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.

Benchmark⁴: 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 NAV⁵As of 07/07/2026 (Updated Daily): 4.94%
30-Day SEC Yield—With Waiver^6,7,8As of 05/31/2026 (Updated Monthly): 5.45%
30-Day SEC Yield—Without Waiver^7,8As of 05/31/2026 (Updated Monthly): 5.45%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁹: 0.38%
Net Expense Ratio^9,10: 0.38%

Identifiers

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

Average Annual Total Returns As of 05/31/2026

View performance section for additional info As of 05/31/2026

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.

Market Price Return

NAV Return

17.12%1 Year
—3 Years
—5 Years
—10 Years
11.21%Since Inception
06/06/2023

Top Asset Allocation

View portfolio section for additional info

As of 05/31/2026 % of Total (Updated Monthly)

Top Asset Allocation
Fixed Income46.39%
Equity27.21%
Convertibles/Equity-Linked Notes25.02%
Cash & Cash Equivalents1.38%

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category¹¹: Moderately Conservative Allocation

Trading Characteristics

As of 07/07/2026 (Updated Daily)

Shares Outstanding: 56,450,000
Daily Volume: 407,241
20-Day Average Volume: 376979.50

Hear Ed Perks answer the top questions on investors' minds today.

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

March 31, 2026

Markets: US equities endured a difficult first quarter of 2026 as investors reassessed the durability of the artificial intelligence (AI) trade and as geopolitical risk intensified. Technology-focused shares came under pressure as rising AI-related capital expenditure spurred a rotation away from mega-capitalization growth stocks and toward value stocks. March brought further strain as the Middle East conflict disrupted energy markets, lifting oil prices and adding to inflation risk.
Contributors: Allocations to both the fixed income and equity sides of the portfolio contributed to the fund’s absolute returns. On a relative basis, security selection, as well as underweight fixed income exposure and overweight equity positioning, assisted results.
Detractors: An overweight allocation to health care securities weakened relative fixed income performance, while selection within energy detracted from relative equity returns.
Outlook: We remain vigilant amid ongoing uncertainties, selectively deploying capital during periods of market dislocation to enhance income and long-term total return potential. Having reduced fixed income exposure earlier in the year in favor of equity opportunities, we are now selectively increasing bond allocations as higher yields and wider spreads improve their relative attractiveness to us.

For complete information, please see the full commentary:

Franklin Income Investors

Managed Fund Since 2023

Latest Insights

April 15, 2026

Q1 2026 income investing update: Navigating market crosscurrents

January 12, 2026

Investment outlook for 2026: Policy is paramount and income a priority

November 11, 2025

Diversifying for income

August 4, 2025

Mid-year update: Staying diversified and income-focused

Performance

Average Annual Total Returns

As of 05/31/2026

Month End

Quarter End

As of

Franklin Income Focus ETF - Market Price Return (%)

Month End

As of 05/31/2026

Franklin Income Focus ETF - NAV Return (%)

Month End

As of 05/31/2026

Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index (%) ⁴

Month End

As of 05/31/2026

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 06/30/2026

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

5 Years: —

10 Years: —

Rating Category: Moderately Conservative Allocation

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.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 06/30/2026

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.

©2026 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 of07/07/2026 (Updated Daily)

Total Net Assets: $1.65 Billion

Positions

As of 05/31/2026 (Updated Monthly)

Number of Equity Issuers

Fund: 46

Number of Holdings

Fund: 383

Number of Issuers

Fund: 208

Number of FI Issuers

Fund: 146

Number of Convertible Issuers

Fund: 46

Portfolio Statistics

As of 05/31/2026 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 24.68x

Price to Cash Flow

Fund: 13.32x

Price to Book

Fund: 3.29x

Dividend Yield ¹²

Fund: 5.57%

Effective Duration

Fund: 4.58 Years

Average Weighted Maturity

Fund: 6.44 Years

Asset Allocation

As of 05/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	46.39%
Equity	27.21%
Convertibles/Equity-Linked Notes	25.02%
Cash & Cash Equivalents	1.38%

Holdings
As of 07/07/2026 (Updated Daily)

IFT - MONEY MARKET PORT

PROCTER & GAMBLE CO/THE

VERIZON COMMUNICATIONS IN

US TREASURY N/B 4 11/35

EXXONMOBIL HOLDINGS CORP

PEPSICO INC

DTE ENERGY COMPANY

DUKE ENERGY CORP

CHEVRON CORP

CHS/COMMUNITY 9.75 1/34

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 distribution dates for ETFs

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate ⁵

As of 07/07/2026 (Updated Daily)

At Net Asset Value (NAV) 4.94%

30-Day SEC Yield ^6,7,8

As of 05/31/2026 (Updated Monthly)

w/ Waiver 5.45%

w/o Waiver 5.45%

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
Distributions with future dates are estimates and those figures are not final

07/01/2026

06/01/2026

04/30/2026

03/31/2026

03/02/2026

02/02/2026

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 07/07/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 07/07/2026

Share Prices

As of 07/07/2026

NAV ¹(Net Asset Value): $29.16
NAV Change ¹: $0.05
NAV Change (%) ¹: 0.17%
Market Price ¹: $29.23
Market Price Change ¹: $0.01
Market Price Change (%) ¹: 0.03%

52-Week Range

Highest NAV As of 02/25/2026: $29.46
Lowest NAV As of 08/01/2025: $26.93
Highest Market Price As of 02/25/2026: $29.52
Lowest Market Price As of 08/01/2025: $27.06

Premium / Discount

As of 07/07/2026

30-Day Median Bid/Ask Spread: 0.03%
Bid / Ask Spread: $0.01
Avg. of Market Price vs. NAV since Inception: 0.20%
Avg. of Market Price vs. NAV at Close ¹³: 0.24%

Documents

Fund Literature

Factsheet - Franklin Income Focus ETF

Product Commentary - Franklin Income Focus ETF

Regulatory Documents

Annual Report - Franklin Income Focus ETF - Single Class

Annual Financial Statements and Other Information - Franklin Templeton ETF Trust 2

Semi-Annual Report - Franklin Income Focus ETF - Single Class

Semi-Annual Financial Statements and Other Information - Franklin Income Equity Focus ETF

Prospectus - Franklin Income Focus ETF

Summary Prospectus - Franklin Income Focus ETF

Statement of Additional Information - Franklin Income Focus ETF

Mailed hardcopies unavailable.

Fiscal Q1 Holdings - Franklin Templeton ETF Trust Smart Beta Funds

Mailed hardcopies unavailable.

Q3 Portfolio Holdings - Franklin Templeton ETF Trust

Mailed hardcopies unavailable.

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.
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.
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 excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor 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.
©2026 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.
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.

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INCM Franklin Income 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 3

Portfolio

Asset Allocation

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Daily Fund Prices

Documents

Fund Literature

Regulatory Documents

Risks

Important Information

Footnotes

Ratings ³