0001752724-23-129724.txt : 20230613 0001752724-23-129724.hdr.sgml : 20230613 20230613125427 ACCESSION NUMBER: 0001752724-23-129724 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230613 DATE AS OF CHANGE: 20230613 EFFECTIVENESS DATE: 20230613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Legg Mason ETF Investment Trust II CENTRAL INDEX KEY: 0001792795 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23487 FILM NUMBER: 231010816 BUSINESS ADDRESS: STREET 1: 620 EIGHT AVENUE STREET 2: 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: (877) 721-1926 MAIL ADDRESS: STREET 1: 620 EIGHT AVENUE STREET 2: 49TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: ActiveShares ETF Trust DATE OF NAME CHANGE: 20191030 0001792795 S000067572 CLEARBRIDGE FOCUS VALUE ESG ETF C000217290 CLEARBRIDGE FOCUS VALUE ESG ETF CFCV N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001792795 XXXXXXXX 811-23487 false false false N-1A S000067572 C000217290 Legg Mason ETF Investment Trust II 811-23487 0001792795 549300N80NAFY74JBR12 620 EIGHTH AVENUE 47th Floor New York 10018 US-NY US 1-877-721-1926 ClearBridge Investments, LLC 620 Eighth Avenue 48th Floor New York 10018 1-800-691-6960 Records related to its function as sub-adviser. The Bank of New York Mellon 240 Greenwich Street New York 10286 1-212-495-1784 Records related to its function as custodian and transfer agent. Western Asset Management Company, LLC 385 East Colorado Boulevard Pasadena 91101 1-626-844-9400 Records related to its function as sub-adviser. Franklin Distributors LLC 100 International Drive Baltimore 21202 1-800-822-5544 Records related to its function as distributor. Legg Mason Partners Fund Advisor, LLC 280 Park Avenue New York 10017 1-305-529-4400 Records related to its function as advisor. Legg Mason ETF Investment Trust II 620 Eighth Avenue 47th Floor New York 10018 1-877-721-1926 Records related to its function as registrant. N N N-1A 1 Y Anantha K. Pradeep N/A N Deborah D. McWhinney N/A N Rohit Bhagat N/A N Jennifer M. Johnson N/A Y Fred Jensen 003203649 280 Park Avenue 8th Floor New York 10017 XXXXXX N N N N N N Franklin Distributors, LLC 008-53089 000109064 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N ClearBridge Focus Value ESG ETF S000067572 549300TAD50Z50TMUK17 N 0 0 0 Exchange-Traded Fund N N N N N/A N/A N/A Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 22d-1 (17 CFR 270.22d-1) Rule 18f-4 (17 CFR 270.18f-4) N N N N Legg Mason Partners Fund Advisor, LLC 801-66785 000140432 549300POFVK5JLWUL193 N ClearBridge Investments, LLC 801-64710 000137028 549300L5KZQRDVVXSK45 Y N The Bank of New York Mellon 085-05006 HPFHU0OQ28E4N0NFVK49 N N N S&P Global Inc. Y6X4K52KMJMZE7I7MY94 N THE CLEARING HOUSE PAYMENTS COMPANY L.L.C. 549300KIB86ZLHRUV723 N ICE Data Pricing & Reference Data, LLC 5493000NQ9LYLDBCTL34 N Refinitiv Benchmark Services Limited N/A N Refinitiv US LLC 213800HQORQAP68CJJ04 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Bank of America Merill Lynch PriceServe N/A N Bloomberg L.P. 549300B56MD0ZC402L06 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N Legg Mason Partners Fund Advisor, LLC 549300POFVK5JLWUL193 Y N N Franklin Templeton Investment Services, Inc. 008-43206 000027884 N/A 0.00000000 Clarion Partners Securities, LLC 008-69204 000166384 N/A 0.00000000 ROYCE FUND SERVICES, LLC 008-28663 000014470 N/A 0.00000000 Franklin Distributors, LLC 008-53089 000109064 N/A 0.00000000 NOMURA SECURITIES INTERNATIONAL, INC. 008-15255 000004297 OXTKY6Q8X53C9ILVV871 4.04000000 Raymond James & Associates, Inc. 008-10999 000000705 U4ONQX15J3RO8XCKE979 5.68000000 UBS Securities LLC 008-22651 000007654 T6FIZBDPKLYJKFCRVK44 10.91000000 SANFORD C. BERNSTEIN & CO., LLC 008-52942 000104474 549300I7JYZHT7D5CO04 37.16000000 INSTINET, LLC 008-23669 000007897 549300MGMN3RKMU8FT57 22.05000000 BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 1.04000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 5.04000000 MORGAN STANLEY & CO. LLC 008-15869 000008209 9R7GPTSO7KV3UQJZQ078 77.63000000 JP MORGAN SECURITIES LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 9.77000000 KEEFE, BRUYETTE & WOODS, INC. 008-10888 000000481 549300OM47DQV01G4854 14.00000000 187.32000000 BNY MELLON CAPITAL MARKETS, LLC 008-35255 000017454 VJW2DOOHGDT6PR0ZRO63 1809000.02000000 1809000.02000000 Y 3279799.93000000 0.00000000 N N N ClearBridge Focus Value ESG ETF S000067572 Y 10000.00000000 3.21000000 0.00000000 96.79000000 0.00000000 3.26000000 0.00000000 96.74000000 0.00000000 0.00000000 100.00000000 0.00000000 0.00000000 100.00000000 0.00000000 0.00000000 100.00000000 0.00000000 0.00000000 100.00000000 0.00000000 N false false true false false false INTERNAL CONTROL RPT 2 internalcontrolrpt_lmetfit2.htm

Report of Independent Registered Public Accounting Firm 

  

To the Board of Trustees of Legg Mason ETF Investment Trust II and Shareholders of ClearBridge Focus Value ESG ETF 

  

In planning and performing our audit of the financial statements of ClearBridge Focus Value ESG ETF(a series of Legg Mason ETF Investment Trust II, the “Fund”) as of and for the year ended March 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting. 

  

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

  

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

  

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

  

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2023. 

  

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

  

/s/ PricewaterhouseCoopers LLP 

  

San Francisco, California  

May 17, 2023 

  

  

PricewaterhouseCoopers LLP, 405 Howard Street, Suite 600, San Francisco, CA 94105 

T: (415) 498 5000, www.pwc.com/us