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.

Overview

See the risks and other important information.

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 2000® 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 NAV³As of 03/31/2026 (Updated Daily): 0.46%

Expenses & Fees

As of 12/09/2025

Gross Expense Ratio⁴: 0.45%
Net Expense Ratio^4,5: 0.45%

Identifiers

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

—1 Year
—3 Years
—5 Years
—10 Years
4.55%Since Inception
12/09/2025

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.

Additional Fund Info

Fiscal Year End: March 31
ETF Type: Active
Morningstar Category: Small Blend

Trading Characteristics

As of 03/31/2026 (Updated Daily)

Shares Outstanding: 4,550,000
Daily Volume: 49,748
20-Day Average Volume: 3334.65

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Franklin Templeton Investment Solutions

Managed Fund Since 2025

Latest Insights

March 26, 2026

Improving outcomes with private assets in target date funds

March 25, 2026

Portable alpha: Putting capital to its highest and best use

March 16, 2026

Allocation Views: Rotation, momentum and geopolitical risk

March 2, 2026

Capturing Conviction: Translating multi-manager fundamental insights into optimization-ready signals for institutional portfolio design

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Franklin Small Cap Enhanced ETF - Market Price Return (%)

Franklin Small Cap Enhanced ETF - NAV Return (%)

Russell 2000 Index (%)

Portfolio

Assets

As of03/31/2026 (Updated Daily)

Total Net Assets: $112.50 Million

Portfolio Statistics

As of 03/31/2026 (Updated Daily)

Weighted Average Market Capitalization (USD)

Fund: $4.79 Billion
Benchmark: $4.88 Billion

Price to Book

Fund: 2.11x
Benchmark: 2.11x

Price to Earnings (12-Month Forward)

Fund: 14.42x
Benchmark: 15.53x

Asset Allocation

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

Asset Allocation
Holdings	Fund
Equity	99.47%
Cash & Cash Equivalents	0.53%

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

BLOOM ENERGY CORP- A

GUARDANT HEALTH INC

GULFPORT ENERGY CORP

BOX INC - CLASS A

AXSOME THERAPEUTICS INC

NLIGHT INC

BRIDGEBIO PHARMA INC

IES HOLDINGS INC

FORMFACTOR INC

KULICKE & SOFFA INDUSTRIE

Distributions & Tax

Federal ID Number

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
Dec 30	0.016	—	—	—	—	—	—	—	—
	0.016	—	—	—	—	—	—	—	—

Dec 30

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.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
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): $24.73
NAV Change ¹: $0.84
NAV Change (%) ¹: 3.52%
Market Price ¹: $24.70
Market Price Change ¹: $0.80
Market Price Change (%) ¹: 3.35%

52-Week Range

Highest NAV As of 02/09/2026: $26.85
Lowest NAV As of 03/30/2026: $23.89
Highest Market Price As of 02/09/2026: $26.84
Lowest Market Price As of 03/30/2026: $23.90

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Small Cap Enhanced ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Prospectus - Franklin Small Cap Enhanced ETF	Download Document
Checkbox	Summary Prospectus - Franklin Small Cap Enhanced ETF	Download Document
Checkbox	Statement of Aditional Information - Franklin Small Cap Enhanced ETF	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Small Cap Enhanced ETF	Download Document

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.

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

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.
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 (12/11/25), 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.
Capitalization Rate is calculated without the deduction of fees and expenses.

Personalize Your Experience

Welcome to the Franklin Templeton site for the United States.

Individual Investor

Financial Professional

Institutional Investor

FSML Franklin Small Cap Enhanced ETF

Popular Documents

Overview

Fund Facts

Fund description

Expenses & Fees

Identifiers

Average Annual Total Returns As of 02/28/2026

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Portfolio

Assets

Portfolio Statistics

Asset Allocation

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

Distributions & Tax

Federal ID Number

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

April 2026

April 2026

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday