Legg Mason, Inc. and its affiliate ClearBridge Investments, LLC announced the launch of Legg Mason's first exchange-traded fund (ETF) using the semi-transparent technology of Precidian Investments LLC, ActiveShares®. The ClearBridge Focus Value ETF (CFCV), a series of Legg Mason's ActiveShares® ETF Trust, trades on the Chicago Board Options Exchange (Cboe) and seeks long-term capital appreciation. The ETF is backed by ClearBridge's proven expertise in active management and through the use of Precidian's ActiveShares® technology, its strategy is able to be delivered in a confidential format to safeguard both the ETF and its investors. The launch represents the culmination of many years' work in the development of the ActiveShares® ETF structure. The methodology seeks to bring the best of the ETF structure and active management together. The ActiveShares® ETF structure's unique combination of cost and tax efficiencies, real-time pricing and confidential format can benefit both asset managers and investors. Key third-party partners in launching the ClearBridge Focus Value ETF are BNY Mellon, IHS Markit, Cantor Fitzgerald, Mizuho and GTS Mischler, in addition to the Chicago Board Options Exchange (Cboe).