Equity Active

INCE Franklin Income Equity Focus ETF

Diversified equity market exposure with increased income potential. Combines dividend-paying common stock, preferred/convertibles and equity-linked notes specifically designed to deliver income and equity market participation.
Flexible and fundamental approach. Actively manages and optimizes income and growth potential within equities to adapt to changing market conditions.
Income expertise. Our firm is a pioneer in income investing, with proven history of delivering clients steady income for over 75 years.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks income and capital appreciation with an emphasis on lower volatility than the broader equity market, as measured by the S&P 500 Index. The fund invests in equity securities and equity-related instruments, including common stocks, with dividend yields that the investment manager believes are attractive.

Benchmark: MSCI USA High Dividend Yield Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 09/20/2016
Listing Exchange: NYSE Arca
Dividend Frequency, if any: Monthly
Distribution Rate at NAV ³As of 11/07/2025 (Updated Daily): 4.38%
30-Day SEC Yield—With Waiver ^4,5,6As of 09/30/2025 (Updated Monthly): 4.62%
30-Day SEC Yield—Without Waiver ^4,6As of 09/30/2025 (Updated Monthly): 4.61%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁷: 0.29%
Net Expense Ratio^7,8: 0.29%

Identifiers

Ticker: INCE
CUSIP Code: 35473P504
ISIN Code: US35473P5044
Bloomberg Code: INCE US

Average Annual Total Returns As of 09/30/2025

View performance section for additional info As of 09/30/2025

Market Price Return

NAV Return

7.17%1 Year
16.20%3 Years
11.59%5 Years
—10 Years
12.44%Since Inception
09/20/2016

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 Asset Allocation

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Monthly)

Equity63.05%

Convertibles/Equity-Linked Notes36.69%

Cash & Cash Equivalents0.26%

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category: Large Blend

Trading Characteristics

As of 11/07/2025 (Updated Daily)

Shares Outstanding: 1,750,000
Daily Volume: 8,169
20-Day Average Volume: 9390.90

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Franklin Income Investors

Managed Fund Since 2016

Managed Fund Since 2024

Latest Insights

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

October 9, 2025

Central Bank Watch: Measured moves

September 22, 2025

On My Mind: The risky business of risk management

Performance

Average Annual Total Returns

¹¹

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.

Month End

Quarter End

As of

Franklin Income Equity Focus ETF - Market Price Return (%)

Month End

As of 09/30/2025

Franklin Income Equity Focus ETF - NAV Return (%)

Month End

As of 09/30/2025

MSCI USA High Dividend Yield Index (%)

Month End

As of 09/30/2025

S&P 500 Index (%)

Month End

As of 09/30/2025

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 1 out of 5 stars
1223 Funds in category

5 Years: 5 Years: 2 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 10/31/2025

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.

Portfolio

Assets

As of11/09/2025 (Updated Daily)

Total Net Assets: $102.96 Million

Positions

As of 11/06/2025 (Updated Daily)

Number of Holdings

Fund: 74

Portfolio Statistics

As of 11/06/2025 (Updated Daily)

Weighted Average Market Capitalization (USD)

Fund: $195.84 Billion

Price to Earnings (12-Month Forward)

Fund: 16.60x

Price to Book

Fund: 2.94x

Asset Allocation

As of 09/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	63.05%
Convertibles/Equity-Linked Notes	36.69%
Cash & Cash Equivalents	0.26%

Holdings
As of 11/06/2025 (Updated Daily)

IFT - MONEY MARKET PORT

PEPSICO INC

EXXON MOBIL CORP

CHEVRON CORP

PROCTER & GAMBLE CO/THE

SOUTHERN CO/THE

JOHNSON & JOHNSON

LOCKHEED MARTIN CORP

JOHNSON CONTROLS INTERNAT

VERIZON COMMUNICATIONS IN

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 81-2331764

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 ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Mar 18	0.157383	0.109586	—	—	—	—	—	—	—
Jun 28	0.34088	0.237355	—	—	—	—	—	—	—
Jul 31	0.167174	0.116403	—	—	—	—	—	—	—
Aug 30	0.247248	0.172159	—	—	—	—	—	—	—
Sep 30	0.19716	0.137283	—	—	—	—	—	—	—
Oct 31	0.216108	0.150476	—	—	—	—	—	—	—
Nov 29	0.22575	0.15719	—	—	—	—	—	—	—
Dec 31	0.251068	0.174819	—	—	—	—	—	—	—
	1.802771	1.255271	—	—	—	—	—	—	—

Mar 18

Jun 28

Jul 31

Aug 30

Sep 30

Oct 31

Nov 29

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 1.96%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 64.15%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

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.

Pricing

Premium/Discount Analysis ⁹

As of 09/30/2025 (Updated Quarterly)

Select a Quarter

Premium / Discount

Total Days in Period: 64

Days at NAV: 7

Days at Premium: 21

Days at Discount: 36

Greatest Premium On 08/13/2025: $0.32

Greatest Discount On 09/23/2025: $-0.02

Premium/Discount Analysis
Premium/Discount Analysis	Breakdown
0% to 0.5%	21 days
0.0%	7 days
-0.5% to 0%	36 days

Historical Premium/Discount ¹⁰

As of 11/07/2025 (Updated Daily)

Time Period

From

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Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Income Equity Focus ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin U.S. Low Volatility ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Templeton ETF Trust 2	Download Document
Checkbox	Semi-Annual Report - Franklin U.S. Low Volatility ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Income Equity Focus ETF	Download Document
Checkbox	Prospectus - Franklin Templeton ETF Trust 2 Active Funds	Download Document
Checkbox	Summary Prospectus - Franklin Income Equity Focus ETF	Download Document
Checkbox	Statement of Additional Information - Franklin Templeton ETF Trust 2 Active FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. Investments in equity index-linked notes often have risks similar to their underlying securities, which could include management risk, market risk and, as applicable, foreign securities and currency risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. There can be no guarantee that the fund's volatility strategy will be successful, and achieving the fund's volatility strategy does not mean the fund will achieve a positive or competitive return. The volatility strategy can also be expected to limit the fund's participation in market price appreciation when compared to similar funds that do not attempt this strategy. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. These and other risk considerations are discussed in the fund's prospectus.

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.

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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 MSCI USA High Dividend Yield Index is designed to reflect the performance of mid- and large-cap equities (excluding REITs) with higher dividend income, which is sustainable and persistent, than average dividend yields of securities in the MSCI USA Index.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI Dow Jones Indices LLC.

Daily data source: Calculated by FactSet. Important data provider notices and terms available at www.franklintempletondatasources.com

Footnotes

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.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
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.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
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.
Net Expense Ratio represents the expense ratio applicable to investors.
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).
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.
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 (9/22/16), the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Index returns are adjusted for withholding taxes. 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.
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.

INCE Franklin Income Equity Focus ETF

Popular Documents

Overview

Fund Facts

Fund description

Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Top Asset Allocation

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings ¹²

Portfolio

Assets

Positions

Portfolio Statistics

Asset Allocation

Holdings
As of 11/06/2025 (Updated Daily)

Distributions & Tax

Federal ID Number 81-2331764

Distributions per Share ($)

Supplemental Tax Information

Pricing

Premium/Discount Analysis ⁹

Premium / Discount

Historical Premium/Discount ¹⁰

November 2025

November 2025

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

INCE Franklin Income Equity Focus ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Asset Allocation

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 12

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 81-2331764

Pricing

Chart

Documents

Risks

Important Information

Footnotes

Ratings ¹²