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Managed Fund Since 2019
Fixed Income Active
FLBL Franklin Senior Loan ETF
- Active management. Pursues strong risk-adjusted returns and a high level of current income by investing in floating-rate senior loans, which have historically had a low correlation to both corporate and government bonds.
- Disciplined investment process. Highest conviction research ideas are expected to be key drivers of alpha. Managers focus on loans with more liquidity and seek to generate stable income while neutralizing sector and quality exposures unless they have significant conviction.
- Expertise. Managed by a seasoned investment team specializing in bank loans since 1997, utilizing both a dedicated bank loan research team and a global credit research analyst team.
Popular Documents
Total Net Assets
$757.47M
As of 10/22/2026 (Updated Daily)
Overview
Fund Facts
Fund description
The fund seeks to provide a high level of current income with a secondary goal of preservation of capital. The fund invests at least 80% of its net assets in senior loans and investments that provide exposure to senior loans.
- Benchmark
- Morningstar LSTA US Leveraged Loan 100 Index
- Fund Inception Date
- 05/30/2018
- Listing Exchange
- Cboe
- Dividend Frequency, if any
- Monthly
- Distribution Rate at NAV
4 As of 10/21/2026 (Updated Daily) - 7.47%
Expenses & Fees
As of 08/01/2026- Gross Expense Ratio
- 0.45%
- Net Expense Ratio
8 - 0.45%
Identifiers
- Ticker
- FLBL
- CUSIP Code
- 35473P595
- ISIN Code
- US35473P5952
- Bloomberg Code
- FLBL US
Average Annual Total Returns As of 09/30/2026
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.
- 3.09%1 Year
- 6.24%3 Years
- 5.40%5 Years
- —10 Years
- 4.72%Since Inception
05/30/2018
Top Sectors
As of 09/30/2026 % of Total (Updated Monthly)
Bank Loans24.51% | |
Technology/Information Systems14.75% | |
Finance10.27% | |
Other9.14% | |
Services8.63% |
Additional Fund Info
- Fiscal Year End
- March 31
- ETF Type
- Active
- Morningstar Category
9 - Bank Loan
Trading Characteristics
As of 10/21/2026 (Updated Daily)- Shares Outstanding
- 33,350,000
- Daily Volume
- 115,245
- 20-Day Average Volume
- 540186.65
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-driven approach means maintaining portfolio and risk exposures that align with client expectations.
Commentary Highlights
June 30, 2026- Markets: Geopolitical developments remained a focus during the third quarter (Q3) of 2026, with receding expectations of a settlement nearer to quarter-end resulting in oil prices surging to over US$100/barrel, compared to around US$72/barrel in early July. This energy price move, combined with an increasingly hawkish central bank outlook, drove market moves especially nearer the end of the quarter. The US dollar (USD) was modestly stronger over the quarter, with mixed performance against other currencies. Notably, the Japanese yen appreciated against the USD over the period as it benefited from intervention during the quarter. Following on increasingly hawkish rhetoric, the US Federal Reserve (Fed) raised the fed funds rate by 25 basis points (bps) at its September meeting, retaining a hawkish outlook. The benchmark 10-year UST yield rose 82 bps over the quarter to 5.28%, its highest level since mid-2007. Fixed income volatility measures rose during the quarter. Credit spreads rose over the quarter, with the increases more pronounced in the high-yield sectors.
- The Leveraged Loan market saw its strongest quarterly return since the second quarter of 2025, largely driven by strong collateralized loan obligation (CLO) issuance, steady inflows and a rising interest rate environment. Total US institutional loan activity reached roughly $195 billion (bn) over the quarter. Overall year-to-date (YTD) issuance was down compared to 2025, however, primarily due to a slower pace of repricing/refinancing. US gross CLO issuance volume reached $131.3 bn, bringing the YTD total to $361.1 bn across 822 deals. Non-US gross CLO volume (primarily driven by the European market) reached a total of €36.0 bn (US$40.3 bn) across 84 deals.
- Contributors: Ratings-quality tilt contributed to fund performance.
- Detractors: Yield curve positioning detracted from the fund’s results, as did security selection and industry allocations.
