Equity Indexed

USPX Franklin U.S. Equity Index ETF

  • Cost-effective core allocation. Available for 3 basis points.
  • Passive index exposure. Tracks a market-cap weighted index comprised of large- and mid-sized companies.
  • Efficient. Low cost combined with the tax efficiency of an ETF.

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NAV 1 $0.20(0.33%)
$59.94
As of 10/31/2025
YTD Total Returns At NAV 2
17.62%
As of 10/31/2025
Total Net Assets
$1.63B
As of 11/02/2025 (Updated Daily)
Morningstar Overall Rating™ 3
As of 09/30/2025

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Overview

Fund Facts

Fund description

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure Index.

Benchmark 4
Linked Morningstar US Target Market Exposure Index
Fund Inception Date
06/01/2016
Listing Exchange
NYSE Arca
Dividend Frequency, if any
Quarterly

Expenses & Fees

As of 08/01/2025
Gross Expense Ratio5
0.03%
Net Expense Ratio5,6
0.03%

Identifiers

Ticker
USPX
CUSIP Code
35473P405
ISIN Code
US35473P4054
Bloomberg Code
USPX US

Average Annual Total Returns

View performance section for additional info As of 09/30/2025
  • 17.98%1 Year
  • 25.05%3 Years
  • 14.39%5 Years
  • —10 Years
  • 12.02%Since Inception
    06/01/2016

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/29/2025 % of Total (Updated Daily)

Information Technology36.22%
Financials12.66%
Communication Services10.41%
Consumer Discretionary10.36%
Health Care8.87%

Additional Fund Info

Morningstar Category
Large Blend
Fiscal Year End
March 31
ETF Type
Indexed
Frequency of Index Reconstitution
Quarterly

Trading Characteristics

As of 10/31/2025 (Updated Daily)
Shares Outstanding
27,150,000
Daily Volume
415,164
20-Day Average Volume
52483.70

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Manager and Commentary

About the Team

Franklin ETF and Index Investments

At Franklin ETF and Index Investments, we believe that tracking global indices is a blend of art and science. Our Portfolio Managers collaborate for a rigorous assessment of the returns, risks, costs and tax implications of each transaction, all with the goal of delivering the highest tax-adjusted returns. Drawing on decades of deep expertise in global markets, our team is dedicated to providing world-class indexing solutions that offer cost-effective, competitive and consistent investment performance.

Franklin ETF and Index Investments
[Dina Tings avatar]

Managed Fund Since 2016

[Hailey Harriss avatar]

Managed Fund Since 2019

[Joe Diederichs avatar]

Managed Fund Since 2022

[Basit Amins avatar]

Managed Fund Since 2022

Portfolio Manager Profile
Years of Experience
Manager Location

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Performance

Calendar Year Returns

As of 09/30/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns are based on Market Price or NAV, assume the reinvestment of all distributions and the deduction of all Fund expenses. Performance would have been lower if expenses had not been waived in various periods. Returns for periods of less than one year are not annualized.

Chart

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The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -18.88 to 27.18.
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Franklin U.S. Equity Index ETF - Market Price Return (%)
Franklin U.S. Equity Index ETF - NAV Return (%)
Linked Morningstar US Target Market Exposure Index (%)

Ratings 3

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 3 out of 5 stars  
As of 09/30/2025
3 Years
3 Years: 4 out of 5 stars  
1226 Funds in category
5 Years
5 Years: 3 out of 5 stars  
1134 Funds in category
10 Years
—
Rating Category
Large Blend

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics. 

Morningstar Style Box
As of 09/30/2025
Current Historical
Large
Medium
Small
Value Blend Growth
Style
Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Portfolio

Assets

As of11/02/2025 (Updated Daily)

Total Net Assets
$1.63 Billion

Positions

As of 10/30/2025 (Updated Daily)

Number of Holdings
Fund
535

Portfolio Statistics

As of 10/30/2025 (Updated Daily)

Weighted Average Market Capitalization (USD)
Fund
$1,469.07 Billion
Price to Book
Fund
5.57x
Price to Earnings (12-Month Trailing)
Fund
29.45x

Geographic Allocation

As of 10/30/2025 % of Total (Updated Daily)

Geography Fund

North America

 99.11%

Europe

 0.48%

Latin America/Caribbean

 0.21%

Asia

 0.07%

Cash & Cash Equivalents

 0.14%

Chart

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The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0.0663 to 99.1122.
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Holdings

As of 10/31/2025 (Updated Daily)

NVIDIA CORP
APPLE INC
MICROSOFT CORP
AMAZON.COM INC
BROADCOM INC
ALPHABET INC-CL A
ALPHABET INC-CL C
META PLATFORMS INC-CLASS
TESLA INC
BERKSHIRE HATHAWAY INC-CL
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Distributions & Tax

Federal ID Number 81-1256615

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Mar 18
Jun 21
Sep 20
Dec 20

Supplemental Tax Information

Foreign Source Income
—
Foreign Source Qualified Dividends
—
Direct U.S. Government Obligations
—
Specified Private Activity Bond Interest
—
Dividends Received Deduction
91.29%
Section 163(j)
—
Indiana Resident Taxable Income
—
Utah Resident Taxable Income
—

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Skipped to Pricing Section Content

Pricing

Premium/Discount Analysis 8

As of 09/30/2025 (Updated Quarterly)

Premium / Discount

Total Days in Period
64
Days at NAV
7
Days at Premium
28
Days at Discount
29
Greatest Premium
On 09/09/2025
$0.10
Greatest Discount
On 09/04/2025
$-0.02
Premium/Discount Analysis Breakdown
0% to 0.5% 28 days
0.0% 7 days
-0.5% to 0% 29 days

 

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The chart has 1 Y axis displaying Days. Data ranges from 7 to 29.
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Historical Premium/Discount 9

As of 10/31/2025 (Updated Daily)

Chart

Line chart with 24 data points.
The chart has 1 X axis displaying Time. Data ranges from 2025-09-30 00:00:00 to 2025-10-31 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from -0.1 to 0.23.
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Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Franklin U.S. Equity Index ETFDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - Franklin U.S. Equity Index ETF - Single ClassDownload Document
Annual Financial Statements and Other Information - Franklin U.S. Equity Index ETFDownload Document
Semi-Annual Report - Franklin U.S. Equity Index ETF - Single ClassDownload Document
Semi-Annual Financial Statements and Other Information - Franklin U.S. Equity Index ETFDownload Document
Prospectus - Franklin U.S. Equity Index ETFDownload Document
Summary Prospectus - Franklin U.S. Equity Index ETFDownload Document
Statement of Additional Information - Franklin U.S. Equity Index ETFMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.Download Document

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Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Performance of the fund may vary significantly from the performance of an index, as a result of transaction costs, expenses and other factors. There can be no assurance that the underlying index's calculation methodology or sources of information will provide an accurate assessment of included issuers or that the included issuers will provide the fund with the market exposure it seeks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The portfolio is, or could become, non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. These and other risks are discussed in the fund’s prospectus.

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Important Information

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

Franklin Templeton, its affiliated companies, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. 

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below their net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF shares may be bought or sold throughout the day at their market price (MP), not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market. Prior to trading in the secondary market, shares of the fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units. Each "creator" or "Authorized Participant" enters into an authorized participant agreement with Franklin Distributors, LLC. Only an Authorized Participant may create or redeem Creation Units directly with the fund. Retail investors buy and sell shares of ETFs at market price (not NAV) in the secondary market throughout the trading day. These shares are not individually available for purchase or redemption directly from the ETF.

Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares. 

Redemption payments will be effected within the specified number of calendar days following the date on which a request for redemption in proper form is made. For more information, please see the ETF’s statement of additional information (SAI) which can be found on the fund’s webpage.

The Linked Morningstar US Target Market Exposure Index measures the performance of large- and mid-cap U.S. stocks.
The Linked Morningstar US Target Market Exposure Index reflects the performance of LibertyQ Global Equity Index-NR from fund inception through 7/31/2022 and Morningstar US Target Market Exposure Index thereafter.
The Franklin U.S. Equity Index ETF is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates.

Diversification does not protect an investor from market risk and does not ensure a profit. We note that Smart Beta ETFs are not riskless investments, so investors can lose money. For additional risk considerations, please see the fund's prospectus.

The Franklin U.S. Equity Index ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in index-based ETFs generally or in the Fund in particular or the ability of the Morningstar®  US Target Market Exposure IndexSM  to track general market performance.
THE MORNINGSTAR ENTITIES EXPRESSLY DISCLAIM ANY WARRANTY AROUND THE ACCURACY, COMPLETENESS AND/OR TIMELINESS OF THE FUND OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

Footnotes

  1. Net Asset Value (NAV) returns are based on the NAV of the ETF/ETP. The fund’s NAV represents the per-share-value and is determined by dividing the total NAV of the fund by the number of shares outstanding; Market Price returns are based upon the official closing price of the ETF’s/ETP's shares. The fund calculates the NAV per share each business day and normally coincides with the close of trading on the exchange on which they are listed, typically 4 pm ET. The fund does not calculate the NAV on days the exchange is closed for trading. These returns do not represent investors’ returns had they traded shares at other times. 

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. 
    ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

  4. On August 1, 2022, the Fund's benchmark was changed from the LibertyQ Global Equity Index-NR to the Morningstar®  Linked Morningstar US Target Market Exposure Index.  Fund performance prior to that date reflects the Fund seeking to track the performance of the LibertyQ Global Equity Index-NR. 

  5. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  6. Net Expense Ratio represents the expense ratio applicable to investors. 

  7. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance. 

  8. Premiums or discounts are the differences between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The Market Price is determined using the closing price as of 4 pm ET on each trading day (when NAV is normally determined for most funds).

  9. Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV. 

  10. Returns are average annualized total returns, except for those periods of less than one year, which are cumulative. Market Price returns are calculated using the closing price as of 4 pm ET on each trading day (when NAV is normally determined for most funds), and do not represent the returns you would receive if you traded shares at other times. Since shares of the Fund did not trade in the secondary market until after the Fund's inception, for the period from inception to the first day of secondary trading (6/3/16), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Performance for the ETF/ETP and its benchmark index are as of the ETF's/ETP's last trading day before the end of the period.