Fixed Income Active

WABF Western Asset Bond ETF

Core exposure. Invests in a portfolio comprised primarily of US dollar-denominated debt instruments and fixed income securities of various maturities, with limited opportunistic exposure to high-yield, emerging market debt and structured securities.
Actively managed. Portfolio managers will actively adjust interest rate positioning and sector allocations in response to evolving market conditions.
Industry expertise. Leverages Western Asset’s global investment capabilities and strong risk management program, employing an active process that is both top-down and bottom-up to help identify attractive opportunities while actively managing risk.

Overview

See the risks and other important information.

Fund Facts

Fund description

The Fund seeks to maximize total return investing primarily in a portfolio comprised of U.S. debt instruments and fixed income securities of various maturities. Portfolio managers typically seek to maintain an average effective duration within 20% of the average duration of the domestic bond market.

Benchmark: Bloomberg U.S. Aggregate Index
Fund Inception Date: 09/19/2023
Listing Exchange: NASDAQ - XNAS
Dividend Frequency, if any: Monthly
Distribution Rate at NAV³As of 08/07/2026 (Updated Daily): 5.25%
30-Day SEC Yield—With Waiver^4,5,6As of 06/30/2026 (Updated Monthly): 5.19%
30-Day SEC Yield—Without Waiver^5,6As of 06/30/2026 (Updated Monthly): 5.19%

Expenses & Fees

As of 08/01/2026

Gross Expense Ratio⁷: 0.35%
Net Expense Ratio^7,8: 0.35%

Identifiers

Ticker: WABF
CUSIP Code: 35473P397
ISIN Code: US35473P3973
Bloomberg Code: WABF US

Average Annual Total Returns As of 06/30/2026

View performance section for additional info As of 06/30/2026

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.

Market Price Return

NAV Return

4.06%1 Year
—3 Years
—5 Years
—10 Years
5.68%Since Inception
09/19/2023

Top Sectors

View portfolio section for additional info

As of 06/30/2026 % of Total (Updated Monthly)

Top Sectors
Investment-Grade Credit28.98%
Agency Mortgage-Backed Securities28.50%
Treasury16.65%
Asset-Backed Securities7.71%
Commercial Mortgage Backed Securities6.23%

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category⁹: Intermediate Core-Plus Bond

Trading Characteristics

As of 08/07/2026 (Updated Daily)

Shares Outstanding: 650,000
Daily Volume: 123
20-Day Average Volume: 2749.76

Manager and Commentary

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Latest Insights

July 30, 2026

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July 22, 2026

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July 21, 2026

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July 21, 2026

US-Iran Update—The Map Is Expanding

Performance

Average Annual Total Returns

As of 06/30/2026

Month End

Quarter End

As of

Western Asset Bond ETF - Market Price Return (%)

Month End

As of 06/30/2026

1 Year: 4.06

Since Inception(09/19/2023): 5.68

Western Asset Bond ETF - NAV Return (%)

Month End

As of 06/30/2026

1 Year: 3.93

Since Inception(09/19/2023): 5.63

Bloomberg U.S. Aggregate Index (%)

Month End

As of 06/30/2026

1 Year: 3.79

Since Inception(09/19/2023): 5.23

Portfolio

Assets

As of08/09/2026 (Updated Daily)

Total Net Assets: $15.95 Million

Positions

As of 06/30/2026 (Updated Monthly)

Number of Holdings

Fund: 449
Benchmark: 14,173

Portfolio Statistics

As of 06/30/2026 (Updated Monthly)

Effective Duration

Fund: 6.17 Years
Benchmark: —

Weighted Average Life

Fund: 9.96 Years
Benchmark: 8.20 Years

Cash Flow

Fund: 5.36%
Benchmark: —

Sector Allocation

As of 06/30/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Investment-Grade Credit	28.98%
Agency Mortgage-Backed Securities	28.50%
Treasury	16.65%
Asset-Backed Securities	7.71%
Commercial Mortgage Backed Securities	6.23%
Collateralized Loan Obligation	5.94%
Non-Agency Mortgage Backed Securities	4.65%
High-Yield Credit	4.10%
Emerging Markets Corporate	3.93%
Emerging Markets Government	2.73%
Bank Loans	1.47%
Cash & Cash Equivalents	-10.89%

Holdings
As of 08/06/2026 (Updated Daily)

US TREASURY N/ 4.625 9/30

RECV CMENAIRSWAPFWD53155

RECV CMENAIRSWAPFWD52129

RECV IRSWAP2.3467302036

RECV IRSWAP2.315757302031

RECV IRSWAP2.3675 6-29-20

FNCL 3 8/26

FN CB2775 2.5 2/1/52

FNCL 5 8/26

FR SC0177 2 8/1/41

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

Distributions & Tax

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 ³

As of 08/07/2026 (Updated Daily)

At Net Asset Value (NAV) 5.25%

30-Day SEC Yield ^4,5,6

As of 06/30/2026 (Updated Monthly)

w/ Waiver 5.19%

w/o Waiver 5.19%

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

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 08/07/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 08/07/2026

Share Prices

As of 08/07/2026

NAV ¹(Net Asset Value): $24.54
NAV Change ¹: $0.05
NAV Change (%) ¹: 0.20%
Market Price ¹: $24.53
Market Price Change ¹: $0.01
Market Price Change (%) ¹: 0.04%

52-Week Range

Highest NAV As of 02/27/2026: $25.80
Lowest NAV As of 08/03/2026: $24.45
Highest Market Price As of 02/27/2026: $25.78
Lowest Market Price As of 08/03/2026: $24.42

Premium / Discount

As of 08/07/2026

30-Day Median Bid/Ask Spread: 0.20%
Bid / Ask Spread: $0.16
Avg. of Market Price vs. NAV since Inception: -0.04%
Avg. of Market Price vs. NAV at Close ¹⁰: -0.04%

Documents

Fund Literature

Factsheet - Western Asset Bond ETF

Regulatory Documents

Annual Report - Western Asset Bond ETF - Single Class

Annual Financial Statements And Other Information - Western Asset Bond ETF

Semi-Annual Report - Western Asset Bond ETF - Single Class

Semi-Annual Financial Statements and Other Information - Western Asset Bond ETF

Prospectus - Western Asset Bond ETF Fund

Summary Prospectus - Western Asset Bond ETF Fund

Statement of Additional Information - Western Asset Bond ETF Fund

Mailed hardcopies unavailable.

Fiscal Q1 Holdings - Franklin Templeton ETF Trust Smart Beta Funds

Mailed hardcopies unavailable.

Q3 Portfolio Holdings - Western Asset Bond ETF

Mailed hardcopies unavailable.

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. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Active management does not ensure gains or protect against market declines. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Active and frequent trading may increase a shareholder's tax liability and transaction costs. These and other risks are discussed in the fund’s prospectus. When the fund’s size is small, the fund may experience low trading volume and wide bid/ask spreads.

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.

The Bloomberg U.S. Aggregate 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: 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.
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.
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.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. 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.

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WABF Western Asset Bond ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Portfolio

Sector 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