- Outlook: The loan market has not had any large allergic reaction to the Iran war or the inflationary pressure that has created. So far fundamentals remain constructive, and we broadly expect that most industries in the loan market will acceptably weather any incremental pressures from here on. We do however expect that the lower rated issuers who either have a maturity coming up and/or have cash flow pressures, could incrementally buckle under higher rates.
Franklin Templeton Fixed Income
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Managed Fund Since 2018
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Managed Fund Since 2019
Latest Insights
October 20, 2026
October 19, 2026
October 14, 2026
October 14, 2026
Performance
Average Annual Total Returns
As of 09/30/2026
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.
Selected Month September 2026
Franklin Senior Loan ETF - Market Price Return (%)
Month End
As of 09/30/2026
- 1 Year
- 3.09
- 3 Years
- 6.24
- 5 Years
- 5.40
- Since Inception(05/30/2018)
- 4.72
Franklin Senior Loan ETF - NAV Return (%)
Month End
As of 09/30/2026
- 1 Year
- 3.09
- 3 Years
- 6.07
- 5 Years
- 5.44
- Since Inception(05/30/2018)
- 4.72
Morningstar LSTA US Leveraged Loan 100 Index (%)
Month End
As of 09/30/2026
- 1 Year
- 4.97
- 3 Years
- 7.45
- 5 Years
- 6.28
- Since Inception(05/30/2018)
- 5.43
Ratings 3
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Portfolio
Assets
As of10/22/2026 (Updated Daily)
- Total Net Assets
- $757.47 Million
Positions
As of 09/30/2026 (Updated Monthly)
Number of Holdings
- Fund
- 273
- Benchmark
- 100
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Effective Duration
- Fund
- 0.14 Years
- Benchmark
- 0.02 Years
- Fund
- 4.34 Years
- Benchmark
- 4.73 Years
- Fund
- 57 Days
- Benchmark
- —
- Fund
- 96.87
- Benchmark
- 97.97
Asset Allocation
As of 09/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income | 93.99% |
Equity | 0.04% |
Cash & Cash Equivalents | 5.96% |
Holdings
As of 10/22/2026 (Updated Daily)
IFT - MONEY MARKET PORT
Peraton 02/01/2 02/01/28
Boxer Parent Com 07/30/31
DAWN BIDC 02/04/33
McAfee 03/01/29 03/01/29
SEDGWICK CLAIMS 07/31/31
Cotiviti Corpor 05/01/31
AMWINS GROUP I 01/30/32
ATHENAHEALTH GRO 02/17/32
HUB Internationa 06/20/30
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 7.48%
Distributions are not guaranteed and are subject to change.
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
10/02/2026
09/02/2026
08/04/2026
07/02/2026
06/02/2026
05/04/2026
04/02/2026
03/03/2026
02/03/2026
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Pricing History
As of 10/22/2026 (Updated Daily)
Daily Fund Prices
As of 10/22/2026
Share Prices
As of 10/22/2026
52-Week Range
- Highest NAV
As of 10/31/2025 - $23.94
- Lowest NAV
As of 10/22/2026 - $22.71
- Highest Market Price
As of 10/31/2025 - $23.87
- Lowest Market Price
As of 03/03/2026 - $22.62
Premium / Discount
As of 10/22/2026
- 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
10 - 0.13%
Documents
Fund Literature
Factsheet - Franklin Senior Loan ETF
Product Commentary - Franklin Senior Loan ETF
Regulatory Documents
Annual Report - Franklin Senior Loan ETF - Single Class
Annual Financial Statements and Other Information - Franklin Templeton ETF Trust 2
Semi-Annual Report - Franklin Senior Loan ETF - Single Class
Semi-Annual Financial Statements and Other Information - Franklin Income Equity Focus ETF
Prospectus - Franklin Templeton ETF Trust 2 Active Funds
Summary Prospectus - Franklin Senior Loan ETF
Statement of Additional Information - Franklin Templeton ETF Trust 2 Active Funds
Fiscal Q1 Holdings - Franklin Templeton ETF Trust
Q3 Portfolio Holdings - Franklin Templeton ETF Trust
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. Floating-rate loans and debt securities are typically rated below investment grade and are subject to greater risk of default, which could result in loss of principal. 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. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks 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 Morningstar LSTA US Leveraged Loan 100 Index is designed to measure the performance of the 100 largest facilities in the U.S. leveraged loan market.
Franklin Senior Loan ETF is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates.