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0.0083 0.3208 0.3214 0.2287 -0.3128 0.4599 Calendar Years ended December 31 Best Quarter (06/30/2020): 26.03 Worst Quarter (06/30/2022): (22.83) The year-to-date return as of the most recent calendar quarter, which ended June 30, 2026, was 4.05 Total returns (%) Before taxes CLEARBRIDGE LARGE CAP GROWTH SELECT ETF 0.1296 -0.0394 0.2941 0.1098 0.2233 -0.0863 0.1558 0.1659 Total returns (%) Before taxes FRANKLIN CLEARBRIDGE ENHANCED INCOME ETF Calendar Years ended December 31 Best Quarter (06/30/2020): 15.30 Worst Quarter (03/31/2020): (20.21) The year-to-date return as of the most recent calendar quarter, which ended June 30, 2026, was 5.47 0.1555 0.2777 0.1166 -0.0544 0.1881 -0.0879 0.1842 0.0380 0.1722 Calendar Years ended December 31 Best Quarter (12/31/2022): 10.42 Worst Quarter (03/31/2020): (22.18) The year-to-date return as of the most recent calendar quarter, which ended June 30, 2026, was 12.12 Total returns (%) Before taxes -0.0109 0.1005 0.0752 0.1832 0.1411 -0.0518 0.2257 -0.0111 0.2656 -0.0158 Calendar Years ended December 31 Best Quarter (09/30/2024): 14.75 Worst Quarter (03/31/2020): (24.52) The year-to-date return as of the most recent calendar quarter, which ended June 30, 2026, was 11.39 Total returns (%) Before taxes 0.0246 -0.0915 0.1654 0.0797 0.3584 -0.1285 0.2113 0.0483 ROYCE QUANT SMALL-CAP QUALITY VALUE ETF Total returns (%) Before taxes Calendar Years ended December 31 Best Quarter (12/31/2020): 31.89 Worst Quarter (03/31/2020): (35.79) The year-to-date return as of the most recent calendar quarter, which ended June 30, 2026, was 21.35 N-1A Legg Mason ETF Investment Trust 2026-08-01 Investment objective <div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">ClearBridge Large Cap Growth Select ETF (the “fund”) seeks long-term capital appreciation through investing in large-capitalization companies with the potential for high future earnings growth. </div> Fees and expenses of the fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may also be subject to additional fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> The management agreement between Legg Mason ETF Investment Trust (the “Trust”) and Franklin Templeton Fund Adviser, LLC (“FTFA” or the “manager”) (the “Management Agreement”) provides that the manager will pay all operating expenses of the fund, except interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to the manager under the Management Agreement. The manager will also pay all subadvisory fees of the fund. </div> Shareholder fees(fees paid directly from your investment) 0 Annual fund operating expenses (%)(expenses that you pay each year as a percentage of the value of your investment) 0.0047 0 0.0000 0.0001 0.0048 Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. Example: <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">You invest $10,000 in the fund for the time periods indicated </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Your investment has a 5% return each year and the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date) </div> </td> </tr> </table><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the example. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> Number of years you own your shares ($) Number of years you own your shares ($) 49 49 154 154 269 269 604 604 Portfolio turnover. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 38% of the average value of its portfolio. 0.38 Principal investment strategies <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Under normal circumstances, the fund seeks to meet its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities of U.S. large capitalization growth companies or other investments with similar economic characteristics. </div> <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Under normal circumstances, the fund seeks to meet its investment objective by investing at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities of U.S. large capitalization growth companies or other investments with similar economic characteristics. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">For purposes of this investment policy, the subadviser considers various investment criteria in determining whether a company is a growth company including, but not limited to: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Higher earnings per share growth than the broader equity market </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Higher sales growth than the broader equity market </div> </td> </tr> </table><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">These investment criteria may be assessed based on past history or forward-looking estimates. In addition, a company identified as a “growth company” by an independent third-party index or investment data provider will be considered a “growth company” for purposes of this investment policy. The subadviser defines large capitalization companies as those companies with market capitalizations similar to companies in the Russell 1000 Index (the “Index”). </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The size of the companies in the Index changes with market conditions and the composition of the Index. As of March 31, 2026, the largest market capitalization of a company in the Index was approximately $4.461 trillion and the median market capitalization of a company in the Index was approximately $16.405 billion. The fund’s investment strategy focuses on consistent growth of capital while managing volatility. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The subadviser generally intends to maintain a more focused portfolio consisting of about 30 large capitalization growth company securities. The fund is a “non-diversified” fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The fund emphasizes investments in equity securities or related instruments of U.S. large-capitalization growth companies; however, it may invest in equity securities of foreign issuers with similar characteristics. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The subadviser seeks to invest over the long term in select large-capitalization companies that are considered to be of high quality with sustainable competitive advantages as evidenced by high returns on capital, strong balance sheets, and capable management teams that allocate capital in an efficient manner. The subadviser seeks to invest in leadership companies where the portfolio managers believe the market price underestimates the magnitude of future growth. Leadership may be assessed both quantitatively and qualitatively. The subadviser seeks to select securities of companies that are category leaders with characteristics to sustain that position and grow market share consistently. The subadviser performs rigorous analysis to understand company fundamentals, key competitive dynamics and industry structure with the belief that the best business models win over time. The subadviser seeks to identify social or economic trends that will have an impact on the economy as a whole to support multi-year investment opportunities, allowing for compounding of earnings and cash flow. The subadviser seeks companies with self-funding business models with significant recurring revenue and businesses with the ability to generate superior free cash flow over time. In addition, the subadviser takes a disciplined approach to valuation and stress tests the sustainability of profitability and growth. The subadviser will also consider emerging companies with promising future prospects that may not yet have demonstrated substantial profitability. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The subadviser will utilize fundamental analysis to identify investment candidates with these attributes, and evaluate industry dynamics, the strength of the business model and management skill. Valuation will be carefully examined using a variety of techniques that depend on the type of company being researched. Methods typically used are discounted cash flow analysis, market implied growth and returns relative to the subadviser’s expectations, multiple comparisons and scenario analysis. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The subadviser will sell a security if the issuer no longer meets its financial criteria. In addition, the subadviser will seek to replace securities when the company’s risk/reward profile is no longer favorable due to price appreciation or if the company’s investment fundamentals have deteriorated meaningfully relative to original expectations. Securities may also be sold to permit investment in an issuer considered by the subadviser to be a more attractive alternative. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">As of March 31, 2026, the top sector represented by the fund’s underlying investments was information technology. This sector may change over time. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">For purposes of this investment policy, the subadviser considers various investment criteria in determining whether a company is a growth company including, but not limited to: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Higher earnings per share growth than the broader equity market </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Higher sales growth than the broader equity market </div> </td> </tr> </table><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">These investment criteria may be assessed based on past history or forward-looking estimates. In addition, a company identified as a “growth company” by an independent third-party index or investment data provider will be considered a “growth company” for purposes of this investment policy. The subadviser defines large capitalization companies as those companies with market capitalizations similar to companies in the Russell 1000 Index (the “Index”). </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The subadviser seeks to invest over the long term in select large-capitalization companies that are considered to be of high quality with sustainable competitive advantages as evidenced by high returns on capital, strong balance sheets, and capable management teams that allocate capital in an efficient manner. The subadviser seeks to invest in leadership companies where the portfolio managers believe the market price underestimates the magnitude of future growth. Leadership may be assessed both quantitatively and qualitatively. The subadviser seeks to select securities of companies that are category leaders with characteristics to sustain that position and grow market share consistently. The subadviser performs rigorous analysis to understand company fundamentals, key competitive dynamics and industry structure with the belief that the best business models win over time. The subadviser seeks to identify social or economic trends that will have an impact on the economy as a whole to support multi-year investment opportunities, allowing for compounding of earnings and cash flow. The subadviser seeks companies with self-funding business models with significant recurring revenue and businesses with the ability to generate superior free cash flow over time. In addition, the subadviser takes a disciplined approach to valuation and stress tests the sustainability of profitability and growth. The subadviser will also consider emerging companies with promising future prospects that may not yet have demonstrated substantial profitability. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The subadviser will utilize fundamental analysis to identify investment candidates with these attributes, and evaluate industry dynamics, the strength of the business model and management skill. Valuation will be carefully examined using a variety of techniques that depend on the type of company being researched. Methods typically used are discounted cash flow analysis, market implied growth and returns relative to the subadviser’s expectations, multiple comparisons and scenario analysis. </div> You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or government agency. <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Asset class risk.</span><span style="font-family:arial narrow"> Securities or other assets in the fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes. </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Authorized Participant concentration risk.</span><span style="font-family:arial narrow"> Only an Authorized Participant may engage in creation or redemption transactions directly with the fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the fund and who have entered into agreements with the fund’s distributor. A limited number of institutions act as Authorized Participants in respect of the fund. To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the fund and no other Authorized Participant steps forward to create or redeem, in either of these cases, fund shares may trade at a premium or discount to net asset value and possibly face trading halts and/or delisting. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Cybersecurity risk.</span><span style="font-family:arial narrow"> Like other funds and business enterprises, the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The fund, the manager, and the subadvisers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund, the manager, and/or the subadvisers. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Growth investing risk.</span><span style="font-family:arial narrow"> The fund’s growth-oriented investment style may increase the risks of investing in the fund. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Growth securities may also be more volatile than other investments because they often do not pay dividends. The values of growth securities tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market while the market favors value stocks. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Illiquidity risk.</span><span style="font-family:arial narrow"> Some assets held by the fund may be or become impossible or difficult to sell and some assets that the fund wants to invest in may be impossible or difficult to purchase, particularly during times of market turmoil or due to adverse changes in the conditions of a particular issuer. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the fund may be forced to sell at a substantial loss or may not be able to sell at all. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Information technology sector risk.</span><span style="font-family:arial narrow"> Companies in the rapidly changing field of information technology face special risks. Additionally, companies in this field are dependent upon consumer and business acceptance as new technologies evolve (including with respect to artificial intelligence and machine learning). Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of, or inability to enforce, those rights. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Issuer risk.</span><span style="font-family:arial narrow"> The market price of a security held by the fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security’s issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The fund may experience a substantial or complete loss on an individual security. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Large capitalization company risk.</span><span style="font-family:arial narrow"> Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the fund’s value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Market events risk.</span><span style="font-family:arial narrow"> The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"> Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the fund’s investments may be negatively affected. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund’s investments. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the fund as well as the fund’s performance and liquidity. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Market trading risk.</span><span style="font-family:arial narrow"> The fund faces numerous market trading risks, including the potential lack of an active market for fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;color:#47829e"><span style="font-style:italic">Absence of active market.</span></span><span style="font-family:arial narrow"> Although shares of the fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in fund shares. The absence of an active market for the fund’s shares may contribute to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;color:#47829e"><span style="font-style:italic">Shares of the fund may trade at prices other than net asset value.</span></span><span style="font-family:arial narrow"> Shares of the fund trade on stock exchanges at prices at, above or below the fund’s most recent net asset value. The net asset value of the fund is calculated at the end of each business day and fluctuates with changes in the market value of the fund’s holdings. The trading price of the fund’s shares fluctuates continuously throughout trading hours based on both market supply of and demand for fund shares and the underlying value of the fund’s portfolio holdings or net asset value. As a result, the trading prices of the fund’s shares may deviate significantly from net asset value during periods of market volatility, including during periods of high redemption requests or other unusual market conditions. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NET ASSET VALUE. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Non-diversification risk.</span><span style="font-family:arial narrow"> The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Portfolio management risk.</span><span style="font-family:arial narrow"> The value of your investment may decrease if the subadviser’s judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the subadviser. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the subadviser and could have an adverse effect on the value or performance of the fund. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Stock market and equity securities risk.</span><span style="font-family:arial narrow"> The stock markets are volatile and the market prices of equity securities held by the fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. If the fund holds equity securities in a company that becomes insolvent, the fund’s interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the fund may lose its entire investment. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Trading issues risk.</span><span style="font-family:arial narrow"> Trading in fund shares on NASDAQ may be halted in certain circumstances. There can be no assurance that the requirements of NASDAQ necessary to maintain the listing of the fund will continue to be met. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Valuation risk.</span><span style="font-family:arial narrow"> The sales price the fund could receive upon the sale of any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Authorized Participants who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the fund’s investments involves subjective judgment. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">These and other risks are discussed in more detail in the Prospectus or in the Statement of Additional Information. </div> Performance <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund), or by calling the fund at (800) DIAL BEN/342-5236. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">On August 1, 2025, the fund changed its principal investment strategies to reflect that the fund no longer pursues a specific environmental, social and governance (“ESG”) investment strategy as part of the fund’s large capitalization growth strategy and performance for periods prior to that date is attributable to the fund’s performance before the strategy change. </div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com/prospectus (select fund) (800) DIAL BEN/342-5236 The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Best Quarter  2020-06-30 0.2603 Worst Quarter 2022-06-30 -0.2283 year-to-date return 2026-06-30 0.0405 Average annual total returns (%)(for periods ended December 31, 2025) 0.0951 0.1128 0.1566 2017-05-22 2017-05-22 2017-05-22 0.0945 0.1109 0.1542 0.0563 0.0893 0.1307 0.1715 0.1315 0.1422 0.1856 0.1532 0.1870 <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">No one index is representative of the fund’s portfolio. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Investment objective <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Franklin ClearBridge Enhanced Income ETF (the “fund”) seeks to provide income and long-term capital appreciation. </div> Fees and expenses of the fund <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">You may also be subject to additional fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> The management agreement between Legg Mason ETF Investment Trust (the “Trust”) and Franklin Templeton Fund Adviser, LLC (“FTFA” or the “manager”) (the “Management Agreement”) provides that the manager will pay all operating expenses of the fund, except interest expenses, taxes, brokerage expenses, future Rule 12b‑1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to the manager under the Management Agreement. The manager will also pay all subadvisory fees of the fund. </div> Shareholder fees(fees paid directly from your investment) 0 Annual fund operating expenses (%)(expenses that you pay each year as a percentage of the value of your investment) 0.0047 0 0.0000 0.0001 0.0048 Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. Example: <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">You invest $10,000 in the fund for the time periods indicated </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Your investment has a 5% return each year and the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date) </div> </td> </tr> </table><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the example. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> Number of years you own your shares ($) Number of years you own your shares ($) 49 49 154 154 269 269 604 604 Portfolio turnover.  The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio. 0.40 Principal investment strategies <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Under normal market conditions, the fund will pursue an enhanced equity income strategy by (1) investing primarily in dividend-paying equity securities and (2) “enhancing” income through the employment of an options overlay by writing (selling) U.S. exchange-traded call options based upon U.S. large capitalization equity indices (such as the S&amp;P 500<sup style="font-size:75%;vertical-align:top">®</sup> Index). ClearBridge Investments, LLC (“ClearBridge”) provides the day‑to‑day portfolio management of the equity portion of the fund’s portfolio and O’Shaughnessy Asset Management, LLC (“OSAM”) provides the day‑to‑day portfolio management of the options overlay portion of the fund’s portfolio. In the equity portion of the fund’s portfolio, the fund invests primarily in common stocks. Equity securities in which the fund may invest also include securities of real estate investment trusts (“REITs”). The fund may invest in equity securities of foreign issuers, either directly or through depositary receipts. The fund may invest in companies of any size but focuses on large cap companies. In the options overlay portion of the fund’s portfolio, OSAM expects that, under normal circumstances, it will seek to sell call options with a reference index value (<span style="font-style:italic">i.e.</span>, the cumulative investment exposure of the options) less than, or equal to, 100% of the value of the fund’s equity holdings. As the seller of the call options, the fund will receive cash (the “premium”) from the purchaser. At each index option expiration, if the value of the reference index exceeds the fixed price of the option (the “exercise price”), the fund is required to pay the purchaser a cash amount equal to that difference. The premium, the exercise price and the market price of the reference index determine the gain or loss realized by the fund as the seller of the call option. The call options the fund will sell will be uncovered, meaning the fund does not directly own the securities underlying the reference index upon which the call options are based. The call options sold by the fund may include FLexible EXchange Options (“FLEX Options”) as well as more traditional exchange-traded options. FLEX Options are customized options contracts that trade on an exchange, but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. It is generally expected that the call options the fund will sell to generate premiums will, under normal market conditions, have expirations of approximately five weeks or less. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Under normal market conditions, the fund seeks to distribute monthly payments at a relatively stable level throughout each calendar year (with larger distributions in the months of July and December) to enable shareholders to estimate the distributions they will receive from the fund. The targeted, cumulative annual payout rate is between approximately 6% and 8% per share based on the last net asset value of the fund of the prior calendar year in which the distribution is being made (e.g., for distributions made in 2026, the targeted annual payout rate will be based on the fund’s net asset value on December 31, 2025). Distributions made throughout the year may be comprised of dividend income, appreciation of equity investments, option profits and/or a return of capital. Each year, the subadvisers will undertake to determine if an adjustment should be made to the targeted annual payout rate. It is possible to lose money by investing in the fund notwithstanding the targeted annual payout rate. There can be no assurance or guarantee that the fund will provide a relatively stable level of distributions at any time or over any period of time and the actual payout rate may differ from the targeted rate. An investment in the fund could lose money over short, intermediate, or even long periods of time. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">In managing the equity portion of the fund’s portfolio, ClearBridge utilizes a fundamental, bottom‑up research approach that emphasizes company analysis, management and stock selection. ClearBridge’s proprietary research and analysis generally incorporates information and data obtained from a variety of third-party research providers as supplementary to ClearBridge’s own proprietary research and analysis. ClearBridge has the right to change the third-party service providers that support this process at any time. ClearBridge uses fundamental analysis to identify companies with strong balance sheets, dominant market positions and reasonable valuations. The portfolio managers focus on companies that they believe to be of high quality and that: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Pay an attractive dividend; and/or </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial narrow;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;"><span style="font-family:times new roman;font-size:7pt">•</span></td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial narrow;font-size:10pt;text-align:left;">Have the potential to significantly grow their dividends </div> </td> </tr> </table><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">In managing the options overlay portion of the fund’s portfolio, OSAM seeks to generate additional cash flow through any profits realized from selling the call options. The options overlay strategy will consist of selling‑to‑open call options (<span style="font-style:italic">i.e.</span>, writing a call option to open an option position) and buying‑to‑close such call options (<span style="font-style:italic">i.e.</span>, closing out the open option position prior to the expiration of the written option) based upon U.S. large capitalization equity indices (such as the S&amp;P 500<sup style="font-size:75%;vertical-align:top">®</sup> Index). Equity securities in the equity portion of the fund’s portfolio may be required to be sold to raise cash in order to satisfy option obligations. OSAM monitors the value of short call options and seeks to buy‑to‑close short call options when OSAM determines that the risk reward characteristics are no longer favorable (<span style="font-style:italic">e.g.</span>, to seek to minimize potential losses if OSAM determines, based on a risk-based analysis, that the value of the reference index is likely to exceed the exercise price at the time of the option expiry). </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">During periods in which the U.S. equity markets are flat, declining or modestly rising it is expected that the portfolio may outperform a similar portfolio that did not engage in a call selling strategy because of the premiums received from writing call options. However, in rising markets (where the aggregate appreciation of the reference index over the option exercise price exceeds the income from premiums) it is expected the portfolio could significantly underperform a similar portfolio that did not engage in a call selling strategy. </div> You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or government agency. <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Asset class risk.</span><span style="font-family:arial narrow"> Securities or other assets in the fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Authorized Participant concentration risk.</span><span style="font-family:arial narrow"> Only an Authorized Participant may engage in creation or redemption transactions directly with the fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the fund and who have entered into agreements with the fund’s distributor. A limited number of institutions act as Authorized Participants in respect of the fund. To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the fund and no other Authorized Participant steps forward to create or redeem, in either of these cases, fund shares may trade at a premium or discount to net asset value and possibly face trading halts and/or delisting. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Cybersecurity risk.</span><span style="font-family:arial narrow"> Like other funds and business enterprises, the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub‑custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The fund, the manager, and the subadvisers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund, the manager, and/or the subadvisers. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Depositary receipts risk.</span><span style="font-family:arial narrow"> Depositary receipts are subject to many of the risks of the underlying security. For some depositary receipts, the custodian or similar financial institution that holds the issuer’s shares in a trust account is located in the issuer’s home country. The fund could be exposed to the credit risk of the custodian or financial institution, and in cases where the issuer’s home country does not have developed financial markets, greater market risk. In addition, the depository institution may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. The fund would be expected to pay a share of the additional fees, which it would not pay if investing directly in the foreign securities. The fund may experience delays in receiving its dividend and interest payments or exercising rights as a shareholder. There may be an increased possibility of untimely responses to certain corporate actions of the issuer in an unsponsored depositary receipt program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between this information and the market value of the depositary receipts. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Derivatives risk.</span><span style="font-family:arial narrow"> Using derivatives can increase fund losses and reduce opportunities for gains, such as when market prices, interest rates, currencies or the derivatives themselves, behave in a way not anticipated by the fund’s subadviser. Using derivatives also can have a leveraging effect and increase fund volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the fund than an investment in the underlying asset, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and non‑U.S. governments have adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">To the extent that the fund writes or sells an option, in particular a naked option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the fund could experience a substantial loss. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Dividend-paying stock risk.</span><span style="font-family:arial narrow"> There is no guarantee that the issuers of the stocks held by the fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. The fund’s emphasis on dividend-paying stocks could cause the fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks can fall out of favor with the market (such as in periods of rising interest rates, high inflation and/or strong economic growth) and may not participate in a broad market advance to the same degree as other stocks. A sharp rise in interest rates or economic downturn or other market or company-specific developments could cause a company to reduce or eliminate its dividend. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Foreign investments risk.</span><span style="font-family:arial narrow"> The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">regulated and more volatile markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the fund’s entire investment in one or more countries. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The fund may be unable or may choose not to hedge its foreign currency exposure. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Illiquidity risk. </span><span style="font-family:arial narrow">Some assets held by the fund may be or become impossible or difficult to sell and some assets that the fund wants to invest in may be impossible or difficult to purchase, particularly during times of market turmoil or due to adverse changes in the conditions of a particular issuer. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the fund may be forced to sell at a substantial loss or may not be able to sell at all. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Issuer risk.</span><span style="font-family:arial narrow"> The market price of a security held by the fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security’s issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The fund may experience a substantial or complete loss on an individual security. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Large capitalization company risk.</span><span style="font-family:arial narrow"> Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the fund’s value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Market events risk.</span><span style="font-family:arial narrow"> The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the fund’s investments may be negatively affected. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non‑performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund’s investments. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the fund as well as the fund’s performance and liquidity. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Market trading risk.</span><span style="font-family:arial narrow"> The fund faces numerous market trading risks, including the potential lack of an active market for fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;color:#47829e"><span style="font-style:italic">Absence of active market.</span></span><span style="font-family:arial narrow"> Although shares of the fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in fund shares. The absence of an active market for the fund’s shares may contribute to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;color:#47829e"><span style="font-style:italic">Shares of the fund may trade at prices other than net asset value.</span></span><span style="font-family:arial narrow"> Shares of the fund trade on stock exchanges at prices at, above or below the fund’s most recent net asset value. The net asset value of the fund is calculated at the end of each business day and fluctuates with changes in the market value of the fund’s holdings. The trading price of the fund’s shares fluctuates continuously throughout trading hours based on both market supply of and demand for fund shares and the underlying value of the fund’s portfolio holdings or net asset value. As a result, the trading prices of the fund’s shares may deviate significantly from net asset value during periods of market volatility, including during periods of high redemption requests or other unusual market conditions. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NET ASSET VALUE. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Option writing risk.</span><span style="font-family:arial narrow"> Writing (selling) call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up‑front cash (the premium) at the time of selling the call option. In a sharp rising market, the fund could significantly underperform the market. Furthermore, premium received from the fund’s call option writing strategies may not fully protect it against market declines because the fund will continue to bear the risk of a decline in the value of its portfolio securities. In a sharply-falling equity market, the fund will likely also experience sharp declines in its NAV. In addition, the performance of the equity portion of the fund’s portfolio may not move in the same direction or have a similar magnitude of movement as the reference index of the options being sold, and the equity portion may depreciate while the reference index simultaneously appreciates, resulting in losses in both the equity portion and the options overlay portion of the fund’s portfolio. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the fund may be unable to trade options at times that may be desirable or advantageous to the fund to do so. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Portfolio management risk.</span><span style="font-family:arial narrow"> The value of your investment may decrease if the subadviser’s judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the subadviser. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the subadviser and could have an adverse effect on the value or performance of the fund. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">REITs risk.</span><span style="font-family:arial narrow"> The value of real estate investment trusts (“REITs”) may be affected by factors including the condition of the economy as a whole, changes in the value of the underlying real estate, the creditworthiness of the issuers of the investments, property taxes, interest rates, liquidity of the credit markets, poor performance by the REIT’s manager, and the real estate regulatory environment. REITs that concentrate their holdings in specific businesses, such as apartments, offices or retail space, will be affected by conditions affecting those businesses. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Small and mid‑capitalization company risk. </span><span style="font-family:arial narrow">The fund will be exposed to additional risks as a result of its investments in the securities of small and mid‑capitalization companies. Small and mid‑capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid‑capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid‑capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may have greater potential for losses. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Small fund risk.</span><span style="font-family:arial narrow"> When the fund’s size is small, the fund may experience low trading volume and wide bid/ask spreads. In addition, the fund may face the risk of being delisted if the fund does not meet certain conditions of the listing exchange. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Stock market and equity securities risk.</span><span style="font-family:arial narrow"> The stock markets are volatile and the market prices of equity securities held by the fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over‑the‑counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. If the fund holds equity securities in a company that becomes insolvent, the fund’s interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the fund may lose its entire investment. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Targeted annual payout rate.</span><span style="font-family:arial narrow"> The fund’s monthly payments based on the targeted annual payout rate may reduce the amount of assets available for investment by the fund, even if the fund’s assets grow over time. In addition, the fund may return capital to shareholders (i.e., a return of all or part of a shareholder’s original investment). Fund shareholders are expected to receive a monthly distribution at a relatively stable level that is equal to a certain percentage per share, multiplied by the number of shares owned on the record date of the distribution; therefore, redemptions from a shareholder’s account will reduce future distributions. The targeted annual payout rate is not designed to generate, and is not expected to result in, distributions that equal a fixed percentage of the fund’s current net asset value per share or a fixed percentage of a shareholder’s current account value. In addition, the fund does not guarantee that distributions will always be paid or will be paid at a relatively stable level and the actual payout rate may differ from the targeted rate. </span></div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Trading issues risk.</span><span style="font-family:arial narrow"> Trading in fund shares on NASDAQ may be halted in certain circumstances. There can be no assurance that the requirements of NASDAQ necessary to maintain the listing of the fund will continue to be met. </span></div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-family:arial narrow;font-size:10pt;color:#47829e">Valuation risk.</span><span style="font-family:arial narrow"> The sales price the fund could receive upon the sale of any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Authorized Participants who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the fund’s investments involves subjective judgment. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">These and other risks are discussed in more detail in the Prospectus or in the Statement of Additional Information. </div> Performance <div style="margin-top:2pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and additional indices with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund), or by calling the fund at (800) DIAL BEN/342‑5236. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">On February 28, 2025, the fund changed its principal investment strategies to reflect the fund’s enhanced equity income strategy and the performance for periods prior to that date is attributable to the fund’s performance before the strategy change. </div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and additional indices with characteristics relevant to the fund. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and additional indices with characteristics relevant to the fund. www.franklintempleton.com/prospectus (select fund) (800) DIAL BEN/342‑5236 The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Best Quarter 2020-06-30 0.1530 Worst Quarter 2020-03-31 -0.2021 year‑to‑date return 2026-06-30 0.0547 Average annual total returns (%)(for periods ended December 31, 2025) 0.1296 0.1122 0.1180 2017-05-22 2017-05-22 2017-05-22 0.1033 0.1035 0.1108 0.0760 0.0861 0.0945 0.1715 0.1315 0.1422 0.1788 0.1442 0.1486 0.0891 0.0933 0.0691 <div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">No one index is representative of the fund’s portfolio. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:10pt;font-family:arial narrow;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and the after‑tax returns shown are not relevant to investors who hold their fund shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:8.5pt;font-family:arial narrow;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown, and the after‑tax returns shown are not relevant to investors who hold their fund shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. Franklin International Low Volatility High Dividend Index ETF Investment objective <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Franklin International Low Volatility High Dividend Index ETF (“International Low Volatility High Dividend Index ETF” or the “fund”) seeks to track the investment results of an index composed of publicly traded equity securities of developed markets outside of the United States with relatively high yield and low price and earnings volatility while mitigating exposure to fluctuations between the values of the U.S. dollar and other international currencies.</div> Fees and expenses of the fund <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">You may also be subject to additional fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> The management agreement between Legg Mason ETF Investment Trust (the “Trust”) and Franklin Templeton Fund Adviser, LLC (“FTFA” or the “manager”) (the “Management Agreement”) provides that the manager will pay all operating expenses of the fund, except interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to the manager under the Management Agreement. The manager will also pay all subadvisory fees of the fund.</div> Shareholder fees(fees paid directly from your investment) 0 Annual fund operating expenses (%)(expenses that you pay each year as a percentage of the value of your investment) 0.0040 0 0.0000 0.0040 Example: <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">You invest $10,000 in the fund for the time periods indicated</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Your investment has a 5% return each year and the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date)</div> </td> </tr> </table> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the example.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> Number of years you own your shares ($) Number of years you own your shares ($) 41 41 129 129 225 225 506 506 Portfolio turnover.  The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 30% of the average value of its portfolio. 0.30 Principal investment strategies <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund seeks to track the investment results of the Franklin International Low Volatility High Dividend Hedged Index (the “Underlying Index”). The Underlying Index seeks to provide more stable income through investments in stocks of profitable companies in developed markets outside of the United States with relatively high dividend yields or anticipated dividend yields and lower price and earnings volatility, while mitigating exposure to exchange-rate fluctuations between the U.S. dollar and other international currencies. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the currencies in which its component securities are denominated are weakening relative to the U.S. dollar. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the currencies in which its component securities are denominated are rising relative to the U.S. dollar. The Underlying Index is based on a proprietary methodology created and sponsored by Franklin Advisers, Inc. (“Franklin Advisers”), the fund’s subadviser. Franklin Advisers is affiliated with both FTFA and the fund. The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose its Underlying Index. Securities that compose the Underlying Index include depositary receipts representing securities in the Underlying Index. The fund’s investments in derivative instruments and other investments that provide investment exposure similar to the component securities of the Underlying Index are included in the fund’s 80% basket.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The Underlying Index is composed of equity securities in developed markets outside of the United States across a range of market capitalizations that are included in the MSCI World ex-US IMI Local Index. Stocks in the Underlying Index must have demonstrated profitability over the last four fiscal quarters as a whole. Only stocks that have paid or are anticipated to pay a dividend are included in the Underlying Index. The methodology calculates a composite “stable yield” score, with the yield of stocks with relatively high price volatility (as measured over the past 12 months based on the standard deviation of daily returns) and earnings volatility (as measured by the variation of past earnings and projected earnings) and from countries with relatively high interest rates adjusted downward and the yield of stocks with relatively low price volatility and earnings volatility and from countries with relatively low interest rates adjusted upward. The Underlying Index will also take into account foreign withholding taxes on dividend payments to minimize their impact on distribution yield. Underlying Index weights are calculated to maximize its stable yield score subject to concentration limits, liquidity requirements and turnover restraints. Franklin Advisers anticipates that the number of component securities in the Underlying Index will range from 50 to 200 but this number may vary due to market conditions. At the time of each reconstitution, no individual component of the Underlying Index will exceed 2.5% of the Underlying Index, no individual sector will exceed 25% of the Underlying Index, no country will exceed 15% of the Underlying Index, no region will exceed 50% of the Underlying Index and real estate investment trust (“REIT”) components as a whole will not exceed 15% of the Underlying Index. The Underlying Index’s components are reconstituted annually and rebalanced quarterly. The fund’s securities portfolio is rebalanced when the Underlying Index is rebalanced or reconstituted. The composition of the Underlying Index and the fund after reconstitution and rebalancing may fluctuate and exceed the above Underlying Index limitations due to market movements. As of June 30, 2026, the Underlying Index consisted of securities from the following 18 countries: Australia, Canada, Belgium, Denmark, Finland, France, Germany, Hong Kong, Italy, Japan, Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index may include large-, mid- or small-capitalization companies.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund may invest up to 20% of its net assets in foreign currency forward contracts and other currency hedging instruments, certain index futures, options, options on index futures, swap contracts or other derivatives (“Financial Instruments”) related to its Underlying Index and its component securities; cash and cash equivalents; other investment companies, including ETFs; and in securities and other instruments not included in its Underlying Index, but which Franklin Advisers believes will help the fund track its Underlying Index. As noted below, the fund invests in currency hedging instruments to offset the fund’s exposure to the currencies in which the fund’s holdings are denominated. The fund may also invest in equity index futures and currency derivatives to gain exposure to local markets or segments of local markets for cash flow management purposes and as a portfolio management technique.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Hedging.</span><span style="font-family: arial narrow;"> The fund’s investments will be denominated in foreign currencies, thereby potentially subjecting the fund to fluctuations in exchange rates between such currencies and the U.S. dollar. The Underlying Index applies a methodology to effectively create a “hedge” against such fluctuations. In order to replicate the “hedging” component of the Underlying Index, the fund intends to enter into foreign currency forward contracts designed to offset the fund’s exposure to the currencies in which the fund’s holdings are denominated. The fund’s exposure to foreign currency forward contracts is based on the aggregate exposure of the fund to the currencies and will generally be reset on a monthly basis. The fund may also enter into forward currency futures, options on foreign currency and currency swaps, and may purchase currency structured notes. At times, there will be differences in the relative values of the foreign currency forwards and the underlying foreign securities until the portfolio is rebalanced. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index investing.</span><span style="font-family: arial narrow;"> The fund uses a “passive” or indexing investment approach to achieve its investment objective. Unlike many investment companies, the fund does not try to outperform its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index and also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The subadviser may use a representative sampling indexing strategy to manage the fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. When representative sampling is used, the securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as return variability, risk, market capitalization, country/region exposures and sector exposures) and fundamental characteristics (such as portfolio yield,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">price/earnings ratios and price/book ratios) similar to those of the Underlying Index. The fund may or may not hold all of the securities in the Underlying Index.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Industry concentration policy.</span><span style="font-family: arial narrow;"> The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry to approximately the same extent that the Underlying Index is concentrated in the securities of such particular industry. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </span></div> The fund seeks to track the investment results of the Franklin International Low Volatility High Dividend Hedged Index (the “Underlying Index”). The Underlying Index seeks to provide more stable income through investments in stocks of profitable companies in developed markets outside of the United States with relatively high dividend yields or anticipated dividend yields and lower price and earnings volatility, while mitigating exposure to exchange-rate fluctuations between the U.S. dollar and other international currencies. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the currencies in which its component securities are denominated are weakening relative to the U.S. dollar. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the currencies in which its component securities are denominated are rising relative to the U.S. dollar. The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose its Underlying Index. Securities that compose the Underlying Index include depositary receipts representing securities in the Underlying Index. The fund’s investments in derivative instruments and other investments that provide investment exposure similar to the component securities of the Underlying Index are included in the fund’s 80% basket. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index investing.</span><span style="font-family: arial narrow;"> The fund uses a “passive” or indexing investment approach to achieve its investment objective. Unlike many investment companies, the fund does not try to outperform its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index and also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The subadviser may use a representative sampling indexing strategy to manage the fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. When representative sampling is used, the securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as return variability, risk, market capitalization, country/region exposures and sector exposures) and fundamental characteristics (such as portfolio yield,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">price/earnings ratios and price/book ratios) similar to those of the Underlying Index. The fund may or may not hold all of the securities in the Underlying Index.</div> Industry concentration policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry to approximately the same extent that the Underlying Index is concentrated in the securities of such particular industry. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or government agency. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Asset class risk.</span><span style="font-family: arial narrow;"> Securities or other assets in the Underlying Index or in the fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Authorized Participant concentration risk.</span><span style="font-family: arial narrow;"> Only an Authorized Participant may engage in creation or redemption transactions directly with the fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the fund and who have entered into agreements with the fund’s distributor. A limited number of institutions act as Authorized Participants in respect of the fund. To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the fund and no other Authorized Participant steps forward to create or redeem, in either of these cases, fund shares may trade at a premium or discount to net asset value and possibly face trading halts and/or delisting. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Calculation methodology risk.</span><span style="font-family: arial narrow;"> The Underlying Index relies on various sources of information to assess the criteria of issuers, including information that may be based on assumptions and estimates. The fund, FTFA and the subadviser do not guarantee the accuracy of the Underlying Index or have liability for any errors therein. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Concentration risk.</span><span style="font-family: arial narrow;"> The fund will be susceptible to an increased risk of loss, including losses due to events that adversely affect the fund’s investments more than the market as a whole, to the extent that the fund’s investments are concentrated in the securities of a particular issuer or issuers within the same geographic region, market, industry, group of industries, sector or asset class. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Currency hedging risk.</span><span style="font-family: arial narrow;"> Foreign currency forward contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the fund to establish a fixed rate of exchange for a future point in time. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions in a geographic region in which the fund or the Underlying Index invests. In addition, the fund’s exposure to the currencies may not be fully hedged at all times. At certain times, the fund may use an alternative (“optimized”) hedging strategy and will hedge a smaller number of currencies to reduce hedging costs. In addition, because the fund’s currency hedge generally is reset on a monthly basis, currency risk can develop or increase intra month. Furthermore, it is possible that a degree of currency exposure may remain even at the time a hedging transaction is implemented. The fund may not be able to structure its hedging transactions as anticipated or its hedging transactions may not successfully reduce the currency risk in the fund’s portfolio. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">There can be no assurance that the fund’s currency hedging transactions will be effective. The effectiveness of the fund’s currency hedging strategy will in general be affected by the volatility of both the Underlying Index and the volatility of the U.S. dollar relative to the currencies to be hedged, measured on an aggregate basis. Increased volatility in either or both the Underlying Index and the U.S. dollar relative to the currencies to be hedged will generally reduce the effectiveness of the fund’s currency hedging strategy. In addition, volatility in one or more of the currencies may offset stability in another currency and reduce the overall effectiveness of the hedges. The effectiveness of the fund’s currency hedging strategy may also be affected by interest rates. Significant differences between U.S. dollar interest rates and foreign currency interest rates may impact the effectiveness of the fund’s currency hedging strategy.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Cybersecurity risk.</span><span style="font-family: arial narrow;"> Like other funds and business enterprises, the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The fund, the manager, and the subadvisers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund, the manager, and/or the subadvisers. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Derivatives risk.</span><span style="font-family: arial narrow;"> Using derivatives can increase fund losses and reduce opportunities for gains, such as when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the fund’s subadviser. Using derivatives also can have a leveraging effect and increase fund volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the fund than an investment in the underlying asset, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and non-U.S. governments have adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Dividend-paying stock risk.</span><span style="font-family: arial narrow;"> There is no guarantee that the issuers of the stocks held by the fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. The fund’s emphasis on dividend-paying stocks could cause the fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks can fall out of favor with the market (such as in periods of rising interest rates, high inflation and/or strong economic growth) and may not participate in a broad market advance to the same degree as other stocks. A sharp rise in interest rates or economic downturn or other market or company-specific developments could cause a company to reduce or eliminate its dividend. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Foreign investments risk.</span><span style="font-family: arial narrow;"> The fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk as compared to investments in U.S. securities or issuers with predominantly U.S. exposure, such as less liquid, less transparent, less regulated and more volatile markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, political, economic, financial or social instability, terrorism, armed conflicts and other geopolitical events, and the impact of tariffs and other restrictions on trade or economic sanctions. Geopolitical or other events such as nationalization or expropriation could even cause the loss of the fund’s entire investment in one or more countries. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in certain foreign markets, particularly emerging market countries, and shareholders may have limited legal remedies. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic and political conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation. The fund may be unable or may not effectively hedge its foreign currency exposure.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Illiquidity risk.</span><span style="font-family: arial narrow;"> Some assets held by the fund may be or become impossible or difficult to sell and some assets that the fund wants to invest in may be impossible or difficult to purchase, particularly during times of market turmoil or due to adverse changes in the conditions of a particular issuer. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the fund may be forced to sell at a substantial loss or may not be able to sell at all. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index-related risk.</span><span style="font-family: arial narrow;"> There is no guarantee that the fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index administrator for a period of time or at all, which may have an adverse impact on the fund and its shareholders. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index sampling risk.</span><span style="font-family: arial narrow;"> The fund may not fully replicate its Underlying Index (including for operational reasons or due to costs of access to a market) and may hold securities not included in the Underlying Index. As a result, the fund is subject to the risk that Franklin Advisers’ investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Issuer risk.</span><span style="font-family: arial narrow;"> The market price of a security held by the fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security’s issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The fund may experience a substantial or complete loss on an individual security.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Large capitalization company risk.</span><span style="font-family: arial narrow;"> Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the fund’s value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Market events risk.</span><span style="font-family: arial narrow;"> The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the fund’s investments may be negatively affected. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund’s investments. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the fund as well as the fund’s performance and liquidity.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Market trading risk.</span><span style="font-family: arial narrow;"> The fund faces numerous market trading risks, including the potential lack of an active market for fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-style: italic;"><span style="font-family: arial narrow; color: #47829e;">Absence of active market.</span></span> Although shares of the fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in fund shares. The absence of an active market for the fund’s shares may contribute to the fund’s shares trading at a premium or discount to net asset value.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;"><span style="font-style: italic;">Shares of the fund may trade at prices other than net asset value.</span></span><span style="font-family: arial narrow;"> Shares of the fund trade on stock exchanges at prices at, above or below the fund’s most recent net asset value. The net asset value of the fund is calculated at the end of each business day and fluctuates with changes in the market value of the fund’s holdings. The trading price of the fund’s shares fluctuates continuously throughout trading hours based on both market supply of and demand for fund shares and the underlying value of the fund’s portfolio holdings or net asset value. As a result, the trading prices of the fund’s shares may deviate significantly from net asset value during periods of market volatility, including during periods of high redemption requests or other unusual market conditions. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NET ASSET VALUE. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">National closed market trading risk.</span><span style="font-family: arial narrow;"> Where the underlying securities held by the fund trade on foreign exchanges that are closed when the securities exchange on which the fund’s shares trade is open, there are likely to be deviations between the current price of such an underlying security (i.e., during the fund’s domestic trading day) and the last quoted price for the underlying security (i.e., the fund’s quote from the closed foreign market), which in turn could lead to a difference between the price at which the fund has valued the security and the value of the underlying security. This could also result in premiums or discounts to the fund’s net asset value that may be greater than those experienced by other ETFs. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Passive investment risk.</span><span style="font-family: arial narrow;"> The fund is not actively managed and neither FTFA nor the subadviser attempts to take defensive positions. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">REITs risk.</span><span style="font-family: arial narrow;"> The value of real estate investment trusts (“REITs”) may be affected by factors including the condition of the economy as a whole, changes in the value of the underlying real estate, the creditworthiness of the issuers of the investments, property taxes, interest rates, liquidity of the credit markets, poor performance by the REIT’s manager, and the real estate regulatory environment. REITs that concentrate their holdings in specific businesses, such as apartments, offices or retail space, will be affected by conditions affecting those businesses. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Small and mid-capitalization company risk.</span><span style="font-family: arial narrow;"> The fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may have greater potential for losses.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Stock market and equity securities risk.</span><span style="font-family: arial narrow;"> The stock markets are volatile and the market prices of equity securities held by the fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. If the fund holds equity securities in a company that becomes insolvent, the fund’s interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the fund may lose its entire investment. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Tracking error risk.</span><span style="font-family: arial narrow;"> The fund may be subject to tracking error, which is the divergence of the fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the fund’s holding of uninvested cash, differences in timing of the accrual of distributions, the requirements associated with tax treatment as a regulated investment company (including portfolio diversification requirements imposed by the Internal Revenue Code of 1986 (the “Code”)), portfolio transactions carried out to minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. In addition, certain regulatory or contractual requirements applicable to the fund’s use of derivatives could prevent the fund from being able to fully replicate the hedge impact incorporated in the calculation of the Underlying Index, which could result in increased index tracking error. Tracking error may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the fund incurs fees and expenses, while the Underlying Index does not. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Trading issues risk.</span><span style="font-family: arial narrow;"> Trading in fund shares on CBOE BZX may be halted in certain circumstances. There can be no assurance that the requirements of CBOE BZX necessary to maintain the listing of the fund will continue to be met. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Valuation risk.</span><span style="font-family: arial narrow;"> The sales price the fund could receive upon the sale of any particular portfolio investment may differ from the fund’s valuation of the investment and may differ from the value used by the Underlying Index, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Authorized Participants who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the fund’s investments involves subjective judgment. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Volatility risk.</span><span style="font-family: arial narrow;"> The market prices of the securities or other assets in the fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The price of a security may fluctuate due to factors affecting markets generally or particular industries. The market price of a security or other asset may also be more volatile than the market as a whole. This volatility may affect the fund’s net asset value. Although the Underlying Index’s models were created to invest in stocks that exhibit low volatility characteristics, there is no guarantee that these models and strategies will be successful. Securities or other assets in the fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. Events or financial circumstances affecting individual securities or sectors may increase the volatility of the fund. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">These and other risks are discussed in more detail in the Prospectus or in the Statement of Additional Information.</div> Performance <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, the fund’s Underlying Index and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund), or by calling the fund at (800) DIAL BEN/342-5236.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, the fund’s Underlying Index and an additional index with characteristics relevant to the fund. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, the fund’s Underlying Index and an additional index with characteristics relevant to the fund. www.franklintempleton.com/prospectus (select fund) (800) DIAL BEN/342-5236 The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Best Quarter  2022-12-31 0.1042 Worst Quarter  2020-03-31 -0.2218 year-to-date return 2026-06-30 0.1212 Average annual total returns (%)(for periods ended December 31, 2025) 0.2777 0.1630 0.1053 2016-07-27 2016-07-27 2016-07-27 0.2520 0.1424 0.0871 0.1642 0.1232 0.0786 0.3239 0.0791 0.0865 0.2816 0.1676 0.1098 0.2220 0.1162 0.0960 <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Franklin U.S. Low Volatility High Dividend Index ETF Investment objective <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Franklin U.S. Low Volatility High Dividend Index ETF (“Low Volatility High Dividend Index ETF” or the “fund”) seeks to track the investment results of an index composed of equity securities of U.S. companies with relatively high yield and low price and earnings volatility.</div> Fees and expenses of the fund <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">You may also be subject to additional fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> The management agreement between Legg Mason ETF Investment Trust (the “Trust”) and Franklin Templeton Fund Adviser, LLC (“FTFA” or the “manager”) (the “Management Agreement”) provides that the manager will pay all operating expenses of the fund, except interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to the manager under the Management Agreement. The manager will also pay all subadvisory fees of the fund.</div> Shareholder fees(fees paid directly from your investment) 0 Annual fund operating expenses (%)(expenses that you pay each year as a percentage of the value of your investment) 0.0027 0 0.0000 0.0027 Example: <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">You invest $10,000 in the fund for the time periods indicated</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Your investment has a 5% return each year and the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date)</div> </td> </tr> </table> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the example.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> Number of years you own your shares ($) Number of years you own your shares ($) 28 28 87 87 152 152 343 343 Portfolio turnover. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 30% of the average value of its portfolio. 0.30 Principal investment strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund seeks to track the investment results of the Franklin Low Volatility High Dividend Index (the “Underlying Index”). The Underlying Index seeks to provide more stable income through investments in stocks of profitable U.S. companies with relatively high dividend yields and lower price and earnings volatility. The Underlying Index is based on a proprietary methodology created and sponsored by Franklin Advisers, Inc. (“Franklin Advisers”), the fund’s subadviser. Franklin Advisers is affiliated with both FTFA and the fund. The Underlying Index is composed of stocks of U.S. companies across a wide range of market capitalizations, including the largest 3,000 U.S. stocks as determined by the Solactive US Broad Market Index. Stocks in the Underlying Index must have demonstrated profitability over the last four fiscal quarters as a whole. Stocks whose yields are not supported by earnings are excluded from the Underlying Index. The methodology calculates a composite “stable yield” score, with the yield of stocks with relatively higher price volatility and earnings volatility adjusted downward and the yield of stocks with relatively lower price volatility and earnings volatility adjusted upward. Franklin Advisers anticipates that the number of component securities in the Underlying Index will range from 50 to 100. At the time of each reconstitution, no individual component of the Underlying Index will exceed 2.5% of the Underlying Index, no individual sector will exceed 25% of the Underlying Index, and real estate investment trust (“REIT”) components as a whole will not exceed 15% of the Underlying Index. The Underlying Index’s components are reconstituted annually and rebalanced quarterly. The composition of the Underlying Index and the fund after reconstitution and rebalancing may fluctuate and exceed the above Underlying Index limitations due to market movements. The Underlying Index may include large-, mid- or small-capitalization companies.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund’s portfolio is rebalanced when the Underlying Index is rebalanced or reconstituted. The fund may trade at times other than when the Underlying Index is rebalanced or reconstituted for a variety of reasons, including when adjustments may be made to its representative sampling process from time to time or when investing cash.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose the Underlying Index. The fund’s investments in derivative instruments and other investments that provide investment exposure similar to the component securities of the Underlying Index are included in the fund’s 80% basket.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund may invest up to 20% of its net assets in certain index futures, options, options on index futures, swap contracts or other derivatives (“Financial Instruments”) related to its Underlying Index and its component securities; cash and cash equivalents; other investment companies, including exchange-traded funds; and in securities and other instruments not included in its Underlying Index but which Franklin Advisers believes will help the fund track its Underlying Index. The fund may invest in exchange-traded equity index futures to manage sector exposure and for cash management purposes.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index investing.</span><span style="font-family: arial narrow;"> The fund uses a “passive” or indexing investment approach to achieve its investment objective. Unlike many investment companies, the fund does not try to outperform its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index and also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The subadviser may use a representative sampling indexing strategy to manage the fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. When representative sampling is used, the securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as return variability, risk, market capitalization, country/region exposures and sector exposures) and fundamental characteristics (such as portfolio yield, price/earnings ratios and price/book ratios) similar to those of the Underlying Index. The fund may or may not hold all of the securities in the Underlying Index.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Industry concentration policy.</span><span style="font-family: arial narrow;"> The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry to approximately the same extent that the Underlying Index is concentrated in the securities of such particular industry. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">As of March 31, 2026, the top sector represented by the fund’s Underlying Index was the utilities sector. This sector may change over time.</div> The fund seeks to track the investment results of the Franklin Low Volatility High Dividend Index (the “Underlying Index”). The Underlying Index seeks to provide more stable income through investments in stocks of profitable U.S. companies with relatively high dividend yields and lower price and earnings volatility. The Underlying Index is based on a proprietary methodology created and sponsored by Franklin Advisers, Inc. (“Franklin Advisers”), the fund’s subadviser. Franklin Advisers is affiliated with both FTFA and the fund. The Underlying Index is composed of stocks of U.S. companies across a wide range of market capitalizations, including the largest 3,000 U.S. stocks as determined by the Solactive US Broad Market Index. Stocks in the Underlying Index must have demonstrated profitability over the last four fiscal quarters as a whole. Stocks whose yields are not supported by earnings are excluded from the Underlying Index. The methodology calculates a composite “stable yield” score, with the yield of stocks with relatively higher price volatility and earnings volatility adjusted downward and the yield of stocks with relatively lower price volatility and earnings volatility adjusted upward. Franklin Advisers anticipates that the number of component securities in the Underlying Index will range from 50 to 100. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, if any, in securities that compose the Underlying Index. The fund’s investments in derivative instruments and other investments that provide investment exposure similar to the component securities of the Underlying Index are included in the fund’s 80% basket.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index investing.</span><span style="font-family: arial narrow;"> The fund uses a “passive” or indexing investment approach to achieve its investment objective. Unlike many investment companies, the fund does not try to outperform its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index and also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The subadviser may use a representative sampling indexing strategy to manage the fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. When representative sampling is used, the securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as return variability, risk, market capitalization, country/region exposures and sector exposures) and fundamental characteristics (such as portfolio yield, price/earnings ratios and price/book ratios) similar to those of the Underlying Index. The fund may or may not hold all of the securities in the Underlying Index.</div> Industry concentration policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry to approximately the same extent that the Underlying Index is concentrated in the securities of such particular industry. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or government agency. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Asset class risk.</span><span style="font-family: arial narrow;"> Securities or other assets in the Underlying Index or in the fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Authorized Participant concentration risk.</span><span style="font-family: arial narrow;"> Only an Authorized Participant may engage in creation or redemption transactions directly with the fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the fund and who have entered into </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">agreements with the fund’s distributor. A limited number of institutions act as Authorized Participants in respect of the fund. To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the fund and no other Authorized Participant steps forward to create or redeem, in either of these cases, fund shares may trade at a premium or discount to net asset value and possibly face trading halts and/or delisting.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Calculation methodology risk.</span><span style="font-family: arial narrow;"> The Underlying Index relies on various sources of information to assess the criteria of issuers, including information that may be based on assumptions and estimates. The fund, FTFA and the subadviser do not guarantee the accuracy of the Underlying Index or have liability for any errors therein. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Concentration risk.</span><span style="font-family: arial narrow;"> The fund will be susceptible to an increased risk of loss, including losses due to events that adversely affect the fund’s investments more than the market as a whole, to the extent that the fund’s investments are concentrated in the securities of a particular issuer or issuers within the same geographic region, market, industry, group of industries, sector or asset class. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Cybersecurity risk.</span><span style="font-family: arial narrow;"> Like other funds and business enterprises, the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the fund, the manager, the subadvisers, Authorized Participants, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The fund, the manager, and the subadvisers have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund, the manager, and/or the subadvisers. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Derivatives risk.</span><span style="font-family: arial narrow;"> Using derivatives can increase fund losses and reduce opportunities for gains, such as when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the fund’s subadviser. Using derivatives also can have a leveraging effect and increase fund volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may not be available at the time or price desired, may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may have different tax consequences for the fund than an investment in the underlying asset, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and non-U.S. governments have adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Dividend-paying stock risk.</span><span style="font-family: arial narrow;"> There is no guarantee that the issuers of the stocks held by the fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. The fund’s emphasis on dividend-paying stocks could cause the fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks can fall out of favor with the market (such as in periods of rising interest rates, high inflation and/or strong economic growth) and may not participate in a broad market advance to the same degree as other stocks. A sharp rise in interest rates or economic downturn or other market or company-specific developments could cause a company to reduce or eliminate its dividend. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Illiquidity risk.</span><span style="font-family: arial narrow;"> Some assets held by the fund may be or become impossible or difficult to sell and some assets that the fund wants to invest in may be impossible or difficult to purchase, particularly during times of market turmoil or due to adverse changes in the conditions of a particular issuer. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the fund may be forced to sell at a substantial loss or may not be able to sell at all. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index-related risk.</span><span style="font-family: arial narrow;"> There is no guarantee that the fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations and/or the construction of the Underlying Index in </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">accordance with its methodology may occur from time to time and may not be identified and corrected by the index administrator for a period of time or at all, which may have an adverse impact on the fund and its shareholders.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Index sampling risk.</span><span style="font-family: arial narrow;"> The fund may not fully replicate its Underlying Index (including for operational reasons or due to costs of access to a market) and may hold securities not included in the Underlying Index. As a result, the fund is subject to the risk that Franklin Advisers’ investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Issuer risk.</span><span style="font-family: arial narrow;"> The market price of a security held by the fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security’s issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. The fund may experience a substantial or complete loss on an individual security. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Large capitalization company risk.</span><span style="font-family: arial narrow;"> Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the fund’s value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Market events risk.</span><span style="font-family: arial narrow;"> The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the fund’s investments may be negatively affected. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund’s investments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the fund as well as the fund’s performance and liquidity.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Market trading risk.</span><span style="font-family: arial narrow;"> The fund faces numerous market trading risks, including the potential lack of an active market for fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;"><span style="font-style: italic;">Absence of active market.</span></span><span style="font-family: arial narrow;"> Although shares of the fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in fund shares. The absence of an active market for the fund’s shares may contribute to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;"><span style="font-style: italic;">Shares of the fund may trade at prices other than net asset value.</span></span><span style="font-family: arial narrow;"> Shares of the fund trade on stock exchanges at prices at, above or below the fund’s most recent net asset value. The net asset value of the fund is calculated at the end of each business day and fluctuates with changes in the market value of the fund’s holdings. The trading price of the fund’s shares fluctuates continuously throughout trading hours based on both market supply of and demand for fund shares and the underlying value of the fund’s portfolio holdings or net asset value. As a result, the trading prices of the fund’s shares may deviate significantly from net asset value during periods of market volatility, including during periods of high redemption requests or other unusual market conditions. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NET ASSET VALUE. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Passive investment risk.</span><span style="font-family: arial narrow;"> The fund is not actively managed and neither FTFA nor the subadviser attempts to take defensive positions. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">REITs risk.</span><span style="font-family: arial narrow;"> The value of real estate investment trusts (“REITs”) may be affected by factors including the condition of the economy as a whole, changes in the value of the underlying real estate, the creditworthiness of the issuers of the investments, property taxes, interest rates, liquidity of the credit markets, poor performance by the REIT’s manager, and the real estate regulatory environment. REITs that concentrate their holdings in specific businesses, such as apartments, offices or retail space, will be affected by conditions affecting those businesses. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Small and mid-capitalization company risk.</span><span style="font-family: arial narrow;"> The fund will be exposed to additional risks as a result of its investments in the securities of small and mid-capitalization companies. Small and mid-capitalization companies may fall out of favor with investors; may have limited product lines, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small and mid-capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small and mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may have greater potential for losses.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Stock market and equity securities risk.</span><span style="font-family: arial narrow;"> The stock markets are volatile and the market prices of equity securities held by the fund may go up or down, sometimes rapidly or unpredictably. Equity securities may include exchange-traded and over-the-counter common stocks, preferred stock, depositary receipts, trust certificates, limited partnership interests, warrants, rights, securities convertible into equity securities, and shares of other investment companies, including exchange-traded funds, and of real estate investment trusts. Equity securities may have greater price volatility than other asset classes, such as fixed income securities. The market price of a security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. Changes in market conditions will not typically have the same impact on all types of securities. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. If the fund holds equity securities in a company that becomes insolvent, the fund’s interests in the company will be subordinated to the interests of debtholders and general creditors of the company, and the fund may lose its entire investment. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Tracking error risk.</span><span style="font-family: arial narrow;"> The fund may be subject to tracking error, which is the divergence of the fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the fund’s holding of uninvested cash, differences in timing of the accrual of distributions, the requirements associated with tax treatment as a regulated investment company (including portfolio diversification requirements imposed by the Internal Revenue Code of 1986 (the “Code”)), portfolio transactions carried out to minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. In addition, certain regulatory or contractual requirements applicable to the fund’s use of derivatives could prevent the fund from being able to fully replicate the hedge impact incorporated in the calculation of the Underlying Index, which could result in increased index tracking error. Tracking error may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the fund incurs fees and expenses, while the Underlying Index does not. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Trading issues risk.</span><span style="font-family: arial narrow;"> Trading in fund shares on NASDAQ may be halted in certain circumstances. There can be no assurance that the requirements of NASDAQ necessary to maintain the listing of the fund will continue to be met. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Utilities sector risk.</span><span style="font-family: arial narrow;"> Investments in energy related utilities companies involve special considerations, including the risk of changing commodity prices, government regulation and oversight, increased tariffs, changes in tax laws, interest rate fluctuations, rising costs of financing capital construction and changes in the cost of providing utility services. The utilities sector is also subject to potential terrorist attacks, natural disasters and severe weather conditions, catastrophic accidents or other events, as well as regulatory and operational burdens associated with the operation and maintenance of facilities. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Valuation risk.</span><span style="font-family: arial narrow;"> The sales price the fund could receive upon the sale of any particular portfolio investment may differ from the fund’s valuation of the investment and may differ from the value used by the Underlying Index, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Authorized Participants who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the fund’s investments involves subjective judgment. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Volatility risk.</span><span style="font-family: arial narrow;"> The market prices of the securities or other assets in the fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The price of a security may fluctuate due to factors affecting markets generally or particular industries. The market price of a security or other asset may also be more volatile than the market as a whole. This volatility may affect the fund’s net asset value. Although the Underlying Index’s models were created to invest in stocks that exhibit low volatility characteristics, there is no guarantee that these models and strategies will be successful. Securities or other assets in the fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. Events or financial circumstances affecting individual securities or sectors may increase the volatility of the fund. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">These and other risks are discussed in more detail in the Prospectus or in the Statement of Additional Information.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the fund’s Underlying Index. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund), or by calling the fund at (800) DIAL BEN/342-5236.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the fund’s Underlying Index. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the fund’s Underlying Index. www.franklintempleton.com/prospectus (select fund) (800) DIAL BEN/342-5236 The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Best Quarter 2024-09-30 0.1475 Worst Quarter 2020-03-31 -0.2452 year-to-date return 2026-06-30 0.1139 Average annual total returns (%)(for periods ended December 31, 2025) 0.0752 0.0783 0.0851 0.0607 0.0677 0.0749 0.0444 0.0589 0.0662 0.1715 0.1315 0.1429 0.0770 0.0807 0.0876 <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Investment objective <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Royce Quant Small-Cap Quality Value ETF (the “fund”) seeks to achieve long-term growth of capital.</div> Fees and expenses of the fund <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The accompanying table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">You may also be subject to additional fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> The management agreement between Legg Mason ETF Investment Trust (the “Trust”) and Franklin Templeton Fund Adviser, LLC (“FTFA” or the “manager”) (the “Management Agreement”) provides that the manager will pay all operating expenses of the fund, except interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, extraordinary expenses and the management fee payable to the manager under the Management Agreement. The manager will also pay all subadvisory fees of the fund.</div> Shareholder fees(fees paid directly from your investment) 0 Annual fund operating expenses (%)(expenses that you pay each year as a percentage of the value of your investment) 0.0060 0 0.0000 0.0060 Example: <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">You invest $10,000 in the fund for the time periods indicated</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Your investment has a 5% return each year and the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date)</div> </td> </tr> </table> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the example.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> Number of years you own your shares ($) Number of years you own your shares ($) 61 61 192 192 335 335 750 750 Portfolio turnover. The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 57% of the average value of its portfolio. 0.57 Principal investment strategies <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities of quality value small-cap companies. The fund’s subadviser, Royce &amp; Associates, LP (Royce &amp; Associates, LP primarily conducts its business under the name Royce Investment Partners (“Royce” or the “subadviser”)) uses a proprietary methodology to identify companies that meet its “quality value” criteria. For purposes of the Fund’s 80% policy, small-cap companies are companies with market capitalizations less than or equal to the market capitalization of the largest company in the Russell 2000 Index (“Russell 2000”) as of its most recent reconstitution ($9.586 billion as of May 31, 2026). In addition, for purposes of the fund’s 80% policy, the subadviser defines “quality value” companies as those which possess one or more investment criteria including, but not limited to:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Free cash flow yield above the median of the Russell 2000</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Earnings yield above the median of the Russell 2000</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Return on invested capital above the median of the Russell 2000</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Return on assets above the median of the Russell 2000</div> </td> </tr> </table><div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Royce uses a quantitative investment process that seeks to identify stocks Royce believes have relatively attractive valuation, profitability, and/or debt coverage (i.e., available cash flow to pay current debt obligations) as compared with other stocks included in the investment universe. The fund’s investment universe includes common stocks of U.S.-headquartered companies listed on U.S. exchanges, and excludes royalty companies, American depositary receipts and global depositary receipts, master limited partnerships, stocks with a share price less than or equal to $1.00 at the time of purchase, and stocks deemed by Royce to have insufficient trading volume. The universe is then refined to include stocks with market capitalizations not greater than that of the largest company in the Russell 2000 as of its most recent reconstitution based on descending market capitalization at the time of investment. From that universe, real estate investment trusts are excluded.</div><div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">From the universe of eligible companies, Royce selects securities using its proprietary, rules-based multi-factor scoring system, with all factors described herein measured and determined by Royce, in an effort to identify “quality value” companies, as defined by Royce, relative to other companies within the same market sector. Royce ranks the securities in the investment universe within each sector according to the quality value factors, which yields a model score that determines the securities that are selected for inclusion in the fund’s portfolio. Sector allocations are determined by the number of companies in each sector.</div><div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">After the securities are scored by quality value factors, each security’s momentum score, which is based on the price performance over the most recent 30 days, is used to determine the timing of when the security may be bought or sold for the fund (i.e., the momentum score is used by Royce to try to determine the opportune time to buy or sell). For example, if a security selected for inclusion in the fund’s portfolio according to the quality value factors has exhibited high momentum, Royce may temporarily delay purchasing such security. Conversely, if a security selected for removal from the fund’s portfolio according to the quality value factors has exhibited high momentum, Royce will typically sell such security as soon as is practicable.</div><div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Position weights of securities within the fund’s portfolio are determined by Royce after consideration of a company’s fundamentals including book value, revenue, free cash flow, and dividends paid. By using fundamental factors to weight stocks rather than market capitalization, Royce seeks to have lower exposure to overvalued companies while still maintaining broad diversification within the fund’s portfolio. Royce generally seeks to limit the weight of individual securities in the fund’s portfolio to no more than 3% of its net assets and to limit sector exposures within the portfolio to no more than 25% of its net assets, each measured at the time of investment. Although the fund primarily invests in equity securities of small-capitalization companies, the fund may continue to hold or, in some cases, build positions in companies with higher market capitalizations.</div><div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Royce’s proprietary, rules-based multi-factor scoring system may incorporate information and data obtained from third-party providers as supplementary to Royce’s own proprietary research and analysis. Royce has the right to change the third-party service providers that support this process at any time.</div><div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Royce may seek to sell a security if: (i) the security no longer meets its criteria to be considered “quality value”; (ii) the security reaches its position size limit in the fund’s portfolio; (iii) there are adverse policy changes that could affect the security’s outlook; or (iv) better investment opportunities become available. The fund may engage in active and frequent trading to achieve its investment objective, resulting in high portfolio turnover.</div> Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities of quality value small-cap companies. For purposes of the Fund’s 80% policy, small-cap companies are companies with market capitalizations less than or equal to the market capitalization of the largest company in the Russell 2000 Index (“Russell 2000”) as of its most recent reconstitution ($9.586 billion as of May 31, 2026). In addition, for purposes of the fund’s 80% policy, the subadviser defines “quality value” companies as those which possess one or more investment criteria including, but not limited to: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Free cash flow yield above the median of the Russell 2000</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Earnings yield above the median of the Russell 2000</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Return on invested capital above the median of the Russell 2000</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial narrow; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;"><span style="font-family: times new roman; font-size: 7pt;">•</span></td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial narrow; font-size: 10pt; text-align: left;">Return on assets above the median of the Russell 2000</div> </td> </tr> </table> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">From the universe of eligible companies, Royce selects securities using its proprietary, rules-based multi-factor scoring system, with all factors described herein measured and determined by Royce, in an effort to identify “quality value” companies, as defined by Royce, relative to other companies within the same market sector. Royce ranks the securities in the investment universe within each sector according to the quality value factors, which yields a model score that determines the securities that are selected for inclusion in the fund’s portfolio. Sector allocations are determined by the number of companies in each sector.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">After the securities are scored by quality value factors, each security’s momentum score, which is based on the price performance over the most recent 30 days, is used to determine the timing of when the security may be bought or sold for the fund (i.e., the momentum score is used by Royce to try to determine the opportune time to buy or sell). For example, if a security selected for inclusion in the fund’s portfolio according to the quality value factors has exhibited high momentum, Royce may temporarily delay purchasing such security. Conversely, if a security selected for removal from the fund’s portfolio according to the quality value factors has exhibited high momentum, Royce will typically sell such security as soon as is practicable.</div>  You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or government agency. <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Market events risk.</span><span style="font-family: arial narrow;"> The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to factors such as economic events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, wars, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries or markets directly affected, the value and liquidity of the fund’s investments may be negatively affected. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund’s investments.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant adverse impact on certain investments of the fund as well as the fund’s performance and liquidity.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Stock market and equity securities risk.</span><span style="font-family: arial narrow;"> The stock markets are volatile and the market prices of the fund’s equity securities may decline generally. Equity securities may include warrants, rights, exchange traded and over-the-counter common stocks, preferred stock, trust certificates, limited partnership interests and shares of other investment companies, including exchange-traded funds. Equity securities may have greater price volatility than other asset classes, such as fixed income securities, and may fluctuate in price based on actual or perceived changes in a company’s financial condition and overall market and economic conditions and perceptions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Volatility risk.</span><span style="font-family: arial narrow;"> The market prices of the securities or other assets in the fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The price of a security may fluctuate due to factors affecting markets generally or particular industries. The market price of a security or other asset may also be more volatile than the market as a whole. This volatility may affect the fund’s net asset value. Securities or other assets in the fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. Events or financial circumstances affecting individual securities or sectors may increase the volatility of the fund. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Asset class risk.</span><span style="font-family: arial narrow;"> Securities in the fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Small capitalization company risk.</span><span style="font-family: arial narrow;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group. The prices of securities of small capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of small capitalization companies may underperform large capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Portfolio management risk.</span><span style="font-family: arial narrow;"> The value of your investment may decrease if the subadviser’s judgment about the attractiveness or value of, or market trends affecting, a particular security, industry, sector or region, or about market movements, is incorrect or does not produce the desired results, or if there are imperfections, errors or limitations in the models, tools and data used by the subadviser. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the subadviser and could have an adverse effect on the value or performance of the fund. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Quantitative model risk.</span><span style="font-family: arial narrow;"> The fund, FTFA, and Royce cannot offer any assurance that the quantitative methodology used to determine the composition of the fund’s portfolio will achieve its intended results or maximize returns or minimize risks. When a model or data used in managing the fund contains an error, is incorrect, or incomplete, any investment decision made in reliance on the model or data may not produce the desired results and the fund may suffer losses. Royce may use information and data from third-party providers, which may be incomplete, inaccurate or unavailable, and different third-party providers may provide different or inconsistent information and data. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Valuation risk.</span><span style="font-family: arial narrow;"> The sales price the fund could receive upon the sale of any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Authorized Participants who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. The valuation of the fund’s investments involves subjective judgment. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Quality stocks risk.</span><span style="font-family: arial narrow;"> The fund invests in stocks that Royce believes are quality stocks based on a number of factors. There is no guarantee that the past performance of these stocks will continue or that Royce will be successful in evaluating individual stocks. Companies that issue these stocks may experience lower than expected profitability or may experience negative growth, as well as increased leverage, resulting in lower than expected or negative returns to fund shareholders. Many factors can affect a stock’s quality and performance, and the impact of these factors on a stock or its price can be difficult to predict. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Value investing risk.</span><span style="font-family: arial narrow;"> The value approach to investing involves the risk that stocks may remain undervalued for long periods, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks may underperform the overall equity market for an extended period while the market favors growth stocks. A value stock may not increase in price as anticipated by Royce if other investors fail to recognize the company’s value and bid up the price or the factors that Royce believes will increase the price of the security do not occur or do not have the anticipated effect. Value stocks may go in and out of favor over time and Royce may sell a security prior to the security realizing a gain in connection with changed market perception regarding the value of the security. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Issuer risk.</span><span style="font-family: arial narrow;"> The market price of a security held by the fund can go up or down more than the market as a whole and can perform differently from the value of the market as a whole due to factors specifically relating to the security’s issuer, such as disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, changes in management, corporate actions, negative perception in the marketplace, or major litigation or changes in government regulations affecting the issuer or the competitive environment. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. Historically, the prices of securities of small and medium capitalization companies have generally been more volatile than those of large capitalization companies. The fund may experience a substantial or complete loss on an individual security. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Illiquidity risk.</span><span style="font-family: arial narrow;"> Some assets held by the fund may be or become impossible or difficult to sell and some assets that the fund wants to invest in may be impossible or difficult to purchase, particularly during times of market turmoil or due to adverse changes in the conditions of a particular issuer. These illiquid assets may also be difficult to value. Markets may become illiquid quickly. Markets may become illiquid when, for instance, there are few, if any, interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the fund may be forced to sell at a substantial loss or may not be able to sell at all. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer). </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Small fund risk.</span><span style="font-family: arial narrow;"> When the fund’s size is small, the fund may experience low trading volume and wide bid/ask spreads. In addition, the fund may face the risk of being delisted if the fund does not meet certain conditions of the listing exchange. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Authorized Participant concentration risk.</span><span style="font-family: arial narrow;"> Only an Authorized Participant may engage in creation or redemption transactions directly with the fund. “Authorized Participants” are broker-dealers that are permitted to create and redeem shares directly with the fund and who have entered into agreements with the fund’s distributor. A limited number of institutions act as Authorized Participants in respect of the fund. To the extent that these institutions exit the business or are unable to process creation and/or redemption orders with respect to the fund and no other Authorized Participant steps forward to create or redeem, in either of these cases, fund shares may trade at a premium or discount to net asset value and possibly face trading halts and/or delisting. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Market trading risk.</span><span style="font-family: arial narrow;"> The fund faces numerous market trading risks, including the potential lack of an active market for fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;"><span style="font-style: italic;">Absence of active market.</span></span><span style="font-family: arial narrow;"> Although shares of the fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or Authorized Participants. Authorized Participants are not obligated to execute purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in fund shares. The absence of an active market for the fund’s shares may contribute to the fund’s shares trading at a premium or discount to net asset value. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-style: italic;"><span style="font-family: arial narrow; color: #47829e;">Shares of the fund may trade at prices other than net asset value</span></span><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">.</span><span style="font-family: arial narrow;"> Shares of the fund trade on stock exchanges at prices at, above or below the fund’s most recent net asset value. The net asset value of the fund is calculated at the end of each business day and fluctuates with changes in the market value of the fund’s holdings. The trading price of the fund’s shares fluctuates continuously throughout trading hours based on both market supply of and demand for fund shares and the underlying value of the fund’s portfolio holdings or net asset value. As a result, the trading prices of the fund’s shares may deviate significantly from net asset value during periods of market volatility, including during periods of high redemption requests or other unusual market conditions. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NET ASSET VALUE. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Trading issues risk.</span><span style="font-family: arial narrow;"> Trading in fund shares on NASDAQ may be halted in certain circumstances. There can be no assurance that the requirements of NASDAQ necessary to maintain the listing of the fund will continue to be met. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Portfolio turnover risk.</span><span style="font-family: arial narrow;"> The subadviser will sell a security when it believes it is appropriate to do so, regardless of how long the fund has held the security. The fund’s portfolio turnover rate may exceed 100% per year because of the anticipated use of certain investment strategies. The rate of portfolio turnover will not be a limiting factor for the subadviser in making decisions on when to buy or sell securities. High turnover will increase the fund’s transaction costs and may increase your tax liability if the transactions result in capital gains. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Assets under management risk.</span><span style="font-family: arial narrow;"> From time to time, a third party, FTFA and/or affiliates of FTFA or the fund may invest in the fund and hold its investment for a period of time in order for the fund to achieve size or scale. There can be no assurance that any such entity will not redeem its investment, that it will not redeem at an inopportune time for the fund or that the size of the fund will be maintained at a level necessary to enable </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">the fund to remain viable. Such redemption may cause the fund to sell assets (or invest cash) at disadvantageous times or prices, increase or accelerate taxable gains or transaction costs and may negatively affect the fund’s net asset value, market price, performance, or ability to satisfy redemptions in a timely manner.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-family: arial narrow; font-size: 10pt; color: #47829e;">Cybersecurity risk.</span><span style="font-family: arial narrow;"> Like other funds and business enterprises, the fund, the manager, the subadviser, Authorized Participants, the relevant listing exchange and their service providers are subject to the risk of cyber incidents occurring from time to time. Cybersecurity incidents, whether intentionally caused by third parties or otherwise, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information) or proprietary information, cause the fund, the manager, the subadviser, Authorized Participants, the relevant listing exchange and/or their service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. The fund, the manager, and the subadviser have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund, the manager, and/or the subadviser. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks continue to develop. There is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the fund’s ability to plan for or respond to a cyber attack. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">These and other risks are discussed in more detail in the Prospectus or in the Statement of Additional Information.</div> Performance <div style="margin-top: 2pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value, available at www.franklintempleton.com/prospectus (select fund), or by calling the fund at (800) DIAL BEN/342-5236.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Prior to May 10, 2022, the fund operated as an index based ETF that sought to track the investment results of the Royce Small-Cap Quality Value Index.</div> The bar chart shows changes in the fund’s performance from year to year. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The table shows the average annual total returns of the fund and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com/prospectus (select fund) (800) DIAL BEN/342-5236 The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Best Quarter  2020-12-31 0.3189 Worst Quarter  2020-03-31 -0.3579 year-to-date return 2026-06-30 0.2135 Average annual total returns (%)(for periods ended December 31, 2025) 0.0246 0.0902 0.0790 2017-07-12 2017-07-12 2017-07-12 0.0196 0.0867 0.0756 0.0144 0.0706 0.0628 0.1715 0.1315 0.1415 0.1281 0.0609 0.0822 <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">No one index is representative of the fund’s portfolio.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial narrow;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses.