| The Western Asset Total Return ETF is an actively managed strategy that seeks to maximize total return consistent with prudent investment management and liquidity needs. The fund will seek its investment objective by investing at least 80% of its assets in a portfolio comprised of fixed income securities, debt instruments, derivatives, equity securities of any type acquired in reorganizations of issuers of fixed income securities or debt instruments ( work out securities ), non-convertible preferred securities, warrants, cash and cash equivalents, foreign currencies, and exchange-traded funds ( ETFs ) that provide exposure to these investments ( Principal Investments ). Debt instruments include loans and similar debt instruments. However, at the fund s inception, the fund expects to invest principally in the Principal Investments except for work out securities, non-convertible preferred stock and warrants. |