc. | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 87745<br>|
| Kelly Services Inc., Class A Shares | &nbsp;&nbsp; 10974 | &nbsp;&nbsp; 143979<br>|
| Kforce Inc. | &nbsp;&nbsp; 3691 | &nbsp;&nbsp; 110656<br>|
| Korn Ferry | &nbsp;&nbsp; 2359 | &nbsp;&nbsp; 165083<br>|
| Resources Connection Inc. | &nbsp;&nbsp; 10548 | &nbsp;&nbsp; 53267<br>|
| TriNet Group Inc.  | &nbsp;&nbsp; 2151 | &nbsp;&nbsp; 143880<br>|
| Total Professional Services | Total Professional Services | &nbsp;&nbsp; 858271 |

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% | Trading Companies & Distributors — 1.0% |
| Global Industrial Co. | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; $54822<br>|
| Hudson Technologies Inc. | &nbsp;&nbsp; 9382 | &nbsp;&nbsp; 93,163<br> \*<br>|
| Karat Packaging Inc. | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; 69378<br>|
| Rush Enterprises Inc., Class A Shares | &nbsp;&nbsp; 1094 | &nbsp;&nbsp; 58496<br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 275859 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4043929** |
| **Information Technology — 10.6%** | **Information Technology — 10.6%** | **Information Technology — 10.6%** |
| Communications Equipment — 0.8% | Communications Equipment — 0.8% | Communications Equipment — 0.8% |
| Harmonic Inc. | &nbsp;&nbsp; 4966 | &nbsp;&nbsp; 50,554<br> \*<br>|
| NETGEAR Inc. | &nbsp;&nbsp; 2899 | &nbsp;&nbsp; 93,898<br> \*<br>|
| NetScout Systems Inc. | &nbsp;&nbsp; 3696 | &nbsp;&nbsp; 95,468<br> \*<br>|
| Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 239920 |
| Electronic Equipment, Instruments & Components — 4.2% | Electronic Equipment, Instruments & Components — 4.2% | Electronic Equipment, Instruments & Components — 4.2% |
| Bel Fuse Inc., Class B Shares | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 126213<br>|
| Benchmark Electronics Inc. | &nbsp;&nbsp; 2445 | &nbsp;&nbsp; 94255<br>|
| Coda Octopus Group Inc. | &nbsp;&nbsp; 5493 | &nbsp;&nbsp; 44,081<br> \*<br>|
| CTS Corp. | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 89865<br>|
| Daktronics Inc. | &nbsp;&nbsp; 5251 | &nbsp;&nbsp; 109,851<br> \*<br>|
| ePlus Inc.  | &nbsp;&nbsp; 1409 | &nbsp;&nbsp; 100053<br>|
| IPG Photonics Corp. | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 41,020<br> \*<br>|
| M-Tron Industries Inc. | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 54,038<br> \*<br>|
| PC Connection Inc. | &nbsp;&nbsp; 1977 | &nbsp;&nbsp; 122554<br>|
| Plexus Corp. | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 72,200<br> \*<br>|
| Sanmina Corp. | &nbsp;&nbsp; 894 | &nbsp;&nbsp; 102,908<br> \*<br>|
| ScanSource Inc. | &nbsp;&nbsp; 2492 | &nbsp;&nbsp; 109,623<br> \*<br>|
| Vishay Intertechnology Inc. | &nbsp;&nbsp; 2757 | &nbsp;&nbsp; 42182<br>|
| Vishay Precision Group Inc. | &nbsp;&nbsp; 2229 | &nbsp;&nbsp; 71,440<br> \*<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 1180283 |
| IT Services — 1.7% | IT Services — 1.7% | IT Services — 1.7% |
| ASGN Inc. | &nbsp;&nbsp; 2413 | &nbsp;&nbsp; 114,256<br> \*<br>|
| DXC Technology Co. | &nbsp;&nbsp; 13956 | &nbsp;&nbsp; 190,220<br> \*<br>|
| Hackett Group Inc. | &nbsp;&nbsp; 3412 | &nbsp;&nbsp; 64862<br>|
| TSS Inc. | &nbsp;&nbsp; 3017 | &nbsp;&nbsp; 54,638<br> \*<br>|
| Unisys Corp. | &nbsp;&nbsp; 10473 | &nbsp;&nbsp; 40,845<br> \*<br>|
| Total IT Services | Total IT Services | &nbsp;&nbsp; 464821 |
| Semiconductors & Semiconductor Equipment — 1.2% | Semiconductors & Semiconductor Equipment — 1.2% | Semiconductors & Semiconductor Equipment — 1.2% |
| inTEST Corp. | &nbsp;&nbsp; 6618 | &nbsp;&nbsp; 51,687<br> \*<br>|
| NVE Corp. | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 61484<br>|
| Penguin Solutions Inc. | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 122,333<br> \*<br>|

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued | Semiconductors & Semiconductor Equipment — continued |
| Photronics Inc. | &nbsp;&nbsp; 3823 | &nbsp;&nbsp; $87,738<br> \*<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 323242 |
| Software — 2.7% | Software — 2.7% | Software — 2.7% |
| A10 Networks Inc. | &nbsp;&nbsp; 5965 | &nbsp;&nbsp; 108265<br>|
| Adeia Inc. | &nbsp;&nbsp; 12335 | &nbsp;&nbsp; 207228<br>|
| Consensus Cloud Solutions Inc. | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 77,654<br> \*<br>|
| Expensify Inc., Class A Shares | &nbsp;&nbsp; 30109 | &nbsp;&nbsp; 55,702<br> \*<br>|
| Mitek Systems Inc. | &nbsp;&nbsp; 4144 | &nbsp;&nbsp; 40,487<br> \*<br>|
| Progress Software Corp. | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 63786<br>|
| Teradata Corp. | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 72,618<br> \*<br>|
| Verint Systems Inc. | &nbsp;&nbsp; 3139 | &nbsp;&nbsp; 63,565<br> \*<br>|
| Viant Technology Inc., Class A Shares | &nbsp;&nbsp; 6389 | &nbsp;&nbsp; 55,137<br> \*<br>|
| Total Software | Total Software | &nbsp;&nbsp; 744442 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2952708** |
| **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** |
| Chemicals — 1.4% | Chemicals — 1.4% | Chemicals — 1.4% |
| Core Molding Technologies Inc. | &nbsp;&nbsp; 3482 | &nbsp;&nbsp; 71,555<br> \*<br>|
| Ecovyst Inc. | &nbsp;&nbsp; 4630 | &nbsp;&nbsp; 40,559<br> \*<br>|
| Innospec Inc. | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 83333<br>|
| LSB Industries Inc. | &nbsp;&nbsp; 5466 | &nbsp;&nbsp; 43,072<br> \*<br>|
| Minerals Technologies Inc. | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 97218<br>|
| Rayonier Advanced Materials Inc. | &nbsp;&nbsp; 6959 | &nbsp;&nbsp; 50,244<br> \*<br>|
| Total Chemicals | Total Chemicals | &nbsp;&nbsp; 385981 |
| Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% |
| United States Lime & Minerals Inc. | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 127077<br>|
| Metals & Mining — 1.6% | Metals & Mining — 1.6% | Metals & Mining — 1.6% |
| Compass Minerals International Inc. | &nbsp;&nbsp; 4076 | &nbsp;&nbsp; 78,259<br> \*<br>|
| Metallus Inc. | &nbsp;&nbsp; 4073 | &nbsp;&nbsp; 67,327<br> \*<br>|
| Olympic Steel Inc. | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; 52587<br>|
| Ryerson Holding Corp. | &nbsp;&nbsp; 2254 | &nbsp;&nbsp; 51527<br>|
| SunCoke Energy Inc. | &nbsp;&nbsp; 12083 | &nbsp;&nbsp; 98597<br>|
| Worthington Steel Inc. | &nbsp;&nbsp; 3446 | &nbsp;&nbsp; 104724<br>|
| Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 453021 |
| Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% | Paper & Forest Products — 0.4% |
| Sylvamo Corp. | &nbsp;&nbsp; 2486 | &nbsp;&nbsp; 109931<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1076010** |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% | Real Estate Management & Development — 0.6% |
| Forestar Group Inc. | &nbsp;&nbsp; 3204 | &nbsp;&nbsp; 85,195<br> \*<br>|

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

 **Royce Quant Small-Cap Quality Value ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued | Real Estate Management & Development — continued |
| RMR Group Inc., Class A Shares | RMR Group Inc., Class A Shares | &nbsp;&nbsp; 5381 | &nbsp;&nbsp; $84643<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **169838** |
| **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** |
| Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% | Electric Utilities — 1.0% |
| ALLETE Inc. | ALLETE Inc. | &nbsp;&nbsp; 2917 | &nbsp;&nbsp; 193689<br>|
| Genie Energy Ltd., Class B Shares | Genie Energy Ltd., Class B Shares | &nbsp;&nbsp; 5587 | &nbsp;&nbsp; 83525<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **277214** |
| **Total Investments before Short-Term Investments (Cost — $26,947,691)** | **Total Investments before Short-Term Investments (Cost — $26,947,691)** | **Total Investments before Short-Term Investments (Cost — $26,947,691)** | &nbsp;&nbsp; **27720839** |
|  | Rate |  |  |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| Dreyfus Treasury Obligations Cash Management Fund, <br> Institutional Class (Cost — $53,904)  | &nbsp;&nbsp; 4.017% | &nbsp;&nbsp; 53904<br>| &nbsp;&nbsp; **53904**<br> <sup>(e)</sup><br>|
| **Total Investments — 100.0% (Cost — $27,001,595)** | **Total Investments — 100.0% (Cost — $27,001,595)** | **Total Investments — 100.0% (Cost — $27,001,595)** | &nbsp;&nbsp; **27774743** |
| 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; (1312)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$27773431** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |
| <sup>(d)</sup> | Restricted security (Note 6). |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

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Statement of Assets and Liabilities (unaudited)

September 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $27,001,595) | &nbsp;&nbsp; $27774743 |
| Dividends receivable | &nbsp;&nbsp; 12558 |
| **Total Assets** | &nbsp;&nbsp; **27787301** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 13870 |
| **Total Liabilities** | &nbsp;&nbsp; **13870** |
| **Total Net Assets** | &nbsp;&nbsp; **$27773431** |
| **Net Assets:** |  |
| Par value (Note 5) | &nbsp;&nbsp; $7 |
| Paid-in capital | &nbsp;&nbsp; 32116516 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (4343092)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$27773431** |
| **Shares Outstanding** | &nbsp;&nbsp; 650000 |
| **Net Asset Value** | &nbsp;&nbsp; $42.73 |

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

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Statement of Operations (unaudited)

For the Six Months Ended September 30, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends | &nbsp;&nbsp; $229614 |
| **Total Investment Income** | &nbsp;&nbsp; **$229614** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 75523 |
| **Total Expenses** | &nbsp;&nbsp; **75523** |
| **Net Investment Income** | &nbsp;&nbsp; **154091** |
| **Realized and Unrealized Gain on Investments (Notes 1 and 3):** | **Realized and Unrealized Gain on Investments (Notes 1 and 3):** |
| **Net Realized Gain From Investment Transactions**  | &nbsp;&nbsp; **436393** |
| **Change in Net Unrealized Appreciation (Depreciation) From Investments**  | &nbsp;&nbsp; **2580383** |
| **Net Gain on Investments**  | &nbsp;&nbsp; **3016776** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$3170867** |

---

See Notes to Financial Statements.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

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Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended September 30, 2025 (unaudited) <br>and the Year Ended March 31, 2025<br>| September 30 | March 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $154091 | $321045 |
| Net realized gain  | &nbsp;&nbsp; 436393 | 708113 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 2580383 | (2929855)<br>|
| **Increase (Decrease) in Net Assets From Operations** | &nbsp;&nbsp; **3170867** | **(1900697)**<br>|
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (147998)<br>| (329315)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(147998)**<br>| **(329315)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (50,000 and 0 shares issued, respectively)  | &nbsp;&nbsp; 2170851 |  |
| Cost of shares repurchased (50,000 and 50,000 shares repurchased, <br> respectively) <br>| &nbsp;&nbsp; (1966015)<br>| (2288116)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **204836** | **(2288116)**<br>|
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **3227705** | **(4518128)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 24545726 | 29063854 |
| **End of period** | &nbsp;&nbsp; **$27773431** | **$24545726** |

---

See Notes to Financial Statements.

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

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Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended March 31,** <br>**unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>13</sup> <br>| 2021<sup>14</sup> <br>| 2020<sup>14</sup> <br>|
| **Net asset value, beginning** <br> **of period**<br>| $37.76 | &nbsp;&nbsp; $41.52 | &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; $38.64 | &nbsp;&nbsp; $37.85 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $26.21 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |  |
| Net investment income | 0.24 | 0.47 | 0.47 | 0.47 | 0.36 | 0.35 | 0.35 |
| Net realized and <br> unrealized gain (loss)<br>| 4.96 | &nbsp;&nbsp; (3.74)<br>| 5.99 | &nbsp;&nbsp; (3.15)<br>| 0.82 | 15.03 | &nbsp;&nbsp; (3.42)<br>|
| **Total income (loss)** <br> **from operations**<br>| **5.20** | &nbsp;&nbsp; **(3.27)** | **6.46** | &nbsp;&nbsp; **(2.68)** | **1.18** | **15.38** | &nbsp;&nbsp; **(3.07)** |
| **Less distributions from:** |  |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.34)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions**  | **(0.23)**<br>| &nbsp;&nbsp; **(0.49)**<br>| &nbsp;&nbsp; **(0.44)**<br>| &nbsp;&nbsp; **(0.46)**<br>| &nbsp;&nbsp; **(0.39)**<br>| &nbsp;&nbsp; **(0.33)**<br>| &nbsp;&nbsp; **(0.34)**<br>|
| **Net asset value, end of** <br> **period**<br>| $42.73 | &nbsp;&nbsp; $37.76 | &nbsp;&nbsp; $41.52 | &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; $38.64 | &nbsp;&nbsp; $37.85 | &nbsp;&nbsp; $22.80 |
| **Total return, based on** <br> **NAV**<sup>5</sup> <br>| **13.79%**<br>| &nbsp;&nbsp; **(7.96)%**<br>| **18.33%**<br>| &nbsp;&nbsp; **(6.88)%**<br>| **3.15%**<br>| **67.77%**<br>| &nbsp;&nbsp; **(11.71)%**<br>|
| **Net assets, end of period** <br> **(000s)**<br>| $27773 | &nbsp;&nbsp; $24546 | &nbsp;&nbsp; $29064 | &nbsp;&nbsp; $24849 | &nbsp;&nbsp; $19320 | &nbsp;&nbsp; $17031 | &nbsp;&nbsp; $11402 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |  |
| Gross expenses | 0.60 %<sup>6</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60 %<sup>6</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net expenses | 0.60 <br><sup>6</sup><br>| 0.60 | 0.60 | 0.60 | 0.60 <br><sup>6</sup><br>| 0.60 | 0.60 |
| Net investment income | 1.23 <br><sup>6</sup><br>| 1.14 | 1.25 | 1.33 | 1.39 <br><sup>6</sup><br>| 1.13 | 1.46 |
| **Portfolio turnover rate**<sup>7</sup> <br>| **27%**<br>| &nbsp;&nbsp; **44%**<br>| &nbsp;&nbsp; **101%**<br>| &nbsp;&nbsp; **51%**<br>| &nbsp;&nbsp; **73%**<br>| &nbsp;&nbsp; **99%**<br>| &nbsp;&nbsp; **95%**<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 six months ended September 30, 2025 (unaudited).

<sup>3</sup> For the period August 1, 2021 through March 31, 2022.

<sup>4</sup> For the year ended July 31.

<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> 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.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Royce Quant Small-Cap Quality Value ETF (the "Fund") is a separate diversified investment series of Legg Mason ETF Investment Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

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

The Fund seeks to achieve long-term growth of capital.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger 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

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |
| Long-Term Investments†: |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Health Care | &nbsp;&nbsp; $5215876 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $5215876 |
| Other common stocks | &nbsp;&nbsp; 22504963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22504963 |
| Total Long-Term Investments | &nbsp;&nbsp; 27720839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 27720839 |
| Short-Term Investments† | &nbsp;&nbsp; 53904 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53904 |
| **Total Investments** | &nbsp;&nbsp; **$27774743** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$27774743** |

---

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

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

**(b) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(c) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(d) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(e) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of March 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**(f) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

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

Franklin Templeton Fund Adviser, LLC ("FTFA") is the Fund's investment manager and Royce & Associates, LP ("Royce") is the Fund's subadviser. Western Asset Management Company,

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

LLC ("Western Asset") manages the portion of the Fund's cash and short-term instruments allocated to it. FTFA, Royce, and Western Asset are subsidiaries of Franklin Resources, Inc. ("Franklin Resources").

FTFA provides administrative and certain oversight services to the Fund. FTFA delegates to the subadviser the day-to-day portfolio management of the Fund. The Fund is responsible for paying interest expenses, taxes, brokerage expenses, future 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to FTFA under the investment management agreement.

Under the investment management agreement and subject to the general supervision of the Fund's Board, FTFA provides or causes to be furnished all investment management, supervisory, administrative and other services reasonably necessary for the operation of the Fund, including certain distribution services (provided pursuant to a separate distribution agreement) and investment advisory services (provided pursuant to separate subadvisory agreements) under a unitary fee structure. The Fund pays an investment management fee, calculated daily and paid monthly, at an annual rate of 0.60% of the Fund's average daily net assets.

As compensation for its subadvisory services, FTFA pays Royce monthly 90% of the management fee paid by Fund to FTFA, net of (i) all fees and expenses incurred by FTFA under the investment management agreement (including without limitation any subadvisory fee paid to another subadviser to the Fund) and (ii) expense waivers, if any, and reimbursements. FTFA pays Western Asset monthly a fee of 0.02% of the portion of the Fund's average daily net assets allocated to Western Asset for the management of cash and other short-term instruments, net of expense waivers, if any, and reimbursements.

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

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended September 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $6906256 |
| Sales | &nbsp;&nbsp; 6921432 |

---

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Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

During the six months ended September 30, 2025, in-kind transactions (Note 5) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $2163709 |
| Redemptions | &nbsp;&nbsp; 1954133 |
| Realized gain (loss)\* | &nbsp;&nbsp; 128442 |

---

&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 Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the 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 September 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation<br>|
| Securities | &nbsp;&nbsp; $27179679 | &nbsp;&nbsp; $3847290 | &nbsp;&nbsp; $(3252226) | &nbsp;&nbsp; $595064 |

---

**4. Derivative instruments and hedging activities**

During the six months ended September 30, 2025, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At September 30, 2025, the Trust had an unlimited number of shares of beneficial interest authorized with a par value of $0.00001 per share. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the 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 Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited) (cont'd)

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

**6. Restricted securities**

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.

---

| | | |
|:---|:---|:---|
| Security | Number of <br>Shares<br>| Acquisition <br>Date<br>|
| OmniAb Inc., $12.50 <br> EARNOUT, Common <br> Shares<br>| &nbsp;&nbsp; 298 | 11/22<br> $0 <br><sup>(a)</sup><br>&nbsp;&nbsp; $0.00 <br><sup>(b)</sup><br>0.00 %<sup>(c)</sup><br>|
| OmniAb Inc., $15.00 <br> EARNOUT, Common <br> Shares<br>| &nbsp;&nbsp; 298 | 11/22<br> 0 <br><sup>(a)</sup><br>0.00 <br><sup>(b)</sup><br>0.00 <br><sup>(c)</sup><br>|
|  |  | **$0** <br><sup>(a)</sup><br>**$0** <br><sup>(a)</sup><br>&nbsp;&nbsp; **0.00%** <br><sup>(c)</sup><br>|

---

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

<sup>(a)</sup> Amount represents less than $1.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Amount represents less than 0.005%.

