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          Western Asset Management Company, LLC
          385 East Colorado Boulevard
          Pasadena
          
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          1-626-844-9400
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          Precidian Funds LLC
          302 South State Street
          Suite N-002
          Newtown
          
          18940
          1-908-781-0560
          Records related to its function as advisor.
        
        
          ClearBridge Investments, LLC
          620 Eighth Avenue
          48th Floor
          New York
          
          10018
          1-800-691-6960
          Records related to its function as sub-adviser.
        
        
          Legg Mason Partners Fund Advisor, LLC
          620 Eighth Avenue
          47th Floor
          New York
          
          10018
          1-305-529-4400
          Records related to its function as advisor.
        
        
          The Bank of New York Mellon
          240 Greenwich Street
          New York
          
          10286
          1-212-495-1784
          Records related to its function as custodian and transfer agent.
        
        
          ActiveShares ETF Trust
          620 Eighth Avenue
          47th Floor
          New York
          
          10018
          1-877-721-1926
          Records related to its function as registrant.
        
        
          Franklin Distributors, LLC
          ONE FRANKLIN PARKWAY
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          1-800-632-2350
          Records related to its function as distributor.
        
      
      N
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          Rohit Bhagat
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          Anantha K. Pradeep
          N/A
          N
          
            
            
            
            
          
        
        
          Jennifer M. Johnson
          N/A
          Y
          
            
            
            
            
            
            
            
          
        
        
          Deborah D. McWhinney
          N/A
          N
          
            
            
            
            
          
        
      
      
        
          Fred Jensen
          003203649
          620 Eighth Avenue
          47th Floor
          New York
          
          10018
          XXXXXX
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      N
      N
      N
      
      N
      
        
      
      
        
          Franklin Distributors, LLC
          008-53089
          000109064
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      N
      
        
          PricewaterhouseCoopers LLP
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      N
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        CLEARBRIDGE FOCUS VALUE ESG ETF
        S000067572
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        N
        0
        0
        0
        
          
        
        
          Exchange-Traded Fund
        
        N
        N
        N
        N
        N/A
        N/A
        N/A
        
          Rule 22d-1 (17 CFR 270.22d-1)
          Rule 32a-4 (17 CFR 270.32a-4)
        
        N
        N
        N
        N
        
          
            Precidian Funds LLC
            801-72255
            000156974
            549300C0LZO0D87BTQ84
            
            N
          
          
            Legg Mason Partners Fund Advisor, LLC
            801-66785
            000140432
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              2021-05-03
            
          
        
        
          
            Precidian Funds LLC
            801-72255
            000156974
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            2021-05-03
          
        
        
          
            ClearBridge Investments, LLC
            801-64710
            000137028
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            N
          
        
        
          
            The Bank of New York Mellon
            085-05006
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            N
            N
          
        
        N
        
          
            ICE Data Pricing & Reference Data, LLC
            5493000NQ9LYLDBCTL34
            
            N
          
          
            PricingDirect Inc.
            549300WIC0TOJ7N7GD54
            
            N
          
          
            IHS MARKIT GROUP HOLDINGS LIMITED
            2138005LTLTVZ4WMEX25
            GB
            N
          
          
            Bloomberg L.P.
            549300B56MD0ZC402L06
            
            N
          
          
            Refinitiv US LLC
            213800HQORQAP68CJJ04
            
            N
          
          
            Bank of America Merill Lynch PriceServe
            N/A
            
            N
          
          
            Refinitiv Benchmark Services Limited
            N/A
            
            N
          
          
            THE CLEARING HOUSE PAYMENTS COMPANY L.L.C.
            549300KIB86ZLHRUV723
            
            N
          
        
        N
        
          
            The Bank of New York Mellon
            HPFHU0OQ28E4N0NFVK49
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        
          
            The Bank of New York Mellon
            HPFHU0OQ28E4N0NFVK49
            
            N
            N
          
        
        N
        
          
            Legg Mason Partners Fund Advisor, LLC
            549300POFVK5JLWUL193
            
            Y
            N
          
        
        N
        
          
            Clarion Partners Securities, LLC
            008-69204
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            N/A
            
            0.000000000000
          
          
            ROYCE FUND SERVICES, LLC
            008-28663
            000014470
            N/A
            
            0.000000000000
          
          
            Franklin Templeton Financial Services Corp.
            008-29504
            000013594
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            0.000000000000
          
          
            Franklin Templeton Investment Services, Inc.
            008-43206
            000027884
            N/A
            
            0.000000000000
          
          
            Franklin Templeton Distributors, Inc.
            008-05889
            000000332
            N/A
            
            0.000000000000
          
          
            Franklin Distributors, LLC
            008-53089
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            0.000000000000
          
        
        
          
            JP MORGAN SECURITIES LLC
            008-35008
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            4.440000000000
          
          
            BOFA SECURITIES, INC.
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            14.950000000000
          
          
            CREDIT SUISSE SECURITIES (USA) LLC
            008-00422
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            1.800000000000
          
          
            SANFORD C. BERNSTEIN & CO., LLC
            008-52942
            000104474
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            29.800000000000
          
          
            INSTINET, LLC
            008-23669
            000007897
            549300MGMN3RKMU8FT57
            
            3.890000000000
          
          
            MORGAN STANLEY & CO. LLC
            008-15869
            000008209
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            36.270000000000
          
          
            GOLDMAN SACHS & CO. LLC
            008-00129
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            14.070000000000
          
          
            Stifel, Nicolaus & Co., Inc.
            008-01447
            000000793
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            11.680000000000
          
          
            UBS Securities LLC
            008-22651
            000007654
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            124.890000000000
          
          
            LIQUIDNET, INC.
            008-52461
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            0.920000000000
          
        
        242.960000000000
        
          
            JP MORGAN SECURITIES INC.
            008-35008
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            BNY MELLON CAPITAL MARKETS, LLC
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            347311.800000000000
          
        
        368061.800000000000
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      true
    
    
  

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of ActiveShares ETF Trust and Shareholders of ClearBridge Focus Value ESG ETF

 In planning and performing our audit of the financial statements of ClearBridge Focus Value ESG ETF (a series of ActiveShares ETF Trust, the “Fund”) as of and for the year ended September 30, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting. 

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. 

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. 

However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of September 30, 2021. 

This report is intended solely for the information and use of the Board of Trustees of ActiveShares ETF Trust and the Securities and Exchange Commission and is not intended to be and should not be used by  anyone other than these specified parties. 

/s/ PricewaterhouseCoopers LLP 

San Francisco, California  

November 19, 2021

PricewaterhouseCoopers LLP, 405 Howard Street, Suite 600, San Francisco, CA, 94105 T: (415) 498 5000, F: (415) 498 7100, www.pwc.com/us 

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