ETF Research Center

The ClearBridge Large Cap Growth ESG ETF is an actively managed fund that seeks long-term capital appreciation. The fund focuses on global large-cap stocks with positive ESG attributes.

FUND BASICS
Category	US Equities
Fund Sponsor	Legg Mason
Website	www.leggmason.com
Inception date	May 22, 2017
Assets (mns)	$130
Currency	USD
Expense ratio	59 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	43
Wgt avg mkt cap (mns)	$528,737
Large cap (>$10bn)	99.3%
Mid cap ($2-10bn)	0.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	44.1 %
AMAZON.COM INC	8.8 %
APPLE INC	5.3 %
FACEBOOK	5.3 %
MICROSOFT CORP	4.7 %
VISA INC-CLASS A SHARES	4.3 %
UNITEDHEALTH GROUP INC	3.5 %
QUALCOMM INC	3.2 %
THERMO FISHER SCIENTIFIC INC	3.2 %
SALESFORCE.COM INC	2.9 %
ADOBE SYSTEMS INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	87.1 %
	BRITAIN	3.1 %
	NETHERLANDS	2.6 %
	IRELAND	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
31.9%	31.9%	--	--	22.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	94%
MSCI EAFE	0.92	77%
MSCI Emg. Mkts.	0.71	58%

Technical Indicators
Recent close	$49.16
30d moving avg.	$49.49
Annualized volatility	19.7%
Short interest (ETF)	0.7%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.4%
Bid/Ask (% of price)	0.42%
ADV underlying (mns)	$70,907

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the ClearBridge Large Cap Growth ESG ETF ETF based on the alternatives' overlap in portfolio holdings with LRGE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

LRGE

Expense:

59 bp

ALTAR Score™:

3.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH LRGE
Ticker	Fund Name	Overlap¹ vs LRGE (%)	Expense ratio (bp)	Savings vs LRGE (bp)	ALTAR Score™ (%)	ALTAR vs LRGE (%)
CACG	ClearBridge All Cap Growth ETF	55.2	54	5	3.8	+0.5
TMFC	Motley Fool 100 Index ETF	40.3	50	9	3.2	-0.2
IWY	iShares Russell Top 200 Growth ETF	39.1	20	39	3.7	+0.4
SPMO	Invesco S&P 500 Momentum ETF	38.5	13	46	4.0	+0.6
XLG	Invesco S&P 500 Top 50 ETF	38.2	20	39	4.2	+0.8
MGK	Vanguard Mega Cap Growth ETF	38.1	7	52	3.8	+0.4
IGM	iShares Expanded Tech Sector ETF	36.9	46	13	3.4	+0.1
SCHG	Schwab U.S. Large-Cap Growth ETF	36.8	4	55	3.3	-0.1
TECB	iShares US Tech Breakthrough Multisector ETF	36.8	40	19	3.6	+0.2
QYLD	Global X NASDAQ 100 Covered Call ETF	35.7	60	-1	3.2	-0.2
SPYG	SPDR Portfolio S&P 500 Growth ETF	35.6	4	55	3.8	+0.4
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	35.6	60	-1	3.2	-0.2
IVW	iShares S&P 500 Growth ETF	35.6	18	41	3.7	+0.3
OEF	iShares S&P 100 ETF	35.6	20	39	4.3	+0.9
QQQM	Invesco NASDAQ 100 ETF	35.5	15	44	3.7	+0.3
QQQ	Invesco QQQ Trust	35.5	20	39	3.6	+0.3
NUSI	Nationwide Risk-Managed Income ETF	35.2	68	-9	3.1	-0.3
HIPR	Direxion High Growth ETF	35.1	40	19	4.0	+0.6
VOOG	Vanguard S&P 500 Growth ETF	35.0	10	49	4.1	+0.7
ESGV	Vanguard ESG U.S. Stock ETF	34.6	12	47	4.6	+1.2
IWF	iShares Russell 1000 Growth ETF	34.5	19	40	3.6	+0.2
IETC	iShares Evolved U.S. Technology ETF	34.2	18	41	3.6	+0.2
IUSG	iShares Core S&P US Growth ETF	34.0	4	55	3.8	+0.4
VONG	Vanguard Russell 1000 Growth Index Fund	33.9	8	51	3.7	+0.3
JKE	iShares Morningstar Large-Cap Growth ETF	33.3	25	34	2.3	-1.1
MMTM	SPDR S&P 1500 Momentum Tilt ETF	33.1	12	47	4.1	+0.8
VUG	Vanguard Growth Index Fund	32.8	4	55	3.6	+0.3
WOMN	Impact Shares YWCA Women's Empowerment ETF	32.5	75	-16	3.6	+0.3
EFIV	SPDR S&P 500 ESG ETF	32.4	10	49	4.7	+1.3
SNPE	Xtrackers S&P 500 ESG ETF	32.3	10	49	4.7	+1.3
SPQQ	Siren Large Cap Blend Index ETF	32.1	20	39	4.3	+0.9
ADME	Aptus Drawdown Managed Equity ETF	31.9	79	-20	3.2	-0.2
ESG	FlexShares STOXX US ESG Impact Index Fund	31.8	32	27	4.6	+1.2
IWL	iShares Russell Top 200 ETF	31.5	15	44	4.5	+1.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	31.4	60	-1	3.7	+0.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	31.3	0	59	4.6	+1.2
MGC	Vanguard Mega Cap Index Fund	31.2	7	52	4.7	+1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	30.7	27	32	4.5	+1.1
MTUM	iShares MSCI USA Momentum Factor ETF	30.6	15	44	2.3	-1.1
NACP	Impact Shares NAACP Minority Empowerment ETF	30.4	49	10	4.8	+1.4
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	30.1	15	44	4.7	+1.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	29.8	20	39	4.7	+1.3
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	29.5	21	38	3.0	-0.4
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	29.4	12	47	5.0	+1.6
ACIO	Aptus Collared Income Opportunity ETF	29.4	79	-20	3.9	+0.5
SYG	SPDR MFS Systematic Growth Equity ETF	29.0	60	-1	3.6	+0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	28.8	20	39	4.9	+1.5
MMLG	First Trust Multi-Manager Large Growth ETF	28.6	85	-26	1.9	-1.5
SPXE	ProShares S&P 500 Ex-Energy ETF	28.6	27	32	4.7	+1.3
PBP	Invesco S&P 500 BuyWrite ETF	28.5	49	10	4.4	+1.0
XYLG	Global X S&P 500 Covered Call & Growth ETF	28.4	60	-1	4.4	+1.1
ESGU	iShares MSCI USA ESG Optimized ETF	28.3	15	44	4.5	+1.1
PWB	Invesco Dynamic Large Cap Growth ETF	28.2	56	3	2.2	-1.2
VOO	VANGUARD S&P 500 ETF	28.2	3	56	4.9	+1.5
SPY	SPDR S&P 500 ETF Trust	28.1	9	50	4.8	+1.4
SPXV	ProShares S&P 500 Ex-Health Care ETF	28.1	27	32	4.4	+1.0
SPLG	SPDR Portfolio Large Cap ETF	28.1	3	56	4.8	+1.5
IVV	iShares Core S&P 500 ETF	28.1	3	56	4.8	+1.5
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	28.0	7	52	4.6	+1.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	28.0	15	44	5.8	+2.4
BBUS	JP Morgan Betabuilders U.S. Equity ETF	27.6	2	57	4.7	+1.3
VV	Vanguard Large-Cap Index Fund	27.4	4	55	4.7	+1.3
CATH	Global X S&P 500 Catholic Values Custom ETF	27.3	29	30	4.7	+1.3
PBUS	Invesco PureBeta MSCI USA ETF	27.2	4	55	4.7	+1.3
YLDE	ClearBridge Dividend Strategy ESG ETF	27.1	60	-1	4.5	+1.1
DIA	SPDR Dow Jones Industrial Average ETF Trust	26.8	16	43	5.0	+1.6
SCHX	Schwab U.S. Large-Cap ETF	26.8	3	56	4.6	+1.3
VEGN	US Vegan Climate ETF	26.7	60	-1	4.1	+0.7
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	26.6	49	10	3.5	+0.2
STLG	iShares Factors US Growth Style ETF	26.4	25	34	4.0	+0.7
SPTM	SPDR Portfolio Total Stock Market ETF	26.4	3	56	4.9	+1.5
XLK	Technology Select Sector SPDR Fund	26.3	13	46	4.4	+1.0
IYW	iShares U.S. Technology ETF	26.2	43	16	3.6	+0.2
SFY	SoFi Select 500 ETF	26.2	0	59	4.6	+1.3
SCHK	Schwab 1000 Index ETF	26.1	5	54	4.7	+1.3
IWB	iShares Russell 1000 ETF	26.1	15	44	4.6	+1.2
QUAL	iShares MSCI Usa Quality Factor ETF	26.0	15	44	5.1	+1.7
IYY	iShares Dow Jones U.S. ETF	26.0	20	39	4.5	+1.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	25.9	9	50	4.9	+1.5
SPHQ	Invesco S&P 500 Quality ETF	25.8	15	44	4.5	+1.1
FVAL	Fidelity Value Factor ETF	25.7	29	30	6.9	+3.6
SFYF	SoFi 50 ETF	25.7	29	30	0.8	-2.6
FDMO	Fidelity Momentum Factor ETF	25.7	29	30	2.5	-0.9
ECOZ	TrueMark ESG Active Opportunities ETF	25.6	58	1	3.1	-0.3
FTEC	Fidelity MSCI Information Technology Index ETF	25.6	8	51	4.1	+0.7
IQSU	IQ Candriam ESG US Equity ETF	25.4	9	50	4.6	+1.2
VTHR	Vanguard Russell 3000 Index Fund	25.3	10	49	4.5	+1.1
VGT	Vanguard Information Technology Index Fund	25.2	10	49	4.1	+0.7
EDOW	First Trust Dow 30 Equal Weight ETF	24.9	50	9	5.2	+1.8
SUSA	iShares MSCI USA ESG Select ETF	24.8	25	34	4.3	+0.9
IWV	iShares Russell 3000 ETF	24.7	20	39	4.4	+1.0
SCHB	Schwab U.S. Broad Market ETF	24.7	3	56	4.5	+1.2
FMK	First Trust Mega Cap AlphaDEX Fund	24.6	70	-11	5.0	+1.6
QLC	FlexShares US Quality Large Cap Index Fund	24.6	32	27	4.5	+1.1
VNSE	Natixis Vaughan Nelson Select ETF	24.6	85	-26	2.7	-0.7
FQAL	Fidelity Quality Factor ETF	24.5	29	30	5.1	+1.7
RESP	WisdomTree US ESG Fund of Benef Interest	24.5	28	31	5.2	+1.8
ITOT	iShares Core S&P Total U.S. Stock Market ETF	24.5	3	56	4.5	+1.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ClearBridge Large Cap Growth ESG ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.6	%
Divided by: Fwd. P/BV	5.4	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	3.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.35	CATEGORY AVERAGE	1.49

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.