**7. Deferred capital losses**

As of March 31, 2025, the Fund had deferred capital losses of $5,398,886, which have no expiration date, that will be available to offset future taxable capital gains.

**8. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's 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 Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and

------

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Royce Quant Small-Cap Quality Value ETF 2025 Semi-Annual Report

------

&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 <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Royce Quant Small-Cap Quality Value ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

At an in-person meeting held on May 21, 2025 (Meeting), the Board of Trustees (Board) of the Legg Mason ETF Investment Trust (Trust), including a majority of the trustees who are not "interested persons" as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the continuance of (i) the investment management agreement between Franklin Templeton Fund Adviser, LLC (FTFA) and the Trust, on behalf of the Fund; (ii) the investment sub-advisory agreement between FTFA and Royce & Associates, LP (Royce), an affiliate of FTFA, on behalf of the Fund; and (iii) the investment sub-advisory agreement between FTFA and Western Asset Management Company, LLC (Western Asset LLC), an affiliate of FTFA, on behalf of the Fund (each a Management Agreement) for an additional one-year period. The Independent Trustees received advice from and met separately with Independent Trustee counsel to consider the renewal of each Management Agreement. FTFA, Royce and Western Asset LLC are each referred to herein as a Manager.

In considering the continuance of each Management Agreement, the Board reviewed and considered information provided by each Manager at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed set of requests for information submitted to each Manager by Independent Trustee counsel on behalf of the Independent Trustees in connection with the annual contract renewal process. In addition, prior to the Meeting, the Independent Trustees held a virtual contract renewal meeting at which the Independent Trustees first conferred amongst themselves and Independent Trustee counsel about contract renewal matters, and then met with management to request additional information that the Independent Trustees also considered prior to and at the Meeting. The Board further considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by each Manager; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by each Manager and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale are realized as the Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund investors.

In approving the continuance of each Management Agreement, the Board, including a majority of the Independent Trustees, determined, through the exercise of its business judgment, that the terms of each Management Agreement are fair and reasonable and that the continuance of each Management Agreement is in the best interests of the Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board's determination.

Royce Quant Small-Cap Quality Value ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

**Nature, Extent and Quality of Services**

The Board reviewed the information it received regarding the nature, extent and quality of investment management services provided by each Manager and its affiliates to the Fund and its shareholders. This information included, among other things, the qualifications, background and experience of the senior management and investment personnel of each Manager, as well as information on succession planning where appropriate; the structure of investment personnel compensation; oversight of third-party service providers; investment performance reports and related financial information for the Fund; reports on expenses and shareholder services; legal and compliance matters; risk controls; pricing and other services provided by each Manager and its affiliates; and management fees charged by each Manager and its affiliates to US funds and other accounts, including management's explanation of differences among accounts where relevant. The Board acknowledged the ongoing integration of acquired third-party fund families into the Franklin Templeton (FT) family of funds and management's continued development of strategies to address evolving changes in domestic policy and continuing geopolitical concerns.

The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the FT family of funds. The Board noted the financial position of Franklin Resources, Inc. (FRI), the Managers' parent, and its commitment to the registered fund business as evidenced by its continued introduction of new funds, reassessment of the fund offerings in response to FT acquisitions and the market environment, as well as its evaluation of ways to incorporate private assets into more traditional investment vehicles. The Board specifically noted FT's commitment to technological innovation and advancement, including its continued focus on developing potential use cases for tokenization and the blockchain and the use of artificial intelligence tools to help streamline day-to-day tasks.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by each Manager and its affiliates to the Fund and its shareholders.

**Fund Performance**

The Board reviewed and considered the performance results of the Fund for various time periods ended December 31, 2024. The Board considered the performance returns for the Fund in comparison to the performance returns of registered funds deemed comparable to the Fund included in a universe (Performance Universe) selected by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the registered funds included in a Performance Universe. The Board also reviewed and considered Fund performance reports provided and discussions that occurred with portfolio managers at Board meetings throughout the year. The Board referenced earlier discussions with

------

Royce Quant Small-Cap Quality Value ETF

------

management on matters related to, among other things, the expansion and rationalization of the overall product line, including investments in novel asset classes, as well as the growth in assets from internal and external clients. In addition, the Board acknowledged information provided regarding management's strategy to grow market share through the use of innovative data and technology and investments in marketing and distribution. The Board noted management's high level of client engagement and the strength of its internal audit and compliance program. A summary of the Fund's performance results is below.

The Performance Universe for the Fund included the Fund and all retail and institutional small-cap core funds and exchange-traded funds. The Fund commenced operations on July 12, 2017, and thus has been in operation for less than 10 years. The Board noted that the Fund's annualized total return for the five-year period was above the median of its Performance Universe, but for the one- and three-year periods was below the median of its Performance Universe. The Board discussed this performance with management and management explained that underperformance relative to the Fund's Performance Universe was due, in part, to the composition of the Performance Universe which consists of small-cap core funds that invest in a broader spectrum of small-cap stocks versus the Fund which emphasizes quality and value factors. Management further explained that this difference can lead to different short-term performance outcomes, noting that broader small-cap core funds performed more robustly over the one-year reporting period. Management discussed with the Board management's conviction in the Fund's investment strategies, noting that it did not anticipate making changes to the Fund's investment process at this time and that the historical performance of the Fund underscores the effectiveness of its disciplined investment process. The Board concluded that the Fund's Management Agreements should be continued for an additional one-year period, while management's efforts continue to be closely monitored.

**Comparative Fees and Expenses**

The Board reviewed and considered information regarding the Fund's actual total expense ratio, noting that the Fund pays a Unified Fee (as defined below). The Board considered the actual total expense ratio and, separately, the contractual management fee rate, without the effect of fee waivers, if any (Management Rate), of the Fund in comparison to the median expense ratio and median Management Rate, respectively, of other exchange-traded funds deemed comparable to and with a similar expense structure to the Fund selected by Broadridge (Expense Group). Broadridge fee and expense data is based upon information taken from each fund's most recent annual or semi-annual report, which reflects historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitation and the fact that expense ratios and Management Rates generally increase as assets decline and decrease as assets grow, the Board believed the independent analysis conducted by Broadridge to be an appropriate measure of comparative fees and expenses. The Broadridge Management

Royce Quant Small-Cap Quality Value ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

Rate includes administrative charges. The Board received a description of the methodology used by Broadridge to select the exchange-traded funds included in an Expense Group.

The Expense Group for the Fund was comprised of actively managed exchange-traded funds, which included the Fund and 11 other small-cap core funds. The Board noted that the Management Rate and actual total expense ratio for the Fund were below the medians of its Expense Group. The Board further noted that the Fund has implemented a unified management fee (Unified Fee) and that pursuant to the Unified Fee arrangement FTFA pays for all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee. The Board also noted that each of Royce and Western Asset LLC is paid by FTFA out of the Unified Fee FTFA receives from the Fund and that the allocation of the fee between FTFA and each of Royce and Western Asset LLC reflected the services provided by each Manager to the Fund. After consideration of the above, the Board concluded that the Management Rate charged to the Fund and the sub-advisory fee paid to each of Royce and Western Asset LLC are reasonable.

