UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23096
(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:
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
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Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Royce Quant Small-Cap Quality Value ETF
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$
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Top contributors to performance:
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↑
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Stock selection in financials and information technology (IT) sectors contributed most to relative performance.
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↑
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At the industry level, software (IT), banks (financials), and biotechnology (health care) contributed most to relative performance.
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↑
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At the position level, Argan (industrials), InterDigital (IT), and Bread Financial Holdings (financials) contributed most to relative performance.
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Top detractors from performance:
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↓
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Stock selection in industrials, stock selection and an underweight in real estate, and stock selection in communication services sectors detracted most from relative performance.
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↓
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At the industry level, machinery (industrials), oil, gas & consumable fuels (energy), and health care equipment & supplies (health care) detracted most from relative performance.
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↓
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At the position level, Owens & Minor (health care), CVR Energy (energy), and ODP (consumer discretionary) detracted most from relative performance.
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| Royce Quant Small-Cap Quality Value ETF | PAGE 1 | SQLV-ATSR-0525 |

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1 Year
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5 Year
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Since Inception
(7/12/2017) |
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-
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-
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Total Net Assets
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$
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Total Number of Portfolio Holdings*
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Total Management Fee Paid (based on a unitary fee)
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$
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Portfolio Turnover Rate
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| * | Does not include derivatives, except purchased options, if any. |
| Royce Quant Small-Cap Quality Value ETF | PAGE 2 | SQLV-ATSR-0525 |
| * | Does not include derivatives, except purchased options, if any. |
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WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
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Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
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• prospectus • proxy voting information • financial information • holdings • tax information
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| Royce Quant Small-Cap Quality Value ETF | PAGE 3 | SQLV-ATSR-0525 |
(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. |

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1
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12
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13
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14
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15
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16
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24
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25
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26
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26
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26
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Security
|
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|
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Shares
|
Value
|
|
Common
Stocks — 99.9% | |||||
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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
*
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|
Scholastic
Corp. |
|
1,947
|
36,759
| ||
|
TEGNA
Inc. |
|
11,914
|
217,073
| ||
|
Thryv
Holdings Inc. |
|
3,236
|
41,453
*
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|
Total
Media |
667,146
| ||||
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Wireless
Telecommunication Services — 0.2% | |||||
|
Spok
Holdings Inc. |
|
2,263
|
37,204
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|
| |||||
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Total
Communication Services |
1,320,523
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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
| ||||
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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
*
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|
Frontdoor
Inc. |
|
2,138
|
82,142
*
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|
Perdoceo
Education Corp. |
|
6,440
|
162,159
| ||
|
Strategic
Education Inc. |
|
870
|
73,045
| ||
|
Total
Diversified Consumer Services |
409,820
| ||||
|
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
| ||
|
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
| ||
|
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
*
| ||
|
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)
| ||
|
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
*
| ||
|
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
| ||
|
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
| ||
|
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
*
| ||
|
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
| ||||
|
††
|
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.
|
|
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
|
|
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
) |
|
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 (0 and
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
|
|
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.
|
|
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. |
|
|
Total
Distributable
Earnings
(Loss) |
Paid-in
Capital
|
|
(a)
|
$(435,207)
|
$435,207
|
|
Purchases
|
$12,452,919
|
|
Sales
|
12,455,942
|
|
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. |
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Depreciation
|
|
Securities
|
$26,530,146
|
$2,585,185
|
$(4,570,504)
|
$(1,985,319)
|
|
Security
|
Number
of
Shares
|
Acquisition
Date
|
Cost
|
Fair Value
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%. |
|
|
2025
|
2024
|
|
Distributions
paid from: |
|
|
|
Ordinary
income |
$329,315
|
$321,630
|
|
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. |
|
|
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
|
|
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. | |
| 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.
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 |
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)
|
|||||||||||||||||||||
| 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
|
|||||||||||||||||||||
| 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] | ![]() |
|||||||||||||||||||||
| Average Annual Return [Table Text Block] | AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended March 31, 2025
|
|||||||||||||||||||||
| 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)
|
[1] | ||||||||||||||||||||
| Holdings [Text Block] | ![]() |
|||||||||||||||||||||
| 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 | |||||||||||||||||||||
| ||||||||||||||||||||||
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 |
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% |
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