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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-23096

 

Legg Mason ETF Investment Trust

(Exact name of registrant as specified in charter)

 

620 Eighth Avenue, 47th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

 

Harris Goldblat

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-877-721-1926

 

Date of fiscal year end: March 31

 

Date of reporting period: March 31, 2025

 

 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

Royce Quant Small-Cap Quality Value ETF
image
SQLV | The Nasdaq Stock Market LLCNYSEArca
Annual Shareholder Report | March 31, 2025
image
This annual shareholder report contains important information about Royce Quant Small-Cap Quality Value ETF for the period April 1, 2024, to March 31, 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.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Royce Quant Small-Cap Quality Value ETF
$58
0.60%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended March 31, 2025, Royce Quant Small-Cap Quality Value ETF returned -7.96%. The Fund compares its performance to the Russell 2000 Index, which returned -4.01% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Stock selection in financials and information technology (IT) sectors contributed most to relative performance.
At the industry level, software (IT), banks (financials), and biotechnology (health care) contributed most to relative performance.
At the position level, Argan (industrials), InterDigital (IT), and Bread Financial Holdings (financials) contributed most to relative performance.
Top detractors from performance:
Stock selection in industrials, stock selection and an underweight in real estate, and stock selection in communication services sectors detracted most from relative performance.
At the industry level, machinery (industrials), oil, gas & consumable fuels (energy), and health care equipment & supplies (health care) detracted most from relative performance.
At the position level, Owens & Minor (health care), CVR Energy (energy), and ODP (consumer discretionary) detracted most from relative performance.
Royce Quant Small-Cap Quality Value ETF  PAGE 1  SQLV-ATSR-0525

 
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Royce Quant Small-Cap Quality Value ETF 7/12/2017 — 3/31/2025
image
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended March 31, 2025
 
1 Year
5 Year
Since Inception
(7/12/2017)
Royce Quant Small-Cap Quality Value ETF (NAV)
-7.96
17.56
6.71
Russell 3000 Index
7.22
18.18
12.58
Russell 2000 Index
-4.01
13.27
5.99
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective May 10, 2022, the Fund adopted its current investment strategy.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.  
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of March 31, 2025)
Total Net Assets
$24,545,726
Total Number of Portfolio Holdings*
275
Total Management Fee Paid (based on a unitary fee)
$168,663
Portfolio Turnover Rate
44%
* Does not include derivatives, except purchased options, if any.
Royce Quant Small-Cap Quality Value ETF  PAGE 2  SQLV-ATSR-0525

 
WHAT DID THE FUND INVEST IN? (as of March 31, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
HOW HAS THE FUND CHANGED?
Effective October 8, 2024, shareholders of the Fund approved a change to the Fund’s fundamental investment policy regarding industry concentration.
Also effective October 8, 2024, shareholders of the Fund approved the Fund’s use of a “manager of managers” structure whereby the Fund’s investment manager can appoint and replace both affiliated and unaffiliated subadvisers, and enter into, amend and terminate subadvisory agreements with such subadvisers, each subject to approval by the Fund’s Board of Trustees but without obtaining prior shareholder approval.
This is a summary of a change to the Fund since April 1, 2024. For more complete information, you may review the Fund’s current prospectus and the Fund’s next prospectus, which we expect to be available by August 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Royce Quant Small-Cap Quality Value ETF  PAGE 3  SQLV-ATSR-0525
100001081910861735114894162781516017939165101000011048120171092017748198651816023480251751000010911111348463164901553613733164401578122.918.914.412.011.36.95.43.82.61.10.60.1

 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

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

 

(c) N/A

 

(d) N/A

 

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

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

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

 

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

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending March 31, 2024 and March 31 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $150,630 in March 31, 2024 and $ 145,352 in March 31, 2025.

 

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in March 31, 2024 and $0 in March 31, 2025.

 

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $82,000 in March 31, 2024 and $72,000 in March 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

 

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

 

d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in March 31, 2024 and $0 in March 31, 2025.

 

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

 

 

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

 

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

 

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

 

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

 

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

 

(f) Not applicable.

 

 

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $0 in March 31, 2024 and $1,315,528 in March 31, 2025.

 

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

 

(i) Not applicable.

 

(j) Not applicable

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

a) The independent board members are acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

 

Rohit Bhagat

Deborah D. McWhinney

Anantha K. Pradeep

Alison J. Baumann

 

b) Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

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

 

(b) Not applicable.

 

 

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

 

Royce
Quant Small-Cap Quality Value ETF
Financial Statements and Other Important Information
Annual  | March 31, 2025

Table of Contents
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13
14
15
16
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26
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franklintempleton.com
Financial Statements and Other Important Information — Annual

Schedule of Investments
March 31, 2025
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
Common Stocks — 99.9%
Communication Services — 5.4%
Diversified Telecommunication Services — 0.5%
Iridium Communications Inc.
4,527
$123,678
  
Entertainment — 0.2%
Playstudios Inc.
33,558
42,619
  *
Interactive Media & Services — 1.8%
Angi Inc.
5,301
81,688
  *
Shutterstock Inc.
2,447
45,588
  
Taboola.com Ltd.
29,043
85,677
  *
Yelp Inc.
3,101
114,830
  *
Ziff Davis Inc.
2,064
77,565
  *
ZipRecruiter Inc., Class A Shares
7,560
44,528
  *
Total Interactive Media & Services
449,876
Media — 2.7%
AMC Networks Inc., Class A Shares
14,706
101,177
  *
Entravision Communications Corp., Class A Shares
25,209
52,939
  
Gray Media Inc.
33,133
143,135
  
Ibotta Inc., Class A Shares
1,768
74,610
  *
Scholastic Corp.
1,947
36,759
  
TEGNA Inc.
11,914
217,073
  
Thryv Holdings Inc.
3,236
41,453
  *
Total Media
667,146
Wireless Telecommunication Services — 0.2%
Spok Holdings Inc.
2,263
37,204
  
