Fund Description: ClearBridge Dividend Strategy ESG 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 Dividend Strategy ESG ETF seeks dividend income, growth of dividend income and long-term capital appreciation. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the subadviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: Under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in dividend-paying stocks or other instruments with similar economic characteristics that offer the potential for income growth and capital appreciation over time and that meet its financial and environmental, social and governance (ESG) criteria. The Fund may also invest in companies that the subadviser believes are making substantial progress toward becoming a leader in ESG policies. Determination of a company’s ESG standards is based on the subadviser’s proprietary research approach. The subadviser utilizes a fundamental, bottom-up research approach that emphasizes company analysis, management and stock selection. The ESG evaluation is integrated into a thorough assessment of investment worthiness based on financial criteria as well as ESG considerations including innovative workplace policies, employee benefits and programs; environmental management system strength, eco-efficiency and life-cycle analysis; community involvement, strategic philanthropy and reputation management; and strong corporate governance and independence of the board. The ESG analysis is conducted by the fundamental analyst platform on a sector-specific basis, and a proprietary ESG rating is assigned to each company. The Fund invests primarily in common stocks. Equity securities in which the Fund may invest also include preferred securities, convertible securities, securities of other investment companies and of real estate investment companies (REITs) and warrants and rights. The Fund may invest in equity securities of foreign issuers, either directly or through depositary receipts. The Fund may invest in companies of any size but focuses on large cap companies. 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.