Fixed Income Active

FTMS Franklin Short-Term Municipal Income ETF

  • Tax-advantaged income. The fund pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
  • Focus on high credit quality with lower interest rate sensitivity. The national portfolio invests mainly in investment grade bonds with a maturity of 3 years or less.
  • Muni expertise. Franklin Templeton is one of the largest active muni bond managers in the nation. The team’s experience navigating through multiple market cycles helps them uncover opportunities and identify risks.

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NAV 1 $0.00(0.00%)
$9.95
As of 11/13/2025
YTD Total Returns At NAV 2
3.88%
As of 11/13/2025
Total Net Assets
$166.07M
As of 11/13/2025 (Updated Daily)

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Mutual fund reorganized into this ETF

Effective after market close on October 24, 2025, Putnam Short-Term Municipal Income Fund reorganized into this ETF. This ETF has an identical investment goal and strategy as its predecessor fund. This and other information can be found in the fund’s prospectus.

Skipped to Overview Section Content

Overview

Fund Facts

Fund description

The fund seeks as high a level of current income exempt from federal income tax as is consistent with preservation of capital.

Benchmark 3
Bloomberg 3-year Municipal Bond Index
Fund Inception Date
03/18/2013
Listing Exchange
NYSE Arca
Dividend Frequency, if any
Monthly
Distribution Rate at NAV 4 (Updated Daily)
—

Expenses & Fees

As of 10/08/2025
Gross Expense Ratio5
0.20%
Net Expense Ratio5,6
0.20%

Identifiers

Ticker
FTMS
CUSIP Code
746729730
ISIN Code
US7467297302
Bloomberg Code
FTMS US

Average Annual Total Returns

View performance section for additional info As of 10/31/2025
  • 4.47%1 Year
  • 4.55%3 Years
  • 2.31%5 Years
  • 2.07%10 Years
  • 1.84%Since Inception
    03/18/2013

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.

State / U.S. Territory Focus

11
View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

California10.30%
Industrial Dev. Revenue and Pollution Control21.11%
Housing16.40%
Texas9.13%
Florida8.56%
Education10.10%
Health Care8.48%
Kentucky6.08%
Local8.24%
Cash & Cash Equivalents5.14%

Additional Fund Info

Fiscal Year End
November 30
Listing Date7
10/27/2025
ETF Type
Active
Morningstar Category
N/A

Trading Characteristics

As of 11/13/2025 (Updated Daily)
Shares Outstanding
16,589,161
Daily Volume
47,590
20-Day Average Volume
74459.60

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Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Franklin Templeton Fixed Income
[Benjamin C. Barbers avatar]

Managed Fund Since 2024

[James Conns avatar]

Managed Fund Since 2024

[Garrett L Hamiltons avatar]

Managed Fund Since 2016

[Francisco Riveras avatar]

Managed Fund Since 2024

[Daniel Workmans avatar]

Managed Fund Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

November 12, 2025

Flash Insights: Rate cuts and returns—what past Fed cycles reveal

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

October 9, 2025

Central Bank Watch: Measured moves

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Skipped to Performance Section Content

Performance

Calendar Year Returns

As of 10/31/2025

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.

Chart

Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -3.39 to 4.39.
End of interactive chart.
Franklin Short-Term Municipal Income ETF - Market Price Return (%)
Franklin Short-Term Municipal Income ETF - NAV Return (%)
Bloomberg 3-year Municipal Bond Index (%)

Prior to close of business on October 24, 2025, the ETF operated as an open-end mutual fund. The ETF has an identical investment goal and substantially similar investment strategies as the predecessor mutual fund.  The NAV returns include returns of the Class R6 shares of the predecessor mutual fund prior to the ETF's commencement of operations. Prior to the ETF's listing on 10/27/2025, the NAV performance for the Class R6 shares of the predecessor mutual fund is used as a proxy for market price returns, which are typically calculated using the official closing price of the ETF. If the predecessor mutual fund had been structured as an exchange-traded fund, its performance may have differed. Returns for periods prior to inception of Class R6 shares are based on previous share classes. Returns for those shares were not adjusted for the lower operating expenses; had they been adjusted, performance would be higher. 

Skipped to Portfolio Section Content

Portfolio

Assets

As of11/13/2025 (Updated Daily)

Total Net Assets
$166.07 Million

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Effective Duration
Fund
2.26 Years
Benchmark
2.34 Years
Average Weighted Maturity
Fund
3.55 Years
Benchmark
—

Sector Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Sector % of Total
Industrial Dev. Revenue and Pollution Control
21.11%
Housing
16.40%
Education
10.10%
Health Care
8.48%
Local
8.24%
Utilities
8.20%
Transportation
7.85%
Special Tax
5.25%
Lease
3.10%
Other Revenue Bonds
2.26%
State General Obligation
2.08%
Not Available
1.05%
Refunded
0.72%
Cash & Cash Equivalents
5.14%

Chart

Bar chart with 14 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0.72499 to 21.1096.
End of interactive chart.

Holdings

As of 11/13/2025 (Updated Daily)

PUTNAM GOVT MMKT FND-P
POLK CO HSG FIN FRN 12/40
KNOXVILLE CMNTY D 4 12/27
KING HSG BIRCH C 5.5 5/38
CA HSG FIN AGY-A FRN 8/63
BIRMINGHAM WTR 3.75 9/26
FL ST HSG FIN CO FRN 2/27
OWEN CO-VAR-REF- FRN 6/40
CA CMNTY CHOICE FRN 11/55
KENTUCKY PUB ENGY 5 12/33
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Distributions & Tax

Federal ID Number

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 ($)

Data not currently available.
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Pricing

Pricing History

As of 11/13/2025 (Updated Daily)

Chart

Line chart with 2 lines.
The chart has 1 X axis displaying Time. Data ranges from 2018-05-22 00:00:00 to 2025-11-13 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 9.62 to 10.2.
End of interactive chart.

Daily Fund Prices

As of 11/13/2025

Share Prices

As of 11/13/2025

NAV  1(Net Asset Value)
$9.95
NAV Change  1
$0.00
NAV Change (%)  1
0.00%
Market Price  1
$9.94
Market Price Change  1
$0.00
Market Price Change (%)  1
0.00%

52-Week Range

Highest NAV As of 11/13/2025
$9.95
Lowest NAV As of 10/27/2025
$9.94
Highest Market Price As of 10/27/2025
$9.95
Lowest Market Price As of 03/10/2025
$0.00

Premium / Discount

As of 11/13/2025

30-Day Median Bid/Ask Spread
0.30%
Bid / Ask Spread
$0.02
Avg. of Market Price vs. NAV at Close 9
-0.10%
Skipped to Documents Section Content

Documents

Regulatory Documents
 Name Download Add to Cart
Prospectus - Franklin Short-Term Municipal Income ETFDownload Document
Summary Prospectus - Franklin Short-Term Municipal Income ETFDownload Document
Statement Of Additional Information - Putnam ETF TrustMailed hardcopies unavailable.Download Document

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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. Active management does not ensure gains or protect against market declines. 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.

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Important Information

Effective October 24, 2025, Putnam Short-Term Municipal Income Fund reorganized into this ETF. This fund has an identical investment goal and substantially similar investment strategies as its predecessor fund.

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.

Under normal market conditions, the Fund will invest at least 80% of its net assets in municipal green bonds.

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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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 3-Year Municipal Bond Index is a subset of the Bloomberg Municipal Bond Index that measures the performance of investment-grade issues with remaining maturities of two to four years. 
Source: Bloomberg Indices.

Footnotes

  1. 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. 

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. The Bloomberg 3-Year Municipal Bond Index is a subset of the Bloomberg Municipal Bond Index that measures the performance of investment-grade issues with remaining maturities of two to four years. 
    Source: Bloomberg Indices.

  4. 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. 

  5. 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.

  6. Net Expense Ratio represents the expense ratio applicable to investors. 

  7. On 10/27/2025 this product converted from a mutual fund to an exchange traded fund and was listed on the exchange. No premium and discount information is available prior to listing date. 

  8. 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.

  9. 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).

  10. 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. 

  11. 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.

  12. 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 10/27/25, 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.