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 NAV ³As of 11/14/2025 (Updated Daily): 5.67%
30-Day SEC Yield—With Waiver ^4,5,6As of 10/31/2025 (Updated Monthly): 4.34%
30-Day SEC Yield—Without Waiver ^4,6As of 10/31/2025 (Updated Monthly): 4.34%

Expenses & Fees

As of 08/01/2025

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 10/31/2025

View performance section for additional info As of 10/31/2025

Market Price Return

NAV Return

6.99%1 Year
—3 Years
—5 Years
—10 Years
6.98%Since Inception
09/19/2023

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

View portfolio section for additional info

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

Agency Mortgage-Backed Securities34.69%

Investment-Grade Credit27.96%

Treasury19.85%

Commercial Mortgage Backed Securities6.45%

Asset-Backed Securities6.25%

Additional Fund Info

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

Trading Characteristics

As of 11/14/2025 (Updated Daily)

Shares Outstanding: 650,000
Daily Volume: 252
20-Day Average Volume: 1114.25

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

October 30, 2025

Key Convictions: Fourth quarter 2025

October 30, 2025

October FOMC recap—fog in the forecast

October 13, 2025

Muni Monthly: September 2025

October 7, 2025

Charting the next chapter in EM central bank reserve management

Performance

Average Annual Total 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.

Month End

Quarter End

As of

Western Asset Bond ETF - Market Price Return (%)

Month End

As of 10/31/2025

Western Asset Bond ETF - NAV Return (%)

Month End

As of 10/31/2025

Bloomberg U.S. Aggregate Index (%)

Month End

As of 10/31/2025

Portfolio

Assets

As of11/16/2025 (Updated Daily)

Total Net Assets: $16.51 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 404
Benchmark: 13,913

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Weighted Average Life

Fund: 9.48 Years
Benchmark: 8.20 Years

Effective Duration

Fund: 6.10 Years
Benchmark: —

Cash Flow

Fund: 4.70%
Benchmark: —

Credit Quality Allocation ¹¹

As of 10/31/2025 (Updated Monthly)

Credit Quality Allocation
Credit Quality	Fund
AAA	15.52%
AA	60.39%
A	15.72%
BBB	15.95%
BB	4.99%
B	0.35%
CCC	0.18%
C	0.08%
Not Rated	0.93%
Cash & Cash Equivalents	-14.12%

Holdings
As of 11/14/2025 (Updated Daily)

US TREASURY N/ 4.625 9/30

RECV IR USD 3.3 USD-SOFR-

RECV IRSUSD3.42%2032-08-3

FNCL 3 12/25

FN CB2775 2.5 2/1/52

RECV IR USD 3.85 USD-SOFR

FNCL 4 12/25

FR SC0177 2 8/1/41

G2SF 4.5 12/25

ANTR 2018-1A A1R 4/38

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

Federal ID Number 93-1399113

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 ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Feb 02	0.088432	—	—	—	—	—	—	—	—
Mar 04	0.099981	—	—	—	—	—	—	—	—
Apr 02	0.103154	—	—	—	—	—	—	—	—
May 02	0.130098	—	—	—	—	—	—	—	—
Jun 03	0.141425	—	—	—	—	—	—	—	—
Jul 01	0.103761	—	—	—	—	—	—	—	—
Aug 01	0.118906	—	—	—	—	—	—	—	—
Sep 03	0.107328	—	—	—	—	—	—	—	—
Oct 01	0.104995	—	—	—	—	—	—	—	—
Nov 01	0.119588	—	—	—	—	—	—	—	—
Dec 02	0.100229	—	—	—	—	—	—	—	—
Dec 13	0.306084	—	0.031197	—	—	—	—	—	—
	1.523981	—	0.031197	—	—	—	—	—	—

Feb 02

Mar 04

Apr 02

May 02

Jun 03

Jul 01

Aug 01

Sep 03

Oct 01

Nov 01

Dec 02

Dec 13

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 19.04%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 84.93%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers 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. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/14/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/14/2025

Share Prices

As of 11/14/2025

NAV ¹(Net Asset Value): $25.39
NAV Change ¹: $-0.04
NAV Change (%) ¹: -0.16%
Market Price ¹: $25.42
Market Price Change ¹: $-0.04
Market Price Change (%) ¹: -0.16%

52-Week Range

Highest NAV As of 12/06/2024: $25.83
Lowest NAV As of 01/13/2025: $24.56
Highest Market Price As of 12/06/2024: $25.85
Lowest Market Price As of 04/11/2025: $24.49

Premium / Discount

As of 11/14/2025

30-Day Median Bid/Ask Spread: 0.23%
Bid / Ask Spread: $0.12
Avg. of Market Price vs. NAV since Inception: -0.06%
Avg. of Market Price vs. NAV at Close ⁹: 0.12%

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Western Asset Bond ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset Bond ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Western Asset Bond ETF	Download Document
Checkbox	Semi-Annual Report - Western Asset Bond ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Western Asset Bond ETF	Download Document
Checkbox	Prospectus - Western Asset Bond ETF Fund	Download Document
Checkbox	Summary Prospectus - Western Asset Bond ETF Fund	Download Document
Checkbox	Statement of Additional Information - Western Asset Bond ETF FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.	Download Document

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 return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
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.
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.

WABF Western Asset Bond ETF

Popular Documents

Overview

Fund Facts

Fund description

Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Portfolio

Assets

Positions

Portfolio Statistics

Credit Quality Allocation ¹¹

Holdings
As of 11/14/2025 (Updated Daily)

Distributions & Tax

Federal ID Number 93-1399113

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Premium / Discount

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

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

Credit Quality Allocation 11

Distributions & Tax

Federal ID Number 93-1399113

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Credit Quality Allocation ¹¹