Equity Active

YLDE Franklin ClearBridge Enhanced Income ETF

Targets compelling dividends. Underlying equity portfolio seeks companies with the potential to pay a rising stream of dividends.
Options overlay strategy. Pursues additional premium income by writing (selling) US exchange-traded call options based upon US large-cap indexes.
Investment expertise. 30-year track record of options expertise coupled with a 20+ year track record on the underlying equity in the form of ClearBridge Dividend Strategy.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks to pursue an enhanced equity income strategy by (1) investing primarily in dividend-paying equity securities and (2) “enhancing” income through the employment of an options overlay by writing (selling) U.S. exchange-traded call options based upon U.S. large capitalization equity indices (such as the S&P 500® Index).

Benchmark: S&P 500 Index
Additional Benchmark: CBOE S&P 500 BuyWrite Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 05/22/2017
Listing Exchange: NASDAQ - XNMS
30-Day SEC Yield—With Waiver^3,4,5As of 02/28/2026 (Updated Monthly): 1.67%
30-Day SEC Yield—Without Waiver^4,5As of 02/28/2026 (Updated Monthly): 1.67%
Distribution Rate at NAV⁶As of 03/31/2026 (Updated Daily): 6.33%

Expenses & Fees

As of 08/01/2025

Gross Expense Ratio⁷: 0.48%
Net Expense Ratio^7,8: 0.48%

Identifiers

Ticker: YLDE
Benchmark Ticker: SPTR500N
IOPV / IIV Ticker⁹: YLDE.IV
CUSIP Code: 524682309

Average Annual Total Returns As of 02/28/2026

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

Fund

Market Price Return

NAV Return

16.71%1 Year
17.31%3 Years
12.93%5 Years
—10 Years
12.39%Since Inception
05/22/2017

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 Equity as a % of Total (Updated Monthly)

Top Sectors
Financials14.66%
Information Technology13.70%
Health Care12.58%
Industrials10.88%
Communication Services10.03%

Additional Fund Info

Fiscal Year End: March 31
Trustee: The Bank of New York Mellon
Lipper Classification: Options Arbitrage/Opt Strategies Funds
Morningstar Category¹⁰: Derivative Income

Trading Characteristics

As of 03/31/2026 (Updated Daily)

Creation/Redemption Fee (estimated): $250
Creation Unit Size (Number of Shares): 50,000
Shares Outstanding: 2,650,000
Daily Volume: 10,450
20-Day Average Volume: 35810.50

Manager and Commentary

About the Team

ClearBridge Investments

ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and income. ClearBridge manages diversified, high-conviction portfolios through collaborative fundamental research to meet the needs of some of the world's largest asset owners and financial intermediary platforms. We invest as long-term, risk-aware business owners and seek to deliver consistency of process and performance for our clients through market cycles. A focus on durability drives everything we do; from the business models of the companies we own, to the holding periods of our portfolios, to the stability and longevity of our investment professionals.

Commentary Highlights

December 31, 2025

Markets: 2025 marked the third consecutive year of this AI-driven cycle. The market-cap-weighted S&P 500 Index rose 17.9% in the year, while the equal-weighted S&P 500 Index gained just 11.4%. The Magnificent Seven, this market’s nucleus, rose 24.9% in 2025. While performance comparisons will vary based on the time period, cap-weighted and equal-weighted indexes have produced similar returns over long periods of time.
Contributors: Stock selection in consumer staples, a health care overweight and IT underweight proved beneficial. The options overlay also made positive contributions.
Detractors: Quarterly underperformance was driven primarily by stock selection in the communication services, IT, materials and real estate sectors.
Outlook: We anticipate the AI debate will carry over in 2026 and we will continue to participate in AI in a measured and disciplined way. Yet, as other investors continue to myopically focus on AI, we expect to find additional idiosyncratic opportunities in overlooked corners of the market. We believe these seeds will bear fruit in the years to come.

For complete information, please see the full commentary:

Managed Fund Since 2019

Managed Fund Since 2017

Managed Fund Since 2025

Latest ClearBridge Insights

March 26, 2026

Why infrastructure may hold up amid Middle East inflation pressures

March 25, 2026

Pricing the shock: Oil, volatility and portfolio resilience

March 16, 2026

Gulf conflict rewrites energy outlook

March 12, 2026

AOR Update (Podcast): Geopolitical conflict and the US economy

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

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.

