Fixed Income Active

FLMI Franklin Dynamic Municipal Bond ETF

Go anywhere. Invests across all sectors, quality ratings and maturities within the municipal bond universe while aiming to maintain an average effective duration of two to eight years.
Dynamic. Flexibility to dynamically adjust duration positioning, sector allocation and security selection based on opportunities the portfolio management team identifies.
Muni expertise. Franklin Templeton is one of the largest muni bond managers in the nation. The team’s experience navigating through multiple market cycles helps them uncover opportunities and identify risks.

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks to provide a high level of current income that is exempt from regular federal income taxes.

Benchmark: Bloomberg Municipal 1-15 Year Index
Fund Inception Date: 08/31/2017
Listing Exchange: NYSE Arca
Dividend Frequency, if any: Monthly
Distribution Rate at NAV⁴As of 02/06/2026 (Updated Daily): 3.63%
30-Day SEC Yield—With Waiver^5,6,7As of 12/31/2025 (Updated Monthly): 4.06%
30-Day SEC Yield—Without Waiver^6,7As of 12/31/2025 (Updated Monthly): 4.06%
Taxable Equivalent Yield—With WaiverAs of 12/31/2025 (Updated Monthly): 6.86%
Taxable Equivalent Yield—Without WaiverAs of 12/31/2025 (Updated Monthly): 6.86%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁸: 0.30%
Net Expense Ratio^8,9: 0.30%

Identifiers

Ticker: FLMI
CUSIP Code: 35473P868
ISIN Code: US35473P8683
Bloomberg Code: FLMI US

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Market Price Return

NAV Return

5.86%1 Year
6.22%3 Years
2.28%5 Years
—10 Years
2.94%Since Inception
08/31/2017

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.

Credit Quality Allocation

View portfolio section for additional info

As of 12/31/2025 % of Total (Updated Monthly)

Credit Quality Allocation
AAA1.57%
AA14.05%
A32.92%
BBB19.34%
BB6.46%
B0.18%
CCC0.03%
Refunded0.27%
Not Rated20.96%
Cash & Cash Equivalents4.22%

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category¹⁰: High Yield Muni

Trading Characteristics

As of 02/06/2026 (Updated Daily)

Shares Outstanding: 66,750,000
Daily Volume: 745,419
20-Day Average Volume: 807916.25

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Commentary Highlights

12/31/2025

Markets : In the fourth quarter of 2025 (Q4), as per Barclays, a new issuance of municipal (muni) bonds increased 14% year-over-year compared to 2024, culminating in a new annual record with tax-exempt issuance surpassing $500 billion. By quarter end, the yield on the benchmark 10-year UST note moved two basis points (bps) higher to 4.17%, and the yield on the 30-year UST bond increased by 11 bps to 4.84%. US market sentiment dipped in throughout the quarter due to consumers concerns over personal finances problems, driven by weak labor and persistent inflation expectations, according to the latest University of Michigan's consumer surveys. The mid-November resolution of the US federal government shutdown supported sentiment through year-end. Federal Reserve (Fed) policy also drove overall returns, with three consecutive 25-bp rate cuts which were well received by the market. However, the future path of cuts grew ambiguous as Fed members were split on the need for further adjustments.
Contributors : Overweight allocation to muni bonds with 10 or more years to maturity, overweight allocation to muni bonds with no external credit rating and overweight allocation to BBB rated bonds.
Detractors : Security selection in AA, A and BBB rated bonds, as well as an underweight allocation in AA rated bonds and an overweight allocation in A rated bonds.
Outlook : Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis. In a more challenging environment, strong bottom-up research and disciplined security selection will be essential to identifying relative value and preserving portfolio quality.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2020

Managed Fund Since 2017

Managed Fund Since 2020

Managed Fund Since 2017

Managed Fund Since 2025

Latest Insights

January 26, 2026

European fixed income outlook—cautious optimism

January 20, 2026

The municipal bond market outlook: Continued stability—a good sign for investors

January 15, 2026

Flash Insights: Addressing US housing affordability—a targeted financing approach

January 8, 2026

Flash Insights: Notes on Venezuela

Performance

Calendar Year Returns

As of 12/31/2025

Month End

Quarter End

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.

Franklin Dynamic Municipal Bond ETF - Market Price Return (%)

Franklin Dynamic Municipal Bond ETF - NAV Return (%)

Bloomberg Municipal 1-15 Year Index (%)

Overall Morningstar Rating: Overall Morningstar Rating: 5 out of 5 stars
As of 01/31/2026

3 Years: 3 Years: 5 out of 5 stars
168 Funds in category

5 Years: 5 Years: 5 out of 5 stars
164 Funds in category

10 Years: —

Rating Category: High Yield Muni

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.

©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 of02/08/2026 (Updated Daily)

Total Net Assets: $1.68 Billion

Positions

As of 12/31/2025 (Updated Monthly)

Number of Holdings

Fund: 1,108

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Average Weighted Maturity

Fund: 12.91 Years

Effective Duration

Fund: 6.99 Years

Credit Quality Allocation ¹⁵

As of 12/31/2025 (Updated Monthly)

Credit Quality Allocation
Credit Quality	Fund
AAA	1.57%
AA	14.05%
A	32.92%
BBB	19.34%
BB	6.46%
B	0.18%
CCC	0.03%
Refunded	0.27%
Not Rated	20.96%
Cash & Cash Equivalents	4.22%

Holdings
As of 02/06/2026 (Updated Daily)

KY PUB ENERGY AUTH 5 5/36

KENTUCKY PUB ENGY 5 12/33

BLACK BELT ENERGY 5 10/35

SE ENERGY AUTH-A 5 11/35

CASH

ENERGY SOUTHEAST- 5 11/35

SOUTHEAST ENERGY- 5 11/35

MET PIER & EXPOSI 4 12/42

TN ENERGY ACQ COR 5 12/35

MAIN STREET NAT FRN 12/55

Distributions & Tax

Federal ID Number 82-2040617

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
Feb 03	0.005489	—	—	—	—	—	—	0.065613	—
Mar 03	0.005612	—	—	—	—	—	—	0.067076	—
Apr 01	0.00274	—	—	—	—	—	—	0.084803	—
May 01	0.002913	—	—	—	—	—	—	0.090152	—
Jun 02	0.002641	—	—	—	—	—	—	0.081741	—
Jul 01	0.002489	—	—	—	—	—	—	0.077045	—
Aug 01	0.002856	—	—	—	—	—	—	0.088385	—
Sep 02	0.002442	—	—	—	—	—	—	0.075574	—
Oct 01	0.002471	—	—	—	—	—	—	0.076459	—
Nov 03	0.002837	—	—	—	—	—	—	0.087803	—
Dec 01	0.002275	—	—	—	—	—	—	0.070415	—
Dec 19	0.00212	—	—	—	—	—	—	0.06562	—
	0.036885	—	—	—	—	—	—	0.930686	—

Feb 03

Mar 03

Apr 01

May 01

Jun 02

Jul 01

Aug 01

Sep 02

Oct 01

Nov 03

Dec 01

Dec 19

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.: —
Specified Private Activity Bond Interest: 11.52%
Dividends Received Deduction: —
Section 163(j): 100.00%
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.: —

Tax-Exempt Income By Jurisdiction

Alabama: 8.26%

Alaska: 0.25%

Arizona: 0.73%

Arkansas: 0.31%

California: 8.27%

Colorado: 2.52%

Connecticut: 0.87%

Delaware: 0.20%

Dist. of Columbia: 0.03%

Florida: 12.80%

Georgia: 2.49%

Idaho: 0.10%

Illinois: 10.99%

Indiana: 0.91%

Iowa: 1.57%

Kansas: 0.18%

Kentucky: 0.86%

Louisiana: 0.41%

Maine: 0.14%

Maryland: 0.48%

Massachusetts: 0.82%

Michigan: 2.02%

Minnesota: 1.21%

Mississippi: 0.23%

Missouri: 0.51%

Nebraska: 0.35%

Nevada: 0.80%

New Hampshire: 0.25%

New Jersey: 0.62%

New Mexico: 0.23%

New York: 6.70%

North Carolina: 0.24%

North Dakota: 1.47%

Ohio: 2.81%

Oklahoma: 0.12%

Oregon: 0.30%

Pennsylvania: 2.55%

Puerto Rico: 0.86%

Rhode Island: 0.14%

South Carolina: 1.11%

South Dakota: 0.31%

Tennessee: 2.49%

Texas: 14.17%

US Virgin Islands: 0.09%

Utah: 0.76%

Virginia: 0.96%

Washington: 2.61%

West Virginia: 0.24%

Wisconsin: 2.66%

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

Pricing History

As of 02/06/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/06/2026

Share Prices

As of 02/06/2026

NAV ¹(Net Asset Value): $25.16
NAV Change ¹: $0.01
NAV Change (%) ¹: 0.04%
Market Price ¹: $25.15
Market Price Change ¹: $0.01
Market Price Change (%) ¹: 0.04%

52-Week Range

Highest NAV As of 02/06/2026: $25.16
Lowest NAV As of 04/09/2025: $23.45
Highest Market Price As of 02/06/2026: $25.15
Lowest Market Price As of 04/11/2025: $23.57

Premium / Discount

As of 02/06/2026

30-Day Median Bid/Ask Spread: 0.04%
Bid / Ask Spread: $0.01
Avg. of Market Price vs. NAV since Inception: 0.08%
Avg. of Market Price vs. NAV at Close ¹²: -0.04%

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Dynamic Municipal Bond ETF	Download Document
Checkbox	Product Commentary - Franklin Dynamic Municipal Bond ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Dynamic Municipal Bond ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Templeton ETF Trust 2	Download Document
Checkbox	Semi-Annual Report - Franklin Dynamic Municipal Bond 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 Dynamic Municipal Bond 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. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Unrated debt securities have less public information and independent credit analysis and they may be subject to a greater risk of illiquidity, price changes or default. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund’s prospectus.

Important Information

Fund dividends are generally subject to state and local income taxes, if any. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.

Prior to 1/31/2022 the fund was named Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF.

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 Bloomberg Municipal 1-15 Year Bond Index is a market value weighted index of investment-grade fixed-rate municipal bonds with maturities of 1-15 years.
Source: Bloomberg Indices.

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.
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.
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.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
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.
©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.
The Taxable Equivalent Yield assumes the maximum regular federal income tax rate and the Medicare tax. Dividends are general subject to state and local taxes, if any. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains may be taxable.
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 09/05/17, 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.
Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as S&P Global Ratings, Moody's Investors Service and Fitch Ratings, Inc. When ratings from multiple agencies are available, the highest is used, consistent with the portfolio investment process. Ratings reflect an NRSRO's opinion of an issuer's creditworthiness and typically range from AAA (highest) to D (lowest). The Refunded category consists of refunded bonds secured by the US government or other high-quality securities. The Not Rated category consists of ratable securities that have not been rated by an NRSRO. The Not Applicable category consists of third-party exchange-traded funds and securities that have only a short-term rating and are not cash equivalents. Cash includes equivalents, which may be rated. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

FLMI Franklin Dynamic Municipal Bond ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Credit Quality Allocation

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Ratings 3

Portfolio

Credit Quality Allocation 15

Distributions & Tax

Federal ID Number 82-2040617

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³

Credit Quality Allocation ¹⁵