 
Total Communication Services
1,320,523
Consumer Discretionary — 11.3%
Automobile Components — 0.7%
Motorcar Parts of America Inc.
3,452
32,794
  *
Phinia Inc.
2,298
97,504
  
Strattec Security Corp.
1,094
43,169
  *
Total Automobile Components
173,467
Distributors — 0.2%
Weyco Group Inc.
1,236
37,673
  
Diversified Consumer Services — 1.7%
European Wax Center Inc., Class A Shares
23,411
92,474
  *
Frontdoor Inc.
2,138
82,142
  *
Perdoceo Education Corp.
6,440
162,159
  
Strategic Education Inc.
870
73,045
  
Total Diversified Consumer Services
409,820
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

1

Schedule of Investments(cont’d)
March 31, 2025
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Hotels, Restaurants & Leisure — 1.6%
Everi Holdings Inc.
6,658
$91,015
  *
Monarch Casino & Resort Inc.
1,645
127,899
  
Target Hospitality Corp.
15,783
103,852
  *
United Parks & Resorts Inc.
1,473
66,962
  *
Total Hotels, Restaurants & Leisure
389,728
Household Durables — 1.3%
Cricut Inc., Class A Shares
28,294
145,714
  
Hamilton Beach Brands Holding Co., Class A Shares
4,053
78,750
  
Hooker Furnishings Corp.
3,824
38,393
  
Lifetime Brands Inc.
10,723
52,864
  
Total Household Durables
315,721
Leisure Products — 0.9%
AMMO Inc.
25,370
35,011
  *
JAKKS Pacific Inc.
1,669
41,174
  
Marine Products Corp.
8,630
72,406
  
MasterCraft Boat Holdings Inc.
4,132
71,153
  *
Total Leisure Products
219,744
Specialty Retail — 3.6%
1-800-Flowers.com Inc., Class A Shares
6,872
40,545
  *
Abercrombie & Fitch Co., Class A Shares
1,635
124,865
  *
Academy Sports & Outdoors Inc.
3,134
142,942
  
Buckle Inc.
4,581
175,544
  
Lands’ End Inc.
4,189
42,644
  *
Monro Inc.
3,633
52,570
  
ODP Corp.
7,274
104,236
  *
Tile Shop Holdings Inc.
8,731
56,577
  *
Torrid Holdings Inc.
17,348
95,067
  *
Winmark Corp.
183
58,170
  
Total Specialty Retail
893,160
Textiles, Apparel & Luxury Goods — 1.3%
Carter’s Inc.
1,858
75,992
  
G-III Apparel Group Ltd.
4,530
123,895
  *
Rocky Brands Inc.
3,683
63,974
  
Superior Group of Cos. Inc.
6,087
66,592
  
Total Textiles, Apparel & Luxury Goods
330,453
 
Total Consumer Discretionary
2,769,766
Consumer Staples — 2.6%
Consumer Staples Distribution & Retail — 0.6%
Andersons Inc.
3,431
147,293
  
See Notes to Financial Statements.

2
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Food Products — 1.0%
Cal-Maine Foods Inc.
544
$49,450
  
Fresh Del Monte Produce Inc.
6,306
194,414
  
Total Food Products
243,864
Personal Care Products — 1.0%
Lifevantage Corp.
4,015
58,539
  
Medifast Inc.
6,403
86,312
  *
Nature’s Sunshine Products Inc.
4,629
58,094
  *
USANA Health Sciences Inc.
2,091
56,394
  *
Total Personal Care Products
259,339
 
Total Consumer Staples
650,496
Energy — 6.9%
Energy Equipment & Services — 1.6%
Cactus Inc., Class A Shares
2,713
124,337
  
Helix Energy Solutions Group Inc.
11,735
97,518
  *
Ranger Energy Services Inc., Class A Shares
7,102
100,777
  
RPC Inc.
11,282
62,051
  
Total Energy Equipment & Services
384,683
Oil, Gas & Consumable Fuels — 5.3%
Berry Corp.
36,613
117,528
  
Centrus Energy Corp., Class A Shares
802
49,893
  *
Civitas Resources Inc.
5,961
207,979
  
Core Natural Resources Inc.
2,454
189,203
  
Crescent Energy Co., Class A Shares
12,878
144,749
  
Excelerate Energy Inc., Class A Shares
2,884
82,713
  
International Seaways Inc.
1,117
37,084
  
Murphy Oil Corp.
6,810
193,404
  
Par Pacific Holdings Inc.
2,874
40,983
  *
REX American Resources Corp.
2,199
82,617
  *
SandRidge Energy Inc.
4,615
52,703
  
World Kinect Corp.
3,857
109,385
  
Total Oil, Gas & Consumable Fuels
1,308,241
 
Total Energy
1,692,924
Financials — 22.9%
Banks — 11.1%
Axos Financial Inc.
2,620
169,042
  *
Cathay General Bancorp
4,286
184,427
  
Civista Bancshares Inc.
5,872
114,739
  
Eastern Bankshares Inc.
12,019
197,112
  
Evans Bancorp Inc.
2,585
100,737
  
Financial Institutions Inc.
3,628
90,555
  
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

3

Schedule of Investments(cont’d)
March 31, 2025
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Banks — continued
First Financial Corp.
2,638
$129,209
  
Hanmi Financial Corp.
6,350
143,891
  
Home Bancorp Inc.
1,118
50,086
  
International Bancshares Corp.
3,017
190,252
  
MainStreet Bancshares Inc.
3,908
65,342
  
Mercantile Bank Corp.
2,815
122,284
  
Metropolitan Bank Holding Corp.
2,363
132,304
  *
Midland States Bancorp Inc.
4,707
80,584
  
