Fixed Income Active

FTMU Franklin 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. Invests in a broad universe of investment-grade bonds with intermediate- to long-term maturities.
  • 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 $-0.01(-0.13%)
$7.85
As of 11/13/2025
YTD Total Returns At NAV 2
3.63%
As of 11/13/2025
Total Net Assets
$483.64M
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 Tax Exempt 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
Bloomberg Municipal Bond Index
Fund Inception Date
12/31/1976
Listing Exchange
NYSE Arca
Dividend Frequency, if any
Monthly
Distribution Rate at NAV 3 (Updated Daily)
—

Expenses & Fees

As of 10/08/2025
Gross Expense Ratio4
0.30%
Net Expense Ratio4,5
0.30%

Identifiers

Ticker
FTMU
CUSIP Code
746729797
ISIN Code
US7467297971
Bloomberg Code
FTMU US

Average Annual Total Returns

View performance section for additional info As of 10/31/2025
  • 4.16%1 Year
  • 6.89%3 Years
  • 1.83%5 Years
  • 2.92%10 Years
  • 6.11%Since Inception
    12/31/1976

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 Sectors

10
View portfolio section for additional info

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

Housing17.60%
New York8.61%
Transportation16.68%
Texas7.94%
Health Care15.04%
Illinois7.11%
California7.00%
Education10.00%
District of Columbia5.06%
Industrial Dev. Revenue and Pollution Control9.03%

Additional Fund Info

Fiscal Year End
September 30
Listing Date6
10/27/2025
ETF Type
Active
Morningstar Category
N/A

Trading Characteristics

As of 11/13/2025 (Updated Daily)
Shares Outstanding
61,631,634
Daily Volume
71,419
20-Day Average Volume
47892.10

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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 -10.29 to 8.72.
End of interactive chart.
Franklin Municipal Income ETF - Market Price Return (%)
Franklin Municipal Income ETF - NAV Return (%)
Bloomberg 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
$483.64 Million

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Effective Duration
Fund
7.85 Years
Benchmark
6.65 Years
Average Weighted Maturity
Fund
17.79 Years
Benchmark
—

State / U.S. Territory Allocation

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

Geography Fund

New York

 8.61%

Texas

 7.94%

Illinois

 7.11%

California

 7.00%

District of Columbia

 5.06%

Wisconsin

 4.77%

Pennsylvania

 4.13%

Colorado

 3.56%

Washington

 3.43%

Missouri

 3.42%

Florida

 3.12%

Tennessee

 2.95%

South Carolina

 2.79%

N/A

 2.69%

New Hampshire

 2.54%

Georgia

 2.23%

Indiana

 2.16%

New Jersey

 2.11%

Louisiana

 2.07%

Arizona

 2.04%

Kentucky

 1.68%

Ohio

 1.56%

Michigan

 1.36%

Alaska

 1.21%

Utah

 1.18%

North Carolina

 1.10%

Iowa

 1.01%

Rhode Island

 0.89%

Puerto Rico

 0.89%

Virginia

 0.87%

New Mexico

 0.82%

Connecticut

 0.81%

Massachusetts

 0.80%

Minnesota

 0.69%

Nebraska

 0.56%

North Dakota

 0.43%

South Dakota

 0.43%

Mississippi

 0.41%

Nevada

 0.34%

Idaho

 0.30%

Maryland

 0.16%

West Virginia

 0.16%

Delaware

 0.13%

Cash & Cash Equivalents

 2.47%

Chart

Bar chart with 44 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0.1299 to 8.61161.
End of interactive chart.

Holdings

As of 11/13/2025 (Updated Daily)

NY ST URBAN DEV-A 5 3/44
WI HLTH & EDU FAC 4 4/36
WILLIAMSON CO-RE FRN 5/42
MET WA ARPTS-CABS 0 10/37
PORT HOUSTON TX A 5 10/48
TRIBOROUGH BRID 5.25 5/57
FEDERAL HOME LO 2.55 6/35
PUTNAM GOVT MMKT FND-P
Net Current Assets
SC JOBS-ECON DE 5.5 11/54
Skipped to Distributions Section Content

Distributions & Tax

Distribution Frequency
MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions
December

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

Taxable Equivalent Distribution Rate 7

As of 11/13/2025 (Updated Daily)
6.64%

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
Distribution amounts may be estimates

10/24/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
01/31/2025

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.

Skipped to Pricing Section Content

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 7.13 to 9.03.
End of interactive chart.

Daily Fund Prices

As of 11/13/2025

Share Prices

As of 11/13/2025

NAV  1(Net Asset Value)
$7.85
NAV Change  1
$-0.01
NAV Change (%)  1
-0.13%
Market Price  1
$7.84
Market Price Change  1
$0.00
Market Price Change (%)  1
0.00%

52-Week Range

Highest NAV As of 11/12/2025
$7.86
Lowest NAV As of 10/30/2025
$7.84
Highest Market Price As of 12/06/2024
$7.99
Lowest Market Price As of 04/22/2025
$0.00

Premium / Discount

As of 11/13/2025

30-Day Median Bid/Ask Spread
0.38%
Bid / Ask Spread
$0.03
Avg. of Market Price vs. NAV at Close 8
-0.13%
Skipped to Documents Section Content

Documents

Regulatory Documents
 Name Download Add to Cart
Prospectus - Franklin Municipal Income ETFDownload Document
Summary Prospectus - Franklin 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 Tax Exempt 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 Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.
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. 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. 

  4. 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.

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

  6. 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. 

  7. 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.

  8. 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).

  9. 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. 

  10. 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.

  11. 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.