Fixed Income Active

USFI BrandywineGLOBAL - U.S. Fixed Income ETF

Actively managed, employing true rotation. Sector allocation and duration decisions are primarily driven by top-down, macro-economic analysis combined with bottom-up fundamental analysis to identify attractive valuations in the context of the business cycle.
Risk mitigation. Pursues attractive downside capture vs. equities and spread sectors.
Defensive alpha. Flexible duration profile, aiming to add alpha while preserving the defensive nature of fixed income.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks total return by actively investing in US investment grade securities.

Benchmark: Bloomberg U.S. Aggregate Index
Fund Inception Date: 07/25/2023
Listing Exchange: NASDAQ - XNAS
Dividend Frequency, if any: Monthly
Distribution Rate at NAV³As of 03/31/2026 (Updated Daily): 0.30%
30-Day SEC Yield—With Waiver^4,5,6As of 02/28/2026 (Updated Monthly): 3.76%
30-Day SEC Yield—Without Waiver^5,6As of 02/28/2026 (Updated Monthly): 3.76%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁷: 0.39%
Net Expense Ratio^7,8: 0.39%

Identifiers

Ticker: USFI
CUSIP Code: 35473P413
ISIN Code: US35473P4138
Bloomberg Code: USFI US

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Market Price Return

NAV Return

5.85%1 Year
—3 Years
—5 Years
—10 Years
4.12%Since Inception
07/25/2023

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 02/28/2026 % of Total (Updated Monthly)

Top Sectors
Government Sovereign75.65%
Mortgage Backed Securities16.67%
Corporate Bond4.99%
Asset-Backed Securities0.69%

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category⁹: Intermediate Core Bond

Trading Characteristics

As of 03/31/2026 (Updated Daily)

Shares Outstanding: 550,000
Daily Volume: 275
20-Day Average Volume: 1298.35

Manager and Commentary

About the Team

BrandywineGLOBAL

Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income solutions.

Franklin Templeton Fixed Income

Managed Fund Since 2023

Performance

Average Annual Total Returns

As of 02/28/2026

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.

Month End

Quarter End

As of

BrandywineGLOBAL - U.S. Fixed Income ETF - Market Price Return (%)

Month End

As of 02/28/2026

BrandywineGLOBAL - U.S. Fixed Income ETF - NAV Return (%)

Month End

As of 02/28/2026

Bloomberg U.S. Aggregate Index (%)

Month End

As of 02/28/2026

Portfolio

Assets

As of03/31/2026 (Updated Daily)

Total Net Assets: $13.54 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 28
Benchmark: 14,057

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Weighted Average Coupon ¹⁰

Fund: 4.28%
Benchmark: —

Effective Duration

Fund: 1.81 Years
Benchmark: —

Weighted Average Maturity

Fund: 8.87 Years
Benchmark: 8.06 Years

Sector Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Government Sovereign	75.65%
Mortgage Backed Securities	16.67%
Corporate Bond	4.99%
Asset-Backed Securities	0.69%
Cash & Cash Equivalents	2.01%

Holdings
As of 03/31/2026 (Updated Daily)

US TREASURY FRN FRN 7/27

US TREASURY N/B 4.25 8/35

US TREASURY FRN FRN 10/27

US TREASURY N/ 3.875 8/34

US TREASURY N/B 4.75 5/55

US TREASURY FRN FRN 1/28

G2 MB0937 5.5 2/20/56

G2 MB0814 5.5 12/20/55

G2 MB0686 5.5 10/20/55

G2 MB0623 5.5 9/20/55

Distributions & Tax

Federal ID Number 92-3825500

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 03	0.092026	—	—	—	—	—	—	—	—
Mar 03	0.084861	—	—	—	—	—	—	—	—
Apr 01	0.093924	—	—	—	—	—	—	—	—
May 01	0.097607	—	—	—	—	—	—	—	—
Jun 02	0.093542	—	—	—	—	—	—	—	—
Jul 01	0.08951	—	—	—	—	—	—	—	—
Aug 01	0.101783	—	—	—	—	—	—	—	—
Sep 02	0.087044	—	—	—	—	—	—	—	—
Oct 01	0.0849	—	—	—	—	—	—	—	—
Nov 03	0.09584	—	—	—	—	—	—	—	—
Dec 01	0.0698	—	—	—	—	—	—	—	—
Dec 19	0.1021	—	—	—	—	—	—	—	—
	1.092937	—	—	—	—	—	—	—	—

Feb 03

Mar 03

Apr 01

May 01

Jun 02

Jul 01

Aug 01

Sep 02

Oct 01

Nov 03

Dec 01

Dec 19

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.: 53.06%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 100.00%
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 03/31/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/31/2026

Share Prices

As of 03/31/2026

NAV ¹(Net Asset Value): $24.61
NAV Change ¹: $0.02
NAV Change (%) ¹: 0.08%
Market Price ¹: $24.65
Market Price Change ¹: $0.03
Market Price Change (%) ¹: 0.12%

52-Week Range

Highest NAV As of 10/28/2025: $25.01
Lowest NAV As of 05/21/2025: $23.97
Highest Market Price As of 09/11/2025: $25.07
Lowest Market Price As of 05/21/2025: $23.99

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - BrandywineGLOBAL - U.S. Fixed Income ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - BrandywineGLOBAL - U.S. Fixed Income ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - BrandywineGLOBAL ETF Funds	Download Document
Checkbox	Semi-Annual Report - BrandywineGLOBAL - U.S. Fixed Income ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - BrandywineGLOBAL Dynamic US Large Cap Value ETF	Download Document
Checkbox	Prospectus - BrandywineGLOBAL U.S. Fixed Income ETF	Download Document
Checkbox	Summary Prospectus - BrandywineGLOBAL U.S. Fixed Income ETF	Download Document
Checkbox	Statement of Additional Information - BrandywineGLOBAL U.S. Fixed Income ETFMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Templeton ETF Trust Smart Beta FundsMailed hardcopies unavailable.	Download Document
Checkbox	Q3 Portfolio Holdings - BrandywineGLOBAL—ETFsMailed 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. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value. To the extent the fund invests in companies in a specific country or region, the fund may experience greater volatility than a fund that is more broadly diversified geographically. 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. Active and frequent trading may increase a shareholder's tax liability and transaction costs. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

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 excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
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.
©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.
Average Coupon is calculated without the deduction of fees and expenses.
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.

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USFI BrandywineGLOBAL - U.S. Fixed Income ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Performance

Average Annual Total Returns

Portfolio

Sector Allocation

Distributions & Tax

Federal ID Number 92-3825500

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes