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1875 K Street, N.W. Washington, DC 20006-1238
Tel: 202 303 1000 Fax: 202 303 2000 |
November 16, 2018
VIA EDGAR CORRESPONDENCE
Mr. Keith Gregory
Division of Investment Management
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
| Re: | Western Asset Short Duration Income ETF (the “Fund”), |
a series of Legg Mason ETF Investment Trust (the “Trust”)
Post-Effective Amendment No. 62 (the “Amendment”)
Securities Act File No. 333-206784
Investment Company Act File No. 811-23096
Dear Mr. Gregory:
Per your telephone conversation with Neesa P. Sood with respect to the Amendment filed on October 31, 2018 pursuant to Rule 485(a)(2) under the Securities Act of 1933, as amended (the “1933 Act”), on behalf of the Trust, we are providing supplementally as correspondence, a copy of the completed “Fees and expenses of the fund” table and “Example” table that are expected to be included in the Fund’s prospectus.
The Amendment was filed to add a new series to the Trust. Accordingly, on behalf of the Trust, please find attached pages from the current draft of the Fund’s prospectus which contains the appropriate information.
Any questions or comments on the correspondence filing or Amendment should be directed to the undersigned at 202-303-1124.
Very truly yours,
/s/ Benjamin J. Haskin
Benjamin J. Haskin
Enclosures
| cc: | Rosemary D. Emmens, Legg Mason & Co., LLC |
Neesa P. Sood, Willkie Farr & Gallagher LLP
NEW YORK WASHINGTON HOUSTON PARIS LONDON MILAN ROME FRANKFURT BRUSSELS
in alliance with Dickson Minto W.S., London and Edinburgh
Prospectus
[ ]
LEGG MASON FIXED INCOME
ETFs
WESTERN ASSET SHORT DURATION INCOME ETF
NASDAQ (Ticker Symbol): [WINC]
The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any statement to the contrary is a crime.
| INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE |
Investment objective
Western Asset Short Duration Income ETF (the “fund”) seeks current income.
Fees and expenses of the fund
The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund. 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 table. The management agreement between Legg Mason ETF Investment Trust (the “Trust”) and Legg Mason Partners Fund Advisor, LLC (“LMPFA” or the “manager”) (the “Management Agreement”) provides that LMPFA 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 LMPFA under the Management Agreement.
| Shareholder fees | ||
| (fees paid directly from your investment) | ||
| None | ||
| Annual fund operating expenses (%) | ||
| (expenses that you pay each year as a percentage of the value of your investment) | ||
| Management fees | 0.29 | |
| Distribution and/or service (12b-1) fees | 0.00 | |
| Other expenses1 | None | |
| Total annual fund operating expenses | 0.29 |
| 1 | “Other expenses” are estimated for the current fiscal year. Actual expenses may differ from estimates. |
Example:
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:
| • | You invest $10,000 in the fund for the time periods indicated |
| • | Your investment has a 5% return each year and the fund’s operating expenses remain the same |
You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the example.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Number of years you own shares ($) | ||||
| 1 year | 3 years | |||
| Western Asset Short Duration Income ETF | 30 | 94 |
| Legg Mason Fixed Income ETFs | 1 |