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)	$211
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	44
Wgt avg mkt cap (mns)	$400,054
Large cap (>$10bn)	97.5%
Mid cap ($2-10bn)	2.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	42.0 %
AMAZON.COM INC	7.3 %
MICROSOFT CORP	5.9 %
FACEBOOK	5.0 %
VISA INC-CLASS A SHARES	4.7 %
APPLE INC	4.0 %
ALPHABET INC. CLASS C	3.3 %
UNITEDHEALTH GROUP INC	3.2 %
WALT DISNEY CO/THE	2.9 %
THERMO FISHER SCIENTIFIC INC	2.8 %
ADOBE SYSTEMS INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.6 %
	BRITAIN	3.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.8%	22.2%	--	--	18.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.08	95%
MSCI EAFE	1.05	72%
MSCI Emg. Mkts.	0.67	52%

Technical Indicators
Recent close	$38.80
30d moving avg.	$39.68
Annualized volatility	14.1%
Short interest (ETF)	0.2%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.3%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$49,076

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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:

60 bp

ALTAR Score™:

4.1%

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	60.6	54	6	4.6	+0.5
MGK	Vanguard Mega Cap Growth ETF	45.3	7	53	4.6	+0.6
IWY	iShares Russell Top 200 Growth ETF	44.8	20	40	4.9	+0.8
TMFC	Motley Fool 100 Index ETF	44.7	50	10	4.1	+0.1
IGM	iShares North American Tech ETF	42.8	46	14	4.4	+0.3
XLG	Invesco S&P 500 Top 50 ETF	42.6	20	40	5.2	+1.1
VUG	Vanguard Growth Index Fund	41.4	4	56	4.5	+0.4
IETC	iShares Evolved U.S. Technology ETF	41.4	18	42	4.5	+0.5
OQAL	Invesco Russell 1000 Quality Factor ETF	41.2	19	41	6.0	+1.9
JKE	iShares Morningstar Large-Cap Growth ETF	40.5	25	35	3.6	-0.5
SPYG	SPDR Portfolio S&P 500 Growth ETF	40.2	4	56	5.0	+0.9
IVW	iShares S&P 500 Growth ETF	40.2	18	42	4.8	+0.8
VOOG	Vanguard S&P 500 Growth ETF	40.1	10	50	4.9	+0.9
OEF	iShares S&P 100 ETF	39.7	20	40	5.5	+1.4
VONG	Vanguard Russell 1000 Growth Index Fund	39.6	8	52	4.9	+0.9
TECB	iShares US Tech Breakthrough Multisector ETF	39.5	40	20	4.5	+0.5
SCHG	Schwab U.S. Large-Cap Growth ETF	39.5	4	56	4.6	+0.5
IWF	iShares Russell 1000 Growth ETF	39.1	19	41	4.8	+0.7
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	39.0	12	48	5.4	+1.4
QYLD	Global X NASDAQ 100 Covered Call ETF	38.1	60	0	4.6	+0.5

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	22.0	%
Divided by: Fwd. P/BV	4.7	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.35	CATEGORY AVERAGE	1.56

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.