Fund Description: ClearBridge All Cap Growth ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Legg Mason ETF Investment Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The ClearBridge All Cap Growth ETF seeks to achieve long-term capital appreciation. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specified index. FUND STRATEGY: The Fund seeks to invest in a diversified portfolio of large, medium and small capitalization stocks that have the potential for above-average long-term earnings and/or cash flow growth. The Fund’s subadviser uses a bottom-up investment process that seeks to find inefficiently priced companies with strong fundamentals, incentive-driven management teams, dominant positions in niche markets and/or goods and services that are in high customer demand. The bottom-up process used by the subadviser relies on extensive fundamental research that looks to identify companies with a range of growth opportunities while evaluating the company’s business model, financial structure and management acumen. The subadviser utilizes proprietary and independent research to identify companies whose projected rapid growth in earnings and cash flow is based on their participation in new products or markets. For large company growth stocks, the subadviser seeks companies that exhibit superior balance sheets, exceptional management teams and long-term, consistent operating histories. The subadviser attempts to complement this core group of companies with tactical stocks that reflect themes within the prevailing market environment. When looking at small- and medium-sized company growth stocks, the subadviser focuses on companies with rapid earnings growth potential, unrecognized values, industry leadership and management teams that have a significant ownership stake. The subadviser anticipates using a long-term approach to investing that typically results in low portfolio turnover and may take a more active approach to the portfolio, depending upon market conditions. FUND MANAGEMENT: Legg Mason Partners Fund Advisor serves as the investment manager to the Fund. ClearBridge Investments, LLC serves as the subadviser to the Fund.