Franklin ClearBridge Enhanced Income ETF - Market Price Return (%)

Franklin ClearBridge Enhanced Income ETF - NAV Return (%)

S&P 500 Index (%)

CBOE S&P 500 BuyWrite Index (%)

Portfolio

Assets

As of03/31/2026 (Updated Daily)

Total Net Assets: $143.12 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 55
Benchmark: 503

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 19.58x
Benchmark: 22.35x

Price to Book

Fund: 7.41x
Benchmark: 7.47x

Price to Earnings (12-Month Trailing)

Fund: 24.13x
Benchmark: 27.60x

Weighted Average Market Capitalization (USD)

Fund: $491.71 Billion
Benchmark: $1,211.87 Billion

Median Market Cap (USD)
The weighted median is calculated by first ranking all of the companies in the specified universe in ascending order based on the specified formula. All of the weights for the companies are summed. Then, the function steps through the sorted list while keeping a running total of the weights. The value returned by the function as the weighted median value is that belonging to the company straddling the 50% barrier.

Fund: $157.20 Billion
Benchmark: $358.95 Billion

Sector Allocation

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

Sector Allocation
Sector	% of Total	Benchmark
Financials	14.66%	12.51%
Information Technology	13.70%	32.41%
Health Care	12.58%	9.84%
Industrials	10.88%	9.23%
Communication Services	10.03%	10.53%
Consumer Staples	9.17%	5.43%
Energy	8.29%	3.48%
Materials	7.26%	2.14%
Real Estate	5.21%	1.99%
Utilities	3.74%	2.49%
Consumer Discretionary	3.21%	9.95%

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

WILLIAMS COS INC

EXXON MOBIL CORP

MICROSOFT CORP

AIR PRODUCTS & CHEMICALS INC

NESTLE SA-SPONS ADR

TEXAS INSTRUMENTS INC

ALPHABET INC-CL A

BROADCOM INC

APOLLO GLOBAL MANAGEMENT INC

COMCAST CORP-CLASS A

Portfolio holdings are based on 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. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.

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 ⁶

As of 03/31/2026 (Updated Daily)

At Net Asset Value (NAV) 6.33%

30-Day SEC Yield ^3,4,5

As of 02/28/2026 (Updated Monthly)

w/ Waiver 1.67%

w/o Waiver 1.67%

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

03/02/2026

02/02/2026

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 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): $54.01
NAV Change ¹: $0.78
NAV Change (%) ¹: 1.47%
Market Price ¹: $53.99
Market Price Change ¹: $0.76
Market Price Change (%) ¹: 1.43%

52-Week Range

Highest NAV: $57.58
Lowest NAV: $46.86
Highest Market Price: $57.59
Lowest Market Price: $46.94

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin ClearBridge Enhanced Income ETF	Download Document
Checkbox	Product Commentary - Franklin ClearBridge Enhanced Income ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin ClearBridge Enhanced Income ETF	Download Document
Checkbox	Annual Financial Statements and Other Information - ClearBridge ETF Funds	Download Document
Checkbox	Semi-Annual Report - ClearBridge Dividend Strategy ESG ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - ClearBridge Dividend Strategy ESG ETF	Download Document
Checkbox	Prospectus - Franklin ClearBridge Enhanced Income ETF (previously known as ClearBridge Dividend Strategy ESG ETF)	Download Document
Checkbox	Summary Prospectus - Franklin ClearBridge Enhanced Income ETF (previously known as ClearBridge Dividend Strategy ESG ETF)	Download Document
Checkbox	Statement of Additional Information - Clearbridge ETFsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Clearbridge ETFsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Clearbridge ETFsMailed hardcopies unavailable.	Download Document
Checkbox	Distribution Reclassifications (2018)Mailed hardcopies unavailable.	Download Document
Checkbox	Qualified Dividend Income Percentage for Individual Shareholders (2017)Mailed hardcopies unavailable.	Download Document
Checkbox	Qualified Dividend Income Percentage for Individual Shareholders (2018)Mailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. Options (call writing) may limit the opportunity to participate fully from an increase in the market value of stocks and premiums received from option writing may not protect against market declines. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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. When the fund’s size is small, the fund may experience low trading volume and wide bid/ask spreads. 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. 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 Cboe S&P 500 BuyWrite Index measures the total return of a covered call strategy applied to the S&P 500 Index. This strategy consists of a long position indexed to the S&P 500 Index, which is deemed sold with a succession of one month, at-the-money call options on the S&P 500 Index.
Source: Cboe Global Indices, LLC.

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.
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.
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.
Trading prices of a fund's shares in the secondary market generally differ from a fund's daily NAV and are affected by market forces such as supply and demand, economic conditions and other factors. Information regarding the intraday value of a fund’s shares, also known as the "indicative optimized portfolio value" ("IOPV"), are disseminated every 15 seconds throughout the trading day by the national securities exchange on which the fund's shares are listed or by market data vendors or other information providers. Therefore, the IOPV should not be viewed as a "real-time" update of the fund's NAV, which is computed only once a day.
©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.
Capitalization Rate is calculated without the deduction of fees and expenses.

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YLDE Franklin ClearBridge Enhanced Income ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Fund

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest ClearBridge Insights

Performance

Calendar Year Returns

Portfolio

Sector Allocation

Distributions & Tax

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

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes