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)	$190
Currency	USD
Expense ratio	60 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	45
Wgt avg mkt cap (mns)	$330,934
Large cap (>$10bn)	98.9%
Mid cap ($2-10bn)	1.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	40.7 %
AMAZON.COM INC	6.7 %
MICROSOFT CORP	5.5 %
FACEBOOK	5.1 %
VISA INC-CLASS A SHARES	4.4 %
APPLE INC	3.7 %
ALPHABET INC. CLASS C	3.3 %
WALT DISNEY CO/THE	3.3 %
UNITEDHEALTH GROUP INC	3.2 %
THERMO FISHER SCIENTIFIC INC	2.8 %
UNITED PARCEL SERVICE-CL B	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.8 %
	BRITAIN	4.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.2%	15.4%	--	--	16.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.08	95%
MSCI EAFE	1.08	75%
MSCI Emg. Mkts.	0.75	59%

Technical Indicators
Recent close	$36.93
30d moving avg.	$35.80
Annualized volatility	14.6%
Short interest (ETF)	0.6%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.4%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$37,018

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the ClearBridge Large Cap Growth ESG 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:

60 bp

ALTAR Score™:

4.3%

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	60.2	53	7	4.7	+0.4
TMFC	Motley Fool 100 Index	44.7	50	10	4.3	+0.1
MGK	Vanguard Mega Cap 300 Growth	43.7	7	53	5.0	+0.7
IWY	iShares Russell Top 200 Growth	43.6	20	40	5.0	+0.7
XLG	Invesco S&P Top 50	40.9	20	40	5.1	+0.8
IGM	iShares S&P N. American Technology	40.3	46	14	4.5	+0.2
VUG	Vanguard Growth ETF	39.4	4	56	4.8	+0.5
IETC	iShares Evolved U.S. Technology	39.3	18	42	4.8	+0.5
JKE	iShares Morningstar Large Cap Growth	39.1	25	35	4.0	-0.3
SCHG	Schwab U.S. Large-Cap Growth	38.6	4	56	4.9	+0.6
IWF	iShares Russell 1000 Growth	38.2	19	41	4.9	+0.6
OEF	iShares S&P 100	38.0	20	40	5.5	+1.2
VONG	Vanguard Russell 1000 Growth	38.0	12	48	5.0	+0.7
USMC	Principal U.S. Mega-Cap Multi-Factor Index	37.4	12	48	5.7	+1.4
QYLD	Global X NASDAQ 100 Covered Call ETF	36.4	60	0	4.9	+0.6
QQQ	Invesco QQQ	35.8	20	40	5.2	+0.9
NACP	Impact Shares NAACP Minority Empowerment	35.8	75	-15	5.6	+1.3
OQAL	Invesco Russell 1000 Quality Factor ETF	35.6	19	41	5.2	+1.0
XOUT	GraniteShares XOUT US Large Cap	35.2	60	0	5.1	+0.8
IWL	iShares Russell Top 200	35.1	15	45	5.7	+1.4

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

	2014	2015	2016	2017	2018	2019E	2020E
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

	2018	2019E	2020E
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
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	21.5	%
Divided by: Fwd. P/BV	4.4	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.38	CATEGORY AVERAGE	1.55

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.