**Profitability**

The Board reviewed and considered information regarding the profits realized by each Manager and its affiliates in connection with the operation of each Fund. In this respect, the Board considered the Fund profitability analysis that addresses the overall profitability of FT's US fund business, as well as its profits in providing investment management and other services to each of the individual Funds during the 12-month period ended September 30, 2024 (the most recent fiscal year-end for FRI). The Board noted that although management continually makes refinements to its methodologies used in calculating profitability in response to organizational and product-related changes, the overall methodology has remained consistent with that used in the Fund's profitability report presentations from prior years. The Board also noted that an independent registered public accounting firm has been engaged to periodically review and assess the allocation methodologies to be used solely by the Fund's Board with respect to the profitability analysis.

The Board noted management's belief that costs incurred in establishing the infrastructure necessary for the type of fund operations conducted by each Manager and its affiliates may not be fully reflected in the expenses allocated to the Fund in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. As part of this evaluation, the Board considered management's outsourcing of certain operations, which effort has required considerable up-front expenditures by each Manager, but over the long run, is expected to result in greater efficiencies. The Board also noted management's expenditures in improving shareholder services provided to the Fund, as well as the need to implement systems and

------

Royce Quant Small-Cap Quality Value ETF

------

meet additional regulatory and compliance requirements resulting from recent US Securities and Exchange Commission and other regulatory requirements.

The Board also considered the extent to which each Manager and its affiliates might derive ancillary benefits from fund operations, including potential benefits resulting from personnel and systems enhancements necessitated by fund growth, as well as increased leverage with service providers and counterparties. Based upon its consideration of all these factors, the Board concluded that the level of profits realized by each Manager and its affiliates from providing services to the Fund was not excessive in view of the nature, extent and quality of services provided to the Fund.

**Economies of Scale**

The Board reviewed and considered the extent to which each Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of shareholders. The Board considered that the Fund would likely experience benefits from the Unified Fee at the Fund's projected asset levels because of FTFA's contractual requirement to bear most of the Fund's ordinary operating expenses. The Board noted that, under the Unified Fee, it is not anticipated that the Fund will generate significant, if any, profit for FTFA and/or its affiliates for some time. The Board considered management's view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments each Manager incurs across the FT family of funds as a whole. The Board also noted that as of December 31, 2024, the Fund did not have an asset size that would likely enable it to achieve economies of scale. The Board also noted management's representation that for the fiscal year ended September 30, 2024, the Fund did not experience a profit. The Board recognized that there would not likely be any economies of scale for the Fund until its assets grow.

**Conclusion**

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board unanimously approved the continuance of each Management Agreement for an additional one-year period.

Royce Quant Small-Cap Quality Value ETF

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Royce

Quant Small-Cap Quality Value ETF

**Trustees**

Alison J. Baumann

Rohit Bhagat

Chair

Deborah D. McWhinney

Patrick O'Connor

Anantha K. Pradeep

**Investment manager**

Franklin Templeton Fund Adviser, LLC

**Subadviser**

Royce & Associates, LP

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

San Francisco, CA

**Royce Quant Small-Cap Quality Value ETF**

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

Royce Quant Small-Cap Quality Value ETF

Legg Mason Funds

One Madison Avenue, 17th Floor

New York, NY 10010

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at (800) DIAL BEN/342-5236.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at (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 Royce Quant Small-Cap Quality Value ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

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

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img3a28691c3.jpg)

**91662_SFSOI 11/25**© 2025 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 Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&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) Not applicable.

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.](rqscqve-efp18928_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.](rqscqve-efp18928_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**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Vivek Pai |
|  | Vivek Pai |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | November 28, 2025 |

---

## 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: November 28, 2025 | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |

---

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

I, Vivek Pai, 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: November 28, 2025 | /s/ Vivek Pai |
|  | Vivek Pai |
|  | 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 **Vivek Pai,** 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 **September 30, 2025** (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.

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| | |
|:---|:---|
| **Chief Executive Officer -**  | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Legg Mason ETF Investment Trust | Legg Mason ETF Investment Trust |
| /s/ Christopher Kings | /s/ Vivek Pai |
| Christopher Kings | Vivek Pai |
| Date: November 28, 2025 | Date: November 28, 2025 |

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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.