Fixed Income Active

YCLO Franklin BSP CLO ETF

Dynamic Allocation Across Geography and Rating - Active management across US and EU CLO capital structures, designed to capture relative value and help improve risk-adjusted returns.
Access to a Compelling Institutional Asset Class - CLOs provide attractive floating-rate income, strong structural protections and historically low default rates, potentially enhancing yield and diversification within a traditional fixed income portfolio.
Supported by a Leading Credit Platform - Leverages a highly experienced CLO team, deep credit capabilities, and a dedicated global research platform.

Overview

See the risks and other important information.

Fund Facts

Fund description

The Franklin BSP CLO ETF (YCLO) is an actively managed ETF that aims to provide capital preservation and current income, and may offer diversification benefits versus traditional fixed income. The fund invests primarily in investment-grade tranches of U.S. and European collateralized loan obligations (CLOs) across both primary and secondary markets.

Benchmark: JP Morgan CLO IG index
Fund Inception Date: 06/02/2026
Listing Exchange: NYSE Arca
Dividend Frequency, if any: Monthly
Distribution Rate at NAV³As of 07/31/2026 (Updated Daily): 3.77%

Expenses & Fees

As of 06/02/2026

Gross Expense Ratio⁴: 0.35%
Net Expense Ratio^4,5: 0.35%

Identifiers

Ticker: YCLO
CUSIP Code: 35473P298
ISIN Code: US35473P2983
Bloomberg Code: YCLO 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

—1 Year
—3 Years
—5 Years
—10 Years
0.76%Since Inception
06/02/2026

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category⁶: N/A

Trading Characteristics

As of 07/31/2026 (Updated Daily)

Shares Outstanding: 2,000,000
Daily Volume: 6
20-Day Average Volume: 185.65

Manager and Commentary

About the Team

Benefit Street Partners

An alternative credit pioneer that seeks to deliver attractive returns through its relationships, specialist expertise and global reach.

Benefit Street Partners

Managed Fund Since 2026

Latest Benefit Street Partners Insights

July 21, 2026

Avoiding SaaSpocalypse Is About Underwriting Skill for Lenders

May 12, 2026

Public insights on private credit: Déjà Vu: History doesn’t repeat, but it sure rhymes

April 15, 2026

2026 Alternative Credit Survey

April 10, 2026

Public insights on private credit: Only one of private credit’s “four horsemen” is real

Performance

Average Annual Total Returns

¹⁰

As of 06/30/2026

Month End

Quarter End

As of

Franklin BSP CLO ETF - Market Price Return (%)

Month End

As of 06/30/2026

Since Inception(06/02/2026): 0.76

Franklin BSP CLO ETF - NAV Return (%)

Month End

As of 06/30/2026

Since Inception(06/02/2026): 0.64

JP Morgan CLO IG index (%)

Month End

As of 06/30/2026

Since Inception(06/02/2026): 0.34

Portfolio

Assets

As of08/02/2026 (Updated Daily)

Total Net Assets: $50.39 Million

Positions

As of 06/30/2026 (Updated Monthly)

Number of Holdings

Fund: 37

Portfolio Statistics

As of 06/30/2026 (Updated Monthly)

Average Weighted Maturity

Fund: 5.42 Years

Yield to Maturity ⁷
Yield to Maturity (‘YTM’) also known as the ‘Gross Redemption Yield’ or ‘Redemption Yield’. The rate of return anticipated on a bond if it is held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity. It is also assumed that all coupons are reinvested at the same rate.

Fund: 5.40%

Credit Quality Allocation ¹¹

As of 06/30/2026 (Updated Monthly)

Credit Quality Allocation
Credit Quality	Fund
AAA	55.07%
AA	25.72%
A	22.18%
Cash & Cash Equivalents	-2.97%

Holdings
As of 07/30/2026 (Updated Daily)

CURRENCY CONTRACT - USD

PIPK 2019-3A ARR 10/34

VIBR 2019-11A A1RR 4/39

CAVU 2021-2A CR 10/34

HLSY 2021-5A A1A 1/35

WINDR 2023-1A A1R 7/38

SPCLO 2025-15A A 1/39

TPGCLO 2025-2A A1 1/39

DCLO 2025-9A A 4/38

SIXST 2023-22A AR 4/38

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 07/31/2026 (Updated Daily)

At Net Asset Value (NAV) 3.77%

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

07/02/2026

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 07/31/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 07/31/2026

Share Prices

As of 07/31/2026

NAV ¹(Net Asset Value): $25.19
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
Market Price ¹: $25.26
Market Price Change ¹: $0.01
Market Price Change (%) ¹: 0.04%

52-Week Range

Highest NAV As of 07/31/2026: $25.19
Lowest NAV As of 06/03/2026: $24.99
Highest Market Price As of 07/31/2026: $25.26
Lowest Market Price As of 06/03/2026: $24.99

Premium / Discount

As of 07/31/2026

30-Day Median Bid/Ask Spread: 0.12%
Bid / Ask Spread: $0.03
Avg. of Market Price vs. NAV since Inception: 0.22%
Avg. of Market Price vs. NAV at Close ⁸: 0.28%

Documents

Regulatory Documents

Prospectus - Franklin BSP CLO ETF

Summary Prospectus - Franklin BSP CLO ETF

Statement of Additional Information - Franklin BSP CLO ETF

Risks

All investments involve risks, including possible loss of principal. Collateralized Loan Obligations (CLOs) are complex investments and not suitable for all investors. CLOs carry risks largely dependent on the type of collateral held by the special purpose entity (SPE) and the tranche of the CLO in which the Fund invests. Although the Fund will invest primarily in investment grade-rated tranches, ratings may be downgraded, and even highly rated tranches can face defaults in stressed markets. CLOs are managed by independent entities responsible for selecting and managing the underlying loan collateral, adding another layer of risk. An investment in a CLO can lose value. Floating-rate loans and debt securities are typically rated below investment grade and are subject to greater risk of default, which could result in 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. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The portfolio is, or could become, non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. The fund is newly organized, with a limited history of operations. These and other risks 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.

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 JP Morgan Collateralized Loan Obligation (CLO) Investment Grade (IG) Index is designed to track the USD-denominated, broadly-syndicated, investment-grade US CLO market.

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.
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.
Yield to Maturity 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.
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 (6/2/26), the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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.
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, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. 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.

Individual Investor

Financial Professional

Institutional Investor

YCLO Franklin BSP CLO ETF

Popular Documents

Overview

Fund Facts

Fund description

Expenses & Fees

Identifiers

Average Annual Total Returns As of 06/30/2026

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Benefit Street Partners Insights

Performance

Average Annual Total Returns

Portfolio

Assets

Positions

Portfolio Statistics

Credit Quality Allocation ¹¹

Holdings
As of 07/30/2026 (Updated Daily)

Distributions & Tax

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

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

Pricing

Pricing History

August 2026

August 2026

Daily Fund Prices

Share Prices

52-Week Range

Premium / Discount

Documents

Regulatory Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

YCLO Franklin BSP CLO ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Benefit Street Partners Insights

Performance

Average Annual Total Returns

Portfolio

Credit Quality Allocation 11

Distributions & Tax

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

Pricing

Daily Fund Prices

Documents

Regulatory Documents

Risks

Important Information

Footnotes

Credit Quality Allocation ¹¹