Equity Active

FSML Franklin Small Cap Enhanced ETF

  • Conviction-Driven - Harnesses deep fundamental expertise from Franklin Templeton Investment Solutions (FTIS), Putnam, Royce, Franklin, and ClearBridge to uncover high-conviction small-cap opportunities.
  • Factor-Diversified - Employs a disciplined, multi-factor approach to drive consistency and support long-term growth by minimizing dependence on any single market driver.
  • Team-Powered Innovation - Fueled by ongoing research, collaboration, and model refinement from a seasoned, investment team.
NAV 1 $0.33(1.32%)
$25.33
As of 12/10/2025
YTD Total Returns At NAV 2
—
As of 12/10/2025
Total Net Assets
$2.53M
As of 12/10/2025 (Updated Daily)

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Overview

Fund Facts

Fund description

The fund seeks long-term capital appreciation by investing in a portfolio of small cap equity securities selected from the fund's investible universe (as represented by the Russell 20000 Index). The fund pursues a multi-factor, quantitative investment approach that leverages the active convictions of the Specialist Investment Managers at Franklin Templeton including Putnam, Royce, Franklin and Clearbridge.

Benchmark
Russell 2000 Index
Fund Inception Date
12/09/2025
Listing Exchange
NYSE Arca
Dividend Frequency, if any
Quarterly
Distribution Rate at NAV (Updated Daily)
—

Expenses & Fees

As of 12/09/2025
Gross Expense Ratio3
0.45%
Net Expense Ratio3,4
0.45%

Identifiers

Ticker
FSML
CUSIP Code
35473P322
ISIN Code
US35473P3221
Bloomberg Code
FSML US

Additional Fund Info

Fiscal Year End
March 31
ETF Type
Active
Morningstar Category5
N/A

Trading Characteristics

(Updated Daily)
Shares Outstanding
100,000
Daily Volume
N/A
20-Day Average Volume
N/A

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Manager and Commentary

About the Team

Franklin Equity Group

Growth equity managers with a focus on in-depth fundamental research, we offer expertise in managing global, U.S. and sector-specific strategies across the market capitalization spectrum. Our center of gravity in Silicon Valley allows us to follow companies across their private to public life cycles, developing deeper insights into future industry trends and identifying potential disruptors.

Franklin Templeton Investment Solutions
[Eric Johnsons avatar]

Managed Fund Since 2025

[Adrian H Chans avatar]

Managed Fund Since 2025

[Jacqueline Hurley Kenneys avatar]

Managed Fund Since 2025

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

November 27, 2025

2026: The year innovation becomes the economy

October 13, 2025

Colossal Tech: How AI capex is shaping the economy

October 6, 2025

From fast follower to fast leader: My journey into China’s biotech boom

October 1, 2025

Physical AI is about to reshape our world

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Portfolio

Assets

As of12/10/2025 (Updated Daily)

Total Net Assets
$2.53 Million

Holdings

As of 12/10/2025 (Updated Daily)

JACKSON FINANCIAL INC-A
COMMERCIAL METALS CO
ESSENT GROUP LTD
AMERIS BANCORP
PRIMORIS SERVICES CORP
SKYWEST INC
BOISE CASCADE CO
ATMUS FILTRATION TECHNOLO
BREAD FINANCIAL HOLDINGS
BANKUNITED INC
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Pricing

Pricing History

As of 12/10/2025 (Updated Daily)

Chart

Line chart with 2 data points.
The chart has 1 X axis displaying Time. Data ranges from 2025-12-09 00:00:00 to 2025-12-10 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 25 to 25.33.
End of interactive chart.

Daily Fund Prices

As of 12/10/2025

Share Prices

As of 12/10/2025

NAV  1(Net Asset Value)
$25.33
NAV Change  1
$0.33
NAV Change (%)  1
1.32%
Market Price  1
—
Market Price Change  1
$0.00
Market Price Change (%)  1
—

52-Week Range

Highest NAV As of 12/10/2025
$25.33
Lowest NAV As of 12/09/2025
$25.00
Highest Market Price
—
Lowest Market Price
—
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Documents

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Risks

All investments involve risks, including possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. There can be no assurance that the fund's multi-factor stock selection process will enhance performance. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. 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. The fund is newly organized, with a limited history of operations. These and other risks are discussed in the fund's prospectus.

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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. 

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. 

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.

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. 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.

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

  5. 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. 

  6. 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.