Multi-Asset Active

INCM Franklin Income Focus ETF

Multi-asset. Invests in a diversified portfolio of debt and equity securities.
Active and dynamic. May shift its investments from one asset class to another based on the investment manager’s analysis of the best opportunities.
Income expertise. Our firm is a pioneer in multi-asset 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 high current income while maintaining prospects for capital appreciation. The fund invests in a diversified portfolio of debt and equity securities. “Income Focus” in the Fund’s name refers to the Fund’s strategy of seeking to maximize income over a full market cycle by investing opportunistically across different asset classes, markets and sectors and utilizing income generation strategies.

Benchmark ³: Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index
Fund Inception Date: 06/06/2023
Listing Exchange: NYSE Arca
Dividend Frequency, if any: Monthly
Distribution Rate at NAV ⁴As of 11/07/2025 (Updated Daily): 5.44%
30-Day SEC Yield—With Waiver ^5,6,7As of 09/30/2025 (Updated Monthly): 5.04%
30-Day SEC Yield—Without Waiver ^5,7As of 09/30/2025 (Updated Monthly): 5.03%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁸: 0.38%
Net Expense Ratio^8,9: 0.38%

Identifiers

Ticker: INCM
CUSIP Code: 35473P439
ISIN Code: US35473P4393
Bloomberg Code: INCM 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

7.37%1 Year
—3 Years
—5 Years
—10 Years
10.12%Since Inception
06/06/2023

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)

Fixed Income42.75%

Equity34.37%

Convertibles/Equity-Linked Notes22.00%

Cash & Cash Equivalents0.87%

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category: Moderately Conservative Allocation

Trading Characteristics

As of 11/07/2025 (Updated Daily)

Shares Outstanding: 34,950,000
Daily Volume: 217,123
20-Day Average Volume: 278447.10

Manager and Commentary

About the Team

Franklin Income Investors

Franklin Income Investors has delivered consistent income for over 75 years. As pioneers in multi-asset income investing, our team takes a dynamic investment approach for investors seeking consistent income and growth.

Commentary Highlights

September 30, 2025

Markets: US equities delivered strong performance over 2025’s third quarter, buoyed in part by easing trade tensions and optimism surrounding artificial intelligence. The US Federal Reserve’s (Fed’s) interest-rate cut in September also supported market sentiment, as did robust corporate earnings. Both the S&P 500 Index and the Nasdaq Composite Index ended the quarter at new record highs.
Contributors: Allocations to both the fixed income and equity sides of the portfolio contributed to the fund’s absolute returns. On a relative basis, underweight fixed income and overweight equity positioning assisted returns.
Detractors: Stock selection detracted from relative equity returns.
Outlook: We maintain a neutral stance on fixed income, while continuing to favor a diversified mix across US Treasuries (USTs), securitized products and corporate issues. Moreover, our preference remains for selective exposure within equities, balancing growth sectors with quality cyclicals and dividend payers.

For complete information, please see the full commentary

Franklin Income Investors

Managed Fund Since 2023

Latest Insights

August 4, 2025

Mid-year update: Staying diversified and income-focused

May 5, 2025

Income diversification amid market uncertainty

February 5, 2025

Income diversification for uncertain times

January 13, 2025

Staying nimble and diversified: Capitalizing on income opportunities in 2025

Performance

Calendar Year Returns

As of 09/30/2025

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 Income Focus ETF - Market Price Return (%)

Franklin Income Focus ETF - NAV Return (%)

Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index (%)

Portfolio

Assets

As of11/09/2025 (Updated Daily)

Total Net Assets: $963.09 Million

Positions

As of 09/30/2025 (Updated Monthly)

Number of Equity Issuers

Fund: 44

Number of Holdings

Fund: 319

Number of Issuers

Fund: 190

Number of FI Issuers

Fund: 133

Number of Convertible Issuers

Fund: 38

Portfolio Statistics

As of 09/30/2025 (Updated Monthly)

Effective Duration

Fund: 4.47 Years

Price to Cash Flow

Fund: 13.04x

Price to Earnings (12-Month Trailing)

Fund: 20.66x

Dividend Yield ¹⁰

Fund: 3.13%

Average Weighted Maturity

Fund: 6.13 Years

Price to Book

Fund: 3.02x

Sector Allocation (Equity as a % of Total)

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

Sector Allocation (Equity as a % of Total)
Sector	% of Total
Health Care	9.31%
Information Technology	8.94%
Industrials	7.16%
Financials	6.13%
Consumer Staples	6.00%
Energy	5.86%
Utilities	4.82%
Consumer Discretionary	3.42%
Materials	3.07%
Communication Services	1.89%
Real Estate	0.04%

Sector Allocation (Fixed as a % of Total)

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

Sector Allocation (Fixed as a % of Total)
Sector	% of Total
High Yield Corporates	19.60%
Investment Grade Corporates	10.14%
U.S. Treasuries	6.39%
Mortgage-Backed Securities	6.38%
Floating-Rate Loans	0.25%

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

IFT - MONEY MARKET PORT

JOHNSON & JOHNSON

CHEVRON CORP

JPMORGAN CHASE & CO

EXXON MOBIL CORP

US TREASURY N/B 4.75 5/55

MERCK & CO. INC.

VERIZON COMMUNICATIONS IN

PROCTER & GAMBLE CO/THE

PEPSICO INC

Distributions & Tax

Federal ID Number 92-3187023

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 02	0.128096	0.024287	—	—	—	—	—	—	—
Mar 04	0.104294	0.019774	—	—	—	—	—	—	—
Apr 02	0.121675	0.02307	—	—	—	—	—	—	—
May 02	0.087078	0.01651	—	—	—	—	—	—	—
Jun 03	0.122019	0.023135	—	—	—	—	—	—	—
Jun 28	0.078266	0.014839	—	—	—	—	—	—	—
Jul 31	0.111033	0.021052	—	—	—	—	—	—	—
Aug 30	0.116134	0.022019	—	—	—	—	—	—	—
Sep 30	0.109624	0.020785	—	—	—	—	—	—	—
Oct 31	0.122108	0.023152	—	—	—	—	—	—	—
Nov 29	0.102789	0.019489	—	—	—	—	—	—	—
Dec 31	0.118845	0.022533	—	—	—	—	—	—	—
	1.321961	0.250645	—	—	—	—	—	—	—

Feb 02

Mar 04

Apr 02

May 02

Jun 03

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.: 8.94%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 16.94%
Section 163(j): 61.41%
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

Pricing History

As of 11/07/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/07/2025

Share Prices

As of 11/07/2025

NAV ¹(Net Asset Value): $27.56
NAV Change ¹: $0.10
NAV Change (%) ¹: 0.36%
Market Price ¹: $27.61
Market Price Change ¹: $0.09
Market Price Change (%) ¹: 0.33%

52-Week Range

Highest NAV As of 10/27/2025: $27.98
Lowest NAV As of 04/08/2025: $24.85
Highest Market Price As of 10/27/2025: $28.04
Lowest Market Price As of 04/08/2025: $24.84

Premium / Discount

As of 11/07/2025

30-Day Median Bid/Ask Spread: 0.14%
Bid / Ask Spread: $0.10
Avg. of Market Price vs. NAV since Inception: 0.19%
Avg. of Market Price vs. NAV at Close ¹¹: 0.18%

Documents

Fund Literature

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

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Income Focus ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Templeton ETF Trust 2	Download Document
Checkbox	Semi-Annual Report - Franklin Income Focus ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Income Equity Focus ETF	Download Document
Checkbox	Prospectus - Franklin Income Focus ETF	Download Document
Checkbox	Summary Prospectus - Franklin Income Focus ETF	Download Document
Checkbox	Statement of Additional Information - Franklin Income Focus ETFMailed 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

Risks

All investments involve risks, including possible loss of principal. Bond prices generally move in the opposite direction of interest rates. Thus, as the prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. Changes in the financial strength of a bond issuer or in a bond's credit rating may affect its value. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions. 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. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. 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 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.

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.

50% USA High Div Yield + 25% High Yield Very Liquid + 25% US Agg Index is composed of the Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index.

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. The Bloomberg US High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index designed to track a more liquid component of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market. The Bloomberg US Aggregate Bond Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
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. 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.
Effective January 1, 2025, the fund changed its benchmark to the Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index.
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.
Dividend yield is calculated without the deduction of fees and expenses.
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.
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.

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INCM Franklin Income Focus ETF

Popular Documents

Benchmark and investment policy changes

Overview

Fund description

Expenses & Fees

Identifiers

Top Asset Allocation

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Portfolio

Sector Allocation (Equity as a % of Total)

Sector Allocation (Fixed as a % of Total)

Distributions & Tax

Federal ID Number 92-3187023

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes