Legg Mason has introduced an actively managed ETF harnessing the innovative ActiveShares product structure. The ClearBridge Focus Value ETF (CFCV US) has listed on Cboe BZX Exchange and is sub-advised by Legg Mason affiliate, ClearBridge Investments.

Franklin Resources, parent of Franklin Templeton, has agreed to acquire investment manager Legg Mason for $4.5 billion cash. The acquisition, which also sees Franklin assimilate Legg Mason’s affiliates, is expected to create a $1.5 trillion asset management company of which about $7.5bn is in ETF assets. Jenny Johnson, President and CEO of Franklin Templeton, said, “This acquisition will add differentiated capabilities to our existing investment strategies with modest overlap”.

The U.S. Securities and Exchange Commission has granted preliminary exemptive relief to asset managers T. Rowe Price, Fidelity and Natixis and turnkey ETF provider Blue Tractor to offer semi-transparent exchange-traded funds. The relief paves the way for the firms to issue ETFs that employ an actively managed investment approach without being subject to a daily portfolio transparency condition.

Legg Mason has unveiled the Western Asset Total Return ETF (WBND US) on Nasdaq Exchange. The actively managed core bond fund, which is the firm’s first fixed income ETF, seeks total return through a largely unconstrained investment process. “This fund seeks to offer investors a core strategy with flexibility to take advantage of various taxable fixed-income maturities and sectors,” said James W. Hirschmann III, CEO of Western Asset Management.

Aussie ETF issuer BetaShares, together with global asset manager Legg Mason, have launched two actively managed ETFs on Australian Stock Exchange. Based on investment strategies by Legg Mason affiliate Martin Currie Australia, both funds target high-quality Australian securities with a focus on income generation.

E*TRADE, a platform for investors to buy and sell ETFs free of brokerage commission, has expanded its lineup by 51%, adding 80 new ETFs to its range. “With the recent additions, comprehensive diversification, across practically any asset class, is now more easily and cheaply attainable than ever before.” said Rich Messina, SVP of Investment Product at E*TRADE Financial.

Nasdaq Stock Market hosted 13 new exchange-traded fund listings from four issuers during the second quarter of 2017. ETF providers listing on the exchange during the quarter included Victory Capital, First Trust, Legg Mason and IndexIQ.

A new type of actively managed ETF, which avoids disclosing portfolio holdings, has drawn interest from several major asset managers who have filed applications with the SEC to use the technology. Designed by Precidian Investments, a minority investment of Legg Mason, the ‘ActiveShares’ structure is being sought after by JPMorgan Chase, BlackRock, Capital Research, as well as Legg Mason affiliates ClearBridge and Royce.

Legg Mason and its affiliate ClearBridge Investments have teamed up for the launch of two new actively managed, environmental, social and governance (ESG)-focused ETFs: the ClearBridge Large Cap Growth ESG ETF (LRGE) and the ClearBridge Dividend Strategy ESG ETF (YLDE), both listed on the NASDAQ exchange.

Global asset manager Legg Mason has launched a new smart beta exchange-traded fund targeting exposure to international equities with high dividend yields, low price and earnings volatility and a currency hedge for adverse exchange rate movements against the US dollar. The Legg Mason International Low Volatility High Dividend ETF (Bats: LVHI) tracks income-producing equity securities with low price and earnings volatility from developed markets outside of the US across a range of market capitalizations that are included in the MSCI World ex-US IMI Index.