Northeast Bank
1,490
136,395
  
Northeast Community Bancorp Inc.
5,045
118,255
  
Old Second Bancorp Inc.
7,246
120,573
  
Parke Bancorp Inc.
4,960
93,446
  
Preferred Bank
1,613
134,944
  
S&T Bancorp Inc.
1,147
42,496
  
Unity Bancorp Inc.
2,920
118,844
  
WesBanco Inc.
2,013
62,322
  
Wintrust Financial Corp.
1,199
134,840
  
Total Banks
2,732,679
Capital Markets — 3.7%
Acadian Asset Management Inc.
3,337
86,295
  
Artisan Partners Asset Management Inc., Class A Shares
4,120
161,092
  
Cohen & Steers Inc.
631
50,638
  
Diamond Hill Investment Group Inc.
693
98,988
  
DigitalBridge Group Inc.
4,672
41,207
  
Donnelley Financial Solutions Inc.
1,546
67,576
  *
Federated Hermes Inc.
4,395
179,184
  
Victory Capital Holdings Inc., Class A Shares
3,699
214,061
  
Total Capital Markets
899,041
Consumer Finance — 1.2%
Bread Financial Holdings Inc.
908
45,473
  
Dave Inc.
829
68,525
  *
PROG Holdings Inc.
3,970
105,602
  
World Acceptance Corp.
639
80,865
  *
Total Consumer Finance
300,465
Financial Services — 3.9%
Cass Information Systems Inc.
1,879
81,267
  
Euronet Worldwide Inc.
1,441
153,971
  *
International Money Express Inc.
4,095
51,679
  *
NCR Atleos Corp.
4,329
114,199
  *
NMI Holdings Inc.
4,517
162,838
  *
See Notes to Financial Statements.

4
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Financial Services — continued
Payoneer Global Inc.
18,583
$135,842
  *
Paysign Inc.
19,319
40,956
  *
Radian Group Inc.
3,495
115,579
  
Western Union Co.
10,095
106,805
  
Total Financial Services
963,136
Insurance — 3.0%
Ambac Financial Group Inc.
9,119
79,791
  *
American Coastal Insurance Corp.
7,205
83,362
  
Heritage Insurance Holdings Inc.
6,875
99,137
  *
Mercury General Corp.
2,044
114,260
  
Oscar Health Inc., Class A Shares
9,623
126,158
  *
Universal Insurance Holdings Inc.
2,429
57,567
  
White Mountains Insurance Group Ltd.
84
161,768
  
Total Insurance
722,043
 
Total Financials
5,617,364
Health Care — 18.9%
Biotechnology — 2.2%
ACADIA Pharmaceuticals Inc.
4,791
79,578
  *
Anika Therapeutics Inc.
2,556
38,417
  *
Catalyst Pharmaceuticals Inc.
5,083
123,263
  *
Dynavax Technologies Corp.
8,419
109,194
  *
Ironwood Pharmaceuticals Inc.
26,248
38,584
  *
Puma Biotechnology Inc.
18,725
55,426
  *
Veracyte Inc.
2,904
86,104
  *
Total Biotechnology
530,566
Health Care Equipment & Supplies — 6.0%
Avanos Medical Inc.
5,542
79,417
  *
CONMED Corp.
1,383
83,519
  
DENTSPLY SIRONA Inc.
11,595
173,229
  
Embecta Corp.
6,062
77,291
  
Envista Holdings Corp.
7,406
127,828
  *
Haemonetics Corp.
1,455
92,465
  *
ICU Medical Inc.
387
53,739
  *
Integer Holdings Corp.
1,059
124,973
  *
Integra LifeSciences Holdings Corp.
2,260
49,697
  *
iRadimed Corp.
1,550
81,344
  
Kewaunee Scientific Corp.
1,090
42,924
  *
LeMaitre Vascular Inc.
1,296
108,734
  
OmniAb Inc., $12.50 EARNOUT
298
0
  *(a)(b)(c)(d)
OmniAb Inc., $15.00 EARNOUT
298
0
  *(a)(b)(c)(d)
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

5

Schedule of Investments(cont’d)
March 31, 2025
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Health Care Equipment & Supplies — continued
Omnicell Inc.
3,380
$118,165
  *
OraSure Technologies Inc.
11,002
37,077
  *
STAAR Surgical Co.
2,068
36,459
  *
Tactile Systems Technology Inc.
4,259
56,304
  *
Utah Medical Products Inc.
1,012
56,712
  
Varex Imaging Corp.
3,885
45,066
  *
Zynex Inc.
10,863
23,899
  *
Total Health Care Equipment & Supplies
1,468,842
Health Care Providers & Services — 4.1%
Addus HomeCare Corp.
1,059
104,724
  *
Astrana Health Inc.
3,672
113,869
  *
Castle Biosciences Inc.
3,179
63,644
  *
Concentra Group Holdings Parent Inc.
7,396
160,493
  
CorVel Corp.
660
73,900
  *
DocGo Inc.
15,114
39,901
  *
National Research Corp.
4,434
56,755
  
Owens & Minor Inc.
11,929
107,719
  *
Pediatrix Medical Group Inc.
12,577
182,241
  *
Premier Inc., Class A Shares
5,322
102,608
  
Total Health Care Providers & Services
1,005,854
Health Care Technology — 0.5%
HealthStream Inc.
3,038
97,763
  
Teladoc Health Inc.
4,172
33,209
  *
Total Health Care Technology
130,972
Life Sciences Tools & Services — 0.4%
Cytek Biosciences Inc.
10,540
42,265
  *
Maravai LifeSciences Holdings Inc., Class A Shares
30,289
66,939
  *
Total Life Sciences Tools & Services
109,204
Pharmaceuticals — 5.7%
Amneal Pharmaceuticals Inc.
8,263
69,244
  *
Amphastar Pharmaceuticals Inc.
2,272
65,865
  *
ANI Pharmaceuticals Inc.
586
39,233
  *
Biote Corp., Class A Shares
13,270
44,189
  *
Collegium Pharmaceutical Inc.
2,627
78,416
  *
Harmony Biosciences Holdings Inc.
3,374
111,983
  *
Innoviva Inc.
7,690
139,420
  *
Ligand Pharmaceuticals Inc.
1,329
139,731
  *
Organon & Co.
14,669
218,421
  
Pacira BioSciences Inc.
5,765
143,260
  *
Prestige Consumer Healthcare Inc.
1,765
151,737
  *
See Notes to Financial Statements.

6
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Pharmaceuticals — continued
SIGA Technologies Inc.
15,791
$86,535
  *
Supernus Pharmaceuticals Inc.
3,314
108,534
  *
Total Pharmaceuticals
1,396,568
 
Total Health Care
4,642,006
Industrials — 14.4%
Aerospace & Defense — 0.7%
National Presto Industries Inc.
1,073
94,328
  
Park Aerospace Corp.
4,974
66,900
  
Total Aerospace & Defense
161,228
Air Freight & Logistics — 0.8%
Hub Group Inc., Class A Shares
3,297
122,549
  
Radiant Logistics Inc.
10,664
65,584
  *
Total Air Freight & Logistics
188,133
Building Products — 2.2%
Gibraltar Industries Inc.
1,496
87,755
  *
Insteel Industries Inc.
2,078
54,652
  
Janus International Group Inc.
11,006
79,243
  *
JELD-WEN Holding Inc.
14,405
85,998
  *
Masterbrand Inc.
12,414
162,127
  *
Quanex Building Products Corp.
3,115
57,908
  
Total Building Products
527,683
Commercial Services & Supplies — 2.3%
ACCO Brands Corp.
13,554
56,791
  
Civeo Corp.
3,651
83,973
  
Ennis Inc.
5,200
104,468
  
Liquidity Services Inc.
1,592
49,368
  *
Steelcase Inc., Class A Shares
11,046
121,064
  
Vestis Corp.
9,079
89,882
  
Virco Mfg. Corp.
6,574
62,190
  
Total Commercial Services & Supplies
567,736
Construction & Engineering — 1.5%
Argan Inc.
1,009
132,351
  
Primoris Services Corp.
2,011
115,451
  
Sterling Infrastructure Inc.
1,084
122,720
  *
Total Construction & Engineering
370,522
Electrical Equipment — 1.8%
Array Technologies Inc.
15,921
77,535
  *
Atkore Inc.
1,172
70,308
  
Powell Industries Inc.
623
106,116
  
Preformed Line Products Co.
694
97,222
  
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

7

Schedule of Investments(cont’d)
March 31, 2025
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Electrical Equipment — continued
Sensata Technologies Holding PLC
4,039
$98,027
  
Total Electrical Equipment
449,208
Ground Transportation — 0.2%
Avis Budget Group Inc.
718
54,496
  *
Machinery — 1.6%
Blue Bird Corp.
1,281
41,466
  *
Omega Flex Inc.
1,108
38,536
  
Terex Corp.
2,706
102,233
  
Titan International Inc.
4,529
37,998
  *
Wabash National Corp.
4,368
48,266
  
Worthington Enterprises Inc.
2,621
131,286
  
Total Machinery
399,785
Passenger Airlines — 0.6%
SkyWest Inc.
1,759
153,684
  *
Professional Services — 1.8%
Heidrick & Struggles International Inc.
1,074
45,999
  
Kforce Inc.
1,596
78,028
  
Korn Ferry
2,359
160,011
  
RCM Technologies Inc.
2,096
32,698
  *
Resources Connection Inc.
7,749
50,679
  
TriNet Group Inc.
953
75,516
  
Total Professional Services
442,931
Trading Companies & Distributors — 0.9%
Global Industrial Co.
2,602
58,285
  
Hudson Technologies Inc.
6,103
37,655
  *
Karat Packaging Inc.
2,752
73,148
  
Transcat Inc.
522
38,863
  *
Total Trading Companies & Distributors
207,951
 
Total Industrials
3,523,357
Information Technology — 12.0%
Communications Equipment — 1.2%
Extreme Networks Inc.
2,658
35,165
  *
Lantronix Inc.
17,783
44,280
  *
NETGEAR Inc.
5,539
135,484
  *
NetScout Systems Inc.
3,696
77,653
  *
Total Communications Equipment
292,582
Electronic Equipment, Instruments & Components — 5.1%
Bel Fuse Inc., Class B Shares
1,602
119,926
  
Benchmark Electronics Inc.
2,445
92,983
  
Climb Global Solutions Inc.
334
36,994
  
See Notes to Financial Statements.

8
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Electronic Equipment, Instruments & Components — continued
CTS Corp.
2,250
$93,488
  
Daktronics Inc.
5,251
63,957
  *
ePlus Inc.
1,409
85,991
  *
IPG Photonics Corp.
1,537
97,046
  *
M-Tron Industries Inc.
974
43,382
  *
PC Connection Inc.
1,977
123,404
  
Plexus Corp.
499
63,937
  *
Sanmina Corp.
2,491
189,765
  *
ScanSource Inc.
2,492
84,753
  *
Vishay Intertechnology Inc.
6,747
107,277
  
Vishay Precision Group Inc.
2,229
53,697
  *
Total Electronic Equipment, Instruments & Components
1,256,600
IT Services — 1.7%
DXC Technology Co.
9,882
168,488
  *
Hackett Group Inc.
3,412
99,699
  
TSS Inc.
4,505
35,364
  *
Unisys Corp.
23,165
106,327
  *
Total IT Services
409,878
Semiconductors & Semiconductor Equipment — 1.2%
Cohu Inc.
3,407
50,117
  *
inTEST Corp.
4,749
33,196
  *
NVE Corp.
943
60,107
  
Penguin Solutions Inc.
4,655
80,857
  *
Photronics Inc.
3,823
79,365
  *
Total Semiconductors & Semiconductor Equipment
303,642
Software — 2.8%
A10 Networks Inc.
5,965
97,468
  
Adeia Inc.
12,335
163,069
  
Box Inc., Class A Shares
1,634
50,425
  *
Logility Supply Chain Solutions Inc.
2,605
37,147
  
Mitek Systems Inc.
4,144
34,188
  *
Progress Software Corp.
2,246
115,691
  
Teradata Corp.
3,376
75,893
  *
Verint Systems Inc.
3,139
56,031
  *
Viant Technology Inc., Class A Shares
3,963
49,181
  *
Total Software
679,093
 
Total Information Technology
2,941,795
Materials — 3.8%
Chemicals — 1.5%
Core Molding Technologies Inc.
3,482
52,926
  *
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

9

Schedule of Investments(cont’d)
March 31, 2025
 Royce Quant Small-Cap Quality Value ETF
(Percentages shown based on Fund net assets)
Security
 
 
Shares
Value
 
Chemicals — continued
Ecovyst Inc.
11,721
$72,670
  *
Innospec Inc.
1,080
102,330
  
LSB Industries Inc.
5,466
36,021
  *
Rayonier Advanced Materials Inc.
17,874
102,776
  *
Total Chemicals
366,723
Construction Materials — 0.3%
United States Lime & Minerals Inc.
966
85,375
  
Metals & Mining — 1.0%
Metallus Inc.
4,073
54,416
  *
Olympic Steel Inc.
1,727
54,435
  
Ryerson Holding Corp.
1,645
37,769
  
Worthington Steel Inc.
3,446
87,287
  
Total Metals & Mining
233,907
Paper & Forest Products — 1.0%
Clearwater Paper Corp.
2,844
72,152
  *
Sylvamo Corp.
2,486
166,736
  
Total Paper & Forest Products
238,888
 
Total Materials
924,893
Real Estate — 0.6%
Real Estate Management & Development — 0.6%
Forestar Group Inc.
3,205
67,754
  *
RMR Group Inc., Class A Shares
5,381
89,593
  
 
Total Real Estate
157,347
Utilities — 1.1%
Electric Utilities — 1.1%
ALLETE Inc.
2,917
191,647
  
Genie Energy Ltd., Class B Shares
5,587
84,084
  
 
Total Utilities
275,731
Total Investments before Short-Term Investments (Cost — $26,323,437)
24,516,202
 
 
Rate
 
 
 
Short-Term Investments — 0.1%
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Class (Cost — $28,625)
4.221%
28,625
28,625
  (e)
Total Investments — 100.0% (Cost — $26,352,062)
24,544,827
Other Assets in Excess of Liabilities — 0.0%††
899
Total Net Assets — 100.0%
$24,545,726
See Notes to Financial Statements.

10
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

 Royce Quant Small-Cap Quality Value ETF
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Security is fair valued in accordance with procedures approved by the Board of Trustees(Note 1).
(b)
Security is valued using significant unobservable inputs(Note 1).
(c)
Value is less than $1.
(d)
Restricted security (Note 6).
(e)
Rate shown is one-day yield as of the end of the reporting period.
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

11

Statement of Assets and Liabilities
March 31, 2025
Assets:
Investments, at value (Cost — $26,352,062)
$24,544,827
Dividends receivable
13,714
Total Assets
24,558,541
Liabilities:
Investment management fee payable
12,815
Total Liabilities
12,815
Total Net Assets
$24,545,726
Net Assets:
Par value(Note 5)
$7
Paid-in capital in excess of par value
31,911,680
Total distributable earnings (loss)
(7,365,961
)
Total Net Assets
$24,545,726
Shares Outstanding
650,000
Net Asset Value
$37.76
See Notes to Financial Statements.

12
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

Statement of Operations
For the Year Ended March 31, 2025
Investment Income:
Dividends
$490,287
Less: Foreign taxes withheld
(579
)
Total Investment Income
489,708
Expenses:
Investment management fee(Note 2)
168,663
Total Expenses
168,663
Net Investment Income
321,045
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Gain From Investment Transactions
708,113
Change in Net Unrealized Appreciation (Depreciation) From Investments
(2,929,855
)
Net Loss on Investments
(2,221,742
)
Decrease in Net Assets From Operations
$(1,900,697
)
See Notes to Financial Statements.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

13

Statements of Changes in Net Assets
For the Years Ended March 31,
2025
2024
Operations:
Net investment income
$321,045
$340,381
Net realized gain
708,113
2,987,154
Change in net unrealized appreciation (depreciation)
(2,929,855
)
1,237,689
Increase (Decrease) in Net Assets From Operations
(1,900,697
)
4,565,224
Distributions to Shareholders From(Note 1):
Total distributable earnings
(329,315
)
(321,630
)
Decrease in Net Assets From Distributions to Shareholders
(329,315
)
(321,630
)
Fund Share Transactions(Note 5):
Net proceeds from sale of shares (0and 200,000 shares issued, respectively)
7,722,056
Cost of shares repurchased (50,000 and 200,000 shares repurchased,
respectively)
(2,288,116
)
(7,750,716
)
Decrease in Net Assets From Fund Share Transactions
(2,288,116
)
(28,660
)
Increase (Decrease) in Net Assets
(4,518,128
)
4,214,934
Net Assets:
Beginning of year
29,063,854
24,848,920
End of year
$24,545,726
$29,063,854
See Notes to Financial Statements.

14
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

Financial Highlights
For a share of beneficial interest outstanding throughout each year ended March 31,
unless otherwise noted:
 
