ClearBridge Large Cap Growth ESG ETF

ClearBridge Large Cap Growth ESG ETF (LRGE) is an actively managed Franklin Templeton fund. It picks a small group of large growth companies: 28 as of June 30, 2026, led by NVIDIA, Apple and Amazon. It is much more concentrated than index growth funds, with its top 10 holdings making up 63% of assets. Its 0.48% expense ratio is well above index rivals such as Vanguard Growth ETF (VUG) at 0.04%.

• Over the year to Oct 27, 2026, LRGE returned +3.5%, 3rd of 9 among similar funds.
• Its 5-year annualized return was +9.2%.
• In the 2020 COVID crash it fell 29.3% and regained its old high 3.3 months after the low.
• Its worst full calendar year was 2022 (-31.4%); its best was 2023 (+46.4%).
• The deepest fall in its price history was 37% (Nov 19, 2021 to Oct 14, 2022), recovered by Jan 19, 2024.

As of Jun 30, 2026, the fund held 28 securities; the ten largest made up 63.28% of assets.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $17.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.98%, +6.69%, -2.15%.

LRGE does not track an index. Its subadviser picks the stocks. At least 80% of net assets go into large US growth companies. A growth company is one whose earnings per share and sales are growing faster than the broader market's, or one that an outside index provider labels as growth. Large means a size similar to companies in the Russell 1000 Index. The fund may also own foreign companies. As of June 30, 2026, it held ASML (Netherlands), Taiwan Semiconductor and Eaton (Ireland).

The managers look for market leaders with high returns on capital, strong balance sheets, recurring revenue and strong free cash flow (the cash left after running and investing in the business). They check prices using discounted cash flow analysis, which values a company on the cash it is expected to earn, along with scenario testing. They sell when a company's fundamentals weaken, when the price leaves little upside, or when they find a better idea. Portfolio turnover was 38%. The fund is "non-diversified," which means it can put more money into fewer companies. It aims to hold about 30 stocks.

The prospectus filed July 24, 2026 calls the fund ClearBridge Large Cap Growth Select ETF, and its strategy text does not describe ESG screening. The fund held no derivatives as of June 30, 2026. Its shares trade on an exchange and can trade slightly above or below the value of its holdings.

• LRGE charges 0.48% a year, versus an average of 0.31% for the similar funds below (6th of 9, cheapest first).
• Of that, 0.47% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).

It is a concentrated, non-diversified portfolio of about 30 growth stocks with a beta of 1.33, so it swings more than the broad market.

LRGE could add a focused bet on large growth companies alongside broader core funds. Its declines have been steep. It fell 29.3% in the 2020 COVID crash and recovered in about 3.3 months. In the 2022 bear market, it fell 35.3% and took about 14.2 months to recover. Its deepest drop was 37%, from November 19, 2021 to October 14, 2022. It did not recover until January 19, 2024. Its worst calendar year was 2022, at -31.28%. The fund launched in 2017, so it has no 2008 record. Anyone who had to sell shares for living costs in a year like 2022 would have locked in large losses.

Income is minimal. The trailing yield was 0.11% as of October 27, 2026, paid once a year. In the SEC's standard example, $10,000 would cost $49 in fees over one year and $604 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.