20251
20241
20231
20221,2
20211,3
20201,3
Net asset value, beginning of period
$41.52
$35.50
$38.64
$37.85
$22.80
$26.21
Income (loss) from operations:
Net investment income
0.47
0.47
0.47
0.36
0.35
0.35
Net realized and unrealized gain (loss)
(3.74
)
5.99
(3.15
)
0.82
15.03
(3.42
)
Total income (loss) from
operations
(3.27)
6.46
(2.68)
1.18
15.38
(3.07)
Less distributions from:
Net investment income
(0.49
)
(0.44
)
(0.44
)
(0.39
)
(0.33
)
(0.34
)
Return of capital
(0.02
)
Total distributions
(0.49
)
(0.44
)
(0.46
)
(0.39
)
(0.33
)
(0.34
)
Net asset value, end of period
$37.76
$41.52
$35.50
$38.64
$37.85
$22.80
Total return, based on NAV4
(7.96
)%
18.33
%
(6.88
)%
3.15
%
67.77
%
(11.71
)%
Net assets, end of period (000s)
$24,546
$29,064
$24,849
$19,320
$17,031
$11,402
Ratios to average net assets:
Gross expenses
0.60
%
0.60
%
0.60
%
0.60
%5
0.60
%
0.60
%
Net expenses
0.60
0.60
0.60
0.60
5
0.60
0.60
Net investment income
1.14
1.25
1.33
1.39
5
1.13
1.46
Portfolio turnover rate6
44
%
101
%
51
%
73
%
99
%
95
%
1
Per share amounts have been calculated using the average shares method.
2
For the period August 1, 2021 through March 31, 2022.
3
For the year ended July 31.
4
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.
5
Annualized.
6
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 Annual Report

15

Notes to Financial Statements
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

16
Royce Quant Small-Cap Quality Value ETF 2025 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 quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

17

Notes to Financial Statements(cont’d)
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 — unadjusted quoted prices in active markets for identical investments
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Common Stocks:
Health Care
$4,642,006
$0
*
$4,642,006
Other Common Stocks
19,874,196
19,874,196
Total Long-Term Investments
24,516,202
0
*
24,516,202
Short-Term Investments†
28,625
28,625
Total Investments
$24,544,827
$0
*
$24,544,827
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 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.

18
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

(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.
Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
(f) Reclassification.GAAP requires that certain components of net assets be reclassifiedto reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:
 
Total Distributable
Earnings (Loss)
Paid-in
Capital
(a)
$(435,207)
$435,207
(a)
Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities.
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

19

Notes to Financial Statements(cont’d)
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, 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 Fund’s 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.

20
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

3. Investments
During the year ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows: 
Purchases
$12,452,919
Sales
12,455,942
During the year ended March 31, 2025, in-kind transactions (Note 5) were as follows:
Contributions
Redemptions
$2,274,429
Realized gain (loss)*
444,135
*
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 March 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
 
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Depreciation
Securities
$26,530,146
$2,585,185
$(4,570,504)
$(1,985,319)
4. Derivative instruments and hedging activities
During the year ended March 31, 2025, the Fund did not invest in derivative instruments.
5. Fund share transactions
At March 31, 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 Annual Report

21

Notes to Financial Statements(cont’d)
6. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.
Security
Number of
Shares
Acquisition
Date
Cost
FairValue
at 3/31/2025
Value Per
Share
Percent of
Net Assets
OmniAb Inc., $12.50
EARNOUT, Common
Shares
298
11/22
$0
(a)
$0
(a)
$0.00
(b)
0.00
(c)%
OmniAb Inc., $15.00
EARNOUT, Common
Shares
298
11/22
0
(a)
0
(a)
0.00
(b)
0.00
(c)
 
$0
(a)
$0
(a)
0.00
(c)%
(a)
Amount represents less than $1.
(b)
Amount represents less than $0.005 per share.
(c)
Amount represents less than 0.005%.
7. Income tax information and distributions to shareholders
The tax character of distributions paid during the fiscal years ended March 31, was as follows:
 
2025
2024
Distributions paid from:
Ordinary income
$329,315
$321,630
As of March 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:
Undistributed ordinary income — net
$18,244
Deferred capital losses*
(5,398,886)
Unrealized appreciation (depreciation)(a)
(1,985,319)
Total distributable earnings (loss) — net
$(7,365,961)
*
These capital losses have been deferred in the current year as either short-term or long-term losses. The losses
will be deemed to occur on the first day of the next taxable year in the same character as they were originally
deferred and will be available to offset future taxable capital gains.
(a)
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax
deferral of losses on wash sales.
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

22
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

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 has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the Fund’s financial position or results of operations.
The Fund operates as a single operating segment, which is an investment portfolio. The Fund’s Investment Manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. 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 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 Annual Report

23

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Legg Mason ETF Investment Trust and Shareholders of Royce Quant Small-Cap Quality Value ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Quant Small-Cap Quality Value ETF (one of the funds constituting Legg Mason ETF Investment Trust, referred to hereafter as the Fund) as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended March 31, 2025, the period August 1, 2021 through March 31, 2022 and each of the two years in the period ended July 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the three years in the period ended March 31, 2025, the period August 1, 2021 through March 31, 2022 and each of the two years in the period ended July 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
San Francisco, California
May 21, 2025
We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

24
Royce Quant Small-Cap Quality Value ETF 2025 Annual Report

Important Tax Information (unaudited)
By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.
The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.
The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended March 31, 2025:
 
Pursuant to:
Amount Reported
Income Eligible for Dividends Received Deduction (DRD)
§854(b)(1)(A)
$473,353
Qualified Dividend Income Earned (QDI)
§854(b)(1)(B)
$477,698
Royce Quant Small-Cap Quality Value ETF

25

Changes in and Disagreements with Accountants
For the period covered by this report
Not applicable.
 
Results of Meeting(s) of Shareholders
For the period covered by this report
Not applicable.
 
Remuneration Paid to Directors, Officers and Others
For the period covered by this report
Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive
management fee and not paid directly by the fund.

26
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
*
Effective October 8, 2024, Ms. Baumann and Mr. O’Connor became Trustees of the Fund.
**
Effective October 8, 2024, Mr. Bhagat became Chair of the Board.
Royce Quant Small-Cap Quality Value ETF
The Fund is a separate investment series of Legg Mason ETF Investment Trust, a Maryland statutory trust. 
Royce Quant Small-Cap Quality Value ETF
Legg Mason Funds
620 Eighth Avenue, 47th Floor
New York, NY 10018
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-877-721-1926.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-877-721-1926, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.
This report is submitted for the general information of the shareholders of Royce Quant Small-Cap Quality Value ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.
www.franklintempleton.com
© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.


SQVL-AFSOI5/25
© 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 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.

 

(a) The Registrant’s chief executive officer and chief financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant’s internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

  (a) Not applicable.
     
  (b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

 

Legg Mason ETF Investment Trust

 

By: /s/ Christopher Kings  
  Christopher Kings  
  Chief Executive Officer – Finance and Administration  
     
Date: May 29, 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: May 29, 2025  
     
By: /s/ Vivek Pai  
  Vivek Pai  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date: May 29, 2025  

 

Code of Ethics for Principal Executives & Senior Financial Officers

 

   
Procedures Revised [September 27, 2024]
   

 

 

FRANKLIN TEMPLETON AFFILIATED FUNDS

 

CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND

 

SENIOR FINANCIAL OFFICERS

 

I.Covered Officers and Purpose of the Code

 

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

 

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

 

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

 

Compliance with applicable laws and governmental rules and regulations;

 

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

 

Accountability for adherence to the Code.

 

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

 

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

 

 

II.Other Policies and Procedures

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

 

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

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

 

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

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

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

 

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

 

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

2 

 

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

 

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

Each Covered Officer must:

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

 

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

 

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

 

Report at least annually the following affiliations or other relationships:1

 

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

 

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

 

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

 

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

 

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

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include2:

 

Service as a director on the board of any public or private Company.
   
The receipt of any gifts in excess of $100 from any person, from any corporation or association.

 

 

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

 

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

3 

 

The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.
   
Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund’s service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof.
   
A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.
   
Franklin Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.
IV.Disclosure and Compliance
  
Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;
   
Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds’ directors and auditors, and to governmental regulators and self-regulatory organizations;
   
Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund’s adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and
   
It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

V.Reporting and Accountability

Each Covered Officer must:

 

Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit A);
   
Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and
   
Notify Franklin Resources’ General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this Code.
4 

 

Franklin Resources’ General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.3 However, the Independent Directors of the respective FT Funds will consider any approvals or waivers4 sought by any Chief Executive Officers of the Funds.

 

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

Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;
   
If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;
   
Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;
   
If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;
   
The Independent Directors will be responsible for granting waivers, as appropriate; and
   
Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.5
VI.Other Policies and Procedures

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

VII.Amendments

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

 

 

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

 

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

 

5 See Part X.

5 

 

VIII.Confidentiality

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

IX.Internal Use

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

X.Disclosure on Form N-CSR

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

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

The Legal Department shall be responsible for ensuring that:

 

a copy of the Code is filed with the SEC as an exhibit to each Fund’s annual report; and
   
any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant’s annual report on Form N-CSR.

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

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

6 

 

Exhibit A

 

ACKNOWLEDGMENT FORM

 

Franklin Templeton Funds Code of Ethics

For Principal Executives and Senior Financial Officers

Instructions:

 

1.Complete all sections of this form.

 

2.Print the completed form, sign, and date.

 

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

 

  E-mail:

Code of Ethics Inquiries & Requests (internal address);

lpreclear@franklintempleton.com (external address)

 

Covered Officer’s Name:  
Title:  
Department:  
Location:  
Certification for Year Ending:  

 

To: Franklin Resources General Counsel, Legal Department

 

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

 

 

 

   
Signature   Date signed
7 

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

 

CERTIFICATIONS

 

I, Christopher Kings, certify that:

 

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

 

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;

 

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;

 

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:

 

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;

 

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;

 

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

 

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

 

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):

 

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

 

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: May 29, 2025   /s/ Christopher Kings
      Christopher Kings
      Chief Executive Officer – Finance and Administration

 

 

CERTIFICATIONS

 

I, Vivek Pai, certify that:

 

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

 

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;

 

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;

 

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:

 

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;

 

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;

 

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

 

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

 

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):

 

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

 

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: May 29, 2025   /s/ Vivek Pai
      Vivek Pai
     

Chief Financial Officer, Chief Accounting Officer and Treasurer

 

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:

      

1.         The Registrant’s periodic report on Form N-CSR for the period ended March 31, 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

 

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

 

 

Chief Executive Officer – Finance and Administration   Chief Financial Officer, Chief Accounting Officer and Treasurer
Legg Mason ETF Investment Trust   Legg Mason ETF Investment Trust
     
/s/ Christopher Kings   /s/ Vivek Pai
Christopher Kings   Vivek Pai
Date: May 29, 2025   Date: May 29, 2025

 

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.

 

v3.25.1
Form N-CSR Cover
12 Months Ended
Mar. 31, 2025
Shareholder Report [Line Items]  
Document Type N-CSR
Amendment Flag false
Registrant Name Legg Mason ETF Investment Trust
Entity Central Index Key 0001645194
Entity Investment Company Type N-1A
Document Period End Date Mar. 31, 2025

v3.25.1
Shareholder Report
12 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
Shareholder Report [Line Items]  
Document Type N-CSR
Amendment Flag false
Registrant Name Legg Mason ETF Investment Trust
Entity Central Index Key 0001645194
Entity Investment Company Type N-1A
Document Period End Date Mar. 31, 2025
Royce Quant Small-Cap Quality Value ETF  
Shareholder Report [Line Items]  
Fund Name Royce Quant Small-Cap Quality Value ETF
Class Name Royce Quant Small-Cap Quality Value ETF
Trading Symbol SQLV
Security Exchange Name NYSEArca
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Royce Quant Small-Cap Quality Value ETF for the period April 1, 2024, to March 31, 2025.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] 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.
Material Fund Change Notice [Text Block]
This report describes changes to the Fund that occurred during the reporting period.
Additional Information Phone Number (800) DIAL BEN/342-5236
Additional Information Website https://www.franklintempleton.com/regulatory-fund-documents
Expenses [Text Block]
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Royce Quant Small-Cap Quality Value ETF
$58
0.60%
Expenses Paid, Amount $ 58
Expense Ratio, Percent 0.60%
Factors Affecting Performance [Text Block]
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended March 31, 2025, Royce Quant Small-Cap Quality Value ETF returned -7.96%. The Fund compares its performance to the Russell 2000 Index, which returned -4.01% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Stock selection in financials and information technology (IT) sectors contributed most to relative performance.
At the industry level, software (IT), banks (financials), and biotechnology (health care) contributed most to relative performance.
At the position level, Argan (industrials), InterDigital (IT), and Bread Financial Holdings (financials) contributed most to relative performance.
Top detractors from performance:
Stock selection in industrials, stock selection and an underweight in real estate, and stock selection in communication services sectors detracted most from relative performance.
At the industry level, machinery (industrials), oil, gas & consumable fuels (energy), and health care equipment & supplies (health care) detracted most from relative performance.
At the position level, Owens & Minor (health care), CVR Energy (energy), and ODP (consumer discretionary) detracted most from relative performance.
Performance Past Does Not Indicate Future [Text] The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
Line Graph [Table Text Block]
image
Average Annual Return [Table Text Block]
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended March 31, 2025
 
1 Year
5 Year
Since Inception
(7/12/2017)
Royce Quant Small-Cap Quality Value ETF (NAV)
-7.96
17.56
6.71
Russell 3000 Index
7.22
18.18
12.58
Russell 2000 Index
-4.01
13.27
5.99
No Deduction of Taxes [Text Block] The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Material Change Date Oct. 08, 2024
Updated Performance Information Location [Text Block]
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.  
Important data provider notices and terms available at www.franklintempletondatasources.com.
Net Assets $ 24,545,726
Holdings Count | $ / shares 275 [1]
Advisory Fees Paid, Amount $ 168,663
Investment Company Portfolio Turnover 44.00%
Additional Fund Statistics [Text Block]
KEY FUND STATISTICS (as of March 31, 2025)
Total Net Assets
$24,545,726
Total Number of Portfolio Holdings*
275
Total Management Fee Paid (based on a unitary fee)
$168,663
Portfolio Turnover Rate
44%
[1]
Holdings [Text Block]
image
Material Fund Change [Text Block]
HOW HAS THE FUND CHANGED?
Effective October 8, 2024, shareholders of the Fund approved a change to the Fund’s fundamental investment policy regarding industry concentration.
Also effective October 8, 2024, shareholders of the Fund approved the Fund’s use of a “manager of managers” structure whereby the Fund’s investment manager can appoint and replace both affiliated and unaffiliated subadvisers, and enter into, amend and terminate subadvisory agreements with such subadvisers, each subject to approval by the Fund’s Board of Trustees but without obtaining prior shareholder approval.
This is a summary of a change to the Fund since April 1, 2024. For more complete information, you may review the Fund’s current prospectus and the Fund’s next prospectus, which we expect to be available by August 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.
Updated Prospectus Phone Number (800) DIAL BEN/342-5236
Updated Prospectus Email Address ETFs-Product@franklintempleton.com
Updated Prospectus Web Address https://www.franklintempleton.com/regulatory-fund-documents
[1]
* Does not include derivatives, except purchased options, if any.

v3.25.1
Shareholder Report, Line Graph (Details) - USD ($)
12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Jul. 12, 2017
Royce Quant Small-Cap Quality Value ETF                  
Account Value [Line Items]                  
Line Graph and Table Measure Name Royce Quant Small-Cap Quality Value ETF (NAV)                
Account Value $ 16,510 $ 17,939 $ 15,160 $ 16,278 $ 14,894 $ 7,351 $ 10,861 $ 10,819 $ 10,000
Russell 3000 Index [Member]                  
Account Value [Line Items]                  
Line Graph and Table Measure Name Russell 3000 Index                
Account Value $ 25,175 23,480 18,160 19,865 17,748 10,920 12,017 11,048 10,000
Russell 2000 Index [Member]                  
Account Value [Line Items]                  
Line Graph and Table Measure Name Russell 2000 Index                
Account Value $ 15,781 $ 16,440 $ 13,733 $ 15,536 $ 16,490 $ 8,463 $ 11,134 $ 10,911 $ 10,000

v3.25.1
Shareholder Report, Average Annual Return (Details)
12 Months Ended 60 Months Ended 93 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Mar. 31, 2025
Royce Quant Small-Cap Quality Value ETF      
Average Annual Return [Line Items]      
Line Graph and Table Measure Name Royce Quant Small-Cap Quality Value ETF (NAV)    
Average Annual Return, Percent (7.96%) 17.56% 6.71%
Russell 3000 Index [Member]      
Average Annual Return [Line Items]      
Line Graph and Table Measure Name Russell 3000 Index    
Average Annual Return, Percent 7.22% 18.18% 12.58%
Russell 2000 Index [Member]      
Average Annual Return [Line Items]      
Line Graph and Table Measure Name Russell 2000 Index    
Average Annual Return, Percent (4.01%) 13.27% 5.99%

v3.25.1
Label Element Value
Royce Quant Small-Cap Quality Value ETF | Financials [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 22.90%
Royce Quant Small-Cap Quality Value ETF | Health Care [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 18.90%
Royce Quant Small-Cap Quality Value ETF | Industrials [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 14.40%
Royce Quant Small-Cap Quality Value ETF | Information Technology [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 12.00%
Royce Quant Small-Cap Quality Value ETF | Consumer Discretionary [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 11.30%
Royce Quant Small-Cap Quality Value ETF | Energy [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 6.90%
Royce Quant Small-Cap Quality Value ETF | Communication Services [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 5.40%
Royce Quant Small-Cap Quality Value ETF | Materials [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 3.80%
Royce Quant Small-Cap Quality Value ETF | Consumer Staples [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 2.60%
Royce Quant Small-Cap Quality Value ETF | Utilities [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 1.10%
Royce Quant Small-Cap Quality Value ETF | Real Estate [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 0.60%
Royce Quant Small-Cap Quality Value ETF | Short-Term Investments [Member]  
Holdings [Line Items] oef_HoldingsLineItems  
Percent of Total Investments oef_PctOfTotalInv 0.10%

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